The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
finannai
w
om erriH
m
------------------------- -
VOL. 108
N O . 2806
APRIL 5 1919
,
C L E A R I N G S — FOR M A R C H
Mrch
a .
C rin sa
lea g i1919.
Now^York...................
Philadelphia-----------Pittsburgh....... ..........
Baltimore---------------Buffalo--------------------Washington................
Albany-------------------Rochester--------------Scranton----------------Syracuso----------------Reading-----------------Wilmington------------W i l k e s - B a r r e ..............
W h ee lin g .................
Lancaster --------------Trenton____________
Harrisburg ...............
York_______________
E r i e -----------------------------
Binghamton----------Greonsburg------------Chester — ------------Altoona-----------------Franklin---------- —
Frederick---------- ---■
Beaver County, Pa.
Norrlstown............ —
Montclair.................
Oranges.................... .
Hagerstown------------
1918.
Indianapolis------------Columbus ___________
Toledo______________
Peoria______________
Grand Rapids----------D ayton-------------------Evansvlllo----------------Springfield, 111--------Fort Way n o ......... — Lexington....................
Youngstown------------Rockford-----------------Bloomington------------Quincy......... ................
Akron---------------------Canton..........................
Decatur------ ------------Springfield, Ohio----South Bend.................
Mansfield---------------DanvUlo----------- ------Jackson - -----------------Jacksonville, ill------Lansing------------------L im a _______ _______
Owensboro-------------Gary-----------------------Flint............................
Lorain------ ------------Ann Arbor..................
Adrian-------------------New Albany----------Paducah ----------------Hamilton----------------Aurora........................
+ 90.5
+ 53.4
+ 2.4
+ 11.3
—6 .0
+ 19.9
— 0.9
— 13.3
— 9.0
+ 14.4
+ 10.0
+ 11.0
— 21.3
— 2 .0
+ 11.8
— 7.9
+
3,795,907.611
+ 2 .0
+ 0.1
+ 0.1
— 14.9
— 28.7
— 32.5
— 14.2
+
— 26.3
+ 0 .5
— 1 8 .9
— 1 3 .1
— 1 9 .8
+ 7 .0
+
3,037,690,508
961,937,874
Details of other West ern and South orn on page
Total a ll..
1.1
— 2 .7
— 9 .9
— 1 9 .8
1,190,398,290
Total Southern............
1,920,135,409
3,805,393,633
125.773,200
94,435.115
66,189.087
45,980.378
30.311.099
42,089,805
21,317,048
22,072,615
8,728,010
12,627,592
8,043,237
20,818,300
6,588.745
12.0
4,370.367,864
3,221,812,341
142,785,200
95,569,121
58,551,523
45,700,597
29.915.215
43.276,573
24.499.209
22,394,044
8.741,550
14,534,115
9,139,352
22,820,300
6,049,470
3,745,789,210
3*15',279
29
1916.
403’,108
— 5'.1
276,579.140
8.258,500
6,848,327
4,967,230
3.150.795
2,140.000
2,755.519
1,296,332
1,425,448
654,924
812.663
553,435
+ 1 6 .7
0,153,595,126
6,573,690,293
596.926,892
755,620,399
905,283.066
1,177,245.375
615,905.462
907.674,608
345,969,016
376,930,800
180.089,000
174,441,000
121,283,700
140,840,300
116,722,706
135.708,625
67,293,353
07,198,639
60,940,105
59,806,858
46,972,147
50.507,049
42.561,050
48,907 _413
27,686,877
27,972,133
15.030,438
16,352,654
23,730,014
40,873,407
45.073,200
52,893,759
22,801,818
24,797,503
19.402,987
21,716,562
18.498,473
20,510.540
64,633,000
83.676.000
43,882.807
33,739,901
12.853.997
14,458,013
16,835.754
17.803,155
12,869.570
12.426.000
13,132,627
14,062,835
8,268,076
8,787,694i
11.855,660
15,022,785
7.201.162
8,270,836
11.347.998
12.413,863
10,482,206
11,801,866
13.327.336
10,364,998
9,716,740
11,913.491
16.928,507
• 19,080,120
2.579,055
3,429,594
4,734.075
4,075,881
1,119,153
1,159,203
1,753.532
1,844,697
14,909,121
25.037,480
5,265.831
7,078,745
8,572,777
9,236,911
9,718.034,510
+ 4 .3 11,009,116,087
1,216.735,783
+ 24.1
1,552,523.621
363,462,000
+ 3 4 .7
458,011.938
358,240.784
+ 1 8 .8
435,264,416
241.045,898
+ 4 1 .0
342,149,110
156,796,217
+13.1
172.037,689
93.962,831
+ 7 .8
101.810.084
50,260,993
— 0.9
54,862,083
72.325,541
+ 3 9 .7
100,323,884
43,205.287
+ 1 4 .7
50,187,959
26,656,797
+ 4 .5
26,903,410
25.677.829
— 11.3
22,450,314
29,080,263
+ 3 1 .2
33,126.944
12.777,187
+ 5 2 .9
16,332,224
8,984,553
+ 3 4 .7
12,334.182
13,642,410
+ 1 3 .6
15.250,357
18,309,873
— 5.4
17,476,497
6,800.829
+ 3 7 .2
7,797,342
19,981,241
+ 2 9 .5
26.719,886
12,203,373
+ 3 7 .5
16,168,520
11,286,785
-U .7
10,003.644
+ 2 4 .4
3,470,734,110
2.781,496,480
354",881
5,224,656.369
5,039,588,448
+ 4.2
265,543 ,860
10,086 .700 — 18.1
+ 5.6
6,483 ,923
,239 + .14.6
3,690
— 8 .8
3,466 .812
+ 7.0
,000
2 ,0 0 0 .
— 7.8
2,988 ,661
2,032 .078 — 36.2
— 16.6
1,709 ,498
— 1.9
667 .847
1,014 ,077 — 19.9
637 ,596 — 13.2
309.442,313
300.321,291
216.727,027
9,156,000
9.736.279
4.351.280
3,656,566
2,155,420
2,994,806
1,942,529
1,347,671
790.328
887,723
515,912
+ 3 .0
254,261,541 252,939,257
461,225,153
37.553,384
59,464,111
48.388.152
21.684.001
10,573.626
10.578,500
9,087.831
5.200.000
3,741.032
3.242.023
2.547,819
1,838,417
— 9.6
1,542,904
— 3.9
586,302
+ 20.1
2,918,653
+ 8 .8
1,525.708
— 8.4
1,161,181
+ 8.7
1,155.762
+ 2.3
6.349.000
+ 4 5 .6
3,153.924
— 16.3
904,033
+ 2.9
955,656
+ 0 .6
935,223
— 10.0
713,108
— 8.5
588,872
— 8 .8
— 2.9
504,393,316
— 6.8
56,848,828
68,150,762 + 22.3
51.059.198 + 34 0
+ 9 .4
27,082,005
— 0.9
12,727.000
+ 8.9
8,967.600
9,029,481 + 14.7
5,441,165 — 18.9
-24.5
5.241,635
3,663,201 — 12.4
3,229.402 + 18.2
2 ,20 0 .0 0 0
1,247.762
1,248,579
3,282,840
2,095,049
1,512,804
1,437,599
4,768,000
4,028,052
1,146,845
1,086,338
1 ,0 0 0 ,0 0 0
1,194,163
767.959
587,860
728,000
1,086.070
1,209,031
298,989
116,432
+ 1 3 .3
804.978.489
+ 2 7 .6
+ 26.0
+ 21.5
+ 41.9
+ 9.7
+ 8.4
+ 9.2
+ 3 8 .7
+ 16.2
+ 0.9
107,758,666
36.627,000
34.431.591
25,326.773
12.391,281
7,943.678
3.729.894
7.776.708
3,227,960
1,677,755
1,784,616
2.450,093
1.887,891
1,003,693
1,102,186
— 12.6
+ 13.9
+ 2 0 .0
+ 37.3
+
11.8
— 4.
+ 13.
+ 33.7
+ 3 2 .'
— 11.
+ 16.7
+ 4 .0
+ 39.6
+ 71.9
336.635
750.000
550.000
620,913
379,833 — 21.3
82.092 + 4 1 .8
163,152
631,902
560,137
321,941
375.348
96,152
503.907
700,000
778,751
703,545
786.022.711
+ 2 .4
700.349.023
73,485.497
27.558.100
18,333.702
13,087,493
11,777.704
5,071,785
2.136.713
4,535.092
2,045,279
3,730.001
1,448,880
1,243,372
636.427
469,150
1,399,281
89.386.177
25,934,000
26,278.326
18,501.386
10,230.613
6 ,6 86 ,000
3.615,409
5,347.916
2,915.547
1,675,567
1,663,716
1,594,178
764.026
751,053
962,838
518.453.647
466",666
724,356
420",666
+ 72.5
1,225,114
915', 581
+ 3 3 .8
679,356
251,269,255
196,942,333
+ 2 7 .5
168,037,832
125,661,943
379,122,509
381.954,486
— 0.7
260,820,930
188,539,411
450.072.323
427,132,174
302,238,244
235,162,740
1362.
— 2.6
2,133,146,594
+ 6 .1
6,876,430,922
30,074,130,678 26,080,944,351
+ 15.3
88,282.784,137
74,883,621,407
19 210.662.970
+ 1 1 .0
39.740,915.122
IU U 1 C TIM*.
-S IO N W
............... .......... .......—----- ■
-----------------— , .
Clearings by Telegraph and Canadian Clearing! o a page 1J62.
M ARCH
W en in Mrch29.
eek d g a
1917.
D
ec.
1918.
In o
c. r
299.168
6,144,520,099
2,263,793,181
E N D IN G
+ 8 .9 3,086,868,125 2,534,077,666
3,434.749,239 [,154,350.446
215.906,472
395,296.500 290,012,094 + 36.3 302,291.642
57,442,871
72,677,636
66.181,476 + 100.6
132,740,912
38.977,599
39,986,161
44,104,308 + 53.0
67,468,737
12,819,637
15,657,669
— 1.0
18,266,432
18,089,801
7,970,376
8,676,415
11,513.763 + 2 1 .2
13,956.236
5,713,012
3,603,603
+ 2 .8
3,891,627
4,000,000
4.755,459
5,546,151
+ 5.3
5,846,551
6,156,659
2.698,489
2,856,250
— 3.6
3,537,143
3.409.785
2,750,293
3,535.462
3,661,441 — 11.3
3,249.816
2,450,730
2,796,413
— 3.9
2,383.333
2.290.785
2,579,605
3,022.198
+ 4.2
2,592,354
2.700.000
1,609.029
1,661.063
2,035.452 + 20.4
2,450.499
2,963,097
2,354,193
3.662,799 + 26.3
4,625,685
4,115,901
2,954,745
3,819.492 — 24.9
2,869,071
1,972,860
1,957.889
— 8.1
1,849,575
1.700.000
1,288,524
1,136'.296 + 12.9
1,283,955
-1,515,475
1,557,949 + 10.8
1,725.873
804,700
— 9.5
774,900
700.000
907,740
+ 1.4
1 ,0 0 0 .0 0 0
1,013,648
1,305,131
1,122,951 + 17.6
1,320,536
575,830
522,931 + 58.5
828,868
1,670,728,197
994,201,749
271.603,561
186.925,718
58,372,851
103,004,005
48,654,441
47,275,382
29,060,673
42,100,010
28,722,012
51,572,919
28.363,354
31,899,973
37.602,308
15.090,474
24,504,949
10,351,544
12,655,704
17,579,998
10.258,405
6,084,290
6,920,778
7,329,812
8,198,856
4.723,493
8,889,181
7,303.855
1.0
+
Total Pacific.
1,870,359.975
W EEK
1919.
+ 7 .3
Pasadena---------Bolso..................
R e n o ..................
Ogdon . . . . -----Long Beach-----Bakersfield------
Total other W e s t ...
FOR
1918.
1919.
+ 1 5 .5
— 2 1 .9
423,299,661
120,556,000
128.120,764
88.001.454
49 604.556
33,944,000
18 601,041
25 110,700
14 161:263
8,392,799
8 470 000
8 353.734
4 120,220
3 401 131
4,775:710
5 924.510
2 165 390
0 447 745
4 254 494
4 166 639
Yakima.........
AN D
47,454,192,660 + 2 0 .8 '4,002,925,723 3,624,138,592 + 1 0 .4 3,564,245.623 2,904,221,243
+ 20.8 57,331,478.785
525.196,032
162,380,902
152,234,910
124,129,770
56,108,649
36,582,982
18,440,451
35,079,553
16,247,880
8,769,843
7,513,968
10,956,308
6,300,000
4,581,257
5,423,799
5,603,057
2,970,926
8,347,790
5,850,856
3,079,351
San Francisco...
Los Angeles------Seattlo-------------Portland . . . ----Satl Lake City Spokane-----------Tacoma----------Oakland----------Sacramento . . . .
San Diego-------Stockton--------Fresno------------San Jose— . —
1.0
— 11.7
+ 0.9
— 2.7
+ 19.0
2,247,290.085 2,345,045.166
237,459,299
263,723,631
303,355,535
411.986,350
216,985,301
324,319,816
129,708,814
125,541,392
63,041,000.
57.917.000
42,660,900
48.700.000
41,447,944
47.388,257
27,850.065 22.931,848
21,646,662 •
19,069.777
18,516,001
17,195,984
10,410,098
15.945,202
11,597,639
10.693,121
5,451,417
5.821,517
8,870,914
10.859,455
15,641,254
18,578,461
9,104,547
9,141,002
9,161,734
8,452,899
7,820,220
8.136.783
20,360,000
31.709.000
14,858,368
13,118,901
5,166,812
5,380,559
6,111,337
5,832,780
4,596,068
3,495,301
5.184,128
4,915,597
3,578.485
3,373,741
4,480,055
5,321,749
3,277.309
3,213,406
4,552,317
4,279,443
3,752,527
4,308,137
4,634,795
5,461,607
3,446,348
4,200,000
6,266,580
7,000,000
1,427,490
768,818
1,659,948
1,533,821
470,878
463,975
580,000
594,574
9,599,655
6,957,705
3,081,800
1,704,637
3,566,679
3,724,973
Total Middle West
1
$
A i 48,541,809,015
+ 21.2 5.019,570,672
10.140,285,183
Total M iddle-------- 19,504,944.454
1,282,549,946 1,110,357,220
Boston-------------------49.0S6.700
37.820,600
Providence------------32.168,750
32,491,906
Hartford...................
20,661,157
22,174,834
Now Haven-----------15,172,299
15,336,843
Springfield-------------9,759,482
9.500.000
Portland---------------14,441,447
13.019,104
Worcester......... .......
7,970,234
6,399.161
Fall R iv e r ............ .
7,997,057
5,897,267
New Bedford--------2,766,735
2,781,572
Holyoko-----------------4,886,548
3,965.445
Lowell------------------3,180,690
2,762,989
Bangor........... ..........
7,144,200
5.727.500
Watcrbury..............
2,149,064
2.300.000
Stamford--------------1,287.748,783
Total New England 1,442,727,107
Milwaukee...............
JAN.
Araold oV Dana. Vice-President
Address^ of both. Office of the Company.
T reeMn s.
h o th
In o
c. r
D
ec.
16,486,973,069 13,840,281,381
1,730,286,526 1,427,175,557
300,079,712
590,913,723
215.658,626
330,738,055
82,792,530
84,800,442
56,614,619
62.985,853
19.789,792
18,000,000,I
28,932,406
34,679,935'
15,663,519
15,529,937
17,557.460
15,218,665
11,119,888
10,112,268
12,152,566
13,902,509
8,477,317
9,834,589
16,402,922
18,308,460,
14,554,737
11,451,588'
11,351,891
11,127,376
11,299,836
12,635.760
5,921,337
5,454,901
7,758,017
7,835,019
3,825,900
3,378,900
4,397,447
4,437,894
5,467,562
5.320,186
3,007,111
3.578,768
2,127,609
2,170,993
2,465,449
2,407,974
2,751,426
2,342,302
2,796,029
2,966.119
1,952,134
1,391.903
4,156,970
2,795,196
3,152,713
2,704,344
Chicago-----------------Cincinnati--------------Cleveland___________
Detroit----------------------
S IN C E
■
■
■
—
J/ 7 fntidSSt
6
jacoU Seibert
b
and° Secretary.
34.064.916,441
6,197,810.612 5,716.491,587
15,249,953,193 4,224,978,241
2-763.061.373 2.562.141.141
|2.163.085.0681
1,690.900,575
1318
THE CHRONICLE
[Vol . 108.
patience, feeling certain that in the end the moral
.
sentiment of the State would be aroused and the
One event of the week should not be allowed to legislature be forced to make proper provision for
pass without proper comment though it has not the payment of the debt. This is what has now
attracted any great attention. On Tuesday the happened and hardly too much praise can be bestowed
Virginia Debt Settlement bill was passed by the upon the banking house which so persistently and
West Virginia Legislature and became a law. Thus with so much skill and ingenuity fought the battle for
after more than half a century there is brought to a the bondholders.
successful conclusion a controversy which has been
At every stage of the proceeding Brown Bros. &
outstanding ever since the close of the Civil War in Co. displayed indefatigable energy and the greatest
1865. West Virginia, as is known, originally formed assiduity in pressing home every advantage that
part of the State of Virginia, but in 1863, during the could be commanded on behalf of the bondholders.
Civil War, was erected into a separate State.
Apart from what they accomplished for the security
Having been carved out of Virginia it was only holders, one principle will henceforth be firmly
Pioper that West Virginia should assume a portion established as a result of their efforts, namely that
of the old debt of the original State of Virginia. All even a great Commonwealth can be made to pay its
efforts, however, to get West Virginia to acknowledge just obligations. It is to the lasting credit of this
responsibility for its part of the debt failed. In the great banking concern that they never desisted in
settlement in 1871 by Virginia with the old Virginia their work, no matter what the obstacles in the path.
bondholdeis it was assumed that WTst Virginia The expenses connected with the movement, con
should provide for one-third the principal and inter tinued over a period of nearly 21 years, must have
est of the old debt; and to represent West Virginia’s been very heavy and would alone have served as a
share of the bonds West Virginia deferred certificates deterrent in the case of a concern of less mettle, and
weio issued. But the new State remained wholly less foitunately situated financially. They deserve
indifferent to its obligations and could not be pre and will, we are sure, receive the unstinted praise,
vailed upon to do anything to give value to these not alone of these particular security holders, but
debt certificates.
of the whole investing world, for they have rendered
Obviously, before any active steps could be taken the same an inestimable service— a service which no
to enforce the claim against West Virginia, it was mere money consideration could ever compensate.
necessary that the certificate holders themselves
should combine in a movement for taking united
Bank clearings in the United States although, as a
action. But even this task appeared hopeless for whole, of very heavy volume are beginning, in some
m&ny years. Different committees of certificate localities, to furnish evidence of a let-up from the
holders were formed, but never succeeded in getting extreme activity in mercantile and industrial affairs
the assent of sufficient holders to warrant beginning previously prevailing. A leading feature of the
proceedings against the State. One difficulty in the month (March) just closed was the marked revival
way was that so large a part of the debt was held in business on the stock exchanges of the country,
abioad. Some of the moves started promisingly especially at New York, which, of course, helped
enough, but in the absence of sufficient support lan to swell clearings here but not, however, to account
guished and died. Finally, in 1898, nearly twenty- fully lor the gain disclosed. In fact, the dealings in
one years ago, Brown Bros. & Co., of this city, in shares on the New York Stock Exchange were not
conjunction with their London house, undertook the only in excess of those for any month in over two
task. It is this effort that has now, after the lapse years, but actually the heaviest for March of any
of so many years, been finally crowned with success. year in more than a decade.
Enjoying international fame, and having the pres
Of the 174 cities from which we have returns of
tige associated with the name of an old and honorable clearings for March, some 68 record losses from a
house, it did not take the firm very long to get the as year ago. I he falling off is in the main small or
sent of practically all the certificate holders. But this moderate, but would seem to reflect the withdrawal
proved only the beginning of the firm’s labors. The or cancellation of war orders which, during the war,
subsequent work of forcing recognition of the debt on were so important a factor in many manufacturing
the part of the commonwealth properly bound for it localities. Under existing conditions new high
was beset with trials and difficulties that have had monthly records of clearings could hardly be ex
few if any parallels in similar undertakings. One pected, but they were not entirely absent in March,
disappointment after another was encountered. No and at Los Angeles, Long Beach, Akron, Lincoln,
soonei was one obstacle removed than another would Quincy, Paducah, Sioux City, Sioux Falls, Iowa
appeal. But Brown Bros. & Co. never relaxed City, Oshkosh, Jacksonville, Austin, El Paso,
their effort. The movement was never allowed to Tampa and Hamilton, the totals exceed those for
lag. Even when, after great persistency, judgment any monthly period theretofore. Of the remaining
against the State of West Virginia was obtained from 91 cities by far the greater number in surpassing
the U. S. Supreme Court in 1915, the task proved far March 1918 established high-water marks for
from finished. It quickly appeared that though the the particular month, and in numerous instances,
goal was in sight it had not yet actually been by very satisfactory percentages. Included in this
attained. The process of the court— the highest category are New York, Philadelphia, Pittsburgh,
judicial tribunal in the country— had been issued, Baltimore, Rochester, Boston, Cleveland, Detroit,'
but how was this money judgment to be enforced ? Youngstown, San Francisco, Seattle, Portland, Oak
A sovereign State cannot be dealt with the same land, Fresno, Ogden, Yakima, Reno, Denver,
as an individual.
Fargo, Richmond, Memphis, Birmingham, Dallas
West Virginia still declined to pay the debt and and Tulsa.
actually assumed a defiant attitude towards the
This year’s aggregate of clearings for March
U. S. Supreme Court. The latter showed great reaches 830,074,130,678, which compares with $26 THE
F IN A N C IA L
S IT U A T IO N
Apr. 5 1919.]
THE CHRONICLE
1319
080,944,351 in 1918, showing, therefore, an aug- I which he had indulged day and night ever since his
mentation of 15.3% , while contrasted with 1917 the return to Paris. Dr. Grayson, while admitting that
increase is somewhat greater— 21.3% . For the first the attack was severe, expressed the belief conliquarter of 1919 the total at $88,282,784,137 is dently that his distinguished patient would be about
17.9% in excess of a year ago and 22.5% ahead of again within a few days. The President s illness,
1917. At New York the gains over 1918 are 19.1% however, may cause a postponement of the important
and 18.9% , respectively, for the month and three session of the Commission on the League of Nations,
months, and in comparison with 1917 discloses in- of which he is Chairman, that had been set for to-day.
creases of 15.9% and 15.2% . Outside of this city
Above all things else the world wants peace—and
there is an expansion for the month of 11.0% over at the earliest date possible, without the sacrifice
1918 and 28.6% over two years ago, with the quar- of the great principles of right and justice that are
ter’s aggregate 16.7% greater than that of 1918 and supposed to have been the background of all the
32.9% in excess of 1917. As regards the various negotiations at the Peace Conference. No sane pergroups into which the returns are segregated, the son wants a patched-up peace, such as it was rumored
Middle, exclusive of New York, exhibits for the in Paris on Thursday might be arranged to p acate
quarter an increase of 32.5% , New England 16.7%, Germany, and in the hope of quieting political clamor,
the Middle West 13.3% , the Pacific Coast 24.8% , for an agreement that might “ put an end to unrest
the Far West 3.7% and the Southern 11.9% .
and economic paralysis m the world.
Ih e strength
Transactions on the New York Stock Exchange and prevalence of this sentiment have never been so
during March 1919 at 21,403,531 shares were of apparent at any time since the signing of the armismuch greater volume than for the corresponding tice on N ov. 11 last, as during the week so nearly
month of either of the two preceding years, com- at a close. That there was rapidly increasing unrest
paring with 8,419,477 shares and 18,658,267 shares, and dissatisfaction, both in Europe and America,
They were, in fact, the largest for March of any year over the failure of the Council of Four, namely,
since 1907, and we must go back to December 1916 Premiers Lloyd George, Clemenceau and Orlando,
for a monthly total in excess of the current one. and President Wilson, to complete the drafting of a
The sales for the three months, also, at 45,472,737 treaty which would be reasonably sure of adoption
shares, were heavier than a year ago, contrasting at a plenary session of the Peace Conference, was
with 33,453,913 shares, but compare with 49,186,172 unmistakable.
shares in 1917. Activity in bonds is likewise to be
In Paris, London and in this country attention
noted and especially in the various Liberty Loan was drawn to the fact that although practically
issues, the dealing in which reached no less than three months had elapsed since the first assembling
$198,979,000 par value against $85,956,000 in 1918. of that body, still there was no treaty, and what
Railroad and industrial bonds sold much more freely seemed decidedly worse was that the four big leaders
than a year ago, and that is true, too, of State, appeared to be about as far apart with regard to the
municipal and foreign securities. Due in the main, broad questions that must constitute the framework
however, to the extensive sales of Liberty issues, of the document, as they were at the start. In
the dealings in all classes of bonds totaled 259% short, pessimism prevailed in and out of Peace
million dollars par value, against only 121 million Conference circles in Paris, in the official life of
dollars a year ago and 75 1-3 millions in 1917, and London, and even in Administration circles at .
for the quarter ended March 31 were 774% million Washington, if the advices received from that
dollars, against 311% millions and 276 millions, centre correctly reflected the sentiment of President
respectively. Sales at Boston for the month reached Wilson’s associates. It was agreed that the speeding
496,453 shares and $2,244,700 bonds, comparing up that had come a week or so ago with a better
with 230,372 shares and $1,298,150 in 1918, and for realization of the seriousness of conditions in Gerthe three months the results were 1,162,722 shares many and in other countries of Eastern Europe, had
and $5,874,900 bonds, against'776,654 shares and not accomplished much. One observer in Paris
$4,292,050 bonds. Chicago dealings for the month went so far as to assert that the program to speed
aggregated 502,793 shares, against 75,500 shares, up was “ merely a jocular memory.” Severe critics
and for the quarter 818,204 shares, against 269,467 asserted that not only had the Peace Commissioners
shares.
'
failed to have a treaty and the League of Nations
The exhibit of bank clearings for March for draft— in our out of it— completed by March 29,
the Dominion of Canada is of much the same char- the date that had been set by Col. E. M . House a
acter as the returns for preceding months for a long week before, but that they had also failed in the
time past. We have comparative reports from 25 putting into effect of a definite plan to check the
cities, of which all but 9 record gains, and in the spread of unrest and disorder in Eastern Europe,
aggregate the augmentation shown, as compared Admittedly conditions in Germany, Austria, Russia,
with 1918, is 16.3% and with 1917 nearly 19%. and some of the smaller countries, were steadily
Montreal, Toronto, Vancouver, Ottawa, New West- and rapidly getting worse. In fact, some critics,
minster, Sherbrooke and Kitchener are conspicuous while perhaps pessimistic, but for whom a reasonable
in the matter of gain and the noteworthy losses are degree of sincerity was claimed, declared that Euat Winnipeg, Calgary, Lethbridge and Medicine Hat. rope was running away with the Peace Conference.
For the three months ended March 31 the increase
over 1918 reached 17.5% , while compared with 1917
Naturally there was a general disposition, both
the gain is 24.6% .
in and out of Peace Conference circles, to find out
---------the chief causes of the seeming and admitted delay.
General regret was expressed yesterday when it On previous occasions when things did not seem to
became known that President Wilson was confined be moving along satisfactorily, the critics of the
to his bed in Paris with a severe cold, and that he League of Nations proposal were not slow to charge
also was suffering from the strain of overwork in 1that President Wilson’s insistence upon having it as
1330
THE CHRONICLE
[V ol . 108.
an integral part of the peace treaty was the principal
He is reported to have declared “ that the world
cause. This week the League of Nations idea escaped could not longer countenance further delay and that
with only slight criticism, so far as its being a factor it was awaiting the completion of the task of the
in the general delay in Peace Conference negotiations conferees, and that it had a right to expect early
was concerned. Rather was the blame laid at the results.” To a group of visiting Representatives of
door of the French Commissioners and Government Congress he is said to have declared also “ that there
officials. It must not be forgotten that, from their would be no more long discussions” and to have ex
point of view, the two great questions before the pressed the belief “ that the peace treaty would be
Peace Conference are reparation and the determi finished within a reasonable time.” Incidentally
nation of boundaries. France wants to obtain from the advices state that he “ used strong language in
Germany every cent of cash indemnity that she be seeking to absolve the covenant of the League of
lieves it possible for her to collect. She also wants Nations for responsibility for delaying peace.” On
to secure territory that will not only reimburse her, the other hand the accounts state that M r. Wilson
in part at least, for that which was so severely dam signified his willingness to assume his share of re
aged by the Germans during the war, but also terri sponsibility for the delays and that he “ solemnly
tory that will assure France safety and protection assured the conferees of his belief that they would do
from possible enemy attacks in the future.
all in their power to bring together the loose ends in
With these facts in mind, it is not surprising that the debate, in an effort to unite on peace terms, upon
Premier Clemenceau, a week ago to-day, should have which a treaty might be presented to Germany.”
come forward with new reparation claims, or per
Although Capt. Andre Tardieu, French High
haps, more correctly speaking, old claims in a some Commissioner, was quoted on Thursday as saying
what different form. Reference is made to his re that he had never seriously doubted that the treaty
ported assertion that France should be granted would be signed by Easter Sunday, April 20, other
the entire Saar Valley, not only as “ a part of the authorities expressed the opinion yesterday that the
general readjustment of the western boundary of date would have to be pushed on several pegs further.
Germany,” but in perpetuity. The French Pre
After the first day or so the atmosphere at the
mier is reported also to have told the other members Peace Conference, in Paris and in London, appeared
of the Council.of Four that his country must have to be less pessimistic. There were rather distinct
that valley, chiefly because of its coal mines, thereby indications that real progress in dealing with the
in part gaining compensation for the mining regions main questions of the treaty was actually being made,
of France ruined by the Germans. What Premier and that the prospects for an agreement were more
Orlando's attitude toward this matter was has not hopeful. This was notably true with respect to the
been definitely recorded. That President Wilson troublesome claim for the Saar Valley by the French.
and Lloyd George were strongly opposed to the claim At both the morning and afternoon sessions of the
on the ground that it was a species of annexation Council of Four on Tuesday considerable progress
pure and simple, was made perfectly clear in all the in handling this matter was reported. While ad
advices.
mitting that France deserved the coal in that region,
To the setting up of this claim and to determined President Wilson and Lloyd George are understood
adherence to it, at least early in the week, as well as to have asserted that she should not have political
to other claims made by the French Premier and his control of the valley or incorporate the German
associates, was attributed more than to any other population. Marshal Foch is said to have won his
single cause the deplorable delay in the making of a contention for the establishment of a neutral zone
treaty— that was admitted even in Peace Con about thirty miles wide on the eastern side of the
ference circles. Apparently the situation was tense Rhine. According to one report, it will be occupied
and the atmosphere pretty thoroughly surcharged by French and Belgian troops for a time.
with pessimism. Just then, as on a somewhat similar
occassion several weeks before, came reports that
As to the general question of reparation, upon
President Wilson had thrown a bomb into the Peace which up to this week unfortunately little of a defi
Conference. The first time it was stated that he nite character apparently had been accomplished,
had threatened to take the gathering to some other it looked as though President Wilson had decided
centre than Paris, if the Peace Commissioners did to stand aside to a great extent and to let the British
not make a more determined and concerted effort to and French representatives endeavor to reach an
hurry things along. According to all the accounts agreement. On Wednesday it was definitely re
the threat had the desired effect and the deliberations ported that an entirely new plan had been presented
proceeded more expeditiously and harmoniously for for the solution of this problem. According to its
a time. This week he was reported to have declared terms, the amount of the indemnities, which as
that if certain obstacles to the completion of the between France and Germany had been fixed ten
treaty at an early date were not removed imme tatively at varying amounts between $20,000,000,000
diately, he would withdraw from the Conference once and $40,000,000,000, would not be definitely named,
and for all and return to the United States. Some but would be left to an Allied commission, which
of his severe critics may have said under their would “ watch the building up of Germany and deter
breath that this would have been a blessing rather mine the sums to be paid from time to time, based
than a misfortune. But aside from any such passing upon the financial condition as it appeared then.”
reflection, it seems probable that the President did The arrangement would extend over a long period
not go farther than to assert that if greater progress of years, but would call for a large initial payment.
were not made, he might as well go home. That he In support of this plan it was urged that there is
made a plain and forceful statement to the three no way of determining how much Germany really
Allied Premiers and military representatives of the can pay, and the belief was also expressed that
Associated Powers, asserting the necessity of an even the Germans themselves would favor the plan.
early peace, seems practically certain.
Furthermore, it was suggested that the adoption of
A pr . 5 1919.]
THE CHRONICLE
this scheme would probably expedite the completion
of a peace treaty.
It was stated in Paris last evening that the ques
tion of reparation has been referred to a special com
mittee, of which Bernard Baruch, Thomas W .
Lamont, Vance McCormick and John W . Davis are
the American members. According to the repoit
also, this committee will draw up a plan providing
for the collection of indemnities over a period of
thirty years, which it will submit to the Council of
1321
would obtain 2,500,000,000 francs. This informa
tion will be favorably received. Ever since the sign
ing of the armistice that little nation of Belgium has
said very little publicly about her tremendous losses
and unspeakable suffering, although at the outset
they were far in excess of those of France, from whom
so many suggestions for financial assistance have
come.
Comparatively little was heard about the covenant
of the League of Nations until midweek, when it
Four.
.p
was stated, apparently unadvisedly, in some Paris
At Wednesday’s session of the Council or l ° m
advices that the revision of the document by the
there was further discussion of the questions o
Drafting Committee had been completed and that
reparation and of the Saar Valley, a real settlement
the Commission on the League of Nations, of which
evidently not having been reached the day befoic.
President Wilson is Chairman, would take the whole
The members of the Council listened to suggestions
matter up that day or the next. The opinion was
and recommendations from American financial ex
even ventured that the entire covenant would be
perts whom they had called in. It developed that
made public by the end of the week. According to
the proposal that France be given the right “ to oper
those advices, it would be found that the covenant
ate the coal mines of the Saar Valley under a form
had not been torn to pieces, but that the revision
of supplementary mortgage, with the further piohad been “ a work of addition instead of elimina
posal that the territory would be administered
tion.” Among the important changes said to have
through a mandate from the League of Nations,
been made was the addition of a clause, specifically
was criticised by some of the French newspapers.
restraining the League from dealing with the inter
“ Excelsior” suggested that it would result in com
nal affairs of any State,” and another providing for
plications and added that it understood that the plan
“ withdrawal from membership after due notice,
had been abandoned. The press did not take kindly
probably two years.” The clause asked for by
either to the idea of not making the amount of in
Japan, with respect to the equality of races, was im
demnity to be received from Germany definite, the
ported to have been left out, while just what provi
“ Journal” expressing the fear “ that such a settlement
sion had been made for the safeguarding of the
would pave the way to a new war rather than to
Monroe Doctrine could not be learned, but it was
peace.” Late Wednesday evening it was stated in
declared rather positively that there was no cause
Paris that progress toward a complete agreement on
for anxiety over that point. The belief was ex
the Saar Valley question was being made, although
pressed by a legal specialist attached to the American
at the French Foreign Office it was stated unequivo
delegation that the six suggestions made by Eliliu
cally that Premier Clemenceau would not budge from
Root were acceptable to that body. It was defi
the contention that it should come to France.
nitely reported that several of them had been incor
Bonar Law, speaking in the House of Commons the
porated into the covenant by the Drafting Commit
same evening, in reply to an intimation of C ol.
tee, while on the other hand, it was thought by some
Claude Lowther, Unionist, that the British Peace
authorities that the other points were covered by the
Commissioners were “ truckling to the United States
and bowing before President Wilson” in the matter terms of the original draft.
Contrary to the opinion expressed earlier m the
of indemnities from Germany, declared that “ it
week that radical changes had not been made in the
would be unfair to that great country to suggest
covenant, the statement was made in some circles in
that our action had thus been influenced.” Premier
Paris on Thursday that the revisions were actually
Lloyd George, in a statement to the “ Petit Parisien”
so numerous and pronounced that the “ document
last evening, declared that he is not an “ obstinate
would hardly be recognizable, in comparison with
opponent of the guarantees asked by France against
the draft which President Wilson brought to the
a renewed attack by Germany.” He added: “ We
United States,” when it is presented to the Com
wish France to know that it.is-the will of the British
mission on the League of Nations at its session called
people that France should have complete security
for to-day. One correspondent in cabling to a prom
for the future.” Late last evening the opinion was
inent New York newspaper the same day went so
expressed in Paris that, because of the continued
far as to assert, without any qualification, that the
serious conditions in Germany and the failure also
League of Nations was “ dead.” While it may not
of the Council of Four to agree upon a general
prove to be the factor in maintaining peace that
treaty, it might be decided to return to the original
President Wilson and other supporters have hoped
idea of a preliminary agreement with Germany first,
and claimed, it is doubted that, on paper, at least,
and individual treaties with the other nations subse
the proposal is “ dead.”
quently.
The changes in the covenant suggested by former
President Taft, it was declared in Paris, were cabled
Tuesday, and for the next two or three days, there
to Oscar Straus in response to a request from him.
was a distinguished guest in Peace Conference
They were six in number, the same as made by Mr.
circles in the person of King Albert of Belgium, who
Root. Announcement was made that in both cases
arrived outside of Paris direct from Brussels in an
the suggestions were referred to the Drafting Com
airplane. He had conferences during his stay with
mittee promptly. Considerable uneasiness was said
several of the Premiers, President Wilson and Col.
to have been caused in the minds of some Peace Com
House, all of which apparently bore substantial
missioners over the report that the covenant, after
fruit, inasmuch as yesterday it was definitely re
having been adopted by the Commission on the
ported in the French capital that, out of the first
League of Nations, would not be submitted to a
indemnity funds turned over by Germany, Belgium
1322
[V o l . 108.
plenary session of the Peace Conference for discussion
of that country and that it would be “ impossible for
and ratification. On the contrary, it was claimed
the United States to take such action without the
that copies would be sent to all interested parties for sanction of Congress.”
individual acceptance, thereby avoiding public dis
The situation, so far as Hungary was concerned,
cussion. As might easily have been surmised,
became more complicated on Monday by the receipt
Premier Hughes of Australia was the first Peace
of an official report in Paris that troops of that
Commissioner to put himself on record against such
country had attacked a small force of French troops
a plan. He declared that he had been assured by
in the neutral zone between Hungary and Rumania,
Lloyd George that ample opportunity for discussion
and that 350 of the Frenchmen had been taken
would be given and that any other procedure would
piisoners. Upon the demand of their general, hownot be “ tolerated for an instant by any democratic
evei, that the troops be released, it was said that
country.” The more than fifty United States Sena
they would be set free the following day. On Tues
tors who have objected all along to the covenant of
day a report came from Bucharest that Entente
the League of Nations were reported in Washington
troops were being landed at Constanza on the Black
advices Thursday evening as not being satisfied with
Sea, on their way to Hungary. A dispatch received
tne proposed amendments as cabled from Paris.
m London from Paris declared that President Wilson
Yesterday a seemingly authoritative statement was
had informed the other members of the American
made in Paris that the Drafting Committee had com
delegation that “ no American soldiers should be used
p eted fifteen articles of the covenant, which was
in any ^undertaking in Eastern or Southeastern
then said to contain twenty-seven, one more than
Euiope.
Much more than passing attention was
originally. Nothing could be learned as to what the
given to the official announcement in Paris on
additional article dealt with. The day before the
Thursday that General Jan Christian Smuts, the
report was current in the French capital that, upon
well-known South African military leader, was pro
the conclusion of the Peace Conference, President
ceeding to Hungary “ to investigate certain problems
Wilson probably would call all of the nations to
arising from the armistice, on which the Supreme
gether at Geneva to consider many matters that
Council desires further information.” One of the
k
-e
fo1' the League of Nations to conclude, most important announcements of the week from
in e Swiss city, by the way, was most generally and
Paiis was that it had been decided to raise the block
definitely spoken of as the. probable permanent domi
ade against Poland, Esthonia, Germany, Austria,
cile of the League.
1 ui key, Ozecho-Slovakia, and the territories occu
pied by Serbia and Rumania.
+1 ^ ^ h e r big and troublesome question with which
,
the Peace Commissioners had to deal was that of
On Monday the Military Bill was passed to the
restoring order in the eastern and southeastern coun
third reading in the British House of Commons by a
tries of Europe, notably Germany, Russia, Austria
vote of 282 to 64. Included in the discussion was
and Hungary. At the very beginning of the week
strong criticism of the Government on the “ ground
there was a pronounced difference of opinion as to
of wasteful expenditure and violation of election
the policy that should be adopted and the methods
pledges to abolish conscription.” Winston Spencer
that should be pursued. While the French as a na
Churchill, Secretary for War, speaking in defense of
tion, and its Government, were apparently in favor
the bill and of the Government, said with respect to
of dispatching armed forces to Russia, the Socialist
the cost of maintaining the Army of Occupation
element in and out of the French Chamber of Deputies
throughout Europe that, after deducting £70,000,000,
was strongly opposed to such a step. American
the amount the British Government expected to
and British peace delegates, on the other hand, were
receive from Germany for the upkeep of the Rhine
reported a week ago to-day as being opposed to
army, the net cost would be approximately £133,
making war on the “ Reds” of Russia, or of any
000,000 for the present year. He added, however,
neighboring countries, for that matter.
that the amount “ expected to be recovered by salIn London the opinion was said to prevail that
vago would in all probability be two or three times
the only way to put down Bolshevism was by the
the cost of maintaining the army this year.”
force of arms. On Sunday came the report from
Defending the bill further, the War Secretary
that centre that the Allied Powers had decided to
asseited
that Bolshevist armies were attacking
demand the resignation of the Soviet Government in
along the whole front in Europe, and that the little
Hungary and the election of a National Assembly un
States were in distinct peril.” He explained that
der the supervision of Allied troops. It was still
the approximate distribution of the British troops
believed that General Mangin would be selected to
would be about as follows: In Great Britain, 176,000’
direct whatever forces might be sent into Hungary,
m France, 120,000; on the Rhine, 264,000; while in
and according to one report he was to “ establish
Italy and adjacent regions there would be 10,000
under one command a front from the Baltic Sea to
to adjust “ lamentable differences which had arisen
the Black Sea.” A wireless dispatch from Paris last
between Italy and the Jugo-Slavs.” In the middle
evening stated that the General had been ordered
East and the Caucasus, he added that there were
back to Mayence. As the week advanced there ap
75,000 men, but expressed the hope that their
peared to be general opposition on the part of the
number might be reduced materially in the near
American delegation to sending armed forces against
future. In Mesopotamia Great Britain has 30,000
the Bolsheviki. It was contended that, while such
men, and in northern Russia and Siberia 20,000 more.
a movement might “ stop the Bolsheviki, it would
Nominally Mr. Churchill stated that the Army of
not stop Bolshevism.” Furthermore, the American
Occupation numbered 850,000 men, but he explained
delegates were said to have pointed out that such
that it would be necessary to deduct 208,000,
an expedition in the case of Russia, for instance, vir
“ who are not combatants in any sense,” in arriving
tually -would be “ equivalent to making war upon
at the actual military force. In concluding his
what is the de facto Government of a large part”
speech Secretary Churchill said that “ the total
the
c h r o n ic l e
A pr . 5 1919.]______________
THE CHRONICLE
1333
impressed with the terms of the decisions of the En
forces we propose to keep at our disposal are thus
tente as presented by Marshal Foch.
approximately 650,000 men.” Advices received in
London late Thursday night and yesterday indicated
On Monday the advices indicated that a new dis
the existence of a crisis in northern Russia and it
turbance on the part of the Sparticides and the labor
was stated that American forces had sailed for the
element would break out soon. It was^said in Berlin
Murmansk peninsula and that British reinforce
that the former were planning a new revolution to
ments would follow.
take place between April 7 and 8, to coincide with
the convening of the General Assembly of the Work
The report late last week that Premier Nikolai
men’s Councils. D r. Bauer, Minister of Labor inLenine of Russia had sought recognition for his
the Ebert Cabinet, notified the coal miners who were
Government from the Peace Commissioners, par
on strike that their demands for a six-hour day were
ticularly the American delegation, was not taken
“ utterly impossible if Germany’s economic welfare
seriously in diplomatic or official circles in London,
were to be taken into consideration.” He added
the belief being expressed that the step would not
that “ hundreds of thousands of people were idle
be regarded generally as bona fide, but only as one
because there was no coal for the industries. From
more of Lenine’s “ feelers.” George Lansbury,
the beginning of the week to the end the accounts of
Editor of the “ Daily Herald,” a prominent British
the strikes made a practically continuous and har
labor organ, defended Russia and Lenine s adminis
rowing tale. A week ago to-day 30,000 coal miners
tration, and declared that the “ Allies had received
were said to be out in the Essen district, which in
a proposal for an understanding with the present
volved the closing down of thirty shafts. The strike
rulers of Russia.” According to his information,
fever apparently was spreading to other fields. At
the latter had demanded “ the withdrawal of Allied
a conference of workingmen’s delegates at Essen on
troops from Russia and the abandonment of the
Monday a resolution was adopted to call a general
policy of interference in Russian affairs.”
strike the next day. The demands of the workers
were said to include recognition of the Soviet govern
The Order-in-Council, issued about a week ago, ment system, a six-hour day and a 25% increase in
prohibiting unlicensed gold exports, beginning April 1,
wages.
.
undoubtedly means that, through the Bank of Eng
Reports were received at about the same time in
land, the Government plans to control gold exports. Berlin that a general strike had been ordered in
This is expected to make unnecessary the raising ot Stuttgart. Last evening Berlin heard that street
the rates for money, simply to protect the coun battles were raging between the Spartacan and Gov
try’s gold resources. In planning thus to maintain ernment troops in that centre, with the casualties
medium, and perhaps cheap, rates for money, un heavy. B y Wednesday the labor situation in
doubtedly the Government has in mind the stimula Germany had become so serious that Berlin advices
tion of industry as much as possible.
to Copenhagen stated that the Government had de
One of the most important and interesting an
nouncements in the British capital came on Thursday,
when it was made known that the Government Press
Bureau would close on April 30 and that theieafter the censorship of press telegrams, articles, books
and pictures would no longer exist.
On the London Stock Exchange gilt-edged securi
ties while somewhat irregular, displayed a better
tone
There was a disposition, however, in specula
tive and investment circles to await developments m
Eastern and Southeastern Europe, and at the Peace
Conference, before making fresh commitments on an
extensive scale.
It is difficult in the extreme to attempt to out
line even the political and labor developments in Ger
many this week— that country so prosperous and so
well-satisfied with conditions within its borders be
fore the war. One of the chief topics considered by
the Government at the beginning of the week was the
demand of the Allies that Polish troops under Gen
eral Haller be permitted to pass through Danzig
on their way to West Prussia. After exhaustive de
liberation a reply was framed in which it was set
forth that, in accordance with the armistice terms,
Germany was obliged “ only to grant the Allies free
access to the Vistula to maintain order in territories
of the former Russian Government,” and that there
could be “ no question of Polish troops.” Marshal
Foch discussed the Danzig situation at Spa on Thurs
day with Mathias Erzberger, and it was announced
that the German Government had receded from its
iginal position, Erzberger having been strongly
cided to proclaim a state of siege in the Ruhr in
dustrial district. On Thursday cable advices from
Berlin were still more alarming, it being claimed that
almost all the labor forces of Germany were striking
or threatening to strike. The Independent Socialists
and the Sparticides were charged with being the
chief instigators of the movement, their principal
object being to overthrow the Government and to
set up Bolshevist rule. Conditions in Frankfort
were particularly bad, according to all accounts.
Some improvement, however, was reported to have
taken place toward the end of the week. In fact it was
stated that the labor leaders had aligned themselves
with the Government in a determined effort to main
tain order. Yesterday, however, figures were given
showing that great numbers of men m many im
portant sections of Germany were still out. to r
instance, it was claimed that the total number in
cluded 150,000 metal workers m Berlin and 120,Ui)U
employees in the Krupp works. From Berlin came
the report yesterday that order had been restored in
the Ruhr district once more, the Government having
rushed in 60,000 troops.
There appeared to be some conflict in the reports
about the shipments of foodstuffs to Germany and
their arrival in that country. Last week it vyas
definitely statedjthat the first shipment, under the
comprehensive arrangement made at Brussels, had
arrived in the Coblenz district and had been dis
tributed. On Tuesday of this week a dispatch from
The Hague stated that the first shipment under that
arrangement left Rotterdam for Germany that day.
State Secretary Braun of Germany was quotedfat
1324
THE CHRONICLE
The Hague as saying that it would probably take six
weeks before the people of Germany as a whole would
feel distinct improvement from the importation of
food. It became known in Paris about midweek
that 855,000,000 in gold had been deposited by the
Germans on Tuesday in the Belgium National Bank
at Brussels, in part payment for the foodstuffs which
the Allies and America are to supply. The same
day the fii st session in a scries of gatherings between
the Financial Commission of the Peace Conference
and German financial agents took place at Compeigne
to arrange the exchange of German securities for
foodstuffs. On Thursday Field Marshal von Him
denburgh, with a large staff, was reported to have
arrived at Glewitz, in Prussian Silesia, only ten
miles from the Russian border. A dispatch received
in Geneva stated that, contrary to the armistice, he
had ordered a general mobilization in that region.'
Labor conditions in Austria were no better than in
Germany. Although at the beginning of the week
a dispatch from Vienna to a Paris newspaper stated
that the strike on the Eastern & Southeastern Rail
road had been settled, seemingly trustworthy advices
indicated that the report was incorrect, and that the
strike was still in progress. The strikers were
charged with having destroyed railroad property and
with stopping the transportation of food. Copen
hagen received a report from Budapest saying that
the Hungarian Government had made an offer to
ally itself with the German Government against the
Entente. According to a Vienna dispatch, the
nationalization of the banks and all places of busi
ness, following the downfall of the Karolyi govern
ment, was practically complete. It was said that
the banks had been seized, their resources scquesteied, the officials deposed and clerks put in their
places. Rents were being paid to the Government
instead of to the landlords. London heard on
Wednesday that the dynasty of Karageorgevitch
had been overthrown and that a republic had been
proclaimed in Belgrade, the capital of Serbia and
Jugo-Slavia.
[Vol.
108.
and formal recognition could be accorded if desirable
to the Powers. The report was circulated in Paris
last evening that Lenine’s proposal is virtually an
ultimatum, and that he had suggested a time limit
foi its acceptance, which was said to be a matter of
only a few weeks. In Paris advices yesterday it was
indicated that recognition of the Lenine Govern
ment was more probable than at any previous time.
Conditions in southern Russia were declared to be
getting worse rather than better, while in the Arch
angel district it was reported late yesterday that the
Bolsheviki had been badly beaten by the Allied
forces.
# Ih e Italian-Jugo-Slav dispute came up for con
sideration again Thursday by the Council of Four,
or Three, to be exact, as Premier Orlando naturally
retired. At the close it was suggested that the
Jugo-Slavs had rather the better of the argument.
Yesterday the Italian delegation threatened to with
draw from the Peace Conference in a body on M on
day if Fiume is not awarded to Italy. It was said
that there was a disposition on the part of the Council
of Foui to declare both Fiume and Danzig free ports.
The British Treasury statement of national
finances for the nine days ending March 31, and con
sequently to the end of the fiscal year, shows that the
year’s revenues exceeded estimates by no less than
£46,871,000. There was an increase in the Ex
chequer balance ot £5,395,000, thus bringing the
total to £12,799,000. Expenses totaled £51,055,000,
while the total outflow including Treasury bills
repaid and other items, was £462,036,000. Repay
ments of advances equaled £335,681,000. Receipts
from all sources reached a total of £467,431,000,
and of these revenues contributed £38,115,000,
war savings certificates £1,050,000, war bonds £3,
925,000 and other debt £19,945,000. Advances
biought in £333,685,000. New Treasury bills issued
were £70,394,000, for the first time in several weeks
exceeding the volume of those repaid, the latter
being £62,614,000. Treasury bills outstanding now
aSSregate £956,356,000. Temporary advances out
standing are reported at £454,992,000. The revenue
for the fiscal year is £889,021,000, which is far in
excess of estimates and also exceeds the revenue of
the previous fiscal year by £181,786,000. Expenses
during the fiscal year were £2,579,301,000, which
was £398,235,000 below the estimates. The year’s
deficit is £1,690,000,000 and for five years totals
£6,860,000,000. This has been provided for by
means of loans and other forms of financing.
War bond sales through the banks last week ag
gregated £3,080,000, bringing the total sales to
£31,517,000. Sales through the post offices during
the preceding week were £205,000, which brought
the aggregate to £1,176,000, while the grand total
is £32,693,000.
■
In Russia it has been impossible to note any im
provement in political or economic conditions. How
can there be as long as things are as they are?
According to advices received in London on Wednes
day a revolution against the Soviet Government
had broken out in Petrograd and a strike of railway
employees in that region was in progress. The re
ports stated that the Menshiviki and the Social
Revolutionists started the strike. A Warsaw cor
respondent sent a dispatch to the “ Morning Post” of
London declaring that Lenine and Trotzky had come
to a “ break.” While Lenine was acknowledged as
being at the head of the Government, it was pointed
out that Trotzky, as Minister of War, had control
of the military forces. Lenine was said to have
allied himself with the “ Intellectuals” and to have
No change has been noted in official discount
the support of the more thoughtful people of the
rates from 5% in London, Paris, Berlin, Vienna and
country, while Trotzky had with him the prole
Copenhagen; 534% in Switzerland, 6% in Petro
tariat, as well as the army. With respect to the
grad and Norway, 634% in Sweden and 434% in
report in Paris just at the close of last week that
Holland and Spain. In London the privato bank
Lenine was seeking recognition from the Associated
rate continues to be quoted at 3 % % for sixty days
Powers, it was stated in Paris on Thursday that his
and ninety days. Call money in London is still
propositon substantially was that if they would
quoted at 334%. No reports, so far as can be
make peace with his Government, lift the blockade
learned, have been received by cable of open market
so that it would be possible to get food and materials, rates at other European centres.
his Government would demonstrate its real worth
THE CHRONICLE
A pr . 5 1919.]
Notwithstanding another and substantial increase
in gold shown by the Bank of England statement,
viz.: £675,732, there has been a loss in total reserve
of no less than £839,000. This was due to an in
crease in note circulation of £1,514,000. The pro
portion of reserve to liabilities suffered a further de
cline to 18.87%, in contrast with 19.71% last week
and 17.10% a year ago. In 1914 the ratio of reserve
was 4 0 % % - Other important changes were an in
crease in public deposits of £7,167,000, and of
£1,542,000 in other deposits, while Government
securities showed the large expansion of £10,131,000.
Loans (other securities) were reduced £581,000. The
Bank's gold holdings now stand at £84,928,182,
against £61,429,192 last year, £54,690,888 in 1917,
and £36,028,143 in 1914. Note circulation is £75,
163,000. This compares with £47,998,435 in 1918
and £38,900,585 the year before. Reserves total
£28,214,000, as against £31,880,757 the preceding
year and £34,240,303 in 1917. Loans aggregate
£78,870,000, in comparison with £113,486,817 and
£123,307,951 one and two years ago, respectively.
Clearings through the London banks for the week
were £499,150,000, comparing with £446,860,000
last week and £324,156,000 a year ago. Our special
correspondent is not as yet able to give details by
cable of the gold movement into and out of the Bank
for the Bank week, inasmuch as the Bank has not
resumed publication of such reports. We append a
tabular statement of comparisons:
B A N K
O F E N G L A N D ’S C O M P A R A T IV E
19 19 .
19 18 .
19 17.
A p ril 2 .
A p ril 3 .
A p ril 4 .
S T A T EM EN T .
19 16 .
19 15 .
A p rils.
A p r il 7 .
C i r c u l a t i o n ........ ..................... 7 5 ,1 0 3 ,0 0 0
4 7 ,9 9 8 ,4 3 5 3 8 ,9 0 0 ,5 8 5
P u b l ic d e p o s its ____ 3 2 ,7 9 0 ,0 0 0 3 G ,2 8 8 ,0 S 0 5 0 ,1 2 3 ,8 3 7
O t h e r d e p o s its ................1 2 3 ,3 0 2 ,0 0 0 1 5 0 ,2 7 2 ,7 7 6 1 2 8 ,9 6 8 ,3 3 3
5 9 ,3 0 8 ,0 3 2 3 9 ,2 4 4 ,8 5 4
G o v t , s e c u ritie s ____ 6 7 ,1 1 4 ,0 0 0
O t h e r s e e u rltls a ____ 7 8 ,8 7 0 ,0 0 0 1 1 3 ,4 8 6 ,8 1 7 1 2 3 ,3 0 7 ,9 5 1
R e s e r v e n o t e s * c o in 2 8 ,2 1 4 ,0 0 0
3 1 ,8 8 0 ,7 5 7 3 4 ,2 4 0 ,3 0 3
C o i n a n d b u l l i o n . . . 8 4 ,9 2 8 ,1 8 2 6 1 ,4 2 9 ,1 9 2
5 4 ,6 9 0 ,8 8 1
P r o p o r t i o n o f r e s e rv e
t o lia b ilit ie s ................
1 8 .8 7 %
1 7 .1 0 %
1 9 .1 2 %
B a n k r a t e ..............................
5%
5%
5%
3 3 ,8 7 4 ,6 4 5
3 4 ,9 4 0 ,9 3 0
6 9 ,9 1 4 ,5 4 1 1 0 5 ,2 7 0 ,1 8 4
8 7 ,7 4 9 ,3 2 6
9 7 ,6 4 9 ,3 0 1
3 8 ,1 8 8 ,6 4 6
4 4 ,6 0 5 ,9 7 0
9 6 ,1 3 9 ,4 7 2 1 3 8 ,0 7 3 ,8 7 2
4 1 ,0 4 1 ,5 8 3
3 7 ,2 6 0 ,0 9 8
5 6 ,4 6 6 ,2 2 8 5 3 ,7 5 1 ,0 2 8
2 6 .0 3 %
5%
1 8 .3 6 %
5%
The Bank of France in its weekly statement reports
a further gain in its stock of gold, the increase for
the week being 1,681,025 francs. The Bank's total
gold holdings now aggregate 5,544,372,200 francs,
comparing with 5,375,025,325 francs last year and
5,213,569,180 francs the year before; of these
amounts 1,978,308,475 francs were held abroad in
1919, 2,037,108,484 francs in 1918 and 1,947,671,846
francs in 1917. Bills discounted during the week in
creased 6,523,425 francs and Treasury deposits were
augmented by 48,040,020 francs. On the other
hand, silver fell off 743,342 francs, advances de
creased 3,183,318 francs and general deposits were
diminished by 136,623,884 francs. Note circulation
registered the further expansion of 364,816,620 francs,
bringing the total outstanding up to the new high
level of 33,736,477,380 francs. The amounts out
standing in 1918 and 1917 were 25,847,883,660
francs and 18,749,446,880 francs, respectively. In
1914, just prior to the outbreak of war, the total was
but 6,683,184,785 francs. Comparisons of the
various items in this week’s return with the state
ment of last week and corresponding dates in 1918
and 1917 are as follows:
B A N K
O F
F R A N C E ’S C O M P A R A T I V E S T A T E M E N T .
Changes
--------------------- ----------- Status as o f--------------------------------fo r W eek.
A p ril 3 1 9 1 9 .
A p ril 4 1 9 1 8 .
A p ril 5 1 9 1 7 .
Cold H oldings—
F rancs.
F rancs.
F rancs.
F rancs.
In F ra n c o
...I n c .
1 ,0 8 1 ,0 2 5
3 ,5 6 6 ,0 6 3 ,7 2 5 3 ,3 3 7 ,9 1 6 ,8 4 0
3 ,2 6 5 ,8 9 7 ,3 3 4
A b r o a d - . . " . - ....................
N o change
1 ,9 7 8 ,3 0 8 ,4 7 5 2 ,0 3 7 ,1 0 8 ,4 8 4
1 ,9 4 7 ,0 7 1 ,8 4 6
fe .T o t a i
____ I n c .
1 ,6 8 1 ,0 2 5 .5 ,5 4 4 ,3 7 2 ,2 0 0 5 ,3 7 5 ,0 2 5 ,3 2 5 5 ,2 1 3 ,5 6 9 ,1 8 0
H |lv e r
................
.D e o .
7 4 3 ,3 4 2
3 1 2 ,2 6 8 ,5 7 9
2 5 4 ,9 6 6 ,1 9 5
2 0 1 ,2 3 9 ,8 3 4
B U la d is c o u n te d — I n o .
0 ,5 2 3 ,4 2 5
1 ,0 0 0 ,9 7 0 ,2 7 2
1 ,8 1 6 ,6 9 0 ,9 1 8
0 0 4 ,4 2 8 ,5 4 7
Advances
D e o . 3 ,1 8 3 ,3 1 8
1 ,2 2 5 ,0 7 6 ,6 6 5
1 ,1 2 6 ,8 1 1 ,0 4 3 1 ,1 8 7 ,9 3 5 ,7 7 2
N o t e c ir c u la t io n
3 6 4 ,8 1 6 ,6 2 0 3 3 ,7 3 6 ,4 7 7 .3 8 0 2 5 ,8 4 7 ,8 8 3 ,6 6 0 1 8 ,7 4 9 ,4 4 0 ,8 8 0
T r e a s u r y d e p o s its I n o . 4 8 ,0 4 0 ,0 2 0
9 0 ,7 5 7 ,5 5 8
8 3 ,9 1 1 ,7 2 1
8 6 ,1 1 2 ,3 8 4
‘ D c o .1 3 0 ,6 2 3 ,8 8 4 2 ,5 5 1 .3 5 2 .0 0 0
3 ,1 2 0 ,3 4 4 ,1 0 3
2 ,4 0 9 ,9 9 2 ,9 9 2
..Inc.
G
eneral deposits
1335
The Imperial Bank of^Germany in its statement,
ssued as of March 22, indicates further sentational
ichanges. Deposits showed the enormous reduction
of 1,093,656,000 marks. Bills discounted were con
tracted 931,462,000 marks, while total coin and
bullion decreased 51,503,000 marks and gold 51,
513,000 marks. Advances were reduced 6,204,000.
Increases were shown of 161,391,000 marks in
Treasury notes, 286,257,000 marks in other securi
ties, and 150,896,000 marks in note circulation.
Notes of other banks expanded 915,000 marks, in
vestments 144,000 marks, and other liabilities
402.298.000 marks. The German Bank reports its
holdings of gold at 2,188,305,000 marks, as against
2.407.380.000 marks last yaer and 2,529,840,000
marks in 1917.
Last week's statement of New York associated
banks and trust companies, issued on Saturday and
given in more complete form in a subsequent section
of this issue, showed further reductions in nearly all
of the principal items. Chief among these was a
decline of $47,519,000 in loans, which with the con
traction of the preceding week brought the loan ac
count down more than $100,000,000. There was a
decrease in net demand deposits of $6,504,000, to
$3,934,275,000 (Government deposits of $227,200,
000 deducted), although net time deposits increased
$2,456,000, to $152,746,000. Other changes were an
increase of $1,639,000 in cash in own vaults (mem
bers of the Federal Reserve Bank) to $96,268,000
(not counted as reserve), a reduction of $14,231,000
in reserves in the Reserve bank of member banks,
to $527,653,000, and an expansion of $59,000 in
reserves in own vaults (State banks and trust com
panies) to $11,964,000. Reserves in other deposi
tories (State banks and trust companies) declined
$895,000, to $11,122,000. Another contraction in
aggregate reserves of $15,067,000 brought that total
to $550,739,000, while a loss in surplus of $14,358,
980 carried the total of excess reserves down to
$29,307,560, or the lowest for this year, with the
exception of the week of Feb. 21, when it amounted
to $16,821,810. The above totals compare with
$548,947,000 and $54,965,830, respectively, in the
corresponding week of 1918. For surplus, th«
figures here given are based on reserves of 13% for
member banks of the Federal Reserve system, but
not including cash in vault of member banks amount
ing last Saturday to $96,268,000.
The local money market was devoid of sensational
features, but the trend was toward greater ease.
While call loans touched 6% , the majority of the
accommodations were arranged at a substantially
lower level, and even at 4 % . The only change worth
noting in the time money market was a reduction of
about
of 1% for both mixed collateral and all in
dustrial loans. Some bankers were disposed to make
freer offerings, but a realization of this tendency led
conservative borrowers to hold off in the belief that
further declines would be recorded in the near future.
In short, there was a more general disposition on the
part of Stock Exchange houses to look for easier
money, for all periods, than has been noted for some
weeks. As a matter of fact, both lenders and bor
rowers during that time have, with some exceptions,
been predicting tighter money, at least until after
the completion of the Victory Loan campaign on
M ay 15.
THE CHRONICLE
for renewals. On Wednesday the maximum was
again at 5% , but renewals were negotiated at 4 Y % >
and this was also the minimum. Thursday there
was a further decline to 4 % for the low, with 4 Y %
the high, although 4 Y % remained the renewal basis.
On Friday only one rate was quoted all day, and this
was 4 % , which was the high and low and ruling
figure. The figures here given apply to mixed col
lateral loans. “ All-industrials” are quoted Y of 1%
higher. For fixed maturities the market is a purely
nominal affair. Only a few trades were reported,
and these were for the shortest maturities. With
the close approach of the Victory Loan campaign,
brokers are unwilling to tie up their funds in fixeddate loans. Rates were slightly easier and 5 Y @ 5 / 4 %
is now asked for all maturities from sixty days to
six months, against 5 % @ 6 % a week ago. Last year
6% was quoted for all periods from sixty days to
six months.
Commercial paper rates remain as heretofore at
5M @ 53^% for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice character.
A fairly good demand is recorded, but business is still
restricted by a scarcity of offerings. Names less
well known still require 5 Y % Banks’ and bankers’ acceptances were moderately
active with New York, Boston, Chicago and St.
Louis banks in the market as buyers. Transactions
in the aggregate, however, were not large and quo
tations were without quotable change. The rate
for demand loans on bankers’ acceptances continues
at 4J^%. Detailed rates follow:
----------------- Spot D elivery-----------------N in ety
Sixty
Thirty
D ays.
D a ys.
D a ys.
4 )4 @ 4 V f » 4 , t @ 4
A
E l i g i b l e b ills o f m e m b e r b a n k s ........................4 % @ 4 ) 4
E lig i b le b ills o f n o n -m e m b e r b a n k s _ 4 ) g @ 4 %
_
4 % @ 4 )£
4% @ 4
In e lig ib le b ills ............................................................................5 )4 @ 4 ) 4
5 )4 @ 4 ) 4
5 )4 @ 4 ) 4
D elivery
w ithin
3 0 D a ys.
4 % b id
4 ’/ t b id
6
b id
No changes in rates, so far as our knowlege goes,
have been made the past week by the Federal Re
serve banks, though the Federal Reserve Bank of
Chicago on April 3 put into effect a series of special
rates on paper secured by War Finance Corporation
bonds (see foot-note to table). Prevailing rates for
various classes of paper at the different Reserve
banks are shown in the following:
D iscou n ts—
W i t h i n 1 5 d a y s , I n c l. m e m b e r
b a n k s ’ c o lla te r a l n o t e s ____
1 6 t o 6 0 d a y s ’ m a t u r i t y ___
6 1 t o 90 d a y s ’ m a t u r i t y ___
A g r i c u lt u r a l a n d liv e -s to c k
p a p e r o v e r 9 0 d a y s .......................
8 c c u re d b y U . 8 . c e rtific a te s
o f In d e b te d n e s s o r L i b
e r ty L o a n bonds—
W i t h i n 15 d a y s , in c lu d in g
m e m b e r b a n k s ’ c o lla t
e ra l n o t e s ............... ............................
10 t o 9 0 d a y s ’ m a t u r i t y ___
Trade Acceptances—
16 t o 60 d a y s ’ m a t u r i t y _
_
6 1 t o 90 d a y s ’ m a t u r i t y ___
5
8
3
2
5
*
D allas.
3
ro
ft
<
3
4)
S
3
4
4
4
4 H 4 )4 4 ) 4
4 )4 4 H 4 *4 4 >4 4 )4 4 )4
4 )4 4 )4 4 )4 4 )4 4 ) 4 4 )4
5
C hlcayo.
6
1
| St. L ou is.
£
8
^3
<
3
'S
A tlanta.
fi
Richm ond.
CLASSES
OF
D IS C O U N T S A N D L O A N S
| P hila d elph ia .
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E R A N K S .
V oosy>uvijiuvs
Naturally, the offering of $200,000,000 one-year
5 % bonds by the War Finance Corporation was
awaited with more than usual interest. This was
true, because of several considerations, among which
was the novelty of the offering itself, and also the
purpose to which the proceeds are likely to be put.
Even before the formal offering was made prominent
banking houses in this city predicted that the
bonds would be largely oversubscribed. Up to the
close of business yesterday no official figures had been
made public. The War Finance Corporation has not
made public, either, in definite terms, the purposes
for which the money will be used, but it has been
generally understood that first of all it will be ad
vanced to the railroads, as far as needed, for meeting
M ay 1 interest and dividend obligations. What
ever part of the funds is put out for this purpose will
be loaned on the same basis as the money loaned for
the April 1 requirements, namely on certificates of
indebtedness of the United States Railroad Ad
ministration, to the extent of 80% of their face value.
Railroad officials have heard, though not directly
they say, that the Railroad Administration will
expect the strong lines to borrow from their own
banks, using the certificates of indebtedness as collaterial, whatever money they may need on the first
of next month, whereas the weaker lines will be ac
commodated by the War Finance Corporation, as all
of the roads were for April 1. It is doubted in bank
ing circles here that the War Finance Corporation
will do much in the near future in the way of financ
ing export transactions.
Nothing can be written about the money market
without bearing in mind the fact that the financial
institutions of the United States may be called upon,
in one way or another, during the reconstruction
period in Europe to furnish the nations, both large
and small, with big sums of money. While our
Government is cutting down the credits that it is
extending, nevertheless these accommodations have
not been cut off altogether. Yesterday announce
ment was made in Washington that the Treasury
had advanced $85,000,000 to France and $25,000,000
to Italy.
M r. Paul M . Warburg, in an address Wednesday
evening before the Council on Foreign Relations,
pointed out that the volume of our trade with
European and other foreign countries will depend
to a considerable extent upon the steps that this
country takes to furnish the money or credits with
which to buy the goods. Among the many other
interesting and important suggestions which he made
was the necessity of the United States buying the
securities of the various nations of Europe that might
be offered here, or buying the foreign securities now
held by those nations. In his judgment they will
not otherwise be able to reduce their already large
adverse trade balances, not to speak of buying com
modities of many kinds needed for reconstruction
and development purposes. The offerings of secur
ities by our corporations continue on a relatively
small scale. There is reason for believing that for
some little time they will be limited largely to refund
ing purposes and that comparatively little money will
be sought for the enlargement of industrial plants.
Dealing with money rates in greater detail, call
loans ranged between 4 and 6% , as compared with
5 and 6% last week. Monday 6 % was the high and
ruling quotation, and 5 ^ % low. Tuesday there was
no range, 5% being the high and low and the rate
[V o l . 108.
B oston.
1336
6
4
4
4
4 Vi 4 )4 4 )4
5 )4
5
5
4
4
4 )4 4 )4 4 )4 4 )4
4 )4 6
4 )4 4 )4 4 ) 4 5
5
5
4 )4 4 )4 5
5
5 )4
5 )4 5 )4 5 )4 5 )4 5 )4
4
4
'4 ) 4 4
4
4
’ 4 )4 4
4 )4
4 )4 ’ 4 )4 ’ 4 )4 >4 M ’ 4 )4 4 H ’ 4 )4 4 )4 4 ) 4
4 ) 4 4 ) 4 4 ) 4 4*20 4 )4 4*20 4*2& 4 )4 4 )4 4 )4 4 )4 4-’ 40
4 )4 4 )4 4 )4 4 )4 4 )4 4 )4 4 )4 4 )4 4 ) 4 4 H 4 )4 4 H
1 R a t e s f o r d is c o u n te d b a n k e r s ’ a c c e p ta n c e s m a t u r in g w it h i n 1 5 d a y s , 4 % :
w it h i n 1 6 t o 60 d a y s , 4 ) 4 % , a n d w it h i n 0 1 t o 0 0 d a y s , 4 ) 4 % ,
* R a t e o f 4 % o n p a p e r se c u re d b y F o u r t h L i b e r t y L o a n b o n d s w h e r e p a p e r re
d is c o u n te d h a s be e n ta k e n b y d is c o u n tin g m e m b e r b a n k s a t r a t e n o t e xc e e d in g
in te r e s t r a t e o n b o n d s .
3
T h e F e d e r a l R e s e r v e B a n k o f C h ic a g o a n n o u n c e s , e f fe c tiv e A p r i l 3 , a r a t e o f
5 % f o r m e m b e r b a n k s ’ p r o m is s o ry n o te s m a t u r in g w it h i n 15 d a y s w h e n se c ured
b y W a r F in a n c e C o r p o r a t io n b o n d s ; a ls o 5 % f o r re d is c o u n ts m a t u r in g w it h i n 15
d a y s se c u re d b y W a r I 'in a n c o C o r p o r a t io n b o n d s , a n d 5 ) 4 % f o r re d is c o u n ts fr o m
16 t o 9 0 d a y s se c ured b y W a r F in a n c e C o r p o r a t io n b o n d s .
a F ifte e n d a y s an d u n d e r, 4 ) 4 % .
6 W i t h i n 15 d a y s , 4 % .
N ote 1 . A c c e p ta n c e s p u r c h a s e d In o p e n m a r k e t , m in im u m r a t e 4 %
N ote 2 . I n case th e 6 0 -d a y t r a d e a c c e p ta n c e r a t e Is h ig h e r t h a n t h e 1 5 - d a y dls
c o u n t r a t e , t r a d e a c c e p ta n c e s m a t u r in g w it h i n 1 5 d a y s w il l b e ta k e n a t t h o l o w e r r a t e
N ote 3 . W h e n e v e r a p p lic a tio n Is m a d o b y m e m b e r b a n k s fo r r e n e w a l o f 15-day
p a p e r , th e F e d e r a l R e s e r v e b a n k s m a y c h a rg e a r a t e n o t e x c e e d in g t h a t f o r 90-day
p a p e r o f t h e s a m o c la s s .
R a t e s f o r c o m m o d it y p a p e r h a v e b e e n m e rg e d w i t h th o s e f o r c o m m e r c ia l paper
o f c o rr e s p o n d in g m a t u r it ie s .
A pr . 5 1919.]
THE CHRONICLE
The market for sterling exchange has shown dis
tinct improvement this week, and despite numerous
predictions to the contrary, quotations have shown
substantial rallying power. Bankers’ demand bills
have advanced to 4 G8 and cable transfers to 4 69,
which compares with 4 58 and 4 59, the recent low
point, while commercial long and short bills were all
correspondingly higher. Much of this was due,
however, to the action of two or three of the large
international banking houses who came into the
market as buyers of liberal quantities of sterling
bills, thereby giving rise to the impression that the
British Government had renewed its support of
the market. Opinion is still somewhat mixed as
to just how far support is likely to go. It is argued
that the decision to withdraw artificial control of
the market was the result of prolonged and mature
deliberation and it is not likely to be revoked be
cause of developments that were almost certain to
occur and must have been foreseen. But it is
plainly within the range of possibilities that suffi
cient support may be tendered from time to time
to prevent unduly severe or demoralizing breaks
in quoted rates. This has possibly been rendered
imperative by the recent British Order-in-Council
prohibiting the exports of gold coin and bullion
anywhere, and thus putting an end for the present
at least to discussions looking to the resumption
of a free gold movement, and the fact that assistance
in the shape of Government credits is extremely
doubtful in view of the approaching campaign for
the distribution of the forthcoming Victory Loan
at this centre, while a continuation of advances on
an extensive scale by this Government to its allies
is, as has already been pointed out, looked upon
with disfavor both in financial and official circles.
Trading as a whole has not been active, but a
more hopeful feeling has been evident, and it is
believed that while further recessions may yet take
place, the most acute stage of the readjustment pro
cess has been safely passed. On the other hand,
some interests claim that the decline in sterling has
not yet spent itself and that despite intermittent
periods of strength, increased weakness may de
velop, with possibly still lower levels. Few, if any,
however, arc venturing upon any definite predictions
as to the probable course of exchange rates in the
next two or three weeks.
As to the day-to-day rates, sterling exchange on
Saturday continued its downward course and demand
bills ranged at 4 58@ 4 583/2, cable transfers at
4 59@ 4 593^, and sixty days at 4 55@ 4 563^.
M onday’s market was quiet and the undertone
slightly steadier; quotations were not changed from
4 58@ 4 583^2 for demand and 4 59@ 4 593^ for cable
transfers; sixty day bills, however, were easier and
declined to 4 5 4 ^ @ 4 55. While no appreciable in
crease in business was noted on Tuesday, rates de
veloped a somewhat firmer tendency and demand
was advanced to 4 583'2@4 59, cable transfers to
4 593/*j@4 60, and sixty days to 4 55@ 4 553^2- On
Wednesday there was quite a sharp upward move
ment, with an advance to 4 60@ 4 623^ for demand,
4 61 @ 4 633^ for cable transfers and 4 58@ 4 59 for
sixty days; this was attributed in some measure to
covering of shorts, as well as buying of futures on
reports that Great Britain was again supporting the
market; the volume of trading, however, was not
particularly large. On Thursday increased firmness
developed and demand bills moved up to 4 63@
1337
4 653^, cable transfers to 4 64@ 4 663^, and sixty
days to 4 603^@4T)3. Friday’s market was quiet
but firm and still higher;fdemand again advanced,
this time to 4 66@ 4 68, cable transfers to 4 67@
4 69, and sixty days to 4 633^@4 653^. Closing
quotations were 4 633/2 for sixty days, 4 66 for de
mand and 4 67 for cable transfers. Commercial
sight bills finished at 4 653^, sixty days at 4 62,
ninety^days at 4 603^, documents for payment (sixty
days) at 4 623^, and seven-day grain bills at 4 64)^.
Cotton and grain for payment closed at 4 653^. The
week’s gold movement comprised engagements of
gold coin to the extent of $552,000, withdrawn from
the Sub-Treasury for shipment to South America.
In the Continental exchanges transactions have
been featured by renewed weakness in francs and
lire, and while fluctuations were less violent than
during the past week or two, a new low record was
established in francs, which declined steadily until
on Monday 6 09 was reached. International banks
were again in the market as heavy sellers of French
exchange and this naturally served to further depress
prices, while the maturing of the French Govern
ment loan on April 1 was also a factor. Arrange
ments for the latter, however, passed off without a
hitch, and later in the week improvement was shown,
with an upward reaction to 5 89. Belgian francs
continue largely nominal and followed the course of
French exchange. In the case of Italian lire, not
withstanding further efforts on the part of the Italian
National Institute, the quotation was still very
weak, and checks at one time dropped to as low as
7 42, with cable transfers at 7 40, although it was
stated that these rates were nominal, with no trades
put through at these figures. The Institute, which
this week again reduced its official minimum for
cables from 6 75 to 7 00 in an endeavor to bring the
quotation down to actual market levels, issued an
other statement to the effect that—
In connection withTtho withdrawal of the control on
lire exchange, decided upon in New York, and consequently
applied in London and Paris, the “Instituto Nazionale
Italiano per Cambi Con l’Este” thinks it advisable to
point out the fact that the Institute is obliged by law to
exercise its monopoly until six months after the conclusion
of peace. Therefore, tho arrangement holds good by which,
during the said period of time, the Italian banks holding
balances of lire credit in favor of foreign banks shall continue
to request the authorization of the Institute before effecting
payments,r transfers andfso forth on the said balances by
check as well as by cablo. This arrangement, which was
made exclusively with a view of protecting, for the time being,
tho lire exchange againstjspeculation, and preventing at the
same time payments on goods not properly imported into
Italy, shall be rationally applied up to the time when a free
market shall be gradually reinstated in Italy.
Later in the week, following the improvement in
sterling and francs, a firmer trend was noted in lire,
and moderate reactions from the extreme low levels
w ere: shown. An influence in the recovery was
reports of agreement between the Peace Conferees
at Paris with rumors that an understanding had
finally been reached upon the question of indem
nities. Ruble exchange is no longer quoted. Trad
ing in German and Austrian exchange is not as yet
re-established. Austrian kronen, or, as they are
now designated, “ Czecho-Slovakian kronen,” re
main at 6 50 for checks and 6 70 for cable remit
tances. The^official London check rate in Paris
finished at 27.80, as against 27.70 a week ago. In
New York sight bills on the French centre closed at
1338
THE CHRONICLE
5 94, against 6 00; cable transfers at 5 92, against
5 98; commercial sight at 5 95, against 6 02, and
commercial sixty days at 6 00, against 6 06 on Friday
of the preceding week. After recovering to 7 10
and 7 05 lire sagged off again and finished at 7 18 for
bankers’ sight bills and 7 14 for cable transfers.
Last week the close was 7 70 and 7 65, respectively.
Belgian francs closed at 6 28 for checks and 6 25 for
cable remittances, which compares with 6 22 and
6 20 last week.
Trading in neutral exchange has been dull and
uninteresting, with no important changes in rates
recorded. Generally speaking, the tone was firm,
especially during the latter part of the week, when
guilders, pesetas and Swiss francs registered frac
tional net advances. Stockholm and Christiania
remittances ruled steady, but exchange on Copen
hagen was weaker. Undoubtedly the revolution in
Hungary as well as the unrest in Germany and else
where in Europe, coupled with the apparent spread
of Bolshevism, has had much to do with bolster
ing up the neutral exchanges, since it would seem to
indicate still further delays in the restoration to
normal conditions.
Bankers’ sight on Amsterdam finished at 4034 ,
against 4034; cable transfers at 4034 against 4034;
commercial sight at 40 3-16, against 40, and com
mercial sixty days at 39 15-16, against 39 11-16 the
week previous. Swiss francs closed at 5 00 for
bankers’ sight bills and 4 94 for cable remittances.
This compares with 5 03 and 5 00 last week. Copen
hagen checks finished at 25.00 and cable transfers
25.20, against 25.75 and 26.10. Checks on Sweden
closed at 26.80 and cable transfers 27.00, against
26.75 and 27.00, while checks on Norway finished at
25.80 and cable remittances at 26.00, against 25.75
and 26.00 the week before. Spanish pesetas closed
at 2034, against 20.45 a week ago.
With regard to South American quotations, fur
ther easing has taken in place the check rate on
Argentina, which finished at 4324 , and cable trans
fers at 43.90, as against 43J4 and 44 last week.
For Brazil the undertone was firmer and the rate for
checks closed at 2524 and cable transfers at 25
comparing with 2524 and 25J4 the week preceding.
Far Eastern rates are as follows: Hong Kong,
76@76]4 , against 75@7534; Shanghai, 110@11024;
against 112@11234; Yokohama, 5134@50.75; against
50.75@50.85; Manila, 50 (unchanged); Singapore,
5634 (unchanged); Bombay, 36 (unchanged), and
Calcutta (cables), 3634 (unchanged.)
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $3,189,000 net in cash as a result of the cur
rency movements for the week ending April 4.
Their receipts from the interior have aggregated
$6,948,000, while the shipments have reached $3,
759,000. Adding the Sub-Treasury and Federal Re
serve operations and the gold exports, which to
gether occasioned a loss of $74,408,000, 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
ofl$71,219,000, as follows:
W e e k e n d in g A p r i l 4 .
In to
B a nks.
O ut o f
B anks.
N e t C h a n g e in
B a n k H o ld in g s .
$ 0 ,9 4 8 ,0 0 0
$ 3 ,7 5 9 ,0 0 0 G a in
$ 3 ,1 8 9 ,0 0 0
S u b -T r e a s u r y a n d F e d e ra l R e s e r v e
o p e r a t io n s a n d g o l d e x p o r t s _______
3 2 ,7 2 4 ,0 0 0
1 0 7 ,1 3 2 ,0 0 0 L o s s
7 4 ,4 0 8 ,0 0 0
T o t a l ..............................................................
$ 3 9 ,6 7 2 ,0 0 0
S I 1 0 .8 9 1 ,0 0 0 L o s s $ 7 1 ,2 1 9 ,0 0 0
The following table indicates the amount of bullion
in the principal European banks:
[V ol . 108.
A p ril 3 1919.
C o ld .
£
E n g l a n d . . 8 4 ,9 2 8 ,1 8 2
F r a n c o a . . 1 4 2 ,0 4 2 ,5 4 9
G e r m a n y . 1 0 9 ,4 1 5 ,4 0 0
R u s sia
1 2 9 ,6 5 0 ,0 0 0
A u s - H u n c 1 0 .9 1 8 .0 0 0
S p a i n _____ 9 0 .3 4 8 .0 0 0
I t a l y ______ 3 2 .7 1 0 .0 0 0
N c t h e r l ’ d s 5 5 .8 5 4 .0 0 0
N a t . B e l . h 1 5 .3 8 0 .0 0 0
S w l t z ’ la n d 1 0 .5 0 2 .0 0 0
S w e d e n . . . 1 0 .0 0 1 .0 0 0
D e n m a r k . 1 0 ,4 0 0 ,0 0 0
N o r w a y ..
0 ,7 0 7 ,0 0 0
T o t . w e e k . 7 2 1 ,4 5 6 ,1 3 1
P r e v . w c e k 7 2 4 ,6 3 3 ,8 0 8
|
S ilv e r.
A p ril 4
T o t a l.
£
1 2 .4 8 0 .0 0 0
1 ,0 3 7 ,5 1 0
1 2 .3 7 5 .0 0 0
2 .3 6 8 .0 0 0
2 5 .7 9 5 .0 0 0
3 .0 8 6 .0 0 0
8 0 0 ,0 0 0
6 0 0 ,0 0 0
2 .6 0 2 .0 0 0
1 3 6 ,0 0 0
C o ld .
£
£
8 4 ,9 2 8 ,1 8 2 6 1 ,4 2 9 ,1 9 2
1 5 5 ,1 2 2 ,5 4 9 1 3 3 ,5 1 6 ,6 7 3
1 1 0 ,4 5 2 ,9 1 0 1 2 0 ,3 7 6 ,2 0 0
1 4 2 .0 2 5 .0 0 0 1 2 9 ,6 5 0 ,0 0 0
1 3 .2 8 6 .0 0 0 1 1 ,0 0 8 ,0 0 0
1 1 6 .1 4 3 .0 0 0 7 9 .9 4 9 .0 0 0
3 5 .7 9 6 .0 0 0 3 3 .4 4 8 .0 0 0
5 6 .6 5 4 .0 0 0 6 0 .2 5 5 .0 0 0
1 5 .9 8 0 .0 0 0 1 5 .3 8 0 .0 0 0
1 9 .1 0 4 .0 0 0 1 4 .7 1 5 .0 0 0
1 6 .0 0 1 .0 0 0 1 3 .0 6 9 .0 0 0
1 0 ,5 3 6 ,0 0 0
9 .6 4 1 .0 0 0
6 ,7 0 7 ,0 0 0
6 .5 2 1 .0 0 0
6 1 ,2 7 9 ,5 1 0 7 8 2 ,7 3 5 ,6 4 1 0 8 8 ,9 5 8 ,0 6 5
6 1 ,2 0 8 ,0 1 0 7 8 5 ,S 4 1 ,8 1 8 ,6 8 8 ,1 6 4 ,5 3 3
1918.
S ilv e r.
T o ta l.
£
£
6 1 ,4 2 9 ,1 9 2
1 4 3 ,0 7 8 ,0 7 3
1 2 0 ,3 4 3 ,8 0 0
1 4 2 .0 2 5 .0 0 0
1 3 .2 9 7 .0 0 0
1 0 8 .1 9 0 .0 0 0
3 6 .9 1 3 .0 0 0
6 0 .8 6 5 .0 0 0
1 5 .9 8 0 .0 0 0
1 4 .7 1 5 .0 0 0
1 3 .0 6 9 .0 0 0
9 .7 7 7 . 0 0 0
1 3 6 ,0 0 0
6 .5 2 1 .0 0 0
1 0 ,1 6 2 ,0 0 0
5 .9 6 7 .0 0 0
1 2 .3 7 5 .0 0 0
2 .2 8 9 .0 0 0
2 8 .2 4 1 .0 0 0
3 .4 6 5 .0 0 0
0 1 0 ,0 0 0
6 0 0 ,0 0 0
6 3 ,8 4 5 ,0 0 0 7 5 2 ,8 0 3 ,6 0 5
0 3 ,7 9 2 ,2 3 0 7 5 1 ,9 5 0 ,7 0 3
a G o l d h o ld in g s o f t h o B a n k o f F r a n c o t h is y e a r a r o e x c l u s i v e o f £ 7 9 ,1 3 2 ,3 3 9
h e ld a b r o a d .
* N o fig u r e s r e p o r t e d s ln c o O c t o b e r 2 9 1 9 1 7 /* 1
c F ig u r e s f o r 1 9 1 8 a r e t h o s o g i v e n b y " B r i t i s h B o a r d o f T r a d e J o u r n a l ” f o r
D e o . 7 1917.
h A u g u s t 6 1 9 1 4 In b o t h y e a r s .
N E W
P R O B LEM S OF IN T E R N A T IO N A L
F IN A N C E .
When the violent decline in our exchange rates on
the belligerent European markets occurred in 1915, it
was recognized that several causes contributed. The
novel phenomenon of 1915 was that the rate of ex
change on England, France, Italy, Germany, Austria
and Russia fell far below the figure previously re
garded as the gold point, and therefore below what
used to be considered the lowest possible level.
This meant either that the providing of gold for ex
port was prohibited by the Government, or else, as in
the case of England, that the gold shipments actually
made were not sufficient to balance the exchange
market.
In some countries, notably Germany and Russia,
the immense inflation in the currency cut a figure in
exchange. But in the case of belligerent Western
Europe, the fact that purchases of war munitions
and purchases of foodstuffs abroad had risen to
unheard-of proportions was the determining influ
ence. Even in the calendar year 1915, the surplus
of exports over imports in the trade of the United
States with the three belligerent countries, England,
France and Italy, was $1,574,000,000 as against only
$357,000,000 in 1913, and the year 1918 brought
that balance to the portentous sum of $3,152,000,000.
Nor was this all, for England’s international credit
fund on investment account has been immensely
reduced during the war, and our own correspondingly
increased. A recent estimate of Barclay’s Bank of
London, on the basis of careful calculation from
merchandise balances, foreign investments and profits
of shipping, reckons that whereas in 1913 England’s
annual trade balance on all accounts was £226,000,
000 in our favor, the balance is now £680,000,000
per annum against her.
Every one knows how this huge balance in our
market’s favor and against Europe, with its natural
effect on the foreign exchanges, was handled during
and after 1915. It was through borrowing in this
market the sums requisite to pay for the bulk of the
war material purchased in America that the ex
changes were stabilized at a far less depreciated
level, and were held at the same relatively favorable
figure until the war was over. It is equally well
known that the renewed and heavy depreciation of
English, French and Italian exchange rates during
the past few weeks was the immediate result of the
withdrawal of such control, and the abandonment for
the most part even of borrowings from our Govern
ment to pay for purchases in the United States.
This action was taken primarily, as has been set
forth at London and Paris, because of the costliness
of the borrowing operations, and bocause the foreign
A pr . 5 1919.]
THE CHRONICLE
1329
indebtedness thereby created added to the debit whom the balance has been running, to the countries
balance on exchange, through the interest remittances to which they are indebted as a result of war-time
which it made necessary. But it was also recognized transactions. In its simplest form, this theory would
that for the most part the imports from us to those assume in due course a wholly unprecedented ship
countries are not now of the immediately indispen ment of goods from those European countries to the
sable character of war-time. It was even suggested United States, not offset by equivalent increase in
that the fall in exchange rates, by giving a pound our exports to them.
To an extent this movement will undoubtedly
sterling or a franc a smaller exchange rate value in
the dollar at New York, would make such imports occur. The very fact that England and France and
more costly to the European consumer, and thus Italy sent to us in the first two months of 1919
reduce their amount. Conversely, the same condi merchandise valued at less than half that which was
tions would theoretically make possible the sale of sent in the same months of 1914— this notwith
exported merchandise in our market at a lower Ameri standing that average prices have more than doubled
can value than before, though its price in England or in the meantime— shows that the destruction of
France remained unchanged, and might, therefore, industry on the Continent and the diversion of mill
capacity in all three countries from normal produc
stimulate the export trade of those countries.
But it is a matter of much uncertainty how these tion to output of war material have for the present
last-mentioned principles will work out. Belligerent partly crippled their producing and exporting
Europe is still handicapped in its export trade power. In time this handicap will be removed.
through the industrial results of war, and it is scarcely But it is not so easy to foresee the manner in which
to be supposed that what it has lately been import an increase of merchandise exports to America, suffi
ing from us was for any but necessary purposes. cient to readjust the international balance, will come
The striking fact has been that the balance of mer about.
The United States itself possesses, beyond any
chandise trade against those three nations thus far in
the present year, and with export of war material no other country, the resources and industrial capacity
longer the paramount factor, has not only remained in the matter of products which the world will need
vastly greater than before the war, but actually ex most urgently for many years to,come, and meanwhile
ceeds that of the corresponding period last year. the possibility of the underselling of our producers
This comparison, as it appears in our Government’s in our own markets wears a very different aspect
monthly figures of foreign trade, is to some extent af from what it used to wear. Labor controls both
fected by the inclusion in our exports of the ship politics and industry in Europe to-day, in a degree
ments of material for our Expeditionary Army, which which never existed there before, and which can
have naturally been much larger than a year ago, hardly be said to exist in the United States. The
and which do not affect the exchange market. But loss in actual man-power through the war has
this only accounts for part of the situation. For in been vastly greater in those countries than in ours.
stance, whereas our excess of exports last January Both facts bear on the question of competitive prices.
and February to France, where shipments to our Some of these existing considerations are of a charac
army would be sent, was $139,000,000, as against ter to create what may be a novel economic problem.
$152,000,000 excess in the same months of 1918, the Its working out will at any rate be of the deepest
excess in our January and February exports to Eng economic interest.
land was $321,000,000 as against $294,000,000 in
1918. Without allowing for the exports to our army THE H A LT I N BUSINESS— NEED OF RELEASE
FROM GOVERNMENT CONTROL.
(which are not separately stated), our exports to
A very unpleasant surprise of this season for many
England, France and Italy combined in those two
months of this present year have been $590,000,000, professional and business men in this city has been
comparing with $560,000,000 in 1918 and $145,000, the increase in rentals of offices ranging from 50%
000 in 1914, whereas our imports from them have to as much as 100%; no such excess of demand for
been only $32,300,000 this year as against $39,000, space over supply, especially below Canal Street,
000 last year and $79,300,000 in 1914.
has been known before, and the impression has been
The two questions which arise are, first, what will that any figures named could be obtained of anxious
be the ultimate course of exchange rates on those seekers. The pressure extends to housing also, and
markets, if left uncontrolled by the use of credit; in both the principal boroughs. Various explana
second, how will the international balance be restored tions are offered: the fact that hardly any building
hereafter? The first question is extremely difficult work has been going on during the war, and the
to answer, because neither precedent nor economic further fact that this island, squeezed between two
reasoning gives any sure basis whereby to calculate rivers, is already quite covered, especially below
to what extent a given depreciation of exchange 14th street, so that there is little room for expansion
“ discounts” such an upsetting of the normal balance. except upward; the continued trend of population
The recovery this week by the sterling market of more to the cities; the concentration of business into huge
than one-half the decline in rates which had occurred volumes and large corporations, which find it their
since “ Government regulation” was withdrawn, indi policy and their safety to control buildings in order
cates that it is very easy to misjudge possibilities in to safeguard their own growth.
that regard. The question of the future of interna
If there is a considerable increase in the number
tional trade is easier to judge on general principles,but of new entrants into business or into professional
is. surrounded with difficulties arising from the con work, or if those already engaged in either desire
more space, the corollary is that the advance signs
ditions of the moment.
Economic science answers that such derangement of business prosperity are already discernible or else
of trade equilibrium as a result of war must even men have faith that it is coming. The latest reports
tually be corrected through very greatly increased from the twelve Reserve Districts as indicated in the
exports of merchandise, from the countries against Federal Reserve Board’s monthly report on business
1330
THE CHRONICLE
[Vol . 108.
conditions either affirm a general im
provem or an restraints and lim
ent
itations put on it by the w and
ar
optim
istic feeling. Trade fairly good; satisfactory let it be know that artificial assistance and stim
n
u
progress; industry looking up; business feeling less lants are no longer to be applied.”
apprehension; im
provem
ent aided by som decline
e
A business periodicial, “Industry,” has gathered
in prices; “a general belief that fundam
ental condi answ as to the labor situation from large corpora
ers
tions are sound”—so run the answ to inquiries.
ers
tions and em
ploying firm in 26 States and covering
s
P contra, not only is w
er
hat w know only too 31 industries. Som reasons given for unem
e
e
ploy
w as the labor problem and the labor attitude as m
ell
ent are: the abrupt stopping of w w
ar ork; failure
ugly as ever, but there is claim to be an over of Governm
ed
ent to settle just claim on contracts;
s
supply of labor, especially in the cities, and the num “the absolute lack of a fixed policy by Governm
ent,
ber of jobless m is said to be seriously large. In causing hesitation and uncertainty, instability of
en
this there m be som exaggeration. The Cleve prices of m
ay
e
aterials, and a high labor cost;” “talk
land Cham
ber of Com erce is reported as denying, of price-fixing and Governm
m
ental interference; in
w som indignation, the correctness of the G
ith
e
overn stability of labor caused by Governm
ental coddling.”
m
ent's estim of 75,000 out of em
ate
ploym
ent there, O concern sees trouble in refusal of labor to com
ne
e
m
any of the large em
ployers declaring that the num dow from em
n
ergency w w
ar ages to those possible
ber is under 35,000 and the figures published are little in com ercial w
m
ork; another says that Governm
ent
better than guesses. There are som dism tales should so sell its w
e
al
heat held and its “futures” that
here of a “new breadline 800 feet long,” nine-tenths food m slip dow ard and bring a new level of
ay
nw
of them discharged soldiers or w w
ar orkers; there values; another, that prices and labor cost m
ust
are such headlines as “1,000 soldiers each day join level so as to m
ake possible increasing exports;
jobless here,” and a statem by the U. S. Em
ent
ploy another, that “private persons cannot be expected
m Service office on Fifth Avenue says that “lon to em
ent
bark on new enterprises at present w
age and
ger breadlines and m
ore labor unrest w develop price levels;” another, that the shoals the captain
ill
in NewYork City unless em
ployers show a keener in of the ship of industry m fears are “those created
ost
terest in finding jobs for discharged soldiers.” by class legislation, taxation, and socialistic control.”
This service bureau w one of those left w
as
ithout its And so on; this is the tenor of them all.
appropriation, and its closing w threatened, but
as
Several years ago the President w sure the
as
private aid until the end of the fiscal year has been trouble w business lay in a state of m
ith
ind; that if
extended to it. It is im
possible to deny that the people w
ould be content and prosperous they had
unem
ployed here are in very considerable num
bers onlyto think them
selves so. There isa truth in this,
and that too m
any of them w lately in the m
ere
ilitary surely; optim is helpful, and pessim is hurtful,
ism
ism
service. Partly by delays in m
ustering out and pay because each tends to produce the state of things it
ing off, partly by the disposition to cling to the expects. “M
ental m
ourning” w a phrase coined
as
centres w
here population m
asses itself, partly by in W
ashington and sent out for consideration. We
an unw
illingness to take w is offered, and partly have not had the indescribable m
hat
iseries of som
e
because of the prevailing uncertainties about the European countries, but w have had som share;
e
e
future, there is a bad distribution of labor, w
hile w have yet our credit, our m
e
aterial resources, our
som States are reported to be calling for w
e
orkers.
formof G
overnm still unshaken although seriously
ent
After years of destruction and w
aste, there is now tried and overstrained; our Am
erican character
a greater need of productive industry than the w
orld rem
ains to us, although it has been badly affected
has ever know before; qualify it in w
n
hatever w
ay, by paternalism and other of the ism brood.
s
the unshakable fact rem
ains that never before w
as
Now is our tim for courage, grit, individual re
e
there so m
uch that needed to be done, and done liance and independence. We need to put Govern
rapidly, intelligently, and heartily. There have m
ent, in our estim
ation of it, back into its proper
alw
ays been persons out of w
ork, and there w be place as a costly, clum w
ill
sy, asteful instrum
entality
until hum nature im
an
proves. The country needs for doing certain things w
hich m be done som
ust
ehow
and w use all the w
ill
orkers it can get, said Judge and cannot be done at all otherw as an unavoid
ise;
Gary, several m
onths ago. It w never really so able evil, inseparable from the vices and short
as
prosperous as now he thinks, and “w w need is com
,
hat e
ings of hum nature. Instead of trying to lean
an
sim to get to w and not talk about unem
ply
ork
ploy upon it, realize the fact that it leans upon u and is
s
m
ent, for psychology has a good deal to do w it.” a burden w m carry. Instead of trusting and
ith
e ust
And w
hen a m
eeting of G
overnors and M
ayors w calling upon it to “help business,” realize that its
as
held, som w
e eeks ago, to talk things over, the m
ost valuable help to business is to take off its
G
overnor of Florida said tw m
o illion laborers could deadening clutch and let business alone. We are
be used in the truck and other industries of h called on to pay heavy taxes, and there is no escaping
is
State, “but they m
ust com dow to com on- them We have been urged to lend, and since
e
n
m
.
sense” in the m
atter of w
ages first. Lieut.-Governor that w clearly necessary, w have com
as
e
plied. We
O
glesby of Illinois said that “the prolific and con have been besought for aid from a suffering con
tinual creation of m
ultifarious boards should stop; tinent and w have responded. If this country is
e
private industries should once again be allow to really the hope and safety of the w
ed
orld (as an over
follow their ow bent w their em
n
ith
ployees; w ought exuberant rhetoric has told us), then the m is it
e
ore
to reach a final decision as to the railroads, tele our part to brace up, get the fury and the folly out
phones, and the telegraph, so that the people w of our eyes, take counsel of the com on sense w
ill
m
hich
know w
here they are.” The executive officer of used to characterize Am
ericans, and buckle dow to
n
the Associated C
redit Men of the country reports, genuine hard w
ork.
as the consensus of opinion of a council of leaders First and forem
ost, is it not the clearest of all
from various cities, that Governm should “forth propositions that w
ent
hile w and supply from hand
ork
w rem the hand of control over business . . . to m
ith
ove
outh m
ust alw
ays continue, the m halting
ost
that it do all it can to unshackle industry from the influence upon business and upon expanding industry
A pr . 5 1919.]
THE CHRONICLE
1331
value can attach, in the m
inds of reasonable m
en,
to the finding and recom endations of investiga
m
tors w cite continuance of one fam in one line
ho
ily
of business as evidence, “in the first place, that
the business thrives by spoliation of the public?
For m
any years, and long before the w sensa
ar,
tional journals have sought (and probably w
ith
only too m
uch success) to obtain circulation and the
resultant advertising patronage for them
selves by
T EB GERO S E
H U B A F IZ .
catering to the prejudices of the least inform of
ed
O of the g a packing concerns of Chicago,
ne
re it
the people. It w m profitable for them
as ore
selves
Sw & Co., is attem
ift
pting, by public advertise
e
m
ent, to m
odify and m
ollify the unhappy antipathy they believed, to flatter ignorance and inflam
class hatreds than to enlighten the one and calm
w
hich a long course of m
isrepresentation has cul
n
tivated am
ong the m
ass of our people w read dow the other; therefore a constant part of the
ho
superficially and take their opinions too m
uch fiorn stock-in-trade of these journals has been pictures
the journals they see, tow
ards size and success in setting forth how every article of daily necessity
as
ence it has com
e
business. In the past calendar year, says this con w controlled by “the trusts.” H
about that to speak of “trusts” and “interests
cern, our profit w 11% on the investm
as
ent and
e
m
an
e
ade
2% on sales. The form rate w not m than suffices to inflam the com on m and h is m
er
as
ore
to believe that riches com by robbery. It w
e
as
a fair return to the 25,000 shareholders, w ac
ho
tually received 8% in 1918; the earnings of the therefore a foregone conclusion that the packers
ould be accused of being the largest factor in the
com
pany w tw cents on the dollar of sales (a w
ere o
advance in the cost of m and kindred products.
eat
fraction of a cent per lb.) and “too sm to have
all
Sim
ilarly, it is taken by m
any as a presum
ption
any noticeable effect on prices. W
ould you be
of evil that the U. S. Steel Corporation is a com
content (they ask the reader of the advertisem
ent)
w a profit in your ow business of only $212 bination and did a gross business of nearly 1M bil
ith
n
ho
s
on sales of $12,000? They add that the figures lions in 1918. The superficial reader (w form
the vast m
ajority of those that glance at new
s
cited are certified by a C
hicago firm of Public Ac
ill
countants, and that other data m be found in papers) w probably fail to take account of the
ay
huge sum paid by this great corporation in taxes
the concern’s Year Book, w
hich w be sent free to
ill
age of all
any person requesting it. In other advertisem
ents and fail to note that the average daily w
ployees of the Corporation outside the adm
in
they use the fam
iliar “pie” diagram to show to the em
as
eye w
hat becom of each “Sw
es
ift” dollar received. istrative and sales force w $5 33, against $4 10 in
age increase in the year w
as
The largest cut of the pie, representing 85 cents, 1917; that the total w
goes to the stock raiser w supplies the raw m 30.3%; and that the net earnings decreased nearly
ho
a
illions. The crim of bigness rem
e
ains, and
terial; 12.96 cents go for freight, labor, and other 96 m
w
hen the R
ockefeller Foundation announces a
expenses, and the rem
aining 2.04 cents aretheprofit.
otion of chem
ical
Further analyzing this profit, another diagram $500,000 appropriation for prom
research w are rem
e
inded that a suspicion existed
show that .94 of 1% goes for taxes, interest on bois
ashington that the Foundation has som sinister
e
row m
ed oney, &c.; .50 of 1% goes to stockholders in W
purpose and w liable to devour the country unless
as
dividends, leaving another .60 of 1% as a fund
for enlargem
ent, these fractions m
aking the 2.04 held in strict check.
The P
resident has just sent from P
aris a release
cents profit out of the dollar received.
These statem
ents are either true or false. The of the entire packing industry, the stockyards ex
presum
ption m
ust be that the packers w
ould not cepted, from the Federal license system in opera
onths. Precisely w
hat this
venture to use falsehoods in statem
ents of' such tion for the past 18 m
ill
ay e
definiteness, yet the intem
perate and inflam atory release w do is to be seen, but m w take it
m
overnm
ental
report of last sum er by the Federal Trade Com as indicating the unclosing of the G
m
grip upon business, and is it not clearly tim to
e
m
ission accused the packers (w w held up to
ho ere
throw to the scrapheap the notion that size and
opprobrium on page after page and som
etim re
es
enacing? Bolshevism
,
peatedly on the sam page as the Big Five) of alm
e
ost success are suspicious and m
aniacal as w
ould be a shipw
recked crew throw
every crim short of m
e
urder. For exam
ple, it w as m
as
said that “the story of the packers’ activities in de ing overboard their little stock of provisions and
stroying the raising of sheep and other anim in cutting holes in the bottom of their boat, attacks
als
ur
New England is a chapter by itself;” that they are everything. O blind fury against size and suc
cess com far short of that in degree, but is it so
es
largely responsible for the failure of m
eat produc
\
tion to keep pace w population; that they “per very far from that in essence and tendency? \ calth
ith
and success are the universal desire; is the sin of
sistently stoop to the com onest of com ercial
m
m
ealth the fact that it is in som other hands than
e
frauds, short w
eighting,” practicing this on sales w
our own? W
hile Mr. Roosevelt, w
ith h rare
is
of grain and hay at the stockyards, on the retailers
faculty for phrases w
hich w captivating though
ere
of m
eat, and that “they short-w
eiglit the G
overn
ischievous, w denouncing w
as
ealth as “predatory,
m
ent, and finally, to m a com
ake
plete job of it, they m
ight have been that the
short-w
eight one another.” They w accused of the natural corollary m
ere
as
p,
biasing public opinion in m
any ways, one of those least undesirable citizen w the tram for clearly
h had not robbed anybody, since he neither accum
e
u
being publication “of false and m
isleading state
ments,” and the report solem said (page 21) that lates nor labors.
nly
The w
orld is trying, w m
ith uch difficulty, to end
“in the first place,” the five began w sm capi
ith all
in fact and official statem
ent the m
ost dreadful
tal, and, except W
ilson & Co., “have been for tw
o
w ever w
ar
aged and get back to industrial produc
or m generations under the m
ore
anagem of the
ent
sam fam
e
ilies w
hich established them.” What tion. To lay aside finally personal and class jeal-
is uncertainty) that w
hen the uncertainties of politics
and of Governm
ental m
eddling are added to those
w
hich alw hang over the future capital w hold
ays
ill
aloof from new com itm
m ents? Nothing has so
expanded in the last dozen years, particularly in
the last six, as Governm
ent. Now bid G
overnm
ent
w
ithdraw to its proper lines and take off its hands.
1332
THE CHRONICLE
ousies; to believe that even a capitalist is a m i
an
for a’ that and is recognizing the trusteeship w i
hich
w
ealth involves; to break the bonds upon action and
.
giveto every m the largest liberty and the keenest’
an
stim
ulus to do his utm
ost; to get the red out of our
eyes and thus be able to see that success on the
w
hole and in the long run com by desert and not
es
otherw to buckle dow to hard w in this tim
ise;
n
ork
e
w
hen m w is needed than ever before—is not
ore ork
this the line of sanity and the only line?
Let u throw aside the old bugbear of B
s
igness and
forget that w w ever so childishly foolish as to
e ere
let it influence our m
inds and our conduct.
[Vol . 108.
m
ercial in nature than financial. Com
ing for the
m part out of the actual com ercial conditions
ost
m
of the country and representative of every section
(region), its purpose is to present inform
ation and
suggest needs. Its w has not been very strongly
ork
in evidence, and its m
eetings and advice are not m
uch
heralded in the press as far as w have been able to
e
observe. We do not find that it has assum w
ed ithin
itself dictatorial proportions, that it has at all en
deavored to say to the people of the country w
hat
natural products shall be grow or w
n
hat industrial
objects shall be preferred.
Trying to decide w
hich com first, com erce or
es
m
finance, is a little like the old problem of the h
en
L T“F A C ” S R E“C M E C ” R T E and the egg. If finance is to control commerce,
E IN N E E V O M R E A H R
then the latter cannot be free to the people, or the
T A C N R L IT
H N OTO .
er
hen in a “new
Two w
eeks ago w published in our new colum form the servant of the latter. W
e
s
ns
country” a com unity organizes its credit into a
m
the follow
ing apparently inoccuous item
:
banking institution w are convinced it does not do
e
“Resolution adopted on M
arch 14 by the directors so for the purpose of directing or controlling pro
of the Federal R
eserve Bank of Atlanta:
duction
the purpose aid
“R lv , That the board of directors of the Fed ing andand distribution, but foron activities.of The
eso ed
enlarging these com
m
eral R
eserve Bank of Atlanta, having in m
ind the
otto of a bank ought to be “I serve,” not “I com
general w
elfare of the entire Sixth Federal R
eserve m
uch graver m
atter than appears
District and its resultant effect on the w
hole eco mand.” It is a m
nom and com ercial structure of the country, on the surface for a regional bank of the R
ic
m
eserve
endorse the m
ovem
ent looking to a reduction of system to forestall, even by a m endorsem of
ere
ent
cotton acreage for the year 1919; and
a “movement,” the native and natural activities
“B it fu er reso ed That it is the judgment of
e rth
lv ,
ur
hat a trem
en
the board of directors of the Federal Reserve Bank of the people. O statistics show w
dous export trade w did in cotton before the w
e
ar,
of Atlanta that the planting of acreage thus reduced
and to w
hat countries it w
ent. And as the reso
in the production of food and feed crops w
ould
lutions say, cotton does affect our “w
hole econom
ic
prove rem
unerative and beneficial; and
“B it fu er reso ed That the Secretary furnish and commercial structure.”
e rth
lv ,
a copy of these resolutions to the Federal R
eserve
Any acceptable “suggestions” as to the proportion
Banks of Dallas, Kansas City, Richm
ond and St. of crops to be grow in this country m be based
n
ust
Louis, and that a copy be furnished the daily press.”
on a w and accurate know
ide
ledge of w
orld con
It w be observed that these resolutions are ditions. Nature has given us a cotton, a corn, a
ill
m
erely an endorsem
ent of a “m
ovem
ent” w
hich, w
heat “belt.” M
anifestly a controlling influence
naturally, did not originate in the banking system upon the product of one m tend to increase or
ust
of that section of the country. They appear, there dim
inish that of another. Taking the large and w
ide
fore, to be harm
less.
view no section can afford to neglect its principal
,
But w are not quite sure that they are. We are crop, that w
e
hich nature has dow
ered upon it. Ap
not sure that in the present shortage in the w
orld’s portioning acreage in one section, if it subserve any
cotton supply such anticipatory curtailm in the good, m preserve the natural com ercial strength
ent
ust
m
crop of this country should be insisted upon. It of the area, and m relate itself to the m bene
ust
ost
has been show that the w m
n
ar ade a w for in ficial proportioning in all other areas. To do this
ay
creased production of this staple in other parts of requires long investigation, a m com
ost
plete know
l
the w
orld. But w .should that m
hy
aterially affect edge, and an im
partial view of the local interests
a people looking forw
ard to an enlarged foreign everyw
here. Naturally, this w
ould com if it ca
e,
n
trade, and even a possible return of old custom
ers com w
e orthily, in advance of any financial decrees
that have not been buying of late? And to try to that m
ight em
anate from credit-m
aking sources.
create scarcity to increase price is, in the long run,
We are not satisfied that it is proper for a Federal
a doubtful expedient. There is fam in the w
ine
orld, R
eserve bank to attem to throw the w
pt
eight of its
to be sure, and room for added production of cereals. influence upon the activities of the people. We can
And there is the old elem of diversified crops to conceive of conflict if tw
ent
elve Federal R
eserve banks
be considered in view of sectional interests. But to should attem this role. The m fact that in the
pt
ere
deliberately dim
inish a “leading” crop w m
e ust instance under consideration it w deem necessaiy
as
ed
regard, under ordinary circum
stances, as fraught to notify other R
eserve banks of the action taken
w danger. There my be less buying pow in m h be construed as serving notice on them to look
ith
a
er
ig t
form m
er arkets, but that is yet to be dem
onstrated. after the interests of their ow sections. The notice
n
It may be set dow as a truism that the w
n
orld needs m probably had a purpose looking to co-operation.
ore
increased production in a the necessaries of life. But w should purely financial bodies serving the
ll
hy
However, though the salient reasons may not appeal people of a locality or section undertake to co
to us, they may be sufficient unto others, and w operate in controlling industries that are indigenous,
e
offer no objection to the actual experim
ent.
and are them
selves, though independent, inter
It seem w
s orth w
hile to reflect on another phase acting and inter-supporting? C
onfusion m ensue
ust
of the m
atter. And this is the relation of the Federal
unless the Federal R
eserve Board, superim
posed
Reserve bank to its environm
ent, com ercial and over all the Federal R
m
eserve banks, shall undertake
econom
ic. In the original law there is provision for com ercial control of the country.
m
an Advisory Com ission to the Federal R
m
eserve
We do not w to encourage a practice w
ant
hich in
Board. This body is supposed to be m
ore com the end w
ould bring about such a policy. We have
A pr . 5 1919.]
THE CHRONICLE
in all things too m
uch “centralization” now M
.
ore
over, the source of com ercial and financial pow
m
er
and progress does notjlie either in*financial banks or
boards, although w are w aw
e
ell
are of a certain
credit-control inseparable from the great integers
and centres in their natural and helpful functioning
and conduct. O dom
ur
estic com erce should re
m
m free in the people. It is better that it be con
ain
trolled by nature than by law better that the in
;
herent resources return to the people the endow
ed
profit of proper utilization, than that any edict
go forth from “finance” looking to original control.
Let the m ber banks of the R
em
eserve system be
their ow arbiters, as to encouragem of industries
n
ent
rather than that a ham
pering overhead influence
assum to direct them
e
.
1333
but one is unorganized as a political entity and the
other stronger in theory than in fact. The “soldier
vote” and the “labor vote” w be diligently sought
ill
for by the old-tim organizations, w may w
e
e
ell
believe, but on w
hat grounds aw
aits developm
ent.
These tw elem
o
ents may coalesce in an effort to
‘sw
ing the election,” and again they may not.
The returning soldier may conclude that he did not
m
ake the suprem sacrifice to save the country, at
e
thirty dollars a m
onth, just to turn it over to the
“unions” w
hich have been accessory to raising m
e
chanics' w
ages to seven or ten dollars adayinsheltered
factories w
hile he w
allow in the m of a trench.
ed
ud
The farm m em
er ay erge from retirem and begin
ent
to balance $2 20 w
heat for a couple of years against
w
orld prices in perpetuity. The butcher and baker
may discover that in the m
idst of “fixed prices” at
POLITICAL STRAWS A N D THE W IN D S OF
hom the com odities he handles have been selling
e
m
DOCTRINE.
cheaper abroad, and begin to see the light. But
There are the stirrings of politics in the springtim such m
e
atters are airy clouds that float across the
air. R
epublicans of C
ongress have chosen a “floor- sun,
leader”; Dem
ocrats are discussing one. Little Presi
There are a fewthings, how
ever, that seem reason
dential boom are venturing tim
s
idly above ground, ably clear and certain. O is that by the very
ne
but m
any “a flow is born to blush unseen” before process of a Presidential and C
er
ongressional election
the full-blow P
n residential roses com in June of next w w be exercising the privilege of citizenship and
e
e ill
year. Clear-cut platform principles are not hurrying considering our duty to the nation. We, the people,
into the light, and the real issues are on the “lap of w be taking things in our ow hands—m
ill
n
oulding
the gods.”
and m
aking Governm
ent. And this is an education
There has been a vast upheaval since last w w need to review lest it vanish from us altogether.
e e
,
“saved the country” by a Presidential election. The In som form or m
e
anner w w instruct our “rep
e ill
storm have risen and the floods descended, until resentatives.” We w give intensive consideration
s
ill
m
any a rock-ribbed partisan finds h “im
is
pregnable to them w
hether they consider us or do not. We
fortress” of party m
oving in the m
idst of sw
irling have to use our political m
uscles once in a w
hile to
w
aters, and him
self on the rooftop crying for help. be sure w have them It w
e
.
ould be rather alarm
ing,
Many a prospective candidate is im
pressed aneww
ith all things recent in view if w w not to have an
,
e ere
that oft-repeated saying: “Nothing is the sam election for ten years.
e,
nothing ever w be the same.”
ill
And then w shall again “get a chance at” our
e
We do not recall an incipient cam
paign in w
hich dom
estic problem Men have been know to neg
s.
n
the Republicans w so zealous over the preserva lect private business for public prestige, and find in
ere
tion of the M
onroe Doctrine and a “strict interpreta the end they have lost both. It may be so w a
ith
tion” of the Constitution. We do not recall one in people or a nation. At any rate there are alw
ays
w
hich the Dem
ocrats w as oblivious to “centrali “the chores” to do around hom And it is a sin
ere
e.
zation” and as indifferent to sum
ptuary law And gularly com
s.
forting thought, after the heat and bur
com to think of it, the tim
e
e-honored “balance” den of the day, that here m may have his ow w
an
n ay
betw
een the co-ordinate divisions of Governm
ent w
ithout interference and w
ithout supervision, con
seem sadly out of adjustm
s
ent. The Judicial De trol or direction. There are m
any stray odds and
partm appears to w along in the old way, but ends neglected, w m becom conscious of, w
ent
ork
e ay
e
hen
to have about as m
uch relation to m
ovem
ents in w really set about our ow house. Just to settle
e
n
behalf of “w
orld-dem
ocracy” as the fifth w
heel to a dow to thinking about our ow interests—it may be
n
n
coach. O ing to som dim sub-conscious aw
w
e
akening a benefit as w as a relief. Air-planing at incredible
ell
of the people, the legislative branch is to have a speed through dizzy heights som
etim m
es akes one
chance to revitalize itself. But the Executive De long for a quiet w in a country lane.
alk
partm is w
ent
orking overtim and “m
e
aking history,”
overseas and at hom
e.
THE REPORT OF THE UNITED STATES STEEL
There is m for the m
eat
arriage table in the “rail
CORPORATION.
road question,” but it doth not yet appear w that
hat
M than the usual interest attaches this tim to
ore
e
shall be. There is a prom
ising and lusty plank in the annual report of the tJnited States Steel Cor
“Am
ericanism versus super-State “Idealism,” but poration. By reason of the huge m
”
agnitude of the
an early actual conclusion of peace m hang it up in undertaking it is the largest industrial concern in
ay
the air w
hile the people get dow to w
n
ork again. the w
orld—and the excellent w in w
ay
hich it is
There are a fewsigns that taxation may take on a cer adm
inistered, it being conducted in accordance w
ith
tain sectional exploitation, but there is never a doubt m approved m
ost
ethods, the report attracts atten
the load w be so heavy in any event that the less tion even in ordinary tim
ill
es. Naturally, therefore,
said about it (politically) the better for the parties interest in the Corporation's affairs is intensified
concerned. It is not easy capital for anybody. “Bu w
hen, as in the present case, w have a report cover
e
reaucracy” and “Bolshevism may becom slogans ing the w period.
”
e
ar
to conjure w
ith—but the one is entrenched behind its
We need hardly say that the results disclosed by
ow barricade and the other skulking in the shadow this docum are em
n
s
ent
inently satisfactory—and from
so that neither is an active force to conquer w
ith. every standpoint. It functioned w
ell. Acting in
Individualism and Socialism are proper antagonists, conjunction w the other steel producers—many of
ith
1334
THE CHRONICLE
[Vol . 108.
hen
e
w
hich are sm only in contrast w the tow
all
ith
ering needs w the nation becam involved in a gigantic
ar. W
hile felicitating ourselves upon the part the
size of the Steel Corporation—and in harm
ony and w
as
ar
co-operation w the Governm and the different United States w able to play in the w let us pot
ith
ent
fail to pay tribute to the transcendent genius of the
boards created for the purpose of subjecting the coun
as is
try’s industries to m
* ilitary needs, the Steel Corpora late J. P. Morgan, for the Steel Corporation w h
aster w
ork.
tion m all the’ nation’s requirem
et
ents in the prose m
And w has the Steel Corporation not done for
hat
cution of the greatest w in hum history. It
ar
an
its vast arm of em
y
ployees? The record is spread out
m
ade m
oney for everyone concerned—for its share
on the pages of the present report. And a w
onder
holders (though in this case not on the sam scale as
e
ful record it is. Let the figures tell their ow story
n
in 1917), for the Governm
ent, and for its em
ployees
ithout further com ent. During 1918 w are
m
e
w constitute a body of the size of an arm We w
ho
y.
told three general advances w m
ere ade in the w
age
place the m
aking of m
oney for the Governm as the
ent
rates of em
ployees of the subsidiary m
anufacturing
first of its great achievem
ents in a pecuniary sense,
ining com
panies. O April 16 an advance
n
for next to the m and the m
en
aterials and supplies and iron m
as ade
indispensable to the conduct of the w the coun of 15% and on Aug. 1 an increase of 10% w m
ar,
m
try needed nothing so m
uch as m
oney, since its in com on labor rates, the rates for other classes of
ployees being advanced proportionately. O Oct.
n
financial requirem
ents w on a scale com ensurate em
ere
m
1 the plants of the subsidiary m
anufacturing com
w the size of the w
ith
ar.
x
ere
ith
In the shape of incom taxes and w profits and panies w placed on the basic 8-hour day, w
e
ar
e
e.
as
excess profits taxes, the Steel Corporation has been tim and one-half for overtim This w equiva
age
able to supply this m
oney on a scale and in am
ounts lent, it is stated, to an average increase in w
rates of about 10%, since the em
ployees generally
w
hich five years ago w
ould not have been visioned
ork the sam num
e
ber of hours as
even in the m fantastic dream In m
ost
s.
aking up continued to w
previously. The average salary or w
age per em
its incom account for the calendar year 1918, the
e
ployee for the w
hole year w increased from $4 16
as
Steel Corporation has set aside out of profits no less
hile for
than $274,277,835 for account of the taxes referred per day in 1917 to $5 38 per day in 1918, w
onth of the year, the aver
to. This is even larger than the prodigious sum of Dec. 1918, the closing m
ent
$233,465,435 appropriated for the sam purpose in age w up to $6 26 per day. We take the follow
e
ing further facts regarding w increases from the
age
the calendar year preceding. For the tw years
o
com
bined, therefore, the Governm gets the enor report:
ent
m
ous am
ount of $507,743,270. Think of a tax During the period of the European war eight general in
contribution for the support of the Governm and creases in wage rates were made. These increases, stated
ent
in percentages on basis of rates paid for common labor, were
the conduct of the w of over half a billion dollars by as follows:
ar
_ ,
Cumulative
a single large corporation—to be sure a com
pany
Percentage Increase ( % )
of unexam
pled size, and, as already stated, the
Since
Of
Date o f Increase — •
largest in the w
orld.
Jan. 1915.
In crease.
We m
ight add to this that the Steel Corporation Feb. 1 191610
10
and its subsidiary com
panies subscribed for and May 1 1916.
25
13.6
37.5
10
purchased U. S. Liberty Loan bonds of the First, Dec. 15 1916
50
9
Second, Third and Fourth issues to an aggregate May 1 1917
65
10
Oct. 1 1917
am
ount of $127,950,900. Not alone that, but the
90
15
April 16 1918
Corporation and its subsidiaries subscribed for and Aug. 1 1918
110
10.5
purchased U. S. Treasury Certificates of Indebted Oct. 1 1918
131
10
ness of a net aggregate am
ount of $352,340,500, o
'* The percentage of increase stated for Oct. 1918 is that
w
hich $196,063,500 have been used in paying Federa attaching to employees working ten hours per day. For
incom taxes, leaving $156,277,000 on hand Feb. those working a longer number of hours the percentage of
e
increase was greater. This arises from the adoption in
1 1919.
nearly all departments of the basic eight-hour day, Oct. 1
We give prom
inence to these facts because they 1918, and the payment of increased rates for overtime ser
show that w
holly apart from theincalculable services vice, the employees generally continuing after the adoption
rendered the nation in the m
anufacture of the of this plan to work the same number of hours as theretofore.
The
common labor
products so essential in the prosecution of the w
ar, tended wage increases tothe samo degreeas above stated ex
in substantially
to other classes of
the Steel Corporation’s direct m
oney contributions employees, except to the higher paid wage-earners and
in aid of the country’s financial needs, out of its salaried employees. The general average increase in the
current activities, have constituted a factor noless earnings per employee per day in December 1918, compared
conspicuous in character. And let it not be for with the year 1914, was as follows: D ec. Trear Percent
Y
gotten w called this great organization into being Average fo r —
ho
1918. 1914. o f I n c.
and, w a vision seldom surpassed, form
ith
ulated its All employees except Administrative
policy along such far-seeing lines that w
hen the a n d Selling_________________ - - ____ $ 6 2 3 $ 2 8 8 1 1 6 %
critical period in the country’s affairs arose suddenly Total employees including Administra
and unexpectedly, it w found so w organized and tive and Selling___________________ 6 26 2 97 111%
as
ell
so w circum
ell
stanced as to be able to perform the The average number of employees in each of the past
unusual and exacting requirem
ents grow out of five years and the total payroll of the organization were as
ing
the w
ar. O
rganized in 1901 the Steel C
orporation follows:
Average
Average
A nn ua l
Total
Num ber
has set standards of m
anagem and of production
ent
Earnings
Pay-Roll.
Em ployees.
to w
hich all the other steel producing interests
$905
$162,379,907
................179,353
perforcehavehadto conform Stronglybuttressedand 1914____
.
925
176,800,864
....................191,126
1915___
fortified in peace tim in accordance w industrial 1916___
es
ith
263,385,502 1,042
..................252,688
needs it w easy to translate the energies of these 1917___ ..........................268,058
as
347,370,400 1,296
452,663,524 1,685
steel producers, so that they could function w
ith 1918___ ............................ 268,710
1,950
corresponding efficiency for the country’s m
ilitary In month of Dee. 1918-_--------
A pr . 3 1919.]
THE CHRONICLE
1335
It w be observed that as a result of these repeated the year preceding) there rem
ill
ained a surplus on the
w increases and the reduction in the length of the operations of the tw
age
elve m
onths of $41,150,350; in
w day, the average annual earnings of em
ork
ployees 1917 the surplus rem
aining w $107,505,437 after
as
have increased from $925 in 1915 to $1,685 in 1918; the paym
ent of 18% dividends on the com on
m
furtherm
ore, that in the m
onth of Decem
ber, 1918, shares.
the average earnings w at the rate of $1,950 per
ere
As in the year preceding, the com
pany is strongly
year. That is, w
ages in this period of three years fortified w
ith cash and cash assets. The actual
have m than doubled, the em
ore
ployees m
aking fully am
ount of cash held on Dec. 31 1918 w not quite
as
$1,000 m per year now than they did in 1915. As as large as on Dec. 31 1917, and yet w of excep
ore
as
a result of this great change the payroll of the Steel tional proportions. Cash in hand and on deposit
Corporation, w
hich ir 1914 am
i
ounted to only $162, subject to check w $173,806,259, w
as
hile tim bank
e
379,907, covering then an average of 179,353 em deposits and secured dem
and loans am
ounted to
ployees, for 1918 am
ounted to no less than $452, $15,869,807, m
aking together $189,676,066, as
663,524, w an average num
ith
ber of em
ployees of against $233,322,286 for the sam tw item at the
e o
s
268,710. As com
pared w
ith the year preceding close of 1917. H ever, the excess of current assets
ow
(1917), the payroll in 1918 increased over $105,000, over current liabilities w even larger than in the
as
000, w the num of em
ith
ber
ployees rem
aining prac year preceding, the aggregate of the current assets
tically unchanged.
(including inventories), Dec. 31 1918, being $883,
We have stated that profits in 1918 did not com up 136,081 w the total of the current liabilities no
e
ith
to those for 1917. Neither w the dividend dis m than $397,781,482.
as
ore
tribution so large. This w ow entirely to the
as ing
heavier am
ounts that had to be set aside for taxes
and the rise in expenses by reason of the w
age in
( f a x x v m t g u e u ts a m i g i s c n $ $ x o u $
creases. The volum of business done during 1918,
e
C O N T IN U E D O FF E R IN G OF B R IT IS H T R E A S U R Y
as represented by the com
bined gross sales and earn
B IL L S .
ings of the different subsidiary com
panies, ran con
The usual offering of ninety-day British Treasury bills
siderably above that of the year preceding, reach
this week
P. Morgan & Co. on a
ing $1,744,312,163, as against $1,683,962,552 in the was disposed of 5J^%, the by J.prevailing in recent weeks.
discount basis of
rate
calendar year 1917. The profits rem
aining after the The bills are dated Monday, March 31.
deduction of the increased am
ount of taxes w only
ere
$208,281,104, against $304,161,471. It is pointed
N E W C R E D IT S TO F R A N C E A N D I T A L Y .
out by Chairm Elbert H. Gary that the operation
an
New credits of $85,000,000 to France and $25,000,000 to
of the subsidiary com
panies during 1918, as repre Italy were announced by the U. S. Treasury yesterday.
sented by output and shipm of products, did not, The total advanced to the Allies is reported as $9,008,999,
ent
on the w
hole, reach the totals for the preceding year,' 340, of which France has received $2,702,477,800 and Italv
notw
ithstanding the dem
ands for iron and steel $1,521,500,000.
products w constant and large. This, it is stated,
ere
SILVER TO I N D I A .
w due principally to the very severe w
as
eather con
A shipment of $2,000,000 silver to India by the Phila
ditions during the first quarter of the year, and the delphia Mint was announced on March 31, making three
shortage of efficient labor for m operations w
ill
hich shipments in March for a total of $16,000,000. Since
prevailed throughout the w
hole year. It is also the first of the year shipments from Philadelphia are said
pointed out that about 65% of the entire output of to total $57,809,000, and since April 1918, $144,009,000.
steel products of the subsidiary com
panies during
1918 w supplied to Governm
as
ent departm
ents.
D IS S O L U T IO N OF S Y N D I C A T E U N D E R W R IT IN G
During substantially the w
hole year, w are told,
e
U N IT E D K IN G D O M OF G R E A T B R I T A I N A N D
IR E L A N D BO N D S.
the distribution of steel products w w the con
as ith
Tho dissolution is announced of the syndicate which
currence of the m
anufacturers controlled by the
underwrote United Kingdom of Great Britain and Ireland
U
nited States War Industries Board, “so that, 20-year 5 l the gold bonds due Feb. 1 1937, previously re
A%
broadly speaking, the entire output w into chan served for conversion of the two-year notes which matured
ent
nels for use in the prosecution of the war.”
Feb. 1. A decline this week in the quotation of the bonds
After referring to the co-operation of the Am
erican is attributed to the dissolving of the syndicate. Tho names
Iron & Steel Institute w the War and Navy De of those constituting the syndicate appeased in our issue of
ith
Feb. 8, page 525.
partm
ents and indicating w w done to m
hat as
obilize
the iion and steel industry, Mr. Gary expresses a
OF C
A
SUE
FOR H O M E
belief that the efforts of the Governm w never CONTROL U N ITA P IT K L ISD O MS E N D E D — G RA C C O U N T
ent ere
IN
ED
IN G
EAT
to an im
portant extent lessened or delayed by lack
B R I T A I N ’ S M A T U R IN G D E B T .
of proper supply of steel. lie then perm him
its
self According to press advices from London, March 24, the
the follow
ing pertinent and truthful observations: British Government has decided to issue an order exempting
from the requirement of Treasury licenses all issues of securi
ties by companies established in the United Kingdom in
cases where the issuing company certifies that no part of the
issue is to be applied for capital purposes outside the King,
dom. Announcement of this was made in the House of
Commons by J. Austen Chamberlain, Chancellor of the
Exchequer, on the 24th. Issues by British companies for
capital purposes abroad, he is said to have added, are still
subject to control. The reasons for capital control, as re
vealed in a debate in the House of Lords, were detailed in
But if profits fell below the extraordinary am
ounts the London “Financial News” of March 14, which said in
of the year preceding they w
ere nervertheless of part:
Except for tho existence of highly integrated units, with
largo capacity for tho production and transportation of steel
products, and their perfection of organization, system, im
provements and methods, together with the incidental
working capital which permitted immediate extensions,
additions and diversifications whenever requested or evi
dently desirable, the military necessities of the United States
and its associates in the war could not have been adequately
provided.
am
ple proportions. After allow
ing for 14% divi
dends on the com on shares (as against 18% in
m
In the House o f Lords last night Earl Russell called attention to the new
regulation on capital Issues [of Feb. 4 referred to in "C h ron icle" M a rch 29
page 12151, and asked His M a jesty’s Governm ent (1) whether the present
regulation had been withdrawn, and (2) whether in the prom ised m od ifi-
THE CHRONICLE
1336
cation o f this regulation caro would bo taken to limit it to the purpose for
Which it was really required and to avoid unnecessary and harassing inter
ference with business.
IIo said that after the war. suddenly and without consultation With
anybody excopt perhaps tho Stock Exchango, the .Treasury issued a drastic
regulation, under tho Defense o f tho Roalm Act, making illogal retro
spectively all the things that had been done without Treasury sanction
during the previous years of tiio war. The consternation caused by that
Order was a sufficient excuse for raising the question. Tho retrospective
part o f tho Order, he thought, was now gone. Boforo tho now Order,
which ho understood Was in contemplation, was Issued, ho was anxious that
tluso responsible for advising tho Treasury should carefully consider tho
courso they wero to adopt, and not make the Order do, in fact, more than
tho objects they desired to attain. The object desired by tho Order was
one with which all good citizens would sympathize. It was to conserve
the cash o f tho country and tho available surplus of tho country as far as
possible for Government loans and Government expenditure, rather than
for ordinary industrial undertakings, with tho exception of such as tho
Treasury thought would bo useful for reconstructive purposes, and should
be undertaken during tho transition period.
Wide Terms o f the Order.
He did not suppose that anyone would objoct to that, but under tho
regulations actually issued ttiero was a provision that “ no person should,
except with the license of tho Treasury, issue, whether for cash or otherwise,
any stocks, shares and security.” These wero very wide words. They
covered every possible way of issuing stock. They covered tho mere
conversion of a porson’s interest in a stock. Ho had a case in his mind
at tho moment where tliero was a certain undertaking which, quite by
accident, had not been put in tho form of a company. Ono porson had
two shares, another ono, and a third four shares. For tho purposo of
convenience they desired to convert that into a limited company and divide
the sharo capital according to tho interests o f tho parties. Under tho
'regulation that could not bo dono, though it did not involvo the transfer
ence o f a single penny from anybody to anybody. Further, tho regulation
said, “ without assent subdivide any sharo,” and then, conversely, “ without
assent consolidate.” Undor that regulation a limited company which had
a stock certificate under Which a man was ontitlod to ono sharo of £ 10 might
not substitute a certificate saying that the holder was entitled to 10 shares
o f £1 each. Ho Was told that tho objection of tho Treasury was that
smaller shares wore moro negotiable, but what had that to do with tho
object of tho regulation? Was that a legitimate interference with finance
at this stage o f tho war?
Effect on Bankers' Loans.
[Vol. 108.
Treasury bills other than thoso hold on collateral Ot other so
__________________________________________________ - - - — £900,000,000
Exchequer Bonds (certain).............................................. ....... -■*Exchequer Bonds (at holders’ option)....................... ............... b».OUO,UUU
In Canad. and tho other Dominions.......................................... dS.OOO.UW
—
20,000,000
Neutral countries.............................. - -----------------------■ Outstanding Ways and Means advances by tho Bank ° r
England to Government Departments...................... ........... 447,00U,WJU
Morgan loan...........- ....................... ......... ......... ......... .................
16,000,000
This is probably not a convenient opportunity for a detailed examination
of the appalling total of tho national debt, but Lord Farrington has pub
down a notico calling attention to tho state of tho national finances for
Further burdens aro every day falling on tho shoulders of tho taxpayers,
and, as announced in another place, the weekly amount now being paid
out in unemployed donations is £ 1 ,2 0 0 ,0 0 0 .
What strikes one as typical of tho complacency with which tho most
enlightened people seem to regard this state of things, asking that more
and moro should be provided by tho State for every objoct. Is an incident
which occurred only last night, when tho Most Reverend Primate turned
and rent mo because I suggested that somo quite indefinite expansion of
the cost of providing guido lectures in public galleries should be bomo, or
partly borne, by these institutions.
Thero may be complaint of control by tho Treasury in this matter or in
that, but I venturo most emphatically to assert that had control by the
Treasury been exercised in greater measure during tho last four years,
hundreds of millions of expenditure might liavo been saved to the public.
Then another part of tho Regulation said: “ Without assent renew or
extend the period of tho security.” A banker might make a loan and
might take as collateral security a debenture, which gavo him something
specific to look to as his security. Ho might arrango that it should mature
at a fairly early date. Suppose it matured, and tho customer wanted to
renew it. Ho was not at liberty to do so without the sanction of the
Treasury. All theso things Wero prohibited, though they did not involvo
any drain on tho financial resources of tho country.
Then there was a further provision: “ Shall not buy or sell any stocks or
nhares except for cash.” He did not know what “ except for ^ s h meant
but whatovor it meant, if it did not involve taking now money from the
public what was tho necessity for it. It was said the Troasurywasreasonablo. But, first of all. thero was tho question of tho delay, which in tho
past had been very great. They were assured that would bo reduced
rc
hnnnrl it would bo. In any caso, ho was not at all sure that tho Treasury
had boon always reasonable. He would mention a caso which m ght seem
incredible. The Ministry of Munitions having made a loan to an ‘ ndustrla
concern, being asked to take debentures, the Treasury w t o o d * , ilancthm
it
Were they to understand the old regulation was in forco now, or had
it been withdrawn? If in forco, it was causing great difficulW and anxiety^
Ho had been unable to obtain an official copy of the r e la t io n . The
Government had said, over and over again that they
set on its
all control over industry, and that they desired to see industry set on us
legs But hero thoy woro controlling matters which thero was no roaso
for conlrollhig and, apparently, for the mero pleasure o f controlling.
R E D E M P T I O N B Y J. P. M O R G A N & CO. OF F R E N C H
NOTES.
J. P .
In accordance w ith the announcem ent m ade b y
M org an & C o . on F e b . 1 the paym ent of tho French G overn
m ent 5 ) 4 % convertible notes of 191 7 , m aturing on April 1
was begun at tho M o rg a n offices on the day of m a tu r ity .
T ho M o rg a n firm , acting on behalf of tho tr e n c h H ig h
Com m ission, announced in its statem ent of F e b . 1 (pub
lished in our issue of F e b . 8 , page 526) that holders of the
above notes m ight present sam e a t their offico on tho day
of m aturity for p aym ent at tho rato of 1 0 5 3 4 % of tho prin
cipal am ount— 8 1 ,0 5 2 5 0 for each 8 1 ,0 0 0 in principal am ount
of notes, also th a t coupons due A pril 1 1 91 9 , accom panied
b y proper ownership certificates, w ould bo payed on that
date at tho samo rate, nam ely 1 0 5 3 4 % of tho face am ou n t.
A s has before been stated in these colum ns, the total issue
am ounted to 8 1 0 0 .0 0 0 ,0 0 0 and of th a t total botweon 8 1 ,
0 00 0 0 0 and 8 2 ,0 0 0 ,0 0 0 aro said to have been converted.
T ho m onoy for the p aym en t of the notes was m ade available
in the U n ited S tates, it is understood, through investm ent in
Treasury certificates of indebtedness. In its issue of A pril 1
the N e w Y o r k “ E vening P o st’ ' said;
Tho redemption to-day of the $100,000,000 of French 5 H % notes at
the o ffic e o f J P- Morgan & C o., at tho rate of 105K % . was thought in
SK financial district to throw a curious light on the decision of the French
Government to abandon control over its exchango rates abroad. The
Morgan announcement of tho terms of redemption was made on I o >. o.
W h e n tho New York rato on Paris was in tho ncigborhood of 5.4o francs
to tho dollar, whereas tho French Government had agreed that the holders
of tho notes might, if thoy desired, claim payment in Paris at tho
of
5 K francs to the dollar.
The premium of 5M % . which Morgan & Co.
offered just about represented tho profit derivable from theso exchanges
r l f r Now, however, francs are obtainable in New York at the rate of
rates
Hollar so that any ono who sent his bonds to 1 aris,
LORD HYLTON ’S REPLY.
obtaining only 5 M francs for oach dollar surrendered, faces a considerable
Three Grounds for Control.
m * u h f has to sell his francs at six for a dollar. Evidently, it was said
Txird Ilvlton roplylng on behalf of tho Government, said: The noblo to-day the French Government had not decided on Feb. 5 to abandon
loM asks i the Order-In-Counci 1 has been withdrawn. It has not been control’ of tho foreign exchanges; otherwise it might have redeemed t.
formally8 withdrawn, but it is not proposed to take any ^ tion to enforce notes in Now York much moro cheaply— probably at their faco value.
the prohibitions contained therein, and It will bo superseded b r o t h e r
nrHcr in Council as soon as tho Chancellor o f tho Exchequer has had time
F R E N C H R E S T O R A T IO N L O A N .
S S S S H E S S K all Its bearings. That is an undertaking which
was g^ven in another place after criticisms of the Order of Fobruary 25
A deeroe authorizing the issuo of an internal loan to bo
8
r ithor nn finite form. Dolay has unavoidably taken place
^ issu in g tho now Ordcr-ln-Council, owing to tho fact that the Chancellor called “ the L oan of N a tio n al R estoration” was published in.
tho “ Official Journal” of M a rc h 2 3 , according to P a n s cable
of tho Exchequer Is at tho present time engaged In Paris. The now dr.
regSatfon h T b e e n prepared, and will be submitted to the Chancellor as grams to tho daily pross of that d ate.
T h e loan it is sta te d ,
soon as ho returns, which 1 am informed will probably bo at the end of
will bear 5 % interest and its issue price will bo 9 5 .
The
tho week Tho noblo lord will, under tho circumstances, forglvo mo if
do n T d e a l with some of the detailed objections ho raised to clauses and am ount of tho loan is to be fixed later b y the French M in istry
phrases in tho Order of February 25. because, as I have told him. action is
not going to be taken under that Order, and I hope that when he sees tho of Finance.
now Order which is to supersede it he will find that some, at all events.
° f With0 br S ; n o hthee S n d Question, it is certainly the Intention of the
Chancellor of tho Exchequer to do everything In his power to secure that
the now Order does not unduly hamper business. But he has come to the
conclusion that it is necessary to continue the control of capital Issues
. poS u i fJ n 2
the foroten « « . « , , » .
Tho noble lord oeomed to
" * T t o “ co“ r “ n ' S a t r o m p t , tho Chancellor of tho E.choquor to
°e
this matter Is that such stops as aro possible should bo taken by the Go
\
thn continued flow of tho capital that is available into
channels necessary for the rehabilitation o f
i t a S S
r
nf nubile utilitv services. The Government are anxious that rirms engageu
t o t a S ? S ilo n a l In t e n t should not bo prevented by lack of
capital from prosecuting such ventures.
The Maturing Debt.
Tho third reason— I don’ t know If I am justified in calling it the most
Important— is the importance of controlling capital in view of the maturing
nubile debt. I a m n o t referring to tho funded debt. I erhaps some of
yo^r lordships aro not aware of tho colossal figures which this debt, maturing
b y March 31 1920, has already reached. I will give them.
DECR EE
A B O L I S H I N G O FF ICE OF F R E N C H
C O M M ISSIO N ER A T W A S H IN G T O N .
H IGH
T h o signing b y President Poincore of France of a decree
abolishing the p ost of French H igh Com m issioner at W a s h
ington on A pril 1 was announced in a P a n s (H av as) cable
gram on M a rc h 2 5 . President Poincaro’s action is said to
have boon takon at tho instance of C a p t. A ndre la r d ie u .
T ho cablegram said:
f
nf tho organization which must bo maintained in tho United
That P ^ ° ™ t^ longor will bo placed under tho direct authority of
SU 08 T o n h C a r t m X . Joan Maurice Casenavo. Charge d ’Affalrs
Larthe French Embassy in Washington, will bo appointed general director
The U
DonTvrtmonr of Franco-Amorican War Co-operation created in
June 1918, will bo maintained with its present functions until after tho
d e p a r t u r e of the American army.
In was announced on M a rc h 27 b y M arcel K noclit, D irec
tor of tho Official Bureau of French Inform ation, that tho
Apr. 5 1919.]
THE CHRONICLE
French. H igh Com m ission w ould be replaced b y a now offi
cial organization, the chief function of which w ould bo tho
execution of French G overn m en t contracts still uncom pleted,
and the settlem ent of accounts due on contracts already
closed. M r . K n ech t was quoted in tho N o w Y o r k “ T im e s”
as saying:
This now organization will maintain for a long period o f time, as yet
indeterminate, all o f tho departments of tho French High Commission,
which, at tho present time cover four floors o f tho American Express
Building. Furthermore, tho question of giving notice to its employees in
tho near future has not as yet even been under discussion.
E douard do B illy , of the French H igh C om m ission , has
issued tho following statem ent in W ash in g ton relative to the
decreo term inating tho life of the com m ission:
At tho suggestion of M r. Andre Tardieu, Commissaire General aux Af
faires do Guorro Franco-Americaines, tho President of tho French Republic
signed a decreo on March 22 1919, terminating on April 1 tho French
High Commission in Washington. That part of the organization which
must be maintained in tho United States a few months longer will bo placed
under tho authority o f Mr. Maurice Casenavo, Minister Plenipotentiary,
who will bo appointed Director-General des Sorvices Francais aux EtatsUnis. Mr. Casenavo will act under tho authority of Mr. Andre Tardieu
in Paris.
Tho French High Commission in tho United States was organized by
decreo of the President of tho Fronch Republic, dated April 15 1917, and
at tho sarno time Mr. Tardieu was appointed High Commissioner.
Tho Department of Franco-Amcrican War Co-Operation (Commis
sariat General des Affaires do Guerre Franco-Amcricaines) was created on
Juno 17 1918, with Mr. Tardieu, in Paris, at tho head of it. This organiza
tion will bo maintained, with its present functions, until after the departure
from France of tho American Wrmy.
FRENCH L U X U R Y T A X .
T ho French Senate, b y a vote of 140 to 8 0 , on M a rc h 31
endorsed tho G overnm ent’ s dem ands for the retention of tho
.luxuries tax by striking from the B u d get bill an article illsorted b y tho C ham ber of D eputies abolishing it.
Louis L .
K lo tz , M in ister of Finance, who was present and who urgod
that tho article be stricken out of tho bill, visited tho C h a m
ber later and asked th at branch of Parliam ent to roverso its
action on tho tax.
T h o cablegrams from Paris M arch 31
said:
Thcro were violent protests in tho Chamber against tho Senate’s action,
Deputies who advocated tho suprpession of tho luxuries tax arguing chat it
was not wanted by merchants and workmen. Tho session continued until
late in tho evening.
Tho Chamber finally acquiesced in tho Senato’s restoration of tho luxuries
tax. It modified tho bill otherwise, however, necessitating its return to
tho Sonato, which ultimately gave its acquiescence to tho measure, which is
not tho annual budget bill proper, but tho votes on account for tho second
quarter of 1919. It was a late hour when tho two houses agreed on the
moasuro and it was definitely adopted.
FR ENCH B U D G E T P L A N S .
Paris cablegrams of M a rc h 10 reported th at the budget
com m ission of tho Cham ber of Doputios had decided to
introduce a civil budget of 8 5 2 0 ,0 0 0 ,0 0 0 for tho first three
m onths of 1919.
I N C R E A S E I N I M P O R T A T I O N S PROPOSED B Y FR E N C H
DEPU TIES.
T ho Fronch Cham ber of Deputies on M arch 25 unani
m ously adopted a bill perm itting an increase in im portations,
conditional on reciprocal exportations.
TO R E P L A C E
G E R M A N ELECTRICAL
FRANCE.
construction of m aterial for alternating current, alternating
transformers and m otors. F rom A pril 1 to N o v . 1 1918 the
com pany had an outp ut am ounting to 3 ,4 0 0 ,0 0 0 fran cs,
in spito of difficulties on account of lim ited supply and
transportation.
I T A L I A N S SEN DIN G M O N E Y HOME.
Rom o advices in the “ W a ll Street Journal” of A pril 1
state that official statistics show that during 1918 Italian
emigrants in N o rth A m erica forwarded $ 4 7 ,2 0 0 ,0 0 0 to Italy
through the B a n k of N a p les alone, compared w ith $ 5 1 ,8 0 0 ,
000 in 1917.
WARSAW
D IE T
A U THO RIZES
LOAN.
A Paris cablegram in “ Financial A m erica” of A pril 1
stated that a dispatch from W arsa w to a news agency said
that the D ie t had authorized the G overnm ent to raise a
foreign loan of $ 1 ,0 0 0 ,0 0 0 ,0 0 0 .
BRITISH
GOVERNMENT
TO O PEN
R U M A N I A — C A N A D I A N L O A N TO
CREDITS
TO
R U M A N IA.
A ccording to L ondon cablegrams of M arch 3 1 , the British
G overnm ent has concluded arrangements for the opening
of credits to R um ania for the purchase of im m ediate neces
sities, especially railw ay m aterial.
T h e cablo further said:
Complcto equipment for an army of 50,000 men also will be sent.
Tho Canadian Government is granting a loan of $25,000,000 to Rumania
for tiio pureliaso of agricultural necessities.
G R E A T B R I T A I N BA RS R U S S I A N RUBLES E X C E P T
THOSE OF P R O V I S I O N A L G O V E R N M E N T .
A proclam ation was issued a t London on M arch 28 pro
hibiting, except under license issued by the T reasury, the im
portation into tho U nited K ingdom of all ruble notes other
than thoso issued b y the Financial D epartm ent of the Pro
visional Governm ent of N orth Russia at Archangel.
A P P O I N T M E N T B Y C H I L E OF H I G H C O M M I S S I O N
TO S T U D Y F I N A N C I A L A N D M E R C A N T I L E
CONDITIONS.
According to the N e w Y o r k “ Sun” of April 1, a High C o m
mission has been nam ed b y tho G overnm ent of Chile to under
take a stud y in the U nited States and Europe of tho new
conditions on which will be based financial and mercantile
relations of those countries w ith Chile on the restoration of
business to a normal basis.
T he members of the C om m is
sion include Eliodoro Y a n e z , President of the A gricultural
Com m ittee of the Chilean Senate, and a m em ber of the
C om m ittee on Foreign Affairs; Juan Enrique T ocorn al, w ho
has been a D e p u ty and M inister of Foreign Relations, and
A ugusto V illanueva, President of the B ank of Chile.
T his
H igh C om m ission, it is stated, will be assisted in Europe by
the Consul-General of Chile in Paris and his Secretary, Luis
F . Y a n e z, actual Secretary of the Chilean E m bassy in W a s h
ington.
GOODS I N
A n im portant stop toward replacing G erm an products
in Franco and meoting the present largo dem and for electrical
m achinery on account of reconstruction plans for tho north
of Franco is roportod b y B onbright & C o . of N ow Y o r k ,
investm ent bankers.
T h e firm announces th at the Paris liouso of Bonbright
& C o . is in a syndicate w ith several prom inent French banks
which offers at par 0 ,0 0 0 shares of 5 0 0 francs each of Ateliers
do Construction Electriques do L yon et du D auphine (Elec
trical Factories of Lyons and the D au ph in o).
T h e corpora
tion has a capital of 0 ,0 0 0 ,0 0 0 francs divided into 1 2 ,0 0 0
shares. T h o factory was built in 1915 as Industrial F ac
tories of C . E . G ram m on t, and in order to give this enterprise
a groater developm ent tho new corporation was form ed.
Beforo tho war broke out the two m ost im portant G erm an
firm s controlled alm ost entirely tho French m arket for elec
trical m achinery. Tho French factory was built primarily
to roplaco thoso G erm an goods.
It now reports prospects
of extonsivo requirements of electrical machinery for carrying
ou t tho plans of reconstruction for the north of France, as
woll as tho electrification of a numbor of railroads through
ou t tho country.
T h o facto ry , which started at tho end of 1917, at tho
prosont timo om ploys 1 ,0 0 0 w orkm en.
It specializes in the
1337
B E L G I A N 'S
B U D G E T D E F I C I T — G ER M A N Y ' S
TO B E L G I U M .
DEBT
Tho B elgian budget for 1919, showing a deficit of more
than 6 0 0 ,0 0 0 ,0 0 0 francs, which it is proposed to cover b y
an income tax and taxes on inheritances, tobacco, beer and
spirits, was introduced on M arch 21 b y Prenier Delacroix.
Brussels cablegram advices quoted the Premier in presenting
the B u d get, as saying:
The liquidation of the cost of tho war looms up formidably, and wo will
need 10,000,000,000 francs. Tho existenco of tho country is at stake,
but our great allies aro undertaking tho task of rebuilding Europe in a
spirit of great generosity. Our national existenco depends upon proml
mado us, and I think l can confidently tell you they will be kept.
T ho sam e dispatches said:
Germany's debt to Belgium for requisitions of cash made by tho German s
and other money transactions alone aggregates 1 0 ,0 0 0 ,0 0 0 ,0 0 0 francs, of
which 5,000,000,000 francs represent German marks circulating in Bel
gium after tho armistice and taken up by the Belgian Banque Nationale,
and 2,000,000,000 francs confiscated by the Germans from the Banque
Nationalo and the Societo Generalo during tho occupation.
;
The balance is mado of fines and monthly payments levied upon towns,
cities, provinces, and public institutions. Thoso figures were mado public
to-day by tho Belgian Financial Committee on Reparation.
T h e N o w Y o rk “ E vening P o st” of M a rc h 8 quoted tho
Belgian Prem ier as having stated in the C ham ber of D ep u
ties:
In order to procure capital for our industry wo have anticipated our
German indemnity by borrowing 225,000,000 francs ($15,000,000) from
[Vol. 108
THE CHRONICLE
1338
England, and 75,000,0007from Canada.^ From France we shall got 500,
000,000, and we aro in negotiation wth America* for 500,000,000 francs
($100,000,000).
FISCAL
S T A T U S OF B E L G I U M .
A s a result of an exam ination into the general financial
situation in B elgiu m , the G u aran ty T ru st C o m p a n y of N e w
Y o r k has m ade an interesting analysis of the present fiscal
status of that cou n try.
In a statem ent issued on M arch
2 4 A lb ert B reton , V ice-Prosident in charge of the Foreign
D ep artm en t of the G u aran ty T ru st C o m p a n y of N e w Y o r k ,
said in part:
W Belgium is full of resources and vitality, and ought to be able to re
habilitate itself rapidly if it can bo supplied with the moans to do so.
What Belgium most urgently needs now aro commercial and industrial
credits with which manufacturers could restore their devastated plants,
buy new machinery, and purchase raw materials. When these credits
are obtained the working population o f tho country will bo able to return
to their occupations and to resume their former activities.
But until such*money is available tho Belgians may bo seriously handi
capped and]forced to enduro further hardships, after fighting democracy’s
battlo for four and a half long years and suffering every form of sacrifice.
Thoy cannot wait until tho Germans are actually made to Indemnify them
in full for tho wanton destruction and damage inflicted upon them during
the war, which competent authorities have conservatively estimated at
not less than^'36,000,000,000. This sum represents tho monetary valuo
of tho damage done to State and private property, to agriculture, to in
dustry, tolcommerce and of enforced expenses.
But, despite tho terrific strain which the war imposed on Belgium’s
finances, they have sustained tho shock witli somewhat tho samo hardihood
as the pcoplo o f tho country.
On Dec. 31 1913, the paper currency of Belgium aggregated 1,007,000,000
francs, or $206,000,000, valuing tho American dollar at 5.18 francs. Fivo
months after tho declaration of war against Germany, that is, on Dec. 1
1914, tho paper currency totaled 1,014,000,000 francs, or 3312.000,000.
On Nov. 11, when tho armistice was signed, Belgian paper currency
amounted to 2,000,000,000 francs, or $502,000,000. On Feb. 4 last this
currency aggregated 4,000,000,000 francs, or $772,000,000.
These notes are socured, first, by gold currency and bullion to tho valuo
of 300,000,000 francs, or $57,900,000; and, second, by German banknotes
(Reichsbank) aggregating 5,000,000,000 marks, or $1,317,000,000.
While tho ratio between tho gold reserve and tho total amount of. notes
in circulation is only 7 .5 %, if, in conjunction with tho gold reserve, the notes
o f tho Itoichsbank are taken into account, tho ratio is much abovo 1 0 0 %.
Tho amount of marks (5,000,000.000) originated as follows:
. Tho subscription to three-year 5% Treasury notes, in francs, issuod since
the armistice, 75% o f which the buyer had tho option to pay in marks, and
tho exchange o f mark currency against Belgian Bank notes have brought
into tho coffers of tho Banquo Nationale de Belgique 3,400,000,000 marks
or $820,000,000. In addition, Germany has already boon obliged to
reimburse Belgium for tho sums of money which it confiscated from Belgian
banks and privato firms. This reimbursement has amounted to 1,600,
000,000 marks, or $386,000,000.
Tho National Bank has credited all marks so received on tho basis of 1.23
francs per 1 mark. Therefore, the National Bank has now a credit against
Germany amounting to 5,000,000,000 marks. This credit is guaranteed
to tho National Bank by tho Belgian Government which has, in turn, tho
pledge o f tho German Government to redeem tho marks on the same basis
of 1.25 francs for 1 mark.
Tho Belgian national debt before the war, that is, on Doc. 31 1913,
amounted to 3,743,027,438 francs, or $728,000,000, to which should be
Treasury bonds aggregating 534,272,400 francs, or $103,000,000; so that
the total debt was then 4,277,299,838 francs, or $820,000,000. Expenses
during the war amountod to 5,000,000,000 francs, or $905,000,000, which
sum was advanced to tho Belgian Govermnont by England, to tho extent
of 2,000,000,000 francs, or $386,000,000; by Franco, 2,000,000,000 francs,
or $386,000,000, and by tho Unitod States 1,000,000,000 francs, or $193,
0 0 0 ,0 0 0 .
Tho Belgian Government ought to receivo full reparation for the destruc
tion and damage inflicted to its railways, railway materials, harbors, roads,
canals, forests and public buildings.
Tho Bolgian railways, tho greater part o f which belong to tho State and
formerly provided an incomo in excess of tho interest charges of tho public
debt, and represented an outlay of nearly 3,000 million francs, extended
over 4,719 kilometers at tho end of 1912. Thoro were, besides, secondary
railways of local interest generally called "chemins do for vlcinaux” (rural
railways), which covered a distanco of 4,745 kilometers. No country in
tho World possesses such a network in proportion to tho size of tho country.
In Belgium thoro aro .16 kilometer of railways per square kilometer of
territory, while in Franco there aro only .07 kilomoter, and In Great Britain
.1 2 kilometer.
With regard to population, at tho end of 1910 Belgium had 7,423,784
Inhabitants spread over a territory of only 29,451 square kilometers—
which means that in 1910 thero were 257 Belgians for every squaro ktlometor
of land. This is significant when compared with tho ratio of population
to area of the Great Bowers. For instance, France, has 74 inhabitants to
each square kilometor, and tho United Kingdom and Ireland have 144.
In order to live on such a restricted territory tho Bolgians must devote
themselves with great intensity to commerce and industry. In fact, before
tho war, Belgium occupied fifth place among tho Great Bowers In the
commerce of the world. She surpassed countries greater and more popu
lated, such as Russia and Italy.
fv Living in Belgium before the war was 50% cheaper than hi tho neighbor
ing countries, Franco, Germany and England. And Belgian workers
received lower wages than thoso in tho countries bordering, which made it
possiblo to procure very skillful, high-class workmen in Belgium at a very
low figure. Cost prices, therefore, were low, and Belgium could compete
advantageously in tho markets of tho world.
Tho income tax and tho personal property tax do not exist In Belgium.
Beforo tho war thero was a tax upon land, which was calculated upon tho
renting value of tho property, but this renting valuo was instituted more
than 50 years ago and was much lower, of courso, than tho present renting
value. Tho taxes in Belgium, consequently, aro very light, which is con
ducive to cheap living and a low rate of military expenses. Tho direct taxa
tion in Belgium amounts only to 50 francs per inhabitant; in England and
hi'-Franco the rate Is moro than double that.
Tho past should be a guarantee for the future. Bolglum has showed
herself to be chivalrous, industrious, and energetic in tho past; thoso samo
qualities will undoubtedly help her to build a now economic structure,
which may bo greater^and.better than tho old.
U N ITE D
STATES
B E G I N S GOLD
FRANCE.
SH IPM EN TS
TO
T h e follow ing is takenTfrom the “ W a ll Street Journal” of
M a rc h 3 1 :
The Government has decided to increase its shipments of gold coin to
Franco for tho purpose of enabling returning American soldiers to oxchange
French gold for American gold beforo they arrive on this sido. For the
next few months there will bo monthly shipments of $10,000,000. Tho
first consignment under this now plan, the largest to date, was made
Saturday on the transport Von Steuben and amounted to $5,000,000. It
was In charge of Captain A. F. Cronhardt, who represented Director of
Finance of the Army, Brigadier-General II. M . Lord.
Formerly only occasional shipments of $1,000,000 or so wore forwarded
to Franco to provide for tho exchange requirements of returning dough
boys, and tho Government’s decision to increase these shipments is duo to
tho enormous depreciation in the past few weeks of French exchange.
Soldiers who have come back recently have suffered severe losses as a re
sult of this decline, as tho rate at which gold francs are convertible into
American money in this country has dropped with the rate of franc ex
change.
GOLD E X P O R T S P R O H I B I T E D
BY
GREAT
BR ITAIN .
It was announced on M arch 29 that an ordor-in-couneil
had beon issued b y G reat Britain prohibiting tho export of
gold coin or bullion anywhere.
Concerning tho prohibition
a special cable to the “ Journal of Com m orco” from London
M arch 31 said:
Tho order-ln-council prohibiting unlicensed gold oxports from April 1
Indicates definitely the monetary policy resulting from Thursday’s con
ference of tho Chancellor of the Exchequer with leading bankors.
Tho move means that the Government, through tho Bank of England,
will control gold exports, and consequently It will not bo necessary to raise
money rates here purely for the purpose of protecting British gold re
sources.
Tho gold embargo, while it abandons tho idea of early resuming a free
gold market for London, shows that tho bankers who favored measures to
enable relatively cheap money rates to encourage industry have overruled
thoso who advocated dear money to counteract tho American oxchango
movement.
W ash in gton press advices M aroh 28 had
tho following
to
say regarding the em bargo:
The new British order-in-council will not affect this country, In tho
opinion of officials hero conversant with tho international situation. Trans
fer of gold among tho Allies virtually ceased when tho United States entorod
tho war, credits being arranged to eliminate tho necessity for transport
of gold from one country to another. For many months tho gold imports
into the United States havo averaged only a few millions.
It was not believed here that tho now order woidd chango tho actual
situation at all, since It has been understood that gold shipments woro
prohibited by agreement among financial interests. The order merely
makes mandatory what already existed, and was said to bo ono of soveral
steps, such as the embargo against imports of merchandise, takon by Great
Britain to strengthen her financial condition.
CANADA
TO P R O H I B I T GOLD E X P O R T S .
A ccording to O ttaw a advices to the M on trea l “ G a zette ”
M a r . 3 1 , Sir T hom as W h ite has given notice of a resolution
providing that the Governor-in-Couneil m a y , by proclam a
tion, from tim e to time declared that the export of gold coin,
gold bullion and fine gold bars from the D om inion is pro
hibited, except in such cases as m ay bo deemed dosirablo by
tho M in ister of Finance under licenses issued b y him .
T he
“ G azotto” says:
Tho bill to bo based upon this resolution when passed by Bari lament,
will glvo the Minister of Finance moro complete control of tho export of
gold. It is proposed that this chango in tho existing law will bo In oper
ation only for two years after tho termination of tho war.
P U R C H A S E S OF J. P. M O R G A N & CO. FOR A C C O U N T
OF ST ER L ING E X C H A N G E .
T h e follow ing is taken from the N ow Y o rk “ T im e s” of
M a r. 27:
From another source it was learned yesterday that tho amount of
sterling exchange which J. B. Morgan & Co. purchased for tho account of
Groat Britain during the period in which tho firm, acting as British agents,
stabilized sterling, which was from early in 1915 until last wook, was close
to $4,000,000,000. This was actually purchased by tho firm's foreign
oxchange manager. On soveral occasions, it was said, tho Morgan firm
took moro than $20,000,000 In a single day. On last Thursday, tho day
it was decided to withdraw support, it was said in oxchango circles that tha
firm had been a heavy buyer all through tho morning.
J. F R E D E R I C K BLOCH OF FR E N C H C O M M I S S I O N ON
W ITH D R AW A L
OF SUPPORT FOR FR E N C H
EXCHANGE.
In reporting the return to tho Unitod States on M a r . 2b
of J . Frederic B loch , a m em ber of tho Frenoh H igh C o m
m ission, after a trip abroad of soveral m onths, tho Now
Y ork “ T im e s” of M a r . 27 stated that M r . Blooli was in
clined to lay stress on tho curtailm ent of unnecessary im
ports into Franco as a reason for tho withdrawal of support
for French exchange, and appeared to be less optim istic than
som e others who had recently com m ented upon tho situ
ation.
T h e “ T im e s” also said:
IIo spoke of tho necossity for credits, but stated that ho know of none
botng negotiated now. IIo boliovos that tho rocont shift in tho oxchange
A pr .
5 1919.]
THE CHRONICLE
market moans that from now on private bankers will play a more important
part in international finance, and that Governments will gradually with
draw.
______________________________
1339
DOLLAR EXCHANGE ABOVE PARJIN NORWAY.
The Department of Commerce in Commerce Reports
of March 25 announced the receipt of the following cable
ITALIAN EXCHANGE.
gram from Consul-General Fletcher, at Christiana, Nor
On April 2 the Italian National Institute of Exchange in way, dated March 17:
this city issued the following statement:
To-day the dollar exchango was quoted hore at 559, the first time since
In connection with the withdrawal o f the control on lire exchange, de
cided upon in New York, and, consequently, applied in London and
Paris, the "Instituto Nazionale Itallano per I Oambi con L'Estero” thinks
it advisable to point out the fact that the institute is obliged by law to
exercise its monopoly until six months after the conclusion o f peaco.
Therefore, the arrangement holds good by which, during the said poriod
of time, the Italian banks holding balances o f lire credit in favor o f foreign
banks shall continue to request the authorization o f the institute boforo
effecting payments, transfers and so forth on the said balances by check
as well as by cablo. This arrangement, which was made exclusively with
a viow o f protecting, for the time being, the lire exchango against specula
tion, and preventing at the same time payments on goods not properly im
ported into Italy, shall bo rationally applied up to the time when a free
market shall be gradually reinstated also in Italy.
I’he representative of tlio Italian National Institute o f Exchango in New
York, 15 Wall Street, is selling lire “ cable” at 7.
FOREIGN EXCHANGE RULING AS TO TRANSFER OF
FUNDS TO RESIDENTS IN POLAND AND THE
AUSTRO-HUNGARIAN MONARCHY.
Nov. 23 1915, it has been quoted above par.
MONEY^ORDERS MAY NOW BE SENT TO
LUXEMBURG.
An announcement made on March 31 by T. G. Patten,
Postmaster at New York, said:
Information has been received by the Now York Post Office from t h e ,
Third Assistant Poastmaster-General, that the exchange o f post office
money orders between the United States and Luxemburg has been resumed
This service was temporarily discontinued a t the time o f the declaration
of war with Germany, for the reason that tho transmittal o f mail to Lux
emburg could only bo accomplished through the Central Powers.
Tho rates and conditions which prevailed prior to the suspension of
business will remain in force. Money orders for Luxemburg may be
obtained at any of the stations of the New York Post Office designated
either by names or letters.
D. II. G. PENNY ON “ DOLLAR EXCHANGE.”
In a discussion of “Dollar Exchange” at the annual con
F. I. Kent, Director of the Division of Foreign Exchange vention of tho Association of Reserve City Bankers at New
of the Federal Reserve Board, made the following announce Orleans on March 31, D. H. G. Penny .Vice-President of
the National Bank of Commerce in New York, declared that
ment on April 2:
Notice is" hereby given that “ dealers” as defined under the Executive the United States has displaced England and all other pre
Order of the President o f Jan. 26 1918 until otherwise instructed may make war creditor countries in supplying long time money for the
transfers o f funds to persons not enemies or allies o f enemies resident in
In part Mr.
Esthonia, Poland, and the Austro-Hungian Monarchy as it existed previous financing of industry and transportation.
to Aug. 1 1914^wlth the exception of Hungary.
Penny said:
INCREASED PREMIUM IN CANADA ON NEW YORK
EXCHANGE.
The following appearing as a special dispatch to the New
York “Sun” from Montreal on March 31 was given in the
April 1 issue of that paper:
A rise in tho premium on Now York exchange to tho now high rocord
quotation o f 234 % has been an outstanding feature of the financial markets
in Canada last week. Tho rate had touched small fractions over the 2%
lovel a number o f times previously, but this was tho first occasion on which
tho 2 3 4 % level had been crossed.
According to good banking authorities the influences contributing to the
further advanco are complex, but large Importance Is attached to tho
sensational break In sterling exchango at New York when tho British
Treasury authorities decided to withdraw the artificial support that had
been stabilizing the sterling rate for tho groater part o f tho war poriod.
It was pointed out that, with sterling selling down to 4.60 at Now York,
Canadians with obligations to meot in tho London money market would
naturally wish to avail themselves of tho exceptional opportunity of pur
chasing sterling bills at a discount o f more than 5% from par. Those with
Now York balances would be In an especially favored position, but evon
when Montreal funds would have to be employed for the purchase of sterl
ing tho advantage would be considerable.
Against the cost o f about 2% which remittances from Montreal to New
York wore costing whon sterling broke in the latter market sterling could
bo bought In New York at a discount o f more than 5% . It is bolloved,
thoroforo, that there was a concerted movement on tho part o f Canadian
corporations and individuals, with obligations maturing in London, to"
buy New York funds and with tho proceeds to purchase sterling at Now
York. This operation repeated in a number of ways placed further strain
on tho exchanges between here and Now York, alroady feeling tho effect
of tho heavy balance o f trade in favor o f tho United States, with tho offset
in Canadada’s favorable balance with Great Britain neutralized by tho
credits for goods purchased hore.
Tho situation which has many burdensome features is not likely to bo
relieved to any considerable oxtent until credits in favor o f Canada aro
arrangod at Now York on a fairly generous scale. Whothor this will bo done
until your Victory Loan financing is out o f the way is considered very much
open to doubt.
In the meantime there Is a compensating side from tho purely Canadian
standpoint. Our exporters to your sido o f tho border lino bonefit to the
oxtent o f a premium of about 234% on tholr sales whon paid for in Ameri
can funds. Conversely, where tho prices that your exporters can quote
to Canadian importers aro failry close to tho Canadian manufacturers'
prices tho 234 % premium on Now York exchange becomes a factor of im
portance in swinging ordors to tho Canadian manufacturer. It has tho
further important effect, too, o f stimulating purchases of Canadian se
curities by Amorlcan Investors, bringing now capital into the country and
of recalling Canadian capital abroad through sales o f American securities
ownod In Canada. For instanco, a Canadian investor owning a short
term Anglo-French 5% bond selling around 9734 in New York could ex
chango his investment for a 5% Dominion of Canada tax-froo 1937 war bond
selling at about 9934. virtually at parity. And convorsoly the difference
of about 234 points in overy 100 in favor of tho American buyer o f Cana
dian securities gave added attractions to some o f our Government and
municipal bonds, many of which aro payable both as to Interest and pronclpal in Now York.
Tho opening o f St. Lawrence navigation, which promises to bo ex
ceptionally early this year, will tend to ease tho situation by placing Cana
dlan exporters who have boon holding back shipments for Groat Britain
In a position to soil sterling bills In New York. Tho main dependence for a
moro stable exchango situation, however, so long as Canada continues
to glvo credits to Britain, must rest on tho prospects o f credit advances
to Canada by your bankers. The fact that tho high rato discourages buy
ing abroad by Canadians has advantages from tho Canadian economic
standpoint, but it has serious disadvantages from tho standpoint of your
exporters. Tho latter, in seeking to develop now bustnoss to make up for
tho loss of war ordors, aro confronted on tho one side by tho discount of
about 5 % on storllng and on the other sido by a discount of about 234%
on Montreal funds. Necossarlly tills heavy impost on both British and
Canadian buying of your goods tends to rostrlct tho ability of your ex
porters to oxpand their market.
"Dollar Exchange” is a war tlmo development. International exchange
Is concerned with making payments between different countries each having
a different currency. Beforo the war, if a Brazilian merchant sold to an
American importer, the settlement was made neither in Brazilian currency
nor in American dollars, but in pounds sterling, bills or drafts drawn on
London. Tho great instrumentality of international payment was bills
of exchange or acceptances drawn on London banks or acceptance houses.
Dollar exchange was not quoted officially in Buenos Aires or the other
principal markets in South America. Tho volume of dealing in various
kinds of foreign exchanges in Buenos Ayres prior to 1914 would rank In
the following order: Pounds sterling, reichsmarks, Paris francs, Belgian
francs. United States dollars, sterling representing more than 50% of the
total.
During the war dollar exchange has made remarkable progress in dealing
in South America and the Far East. It is more readily negotiated in Japan
and China than any other exchango. Closely allied to dollar exchange and
loading directly to an extension of dollar exchange is what is known as "direct
exchango.” For example, we are doing business with Argentina, Greece,
Japan and other foreign countries in their own moneys now. Reversely
they quote dollars in their markets and make payments to us in dollars.
This makes It easier for them, moreover, to make payments to some third
country in dollar exchange and so furthers the use of dollar exchango.
Tho following exchanges are among those now quoted in New York which
wore not quoted there before the war: Brazil, Argentina, Greece and India.
At the present time every foreign bank of consequence has one more more
accounts in tho United States, whereas before the war many foreign coun
tries had no correspondents at all here.
Prior to 1914 bank acceptances in the United States were unimportant,
and wo consequently lacked the instrumentality for making dollar exchange
an important factor in international operations. Since the inauguration
o f tho Federal Roserve systom, however, the growth in the volume of
bank acceptances has been rapid. Bankers’ acceptances purchased by the
Federal Reserve banks amounted to only $93,000 in Feb. o f 1915. By
Feb. 1918 tho figure had reached $294,000,000. On Aug. 31 1918, tho total
acceptance liabilities of member banks of the Federal Reserve system were
3522,000,000. The total for all banks in the country may well have been
$750,000,000, or threo-fourths of a billion. Of our bank acceptances some
thing over half are employed in foreign trade. In tho New York discount
market for dollar acceptances the margin of profit is now about 1-64 of
1% , which is about the same as tho pre-war margin on sterling. After the
war we must take many a leaf from London’s book. Our commodity
markets must bo made moro liquid. Our stock market must be prepared
to tako foreign securities and must deal in a larger list of securities. Wo are
far behind London in the range and scope of both commodity and stock
dealings, although the volume is large. Wo need not feel called upon, how
ever, to extend dollar exchange at tho expense of our friends across the water.
Tho recent break in sterling exchange gives America a great opportunity
both to aid London and to extend dollar exchango through tho world.
London’s embarrassment is temporary. Great Britain is still doubtless
a creditor nation. She had about $20,000,000,000 of foreign Investments
bofore the war. She has loaned $9,000,000,000 more during the war to
Allies. On the other hand, she has sold perhaps $5,000,000,000 or $6.
000,000,000 of her foreign investments and has borrowed $5,000,000,000 or
$ 6 ,0 0 0 ,0 0 0 ,0 0 0 more during tho war, leaving her with a net creditor poslsitlon of, say, $17,000,000,000. She has largo floating liabilities, however,
unfunded and on short time, which are temporarily embarrassing.
Whether or not wo displace England in the short term money market in
financing the actual shipment of goods from country to country, we have
displaced her and all the pre-war creditor countries in supplying real
capital, or long time money, for the financing of industry and transporta
tion. To accumulate long time capital we must produce more in a year
than we consume in a year. In saving capital our people will not merely be
making individual profit, but they will also be performing services both to
tlioir country and to humanity of a vital sort. Civilization has been saved
from Germany, but it must now be saved from poverty and economic ship
wreck. The whole world looks to America, and America will not be found
wanting.
______________________
PAUL M. WARBURG’S PROPOSAL FOR INVESTMENT
TRUST TO PROMOTE INVESTMENT OF
AMERICAN CAPITAL ABROAD.
A proposal for the creation of an investment trust offerm
the twofold advantage of “on the one hand bridging the
1340
THE CHRONICLE
[Vol . 108.
interval necessary for the better understanding and further Directors werejeleeted as follows:
Robert S. Polk.
development of foreign propositions and for tho creation of C o., Memphis. Vice-President of tho Union & Planters Bank and Trust
a better market, while on the other hand it would enable G. Jarvis Geer Jr., Assistant Treasurer of the Guaranty Trust C o.,
the small investor to buy tho obligations of such investment New York City.
Oscar
trust,” was offered this week by Paul M. Warburg, formerly Clyde Wells, President of tho First National Bank, Birmingham.
C. Taylor,
Vice-Governor of the Federal Reserve Board. Mr. War Pittsburgh, Pa. Caslilor of tho First National Bank of Pittsburgh at
•
burg’s suggestion was made at a meeting of tho Council of F. W. Ellsworth, Vice-President of tho Ilibornia Bank & Trust C o.,
Now Orleans.
Foreign Relations held at the Metropolitan Club, this city,
on April 2. Speaking under tho caption of “Investment of The next annual convention of the association will bo held
at Cleveland.
American Capital Abroad,” Mr. Warburg said in part:
Just as much as European capital crossed tho seas and developed tho
transportation systems in North and South America, in Africa, India and
China, so tho timo has now como for American wealth to do its sharo in
rebuilding tho world, and to open now avenues of enterprise whenever— M . A . T R A Y L O R URGES U N I F I E D B A N K I N G S Y S T E M .
or must wo say, If ever?— political and social conditions sottlo down to
fairly normal conditions.
It would appear as if the export associations, now boing organized in
large numbers, would soon roalizo that it will greatly facilitate tho finding
of new markets for their waros if in payment tho foreign purchaser can sell
us some assets that ho holds. Activo trade, in turn, will foster intimato
banking relations, and nothing would seem moro natural and logical at this
time than to see the banks and theso export associations, or tho eloments
constituting them, combine in organizing an instrumentality for tho study
and financing o f these foreign propositions in anticipation of tho moment
The reasons for tho need of ono uniform systom aro; (1) To secure co
when tested and matured they may bo absorbed by tho American investor.
Tho time for immediate operations o f such a trust has not yet come. operation between tho Fedoral Reserve banks and all classes of banking
institutions; (2 ) to assure greater safoty to all banks and consequently to
With us the Victory Loan must first be placed and fully absorbed before
wo may find tho basis for our futuro investment operations; the transporta thoir depositors; (3) to glvo to tho Federal Resorvo Board supervision over
tion question must bo solved, ro-establishlng $18,000,000,000 of railroad all credit institutions of tho United States, so that tho Board’s regulation
securities on their proper level, and tho sale of tho ships now hold and of discount and foreign exchange may provo effective; (4) to prevent po
boing constructed by the Government must bo financed, boforo investment litical antagonism to tho prosont systom. It must bo clear that if there
funds may becomo available for tho purposes I have outlined on terms is need of ono big system of banks that this end can only bo attained and
attractive enough to permit comprehensive operations. In order to roach maintained by having tho direction of all tho banks in tho systom vested
a sound and solid level, it will bo Important, moreover, that England, as in ono place.
If wo aro to havo forty-nino different legislatures tinkering with the
soon as her largo Governmental borrowing operations are completed, freo
her money market from all artificial influences. Tho removal of tho peg banking laws, regulating, changing and meddling with them as often as
In the sterling market appears to indicato a policy in that direction, and politicians may find it profitable to do so, it is ovidont that then it will bo
to forebodo tho next stop, long advocated by Lord Cunllffe, of establishing impossible to havo ono big, harmonious systom. Wo do not nood in this
country a type of bank such as tho Second United States Bank, which
higher discount rates.
When tho political horizon will clear up, American business genius and resembles tho great central banking Institutions of Europe, nor is it neces
courage will find tho greatest opportunity it over had. Ilowover, lot us sary to have, like our neighbors In Canada, merely a comparatively fow
bear in mind that wo are not dealing with a simple business proposition, chartered banks working together as ono group and having branches
but that ability to act at tho proper timo may bring hopo and cheer to scattered throughout tho country, but wo do need co-operation— entered
those looking to us for support, while unpreparedness and unnecessary into by all of our institutions of credit— to tho end that wo may avoid
delay will entail continued suffering for those on whom tho hand of fate selfish isolation and create a federation in tho intorost of all tho banks,
small as well as great.
has rested heavily during these dark four years.
I am fully conscious of tho fact that it must be our ultimate abmition
to create a diroct wide market for foreign securities, and to use tho indirect
method of an investment trust merely as a usoful auxiliary. If such broad
market is to bo developed, tho fullest protection o f our peoplo is a pre R E P E A L OF P R O V I S I O N I N N E W Y O R K B A N K I N G
requisite. It means that, on tho one hand, it is essential that wo may
L A W A F F E C T I N G L O A N S TO DIR ECTORS OF
confidently rely upon the unreserved sympathy and support of our Govern
ment in protecting our rights in foreign lands; on tho other, that measures
T R UST C O M P A N I E S .
must be taken to protect the small investor from tho lures of reckless pro
moters, such as now overrun tho country offering worthless securities in
exchange for Liberty bonds.
I f broad open markets for foreign securities aro created, I hopo that our
bankers will insist on receiving bonds payable not only In dollars, but also
in tho currency o f the country issuing tho security. Wo should have inter
national bonds rather than foreign bonds. While for many years to como
the home market for such securities may be of very little importance to us,
wo cannot foretell what tho futuro may bring. We know, howovor, that
for England it proved of the greatest value that in her hour of need she
owned billions of foreign securities enjoying markets outsido the British
Isles, while Franco suffered from tho fact that her loans to foreign lands had
been mado in special issues payable in francs, and having their exclusive
market in Paris. International security markets aro healthy adjuncts An Act to amend tho Banking Law, in relation to restrictions upon loans
to directors of trust companies and repealing subdivision 9 of Section
of international discount markets, thoy aro important equalizers of trade
190 thereof.
balances, and I trust that we shall not neglect to provide this important
The People of the State of New York, represented in Senate and Assembly,
part o f Undo Sam’s equipment for his now career as a world banker.
do enact as follotcs:
Section 1. Subdivision 9 of Section 190 of Chapter 369 of tho Laws of
O R G A N I Z A T I O N OF D ES M O I N E S J O I N T ST O C K L A N D 1914, entitled “ An Act in rolatlon to banking corporations, and individuals,
partnerships, unincorporated associations and corporations under the
BANK.
supervision of tho Banking Department, constituting Chapter 2 of tho
Consolidated Laws,” is hereby ropealed.
Sec .2. Subdivision 10 of Section 190 of said chapter, as amended by
Chapter 98 of tho Laws of 1918, is hereby ronumbered subdivision 9.
Sec. 3. Subdivision 11 of Section 190 of said Act, added by Chapter 94
of tho laws of 1918, is hereby ronumbered subdivision 10.
Sec. 4. This Act shall take effect immediately.
A plea for a unified banking systom, bringing State, na
tional and private banks into one organization under the
Federal Reserve Act, was mado by M. A. Traylor, Presi
dent of tho First Trust & Savings Bank of Chicago, before
the Association of Reserve City Bankers in Now Orleans on
March 31, according to tho Chicago “Tribune” , from which
it is learned that in summarizing ho said:
A bill amending the Now York Banking Law in so far as it
relates to restrictions on loans to directors ofjtrust companies
of tho State, was signed by Gov. Smith at Albany on March 7.
The newly enacted law repeals subdivision 0 of Section 190
of Chapter 369; this subdivision had prohibited trust com
panies, directly or indirectly, from making “any loan
exceeding in amount one-tenth of its capital stock to any
director thereof.” The repeal constitutoSjChapter 36 of tho
Laws of 1919, and is as follows:
The Des Moines “Register” of Mar. 20 reports tho organ
ization of tho Des Moines Joint Stock Land Bank, under the
provisions of the Federal Farm-Loan Act, with a capital of
$250,000. The directors, it is announced, include A. B.
Funk, George C. Hargrove, B. F. Kauffman, George C.
Carpenter, II. S. Butler and Vernon U. Sigler.
PROPOSED FIR S T T E X A S J O I N T ST O CK L A N D B A N K .
Plans are under way, according to tho Houston “Post” of
Mar. 16 for tho organization of the First Texas Joint Stock
Land Bank of Houston. C. S. E. Holland, Active Vice
President of the Victoria (Tex.) National Bank, is said to
be tho principal in the movement; it is also stated that the
bank will have a capital of $250,000.
N E W OFFICERS OF A S S O C I A T I O N OF RES ERVE C I T Y
BANKERS.
At this week’s annual meeting in New Orleans of the
Association of Reserve City Bankers the following officers
were elected:
President, George B. Smith, AssistantJCashicrTof tho Continental S
c
Commercial National Bank, Chicago.
Vice-President, Edwin R. Rooney, Assistant Cashier of tho First National
Bank, Boston.
Secretary, O. L. Corcoran, Assistant Cashier of tho Central National
Bank of Cleveland.
Treasurer, Paul J. Leeman, Vico-Presidont First S Security National
c
Bank, Minneapolis.
B I L L A F F E C T I N G BO RROWINGS OF N E W Y O R K S A V
I N G S B A N K S S I G N E D B Y GOVERNOR S M I T H .
Senator Marshall's bill allowing savings banks in New
York State to borrow money for tho purposo of purchasing
stocks or bonds or interest-bearing notes or obligations of
the United States was signed by Gov. Smith at Albany on
March 28. Tho following is tho bill as enacted into law,
the part in italics indicating tho new mattor embodied in
the legislation:
An Act to amend tho Banking Law, in relation to tho power of savings
banks to borrow money.
The People of the State of Neto York, represented in Senate and Assembly,
do enact as follows:
Section 1. Subdivision 5 of Section 238 of Chapter 369 of tho Laws of
1914, entitled "An Act in relation to banking corporations, and individuals,
partnerships, unincorporated associations and corporations under tho
supervision of tho Banking Department, constituting Chaptor 2 of tho
Consolidated Laws," is hereby amended to road as follows;
5. To borrow money for the purpose of purchasing stocks or bonds or
interest-bearing notes or obligations of the United Slates or, in an omcrgoncy,
for tho purpose of repaying depositors and to piedgo or hypothecate securi
ties as collateral for any loans so obtained.
Sec. 2. This AcUshall take effect immediately.
A pr . 5 1919.]
1341
THE CHRONICLE
c i r c u la r s , a d c e r lis e m e n ts a n d a d v e r tis in g m a tte r b y m e a n s o f w h ic h s u c h s to c k s ,
PROPOSED
B R A N C H OF F E D E R A L RESERVE
OF D A L L A S A T H O U S T O N .
BANK
An application for a branch of the Federal Reserve Bank
of Dallas at Houston made by the bankors of the latter
city was granted by the Federal Reserve Board on March
28. A resolution endorsing tho application had previously
been adopted by tho directors of the Dallas Reserve Bank.
Tho Houston “ Post” of March 15 reported that an applica
tion for a branch was also made by San Antonio, but was
withdrawn
W o quoto from tho “ Post” tho followng:
b o n d s o r o th e r o b lig a tio n s s h a ll b e o ffe r e d f o r g e n e r a l s a le .
.
W h e r e a w r it t e n a g r e e m e n t i s i n e x i s t e n c e r e la t in g to a n y o f th e f o r e g o n g
p r o v is io n s o f p a ra g ra p h s
or
(c), a
tr u e c o p y t h e r e o f s h a ll b e f i l e d
w ith
fi lin g su ch sta tem en ts.
,
A n y v io l a t io n o f th e p r o v i s i o n s o f th is s e c t i o n s h a ll c o n s t it u t e a f e l o n y .
San Antonio also applied for a branch, which made it necessary for the
two committees to agreo upon a rovision of territory to bo served, in 1 10
, , . annllcations for both branches wore granted.
The branch Federal Reserve Bank at El Paso now serves virtually all
the territory east to San Antonio, and tho revision of territory agreed upon
between Houston and San Antonio gives the latter city territory south
i ,aef fYtrmorlv included in the Houston district.
allTho withdrawal of San Antonio’s application, which will bo granted
later, docs not affect the territorial rovision before agreed to, it was stated
Sec. 2. This Act shall take effect immediately.
RESOURCES
OF
N E W YORK ST A T E
IN STITU TIO N S.
BA N K IN G
According to a statement issued by the N ew York State
Banking Department on March 29, the reported resources
of tho banking institutions undor the supervision of State
Superintendent of Banks George I. Skinner are nearly
87 000 000,000. Tho statement of the Department says:
Friday •
According to the Dallas “ Nows” of March 29 the Federal
Reserve Board authorized the establishment of tho Houston
branch on tho condition that the State banks in the Houston
district not already membors of the Roserve System co
operate with the Branch Bank and come into tho Federal
Reserve
(a). (6)
s u c h s ta te m e n t i n th e o f f i c e o f th e S e c r e ta r y o f S la te a n d o f th e P r o p e r C o u n ty
C lerk .
T h e S e c r e ta r y o f S ta te m a y e s ta b lis h a n d p r e s c r i b e s ta n d a r d f o r m s ) o r
System.
According to the last reports available, prior to the adoption of the
revision of tho Now York State Banking Law of April 16 / 9 E m o t i o n s
to tho beginning of tho World’s War, the total reported assets o. institutions
supervised by tho Now York Stato Banking Department were -A,430,O 7 f)7 a
7
.
' The tabulation of the reports of tho 396 State banks, trust w m pante
and private bankers made to tho Superintendent of Banks and shoeing
the condition of the Institutions as of tho close of business l oo. 21 1J1U
has just been completed.
. . . ,
,,.0o
The reports of the State banks show an Increase in total resources o
SI 020 241 730 011 Nov. 1 1918 to S I,120,032,031 on Feb. 1 1 9 1 9 . or
899,790,304. During tho same period their totalR cfeP° | 1ts fas repor C
O
increased from SS61.024.926 to $395,007,ol~, or S-j • ’
.- g .gg
The surplus of the State banks as reported increased from $59,176,162
YO R K
b il l r e q u ir in g co r po r a tio n s i n
new
yc
S TA TE TO FILE S T A T E M E N T S S H OWI NG
‘
PROMOTION P A Y M E N T S .
A bill to amend the penal law of New York State in rela
tion to tho publication of information concerning tho issu
ance and sale of stocks, bonds or other securities of cor
porations was introduced in tho Stato Senate last month by
Senator James A. Foley. The proposed law would require
tho filing of a statement, before tho offer or sale of any
stocks, bonds or other securities of any domestic or foreign
corporation, furnishing information relativo to moneys or
property to bo paid or conveyed as commission in connection
with tho issuance or underwriting of tho securities, tho amount
of securities to bo turned ovor as a consideration for the pro
motion of tho salo, all other expenses incurred therewith, Ac.
An official of one of tho largo insurance companies in ex
pressing tho opinion that there is no law in force in this Stato
protecting the public from questionable socunty flotation
schomos, advances it as his belief that tho onactment of the
proposed law will operato to cure existing evils in connection
with tho salo of securities to tho public. Ho argues that
if the soarchlight of publicity could be thrown on all pro
motions as is proposed by Senator Foloy’s bill, honest finan
cial undertakings would not be hurt, while on tho other
hand the exploitation of the saving and investing public
would bo largely prevented. We print tho bill as introduced,
showing in italics tho new legislation which it proposes to
put on tho statute books.
During this p'oHoifthe reported resources of the
from S3,221,371,809 to $3.314,184.1*3. or i01; 2 ’,8 2,' l '7 i r - nil ?
„
increased from 82,516.753.340 to $2,553,918,531. or $37’ 1G^ 191The reported surplus of the trust compamos increased from $18S,8SO.O/a
to $200,733,357, or 812,846.679.
.
During the same period the reported resources of sue 1 P ^ t e banke
as arc under the direct supervision of tho Superintendent of Banks m
creas^l foom 8 1 9 670,503 to 822,037,247 or 82 366,745 ^
total de
posits increased from 813,656.670 to 816,456 569. or 52.799,899.
Tho total reported resources of the State banks trust companies and
authorized private bankers increased from S V^oo’i qro 362 ^ n d their deto $4,486,253,404 on Fob. 21 1919, a gain of 5 2 2 ^.9 6 9 ,3 G am ltheir
2
^
deposits increased during tho samo period from $3,391,434,936 to ,3,1 • .
t0
^ T h o gain fn deposits^ tho more striking when it is remembered that on
the first of last November the State banks and trust companies, on account
of the placing of tho Fourth Liberty Loan, were holding a large amount of
secured by pledge of assets. The
hv tho State banks and trust companies and secured by pledge of assets
on Nov 1 1 9 1 8 amounted to $310,893,388. On Feb. 21 m O t ^ d ^osits
so secured had been reduced to 8176,250.288. a decrease
If this amount bo added to the total increase in deposits
th Jro had
873,947,706. it would ^
nau
three classes of institutions. 873.947,706. it wouia appear that there ~
been an increase in the ordinary deposits with these lo c u t i o n s of $208^
590 806. If to the total resources of these three classes of inst t
be added tho resources of the other Stato institutions which reported as o
Jan 1 1919 it will be found that tho total reported resources of the State
banking institutions are closely approaching seven billions of dollars, or.
to be exact, amount to 86,917.891,312.
i-.*„
AN ACT to amend tlio ponal law, in relation to tho publication of infor
mation concerning tho issuance and salo of stocks, bonds or other
securities of corporations.
The P
eople of th S
e late of New York, re re n d in S ate and A
p se te
en
ssem
bly
do e a as
n ct
g8 of tho iaW8 of 1900, ontltled "A n Act providing
for tho punishment o f crime, constituting chapter 40 of tho consolidated
laws ” is hereby amended by adding, after section 957, a new section to
The following is the statement showing the condition 0
1
tho trust companies at tho close of business Feb. 21 1919, in
comparison with their condition on N ov . 1 1918.
N o te.
CONDITION OF TRUST COMPANIES.
Ninety-eight companies reported on cach f ^
^ .^ 1 9 1 8 .
R esou rces—
.
Stock and bond investments, viz..
Public securities...............................................
Private securities---------------------- --------------Real estate owned................................ ....... ..
’
«
«
60g
a g o 463.402
50871 889
gg’,798,152
$
413,221,939
335,721,543
49,899,159
93.377,100
Loans a?icfdiscounts secured by bond anJ mort9 9 0 605
11,809,848
c a " c d eed or other real esta te c o l l a t e r a l - .- i z .y j o .o u o
- _ 0 21 704
Loins and discounts secured by other collateral 960,831.106 1.04-, A il.
Loans, discounts and bills purchased not se2Q9 521.322,959
cured by collateral----------------------------------',399,323
476,467
155,108,006
D uo' froln trust"companies," banks "and bankers! 145,g22',564
13.874,275
14,649,814
O th e r c u r r e n c y a u th o r iz e d b y th e fa w s o f th e
28.233.821
25.799,672
U .n it e d S t a t e s ------- ----------------------- -----------------------77,510,741
.
...............................................
69,246,484
Due from Federal Reserve Bank of New York,
g tg g2g
192.033.330
129,024.536
less offsets----------------------------------------------- ion ’»s x ’t4(l
Customers’ liability on acceptances--------------• ',g 7 'gQ2
156.836.330
Other assets------------------------------------------------’
' 47
51
Add for cents-------------------------------------------Tota)
.........................................................3.344.184,123 3,221.371.809
b o s e c tio n OoH^to^ad a s ^ ^ oWier securities of any do estic or foreign
m
corporation shall b so or o
e ld
ffered for sale to th public b or o behalf of such
e
y
n
corporation and n corporation, co-partnership or individual, and no officer,
o
aoLt or e p y e of any corporation, or co-partnership, shall sell or offer for
m lo e
saTto t Z public th w o of any part of th initial, or any su se u n issu
e h le
e
b qet
e
O ani, nr th s ck b n s or o e securities of any corporation, foreign or
f
e lo s o d
th r
dom
estic until th re shall h v b e filed in th office of th S creta of S le
e
ae en
e
e e
ry
ta
and in th office of th clerk of e ch co n w e th sale o offer for sale is
e
e
a
u ty h re e
r
L ia b ilitie s —119.932.200
132,700.000
co d cted a sta m n verified b a le st tw d
nu
te e t,
y t a
o irectors of th issuing com
e
panv.
188.886,678
200,733,357
Surplus’ (inHudi” ”g all" undivided profits) - - n
and b an officer of th corporation, a m m e of th partnership or th indi
u
e
e br
e
e
42.822.563
vUual ZducZg th sale;'setting forth th follow
e
e
ing ^
forrrm
tion:
D ^ N e w ^ r k 's t a t e savings banks............
58.075.516
Due New York State savings and loan asso
(a) All su s of m n y or property paid or a re d to b paid or co veyed s
m
oe
g e
e
n
la
961.750
1,283.368
ciations, credit unions and Land Bank.
com ission or o e ise for th prom
m
th rw
e
otion and th organization of sue, co
e
r
Due as executor, administrator,
• 104.683.135
86,951.601
poration and for se ice in con ectio w th issuance of or « ^ n / ri (7
rv s
n
n ith e
receiver, trustee, committee or depositary
12,607,788
11.586,658
th sale of su s ck b n s or o e securities; th consideration for such pay
e
ch to s, o d
th r
e
Deposits by State of New Y o r k _ - - - - - - D e p o s it s b y S u p e rin te n d e n t o f B a n k s o f
m t and to w o su paym t h s b e m e or a re d to b m e.
en
h m ch
en a e n ad
g e
e ad
723,335
575,368
S ta te o f N ew t o r k , , . . . . - ^ - ^ - - ^ 258,722,446
( ) The num and to l par or face value of sh
b
ber
ta
ares of th s ck b n s o
e to
od r
Other deposits secured by a pledge or assets. 155,372,571
10.020,508
o e securities of said corporation, paid, transferred or d live
th r
e red or a i
g
Deposits otherwise preferred........................... 0 9 s 844 801 1,902,905,685
to b paid, transferred or d
e
elivered as a consideration for th prom
,
e
otion or i Due depositors not preferred— - - - - 'o io 'ja i ’ r.r.t
203,375,178
organization of said corporation o for se ice in connection w th issuance Due trust companies, banks and bankers------ 178’316’025
r
rv s
ith e
90,336,679
118,211.329
Bills payable---------------------------------97i41l|947
of or for underw
riting th sale of its sto s, b n s or o e securities, an
e
ck o d
th r
w o su paym t h b e m
h m ch
en as e n ade or a re d to b m
g e
e ade.
.
, Acceptances "of drafts'payable" at "a" future" date
’
129,001,489
or authorized by commercial letters o f credit 123.564.945
(c) All o e e p n s, of w a v r nature, incurred or a re d to b incu <
th r x e se
h te e
g e
e
55.912.529
Other liabilities.....................................................
o7.539,2/i
in co nection loith th organization or prom
n
e
otion of said corporation, o
r
51
Add for cents----------------------------------- -------connection w th initial or su se u n issuance of, or underw
ith e
b qet
riting or sale j,
3
its sto s, d b n re b n s or o e securities, and to w o incurred or ay ci
ck e e tu s, o d
th r
hm
re
Total.......................... ......... IIIIIIIIIIIIIIl2 i5 5 3 .9 1 8 .5 3 1 2,516,751.340
'\ statement 'setting forth all of the foregoing information shall also be sent
C
man to each owner or holder of any existing or outstanding slocks, bonds o
^Iher securities of any such corporation, addressed to the post office address
aslshown by the books of the corporation, before any of such new slocks, debe
“STZnlotol„„Jrnmn < ■ / « «
0.
or
sale to the public, and a similar statement shall be incorporated, in full, in al
° W e also annex’ the following statement showing the con
dition of the State banks of deposit and discount at the close
of business Feb. 21 1919, in comparison with their condition
on N o v . 1 1918:
1342
THE CHRONICLE
C O N D I T I O N O P S T A T IC B A N K S .
N o te .— 2 1 1 b a n k s r e p o r t e d i n F e b r u a r y ; 2 0 8 in N o v e m b e r
R ESO U RC ES.
Eob. 21 1 9 1 9 .
® tO ck a n d b o n d i n v e s t m e n t s , v i z . :
P u b l i c s e c u r it i e s _____________
R e » t e so
eS
ififiiw r m
! ! : : ...................: : : : : : : : : : :
g le g g U
M o r t g a g e s o w n e d .................
.................
L o a n s a n d d i s c o u n t s s e c u r e d " b y " b o n d ' 'a 'n d
a n a m o rtg a g e , d e e d o r o th e r real esta te c o l
l a t e r a l ------------------------------------------------------L o a n s a n d d i s c o u n t s s e c u r e d b y o t h e r c o ll a t e r a l
L o a n s , d i s c o u n t s a n d b ills p u r c h a s e d n o t s e -
O v e r d r a f t s ! J ^ ! ! ^ ! ! ! ” ! ” ---------------------D u e f r o m t r u s t c o m p a n i e s , banks and bankers.
Soecie0111 trus* companies» b a n k s a n d b a n k e r s !
V utH oriz^i>y\be4aw s'of the
c X t& V lT .: .......................... ...............
D u e fro m F ed era l R e s e r v e B a n k o f N e w "Y o rk "
ieSS Offsets------------------------------------ _
O t h e ? I? s s P t < ii a b i I i t y ° n a c c ° P t a n c e s - - - - - - - - - -
’
1 2 888 4 S <1
q not
2 7 9 ,0 6 7 0 7 9
’
2 4 e. 0 1 1 .6 2 5
192 226
59v
472|001
f'® ®
’
er\ noo
700
' l 2 ! 1 4 0 /2 7 7
A d d fo r !e n t i:: izzzz11: : i :
T o t a l ________________________________
Liabilities —
C a p i t a l _____ ____________ ___________
Preferred^"depositsf1 undi^ e d p'rofits)I ! ! ! ! !
1
1 ,1 2 0 ,0 3 2 ,0 3 4
o n 7 0 Q n on
60| 117[535
N ov. 1 1918
8
1 2 0 ,6 7 3 ,5 4 2
8 5 ,8 5 3 ,7 8 6
2 2 ,0 1 3 ,3 5 5
1 3 ,0 3 6 ,6 7 0
9 ,5 8 3 ,2 9 9
2 1 3 ,4 1 5 ,6 1 3
2 7 0 ,8 9 3 ,8 2 7
3 5 8 ,1 9 9
0 5 ,2 0 7 ,7 9 9
1 9 ,4 4 9 ,6 1 1
2 1 ,1 0 9 ,2 6 2
1 0 4 ,9 0 4 .1 5 3
4 0 ,3 5 9 ,1 3 3
1 3 ,1 2 3 ,6 0 5
1 4 ,1 9 8 ,9 5 3
923
1 ,0 2 0 ,2 4 1 ,7 3 0
3 7 ,3 2 7 ,0 7 3
5 9 ,1 7 6 ,1 6 2
D u e N e w Y o r k S t a t e s a v i n g s b a n k s _________
2 7 ,1 0 9 ,8 8 4
2 2 ,5 0 9 ,8 9 2
D u o N e w Y o r k S ta te s a v in g s a n d lo a n a s s o '
c i a t i o n s , c r e d i t u n i o n s a n d L a n d B a n k _____
l ,2 3 0 6 1 9
7 3 1 ,3 1 8
D e p o s d s b y S t a t e o f N e w Y o r k __________
4 754 418
5 ,7 5 4 ,7 0 5
D e p o s it s b y S u p e rin te n d e n t o f B a n k s o f
’
’
S t a t e o f N e w Y o r k ______________________________
an cone
4 9 2 ,4 8 8
O th e r d e p o s its s e c u r e d b y p le d g e o f a s s e t s ! ! !
2 0 ,8 7 7 ’717
5 2 ,1 7 0 ,9 4 2
D e p o s i t s o t h e r w i s o p r e f e r r e d ___
i 044 . 0 7 c
1 ,7 8 9 ,8 1 9
D u e d e p o s i t o r s n o t p r e f e r r e d _____________ ! ! ! " "
7 9 8 ’ io 7 ? 0Q
7 2 7 ,8 5 3 ,0 0 2
D u e t o t r u s t c o m p a n i e s , b a n k s a n d b a n k e r s ___
4 0 !5 1 0 03 0
4 9 ,7 2 1 ,7 5 7
Rediscounts!! ! ! ! ! ! ! ! ......................................
Acceptances of drafts payable" at a" fGtur'e" date
Other liabilities by commercial letters of credit
Add for c e n t s . ! ! ! ! ! ! ! ! -----------------------
^ ^ 4 .3 3 72 7 ,6 2 0 .7 7 0
7 ,8 8 1 ,5 8 1
1 3 ,0 2 7 ,6 3 5
11,440,632
14
47,503,377,1 8 3 ,1 6 5
419
421
T ota l
T o t a 'l'f le n n s h S ........................................................ 1 , 1 2 0 ,0 3 2 ,0 3 4 1 ,0 2 0 ,2 4 1 ,7 3 0
1 o t a l d e p o s i t s .............................................. .......... 8 9 5 .0 0 7 ,5 4 2
8 6 l!0 2 4 !9 2 6
CONFERENCE OF FEDERAL RESERVE
AND RESERVE BOARD.
GOVERNORS
A three days conference between Governors of the Federal
Reserve banks and members of the Federal Reserve Board
was held in Washington two weeks ago. The only an
nouncement which has come from the Board concerned the
opening session on Thursday, March 20, as to which it
said:
A m o n g t h o s e p r e s e n t a t T h u r s d a y ’s b s e s s io n w e r e t h e f o ll o w i n g :
M e s s r s . \V. P . G . H a r d in g , G o v e r n o r ; C . S j l l a m l i n , A . C . M i l l e r , J o h n
S k o lt o n W i l l i a m s , o f t h e F e d e r a l R e s e r v e B o a r d ; L . L . R u e , A . B a r t o n
H e p b u rn W . S . R o w e , F . O . W a tts , D . G . W in g , o f th e e x e c u tiv e c o m
m it t e e o f t h e f e d e r a l A d v i s o r y C o u n c i l ; R . C . L e f f i n g w e l l , A s s i s t a n t S e c
r e ta r y o f th e T r e a s u r y , a n d th e fo llo w in g g o v e r n o r s o f F e d e ra l R e s e r v e
b a n k s : C h a r le s A . M o r s s ( B o s t o n ) , B e n ja m i n S t r o n g ( N e w Y o r k ) , E . P .
P a s s m o r e ( P h i l a d e l p h i a ) , E . R . F a n c h e r ( C l e v e l a n d ) , C h a r le s A . P e p le ,
D e p u t y G o v e r n o r (R ic h m o n d ) , M . B . W e llb o r n (A t la n t a ), J . B . M c D o u g a l
( C h i c a g o L D . CL B i g g s ( S t . L o u i s ) , T h e o d o r e W o l d ( M i n n e a p o l i s ) , J . Z .
KrancLsco)aUSaS C ity )’ R " L " Va“ Zandt (Dallas) • an<1 J- K - Lynch (San
I h e m e e t in g T h u r s d a y w a s o f a p u r e l y p r e l im i n a r y c h a r a c t e r f o r t h e
e x c h a n g e o f v ie w s o n t h o f o r t h c o m i n g V i c t o r y L i b e r t y L o a n a n d r e la t e d
q u e s tio n s .
I t d o e s n o t a p p e a r , h o w e v e r , t h a t th e re w ill g r o w o u t o f th o
m e e t in g a n y r e c o m m e n d a t io n l o o k in g t o a c h a n g e o f d i s c o u n t p o l i c y .
iv ,,
r c c t o r ' G ener£d
R a il r o a d s c a m e b e f o r e t h o m e e t i n g , a n d o u t
l in e d h is t e n t a t i v e v i e w s a s t o t h e f i n a n c i n g o f t h e i m m e d i a t e r e q u ir e m e n t s
o f t h o r a i lr o a d s .
A m o n g o th e r m a tte rs d is cu s s e d w a s t h a t o f p e rm a n e n t q u a rte rs fo r
fe d e r a l R eserve ban ks.
S e v e r a l o f t h o b a n k s h a v e a c q u i r e d p r o p e r t ie s
u p o n w in c h t h e y w il l e it h e r c o n s t r u c t n e w b u i l d in g s o r r e m o d o le d e x is t in g
s t r u c t u r e s , b u t n o d e f i n i t e a c t i o n w a s t a k e n in t h i s r e s p e c t a n d t h o B o a r d
w i l l n o t u n d e r t a k e t o a p p r o v e p la n s in t h is c o n n e c t i o n u n t i l t h o n e e d s o f t h o
s e v e r a l b a n k s h a v o b e e n m o r e c a r e f u ll y s t u d i e d a n d a n a n ly z e d .
As to tho deliberations of tho 21st the “Journal of Com
merce in special Washington advices published in its
issues of tlie 22d said in part:
A f t e r a d a y s p e n t in t h o g e n e r a l d i s c u s s io n o f t h o m a n y f in a n c ia l p r o b
le m s w h ic h r e m a in f o r s o l u t io n b y t h o G o v e r n m e n t w it h t h o a i d o f b a n k s
th r o u g h o u t th e c o u n t r y , th o F e d e ra l R e s e r v e C o n fe r e n c e t o -d a y b e g a n d e
t a i le d d is c u s s io n a n d c o n s i d e r a t io n o f t h o s t e p s t o b r i n g a b o u t t h o e s t a b
lis h m e n t o f n e e d e d fin a n c ia l f a c il i t i e s .
A l t h o u g h f in a l s e t t le m e n t h a s n o t
c e n m a d o o n a n y o f t h o q u e s t io n s b e f o r e t h is c o n f e r e n c e , p r o g r e s s is b e in g
i n o f f e c t P a " S W h k h w 111 h a v o h n l> o rta n t a n d f a r -r e a c h i n g e f f e c t w h e n p u t
G e n e r a l f in a n c ia l q u e s t i o n s w h ic h a r e o c c u p y i n g a c o n s p i c u o u s p a r t in
t h e d i s c u s s io n a r e t h o G o v e r n m e n t ’s f in a n c ia l p r o g r a m , r a i lr o a d f in a n c in g
u n t i l C o n g r e s s a p p r o p r i a t e s t h e n e c e s s a r y a d d it i o n a l f u n d s , t h o s e t t le m e n t
o r u n f in is h e d G o v e r n m e n t c o n t r a c t s , a n d t h o p r e s e n t a n d p r o s p e c t i v e
f in a n c ia l c o n d i t i o n s w h ic h m u s t b o u s e d a s a b a s is in t h e f o r m u l a t i o n o f
a n y p l a n "w h ich m ig h t b o d e c i d e d u p o n .
F o r e ig n fin a n c ia l q u e s t i o n s , c lo s e l y i n t e r l a c e d w it h t h e U n it e d S t a t e s In
t h o p o s i t io n a s a w o r l d f i g u r e , w h ic h a r e b e i n g d is c u s s e d a t t h o c o n f e r e n c e s
* _ e t h e < y s c o n tt a u a n c e o f lo a n s b y t h e U n it e d S t a t e s t o t h e E u r o p e a n c o u n
t r ie s , t h e e f f e c t u p o n w o r l d f i n a n c e o f t h e s ig n in g o f t h e p e a c e t r e a t y , t h o
r e m o v a l o f G o v e r n m e n t s u p e r v i s io n o f f o r e ig n e x c h a n g e t r a n s a c t io n s a n d
n H u i a ? . ° f restt ‘ f ic lo n s o n t h o s h i p m e n t o f g o l d a n d b u l l io n f r o m t h o
r
U n it e d S t a t e s t o A l l ie d a n d u l t im a t e l y e n e m y c o u n t r ie s w h e n t h e r e s u m p t. , “ < f T r a d o r e la t io n s w it h t h o s o c o u n t r io s is s a n c t i o n e d b y
1 )t1
)
A l l i e d B l o c k a d e C o u n c il .
th o In to r-
R e / o r t i n g t o t h o n e c e s s it ie s o f A m e r i c a n c o m m e r c o f o r f in a n c ia l fa c il i
t i e s . i n d e v e l o p i n g t h is c o u n t r y ’s f o r o i g n t r a d o a c t iv it i e s a b r o a d , t h o c o u e r e n c o t o o k u p f o r d is c u s s io n t h e p r e s e n t a n d p r o s p e c t i v e n e e d s o f A m e r i
c a n e x p o r t e r s a n d im p o r t e r s f o r f in a n c ia l fa c il i t i e s , s h i p p i n g f a c ilit ie s t h e
i o r m a t i o n o f e x p o r t c o r p o r a t io n s a n d a s s o c ia t i o n s a n d t h o c r e a t io n o f t h e s e
l a c ii i t i e s b y j o i n t a c t i o n o f t h e v a r i o u s G o v e r n m e n t d e p a r t m e n t s .
1 be paper quoted stated that other subjects to be taken
up for discussion were Discount policies, bankers’ accept
[V o l .
108.
ances, Loans to Member banks, credit statements, redis
counts between Reserve banks, Reserve Bank insurance
and concentration of Gold at Federal Reserve banks—the
discussion on the last named converging on the possibility
of further increase in gold holdings and demand for gold in
exchange for Federal Reserve notes redeemed at Federal
Reserve banks for other purposes.
OFFERING OF §200,000,000 OF BONDS BY WAR
FIN A N C E CORPORATION.
The proposed issue of .§200,000,000 of bonds by the War
Finance Corporation, to which wo have previously referred
in these columns, was placed on sale through the Federal
Reserve banks. Tho bonds, which are the first to bo put
out by the corporation, are issued in denominations of
§1,000, in bearer form, run for ono year from April 1 1919
and bear interest at 5%, payable semi-annually. To quote
tho circular of the Federal Reserve Bank of Now York
announcing the offering, tho bonds “are exempt, both as
to piincipal and interest, from all taxation now or hereafter
imposed by the United States, any State, or any of the pos
sessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes,
and excess profits and war profits taxes, now or hereafter
imposed by the United States, upon tho incomo or profits
oi individuals, partnerships, corporations or associations.”
Iho interest on not exceeding §5,000 of tho bonds is oxempt
ftoin the taxes in clause B. Eugene Mhyor Jr., Managing
Director of the War Finance Corporation, is said to have
stated on April 1 that the proceeds derived from tho salo of the
bonds would be used for general purposes of the corporation,
lie pointed out that large amounts of monoy are boing used
loi advances to the railroads, that other largo sums are boing
used under the authorization of the Government bonds in
tho market, and that it is expected that considerable amounts
may be needed to finance foreign trade.
Ihe federal Reserve Bank in its announcement states
that the Reserve banks are authorized, subject to tho ma
turity limitations of the Reserve Act and to regulations of
the Federal Reserve Board, to discount the direct obliga
tions of member banks secured by tho bonds of tho corpora
tion, and to rediscount eligible paper secured by tho bonds
and endorsed by a member bank. No such discount or re
discount, however, may be at an interest charge less than
1 % per annum above the prevaling rato for oligiblo com
mercial paper of corresponding maturity. Tho following
is the announcement of the offering made by tho New YorkFederal Reserve Bank on April 1:
$ 2 0 0 ,0 0 0 ,0 0 0 W A R F I N A N C E C O R P O R A T I O N S E R I E S “ A " 5 % G O L D
BON DS.
t lo n fo ^ M o n !)1 t 19" D,letiAl,ril 1 ,1920’ ^ u p o n b o n d s l n d o u o m l n a .
M ona o f $ 1 ,0 0 0 .
T a x -e x e m p t i o n s a s d e s c r ib e d b o l o w .
O ffo r c d a t $ 1 00 0
p e r b o n d a n d a c c r u e d in te re s t.
■
’
T h o W a r F in a n ce C o r p o r a t io n , a c o r p o r a t io n c r o a t c d b y A c t o f C o n
g r e s s a p p r o v e d A p r i l 5 1 9 1 8 , a s a m e n d e d , o f f e r s , b e g i n n i n g a t 10 o ’c l o c k
a . m . W e d n e s d a y , A p r i l 2 1 9 1 9 , u n d e r t h o a u t h o r i t y o f s a id A c t , w it h
t h o a p p r o v a l o f t h o S e c r e t a r y o f t h o T r e a s u r y , f o r s u b s c r ip t i o n a t 8 1 0 0 0
p e r b o n d a n d i n t e r e s t , t h r o u g h t h o F e d o r a l R e s o r v o b a n k s , a s it s fis c a l
a g e n t s , c o u p o n b o n d s , s e r ie s “ A , " o f W a r F i n a n c o C o r p o r a t i o n in t b o
a g g r e g a t e p r i n c ip a l a m o u n t o f $ 2 0 0 ,0 0 0 , 0 0 0 .
B o n d s w ill b e i s s u e d in d e n o m i n a t i o n s o f $ 1 ,0 0 0 o n l y , in b e a r e r f o r m ,
w ill b o d a t e d A p r i l 1 1 9 1 9 , w ill m a t u r e A p r i l 1 1 9 2 0 a n d w ill b e a r in t e r e s t
f r o m A p r i l 1 1 9 1 9 a t t h o r a t e o f 5 % p e r a n n u m , p a y a b l e s e m i- a n n u a l ly o n
O c t . 1 a n d A p r i l i . T h o p r i n c ip a l a n d i n t o r o s t o f t h o b o n d s w ill b o p a y a b l e
in U n it e d S t a t e s g o l d c o i n o f t h e p r e s o n t s t a n d a r d o f v a l u e .
T h o r ig h t is r e s e r v e d t o r e j e c t a n y a p p li c a t io n ; t o a l l o t lo s s t h a n t h e
a m o u n t o f b o n d s a p p li e d f o r , a n d t o c l o s o t h o s u b s c r ip t i o n a t a n y t im e
w it h o r w it h o u t n o t i c e .
P a y m e n t fo r b o n d s a llo t t e d m a y b o m a d e , a t
o n c o a n d m u s t b e m a d o w it h in t h e p e r i o d f i x e d in t h e n o t i c o o f a l l o t m e n t
w h ic h v. ill b e m a ile d t o t h o s u b s c r ib e r .
U p on p a y m e n t, F ed era l R eserv e
b a n k s w ill is s u e in t e r im r e c e ip t s p o n d in g d o l i v o r y o f t h o d e f i n i t i v e b o n d s .
I n c o r p o r a t e d b a n k s a n d t r u s t c o m p a n i e s a n d s u c h d e a le r s in i n v e s t
m e n t s e c u r it ie s a s s h a ll b o a p p r o v e d b y t h e F e d o r a l lt o s o r v e b a n k s w ill
r e c e iv e a c o m m i s s i o n o f
o f 1 % o f t h o f a c e a m o u n t o f a n y b o n d s o f t h is
is s u o , w h e n d u l y p a i d f o r , w h ic h s h a ll h a v o b o o u a l l o t t e d t o o r t h r o u g h
s u c h b a n k s , t r u s t c o m p a n i e s o r d e a le r s .
T h i s c o m m i s s i o n is t o b o p a y a b l e
in ^ e a ch i n s t a n c e w it h i n s i x t y d a y s a f t o r t h o a l lo t m e n t lia s b e e n p a id f o r in
Legality.
•
O p in io n s h a v e b e e n g i v o n b y t h o A t t o r n e y - G e n e r a l o f t h o U n it e d S t a t e s
a n d b y t h e G e n e r a l C o u n s e l o f t h o W a r F in a n c o C o r p o r a t i o n t h a t t h e s e
b o n d s w ill c o n s t i t u t e v a l i d a n d b i n d i n g o b l ig a t io n s o f t h o C o r p o r a t i o n ,
a n d w ill e n t i t l e t h e ir h o ld e r s t o t h o e x e m p t i o n s f r o m t a x a t i o n a s s e t f o r t h
in t h is c ir c u l a r .
T a x-E xem p tion .
I n a c c o r d a n c e w it h s a id A c t o f C o n g r e s s , t h o b o n d s a r o o x e m p t . b o t h
a s o p r n c ip a a n d in t e r e s t , f r o m a ll t a x a t i o n n o w o r h o r o a f t o r im p o s e d
b j t h o U n it e d S t a t e s , a n y S t a t o . o r a n y o f t h o p o s s e s s io n s o f t h o U n it e d
S t a t e s , o r b y a n y l o c a l t a x i n g a u t h o r i t y , e x c o p t (a ) e s t a t o o r in h e r it a n c e
t a x e s , a n d (ft) g r a d u a t e d a d d it i o n a l i n c o m o t a x e s , c o m m o n l y k n o w n a s
s u r t a x e s , an ti e x c e s s p r o f i t s a n d w a r p r o f i t s t a x e s , n o w o r h e r e a f t e r im
p o s e d b y t h o U n it e d S t a t e s , u p o n t h o i n c o m o o r p r o f i t s o f i n d i v id u a l s , p a r t
n e r s h ip s , c o r p o r a t i o n s o r a s s o c ia t i o n s .
I h o in t e r e s t o n a n a m o u n t o f s u c h b o n d s a u t h o r i z e d b y s a i d A c t , the*
p r i n c ip a l o f w h ic h d o e s n o t e x c e e d in t h o a g g r e g a t e $ 5 , 0 0 0 . o w n e d b y
THE CHRONICLE
A pr. 5 1919.]
any
in d iv id u a l, p a rtn e rs h ip , c o r p o r a t io n
o r a s s o c ia t i o n ,
is e x e m p t f r o m
t h e t a x e s r e fe r r e d t o in c la u s e ( 6 ).
i s s u o , b u t a s y e t m a n y s u c h b a n k s h a v e n o t h a d t im e t o r e c e i v e t h e c i r
c u la r o ffe r in g .
.
,
,
,,
I t is n o t t h e i n t e n t io n t o c l o s e t h e s u b s c r ip t i o n s a n d m a k e a l lo t m e n t s
b e f o r e t h e e n d o f t h is w e e k .
Discount and Rediscount Rights.
I t is f u r t h e r p r o v i d e d b y s a id A c t t h a t F e d e r a l R e s e r v e b a n k s a r o a u t h o r
i z e d s u b j e c t t o t h e m a t u r i t y l im i t a t io n s o f t lio F e d e r a l R e s e r v e A c t a n d
t o r e g u l a t io n s o f t h e F e d e r a l R o s c r v o H o a r d , t o d i s c o u n t t h e d i r e c t o al
n a t io n s o f m e m b e r banks, s e c u r e d b y t lio b o n d s o f t h o C o r p o r a t i o n , a n d
t o r e d i s c o u n t e l ig i b l e p a p e r s e c u r e d b y t h o b o n d s a n d e n d o r s e d b y a m e m
bank X
s u c h d i s c o u n t o r r e d i s c o u n t , h o w e v e r , m a y b e a t a n in t e r e s t
c h a r g e la s s t h a n 1 % p e r a n n u m a b o v e t h o p r e v a i l in g r a t o f o r e lig ib le
co m m e r c ia l p a p e r
o f co r re s p o n d in g
m a t u r it y .
Security.
.
T h e A c t c r e a t in g t lio C o r p o r a t i o n p r o v i d e s t h a t a ll b o n d s i s s u e d b y t lio
C o r p o r a t i o n s h a ll h a v e a f ir s t a n d p a r a m o u n t f l o a t i n g c li a r g o o n a ll t h e
a s s e t s o f t h o C o r p o r a t i o n a n d t h a t t h e C o r p o r a t i o n s h a ll n o t a t a n y t im e
n m r t e a g e o r p l e d g e a n y o f it s a s s e t s .
T h e s e a s s e t s , i n c lu d e n o t o n l y s u c h
a s m a y b e o b t a i n e d t h r o u g h t h o p r o c e e d s o f s a le o f t h o s e b o n d s b u t a ls o
t h o s e o b t a i n e d f r o m fu n d s r a is e d t h r o u g h s u b s c r ip t i o n s t o c a p i t a l s t o c k .
T h o U n it e d S t a t e s is n o t l ia b lo f o r t h e p a y m e n t o f t h e s e b o n d s o r t h o in
te re st u p o n th em .
Capitalization of Corporation.
T h e t o t a l a u t h o r i z e d c a p i t a l s t o c k o f t li o W a r F i n a n c e C o r p o r a t i o n is
S >00 0 0 0 0 0 0 , a ll o f w h ic h s h a l l , u n d e r s a i d A c t o f C o n g r e s s , b o s u b s c r ib e r
b y t h e U n it e d S t a t e s o f A m e r i c a .
T o d a t e $ 3 5 0 ,0 0 0 ,0 0 0 o f t h e c a p i t a
s t o c k h a s b e e n s u b s c r ib e d a n d p a i d f o r , a n d is n o w o w n e d b y t h o U n it e d
S t a t e s o f A m e r i c a ; s u b s c r ip t i o n t o t h e r e m a in in g $ 1 5 0 ,0 0 0 ,0 0 0 is s u b j e c t
t o c a l l u p o n t h e v o t e o f t h r e e - f i f t h s o f t h o b o a r d o f d i r e c t o r s o f t lio C o r
p o r a t i o n , w it h t h e a p p r o v a l o f t h e S e c r e t a r y o f t h e T r e a s u r y at; s u e
t i m e o r t im e s a s m a y b o d e e m e d a d v i s a b l e .
T h o S e c r e t a r y o f t h e I io a s
u r y is b y l a w t h e C h a ir m a n o f t h e B o a r d .
T h o o b j e c t o f t h e A c t c r e a t in g t h o C o r p o r a t i o n w a s , a s e x p r e s s e d
>
t i t l e : " T o p r o v i d e f u r t h e r f o r t h e n a t i o n a l s e c u r it y a n d d e f e n s e a n d , t o
t h e p u r p o s e o f a s s is t in g in t h e p r o s e c u t i o n o f t h e w a r , t o p r o v i d e >
_
f o r i n d u s t r ie s a n d e n t e r p r is e s in t h o U n it e d S t a t e s nct’ f sha ^ °
t o r y t o t h o p r o s e c u t io n o f th o w a r .
.
• • a n d fo r o t .i e i
l
'
..
■•
Reports.
T h e f i r s t a n n u a l r e p o r t o f t h e W a r F in a n ce > W
o p e r a tio n s
a t i o n - c o v e r in g its
^
“
°o ra S 5
S E C R E T A R Y G LA SS’ S O P T I M I S M A S TO V IC T O R Y L IB
E R T Y L O A N — S E N A T O R C A L D E R 'S SUGGES
T I O N FOR R E M E D I A L L E G I S L A T I O N .
In expressing his confidence in tho success of the forth
coming Victory Liberty Loan, Secretary of the Treasury
Carter Glass states that “I am sanguine to believe that tho
market for Liberty bonds has seen its worst, and that the
market position of the bonds will improve as true understand
ing of the immense strength of the financial position of the
United States becomes disseminated and as the Victory
Liberty Loan campaign proceeds.” What Secretary Glass
has to say regarding the loan is contained in a letter addressee
to Senator William M. Calder of New York in answer to a
communication from the latter calling attention to the decline
in existing Liberty bond issues, and suggesting that President
Wilson be asked to convene Congress in special session to pass
remedial legislation to the end that holders of the old issues
should obtain tho same rate of interest as the forthcoming
issuo will bear. Secretary Glass in replying to Senator
Calder states that “to ask the President to call the Congress
in special session to enact some additional legislation in ai
of the Victory Liberty Loan would imply a distrust which I
do not feel.” ' Mr. Glass adds that he takes “a very optimistic
view of the prospect for the Victory Liberty Loan and of
the future of this country.” Senator Calder’s letter, made
public on March 28, said:
r e p o r t s a s r e q u i r e d b y s a id A c t o f
C o n g r e s s w ill l ik e w is e b o s u p p l i e d o n r e q u e s t .
Balance Sheet.
'H ie b a l a n c e s h e e t o f t h e c o r p o r a t i o n a s o f M a r c h
10 1 9 1 9 is a t t a c h e d
h eroto’
W A R F IN A N C E C O R P O R A T IO N .
B y C A R T E R G L A S S , C h a ir m a n ;
M a r c h 3 1 .1 9 1 9
B y E u g e n e M E Y E R J r . . M a n a g in g D ir e c t o r .
A p proved:
CARTER
.
G L A S S , S ecreta ry o f th e
W AR
F IN A N C E
trea su ry .
C O R P O R A T IO N .
General Balance Sheet March
Assets—
19 1 9 1 9 .
.
C a s h d e p o s i t e d w it h t h e T r e a s u r e r o f t h e U n it e d S t a t e s a n d
, nr
t h o F e d e r a l R o s c r v o b a n k s ------------------------------------------------------ $ 1 3 .8 5 1 ,4 0 b 4.5
L oans to:
B a n k s , b a n k e rs , tr u s t c o m p a n ie s a n d s a v
in g s b a n k s ------------------------------------------------------- $ 3 , 9 1 2 , 6 7 / hi
R a il r o a d s ( w h ic h in c lu d e s $ 5 0 ,0 0 0 ,0 0 0 t o
t h o D ir e c t o r - G e n e r a l o f R a i l r o a d s ) --------- 1 1 6 . 5 5 5 , 2 / 0 0 >
T h e a b s e n c e o f t h e P r e s id e n t f r o m t h e c o u n t r y p r o m p t s m e t o w rite y o u
c a l li n g y o u r a t t e n t i o n t o n u m e r o u s c o m p l a i n t s t h a t a r e b e in g c o n s t a n t >
b r o u g h t t o m y a t t e n t i o n r e la t i v e t o t h o f a c t t h a t t h o b i ll r e c e n t ly p a s s e d
b y C o n g r e s s c o n t a i n s n o p r o v i s i o n f o r c o n v e r s i o n o f o l d is s u e s o f b o n d s i n t o
n e w Is s u e s t o m e e t c h a n g e d c o n d i t i o n s o f f in a n c e .
T h is h as brou gh t a b o u t
a s e v e r o d e c l in e a n d d e p r e c i a t i o n in t h o p r i c o o f L i b e r t y
o n s,
^
,
b r o u g h t d i s a p p o i n t m e n t a n d d i s s a t is f a c t io n t o t h e t w e n t y m il l io n o d d b o
h o ld e r s o f t h e c o u n t r y .
I t has en d a n g ered th o su ccess o f th o n ow \ icto .
L o a n a s f a r a s a g e n u in e p u b l i c p a r t i c i p a t i o n is c o n c e r n e d .
I f t h e p u b l i c d o e s n o t t a k e t h i s l o a n t h e b a n k s w il l b e o b l i g e d t o d o
,
w h ic h m e a n s a r e s t r i c t e d c r e d i t c o n d i t i o n f o r g e n e r a l b u s in e s s .
A con
d i t i o n o f t h i s c h a r a c t e r s h o u l d b o a v o i d e d a t a ll c o s t s .
All s u b s c r ib e r s t o w a r b o n d s a t a ll t im e s a r e e n t i t l e d t o W e n t ie a l t o m ^
T h o p r i c e o f L i b e r t y b o n d s t o - d a y s e llin g a t a d i s c o u n t o f 6 H % . in d ic a t e s
t h a t t h o V i c t o r y b o n d o r n o t e m u s t y i e ld a g r e a t e r r a t e o f i n t e r e s t t h a n
f o r m e r is s u e s .
I f j u s t i c e p r o v a i l s t h o h o l d e r o f o l d i s s u e s should o b t a i
a t le a s t f o r t h e l if e o f t h o n o w is s u e s , t h e s a m e r a t o o f i n c o m e .
I f th is .
d o n e t h o p u b l i c . I k n o w , w ill r e s p o n d a g a in t o t h e c a l l f o r f u n d s .
T h i s f a c t s h o u l d n o t b e l o s t s ig h t o f .
S e cre ta ry M c A d o o r e q u e s te d th e
p e o p l e o f A m e r i c a t o b o r r o w a ll f u n d s p o s s i b le t o b u y b o n d s .
T h e lo a n s
m a d e b v b a n k s o n L i b e r t y b o n d s s h o w h o w w e ll t h o p e o p l e r e s p o n d e d .
W e c a n h a r d l y e x p e c t a l i k e c o n d i t i o n t o p r e v a i l w h e n w o k n o w t h e c o ll a t e r a l
v a l u e o f t h o lo a n s h a s d e p r e c i a t e d & H % .
____
T h e b o n d b ill w a s p a s s e d b y t h e S e n a t e in t h e c lo s i n g d a y s o f t h e r e c e n t
s e s s io n o f C o n g r e s s , w it h o u t a m e n d m e n t .
M a n y S e n a to r s i n s t e p t h a t
w e w e r e r u n n in g a v e r y g r e a t r is k in e n a c t i n g t h i s m e a s u r e w i t h o u t g r e a t e r
P u b li c u t i l i t i e s . - . - .............. - ............................ - - 2 0 '™ V c r o
I n d u s t r i a l c o r p o r a t i o n s ........................................
® 3 6 .6 5 2 0 0
Cattle l o a n s ................... ..........................- ............... * .7 9 0 . 7 7 2 3 5
L o a n s ............................................................. .......... .............................
In v estm en ts;
„
T
U n it e d S t a t e s o f A m e r i c a L i b e r t y L o a n b o n d s -------------------O f f i c e f u r n it u r e a n d e q u i p m e n t .........................................................
A c c r u e d i n t e r e s t r e c e i v a b l e ...................................................................
T ota l
5 4 ,6 7 7 ,2 7 1 9 6
c o n s i d e r a t io n a n d r e a s o n a b l e a m e n d m e n t .
.
I a m c e r t a in t h a t y o u w ill a g r e e w it h m e t h a t t h o c o n d i t i o n o f a f fa ir s
M « I ., t . » » • th o lo o s t. o r a c h a r a c te r th a t w a r r a n t , th e
1 «4 5 8 4 ,5 1 8 2 9
8 ,6 7 1 0 4
,6 9 4 ,5 1 9 62
•
>
o p i n i o n t h a t i f s o m e t h in g is n o t d o n o t h e n e w is s u o m a y f a il .
I t s e e m s t o m e t h e m a t t e r is s e r io u s e n o u g h t o j u s t i f y y o u c a M h i g t h e
P r e s i d e n t a d v i s i n g t h a t a s p e c i a l s e s s io n o f C o n g r e s s b e c o n v e n e d a t o n c e
t o p a s s le g is l a t i o n o f a r e m e d ia l c h a r a c t e r .
U n le s s t h i s is d o n e , w e c a n
$ 3 5 6 ,8 1 6 ,3 8 7 3 4
Liabilities—
( la n ita l s t o c k — a u t h o r i z e d b y W a r F in a n c e
C o r p o r a t i o n A c t --------------------------------------------$ 5 0 0 ,0 0 0 ,0 0 0 0 0
L e s s s u b s c r ip t i o n b y t h o U n it e d S t a t e s o f
A m e r i c a s u b j e c t t o c a ll b y t h e d i r e c t o r s
o f t h e C o r p o r a t i o n ................................................ 1 5 0 ,0 0 0 ,0 0 0 0 0
E a r n i n g s ..............- .............- .............
I n t e r e s t c o l l e c t e d in a d v a n c e .
•$350 ,000,000 00
6 ,7 8 0 ,1 2 2 77
3 6 ,2 6 4 57
Total ............................ - ........................................... ..$356,816,387 34
D E N I A L B Y N E W Y O R K F E D E R A L RESERVE B A N K OF
I M M E D I A T E O VE RSUBSCR IPTIO N OF BO NDS
OF W A R F I N A N C E CO RPORATION.
Reports from Washington on April 3 that the $200,000,000
offering of bonds by the War Finance Corporation had been
oversubscribed with the opening of the books on that day
caused the issuance of an announcement on the 3d inst.
by the Federal Reserve Bank of New York, stating that the
reports of oversubscription wero unauthorized. The Now
York Reserve Bank added:
S u b s c r i p t io n s a r o b e i n g r e c e iv e d in v e r y g r a t i f y i n g a m o u n t s , a n d it is
t h o in t e n t io n o f t h o W a r F i n a n c e C o r p o r a t i o n t o k e e p t h o s u b s c r ip t i o n
b o o k s o p e n lo n g e n o u g h t o g iv e a n o p p o r t u n it y t o th o b a n k s t h r o u g h o u t
t lio c o u n t r y , w h i c h lia v o r e c e iv e d c i r c u l a r s , t o s u b s c r i b e b e f o r o t h e b o o k s
d o s e if th e y a c t p r o m p t ly .
i t a p p e a r s f r o m r e p o r t s r e c e lv o d f r o m s o m o o f t h o F e d e r a l R e s c r v o
b a n k s t h a t t h e y h a v o n o t h a d t im e t o m a k e k n o w n t h o o f f e r i n g t o a ll t h o
b a n k s t h r o u g h o u t t h e ir r e s p e c t iv e d i s t r i c t s , a n d t h e y r e q u o s t t h a t t h e y
!> ■ g i v e n t h o o p p o r t u n i t y t o d o s o .
<
T h e W a r F i n a n c e C o r p o r a t i o n i n t e n d s t o g i v e a f a ir o p p o r t u n i t y t o t lio
b a n k s t h r o u g h o u t t h e c o u n t r y , w h ic h h a v e p a t r i o t i c a l l y s u p p o r t e d t h e
G o v e r n m e n t ’ s f in a n c ia l o p e r a t i o n s d u r i n g t h o w a r , t o p a r t i c i p a t e in t h is
1343
h a v e n o p u b l i c o r p o p u la r l o a n .
Far from agreeing that the decline in outstanding bonds
might jeopardize the campaign for the flotation of the
Victory Loan, thereby tying up credits by forcing the banks
to take the new bonds, Secretary Glass declares that he was
assured the Treasury’s efforts to solve the financial problems
of the country would have the support of a “united and vic
torious people.” Depreciation in bonds, he said, has been
the result of artificial causes, and he knew of no one who did
not believe that all Liberty bonds would sell above par
before maturity. Secretary Glass’s letter, dated March 31,
follows in part:
t
n o t s h a r e y o u r p r e s e n t fe a r f o r t h e V i c t o r y L i b e r t y L o a n , n o r d o
u n d e rsta n d w h a t u n fa v o r a b le d e v e lo p m e n ts h a v o ta k e n p la c e s m e e j o u
a d d r e s s e d t h o S e n a te u p o n t h e f i r s t o f M a r c h a p p a r e n t ly n s u p p o r t o f
( c e r t a i n l y n o t in o p p o s i t i o n t o ) t h e V i c t o r y L i b e r t y I>oa n b i ll t o le a d j o u
t ° O n < a r r f i Y T l n 'y o u r s p e e c h In t h e S e n a t e , y o u s a id ; " I d o n o t s h a r e t h e
M
h o p o t e s n S e x p re sse d b y s o m e S e n a to rs.
W e h a v e h a d d e p o s i t e d in t h e
b a n k s a n d o t h e r f in a n c ia l i n s t it u t i o n s o f t h e U n it e d S t a t e s d u r i n g t h e la
f o u r y e a r s s u m s t o t a li n g o v e r $ 5 , 0 0 0 , 0 0 0 ,0 0 0 m o r e t h a n t h o s e . ^ t l t u t . o n s
c o n t a i n e d p r e v i o u s t o t h a t t im e .
T h e n , t o o , t h o w e a lt h o f t h is c o u n t r y
t o t a l s in t h e n e i g h b o r h o o d o f $ 2 3 5 ,0 0 0 ,0 0 0 ,0 0 0 .
S o I see n o re a so n w h y
w e s h o u l d n o t fe e l c e r t a in o f t h o f u t u r e , p r o v i d e d C o n g r e s s le g is la t e s in
t e l l i g e n t l y a n d d o e s e v e r y t h i n g in it s p o w e r t o k e e p d o w n t h e c o s t s o f
g ° I * d o 'n o t 's h a r e t h e h o p e le s s n e s s n o w e x p r e s s e d b y y o u n o r y o u r p r e s e n t
d e s ir e t o in c r e a s e t h e c o s t s t o t h e G o v e r n m e n t b y in c r e a s in g its i n t e r e s t
£
r g es
T h e V i c t o r y L i b e r t y L o a n b i l l b e c o m e s la w a f t e r v e r y f u
and
a d e q u a t e c o n s i d e r a t io n b y t h e C o n g r e s s .
T h o e n a ctm e n t o f th e
r e c e iv e d w it h r e l i e f a n d g r a t i f i c a t i o n b y t h o c o u n t r y a t la r g e a n d b y . ^
m e m b e r s o f t h e g r e a t L i b e r t y L o a n o r g a n i z a t io n .
T h e y e v in c e d n o la c k
o f c o n f i d e n c e in t h e T r e a s u r y ’ s a b i l i t y t o s o l v e t h o p r o b l e m s e n t r u s t e d t o i t
b v t h e C o n g re s s ; n o r h a v e I a n y fe a r o f t h o T r e a s u r y ’ s a b il t y t o s o lv e th o s e
p r o b l e m s , l i v e n a s I a m a s s u r e d i t w il l h a v e , t h e p a t r i o t i c s u p p o r t o f t h e
g r e a t L i b e r t y L o a n o r g a n i z a t io n a n d o f a u n i t e d a n d v i c t o r i o u s p
P •
1344
THE CHRONICLE
[Vol . 108.
To act in accordance with your suggestion and ask the President to call
weeks boforo and after March 15, without financial disturbance, thanks
tho Congress in special session to enact some additional legislation in aid
to the provision which had been mado In advance by tho salo of Treasury
of tho Victory Liberty Loan would imply a distrust which I do not feel of
certificates of indebtedness maturing March 15, and tortile effective co
tho action already taken by tho Congress and approved by tho President,
operation of tho Federal Keserve Banks, and this notwithstanding''that the
for there have been no adverse dovelopmonts sinco that action was taken.’
activities of tho sub-committeo on money of tho Liborty Loan Committoo
. . . I take a very optimistic view of tho prospect for tho Victory
had coino to an end about two months before.
Liberty Loan and o f the future of this country.
In writing you thus fully in answer to your letter I havo proceeded’upon
It is perhaps not unnatural that wo Americans, like all tho other peoples
tho assumption that it was*written with tho intention of aiding in solving
of the world, should have had to go through a period of depression and
the financial problems beforo us. I now ask that you givo to tho Troasury
discontent, even of bitterness, after tho winning of tho groat war. But
of tho United States, upon which, subject to tho approval of tho President
this was only the natural reaction from the intense physical and spiritual
effort which tho war called forth, from tho overstimulation of all our ener and to the limitations imposed by tho Acts of Congress, rests the responsi
bility for determining the terms of tho Victory Liberty Loan, that patriotic
gies and activities. The cessation o f hostilities followed hard upon a bitter
Political fight and came just before the approach of winter, a time when tho support and confidence without which no financial program of such mag
nitude can bo successful. Tho welfare of all our pcoplo is at stake.
I
resumption of normal poaco activities was most difficult.
The winter has passed and wo have every expectation o f tho early con ask you to join to make this last groat popular loan tho success it can and
r'+v.i *)0’ not. ^ t^ h°n° r and glory of tho Secretary of tho Treasury or
or 10
clusion o f poaco. Already coinmerco and industry begin to show signs of
the renewed life which mast follow the removal of tho restraints and interfer o tins Administration, but for the wolfaro and greater good of tho whole
American people and as a lasting monument of our appreciation of those
ence which was made necessary. The problems which arose from the failure
of tiie Congress to enact legislation for relief of tho railroads and other heroic men who went from among us to suffer and, some of them, to die,
for all of us in Franco.
important legislation presented a very serious situation and one of great
embarrassment to tho Government, but means will be found to carry them
along until tho time when Congress shall be called in special session.
MASS-M EETING AT HIPPODROME TO-MORROW TO
The war is won. Our present national debt of less than $2,'5,000,000,000
is our ultimato national debt after all war bills aro paid, which- ought not
EN LIST INTEREST OF FOREIGN-BORN IN
in any event to exceed $30,000,000,000, gainst which we shall hold some
VICTORY LIBERTY LOAN.
$10,000,000,000 of obligations of foreign Governments, is tho barest frac
tion of our national resources. Tho rotation o f our debt to our population
and resources is small indeed compared to that of any o f tho great countriesof Europo.
The discontinuance of Government interference with the foreign ex
changes, mado possible by the cessation o f hostilities, has demonstrated
M a jor-G en era l
tho truo position o f dollar exchango, which not only is at a premium in
relation to tho currencies o f all of the European countries which were en
gaged in tho war, but has now approached par or actually reached a premium
with respect to tho currencies o f European neutrals.
Our reserve, tho greatest in amount in the world, tho greatest in relation
to circulation and deposit in any of the countries which were engaged in
the war, was, on March 28 1910, 51.9% o f tho combined Federal Keserve
noto and deposit liabilities of the Federal Reserve banks. This comparos
most favorably with a combined reserve of 49.8% on Nov. 8 1918, just
boforo the armistice, particularly in view o f tho fact that sinco that date
tho Government's expenditures, for tho mast part growing out of tho war
have approximated $8,000,000,000, tho greater part of which has noccs^
e v en t
sarily been provided by the salo of Treasury certificates of indebtedness
to tho banking Institutions of tho country.
Thero is to-day no insufficiency o f credit for tho needs of any useful
enterprise nor Insufficiency o f gold to support our credit structure. Tho
payment o f tho Government’s bills, tho settlement o f its contracts and the
liquidation of Its liabilities should go forward with all possible speed. There
nover has boon and nover will bo lack of cash in the Treasury to rnako tho
payments.
Now that tho war is over and tho industry o f tho country is no longer
subjected to tho forcing process which was necessary to stimulate tho maxi
mum of production of war supplies, tho needs o f industry and commerce
for credit will automatically bo greatly reduced. Tho Government’s
expenditures which shortly after tho armlstico reached a maximum in excess
o f $2,000,000,600 in a month, should after the war bills have boon paid
shrink quickly back to say $2,000,000,000 a year, in addition to tho interest
and sinking funds charge on the public debt. This debt is widely distrib
ECONOMISTS, EDUCATORS A ND GOVERNMENT OFFI
uted among perhaps 20,000.000 of our people and involvos moroly a pay
CIALS TO CONFER ON PLAN TO LAUNCH THRIFT
ment by the taxpayers to tho taxpayers— for we aro fortunate abovo all
IN SCHOOLS.
tho great countries o f tho world in having practically no foreign debt.
I know of no ono who does not bolieve that tho Liberty bonds o f tho out
standing issues will sell well above par long before their maturity. The
Congress has provided in tho Victory Liberty Loan Act a sinking fund
which is calculated to rotire all tho bonds and notes of tho Liberty Loans
in less than twenty-five years. Tho liquidation whidi has taken place in
Liberty bonds since tho armistice is, in my judgment, and, I believe, in
that of most thoughtful financiers, traceable to other causes than the in
terest rate and terms of the bonds. Foremost of tlioso causes is tho fact
that many patriotic Americans, individuals and companies, subscribe 1for
bonds in a spirit o f patriotic fervor induced by tho war in excess of their
ability to hold.
The “ oversold" condition o f the market for Liberty bonds thus created
was accentuated by tho reaction following tho armlstico, which mado many
feel they wero released from tho duty of holding thoir bonds in aid of tho
Government’s credit; by tho dosire to realize losses beforo tho end of tho
year and thus reduce taxes; by tho changed financial position o f many bond
holders growing out o f tho termination of hastilitios, and, worst of all, by
tho wicked dovices o f bond sharps and swindlers who took advantage of
tho inexperience of many small investors in Liberty bonds, whom tho Treas
ury was, failing tho necessary legislation, powerless to protect.
Another clement in depreciating tho market valuo of Liberty bonds has,
no doubt, been the pessimistic utterances of many people who, like yourself,
have seen only tho dark side of tho page and who liavo oxaggora’ cd both
publicly and privately tho difficulty o f floating the Victory Liberty Loan.
This pessimism lias, I think, already been more than discounted in the
market price o f existing issues. I have not allowed myself to bo discon
PROPOSALS OF NEW YORK SAVINGS BANK IN TER
certed by these pessimistic utterances, bccauso I know that similar opinions
ESTS W ITH REGARD TO VICTORY LOAN.
wero expressed to Secretary M cAdoo beforo each of tho four Liberty Loans
offered during tho period o f active warfare, although during that period
those who held such views wero for tho mast part considerate enough to
express them to the Treasury privately and avoid public utterances which
would have added to its burdens.
I boliovo that all theso adverso influences have spent their force I am
sanguino to beliovo that the market for Liberty bonds has seen its worst
and that the market pasition of tho bonds will Improvo as truo understand
ing of the immense strength of tho financial position o f tho United States
becomes disseminated and as tho Victory Liberty Loan campaign proceeds.
I am encouraged to take theso hopeful views not only because of the
general considerations to which I havo called your attention, but also
bocauso of tlio special success which tho Government’s financial operations
have met since tho armistice. Sinco tho armlstico tho banking institutions
o f tho country havo responded to tho request of tho Treasury to meet tho
current requirements of tho Government by purchases of Troasury certifi
cates without any diminution of their patriotic enthusiasm.
Tho sale of Treasury certificates o f indebtedness at tho rato of 4 ^ %
The mombers of the Savings Banks Association of tho State of Now
established over a year ago has continued with undiminished success. In
\ork, with an earnest desiro to co-operate with tho Treasury in placing
deed, such sales havo recently proceeded so successfully and in such large
the forthcoming Liberty Loan, respectfully mako tho following resprosenamounts as to make necessary tho omission jast now of ono of tho regular
tations and suggestions:
bi-weekly offerings.
It is ovident from the speeches of the Secrotary of tho Treasury that ho
This success was contemporaneous with another financial operation of tho
fully understands that tho situation is decidedly different from that under
Treasury no less gratifying. Approximately $1,000,000,000 of incomo and
which tiie four preceding Liberty loans wore floated. Tho impetus given
profits taxes were paid into tho Treasury during the period of two or three
by tho patriotism of tho people naturally differs after victory from what it
An audience which will test the capacity of the Hippodrome
is expected at the “Amoricans-AU” mooting to-morrow
(Sunday) afternoon, when governors of threo States and
John F. O’Ryan, commander of tho 27th
Division, will speak. Gov. Smith of Now York, Gov. Edge
of New Jersey, and Gov. Holcomb of Connecticut will toll
foreign-born Americans tho necessity of tho Victory Liborty
Loan. The meeting is dosigned to commommorate tho
exploits of foreign-born Americans in war and demonstrate
tho faith and loyalty of these Ariioricans. Arrangements
were completed this week by tho Foreign Languago Bureau,
Government Loan Organization, under whoso auspices tho
manifestation will tako place, to make the
an occasion
that will arouse enthusiasm for the Victory Liborty Loan
campaign. Besides addresses by tho tliroo governors and
Goneral O’Ryap, thero will bo a special musical program by
foreign-born artists of international fame. Gold star
banners commemmorating the sacrifices of heroic dead, will
bo presented to tho racial divisions roprosented. As tho
meeting will tako place on the second anniversary of Amer
ica’s entrance into tho war, it will bo observed as an ovont
of particular significance.
With a view to taking thrift out of tho war emergency
class and establishing it as a pormanont institution, stops
will bo taken during a conference between educators, loading
economists, and Government officials for including thrift in
the school curriculum in the Now;.York Fodoral Roservo
District. This conference will bo hold at tho headquarters
of tho Government Loan Organization this morning (April 5).
Ono important matter that will come up for discussion is
the assembling of material for a thrift text-book for uso in
the schools. Tho text-book issue, howovor, is only ono of a
great many important questions that will bo considered at
tho conference. The conference was called by Bonjamin
Strong, Governor of the Federal Roservo Bank of Now York,
It will bo followed by a similar gathering called for early
noxt month by tho State Board of Education. Tho con
clusions reached by tho conferees at tho April meeting will be
laid before tho May gathering.
The suggestion that two classes of notes bo offered in
the coming Victory Liborty Loan—a popular Victory loan
bearing 5% interost and maturing in fivo years, and a taxfree loan at not less than 4%, maturing in fivo years__was
contained in a resolution adopted by tho Executive Com
mittee of the Savings Bank Association of tho State of Now
York at a meeting held at the Biltinoro Hotel, Now York,
on March 21. The recommendations wero offered by
James II. Manning, President of tho National Savings
Bank of Albany, as expressivo of the views of tho savings
bank interests, and wero unanimously adopted as follows,
it is learned from tho Albany “Argus:”
1345
THE CHRONICLE
Apr. 5 1919.]
was'during tho war. Under that impetus the people were willing to sub
scribe liberally to a security of which tho former issues were selling in the
market at a discount of from 4 to 0 % . The readiness with which this was
done marks one o f tho most notable acts of dovotion for which tho war ha
b°Banks a m "co lo ra tio n s aro still holding large amounts of these bonds,
not only as a part of their oVn investments, but as lenders thereon to sub
scribers who are slow in paying their loans. When wo are asked again to
invest funds which wo hold in trust for our dopostors and stockholders, it
m u " bo o r ie n t that in tho changed situation wo must show a different
basis if we hope to make a successful campaign, i o our mind it will bo
very difficult to interest tho peoplo at large to take the now loan unless
some decided and striking feature is connected with it -especially in vl
of tho shrinkage in tho market value of tho Lioerty bonds they already
hold
We believe that feature should bo such an advance in tho rate of
interest as will attract generally tho money of tho people. In view of the
necessities of trado and business in the reconstruction period, it is certainly
d^irablo that tho resources of tho Federal Reserve Bank should not bo
hampered or absorbed to tho extent that will bo necessary if too low a rate
° f Itnhas"been statedTbut wo believe erroneously, that a higher rate of
Interest would reduce tho savings banks’ deposits. Tho experience of the
past loan has proven that the banks paying 3J4% o r * J
4 ^
inbcen affected by tho flotation o f Government bonds paying 4 X % in
terest. It is also a fact that the total deposits o f the savings banks of the
state of Now York aro millions greater than tlioy wore at tho commence3 S T . m . It h » » ' » >“ » ■**««• « . . . a lOgbar rate or
>
would affect the price of tho present Government bonds as well as o f all
other bonds. It has, however, been clearly and frequently demonstrated
that tho placing of short-time notes of railroads and industrial corporations
has not affected tho price o f tho long-time bonds of these same corpora-
hands of the banks and of investment institutions throughout the country,
and less in the hands of private individuals. This iscquivakmt to
that it may probably be more difficult to obtain a wide distribution of the
Fifth Loan if it be offered in the form of short-term notes than if it be sold
as longer term bonds. The alternative plan would also tend to make the
whole operation more transitory and temporary in its working than would
be tho original plan of a bond issue. It would necessarily imply that the
early maturity of the notes must bo looked forward to and that an ex
tensive refunding operation must take place when such maturity ar
rives. On the whole, the note plan would therefore operate to inerea.se
the inflationary tendency already noticeable in the present banking
situation and would add, relatively speaking, to the burden carried by
the banks. Should tho commercial banks continue to retain the notes
thus purchased, they would in effect bo retaining upon a longer basis than
had been expected the Government securities which are now in their hands.
I f for example, the present issues of Treasury certificates should bo paid
for through sales of short-term notes which were largely taken by the banks,
tho transaction would amount in practice to the conversion of the cert cates which might be in tho hands of the banks into short-term invest ment
paper which might remain practically where tho certificates are now held^
There would be some readjustment or redistribution of theso holdings, but.
so far as the banking community as a wholo was concerned, the case would
be somewhat the same as at present. This would mean a continuation of
tho tendency to finance business to a considerable extent by the use or
“ war paper” and would make it more difficult to transfer Government
obligations to the strong boxes of private investors. Such a result is to be
avoided if possible. On this point the Secretary of the Treasury has said:
“ Whether they [tho new securities] bo bonds or notes, it is absolute y
essential that tho widest possible mcasuro of distribution bo realized .
“ T h believed that tho two issues of notes appealing to the largo in
vestor and tho men or women of moderate means, with different rates o
interest would meet tho situation. It should bo borne In mind that an
increased rato of interest is equivalent to a contribution by tho country a
largo, through placing tho burden on tho yoars during which tho issuo is
R E P R E S E N T A T I V E GOOD O N F I N A N C I A L PR O BL EM S
OF CONGRESS.
I n a s t a t e m e n t d e a lin g w it h th e fin a n c ia l p r o b le m s c o n
fr o n t in g th e n e x t C o n g r e s s , R e p r e s e n t a t iv e J a m e s W .
G o o d o f I o w a , C h a ir m a n o f th e A p p r o p r ia t io n s C o m m it t e e
o f th o n e x t H o u s e e s t im a te s t h a t th e a p p r o p r ia t io n s n e c e s s a r y
°In view of theso and other considerations, wo beg to offer tho following
fo r th o v a r io u s G o v e r n m e n t a c t iv it ie s in th e fis c a l y e a r e n d in g
sugoostions^wo
of notes bo offered, viz., a popular Victory Loan, J u n o 3 0 1921 w ill r e a c h a g r a n d t o t a l o f m o r e t h a n $ 3 ,8 0 0 ,
bearing a rato of 5% maturing in fivo yoars. Such notes to bo subject to 0 0 0 ,0 0 0 .
A c c o r d in g
to
R e p r e s e n t a t iv e
G ood
th e n e t
all United States taxes. This loan would bo promptly taken by investors
all ovor tho country, inasmuch as its market value should at all times bo C o n g r e s s io n a l a p p r o p r ia t io n s a v a ila b le d u r in g th e w a r a n d
t o J u n o 3 0 1 9 2 0 w ill a p p r o x im a t e $ 4 7 ,1 1 0 ,9 3 5 ,1 6 1 .
The
PaL °T h a tT ta x -fre o loan at not less than 4% maturing in five yoars. be r o v e n u e t o m e e t th e se a p p r o p r ia t io n s h e e s t im a te s a t $ 1 6 ,
offered
Such a loan would bo attractive to largo investors.
3.
That both issuos of notes may bo redeemable after threo yoars at par 6 5 7 ,8 2 3 ,5 0 3 d e r iv e d t h r o u g h c u s t o m s r e c e ip t s a n d in c o m e a n d
at tho option o f tho Government.
a loan o t h e r ta x e s , w it h $ 2 5 ,8 8 8 ,9 5 4 ,4 6 7 r a is e d fr o m th e sa le o f
b o n d s , n o t e s a n d w a r s a v in g s s t a m p s . J u ly 1, h e s a y s , w ill
fin d u s w it h a n a tio n a l d e b t o f a b o u t $ 2 4 ,0 0 0 ,0 0 0 ,0 0 0 ,
a s c o m p a r e d w it h a n a tio n a l d e b t b e f o r e th e w a r o f less
t h a n $ 1 ,0 0 0 ,0 0 0 ,0 0 0 .
R e p r e s e n t a t iv e G o o d ’ s s t a t e m e n t
whole country in tho payment of taxes.
Qnerntarv
Resolved, That a copy of tho foregoing minuto bo sont to tho Secretary
of tho Treasury.
------
G O V E R N M E N T P L A N S FOR SUPPR ESSIO N
S A V I N G S S T A M P SCALPERS.
OF
WAR
P la n s fo r th o p r o t e c t io n o f o w n e rs o f W a r S a v in g s s t a m p s
h a v e b e e n fo r m u la t e d b y T r e a s u r y D e p a r t m e n t o ffic ia ls
L o c a l r e p r e s e n ta tiv e s o f th e G o v e r n m e n t s a v in g s o r g a n
iz a tio n s t h r o u g h o u t th e c o u n t r y a re a s k e d to c o -o p e r a t e in
th o n a tio n -w id e c a m p a ig n to s u p p r e ss t r a ffic k in g a n d s t o c k
p e d d lin g .
T h o fo llo w in g le t te r h a s b e e n se n t d ir e c t o r s o f
G o v e r n m e n t sa v in g s o r g a n iz a t io n s in e v e r y F e d e r a l R e
s e r v o d is tr ic t:
Dear Sir— Tho problem o f protecting tho owners o f W . S. S. divides
into two phasos, first, protecting them from thoso who offer to buy
their stamps for c a s h — "trafficking” — and second, from thoso who aro tradhm worthies stocks for W. S. S . - “ stock peddling.” Both o f theso prac
tires must bo Stopped, and local representatives o f tho savings organlza^
tion can do much to provont their continuance. The Department of
Justico is anxious to assist us in this problem.
Whenever tiiero is a caso o f "trafficking” non-nogotiablo stamps in any
district it should bo reportod immediately to tho Division o f Loans and
Currency of tho Treasury Department, Washington, D. O. Tho roport
should include all available facts and advertisements of thoso who aro con'^ In tL ^ -a so T f stoc^poddlers, trading or offering to trade doubtful stocks
1
it- u fr>r stanms send names and addresses, with whatever copies
S
h
r S
^
t Prlspoctus and literature you have, direct to the
—
p r S X 'J S o u ”
eminent securities.
to
wm aid in tho ending o( . » *
<■*” » « ' 'V . »• . . » "
“ O'"
. ,. „
Very truly yours,
JOHN 0 . BURG,
Director on Organization.
w a s issu ed o n A p r il 3 .
W e q u o t e fr o m it as fo llo w s .
Tho failure of Congress to pass eight great supply bills, carrying over
S3 476.000,000, makes an accurate statement at this time respecting appro
priations for the fiscal year ending Juno 30 1920 impossible. It will be
necessary to convene Congress in extra session to pass the appropriation
h^The folfowing statement of appropriations made and of appropriation bills
which failed of enactment, but which passed tho House, indicates the re
quirements of the Government for the fiscal year ending Juno 30 1920.
and for deficiencies for the present fiscal year:
A p p r o p r ia tio n Laics E nacted.
Diplomatic and consular---------------------------------------------F ortification.....................................................- ....................
Legislative, &c...............................................- .............."
_
l l ’214’291 00
97!940|431 77
215,030,000 00
Second1deficiency "fiscal"year’ i§ i 9.....................................
5 3 i’4G6'l49 00
§ & £ ami K i t o r ; : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
3 3 :3 7 8 :3 0 4 0 0
Military Academy-------------------------------------------------------’
................................................... $1,193,864,914 35
Total.
Note.— Postal Item docs" not’inciude $78,000,000 carried for road construc
tion for the fiscal year 1921.
Appropriations in Miscellaneous Acts.
„
...
..
S7.525,000 00
Bureau of Mines, testing of lignites...........................................
luu.uuuuu
Relief in Europe------...............................................................
946:463 07
Coos Bay wagon road lan d s.---------------------------------------q qqr' qqq qq
Hospitals, public health service — - ...................- ............
9' 8 000 00
Probation system, District of Columbia-----------------------000 000 000 00
Wheat guarantee--------------------------------------------------------’
’
’gin 4 0
Private acts...........................................................................-___________
...
...................................... $1,117,713,43647
Total
P erm a n en t A n n u a l an d
I n d e fin ite A p p r o p r ia tio n s
H js t.)
Miscellaneous permanents and indefinitos...........................
8 0 0 0 '000 00
Expenses floating Liberty loans.............................................
25 OOO’O O 00
O
Increased compensation............................................
j 000!000,'000 00
9 5 4 ,0 2 0 ,0 0 0
w
Tota,
°
S ta tu s ~ o f~ A p p r o p r ia tio n
$2,074,286,880 00
B ills
W h ic h
F a ile d
o f E n a ctm en t
Agriculture (passed H . of R .) ............................................ - - -
^
Army (passed H. or K .)—
--------------------•
District of Col u m b a j passed II. of R .)------------------------------
q
^
’ 2 9 ',0 8 8
56
1400370100
720!793|00033
S5S£jW !f(i2iS
njam -gg 03
n 066 597
R a i l r o a d a p p r o p r i a t i o n ( p a s s e d H . o f R . ) ......................................................
7 im’ooOOOO 00
/ o u ,q u o , q u o 0 0
F E D E R A L RESERVE BOARD O N I S S U A N C E OF SHORT
T E R M NO TES A N D BO ND S.
Third deficiency fiscal year 1919 (passed H. of R .)...........
Indian (conference). — -------- - - - - - ----------------------
T h o F o d e r a l R e s e r v e B o a r d in its M a r c h B u lle t in w h ic h
w a s n o t issu e d u n til t o w a r d th e c lo s o o f th o m o n t h , in r e fo ir in g t o th o p r o p o s a l o f th o W a y s a n d M o a n s C o m m it t e o o f
th o H o u s e to m o d i fy th o p la n o f th o S e c r e t a r y o f th o I r e a su ry
b y th o s u b s t itu tio n o f s h o r t te rm n o t e s fo r b o n d s , sau l
r, Thn'dlfference between tho general proposal to place an Issuo of long1 .... bonds and that which contemplates tho sale of short-term notes o
lnir maturities and conditions is practically one of banking techniquo.
Z w l terra securities aro not. on tho wholo, as well adapted for investment
bv private individuals as longer term issuos, while financial custom has
i,«nallv dictated tho absorption of short-term issues by investment institu?
2/ practically therefore, tho alternative plan just outlined would tend
, 3
: 3
2
? .
volume or too new locuo. definitely In .He
„
$3,476,264,523
G S t o T a i : : : : : : : : : : : : : : : : : : : : : : : ..................... $7 ,8 6 2 , 1 2 9 ,7 5 4 0 2
Appropriation necessary to meet a present deficiency in
•'General Appropriations Quartermaster Corps - - - - - - $829,3(5,-95 1U
Additional expenditures under previous appropriations
necessary to discharge war contracts and expenditures
_
in making loans already authorized to Allies (estimated) 1,500,000.000 00
„
. . ..
........... $10,191,505,049 12
In1
Addition 'allowance must "be" made for increases by the Senate to the
bills which failed, and also for such additional appropriations as may bo
initiated during the first session of the Sixty-sixth Congress.
Unquestionably large sums will be expended during the fiscal year 1920
In the settlement of war contracts. While the amount expended in making
loans to tho Allies is not an appropriation, it is an expenditure to bo made
under authorizations contained in tho Victory Loan Act, enacted during
20
13* 6_______
THE CHRONICLE
'
[Vol. 108
the last Congress. That Act authorized the Secretary o f the Treasury to I h«
. "
. . ,
~
,J
make loans to foreign Governments for a period of eighteen months follow- p
r " ® by rocolpts from such sources should bo used to retire
ing the treaty o f peace, to enable them to purchase war material from tho
' t,
,.omii!? V?’
.
,
,
United States, and to pay for wheat which may bo sold to them. There down to
/h if 6 n
Ct ~ onomy *9 hoI(l tho expenditures
will remain o f said authorization for the fiscal year 1920 about SI 000 r
* approximately these figures. No committee having jurisdiction
0 0 0 ,0 0 0 .
’
' I ° appropriations can bring about practice of tho economies that aro nocosTho second deficiency Act repealed appropriations previously made to
sympathy with tho program for economy. Conthe extent of $7,287,621,810 61. The amounts which Congress could t l \hn m.im
°d 11)6 '!* fav,or of any greater degree of economy
safely repeal wero estimated by tho various departments. Tho War Do8
J?7b11* *
and unless an Intelligent Publlc sentiment is
partment estimated that it could surrender $2,996 414 707 14 of mnro
aroused throughout the entire country for the inauguration of a businesslike
priatlons previously made for “ general appropriation,Quarterm aster
affairs and for strict economy in GovornCorps.” It subsequently ascertained that its estimate was erroneous, and t o o L v '
1
h°Se °st mat0's of 0 XP°nditures will bo found to be
that by reason o f tho repeal above referred to it would havo a deficiency
t
i i
, .
.
in tha t appropriation for the year ending June 30 1919 of $829,375,295 1 0 .
i n a s t a te m e n t issu ed o n M a r c h 8 b y R e p r e s e n ta tiv e
The revenuo out of which these extraordinary expenses must be met wil J a m e s W . G o o d th e n e c e s s ity o f th e P r e s id e n t c a llin g C o n be obtained from our customs duties, income taxes and other internal p-rpqq in im m o /lio t o
„
revenuo receipts, postal receipts and miscellaneous receipts, including in I b
.
1 lm m e tlla t© e x tr a Session to c o m p le t e tile w o r k o f
terest from foreign Governments, and canal tolls, which in the aggregate P a ssln S a p p r o p r ia tio n m ea su res a n d e n a c t in g o t h e r n e c e s shouid yield approximately $5,150,000,000.
'
s a r y le g is la t io n w h ic h th e la st C o n g r e s s fa ile d t o a c c o m 1 ho appropriations to supply deficiencies in the various departments are
nlmh
n n in tod
t>
, ,.
r,
.
chargeable against tho fiscal year ending Juno 30 1919, and when deducted
P 1 , Wa.S P olnt0<i Out.
R e p r e s e n ta tiv e G o o d s s ta te m e n t
from tho total o f the appropriations it will be found that the total revenuo aA A laJ tim e Said in p a r t:
'
7oonfa, 11 Sh° rt ° f meeting the appropriations for the fiscal year ending Juno 30
A hugo task confronts the Sixty-Sixth Congress Tho lesilslativo nrom-im
1920
by approximately $3,500,000 000. Part of this deficit will no doubt
for reconstruction embraces measures o f t e S E S o u * h Z T a n S S
Sale ofd b o n d f ° m W" SaIvage recelpts- Tho balance must bo met by the
b
will be required to enact legislation necessary to unscramble tho railroads
and provide for their organization on a solid and substantial basis. Le^isb|i° ® 7 uIa.tio“ has bcon |
pe
nduIged bi as to tho total of appro
lation of a far reaching character to determine a permanent national policy
pr ations available during the war and to Juno 30 1920. These appropria'
for our merchant marine, which with reconstruction has cost tho Govcrnt ons may be generally stated as follows:
meat more than four billions of dollars is absolutely n e c t a r y
Ap£ ™ pr,at,SSs* 64th Congress, second session (available
Legislation dealing with the problems of unemployment, tho domobllizaA p p S a t i ^ S 1 OTth cSngSSf. ft o t
11111111
’§ 5 7 '301 5 3
° f ° U eAurnln« s° ld,ers callnot wlth J^tlce bo longer
”
Appropriations, 65th Congress, second session__________ 27 092 ()94 7 ^ 0 7 5 I de‘aycd. *t will take months to enact this legislation alone, to say nothing
Appropriations, 65th Congress, third session (present ’
’
’
' I of other needed legislation to which Congress must glvo early attention
status).........................- ..................- .................................... 7,862,129,754 02 | From tho point of view, therefore, of enacting necessary legislation tho
Total appropriations.
S53 5 fiq 1 S1 7 7 R in Pr,°?,ldent should cal1 Congress in extraordinary session without delay.
Amount repealed............... ........................" . ” ” 11111” ' 7 287 621 810 61
When wo consider tho condition that actually confronts tho country
Amount repealed in th6 appropriation "General Appro- ’
'
’
regarding the appropriation bills tho necessity for an extra session becomes
p a r t m e i f t o m u M n^estimating^ hls^requirements"
imperative. The failure of the last Congress to pass many of tho groat
and which must be appropriated forS tho first session
at
supply bills and the announced Intontioa of tho President not to call Conof the 66th Congress____________________________ _
829 375 295 10 gress *n oxtra session until June Is cause for grave apprehonslon. Supply
.............- - - - - - - - 6.458,246,’515 51 bills that fallcd to pass the last Congress must bo enacted into law beforo
’
K S S A S S J ? ‘ 60
“ nd f0r " “ V n o 9 3 0 1 0 0 7 0 ' T
3° ' ” T . F T S *
■ * »« *° bo available.
.........................4 f ,110,935,160 7J
it was perfectly evident when Congress mot last December that it could
l o meet theso very extraordinary expenditures tho Government has had not Pass a11 of tho supply bills before March 4 and that an oxtra session of
to resort to unusual sources for its revenuo. Tho receipts and estimated Congress would bo necessary. Bills that passed tho Houso carrying the
receipts to meet over $47,000,000,000 of appropriations aro, excluding following sums failed of passage by Congress:
postal revenue and certificates of indebtedness, obtained from tho following
Military, $1,240,500,066; naval, $824,808,121; third deficiency, $848,soucres:
•
096,913; sundry civil, $851,171,849; agricultural, $37,344,852; District of
For AnrnmMavt(7 n n n &c ' :
Columbia, $14,446,364. and Indian Affairs. $11,457,797. a total of $3.Por fiscal’ year ended June 30*1918” ” ” ................... 4$ l i o 4 i 5 ’ l 6 f 99 82] ’725^ 162'
For fiscal year ended June 30 1919
(estim ated).” ” 6 746 658 988 71ln ° rder that tho Departments mayfunction after Juno 30 Congress
I«or fiscal year endedJuno 30 1920 (estimated).......... 5,’ l5o!obo!oOO 00
must appropriate the necessary money. No money is available for their
T o ta l..
®1« r t 7 oo-j rrn
aftcr, tbat dato- Ifc was futiI° to attempt to pass all these enormous
Prom bonds, notes, and War" Sav'ingl'stamp's: ...............51 >.657,823.o03 40 bil s at the short session of Congress and to enact tho other nocossary leglsDuring Juno 1917.........................__
« . o85 nls 7r.r oo latlon which tho emergency required.
Diu-ing fiscal year ended Juno"30 lo I iZ ” ” ” !
7 ’926’790 119 61
Tbls is Perfectly apparent when one considers what was dono in tho
During f}=™! Z2ZZ “ S
J S ® Jestim ated)!I 131927,145,590 53 second session of the Sixty-Fourth Congress. During that session nine of
° p ^ t a i t f f o K t o n ) ^ ! 30 1920 (baIaUCG UUder 2 6 , 0 000 000 00^
harb° r3' naVa1’ DlstrIct of Columbia, army.
■.................................2,650,000,000 00 sundry civil, fortifications, post office and post roads, legislative and
Grand total------------------------------------------------------- $42,546,777,969 9 2 agricultural— failed to pass Congress until after June 30, and tho agricultural
It will be observed that tho appropriations by Congress available during bi 'l7 ld not f • ally pass until Oct. 1. Hence it is not strange that tho session
“
tho war, and for tho fiscal year ending Juno 30 1920 total moro than ° f ^ ongreKS Jus*' brought to an end failed to accomplish In three short
$47,110,000,000. The revenuo to meet theso extraordinary expenses must m“ ths what 14 took the Previous session ton months to do.
como from customs receipts, income and other taxes, tho salo of bonds , rb ° faCt rcmalns> therefore, that tho work of tho Sixty-Fifth Congress
and War Savings Stamps. Of this $16,657,000,000 is derived through
3 unflllI- bed- Appropriations for tho army, navy, Indian affairs, District
s
customs receipts and income and other taxes, whilo $25,888,000 000 (in
Columbia, agriculture, sundry civil oxponsos and to supply deficiencies
round figures) Is raised from tho salo o f bonds, notes and War Savings ln severf 1 departments aggregating over $3,821,000,000 failed to pass and
Stamps.
•
appropriations for theso services must bo mado before Juno 30, if tho dopartPersons urging a return to normal conditions must remember that tho I ment3 of tho Goveruraent are to function.
Government will nover return to a pre-war basis o f Government expend!- I
^~***~—**^~
tures. That is impossible. Beforo tho war our national debt was less R O B E R T C, f l A M f) A A A rt?n A C A trc fC T t at'P
T
'pdta i o
than $1,000,000,000. July 1 will find us with a national debt of about K U I5 h n l trU N A M E D A b A S S IS I A N 1
1R LA S$24,000,000,000. From tho close of tho Civil War until 1916 our annua
URER OF U N IT E D S T A T E S .
expenditures never exceeded $1,150,000,000. For the fiscal year ending
R o b e r t G TTinrl o f M is s i^ in n i T h ie f n f th e T livioien
June 30 1921, tho interest on our debt alone will amount to more than
, lt0 D e) t
l la n ( l Ot M is s is s ip p i, T h ie f Of tile D iv is io n o f
$1,050,000,000, a sum almost equal to the total annual oxpenses of tho A c c o u n t s or th e U . o . I r e a s u r y , lia s b e o n g iv e n a re ce s s
Government prior to 1916.
a p p o in t m e n t as A s s is ta n t T r e a s u r e r o f th o U n it e d S a te s ,
Tho next Congress will bo brought faco to faco with many now and intri- s u c c e e d in g G e o r g e F o r t , w h o d ie d o n M a r ll 2 5 .
cate problems, and many of them will call for largo expenditures of money. I
—
It is impossible to estimato what exponso will bo involved in tho future in tho n r .™
mrr . m r „
administration o f tho railroads, tho operation of our merchant marine, tho I REt OR1 S 111/1 / J . I I , B A R N E S I I A S S E E N A S K E D TO
War Risk Insurance payments, and to provide homesteads for our soldiers.
H E A D W H E A T B O A R D __ M R
BARNES ON
While difficult to make a reliable forecast as to what tho expenses of tho
jn
n n r/ W
Government Will bo for tho fiscal year ending Juno 30 1921, it is reasonably
U J ” ^ /£ 1 ^ E S .
K
safe to assume that tho executive departments will most earnestly urgo apP a r is C ableg ram s o f th e 1st in s t. r o p o r t t h a t P r e s id e n t
propriations at least as largo as those appropriated for the fiscal year onding Wi1<?nn lm<* rpniiotsfod Tnlinc Tl t>
p_
l
» ,,
Juno
for such appropriations wero mado to administer theso depart- ) ) .0 n
af
CQUCStOCl JUllUS I I . B a r n e s , 1 le s id o n t o f th o
ments on a peace basis. If wo assume, howevor, that both the military and G r a in C o r p o r a t io n o f th e U . S . F o o d A d m in is t r a t io n , to
naval programs will bo greatly reduced, and that our standing army will bo d ir e c t t h e o r g a n iz a t io n w h ic h w ill h a n d le th o 1919 w h e a t
limited to
men, it will require rather strict economy to bring tho
,ln ,|o r *i._
•r
r
4
.
•
regular annual supply bills under
To this must bo added c l o P u n d e i th e A c t p r o v id in g fo r G o v e r n m e n t p r ic e g lia r tho permanent and indefinite appropriations o f approximately
a n tee.
R e g a r d in g r e c e n t e x p r e s s io n s fr o m th o I n d u s tr ia l
or grand total of moro than
necessary for tho various S ta b iliz a tio n B o a r d a t W a s h in g t o n , th a t lo w e r f o o d Tirices
Croyernment activities.
i i u
, , .
.
0
7
Iu this connection it must bo borno In mind that strong pressure will be
e x p e c t e d in th e n e a r fllt u r o , a n d th e a p p a r e n t C onbrought upon Congress by several o f tho Executive departments to con- t r a d ic t io n p r e s e n te d b y th e r e c e n t
c o n t in u o u s a d v a n c e in
tinuo certain activities for which no appropriation was mado in tho last w h e a t P rices b e in c p a id in W e s te r n m n rk etq w ifi, n
Congress. Now problems will constantly arise that will make demands
..P
!
° P ,
,n
.
m a ^ O tS , W ith a COrreupon tho Treasury. Necessary reconstruction legislation will carry neces- sPon(1m g m o d e r a t e advanCO in H ou r p ric e s W ith in t h e la st
sary expenditures, but no reliable ostimato can bo mado at this time as to fo u r w e e k s , M r . B a r n e s o n tllO 1st ilist s a id :
the amount o f such financial requirements.
It is qulto truo that ln all tho primary wheat markets of tho United
To pay this enormous exponso wo will havo approximately $-100,000,000 States most varieties of wheat aro now selling at premiums abovo tho
from postal receipts; increased tariff rates should bring $280,000,000 from Government buying price; hi some markets and for some variotios, extendcustoms duties, and thero will bo duo us as Interest on loans to foreign conn- ing to 20, 30 and 40 cents per bushel. Tho roason for this seems to bo that
tries approximately $500,000,000. Unquestionably large sums will bo current deliveries of wheat from tho farm havo been insufficient for milling
r°.n * u “ salvaging war material, but on tho shoulders o f tho taxpayers needs and, although tho Grain Corporation has resold from Its accumuwl 1 fall the heavier part o f this burden.
lated holdings within tho last two weeks practically forty million bushels
During tho war largo appropriations havo beon made to carry on war of wheat, tho prico has beon only moderately hold in chock,
activities. For example, approximately $3,500,000,000 has beon approThere is no effective control of tho maximum prico of wheat or wheat
priated for tho Emergency Fleet Corporation, $500,000,000 for tho AVar flour possible under present conditions and sinco tho armistlco. On my
Financo Corporation, $100,000,000 for relief in Europo, S100.000.000 for return from Europo two months ago I found tho flour trado.of America at
housing for Avar needs, and $150,000,000 for tho United States Grain Cor- a standstill because bakers, wholesalers and doalors in somo inoxpllcablo
poration. From theso and other similar sources tho Government should ro- manner woro distrustful of tho Government falr-prlco level, fearing a collapso
o vo within tho next two years largo sums of monoy, and legislation should 1 In prices; a fear which could oxlst only in groat Ignorance of tho food ox-
30 1920,
250,000
ooo, a
$2,150,000,000.
$3,800,000,000.
$1,650,000,-
THE CHRONICLE
A pr. 5 1919.]
haustlon of Europe and of the part which America must play in proserving
S
S
m
Now we find the other extreme, and in neither case wholly
warranted
Two months ago wo woro obliged to explain that our wheat
obligations abroad, which must bo met in the service of humanity, wore
such that there could bo no surplus o f 1918 wheat in this country, and,
therefore, thore could bo no depressing influence.
It should bo realized, however, and for following reasons that there is
no likelihood of any scarcity of flour for uso in this country and no reason for
a°wisebaker
dealer to anticipate His needs beyond his current require-
1347
April’s price and constituting, it is said, the high record for
any April. The high record for any month reported as
$20 95 last September, Associated Press advices from
ChicagoUnited States Bureausaid:
on the 1st inst. of Markets here it was pointed out that the
At the
removal of restrictions on packers' products to-day applied directly to
dealings in packing house products and not directly to the purchase or sale
of livestock. All dealers in livestock are still subject to Government license.
This license is from the Bureau of Markets of the United States Department
m Fortunately, America has a surplus of ryo and barley and oats, and in o f Agriculture.
Inasmuch as for sufficient reason, any license is necessarily exposed to
order to relieve the strain of foreign buying upon our markets wo have ad£ sed the neutral Governments that America will be unable to furnish possible cancellation, it was pointed out, the livestock industry is by no
Iny more wheat or wheat flour to them; that they are free to buy these means yet taken altogether from under the Federal control which resulted
other grains in our market, but must send their ships for wheat to other from tho stress of war-time conditions. Even without actual withdrawal
of license in any given case, much margin for regulation exists through a
8°A1soS commencing next week, the Grain Corporation will buy, for ship hint or warning to licenses that practices objected to as against the public
ment in rolief of liberated countrios in Iiuropo, rye flour, corn flour and bar- welfare would result in a definite license withdrawal.
Packers’ representatives here, upon receipt of the news o f release from
lev flour and will thereby roduco its current purchases o f wlioat flour.
sLuld all these factors fail to control the price o f flour in the United Governmental control, said they wished to read the text of the new order
mates at a reasonable level, indicating a greater lack of wheat on the farms before discussing its effects. Soveral said that tho effect probably would
of this country than statistics would Indicate, then wo shall relax import be negligible.
rStrict ions” and allow wheat and wheat flour to enter the United States
from Canada. Argentina and Australia.
Wo cannot understand why any grower should hesitate to talco advantage
To-day’s release does not mean that prices will rise and it does not mean
of the nrosent prices of wheat above the Government prico level, with the prices will drop. Wo have been limited to 9% profit on our meat packing,
present outlook for an onormous crop of wheat which will begin to move it is true, but it is also true that we have not mado that much.
into tho markets within ninoty days. Tho now crop. on an onormous acre
age has weathered the winter with loss deterioration than over known, and
it would tako unprecedentedly disastrous weather conditions to deprive
No change in meat prices will result from removal of Governmental
America now of its expected large wheat yield.
Tho effect of such a crop can only bo that present prices in primary restrictions on that department of the packing companies, say statements
markets will fall to the Government level and that it will bo reflected issued by Armour & C o ., Swift & Co. and Morris & Co.
Immediately thereafter in a moderate doclino in flour prices.
Meantime, it would be a most dosirablo development if our American
consumers realize that in many foods there has been a very sharp fall In
Attention was called by the Food Administration to-day to the fact
price sinco tho armistice. Indeed, in some foods this fall has been so severe
as to jeopardize tho preparation for next year's supply in thoso articles, that tho Presidential proclamation releasing tho packing industry from
the Administration’s control does not release from liconse control impor
and it is to bo hoped our people will, along with tho fall in butter and
eggs and milk and cheese, tako advantage of the very sharp doclino m ters manufacutrers and distributers of cottonseed oil and cottonseed oil
beans and peas, canned fish, canned vegetables, and In coroal flours other product The latter commodities remain under license and regulation.
War service committees or farmers, cottonseed crushers, refiners and
than wheat flour, such as rye flour, rice flour, com products, oats products.
lard sub-manufacturers, meeting here adopted resolutions requesting
that the stabilized program for the industry established by tho Food
V I E W S A S TO W H E A T PR ICE F I X I N G I N C A N A D A . Administration bo continued until the surplus now on hand can be dis-
Armour & Co. were said to have issued a statement on
the 1st inst. saying:
Chioago advices in “Financial America” of the 3rd inst.
said:
,
Further advices in “Financial America” on the 3rd inst.
emanating from Chicago said:
Opposition to the fixing of a prico for wheat for tho coming
opposed
the New York Product
crop was expressed by T. A. Crerar, Canadian Minister of P The committee also cottonseedopening ofthe stabilization program Ex
change for trading in
oil until
was
Agriculture, at a meeting this week of tho House of Com discontinued.
mons Committee of Agriculture. Ottawa press advices of
AP IL
PR ICES.
tho 3rd inst., after quoting him as oxpressing his opposition A reduction of oneRcent M I L K price of bottled milk to tho
in the
to wheat prico fixing, credit him with saying further:
consumer during the month of April was announced in the
"I do not think wo should tako from the public treasury a very consider
able sum of money in tho naturo of a bonus to tho farmers o f Canada. I schedule of price made public on March 27 by Robert E.
can fully appreciate tho position o f tho farmers o f western Canada, who Dowling, Chairman of the Milk Commission named by
have suffered from poor crops for tho past two years, but, on tho other Governor Smith of New York on Jan. 8 to bring about a
hand, tho principle is unsound and it would bo difficult to justify any call
settlement of the differences between the producers and dis
on the treasury under presont conditions."
tributors in the milk strike then in progress. The follow
P A C K I N G I N D U S T R Y R E L E A S E D FROM F E D E R A L ing are the prices which became effective April 1:
per qt. bottle
CONTROL.
A proclamation signed by President Wilson at Paris re
leasing tho meat packing industry from Federal license
control was made effective on Apr. 1. Tho industry had
been under Federal license since October 1917. The Food
Administration’s made known tho President’s action in the
following statement: a proclamation effective April 1, romoving tho
"Tlio Prosidont has signed
reauiremont of licenses from all persons, firms, corporations and associ
ations licensed by tho U. S. Food Administration, engaged in the business
of importing, manufacturing (including milling, mixing or packing), storing,
or distributing fresh, canned or curod beef, pork, mutton, or lard. Tlieso
licenses are therefore released from the license requirements and regulations
of the U. S. Food Administration on Tuesday, Apr. 1 1919.”
The
1
“ Sealect” brand grade A m ilk ---------------------------------- 17c. per
“
p t.
qt.
— 15c. •
Household grade B m ilk------------------------------------------- 15c. •
—
Pt.
..
..
• «• ..................................................... 9c. “
•
qt.
— 23c.
Certified milk----------------------------------------------------------^3c. "•
•
•
— 25c. •
Broolcside certified milk----------25c.
•
•
“
Buttermilk---------------------------------------------------------------* ic '
- 2 5 c . “ H Pt.
•
•
•
— 32c. •
— 16c. .. ^ ..
Condensed milk .............................. ......... .......................
..
..
Ripened (sour) cream------------------------ -------------- . — 12c.
“
“
"
“
•
•
"
"
“
..
..
Mr. Dowling in announcing on March 27 the agreement
running for eight months, which had been reached, said:
When the Governor appointed mo Chairman of tho Commission, to rep
resent tho interests of tho consumers, the distributers and manufacturers
woro refusing to buy milk from the farmers at the prices demanded and the
fanners were refusing to deliver milk at the prices offered by tho buyers,
and tho whole dairy industry of this State was threatened and the people
of the State and of this city were mainly dependent upon supplies brought
Stock yards, which were placed under license under another proclamation from other States. About Jan. 18 a temporary settlement was made cover
signed in September 1918, and are administered by the Agricultural De ing tho first threo months of the year, with the understanding that a plan
partment remain undor the control o f that Department. Regulations would bo adopted for tho future to apply from April 1, which would recog
under three llconscs have no concern with prices, and only have to do with nize tho fair claims of producer, consumer and dealer
The Commission has kept steadily at work and has approved a plan
nlivsical phases of the industry.
The President's action regarding the packers, officials said, releases tho whereby milk will be sold by tho farmers and bought by the manufacturers
industry from supervision o f every kind oxerclsod by tho Food Adminis and by distributors on tho basis of butter and cheese values, with cer
tration. Including restrictions upon margins of profit. Three profits, it was tain allowance for additional cost in producing milk for city supply. Tbe
said, were limited to 9% on total annual business, and about 2% on the agreement runs for eight months and I regard it as very fortunate and
happy settlement, because it protects the producere and tholarge milk
tUI t ^ a s pohited^out, however, that the mandatory features o f the Levor manufacturing plants will stay in this State instead of moving West, as was
Act undor which the industry was controlled, prohibiting unfair practices, threatened, and happy because I am assured by the d^ tr^ t®rs
hoarding and profiteering, remain in force but undor tho authority of arrangement will make it possible to reduce the price of milk in bottles to
Federal courts, prosecutions for violations of tho Act, it was said, wdl bo the consumer one cent from the March prico. This will make the price of
bottled milk on April 1 two cents a quart below the price of last Dreember.
made by tho United States District Attorneys, through regular procedure.
Tho price to be paid farmers for tho month of April will be S2 80 per
While tho only Information concerning tho proclamation was transmitted
to tho Food Administration in a brief cablegram from Herbert Hoover, 100 pounds for milk testing 3% butter fat and S3 04 per 100 pounds for
giving no details nor tho text, officials hero said tho action probably was milk testing 3.6% . which latter test is the average purchase for the month
taken as tho result o f tho recent discontinuance o f the Allied Provisions
matter of lower distribution costs and distribution reform is under
Exports Commission and o f allocation of meat purchases for Allied account. 0 fT heU
The only control over food commodities left to the Food Administration consideration by the Commission and wo hope to make some announcement
is on cotton seed and cotton seed products, sugar and wheat and its in connection therewith within a short time.
products, which come under tho supervision of tho Food Administration’s
Grain Corporation In Now York. The enforcement division of the Ad
ministration will bo maintained for the purpose of Imposing penalties should
any becomo necessary while threo commodities remain under llconso. Tho
withdrawal of profit margins on lard, officials said, probably will not apply
to’ lard substitutes made from cotton seed or Its products, bu tjm ly to lard
compounds mado from animal fats.
Associated Press accounts from Washington April
regarding the proclamation said:
The temporary settlement agreed upon on Jan. 18 called
for tho payment to the farmers—or Dairymen’s League—
of $4 01 per 100 pounds for January (their demands for this
prico had brought about the strike on Jan. 1 with the refusal
of tho distributers to pay that price, $3 60 having been the
Following the announcement of tho issuance of tho pro prico proposed by the distributers); the February price under
18 agreement $3
clamation, hog prices in Chicago on tho 1st inst. passed the itho Jan. March was $3was per54, while that fixed at the same
31 100 pounds. The agreement
$20 mark, being quoted at $20.10 per 100, or $3 above last me for
1348
THE CHRONICLE
[Vol. 108.
then reached had resulted in the termination of the strike. struction.of centrally located plants, from which tho electric power will be
The price of 16 cents for Grade B quart bottles, which had transmitted to manufacturing and industrial centres. These installations,
together with
been 17 cents in December, was fixed as the price for Janu tation of peace tho immediate necessityanfor tho replacement and rehabili
ary, and had continued until the present reduction to 15 V^ '’the3BCeggi°gig^ industries, will provide :enlarged demand .for- tho product
of
American? mines.
’sjjj
’^S
^ — l,,u‘
^7
........ - •
cents. Concerning the prices for the coming months tho in reporting that'according to -a member of .the - Copper
New York “Evening Post” of March 27 said:
Committee Franco was offered a $50,000,000 credit in this
By tho terms o f a now milk-purchasing method adopted to-day by the
country by American bankers if she cared to purchase
Now York M ilk Conference Board, representing tho distributers, and the
Dairymen’s League, representing the producers, prices o f all grades of milk copper, the “Wall Street Journal” of April 3 added:
will go down one cent a quart in New York on April 1, and will go down
one cent more each month up to and including July, when tho price will
be twelvo cents for grade B, which is sixteen cents at present.
Disclosure o f the new arrangement was mado by Shepard Rareshide,
Assistant Treasurer o f the Borden’s Farm Products Co., at the milk hearing
before Chief City Magistrate William M cAdoo to-day.
The members of the Milk Commission named by Governor
Smith was made up of Chairman Dowling, Dr. Royal S.
Copeland, Health Commissioner, representing the con
sumers; Isaac A. Van Bomel, Vice-President of the Sheffield
Farms Co., Inc.; and Charles A. Weiant, President of tho
Borden Farm Products Co., representing the New York Milk
Conference Board; Roswell D. Cooper, President, and John
D. Miller, Vice-President, respectively, of the Dairymen’s
League.
_______
L U M B E R
I N T E R E S T S
A G R E E M E N T
W
D E C L I N E
I T H
T O
E N T E R
I N D U S T R I A L
P R I C E
B O A R D .
At a meeting in New Orleans on April 2 Southern pine
lumber manufacturers are said to have declined the proposal
of the Industrial Board of the Department of Commerce to
enter a joint price agreement as a means of stabilizing market
conditions. Such action, it was declared, would be “con
trary to the best interests of the public and of the industry,”
and would violate anti-trust statutes. Conferences between
representatives of the lumber industry and the Industrial
Board with a view to effecting price revisions were begun
in Washington on March 22 but were temporarily dis
continued on March 24. The committee representing
the lumber interests included John H. Kirby of Houston,
Texas, President of tho National Lumber Manufacturers’
Association; Dr. Wilson Compton of Chicago, SecretaryManager of the same organization; R. M. Rickey of New
Orleans, economist of the Southern Pine Association; G. L.
Hume of Norfolk, Va., North Carolina Pine Association;
George W. Ward of Jacksonville, Fla., Georgia-Florida
Sawmill Association, and M. W. Stark of Cincinnati, Amer
ican Hardwood Association. It was stated on March 22
that in response to the request of the Board that the lumber
men take the initiative in submitting a schedule of revised
prices, it was pointed out that nobody present had authority
to take such action other than for his own plants and that
even if an agreement were reached at tho conference, its
effect would be local to those plants and have no general
effect. In its issue of March 24 “Financial America” said:
Tho Board closed tho conferences because o f its view that tho lumber
producers present at the conference wero not representatives o f that in
dustry as a wholo. As a result telegrams have been sent to lumber pro
ducers throughout tho country asking that their proxies be sent to tho
Lumber Committee authorizing tho committeo to act for the entiro In
dustry.
R E T U R N
I N G
O F
F R O M
C O P P E R
O F F E R
A B R O A D
E X P O R T
O F
O F
C O M M I T T E E
A S S O C I A T I O N —
C O P P E R
C R E D I T
T O
R E P R E S E N T
R E P O R T S
F R A N C E .
Tho committeo representing tho Copper Export Associa
tion, which went to Europe in January, returned to tho
United States on the Aquitania, arriving hero on March
30. With regard to the trip and conditions abroad, C. F.
Kelley, President of the Anaconda Copper Co. and chair
man of the committee, had the following to say upon his
return:
The investigation of tho statistical position and tho industrial condia
tions in Croat Britain, Franco, Italy and tho Central Powers, as regards
non-ferrous metals, particularly copper, was satisfactorily accomplished.
Stocks o f copper while apparently large, are concentrated in tho hands
o f tho respective Allied Governments. Germany, and what was for
merly Austria, have completely exhausted their respective stocks, and
will undoubtedly bo in the market for largo quantities o f copper as soon
as trade restrictions aro removed. Tho copper consuming industries in the
Allied countries aro without stocks o f metals. Government stocks aro
being used and will be very much reduced in tho near future by distribu
tion among tho consumers, who aro now doing a fair business. Tho so
lution o f labor difficulties, tho transformation o f industrial plants, and
transport systom from a war to a peaco basis, are the factors that are
impeding the resumption o f business. That theso difficulties Will soon
be satisfactorily solved and an active demand will onsuo seems certain.
The high prices at which tho Governments have held their metals and
the roluctanco of consumers to place ordors at those levels havo interfered
with consumption, but the Governments aro now taking tho other attitude
and are meeting the competition fixed by prices named in this country
which will, in our opinion, result in stimulating activity and in an oarly
liquidation o f tho Governments’ stocks to an oxtont that will causo tho
consumers o f theso countries to again enter tho market.
Great -Britain, France and Italy havo extonsivo and ambitious plans
under consideration for the electrification o f railways, and for tho con-
But the French prohibition against metal imports prevented acceptance
of this offer. England, it is said, has about 100,000 tons of metal on hand
or something like 200,000,000 pounds. This is being offered for sale by
tho Government.
Despite reports to tho contrary, the representatives of the Copper
Export Committeo could have sold plenty of tho red metal in Great Britain.
But this would havo afforded opportunity to the Government to undersell
the American producers, charging tho loss to the war.
Tho Copper Committee, noting tho trond o f affairs abroad, concluded
that it would bo good policy to lot France, England and Italy soil their
stocks of metal beforo taking orders for export. Henco, tho major part of
their time in Europe was spent in oxtending tho organization of tho Copper
Export Association and gathering statistics to bo presented to producers
here.
Germany, it is estimated, along with Austria will need something like
300,000,000 pounds of copper a year and this will bo incroascd thereafter.
Questioned as to how the Central Powers would pay for whatever metal
might bo sold them tho authority above mentioned replied: “ This could bo
arranged through 90-day acceptances and theso in turn could be extended
every three months for a year.”
Tho members of the Copper Committee, included besides
Mr. Kelley, R. L. Agassiz, President of tho Calumet & Hecla
Mining Co.; Walter Douglas, President of the Phelps Dodgo
Corporation; and J. R. Clendenin, President of tho American
Smelting & Refining Co. Previous reference to the Commit
tee’s trip was made in theso columns March 15, pago 1026.
T R A D I N G
I N
C O P P E R
M
E T A L
M
E T A L
O N
N E W
Y O R K
E X C H A N G E .
The New York Metal Exchange began trading in copper
metal on March 31.
C A N A D
I A N
T O
C O M M I S S I O N
S T U D Y
J O I N T
O F
L A B O R
C O N T R O L
O F
A N D
C A P I T A L
I N D U S T R Y .
Tho proposal of the Canadian Government to appoint a
commission of five, consisting of labor men and capitalists,
to study the feasibility of joint control of industry, was
announced in the Senate at Ottawa on April 2 by the Minister
of Labor, Gideon Robertson. It is announced that tho
Commission will survey the situation in all its aspects in
centres of industry in the Dominion to ascertain all tho facts
and report to the Government before May 15 upon the possi
bility of tho joint control and operation of certain industries
by capital and labor.
L A B O R 'S
A T T I T U D E
T O W A R D
P R O P O S E D
P R I C E
R E A D J U S T M E N T S .
The statement that organized labor will refuso to “share
in tho results” of price readjustments if its “living standards
are to be endangered,” was attributed to Frank W. Morrison,
Secretary of the Amorican Federation of Labor, in a state
ment made at Washington on March 10, according to Associ
ated Press advices from Washington that]day, which stated:
Mr. Morrison criticized the declarations mado by tho Federal Reserve
Board in a recently published review of its forthcoming monthly bulletin,
that all factors In production "should bear their share in tho general process
o f readjustment/’
“ Tho Board seems to accept the economic error," said M r. Morrison,
"that the price of a commodity and the price of labor aro identical. Where
wages are reduced, living standards of the workers are Immediately affected
and the home suffers.”
Calling attention to the Board’s statement that if tho “ readjustment Is
equitably carried out, its effect will not tend to favor any particular class
or group In the community,” M r. Morrison said:
"Tho workingman will ask, if his living standards aro to be endangered.
If tho samo theory will apply to the employer, or Is It lntondcd to have tho
latter merely dispense with some of his war-time profits ? Thero is nothing
‘equitable’ about such an arrangement. Its theory Is unsound and In
practice it Is Impossible.”
The first consideration of the Industrial Board of tho Department of
Commerce, Secretary Redfield said to-day, will bo to cut off oxcesslvo profits
In industry. Ho denied there was any intention to disturb tho wage lovel
at present.
"It Is hoped thero will be no general lowering of wages," said the Secre
tary, who added that representatives of sovoral 1ndustries reported thero
was no necessity for reducing wages, oven with decreased soiling pricos.
The chief purpose of the Industrial Board, tho Socrotary said, was to
cnablo wage-earners to profit by falling pricos whilo present wages aro
being maintained, and so that they will not lose if any reduction in wages
results e v e n t u a lly .__________________________
A P P E A L
I N G
T O
E M
W O O D
M A Y O R S
P L O Y M
A
N D
E N T
N E W
F O R
F O R
C O - O P E R A T I O N
S O L D I E R S
E M E R G E N C Y
B Y
I N
S E C U R
A R T H U R
C O M M I T T E E .
To meet the situation caused by the curtailment of tho
U. S. Employment Service, Grosvonor B. Clarkson, Di
rector of tho Council of National Defense, announced on
March 14 the organization, with tho approval of tho War
Apr. 5 1919.]
1349
THE CHRONICLE
and Labor Departments, of an Emergency Committee on
Employment for Soldiers and Sailors. Arthur Woods,
Special Assistant to the Secretary of War in charge of em
ployment of discharged soldiers, has been appointed Chair
man of the Emergency Committee. Other members are:
Franklin D. Roosevelt, Assistant Secretary of the Navy;
.Edward N. Hurley, Chairman- of the Shipping Board;
Nathan A. Smyth, of the Labor Department; G. I. Cristie,
Assistant Secretary of Agriculture; B. S. Cutler, Chief of
the Bureau of Foreign and Domestic Commerce; Matthew
Woll, of the American Federation of Labor; Elliott Good
win, Secretary of the Chamber of Commerce of the United
States; S. P. Bush, of the Industrial Board of the Depart
ment of Commerce; E. J. Ayers, Chief Clerk of the Interior
Department; John W. Ilallowell, of Boston, and Grosvenor
B. Clarkson, Director of the Council of National Defense.
Where possible the committee will supplement the work
of the employment service, which will retain offices only
in fifty-six important industrial centres. Mr. Clarkson
says:
The Bureau o f Returning Soldiers and Sailors o f the Employment
Service, which has nearly 2,000 branch bureaus, should not bo seriously
affected by the present situation for the reason that many o f theso are
supported olgher by the communities In which they are located, by one
or more o f the great welfare orgnlzations, or by private subscription. It
will bo the task o f the committee to endeavor to socuro the continuance
of ovory such bureau, and in every community where there is no bureau
tho financial support o f the community for the establishment and main
tenance o f at least one such agency.
Inasmuch as tho offices o f tho Federal Employment Service In tho domobilization camps will not be discontinued, this will make possible tho
carrying on of this work through the same clearance and administrative
machinery now being operated by the service.
The reactions of army discipline are on the side of good citizenship and fine
personal conduct.
These men have withstood the physical rigors of the great campaign and
emerge strong of limb and self-possessed. The people of France, as the
Secretary of War has said, marveled at our soldiers whom they described
as “ always smiling, clean shaven, kind to women and children, courteous
to each other, and they brush their teeth after every meal and wash all over
every morning.” From the standpoint of personal hygiene alone, the
average returned soldier is an able man. He does not need to be offered to
an employer on the ground o f sentimental appreciation of what he has
done—he needs to be offered on the just ground o f what he can do by
reason of what he is.
Throughout the country there are hundreds of city, State, Federal, and
independent agencies at work to solve the problems of placing discharged
soldiers in jobs. Probably your city is actively functioning in this re
spect, through the medium, among others, of the Bureau for Returning
Soldiers and Sailors, operated by tho different welfare societies in co
operation with the Department of Labor.
May I call your attention to the following memorandum, prepared for
the Adjutant-General, which is self-explanatory:
‘ ‘ The Secretary of War directs •
.
“ That instructions be issued to all commanders of camps and stations at
which discharges are effected, directing that all discharged officers and
soldiers be notified that the Governors of several States have asked that
men who have served in the army register, upon returning here, with their
respective town, city, or county clerks, or other appropriate officials; that
this action Is requested on the part of all those returning to communities
in which opportunity is afforded for such registration with a view to the
establishment of complete lists, both for convenience in making plans to
welcome returning soldiers and also for permanent historical record.”
Here is a piece of machinery that can be employed by city governments
throughout the country. Through this system of registration tho bureau
could operate in close and prompt contact with the returning soldiers. The
local newspaer press could help by directing the attention o f returning
soldiers to your bureau o f registration as well as directing tho attention of
employers to any clearing house for men which you may have in operation.
The discharged soldier is not looking for charity— charity is repugnant
to him. Ho wants all the practical advice and guidance that one could
reasonably expect o f a Government agency. Ho has been away from home
for a long while and he will appreciate the assistance of any friend who
will put him in touch with the present status of Industrial and ommercial
activities.
He does not want to lose time aimlessly searching for jobs if there is a
central agency which will put him in touch with one. Surely the dis
position of the average citizen would be to put a discharged soldier on pre
ferred job lists, but employers must know that a central agency exists
through which these men may be reached.
You will pardon mo for writl g to you in such general terms. This is a
circular letter intended more to ask for suggestions than to offer them. I
shall be grateful if you will let me know of the progress you are making,
and if you will send suggestions of constructive service which might be
applied nationally. Respectfully yours,
ARTH UR WOODS,
Assistant to the Secretary of War.
Tho Mayors of the principal cities and tho Chairmen of
the State Councils of Defense have been asked to co-operate
in the work of tho Emergency Committee in telegrams ad
dressed to them by Director Clarkson. On March 13 a
letter requesting their co-operation in securing suitable
employment for discharged soldiers was addressed to the
Mayors of tho principal cities by Arthur Woods, formerly
Police Commissioner of New York. On March 3 Mr.
Woods was appointed as Special Assistant to Secretary
Baker of the War Department to serve as the War De
partment representative in the conferences with the De
partment of Labor and the Council of National Defense, $100,000
as woll as with other agencies of the Government seeking to
restore normal conditions of employment for both soldiors
and civilians who came into tho Government service during At an employment rally held at Carnegie Hall on March
the war. In his appeal to the Mayors Mr. Woods said:
28 for the purpose of launching a campaign to maintain the
I have tho honor to address you on behalf of the War Department with
reference to the subject o f safeguarding tho economic welfare o f soldiers work of the U. S. Employment Service announcement was
who havo been discharged from tho service and are returning to your State made by Dr. George W. Kirchwey, Acting Federal Direc
and city to re-establish themselves In civil life.
tor for the State of New York, of the offer, and the accept
Tho Government, both Federal and local, has the prime obligation of
aiding theso men. With unbounded onthusiasm they responded to the ance of the same, made by J. P. Morgan & Co., to advance
call of tho Government to servo in tho world emergency. They did. not $100,000 to continue the work of the service in this city
count personal cost. Their achievements as soldiers have written one of until July 1. The letter of the firm was made publio as
the brightest pages in American history. They aro now returning to their
homos full o f well-oarnod pride and anhnatod by high ambitions. They follows:
A D V A N C E D
T A I N
I N
want jobs, good jobs, with the least possible waste o f time In taking up
their individual responsibilities as citizens. They do not understand how
greatly tho delicato machinery o f our industrial and commercial life has
been thrown out of adjustment by the war. Most o f them only know
that thoy havo done their duty at the nation’s call, and thoir disappoint
ment will bo very bitter if tho Government which called them does not
actively co-operate to replace them in civil pursuits.
The opportunity that tho War Department has to serve actively the en
listed men explros, it might bo thought, with thoir separation from tho
service, rully paid and with a $60 bonus and transportation to their homos.
Thoy go from the service in good health, or if physically disabled, com
pensated by tho system of war risk Insurance. While the actual respon
sibility of tho Watr Deparment does end here, the moral rosponsiblity
doos not end until tho soldier has been absorbed by normal civil life. Feel
ing this moral obligation as wo do, tho purposo o f tho War Department
is to co-ordinate, through my office, tho various activities o f tho Federal,
State and city Governments as woll as those o f prlvato organizations,
looking to a system which will minimize the injustice and the peril of un
employment o f discharged soldiers.
In presenting this matter to you, I am fu'ly aware o f the fact that you
are as deeply impressed by its importance as is tho War Department and
that you havo probably already taken effective steps to meet the situation
so far as it affects your city. Tho War Department wants to do all it
can to supplement and to help local effort.
In a very largo measure tho problem disposes o f itself. W e cannot be
o f much help to tho vast majority o f discharged officers and enlisted men,
who return to thoir pre-war occupations quite naturally, or who are
equipped to make their own readjustment unaided. Wo are directly and
vitally concerned, howover, with tho minority who need guldanco. Wo
must not forget, also, tho large numbor o f foreign-speaking men who have
served our colors with the greatest loyalty and often with extraordinary
courage and enthusiasm. W o must not forget tho difficulties encoun
tered by foreign-speaking people in our civil life. We must not overlook
the great fact that employment readjustments are difficult for modest and
inarticuiato men, and that there aro such among tho discharged soldiers.
As a businoss man I believe that tho services o f a discharged soldier aro
an excellent "b u y " for an employer. Through tho army morale section
and otlnjrwlso wo are in very cioso touch with the general spirit and pur
poso of the returning soldiers. In tho first place, these men are animated
by an elevated spirit o f citizenship which accounts for tho sparkle In thoir
eyes and the firmness o f their hand-grasp. Thoy return to us proud of
their groat achievements. They come back benefited by army discipline.
U N I T E D
N E W
B Y
J . P .
S T A T E S
Y O R K —
M O R G A N
E M
P L O Y M
C U R T A I L M
E N T
&
C O .
E N T
O F
T O
M
A
I N
B U R E A U
S E R V I C E .
New York. March 21 1919.
Dr. George W. Kirchwey, Acting Federal Director of State of New York,
United States Emplymcnt Service, 469 Fifth Avenue, New York, N . Y.
Dear Sir: Referring to tho various conversations with you, we are
Impressed with the importance of the United States Employment Service,
and quite agree with you that it would be most unfortunate that that
service should now be cut down owing to the failure of the Deficiency bill
in the last Congress.
You have informed us that it must be cut down unless you can obtain
up to $100,000 between now and July 1 of this year. In order to avoid
this wo will pay you, at such times as you call upon us between now and
July 1, such amounts as you may need to continue the service, up to
$100,000.
It is understood with you that, if, as, and when Congress may pass the
Deficiency bill including tho appropriation of money for this service, you
will use your best efforts to have these advances repaid to us, although we
understand that you yourself cannot undertake any obligation in this
connection, nor can you pledge the Secretary of Labor. Yours very truly,
(Signed).
J. P. M ORGAN & CO.
The rally was an outgrowth of the failure of Congress to
pass the Urgent Deficiency Bill which caused the issuance
of telegraphic orders by John B. Densmore,. DirectorGeneral of the United States Employment Service on
March 13 calling for a eut of 80% in the service, reducing
it to 20% of its previous size, the change going into effect
March 22. Advices calling for the curtailment of the
service were sent to the Federal directors of the United
States Employment Service for the various States. The
order limits the number of offices to be maintained in the
State to four, two in New York City and two up-State.
The service had previously maintained fifty offices in the
State. The bureaus at camps Mills and Upton will be
continued on the present basis. All employees of the
service not needed to maintain the continuing offices will
bo laid off. Provision is made to grant indefinite fur
loughs to as many as desire them, providing for their re-
1350
THE CHRONICLE
instatement in case funds are later made available by
tho next Congress. Dr. Kirckwey states that tho bur
eaus for returning soldiers, sailors and war workers now
being conducted by the war welfaro organizations in co
operation with the United States Employment Service
will maintain clearance system and supervision over these
bureaus and it is expected that much of the work now done
in tho service’s own offices will bo taken over by the co
operating organizations and by the employment service
of the State. Director-General Dinsmoro’s telegram road
in part:
Failure o f Congress to pass deficiency bill carrying eighteen hundred
thousand dollars to continuo this servlco until June 30, necessitates an
Immediate reduction to skeleton organization. No funds available from
other sources. Consideration must bo given to continuing both men’s
and women’s work. Camp work to continue as at prosont pending further
instructions.
Give employees laid o ff longest possible notice, making suro that their
resignations or redommendations for discontinuance are forwarded Immedi
ately, effective March 22 at the latest. In effecting reductions in personnel,
seniority in servico must bo followed and civil service employees given
preference.
Urge Stato and municipal authorities, welfare organizations, chambers
of commerce, labor organizations and others to take over and finance as
far as possiblo all offices eliminated by this order until Congress makes
an appropriation. No office placing soldiers should bo permitted by
community to close. Highly probablo Congress will act promptly after
meeting, consequently use every possiblo endeavor to secure such assist
ance. Every branch of work which can bo continued through voluntary
assistance should continue.
Commenting on the future of the work in this State, Dr.
Kirchwey on March 13 said in part:
.
Under the present disability the service needs moro than ever tho full
co-operation o f employers throughout tho State. It is most essential also
that the Stato and municipal governments mako hasto in instituting work
on public improvements in order that New York’s own sons who aro now
returning in great numbers may not bo forced to tramp the streets in search
of jobs which aro almsot impossible to find.
We havo great hopes that tho next Confgress will realize tho need for a
Governmental agency to co-ordinate tho work that is being done to com
bat unemployment and consequent social unrest. If this proves to bo
tho case, tho disability undor which the servlco Is now laboring will bo re
moved and It will Immediately re-establish itself sufficiently to meet the
great burden which Is placed upon it. In the meantime, it will endeavor
to give every assistance which Its limited resources permit to the agencies
on which the responsibility for tho work now falls. It is to bo hoped that
the curtailment o f Its activities will not result In seriously increasing tho
unrest and industrial disturbances of which Indications have beon noted
In tho various sections o f tho country In tho past few weeks.
The meeting of March 28 grow out of the general realiza
tion that the work of placing returning soldiers and sailors
in this Stato, especially the 27th and 77th Divisions, would
bo soriously interfered with by the enforced reduction in tho
United States Employment service.
P E R S O N N E L
O F
I N D U S T R I A L
S T A B I L I Z I N G
B O A R D S
T O
A S S I S T
I N
P R I C E S .
Tho full membership of the Industrial Board of the De
partment of Commerce, formed to assist in the stabilizing
of prices, was made known under dato of March 9 by the
U. S. Council of National Defense, under tho authority
of Secretary of Commerce William C. Redfield. Extended
reference to the new body and the object of its creation
(which was brought about by Secretary Redfield) had pre
viously been given in these columns, Feb. 22, page 727 and
March 1, page 837. According to the announcement of
March 9 tho Board, whoso activities are expected to bo only
temporary, is intended merely to give Governmental assist
ance to aid tho law of supply and demand, interfered with by
tho process of war; in resuming its normal functions. The
Board mado known in its statement of last month its purpose
to hold conferences with representatives of industry “and let
them decide on prices to be offered to tho nation as the Gov
ernmentally approved judgment of assembled industry on
a prico scale low enough to be stablo, homogeneous through
out tho wholo fabric, and founded so solidly on a compre
hensive review of conditions as to encourage general buying.”
It was also pointed out that “tho Government policy, as
expressed by the bill to authorize purchase by the Govern
ment of wheat at the guaranteed price and resale of it at
the world prico, is to assist in bringing prices of basic com
modities to normality by bringing down the cost of living.”
Tho following is the personnel of tho Board:
[Vol. 108
The President has authorized tho appointment of a Board to arrest post
war stagnation in commerce and Industry. Tho condition, its cause. Its
remedy, tho results to be expected and the objections to tho courso purposed
are briefly analyzed below:
I. The Condition.
(a) Although
1. Commercial stocks aro depleted,
2. There is plenty of money,
3. Building and construction are several years In arrears of necessity.
4. A long period of enforced economy is greatly relieved,
5. Markets are in prospect in all parts of tho world.
(b) Still
1. Buying is timid and has been decreasing in volumo,
2. Money is also timid and remains in bank,
3. Some mills and factories aro idle—fow aro running full.
4. Construction of public and private works has not begun.
5. Non-employment is spreading.
I I . The Cause.
(a) War required production abnormally increased generally and
abortively Increased respecting certain commodities specially needed for
war. This irrogular increase was secured by enormously increased prices.
Consequently the sudden termination of war left a highly inflated and very
Irregular market which is generally far above what tho peace demand will
support and which is not homogeneous, many prices boing abortively
above their place in tho normal pattern.
(b) This situation was originally created by tho abnormal operation of
the law of supply and demand, stimulated by the great need of tho European
countries for war materials before this country entered tho war, but after
we entered the war tho law of supply and demand was adjourned and was
replaced by such new and powerful forcos as priority certificates, com
pulsory and commandeering orders, export and import restrictions, and
price-fixing. These forces worked through comprehensive agreements
and co-operation between the Government and Industry. Therefore, it
may fairly be stated that the existing condition was not brought about by
tho normal operation of tho law of supply and demand.
(c) Tho normal operation of the law of supply and demand cannot cure
what it did not cause, first because it cannot operato until buying begins,
and second becauso buying cannot begin until wo havo a moro normal,
stable and homogeneous market.
(d) Everybody knows that somo prices must fall. No one dares buy
until they do fall and even theu everybody will wait to see how far they
fall. Individual action In lowering selling prices is therefore timid, un
scientific, and long drawn out. It cannot render the market uniform or
stablo, but on the contrary, renders it unstable, dangerous and panicky.
The law of supply and demand would cure the situation oventually, but
can wo afford to wait, first through a period of suspicion and uncertainty,
then through a panicky crash in all markets, and then through chaotic
readjustment? By sane and temporate action all this can bo avoided and
the law of supply and demand holped over tho gap botwoon hold-over war
prices and a stablo level.
(e) Some uncertainty results from Governmental accumulation of facil
ities and raw, finished and partly finished materials, which must be fed
very carefully Into tho market. This situation requires tho co-operation
and advice of industry.
I I I . The Remedy.
(а) The condition must bo cured as It was caused. It was not caused
by the normal operation of the law of supply and demand by goneral,
comprehensive co-operation and agreement between industry and Govern
ment. It must be cured by tho same kind of co-operation and agreement—
a consummation possiblo only at tho instance and with the approval of
Government.
(б) Wholesome co-operation in American business at Governmental
Instance was proved In tho War Industries Board (W. I. B.) Governmental
control as practiced by the W. I. B. Is no longer necessary, but co-operation
and agreement in industry at Governmental Instance and with Govern
mental approval Is necessary to bring tho law of supply and demand back
into normal operation, and to lot loose prosperity.
(c)
T o this end the President has authorized a Board, largely of W. I. B.
men, operating on W. I. B. ideals, minus \V. I. B. control, to call Industry
together group by group, and let them decide on prices to bo offered to
the nation as the Governmentally approved judgment of .assembled industry
on a price scalo low enough to bo stable, homogeneous throughout the whole
fabric, and founded so solidly on a comprehoi.slve roview of co dittoes as
to encourage general buying, including t: at of the railroads and other
Governmental age cies, and the resumption of normal actlvitie..
IV. Results To Be Achieved.
(а) Basic commodities such as steel, building materials, textiles, and
food will be considered first and brought to a stablo basis. Tho Govern
mental policy, as expressed by the bill to authorize purchase by tho Gov
ernment of wheat at the guaranteed prico and resale of it at tho world
price, is to assist in bringing prices of basic commodities to normality by
bringing down tho cost of living. It is hoped that tlieso stops alone will
automatically operato to reduce tho prico of fabricated articles. If thoy
do not do so in any particular caso, the industry affected will bo invited
into conference.
(б) As soon as a stablo and wholesomo scalo of prices Is achlovod, tho
cost of living will havo so far been reduced as to croato automatically re
ductions in tho prico of labor without interfering witli American standards
and ideals for tho treatment and living conditions of labor, and thus tho
last inflating element will have been withdrawn from prices. It is behoved
that industry will agree that tho cost of living must bo substantially re
duced beforo labor should bo askod to accopt lower wages and thus in
dustry should stand the first shock of readjustment.
(c)
The assurance to tho country of a market stabilized at tho lowest
reasonably expected lovel, will loosen such a flood of buying for the rocreation of stocks, tho making up of arrears in tho building program, tiie
feeding o f needs long starved by economy and tho invasion o f world mar
kets, as niay stand unprecedented in this country. From tho stable lovol
thus reached by co-operation, wo may expoct a healthy, and normal con
dition croated by the complete and unhampored operation of tho law_of
supply and demand.
Georgo N. Peek, Chairman, Moline, 111., formerly Vlco-Prasklont
Deere & Company.
Samuel P. Bush. Columbus, Ohio, President Buckeye Steel Castings Co.
V.
Objections to the Governmental Purpose Shortly Answered:
Anthony Caminetti, Washington, D . G., Commissioner o f General
Immigration, Department o f Labor.
Objection (a) Business resents Governmental intorforoneo and control
Thomas IC. Glenn, Atlanta, Ga., President, Atlantic Steol Company.
which is to be avoided rather than oncouragod. Let conditions alone and
George R. James, Memphis, Tenn., President W m. It. M oore Dry tho law of supply and demand will cure all evils.
Goods Company.
Answer: Tho war developed a now thing in Government co-operation
T.
C . Powell, Cincinnati, Ohio, Director Capital Expenditures, Railand mutual help between Government and industry in which Government
road Administration.
appeared not as a policeman and not as a jealous guardian of a suspious
William M . Ritter, West Virginia, President W. M . Ritter Lumber Co. character, but as a friend and holpor. This idoa provod Itself. What is
proposed is not Governmental control. Tho Board has no power of con
trol. It is proposed to provido a forum in which Industry can moot and.
agreo on a policy for Itself at tho instance and with tho approval of Gov"
The following is the statement, authorized by the Board
on March 7, and mado public on March 10:
A
p r
. 5 1 9 1 9 .]
THE CHRONICLE
ornmont, which will help the law o f supply and domand over tho gap be
tween hold-over war prices and a stablo lovol.
Objection (6) Business and industry will not conio into a Governmental
conference unless there is a power o f compulsion.
Answer: Tho experience o f tho W. I. B. utterly disproves this criticism
It has been argued that patriotism impelled business and industry to tho
W. I. B. Patriotism is not adjourned with tho closing o f tho war.
Objection (c) War prices wero fixed at such a level as to fnsuro tho pro
duction o f many high-cost and inefficient producers.
What is proposed
Would shut off this production.
Answer: This production is not needed in peaco. Tho American poo
plo cannot bo expected to support inefficiency in tho enterprises that
servo them with tho necessaries of life or to maintain production not nor
mally needed. Inflated production above that which would bo supported
by tho law o f supply and demand must cease.
Objection (d) Such readjustment must necessarily requiro redistribu
tion and readjustment o f labor.
Answer: This is quite truo. It is necessary. Tho distribution and
allocation of labor to war industries has upset the normal pattern in this
country for four years. What is proposed is a stimulated peaco industry
which will employ as much or moro labor as did war industries, especially
considering tho loss of man-power, duo to decreased immigration, loss by
Influenza, war and probably increased army and navy. That it will
employ them in different places and at different tasks is inevitable, whether
tho proposed step is taken or not.
Objection (e) A general reduction in selling prices now will force in
dustry and commerce to tako a loss on products purchased at war prices.
Answer: This is true and inevitable, whether the proposed plan is
attempted or not. but under the proposed plan better adjustments are
possible: buying will begin Immediately, tho overhead of continuing high
cost operations through a period o f stagnation is eliminated, and finally
much of tho loss will bo recouped by buying at fair prices and selling in (;
inovitably Increasing market that will result from tho normal operation
of tho law of supply and domand under prosperous conditions.
VI. In Conclusion.
It is expected that tho activities of tho Board will bo temporary and are
intended only to givo Governmental assistance to aid tho law of supply
and domand in resuming its normal functions.
The splendid co-operation o f American industry during tho war loads
to tho belief that it may continue and carry us safely through tho trying
period o f readjustment. Surely with our fundamental conditions so sound
thoro is every reason to believe that wo may bridge tho gap between war
and poaco with tho same courage and fortitude that always mark tho
American business man in his dealings with largo affairs, and thus escapo
tho unfortunato depressions which tho country has suffered following
provious wars. The offices of tho Board will be in tho Council of National
Dofonso Building, 18th and I) streots.
RAILROAD A D M IN IST R A T IO N ’S REJECTION OF
STEEL PRICES.
■
1351
brought up at tho meeting yoaterday in order to iron out all differences
of opinion that exists as to railroad purchases of iron and steel and of
Railroad Administration co-operation with the Industrial Board In fixing
the prices for basic commodities.
A meeting between representatives of the Railroad Ad
ministration and Industrial Board to confer further in the
matter was to have been held yesterday, but owing to the
absence from Washington of Henry Walters of the Division
of Expenditures of the Railroad Administration the con
ference was postponed, at the request of Director-General
Hines until to-day (April 5).
RAILROAD A D M IN ISTRA TIO N IN EXPLANATION
OF COAL PURCHASING POLICY.
.
On tho 3rd inst. a statement explaining the policy of the
Railroad Administration in tho purchase of coal was issued
by Director-General Walker D. Hines, his announcement
it is stated having been prompted by alleged charges by
tho National Coal Association of “unfair practices” on the
part of the Administration in the purchase of its coal and
tho refusal of the Operators, as noted in these columns a
week ago (page 1226), to continue its conferences with the
Industrial Board of tho Department of Commerce on the
question of the readjustment of coal prices unless the Rail
road Administration would lend its co-operation. With
regard to the controversy between tho coal interests and the
Railroad Administration tho press dispatches from Wash
ington on March 28 said:
An appeal to President Wilson for a definite pronouncement as to how
far departments of tho Government shall go in co-operating with tho
prico-fixlng agreements of the Department of Commorco’s Industrial
Board apparently has resulted from tho controversy between tho Railroad
Administration and the National Coal Association.
Officials intimated to-day that the refusal of the bituminous coal pro
ducers to negotiate with the Industrial Board on tho ground that the
attitudo of the Railroad Administration made co-operation impossible had
beon brought to the President's attention and that the Board had asked
for a decision as to whether tho Railroad Administration should make its
purchases both of coal and steel in accordance with agreements reached
between the industries and the Board. A very large proportion o f the
output o f each industry is taken by the railroads.
National Coal Association officials reiterated to-day their assertions
that tho Railroad Association had not lived up to a promise made the
first of the year that Its orders for coal would bo evenly distributed without
arbitrary shifting from one field to anothor.
Tho refusal this week of tho Railroad Administration to
accopt tho stool prices agreed upon on Mar. 20 at tho confer
once of representatives of tho steel industry and the Industrial In his statement issued on tho 3rd inst., Director-General
Board of tho Department of Commerco, has made imminont Hines said:
the reopening of the entire question as tho policy of tho An interesting fiction appears to be receiving some currency as to the
Government in undertaking to stabilize prices through the attitudo of thotoUnited States Railroad Administration in purchasing coal.
This fiction Is
the effect that the Railroad Administration is conducting
its
in
a way as to force producers
it below the
Board. Tho details of tho steel prices agreed on two weeks costpurchases of coalthussuchturn forcing them to increase to sellprices to the
of production,
their
ago wero given in these columns last Saturday, pago 1225. rest of tho community. in
Under the now scalo rail prices wero fixed at from $45 and $47 Tho assertion of this fiction seems to carry with it tho suggestion that, in
to prevent the Railroad Administration from accomplishing this
a ton, as compared with provious prices of $55 and $57 a ton order It is Important to find a way to remove all competition in biddingpur
pose,
for
At tho present time the Railroad Administration is said to such Government business, and, instead, to fix in tho respective mining
bo buying rails on tho basis of old contracts as low as $36 to districts uniform prices at which all producers would be willing to sell and
which the
would have
$40 a ton, and tho right to make purchases at any figure it at The remedyRailroad Administration fictitious evilto buy. of course, have
thus
for this
would,
may doom proper is said to bo claimed by it. Tho dcclar tho result of giving suggested operators tho relatively high prices without
the coal
ation of tho Railroad Administration to agree to tho stoel any competition, which they could use as a basis for selling to the general
public, so that
fade from the picture
prices was announced on April 2 by Secrotary of tho Treasury and virtually thothe element of competition would paying prices which in
whole consuming
Glass following a conference between members of tho Indus the aggregate would bo far in excess public would be necessary to maintain
of what would bo
trial Board of tho Department of Commerco, members of existing wages and pay sufficient profits.
VVhilo it hardly seems necessary to do so, I wish to give tho country the
tho Cabinot and representatives of tho U. S. Food, Fuel. assurance that Railroad Administration has no such
short
Railroad Administration, tho War Finance Corporation and sighted purposethe to force producers to sell below cost orunjust andburden
as
impose a
tho War Trade Board. Tho statement of Secretary Glass on tho rest of tho public. Thero is no institution— public or private— in
tho country that has a greater interest in tho promotion o f prosperity than
as originally issued, said:
tho Railroad Administration has. because the moro tho business o f the
Tho stool prices approved by tho Industrial Board of tho Department of
Commerco not having been accepted by the Railroad Administration (ho
vlows o f both wero expressed at tho conference. Tho views of tho Industrial
Board wero expressed by Secretary Rodfield, Chairman Peek and other
members of the Board. Tho views of tho Railroad Administration wero
presented by Director-General Hines. Tho matter was recommitted to tho
Board for further consideration.
country increases tho more net revenues tho Railroad Administration will
enjoy.
At tho same time I believe it would be opposed to the interests o f the
general consuming public, as well as of the Government, to forego absolutely
all benefits of competition and buy coal for the Government at unneces
sarily high prices, which in turn will immediately become tho standard
prices for all purchases. Such a course would have a strong tendency to
continue to preserve, in tho present period following the war. profits having
entirely too strong a resemblance to tho extraordinary profits which were
realized during the war.
As an illustration of the caution which the Railroad Administration is
observing In this matter, it has established tho policy that each railroad
shall buy its own coal, thus avoiding any greater concentration of purchas
ing power than existed under private management. It has also Instructed
that in purchasing coal, railroads must make as wido a distribution of the
tonnage bought as conditions will permit, at the same time confining, so
far as practicable, purchase to producers on tho individual roads.
Nobody was authorized to add to or subtract from the statement issued
It has also directed that no railroad should accept any bid which would
by mo on bohalf of tho conferonco. Tho amendment made by M r Peek involve tho cutting of tho existing scalo of mining wages. It has further
was totally misleading. Tho matter was not recommitted for any specific provided that coal prices actually contracted for shall not be secret, but
purpose but tho wholo subject was recommitted to tho Industrial Board shall bo available for tho information of any interested coal operator and
for reconsideration.
also of tho miners. Very few specific instances have been brought forward
of failure on tho part of any railroad to observo these policies and tho comMr. Peck explained to-day that tho statement attempted to convey plants which havo been brought forward have beon and are being properly
adjusted.
tho impression that tho Industrial Board and tho Railroad Administration
It must bo remembered that the purchasing power Immediately available
officials would confer further as to matters in dispute concerning tho agreod
of tho Railroad Administration with respect to coal Is by no means as great
steel prlco but there was no Intention among any of tho officials concerned
as is generally assumed in discussions on this subject. To a large extent
ho said, to chango tho findings as to what a reasonable price for steel was
the Railroad Administration's current supply of coal must be taken on
“ The matter." Mr. Peck said to-day. "concerns tho difference of opin
unoxplred Contracts which were made many months ago and which have
ion between tho Industrial Board. Cabinet members and Dlroctor-Goneral
yet soveral months to run. Again, the volume of coal currently con
Hlnos o f tho Railroad Administration. Tho Industrial Board members
sumed by tho Railroad Administration at the present time Is decidedly
and Dlrector-Gonoral IHnos will confer further concerning tho matters
below tho normal because in tho present readjustment period the business
Press dispatches from Washington stated on tho 2nd that
an amendment was added by George N. Peek Chairman of
tho Industrial Board, to make tho last sontenco read: “Tho
matter was recommitted to tho Board for further consider
ation with tho Railroad Administration.” On tho 3rd inst
Secretary Glass gavo out a statement which tho New York
“Times” quotes as follows:
“Financial America” of April 3 said:
1353
THE CHRONICLE
handled is below normal. A further factor Which cannot be ignored is
that tho railroads, like enterprises generally, stored unusually large quan
tities o f coal last April to be prepared for tho exigencies o f a long continued
war. T o meet tho present situation the railroads are using this stored coal
with caution so as not to interfere unduly with current coal production,
but a considerable storago of coal still exists which eventually will have to
be used by the railroads.
This statement is made at this time because the discussion of this sub
ject at the moment is apt to have a fertile soil for the growth o f misconcep
tions unless the general attitude of the Railroad Admlnistrtion is now
put before the public.
PLANS FOR M EETIN G FIN A N C IA L REQUIREMENTS
OF RAILROADS.
According to special advices to the New York “Times”
from Washington on April 3 certificates of indebtedness to
the extent of 840,000,000 will be issued to companies which
have made contracts with the Railroad Administration to
furnish equipment, and in this way some of the obligations
of the Administration will be taken care of. The certifi
cates, the “Times” stated, will cover moneys already due.
In all, contracts have been signed with the equipment com
panies amounting, it is stated, to about $244,000,000.
Announcement of the financial arrangement was made on
the 3d inst. in the following statement by Director-General
Hines:
After conferences between a group o f representatives o f equipment com
panies with which the Railroad Administration made contracts early last
year for the construction of locomotives and cars, and on which thero are
considerable amounts yet to be paid the companies for locomotives and cars
already delivered, and representatives of tho Railroad Administration, a
plan has been adopted In connection with the liabilities to the equipment
companies o f the Railroad Administration.
The plan announced was similar to that adopted for taking care of tho
April 1 requirements of tho railroad corporations that was recently made
public and involves the issuance by the Director-General of his certificates
of indebtedness to the equipment companies on account o f amounts now
due to the equipment companies.
On Mar. 28 it was reported that advances by tho War
Finance Corporation to keep the rail transportation system of
the country in operation until Congress can make necessary
appropriations reached a total of nearly $135,000,000 on
that day, when 11 more loans were announced, amounting
to $12,549,200. The Chicago Rock Island & Pacific re
ceived the largest sum on the 28th, $2,800,000. The Lehigh
Valley was supplied with $2,400,000, the New York Central
$2,000,000, and the Chicago Milwaukee & St. Paul $1,600,
000. All the other loans were for less than seven figures, as
follows: Michigan Central $992,000, Chesapeake & Ohio
$800,000, Bbston & Maine $728,000, Wheeling & Lake Erie
$618,000, Cleveland Cincinnati Chicago & St. Louis $340,000,
Buffalo Rochester & Pittsburgh $268,800, and Lake Erie &
Western $62,400. On Mar. 31 the War Finance Corpora
tion announced that it had granted the following advances:
Baltimore & Ohio RR. Co., $4,600,000; Erie RR. Co., $2,
500,000; Missouri Pacific RR. Co., $1,120,000. Also
an advance of $2,000,000 to the Baltimore & Ohio RR. Co.,
secured by that company’s refunding and general mortgage
6% gold bonds, series “B .”
HUNGARY EMBRACES BOLSHEVISM AND TURNS TO
RUSSIA FOR A ID .
No official announcement has been made as yet in regard
to tho policy of the Allies toward the Bolshevist overturn
in Hungary, although various developments unofficially
reported won Id'seem to indicate that an effort is to be made
to deal promptly and firmly with this latest manifestation
of Bolshevist activity. General Mangin, one of the leading
officers of the French army, according to reports, will be put
in command of Allied forces to operate against Hungary and
Russia, with headquarters in Rumania. Allied troops are
being landed at the Black Sea port of Constanza, according
to reports received from Bucharest. Arms and equipment for
a Rumanian army of 150,000 men are to be furnished from
England, where credits have been opened for the benefit of
tho Rumanian Government. The Polish Diet at Warsaw
has voted in favor of an alliance with the Entente, which,
it is supposed, will place the Polish army at the disposal of
General Mangin if military force is finally resorted to.
Marshal Foch on Tuesday went to Spa with full powers to
complete negotiations for the landing of the Polish Legions
now in France at Danzig, en route for Poland proper. An
Italian force of 7,000 men has occupied the city of Pressburg,
35 miles from Vionna on the Danube, while Czech troops
have taken the Hungarian town of Raab, with important
gun foundries. A report received at London on March 29
to the effect that the Allies had demanded the resignation
of the Hungarian Soviet Government and the holding of a
general election under Allied supervision, has not so far
been confirmed. In the meantime, later advices state that
[V
o l
. 108.
General Jan Smuts is to go to Budapest to investigate the
situation, and that the new Hungarian Government seems
disposed to reach a basis of accommodation with the Allies.
French troops have been ordered to proceed with the occupa
tion of the neutral zone between Rumania and Hungary
as originally planned.
On the other hand, the Hungarian Bolshevists, while
protesting their desire to remain at peace with the Entente,
are reported to have sent envoys to Berlin to conclude an
alliance, while German officers have arrived at Budapest to
aid in reorganizing the Hungarian army. Thero have been
clashes between French and Hungarian troops in the neutral
zone between Hungary and Rumania, resulting in the capturo
of the several hundred French soldiers. A demand has been
made by the French Military Mission for their release.
Early reports that the Allied Missions had been arrested
were subsequently denied. It is now stated that they have
been granted the usual diplomatic courtesies and that the
Hungarian authorities are prepared to facilitate their
withdrawal if desired. Their arrival in Bucharest has been
reported. Some indications have been reported of the spread
of Bolshevist ideas in Rumania and Jugo-Slavia, as well as
in the new Czech republic. The overthrow of the Karageorgevic dynasty in Serbia was rumored on Thursday.
The coming into power of Bolshevism in Hungary came
with dramatic suddenness on Friday, March 21, though the
news was not made public in this country until the morning
papers appeared on Monday (the 24th). Then it was an
nounced that the Hungarian Republican Government,
headed by Count Michael Karolyi, had resigned, and that
a Bolshevist Soviet republic had been set up in its place,
while at the same time an appeal was made “to the prole
tariat of the world” for justice and for support against tho
decisions of the Peace Conference as affecting Hungary.
The new Government declared its complete solidarity with
the Russian Soviet Government and offered to contract
an armed alliance with the proletariat of Russia. It was
also announced that wireless messages had been exchanged
between Budapest and Moscow in which Nicolai Lenine,
head of the Russian Bolsheviki, was hailed as “the Leader
of the International Proletariat.” In his reply Lenine is
said to have stated that he had submitted the Hungarian
greeting to the Bolshevist Congress at Moscow, which had
received it with great enthusiasm. He concluded by ex
tending “Communist greetings and a handshake.”
The proclamation of the new Hungarian Government
announcing the changes above outlined was quoted as fol
lows in dispatches from Budapest:
The proletariat of Hungary from to-day has taken all power in its own
hands. By the decision of tho Paris Conference to occupy Hungary the
provisioning of revolutionary Hungary becomse utterly impossible. Under
these circumstances the solo means open for the Hungarian Government
is a dictatorship o f the proletariat.
Legislative, executive and judicial authority will be exercised by a dic
tatorship of tho Workers, Peasants and Soldiers Councils. Tho revo
lutionary Government Council will begin forthwith work for tho realization
of Communist Socialism.
The Council decrees tho socialization of largo estatas, mines, big Indus
tries, banks and transport lines, declares complete solidarity with the Rus
sian Soviet Government and offers to contract an armed alliance with tho
proletariat of Russia.
The foregoing announcement was preceded by a procla
mation by Count Karolyi, setting forth his reasons for re
signing and turning oyer the Government to tho Com
munists and Socialists. In this statement Count Karolyi
gave as his reasons the decision by the Peace Conference at
Paris to occupy portions of Hungarian territory as a “jump
ing off ground” for an attack on the Russian Soviet army.
Karolyi appealed from this decision “to the proletariat of
the world for justice and support.” His statement read:
The Entente Mission declared that it intends to regard tho demarcation
lino as the political frontier. Tho aim of further occupation of tho country
is manifestly to make Hungary the jumping-off ground and tho region of
operations against the Russian Soviet army which is fighting on our frontier.
Tho land evacuated by us, however, is to bo the pay of tho Czech troops,
by means of whom the Russian Soviet army is to bo overcome.
As Provisional President of the Hungarian People’s Republic, I turn as
against the Paris Peace Conference to tho proletariat o f tho world for Justice
and support.
Various reasons have been advanced for the fall of the
Karolyi regime and the turning of tho Hungarians to the
Bolsheviki. The latter are known to have been active in
their propaganda work, not only through agents sent into
the country, but through returning Hungarian prisoners, who
were said to be coming back at the rate of 600 a day and to
be nearly all infected with Bolshevist ideas. There is more
than a suspicion, too, that Germany played a part in help
ing to create a Bolshevist menace that might conceivably
help her to secure better peace terms for herself. Paris
A
p r
. 5 1919.
THE CHRONICLE
newspapers on April 1 claimed, in fact, that the French and
Rumanian Governments had secured direct evidence that
Count Karolyi’s action was taken in collusion with Berlin.
The general tendency, however, is to blame the Peace Con
ference itself for the unfortunate situation that has devel
oped. By its dilatory tactics and its failure to lend support
at critical times to the comparatively moderate policies of
Karolyi, it played directly into tho hands of-the radical ele
ments. On tho other hand, by supporting, or seeming to
support, tho extreme claims of the Rumanians, the Czechs,
the Jugo-Slavs and tho Italians, they still further weakened
Karolyi among the nationalistic elements. Finally, the
Hungarians got word that the Peace Conference proposed
to establish a wido neutral zone between Hungary and Ru
mania, in territory that had been controlled by Hungary for
hundreds of years, and that this zone was to be occupied by
1 rench troops. The Hungarians, it is said, were ordered
to evacuate this strip, while tho Rumanians were allowed to
move up to its far side. It seems to have been taken for
granted from this move that the demarcation thus indicated
was to be made tho final political frontier, although tho
Peace Conference had in fact taken no final action in regard
to Hungarian holders, and assurances have since (though
too late) boon given that the demarcation line was not to be
considered as final. Count Karolyi’s resignation and tho
turning over of the Government to the Bolshovists followed.
In discussing tho situation of Hungary under the plans of tho
Entente, as far as known, an Associated Press dispatch
from Paris on Marcli 25 said:
Tho proclamation of tho Hungarian revolutionists asserts that the action
of tho Peace Conference is bno of tho chief causes o f tho unrest. Thus far
tho conference has taken no specific action regarding Hungary, but tho
recommendations of tho commission clearly foreshadow tho dismombormont
of old I lungary, with a circio of small now states surrounding what remains
of tho old territory.
This, while not yet approved by tho conference, has doubtless reached
tho Hungarian leaders and given impetus to tho overthrow of tho Karolyi
Government. Ono of tho officials who is taking a chief part in tho rodajustment o f territory in that quarter o f Europo explains the situation thus:
Bohemia has been detached from tho northwest of old Hungary: tho
adjoining country of tho Slovaks has also been detached. The Bohomians
are Czechs, and, with tho Slovaks, form tho now Czechoslovak nation,
both parts being detached from Hungary. Tho Ruthonians form the wedge
to tho Slovaks and this territory has also been taken from Hungary.
Next to tho Ruthonians comes Transylvania, which likewise has boon
detached from old Hungary and given to Rumania.
Next to Transvylvania comes tho Banat region, which lias been detached
from Austria and given to Rumania nearly to tho Tomes River, tho re
mainder o f Banat going to Serbia.
Further wost tho now Jugoslav State receives that part of old Hungary
lip to tho River Dravo. Theso changes form an almost complete circio,
leaving now Hungary only a compact centre occupying tho rich Danubian
plain.
All these recommendations, it is pointed out, were Justified by tho prin
ciple o f nationality and self-determination as enunciated by President
Wilson. Tho Bohomians, Slovaks, Ruthonians, and Transvylvanians as
woll as tho Inhabitants of Banat, aro racially Slavic or Rumanian, and h’avo
no othnological connection with tho Hungarians, who have held tho circio
o f surrounding territory only through tho powerful political influence of
tho Magyars.
It is ttlso pointed out thcit tho hunding over to Italy and
Jugo-Slavia of Triosto and Fiumo deprives Hungary of its
Adriatic outlet, while tho mouths of the Danube also flow
through foreign territory.
Tho tendencies of tho new regime are well shown by a
wireless messago addressed “To all,” sent out from Budapest
on March 22, and quoted as follows by George Renwick in
a copyrighted cablegram to tho New York “Times:”
To All— Tlio Hungarian Proletariat refuses any longer to bow its head
under tho yoke o f capitalism and big land owners. The country can only
bo saved from anarchy by tho joint forces of Socialism and Communism,
While tho foreign political situation is such that tho Hungarian revolution
stands faced with a catastrophe. Tho only means by which it is possible
to savo tho situation, both as regards foreign and domestic affairs, is a
dictatorship by tho proletariat.”
Tho mossago promises socialization of all largo estates, mines, largo
industrial concerns, banks, and moans of communication. ' A great pro
letariat army is to bo organized, which will be used to assert the dictatorship
of tlio workers and poasants against tho capitalists and big landowners
and tlio Czech bourgeoisie. Complete solidarity is proclaimed with tho
Russian Soviet Government, and an armed alliance is proposed with
Russia, while an appeal is made to Germany and to German Austria, who
aro asked to follow tho oxamplo of Hungarian workers to “ break with Paris
and ally themselves with Moscow, and, with weapons in hand, offer
resistance to their imperialistic conquerors.’ ’
It further declares that it is necessary to wage war in order to freo food
stuffs and production from tho mines. Tho message concludes by appealing
to tho workers and poasants to sacrifice themselves to secure the triumph
of their cause.
1353
Times” on March 29. Discussing tho relations of the new
ungary to the Entente, which, he said, should be friendlv
ho said:
aII®° fa5 aS occ“ pi.ed Hungarian territory is concerned, we aro proparod to
thnZ “ l0 Population there to decide its own fate. Personally, I am sure
those territories dosiro to be continued in tlio union with Hungary. I do
question^
l
,hiS ? “ !“ *• “ wo tak0 our staud upon a Platform
brotherhood and do not attach groat Importance to frontier
In regard to the cause of the downfall of tho Karolvi
regime, Mr. Kun said:
refusal t0 send food and raw materials on tho part of the
Entente since the armistice was signed did more to cause the ruin and
bankruptcy of tho capitalist system in Hungary than tho war itself
l
agree that had food and raw materials been promptly sent, and had peace
n~
d« ’ °ur task w° uld have been made moro difficult and tho estal>lisUment of the Soviet Republic here would have been possibly, even prol>a )iy, delayed. But it had to come eventually because tho war had conviimod the people that far-reaching and revolutionary changes were neces-
It is said that Kun was formerly private secretary to
Lemne, the Russian Bolshevist leader.
Efforts have been made to get Austria to join Hungary
in the adoption of Bolshevist tactics, but so far without
success. Austria’s food position is more critical, appar
ently, than that of Hungary, and she is also further from
t le possibility of help from Russia. At any rate, Vienna
is reported to have replied to appeals from Budapest by
saying that she cannot make a move because she is abso
lutely dependent upon the Entente for food.
The German Government is reported to have dispatched
Karl Kautsky, the veteran Socialist leader, to Moscow, to
open tentative negotiations with the Russian leaders.
OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Notwithstanding the message cabled to the White House
last week (March 26), that more progress was being made at
tho Peace Conference than appeared on the surface, the
feeling persists that matters at Paris aro dragging intoler
ably. Tuesday’s dispatches reported that President Wilson
the previous evening had made a strong appeal to his fellow
members of the Council of Four for speed in winding up the
woik of tho Peace Conference. The President explained,
it is said, that he was willing to accept his share of the re
sponsibility for the Peace Conference delays. He was care
ful to point out that the slowness of tho negotiations was not
due to any single country or its representatives. He de
clared emphatically, however, that tho time for talk was
virtually finished, and that now was the time to show re
sults. 1 he two subjects which have been causing tho most
delay this week, it is said, are the question of reparation and
the attitudo to be assumed toward Bolshevism, in the light
of tho new developments in Hungary. Tho claims of France
for the Saar Basin have also come in for much discussion, as
has the question of the Rhine frontier. Tho former Council
of Ten has dropped out of sight entirely, and with it the
official communiques issued in regard to its proceedings.
The latter at least gave some information of an official na^
turo as to what was going on. No announcements are made
in regard to the sessions of the new Council of Four (Wilson,
Clemenceau, Lloyd George and Orlando), and save for the
unofficial surmises of the press correspondents, the world is
left in the dark day after day, while the fate of the nations
is boing settled. President Wilson has informed other mem
bers of the American delegation to the Peace Conference
that no American soldiers should be used in any trouble
in Eastern or Southeastern Europe, according to a Central
Nows dispatch from Paris to London on Tuesday.
A review of the important happenings of the week will be
found elsewhere. Below are the official statements that
have appeared.
THE SUPREME COUNCIL.
The former Supreme Council has virtually been divided
into two bodies, except when it meets in general session as
the Supreme War Council. The main burden of its work
has been taken up by the new “Super Council,” or Council
of Four. A subsidiary body has, however, been formed,
The same dispatch quotes tho Vienna “Arbeiter-Zeitung” called the Council of Foreign Ministers, and made iipof the
as saying:
Foreign Ministers and Secretaries of State who formerly
Hungary knows full woll what is at stako. She appears to be fully de
cided not to retreat boforo tho oxtromo step of war with tho Entente. Sho met with the Supreme Council. The first meeting of this
reckons on tho support of tho Russian Soviet Government and on tlio fear now body was reported in the following dispatch from Paris
which tho Entente harbors regarding tho spread of Bolshevism.
under date of March 28:
Significant of tho mental processes of the present leaders A Council of Foreign Ministers and Foreign Secretaries of the great
in Hungary is a statement made by Bela Kun, the Soviet Powers has been created to work simultaneously with the Premiers and
on different brandies
questions
Foreign Minister, in an interview with the correspondent President inWilson, butsettlement. This actionof the technical in tho iuthe
of tho London “Daily News” cabled to tho New York involved speed. peace believed that the Councilhas been takenthe Italian
tercst of
It is
will consider
THE CHRONICLE
1354
[V o l .
108.
and probably the Russian question, as well as the feasibility o f arranging and employers, along with experts, according to the Paris correspondon
of the “ Daily News.”
a peace treaty to include all belligerent nations.
George Nicoll Barnes of the British Cabinet, and one of tho prominent
At a meeting of this new council this morning it was decided that the
blockade o f German Austria would bo lifted as soon as measures could bo labor loaders, says that the British draft has been accepted, with modifica
tions. The report has been drawn up without the endorsement of the
perfected for preventing imports into that territory being re-exported to
Germany. The Council named a commission to Inquiro into the Moroccan Supreme War Council, but M r. Barnes is sanguine that this will bo ob
question and then took up the question o f the frontiers o f Schleswig. This tained.
An American member of the Labor Commission says that tho Commis
bulletin was issued:
"A meeting at which M r. Lansing, M r. Balfour, M r. Pichon, Baron sion concentrated on obtaining an apparatus for making certain that legis
Sonnino, and Baron Makino were present, too place on the 28th o f March lation of tho future would be effectively put into operation. Tno Com
mission faced two difficulties— Italian labor, or how conditions in Italy
at 11 a. m.
"In regard to the blockade o f German Austria, it was agreed that all could be brought into line with those prevailing in other European coun
restrictions on commerce should bo raised in that region as soon as the tries, and Oriental labor. In the end the Italian members of tho Commis
necessary machinery had been established in order to prevent re-export to sion admitted that more could be done than had been done, and tho Oriental
representatives showed a desire to meet tho situation.
Germany.
At first tho Eastern representatives hesitated about binding themselves
"A commission was appointed to study the removal o f servitude of
to European standards if penalties were imposed. The Japaneso thought
M orocco established by the Act o f Algeciras.
“ Tho Council then considered the question of the forntiers o f Schleswig.” they wero hampered, and raised the point that if they wore to adjust them
selves too rapidly to European conditions, tho dislocation of industry
might react to the detriment of the workers. But all points were satis
factorily cleared up.
A second meeting of the Council of Foreign Ministers was
held on April 1, an official statement issued saying:
The Council o f Foreign Ministers, at their meeting this afternoon, re
ceived the report o f the Peace Conference Commission on Czecho-Slovak
territorial claims and discussed the advisability o f holding a plenary session
of tho conference for a discussion o f tho report on international labor legis
lation. Tho report was made by the Commission designated by tho full
conference and, consequently, it will probably be received at a plenary
session.
Tho Foreign Ministers also considered the question of holding business
sessions at Versailles when tho German delegates should arrivo there.
Because of the inadequate heating arrangements and its inconvenient loca
tion, there is soino doubt whother Versailles would be satisfactory for a
business session, although historical reasons mako it imperative that the
peace treaty be signed there.
COMMISSION ON RESPONSIBILITY.
The Commission on Responsibility for the War held its
last session on March 29 and transmitted its general report
to tho Supreme Council. An official statement issued on
that date said:
The Commission on Responsibility for tho War hold its last meeting
this morning. Its general report has been transmitted to the conference,
under whose control it will henceforth be.
Sir Ernest Pollock, the British Solicitor-General, expressed the thanks
of the Commission to Secretary Lansing for tho excellent and liberal spirit
in which he had presided over the discussions.
In referring to the work of this Commission, an Associated
Press dispatch on March 30 said:
The Commission on Responsibility for the War has decided:
First, solemnly to condemn the violation of neutrality and all the crimes
committed by tho Central Empires.
Second, to urge the appointment o f an international tribunal to judge
all those responsible, including the former German Emperor.
FINANCIAL COMMISSION.
The press reports of March 31 gave the following in re
gard to the Financial Commission of the Peace Conference:
The first meeting between tho Financial Commission o f the Peace Con
ference and tho German financial agents will take place Thursday at Compiegne, where an indefinite session will be held to arrange the exchange of
German securities for foodstuffs.
After the first session it is probable that no members o f tho Allied Finan
cial Commission will remain in Compiegne, as the business to be trans
acted will bo o f such a nature that trained bankers can conduct it with
out assistance from the executive members o f the commission.
In addition to Compiegne, committees are also working at Cologne for tho
disposition of raw material, at Rotterdam on arrangements concerning
shipments of food, and at Spa concerning the details of taking over German
shipping. Tho committee at Rotterdam is the same one that looked after
Belgian relief work, before tho armistice was signed.
It was also announced at London that the German Finacial Commission sent to Spa has been authorized to give an
exact description of the financial situation of Germany to
the representatives of the Allies, according to a German
wireless message.
COMMISSION ON INTERNATIONAL LABOR LEGISLATION.
As reported last week, the Commission on Internationa
Labor Relations completed its work on March 21. A dis
patch from London on March 31 gave the following outline
of the commission's report:
Tho completed draft of the convention creating a permanent organiza
tion for the promotion o f labor interests and tho international regulation
of labor conditions, consists o f forty-one articles. The first chapter deals
with the general outlines o f the organization, which will consist of a goneral
conforonco o f representatives and an international labor office.
Meetings of tho goneral conference will be held at least once yearly.
. conference will include representatives o f the employers and workers.
ach delegate may be accompanied by two advisers, and, when women’s
ri h ; are involved, at least one of tho advisers should bo a woman.
Th ) ( onferonco will meet at tho seat of tho League o f Nations, whore the
international labor offico will be established as part o f tho League organiza
tion. A governong body o f twenty-four members will control tho labor
offico and will bo composed o f twelve Government representatives, and six
members elected by the delegates to the conference representing the em
ployees and six elected by the delegates representing tho working people.
Tho director o f the labor office will bo appointed by the governing body
and will select his staff as far as possible from different nationalities and
includo a certain number of women. The labor office will act as a goneral
clearing house for all labor information.
Advices to the daily press under date of Mar. 27, in an
nouncing that tho first meeting of the International Labor
Conference would be held in Washington next October, said:
The first international labor conference, which will take place in Wash
ington in October, will be attended by about 200 representatives of labor
COMMISSION ON INTERNATIONAL REGIM E OF PORTS AND
RAILW AYS.
Arrangements for the operation of through trains between
Paris and the Near East over a route that does not pass
through the territory of the Central Powers were announced
on March 26 by the Commission on International Regime
of Ports and Railways. Dutch claims relative to navigation
on the Rhine were also heard during the session of tho Com
mission held that day. The text of the statement issued read.
The Commission on the International Regime of Ports, Waterways and
Railways met this afternoon at three o ’clock at the Ministry of Public
Works. Tho Commission heard representatives of tho Dutch Government
in regard to plans for the navigation of the Rhine. Tho Dutch point of
view was presented by W. J. M . Van Eysinga, Professor at the University
Tho Dutch Legation having retired, M . Clavolllo, French Minister of
Public Works, reported to the Commission the protocol convoying to the
representatives of tho interested-.nations a 1
new transportation agreement
designed to assure relations' ^between England, Franco and Italy, and to
secure a route to the Orient by railroad without passing through territories
of tho Central Empires. To this end, a train do luxe, to bo called the
“ Simplon-Orient Express," will be run between Paris and tho Orient via
Lausanne, Simplon, Milan, Venice, Trieste, Laibach, Agram and Vinkovee At Vtnkovce the road will divide, one branch connecting with
Bucharest, Constance and Odessa, and tho other with Bolgrado, Constan
tinople and Athens. The train will connect at Paris with tho LondonCalais-I'arij train and at Milan with a fast train for Romo.
Part of th.s program will be put into operation commencing April 15.
and tho other part beginning M ay 1.
Tho Commission continued the investigation of the clause to bo inserted
in the Treaty of I’ caco in regard to ports under International control.
SENATOR LODGE A N D A . L A W R E N C E LOWELL I N
D E B A T E ON L E A G U E OF N A T IO N S .
In the joint debate at Boston on ho League of Nations
between U. S. Senator Henry Cabot Lodgo of Massachusetts
and A. Lawrence Lowell, President of Harvard Uni
versity, tho Senator in declaring that he was not against
the League made the following assertion:
It has been said that I am against any Leaguo of Nations. I am not; far
from it. I am anxious to have the nations, tho froo nations of tho world,
united in a leaguo, as we call it, a society, as tho French call it, but united,
to do all to bring about a general disarmament.
In the course of his discussion Senator Lodge also said in
part:
The draft appears to me, and I think to any ono who has oxamlnod it
with caro, to have been very loosely and obscuroly drawn. It scorns to
mo that Lord Robert Cecil, who I beliovo is principally responsible for it,
should have put it in the hands of a parliamentary draftsman boforo it was
submitted. A constitution or a treaty ought to bo in logal, statutory or
constitutional language and not in the language selected for this purpose.
The language of that draft is of immense importance, because it is neces
sary that there should bo just as few differences of opinion as to tho mean
ing of tho articles of that draft as human ingonutty can provide against.
No man, bo ho President or Senator, can fix what tho interpretation of
that draft is. The draft itself, the articles themselves, should answer as far a
possiblo all questions. There is no court to pass upon thorn. Thoy would
havo to be decided by the nine powers whose representatives compose the
Executive Council.
Now, in discussing the draft of the Leaguo I can only doal with tho most
Important points. To analyze those articles of that League as thoy should
be analyzed would take many hours. But I will speak of ono point which
runs all through it—one objection, os it seoms to mo which runs all through
it, and that is that thero aro so many places whoro it says that the Execu
tive Council—which is the real seat of authority—shall recommond, or
advise, or propose measures, and it fails to say by What vote thoy shall do
it. There aro ono or two places whoro it is stated thoro shall be a twothirds vote, another case whoro it shall bo unanimous; but in most cases
it is not stated.
Now, either thero should bo a clause in there saying “ whoro not othorwiso stated, the decision of the Executive Council shall bo by a majority
vote,” or elso it ought to be expressed in every article whoro thoy aro called
upon to make a recommendation, or a proposal, or a docision of any kind.
Again lot me quote from M r. Taft. IIo says, spoaklng of ambiguous
phrases: “ One of thoso, for Instance, is in rospoct to tho Executive Coun
cil. Will it need a uanimous vote or will a majority vote be sufficient,
whoro there is no specification?" That puts tho point oxtromoly well,
and I think thero should be another chango. I offer that as a second con
structive criticism.
I now como to what seoms to mo a very vital point, .indeed, and that is
the Monroo Doctrino. I shall not undertake to trace tho history of tho
doctrine or of its development since Mr. Monroo first declarod it. But
in its essenco it rests upon this proposition of seperatlng tho Amoricas
from Europo in all matters political. It rests on tho differentiation of the
American hemisphere from Europo, and therefore I have found It dlfficul
A pr . 5 1919.]
THE CHRONICLE
to understand an argument first advanced with more confidence, perhaps,
than it is now— that we preserve the Monroe Doctrine by extending it.
Tiio Monroe Doctrino was the invisible line that wo drew around the
American hemisphere. It was the fence that we put around to exclude
other nations from meddling in American affairs, and I have never boon
able to get it through my head how you can preserve a fence by taking
it down.
The Monroe Doctrino is tho corollary o f Washington’s foreign policy de
clared in the Farewell Address. I am not going to base any argument upon
it, but it is a mistake to consider the policy laid down by Washington and
Monroo as ephemeral and necessarily transient. As Mr. Wilson well said,
Washington’s doctrino was not transient. It may be wrong, the time may
havo coino to discard it, but it Is not ephemeral', because it rests on two
permanent facts—human nature and geography.
Human nature, you may say, has changed. When you study tho his
tory o f tho past, as far as we havo a history, there is a curious similarity in
it at all stages. But one thing is certain— not evon the wisest and most
optimistic o f reformers can change the geography o f tho globe. They say
communication has quickened enormously. Tho Atlantic Ocoan is not
what it was as a barrier, or the Pacific either, I suppose. But do not for
got that, oven under modern conditions, the Silver Street, the little channel
only twenty miles wide, was England's bulwark and defense in the last war.
Do not underrate the 3,000 miles of Atlantic. It was on that that the
Monroo Doctrino, tho corollary o f Washington’s policy, rested.
Tho Monroe Doctrine has been expanded. A resolution was passed
unanimously in the Senate a few years ago stating that the United States
would regard it as an act of hostility for any corporation or association of
any other nation to take possession o f Magdalena Bay, being a post of
great strategic, naval and military advantage. It did not rest on the Mon
roe Doctrine. It rested on something deeper than that. It rested on the
basis o f the Monroo Doctrine, the groat law o f self-preservation.
They say that If wo demand the exclusion o f tho Monroe Doctrine from
, the operation of tho League they will demand compensation. Very well. Let
them exclude us from meddling in Europe. That is not a burden that
we are seeking to bear. We are ready to go there at any time to save the
world from barbarism and tyranny, but wo are not thirsting to interfere in
every obscure quarrel that may spring up in tho Balkans.
M r. Taft says that tho covenant “ should be made more definite by a
larger reservation o f the Monroe Doctrine.” I agreo entirely. I offer
that as my third constructive criticism, that there should bo a larger reser
vation o f tho Monroe Doctrine, and when tho leading advocate of this
draft takes that position, it seems to me, it cannot bo a very unreasonable
one.
Thero is tho question o f Immigration, which this treaty reaches under
tho non-justiclable questions. I am told— I believe I have followed it
through all tho windings— that a final decision could only be reached by
unanimity, and it is said that tho League would not be unanimous. I
think that highly probable, but I deny the jurisdiction. I cannot per
sonally accede to tho proposition that other nations, that a body o f men in
executive council, where wo as a nation have but one vote, shall havo any
power, unanimous or otherwise, to say who shall come into the United
States. It must not bo within tho jurisdiction o f the League at all. It
lies at tho foundation of national character and national well being. There
should bo no possible jurisdiction over the power which defends this coun
try from a flood of Japanese, Chinoso and Hindu labor.
Tho tariff is involved in tho article for the boycott. The coastwise trade
Is involved in Article 21. I think wo ought to settle our own import duties.
They say it is a domestic question. So is immigration, but they are do
mestic questions with international relations.
Moreover— and I know some people think this is a far-fetched objection,
but having other nations meddle with our tariff runs up against a pro
vision o f tho Constitution; the Constitution provides that all rovenue bills
shall originate in the House of Representatives. Now I do not offer that
as a final objection. No doubt wo could amend our Constitution to fit
the League but it would take some time and I think it is better to steer
clear of tho Constitution in cases like that and I offer an amendment,
already proposed by Senator Owen o f Oklahoma, an ardent Democrat and
a supporter o f tho League, to exclude international questions o f the char
acter of immigration and tho tariff from the jurisdiction o f the League. I
offer that as a fourth constructive criticism.
Tills treaty is indissoluble. Thero Is no provision for withdrawal or
termination. In tho old days— very old days— they wero. in tho habit
of boginning treaties by swearing eternal friendship, which made them
last no longer. That has been given up. In modern times almost all tho
treaties that wo now havo contain provisions for termination or with
drawal on notice. If thoro is no provision for withdrawal you are thrown
back on denunciation or abrogation by ono nation.
I havo been surprised to hear in tho Senate and elsewhere the statement
that this was only a treaty, and we could abrogate it by an act of Congress
at any time, as we can under the decisions o f tho Supreme Court.
Why
ladles and gentlomon, nothing could be worse than that. No greater mis
fortune could befall the peace of tho world than to havo a nation, especially
a powerful nation, abrogato tho treaty. It is usually a preliminary to
war. It is in many cases at least. Thero ought to be some provision by
which a withdrawal could bo effected without any breach of tho pcaco or
any injury to tho cause.
Mr. Taft says "tho covenant should also bo mado more definite as to
when its obligations may bo terminated.” I offer that as another con
structive criticism.
I am obliged to move rapidly, for my time is expiring, but thero are two
great points that I cannot leave wholly untouched. Ono is Article X IX .,
providing for mandatories. It does not say who shall select the manda
tory. that is, that a nation may bo solocted to take charge o f a weak or a
backward peoplo and bo appointed by tho League to that work. It has
been suggested that wo should tako charge of Constantinople; that wo
should tako chargo of Armenia and Mesopotamia and Syria.
I am not going to argue it at length. I am not as deeply opposed to
that provision as many others— as most other peoplo— aro, as I boliovo the
Amorican peoplo aro. But it is a very grave responsibility to tako— to tako
charge o f somo distant peoplo, furnLsh them with civilians to carry on their
Government, furnish them with an army to protect them, and send our
young mon away on that business. We havo done it in Haiti, wo have
dono it in San Domingo, wo havo done It in Niaragua, and aro doing it now.
That is all within the Monroe Doctrine; that is all within our own “ ring
fence." Wo must do it; we owe it to tho world and we aro quite capable
of doing it successfully. But this is a demand to go out through Asia,
Africa, and Europo.and tako up tho tutelage o f other people.
Then comes Article X . That Is the most important article in tho whole
treaty. That is the one that I want the American people to considoi, tako
it to thoir homes and their firesides, discuss it, think of it. If they com
mend it tho treaty will bo ratified and proclaimed with that in it. But
think o f it first think well.
That pledges us to guarantee the political independence and territorial
integrity against external aggression of every nation a member of tho
League. That is, every nation o f tho earth. Wo ask no guarantees; wo
1355
have no endangered frontiers; but we are asked to guarantee the territorial
integrity of every nation practically in the world—it will be when the
League is complete. As it is to-day, we gauarntee the territorial integrity
and political independence o f every part of the far-flung British Empire.
Now mark. A guarantee is never invoked except when force is needed.
If wo guaranteed one country in South America alone, wo were tho only
guarantor, and we guaranteed but one country, we should be bound to go
to the relief o f that country with army and navy. We, under that clause
of that treaty— it is one o f the few that are perfectly clear—under that
clause of the treaty we have got to take our army and our navy and go to
war with any country which attempts aggression upon the territorial in
tegrity of another member of the League.
Now, guarantees must be fulfilled. They are sacred promises—it has
boon said, only morally binding. Why, that is all there is to a treaty be
tween great nations. If they aro not morally binding they aro nothing
but “ scraps of paper." If the United States agrees to Article X we must
carry it out in letter and in spirit; and if it is agreed to I should insist that
we did, because the honor and good faith o f our country would be at stake.
Now, that is a tremendous promise to make. I ask the fathers and the
mothers, the sisters and the wives and the sweethearts whether they are
ready yet to guarantee the political independence and territorial integrity
of every nation on earth against external agression, and to send the hope
of their families, the hope of the nation, tho best of our youth, forth into
tho world on that errand.
[A gentleman in the audience said “ Yes.” A chorus of voices responded,
“ No, no, no.” ]
If they are, it will be done. I f tho American people are not ready to do
it, that article will have to go out of the treaty. If that League with that
article had existed in the eighteenth century, France could not have as
sisted this coutry to win the Revolution. If that League had existed in
1898, we could not have interfered and rescued Cuba from the clutches o f
Spain; we should have brought a war on with all the other nations o f the
world.
President Lowell in his discussion spoke in'part as fol
lows:
Let us remember that in its present shape the covenant is intended only
as a draft, subject to correction; for if it were regarded as finished and un
changeable, it would not have been given out until submitted for ratifica
tion. It is defective, as is all unfinished legislation, and embodies much of
compromise. For the first time we havo an experiment in open diplomacy,
tho public being admitted to inspect the process before it is completed. It
would certainly be unfortunate for that experiment if criticism of the draft
wore purely destructive; and yet wo have so far had no criticism of a con
structive character. From those, and they are many, who profess to be
hove in a League of Nations, but not in this particular plan, we have heard
littlo or nothing of the way this plan could bo improved to meet their
views. Criticism seems to havo been left almost wholly to those who
object to a League of Nations altogether.
Having observed that the drafting o f the covenant is defective. I am not
further concerned here with pointing out errors or suggesting improvements,
but with the substance of the plan—with the character of the League which
tho representatives of fourteen nations agreed upon unanimously. But I
should like to suggest one amendment that would not change in the least
the moaning of the covenant where its wording is precise, but would greatly
clarify further discussion, and remove many objections raised by Sena
tors. It would consist of an additional article reading as follows
Tho obligations assumed by the members of the League aro only those
which they agree to assume by this covenant, and not others which they do
not hereby agree to assume. Furthermore, the powers possessed by the
organs of the League are those, and only those, conferred upon them by
this covenant.
Or the same thing might bo expressed more briefly thus: "Where its
intent is clear, tills covenant means what it says, and not something else.”
In spito of all its defects in drafting such a clause would help some of
our opponents to construe the document. In my argument I shall assume
that this clause has been added to tho covenant, or is unnecessary. For ex
ample, when the covenant says that the Executive Council o f the League
shall “ advise” or “ recommend” or “ determine for the consideration and
action of tho several Governments” or “ formulate plans” or “ propose
measures,” I assume that it means what it says. To advise or recommend
means to suggest, to propose, to advocate—in short, to recommend—for
consideration by somo one else, not to give an order to some one who is
obliged to obey; and when the members of the League agree that their
Executive Council may advise or recommend a course of action, they agree
to consider that recommendation, but they assume no obligation, legal or
moral, to follow it if they do not approve of it. Much of the misunder
standing of the plan prepared in Paris has come from a failure to keep this
fact in mind—and yet it would seem fairly obvious.
If wo assume that the covenant means what it says, and not something
wholly different, no organ of the League has any authority to give com
mands to this country tnat need give us a moment’s anxiety. The only
substantial powers that any such body is to possess beyond making recom
mendations which we may follow or not as wo think right, aro derived from
a unanimous decision in an international dispute, and from the right to
forbid an incroaso in armaments or to direct the duties of a mandate in
caso wo first agree to tho reduction of armaments, or to the assumption of
tho mandate.
It is sometimes asked if tho authority of the organs of tho League is
so insignificant, where is its efficiency in preventing war? Tho answer is
that it lies in the obligations assumed under the covenant directly by the
several members of the League; and this is both the most effective and least
adventurous method of preventing war.
This misunderstanding of the nature of the'League proposed, and of the
functions of its organs, is the foundation of most of the objections raised
against the covenant. If the United States is not subject to the orders of
tho Executive Council, or under any obligation to adopt its recommenda
tions, it is sonsoless to talk of our being rulcdiby a body in which we have
only ono vote out o f nine. The opponents of tho League set up an imagi
nary scarecrow of their own creation, and then fire at it with great satis
faction to themselves. Their shots do not touch the real mark, although
they may trouble the Innocent bystander.
Another bogey of an equally unsubstantial kind is that “ England” has
in tho Body of Delegates six votes to our one. If the only functions of this
body are to talk, to select the four other States to be represented on the
Excutive Council, and to make unanimous recommendations after inquiry
Into a dispute, the number o f votes therein are not of much consequence.
Moreover, even if the British self-governing colonies are admitted as mem
bers of tho League, it is by no means certain that Great Britain can always
control their votes; and, on the other hand—tell it not in Gath— who but
tho United States would practically control to-day the votes of Panama,
o f Nicaragua, of Haiti, and of San Domingo?
As our senior Senator, and as the leader of the Republicans In tho Senate,
we havo a right to ask Mr. Lodge two questions: First, whether he will.
1356
THE CHRONICLE
or will not, vote for tho covenant o f Paris, provided lc is amended as he
wishes; and, second, what amendments thereto he desires.
A further objection to tho covenant is that it contains no provision for
withdrawal from the League. If this is a serious cause o f reluctance to its
ratification there would probably be no great hesitation in adding a clause
that any member might withdraw on giving a reasonable notice— let us
say a couple of years— provided all its obligations were fulfilled up to tho
time it withdrew.
Another objection brought forward by the opponents o f tho League is
that Asiatic immigration, the policy o f a protective tariff, or some other
matter o f vital domestic interest, may form a subject of dispute with another
nation, may bo brought before the Executive Council for Inquiry and de
cided against us. It would seem to be clear that tho framers of the cov
enant did not intend to submit to tho interference of the Council tho in
ternal affairs o f the members o f the League, and assumed that tho Council
would in such questions follow the recognized principles of international
law.
It can hardly be supposed that England, for example. Intended that any
nation should be entitled, by raising a dispute, to ask tho Council to inquire
into the Government of the natives of India, and mako recommendations
for a change; or that France intended to authorize an inquiry whether or
not she was justified in repealing tho Concordat with tho Church; or that
Italy contemplated a recommendation on the restoration o f the Temporal
Power of tho Vatican.
Next wo come to the greatest bugbear o f all, tho point on which popular
alarm is most readily awakened by vague denunciation without definite ex
planation. It is tho Monroe Doctrine. As one o f those who have always
believed strongly in this doctrino, I understand that it means, or is by some
persons supposed to mean, several different things. In its original sense
it meant that no foreign nation should interfere with tho independence, or
seek by force to acquire any part o f the territory, of any country in tho
American hemisphere. Taken in this sense the covenant extends tho
doctrine over tho whole world, or at least over all that part of it which is
covered by tho League.
There is another later and broader senso in which the doctrine means that
no foreign nation shall acquire a foothold on these continents even with tho
consent of tho country that owns the place. This was the phase of tho
doctrino invoked in the case of Magdalena Bay. A Japanese company
proposed to buy from Moxlco a tract of land on this bay in Southern Cali
fornia, ultimately, as we believed, for tho purpose of a Japaneso naval
station. Our Government objected, and tho purchase was not made.
Such a transaction is not forbidden by tho covenant of Paris, and if wo want
to arbitrate about it the decision might bo that Mexico had a right to
sell land to Japan or any other power if she wished to do so. The United
States would bo justified in asking, and in my opinion ought to ask, for a
clause in the covenant that no foreign power shall hereafter acquiro by
conquest, purchase, or in any other way, any possession on tho American
continents or the islands adjacent thereto. Nor do I believe that tho
European members o f tho League would object to such a clause, bocause
they do not want another nation to acquiro military posts or naval sta
tions in the neighborhood o f their own coasts, canals, or coaling stations.
There is, however, a third interpretation o f the Monroe Doctrino, rarely
asserted, often repudiated, but nevertheless widely entertained, which
stands on a very different footing. It is that, whilo foreign powers are for
bidden to take territory from American countries, we aro at liberty to trea
them as our Interests may dictate. According to that view Central and
South America aro a game preserve, from which poachers are excluded,
but where tho proprietor may hunt as he pleases. Naturally tho pro
prietor is anxious not only to keep away the poachors, but to oppose gamo
laws that would interfere with his own sport. With their professed prin
ciples about protecting tho integrity and independence of small countries,
tho nations that have drawn up tho Covenant of Paris, can hardly consent
to a claim of this kind. Nor ought we to demand it. A suspicion that this
is tho real meaning of the Monroe Doctrino is the specter that has prevented
tho great South American States from accepting the Doctrine. This has
been the chief obstaclo to mutual confidence, and cordial relations with
them, and the sooner it is definitely rejected tho better.
Some Americans, whilo professing a faith in tho right of all peoples to in
dependence and self-government, aro really imperialist at heart. They
believe in tho right and manifest destiny of the United States to expand by
overruning its weaker neighbors. They appeal to a spirit of patriotism
that sees no object, holds no ideals, .and acknowledges no rights or duties,
but tho national wolfare and aggrandizement. In tno namo of that prin
ciple Germany sinned and fell. Tho Ideas of those Amorican imperialists
are less grandiose, but at bottom they differ little from hers. It would bo
a calamity if we should havo helped to over come Ocrmany only to bo con
quered by her thoroies and her errors.
Finally, an objection is made to tho covenant on tho ground that its pro
visions aro contrary to the Constitution o f tho United States. It is argued
that an obligation assumed by treaty to limit military or naval forces and
armaments in this country is contrary to tho provision of tho Constitu
tion which vests in Congress tho power to raise and support armies; that
the obligation not to go to war without provious arbitration, or perchance
to go to war under certain contingencies, is contrary to tho provision
vesting in Congress tho power to declare war; that tho same is true of tho
obligation to preserve against external aggression tho territorial integrity
and political indopendonce o f tho other members of tho Loaguo, because
this may involve war; and that tho obligation to prevent commercial in
tercourse with tho people of an offending country is contrary to tho pro
vision which confers on Congress tho power to regulate eommerco with
foreign nations. It is contended that a treaty which regulates any of these
things impairs tho power of Congress to do so and Is, therefore, unconstitu
tional.
Now, it so happens that all these things havo been regulated by treaties
already made, still in existence, and duly ratified by tho Senate. Treaties
regulating commerce in various ways havo been common, and aro too
numerous to require citation. No doubt they have often been authorized
by Congress, but so can this covenant if it is deemed necessary. With
that authorization, and sometimes without it, there has boon no question
of their constitutionality.
The limitation of armaments by troaty is very old. Moro than one
hundred years ago, in 1817, an agreement was made with England to limit
tho naval forces of tho two countries upon tho Great Lakes. It was ap
proved by tho Senate, put into effect by procla nation of the President lias
been in force ever sinco, and been faithfully observed to tho great satisfac
tion o f every one concerned. It is fortunato no one discovered that it was
unconstitutional, for in this country this means that it is beyond the power
of those makihg it, and honce null and void. But if tho treaty was void,
England or tho United States could at any moment havo built a navy on
the lakes without breaking it, for there is no such thing as a breach of a
void treaty. It makes no difference whet ;er this was in form a troaty,
for it was an international agreement approvod by tho Senate.
Treaties to guarantee tho integrity and independence of another country
are of a moro recent date. Article 35 o f the troaty o f 1816 states that “ the
United States guarantees, positively and efficaciously, to Now Granada,
[Vol . 108
by the present stipulation, the perfect neutrality of tho boforo-mentioned
isthmus, witn the -view that the free transit from tho one to tho other sea
may not be interrupted or embarrassed in any future time in which this
treaty exists; and in consequence tho United States also guarantees, in the
same manner, tho rights of sovereignty and property which New Granada
has and possesses over the said territory.”
In like manner the treaty of 1903 with Panama states in its first article,
“ Tho United States guarantees and will maintain tho independence of tho
Republic of Panama.” Still more recently the treaty witli Haiti ratified
by tho Sonato on Feb. 28 1916, provides in Articlo 14, that “ the United
States will lend an efficient aid for tho preservation of Haitian Indepen
dence.” Each of these treaties implied going to war if necessary, and tho
last says so expressly.
Within the last few years the so-called Bryan treaties havo been made
which cover the remaining point, that of an agreement not to go to war, be
fore arbitration. The treaty with Great Britain, ratified by tho Senate
on Sept. 25 1914, is a good example of this series of agreements. In tho
first articlo it provides for the reference to an international commission
of all disputes of every nature whatsoever the settlement of which is not
already provided for and in fact achieved under existing agroomonts, and
adds that tho high contracting parties "agree not to declaro war or begin
hostilities during such investigation and before tho report is submitted.” '
During tho years from 1914 to 1916 treaties of this kind, duly ratified
by tho Senate, were made with Bolivia, Brazil, Chile, China, Costa Rica,
Denmark, Ecuador, France, Great Britain, Guatemala, Honduras, Italy,
Nonvay, Paraguay, Peru, Portugal, Spain, Swedon, and Uruguay.
It is a little late in the day for opponents of tho Covenant of Paris to.
discover that its treaty obligations aro unconstitutional, and henco that all
the foregoing treaties aro null and void. This is particularly true of those
Senators who voted for many of these troaties. Tho fact is that troatios.
touching any of these matters aro not unconstitutional, bocause thoy do
not affect the powers vested in Congress by the constitution. Thoy effect
the good faitn of tho nation, and so long as they remain in force thoy are
tho law of the land. But Congress does not thereby lose its power. If it
chooses to pass an Act violating their provisions, tno Act, though immoral
and a broach of faith, is not illegal or void of effect.
Some opponents of tho Covenant suggest that tho United States should
bo at tho head of a League to preservo order and maintain poaco in this
hemisphere, and that a European Loaguo of Nations should tako chargo
of troubles which arise elsewhere. But that is no solution of tho problem ,
of preventing war. It is merely putting things back into tho condition
that they were in before Germany began this terrific conflict. If wo are
willing to help remove from mankind tho fearful scourgo of war, wo must
play our part in removing it wherover it may exist.
Other opponents suggest that wo should not formally join a Loaguo, but
can take part in a futuro European war if needed, as wo did this time. Lot
tho nations over there fight among themselves, and when wo aro drawn
in, wo will fight too. In this war we got off very lightly in comparison
with tho European belligerents. There aro in America only 100,000 moth
ers who have lost their sons, and perhaps twice as many of our host young
men wounded, many of them maimed and sufferors for life. Ttioro aredesolate widows and orphans. Why not let it happen again, witli perhaps
ton times as many casualties? Oh, yes, why not? Is not this bottor than
trying to provent war? Besides, some country may bo devastated, as
Belgium and parts of France were, without our being drawn in; and thon,
wo may mako money by the trade in munitions and foodstuffs. Why not?
Is not this better than preventing war?
Following President Lowell’s presentation of liis views
Senator Lodge in answer to tho former’s criticisms and
questions said in part:
You have listened to President Lowell’s amendments, to his criticisms o f
tho drafting of tho treaty. Surely tho Senato might bo admitted to the
same opportunity. Tho power to adviso has beon taken from tho Sonato. .
It is now proposed to take from it tho power of consont by forcing through
ono troaty as part of another with which it is not concerned.
I am not speaking about Senators. Sonators, liko Presidents, como and'
go, but the Senate remains a organic part of tho Government. And lot
mo say to you that when the powers, tho constitutional functions of ono
of tho great branches of the Government is atrophied, ovadod, denied,
you have got something to do at home to preserve tho Constitution under
which you have grown great.
I repeat again, I want a League of Nations that will advance tho causo o f
peace on earth, that will make war as nearly impossible as it can bo made.
I want to bring about .a general disarmament. I know arbitration can do.
much. I do not want to put into any League articles which I boliovo im
possible of fulfillment and which I boliovo nations will roadily abrogato.
But I am so firm a beliover in tho strength of tho groat poaco inovomont
that I am not ready to back it by tho argument of fear. Tho United States
has not como to where she is through fear.
Tho Monroo Doctrine was tho necessary corollary of Washington’s policy.
I believe in it because I beliovo it protects and defends and guards tho
United States as it has for a hundred years. It does not interfere with
Europo, it does not prevent our going to tho aid of Europe, but it does
preserve peace throughout this hemisphere. Thoro is a longer record o f
peace here than you can find in some other places.
And wo are going to hand it over to a majority of other nations to say—
a body where wo have one vote. I do not say tho time has not como to do
It, but I do say, think well about it.
May I venture a parable? A man is called on an errand of mercy. Ho
springs to his feet and rushes out into tho darknoss. Ho does not know the
way; ho has no light. Ho falls into a trench, breaks his log and tho errand
of mercy remains unperformed. Another man starts on tho saino errand
of mercy. Ho knows the road, ho knows where ho is traveling ho carries a
light, he performs tho errand of mercy.
E N D O R S EM EN T OF L E A G U E OF N A T I O N S B Y L E A G U E
TO ENFORCE PEACE.
Announcement that tho League to Enforco Poaco had
officially endorsed the draft of the Paris covenant for a
League of Nations was made on Fob. 20 by Charles II.
Strong, Chairman of the New York Stato Exocutivo Com
mittee of tho Peace League. In his announcement Mr.
Strong said:
Ex-President Taft, now President of the Loaguo to Enforco Peace;
President Lowell of Harvard and tho other speakers who aro to-day in
St. Louis addressing the Mid-Continent Congress for a Loaguo of Nations
and who are on their way East from tho Pacific Coast, whore thoy havo
been addressing great overflow meetings, have made it clear that thoy
favor ratification of a treaty including tho Loaguo of Nations as proposod
THE CHRONICLE
A pr . 5 1919.]
by President Wilson. It was not possible until to-day, however, to obtain
official approval by the Leaguo to Enforce Peace of the Paris covenant for a
League o f Nations.
The representatives of the Leaguo in Now York aro sending to-night a
cablegram to Oscar S. Straus, who, with Hamilton Holt, is representing the
League to Enforce Peace in Paris. In tins cablegram aro sot forth the
following resolutions over the signatures of William Howard Taft, President
of tho Leaguo; Alton B. Parker, Vice-President; A. Lawronco Lowell,
Chairman of the Executive Committee; Theodore Marburg and Edward A.
Fileno, Vlco-Chairman o f tho Executive Committee; Herbert S. Houston,
Treasurer, and William II. Short, Secretary:
Whnroas Tho Leaguo to Enforce Peace, ever since its organization on
Juno 17 1915, lias urged that a Leaguo of Free Nations be fonned with
adequato guarantee for tho maintenance of peace, and that tho United
^Whereas3, Thenparis°covenant provides for such a League, with effective
machinery ’to secure justice and preservo liberty among tho nations, and
by peaceable settling differences between them to prevent needless resort
t0 PUwo’lv e d /rh a t tho League to Enforce Peace expresses its desire that such
a Lea"uo and covenant bo ratified by tho Senate o f the United States, and
that otu country shall join with others as provided in this covenant to create
the League and to guide its affairs both for the good of America and for
the peaceful welfare and progress of mankind; and further
Resolved, That we call upon all our fellow-citizens throughout the coun
try to organize for active support of tho most important proposal of all
iimo and make their demand for tho establishment o f a League known to
the President and the Senate.
IT E M S
ABOUT
BANKS,
TRUST
C O M P A N IE S ,
ETC.
Tho public sales of bank stock this week wore limited to
a sale at auction of 52 shares. No trust company stocks
were sold. Extensive tables reporting bid and asked quo
tations, deposits, surplus, &c., of banks and trust compan
ies in all important cities in the United States are published
monthly in the “Bank and Quotation” Section, tho April
issue of which accompanies to-day’s “Chronicle.” Bid and
asked quotations for all New York City bank and trust
company stocks aro also published weekly in another de
partment of this paper, and will be found to day on page
1378.
Last previous sale.
Shares. BANK—Neio York.
Low. High. Close.
52 Union Exchange Nat. B a n k .. 172% 172% 172%
Jan. 1916— 137
The enlarged capital of 8500,000 of tho Gotham Na
tional Bank of this city became effective on April 1. Plans
to increase tho amount from 8200,000 to 8500,000 wore
approved by the stockholders of tho institution on Jan. 14.
The surplus was increased from 8200,000 to 8425,000 through
tho issuance of the additional stock, 8200,000 of which
was offered to existing shareholders at 165 and 8100,000
to now interests at 195. The surplus was further increased
from undivided profits to 8450,000.
Tho directors of the Mechanics & Metals National Bank
of this city on April 2 declared a dividend for the quarter
ending March 31 of 5%. This compares with 4% declared
for the previous quarter. Tho rate was increased from 3%
to 4% two years ago. This dividend will be payable April 15.
Mark Cowen, senior partner of the firm of Mark Cowon
& Co. 787 Broadway, manufacturers of uniforms and liver
ies, was olected a director of the New Netherland Bank of
this city on April 2.
The National City Bank of this city announces the open
ing by it of tho National City Bank of New York, Camaguey,
Cuba, with Mario Pelaez as Manager. A. M. Douglas has
succeeded A. do Moya as head of tho Santiago branch of the
National City Bank. The National City Bank now has
seven branches in Cuba.
The annual statement of the Philippine National Bank of
Manila, P. I., for the year ending Dec. 31 1918, is another
testimonial of the continuous growth which this institution
has made sinco it began business. Somo idea of its expan
sion can bo gathered from the subjoined table of aggregate
resources:
M ay
July
Dec.
Fob.
Dec.
2
22
31
28
31
1916................$10,918,000
1916..........
31,415,000
1916..........
50,786,000
1917................ 63.885,000
1917................ 69.138,000
Mar. 31
Juno 30
Sept. 30
Dec. 31
1 9 1 8 ................. $82,046,000
1918...........
105,471,000
1918....................116,396.000
1 9 1 8 ..................124,399,000
In a little over two years this institution has increased its
resources from 810,948,000 to 8105,471,000. At tho close
of business Dec. 31 1918 the deposits were 893,091,129,
capital 84,605,160, and reserve funds 81,780,052. Charles
C. Robinson is Vice-President and head of tho New York
agoncy at 37 Broadway. The bank maintains branches in
all the Philippine Islands.
1357
Place—was purchased by the bank on Mar. 31 for approxi
mately 8650,000. The Post Building is an eight-story
structure and was completed in 1880. The Canadian Bank
of Commerce opened its first branch in this city at 50 Wall
Street in 1872. At that time it had eighteen agencies with
resources of less than 815,000,000. At the present time it
maintains 460 agencies, those in this country being in New
York, San Francisco, Portland and Seattle, and at the date
of its last annual statement had aggregate resources of
8440,000,000.
According to advices received by the New York agency
of the Standard Bank of South Africa, Ltd., (head office
London), arrangements have been made for the establishment
of a branch in Amsterdam, Holland, and it is hoped that the
Amsterdam office will be opened and ready to commence
business about the middle of May. The New York agency
of the Standard Bank of South Africa has also been advised
of the opening of a branch at Elizabethville, Belgian Congo.
A charter for the Park-Union Foreign Banking Corpora
tion was granted on March 28 by the New York State
Superintendent of Banks. The National Park Bank of
New York and the Union Bank of Canada are the principals
in the movement to establish the new concern, which will
engage in international and foreign banking along the lines
of the British discount companies. Tho two banks will
bo tho chief stockholders in tho new corporation. The lat
ter will have a capital of 82,000,000 and a surplus of $250,
000. Its headquarters will be in New York; branches are
to be opened in San Francisco, Seattle, and points in the
Far East and it is expected also that agencies will even
tually be opened in the Orient in furtherance of plans to
promote business relations with the Far East, including
Japan, China and India. The following are the officers
chosen for the Park-Union Foreign Banking Corporation:
Dr. C. A. Holder, formerly Vice-President of G. Amsinck
& Co., President; W. J. Dawson, first agent in New York
of tho Union Bank of Canada, Vice-President, and F. T.
Short of the Union Bank of Canada, Secretary and Treas
urer. The provisional directors are: Stuyvesant Fish,
Gilbort G. Thorne, Edward C. Hoyt, Richard H. Williams,
Charles A. Holder, W. J. Dawson, F. L. Appleby, Walter
F. Taylor, Edwin Bechtel, J. M. Richardson Lyeth, Walter
II. Merritt, Rush Taggart and Heber Smith.
The organization is the result of a visit to the Orient last
year by Gilbert G. Thorne, Vice-President of the National
Park Bank, and George Wilson, then first agent of the
Union Bank of Canada in New York.
By an agreement reached on April 2 between the Guar
anty Trust Company of New York and Louis Sherry, the
former will take over the leases held by Mr. Sherry on the
property at the southwest corner of Fifth avenue and Fortyfourth street, and after alterations have been made, will
mo-vo the office of the Guaranty at present located at tho
southeast corner of Fifth avenue and Forty-third street to
tho new site. Mr. Sherry will take over the present site
of tho Fifth avenue office of the company. The Guaranty
Trust Company’s Fifth avenue office moved into the space
it now occupies only a little more than two years, ago. A
largo vault was constructed in the basement, the first floor
was given over to the general banking room, and other
offices wore housed in the second floor. Growth of the
business soon made it evident, however, that larger quarters
must bo sought. This week’s transaction involved not only
tho Sherry building on the corner, but the additional prop
erty to the South, on Fifth avenue, and tho house in the
rear on Forty-fourth street. Both these buildings will be
remodeled, built higher, and made to conform with the
facades of tho Sherry building proper. The interior changes
will be extensive, as much space as required being given
ovor to the enlarged needs of the company. There is a
possibility that some of the departments now housed in
tho main building at 140 Broadway, will be moved uptown.
The remainder of the building will be devoted to general
office purposes. The Guaranty Trust Company’s Fifth
avenue office was organized- in 1910, when the business of
tho Fifth Avenue Trust Company was absorbed.
The building in which the New York Agency of the Announcement was made on April 2 of tho establishment
Canadian Bank of Commerce (head office Toronto) has been of a Trust Department by tho Mechanics’ and Metals
a tenant for almost forty years—namely tho Post Building National Bank of this city. The new department will
at tho juncture of Beaver and Hanover Streets and Exchange operate under authority of the recent amendment to the
1358
THE CHRONICLE
Federal Reserve Act which permits national banks to act
as administrator, executor, trustee and in other fiduciary
capacities, and will bo under the management of Raymond
B. See, who has had many years experience in this par
ticular work.
At their special meeting on March 31 the stockholders of
the Merchants National Bank of this city approved the pro
posal to increase the capital of the institution from $2,000,000
to $3,000,000 and to change the par value of the stock from
$50 to $100 per share. The increased capital becomes effec
tive July 1 1919.
J. C. Colgate, of Jas. B. Colgate & Co., has been elected
temporary President of the International Bank of this city,
succeeding L. M. Jacobs; and Frederick T. Fisher, Secretary
and Treasurer of the Corn Products Refining Co., has been
elected temporary Vice-President of the bank, succeeding
H. T. S. Green, resigned. The stockholders of the bank
voted to increase the directorate from 7 to 12 members.
The board as now constituted is as follows: J. C. Colgate,
E. W. Harden of Jas. B. Colgate & Co., J. A. Forster’
F. T. Fisher, G. M. Moffett, David Rumsoy, Sumner
Ballard, I. E. Chapman, W. S. Kies, Albert Waycott,
W. T. Jeromo Jr., and William Reed.
Permission has been given by the Stato Banking De
partment to the American Trust Company of 135 Broadway,
New York, to open a branch office in Brooklyn. As soon
as the necessary banking equipment is installed the Brook
lyn office will be opened at 203 Montague street on the
ground-floor. Because of the increased demands the base
ment of the Montague street building has been taken over
from the tenant for occupancy by Land Estate, Inc., and
the remaining space in the Montague and Pierreponts Street
buddings will bo used by tho New York Title & Mortgage
Company, as heretofore. The opening of tho branch by
the American Trust Co. will supply the-Brooklyn general
public, as well as the clients of the New York Title & Mort
gage Company, with tho facilities of a bank and trust
company. The trust company has the advantage of affilia
tion and co-operation with the various departments of the
Now York Title & Mortgago Company.
[V ol . 108.
America, $4,389; equity in securities pledged with the
I'jquitable Trust Co., $4,597, and office fixtures. The
assignment of the firm on March 5 was referred to in our
issue of March 8. E. J. McGuire is tho assigneo.
The Dominion Bank (head office, Toronto) has opened an
agency at 51 Broadway, New York City. C. S. Howard,
heretofore Assistant Manager at Montreal, and who has had
a varied experience with tho Dominion Bank, has been made
Agent. Clarenco A. Bogert is Goneral Manager of the
bank, and the directors are: Sir Edmund B. Oslor, President;
W. D. Matthews, Vice-President; A. W. Austin, Major R. J.
Christie, Sir John C. Eaton, W. W. Near, A. T. Reid,
II. PI. \\ illiams, all of Toronto; E. W. Ilambor, of Vancouver;
James Carruthers, of Montreal; II. W. Hutchinson and
Sir Augustus M. Nanton, of Winnipeg, and It. S. McLaugh
lin, of Oshawa.
It. Wuesthoff was elected Assistant Treasurer of the Asia
Banking Corporation on April 1. Mr. Wuesthoff will have
charge of tho Hankow branch, opened last month.
Tho Corporation, of which Charles II. Sabin is President,
has arranged to move its headquarters in this city from
00 Liberty Street to 35 Broadway, its present quarters having
proved inadequate for its needs. The Corporation will
occupy the ground floor of 35 Broadway, and half of the
adjoining floor at 37, and basement space, in all aggregating
9,300 square feet. A long-term leaso of tho proporty has
been secured. The Corporation, which has already estab
lished branches at Shanghai and Hankow, will open offices
next month in Peking and Tinetsin, and later will have
branches at Changsha, Hongkong and Canton.
It is announced that at the approaching annual general
meeting of tho shareholders of tho Chartered Bank of India,
Australia & China in London, the directors will recommend
that a dividend be declared for the last half-year at tho rate
of 14% per annum and a bonus of 25s. per share free of income
tax; that £100,000 be added to the reservo fund; that £25,000
be added to the officers’ superannuation fund; that £40,000
be written off the premises account, and that £168,482 be
carried forward.
The Fulton Trust Co., Singer Building, this city, has
issued the company’s quarterly circular of investments for
The American Trust Co., of this city, in its statement as distribution among its customers and friends. Tho Presi
of March 31, made public April 2, shows that since Jan. 31 dent, Harry C. Swords, comments as follows on investment
this year its deposits have increased by over 107%. The conditions:
Tho complex situation between tho Government and tho railroads,
company opened for business Jan. 27 1919.
and tho uncertainties covering tho reconstruction period after tho war!
Announcement of tho suspension of Toole, Henry & Co.
of 120 Broadway was made from tho rostrum of the Stock
Exchange on April 2. A statement issued by John T. Mc
Govern, attorney for the firm, noted that an involuntary
petition in bankruptcy had been filed against it by three
creditors, “upon which Toole, Henry & Co. consented to the
appointment of a receiver.” The statement of the attorney
further said:
Edward H. Childs, 59 Wall Street, was appointed recoivcr. At tho same
tlmo tho firm notified the Stock Exchange and tho Cotton Exchango that
they wero unable to meet their obligations. Tho receiver has taken pos
session and is taking stops to determine tho condition o f tho assets and
liabilities.
I he appointment of Mr. Childs as receiver was made by
Judgo Augustus N. Hand in the U. S. District Court on
motion of the petitioning creditors’ attorneys, Zalkin &
Cohen. The petitioning creditors wero Charles A. Robert
son, David Epstein and Roland R. Robertson. In tho re
quest for a receiver tho creditors stated that tho firm of
Toole, Henry & Co. had liabilities of $980,000 and assets
of $600,000. The firm of Toole, Henry & Co. was formed
on May 1 1916 by Charles B. Toolo and Douglas Henry,
d lie latter has been a member of the Stock Exchange since
leb . 2 1882. On April 3 a number of creditors of tho firm
formed an independent creditors’ committee to co-operate
with the receiver in the bankruptcy proceedings.
make predictions as to tho courso of pricos oxtroinoly difficult. Monoy is
still ‘fashionable’ and wo presumo that if business slackens up tho rato
ot interest might decline and investmout securities advanco on a lowor
basis of interest, although wo have never, as far as tho writer knows, had
conditions of affairs such as they have been for tho past four years. It is
a wise man who knows what the outcome is to bo. AVo think it was
Mark twain in one of his stories stated, ‘ Don’t prophosy unless you
know,” and it looks as if wo aro justified in loaving tho future to bo worked
out and not to attempt to prophesy.”
It was announced last week by Harold Stinor, Chairman
of the Board of tho Cosmopolitan Bank of this city at Pros
pect and Westchester Avenues, the Bronx, that his father
Oscar Stiner had retired as President of tho East River
National Bank to becomo President of tho Bronx institution.
A few weeks ago it became known that tho Cosmopolitan
Bank Avas robbed of $26,000. As Chairman of tho Board,
Mr. Harold Stiner issued tho following statement on March
17 inst., concerning the theft:
The Cosmopolitan Bank was robbed on tho morning of March 11 of tho
sum of $26,000. On the discovery of tho theft, under tho terms of tho
insurance policy of Lloyds, tho agents of tho Lloyds Company wero at once
notified, as also tho American Bankers' Association. Owing to the fact
that tho theft could only have been dono botweon 7 and 8 in tho morning,
it was thought by tho officials of tho bank that a thorough search of the
premises should bo made with tho idea of perhaps finding tho monoy con
cealed somewnero In tho bank, and on that account no immediate informa
tion was given to tho police at that timo.
All but S3,000 of tho monoy has sinco boon rocovored. Tho detection
of the thieves and tho recovery of a portion of tho money aro duo to most
efficient woiL rendered by tho Police Department in conjunction with tho
Pinkerton Detective Agency. Tho rumor concerning any additional thoft
is not basod on facts.
AVhen tho now interests acquired control of tho Cosmopolitan Bank it
was with a view to increasing the capital to at least $600,000. A now board
of seven directors was elected at that timo, and wdl bo shortly lucroasod
by tho addition of well-known substantial business inon. It was not con
templated when tho now interest acquired control that M r. AVilliama
Would continue as President of tho enlarged institution. Oscar Stinor Is
now Chairman of tho board, and in duo courso a President will bo oloctod
in tho placo of Mr. AVilliains.
Schedules in the assignment of II. Amy & Co., at 44 and 46
Wall Street, this city, were filed in the New York Supreme
Court on March 18. They show, it is said, liabilities of
$885,489; nominal assets of $819,923, and actual assets of
$158,349. Tho assets consist of a New York Stock Exchange
seat valued at $70,000; equity in securities pledged with the
Chase National Bank, $50,079; equity in securitied pledged George B. Williams,
with the Bank of America, $11,500; deposit in Bank of politan Bank, Avas arrestedformer Presidentanof the Cosmo
on March 19 on alleged charge
A pr . 5 1919.]
THE CHRONICLE
of violating Section 304 of the Penal Code, relating to the
making of fase entries in the records of a bank. He was
later released under $2,500 bail. Mr. William’s arrest
followed his indictment by the Bronx Grand Jury March
19. Indictments on charges of grand larceny were also
returned by the Grand Jury against Samuel Smith, Paying
Teller of the bank, D. Frank Reynolds, former Assistant
Cashier; Samuel and Abraham Levitt. Concerning the
indictment of former President Williams, Mr. Harold Stiner
on March 19 issued a statement saying:
It has como to my attention through inquiries made o f me tills evening
by various newspaper men that somo o f tiio affairs o f tlio Cosmpolitan
Bank are alleged to liavo been the subject matter of a Grand Jury investiga
tion out o f which, it is said, there has come the alleged indictment o f a
former official of the bank. If that be true, and I have no knowledge that
any such indictment has been found, tho alleged crimo upon which the Grand
Jury is said to have found an indictment was committed, if it was committed
at all, prior to Jan. 25, tho date on which myself and other interested parties
acquired control o f this institution.
Tho impression seems to havo gone abroad that the alleged indiscretion
of a former officer o f this bank are connected as part o f tho larceny of
$26,000 from this institution. On behalf o f the stockholders I deny em
phatically that any connection exists between tho larceny o f tho $26,000,
o f which $23,000 has been recovered, and the alleged irregularities in the
accounts o f a former official which aro said to have been tho basis of the
Grand Jury’s inquisition. At no time did tho Cosmopolitan Bank stand
to loso a dollar, as It was fully indemnified by ample securities.
1359
At a meeting of the stockholders of the Franklin Trust
Co. of Philadelphia on April 1, the capital of the institution
was increased from $600,000 to $1,000,000, effective July
10 1919. The new stock consists of 4,000 shares of a par
value of $100 each and is being offered to stockholders of
record April 11919 in the proportion of one share of new stock
to every 1 Yz shares of old stock then held at $125 per share.
Stockholders are given until May 10 next in which to exercise
their right to subscribe.
At a meeting of the directors of the Girard National
Bank of Philadelphia on April 1, Charles M. Ashton was re
appointed Cashier, which position he occupied prior to
July 1918, when he enlisted for service in the Young Men’s
Christian Association with the American Army in France.
Evan Randolph, Vice-President, relinquishes the office of
Cashier, which he assumed during the absence of Mr. Ash
ton. A. W. Pickford, formerly Assistant Cashier, has been
elected a Vice-President at this week’s meeting.
Walter J. Steinman, heretofore Cashier of the Southwark
National Bank, Philadelphia, has been elected Second Vice
A statement by Harold Stiner on March 26, relative to President of the bank, succeeding the late S. S. Darmon.
his father’s entry into the management of the Cosmopolitan Earl H. Wert, previously Assistant Cashier, succeeds Mr.
Bank, said:
Steinman as Cashier, and Morton J. Klank, formerly As
It is tho intention o f my father to reorganize the Cosmopolitan by sistant Cashier of the Farmers’ & Mechanics’ National
substantially enlarging tho capitalization and also to transfer tho main office
of tho bank to tho Borough of Manhattan. Tho Bronx institution will be Bank, has been appointed Assistant Cashier of the South
wark National Bank. Mr. Steinman, the new Second Vice
an important factor in tho local business o f tho Bronx.
The recent larceny of $26,000 from this bank has in nowiso hampered us, President, was elected a director of the Southwark National
o f $23,000 was recovered, and tho bank at no time stood to loso a dollar
Bank in Jauary.
as it was fully insured and protected.
Announcement was made on March 28 that a consolida
tion had been arranged between the First National Bank
of Geneva, N. Y., and tho Farmers & Merchants’ Bank of
that city. The proposed merger, which has been undor
consideration for several weeks, will not, wo understand,
go into effect until various necessary legal formalities aro
complied with, one of which will be the surrender by the
first-named institution of its charter as a national bank.
The onlarged institution will be operated under a trust com
pany charter (application for which has already beon made
to the New York State Banking Department), and will have
a combined capital and surplus of $500,000 and total re
sources of $4,500,000. Additions and alterations will be
made to the building now tho home of the First National
Bank in order to accommodate tho now trust company.
Tho First National Bank was founded in 1863 and hsa a cap
ital of $100,000, with surplus of $225,000. Thomas H.
Chow is President. The Farmers’ & Merchants’ Bank began
business in 1914, being a conversion of the private banking
business of John W. Mellon, who is Chairman of tho Board
of the institution. Poter J. Cole is President of the Farm
ers’ & Merchants’ Bank. Tho latter has a capital of $100,
000 with surplus of $21,950.
John Neville has been appointed to the newly created post
of Manager of tho savings department of the Fidelity Trust
Company of Newark, New Jersey.
Tho Bristol Trust Co. of Bristol, Conn., recently absorbed
the Terryvillo Savings Bank of Terryvillo, Conn., and the
latter has gone into voluntary liquidation. The enlarged
Bristol Trust Co. has a capital of $100,000 in shares of $100,
and surplus and undivided profits of $117,542. Its officers
aro William E. Sessions, President; Charles L. Wooding, VicePresidont; George S. Beach, Secretary and Treasurer, and
C. N. Gordon, Assistant Secretary and Assistant Treasurer.
William Post, President of tho Central National Bank
of Philadelphia, was greeted on tho morning of April 1 by
officers and employees of the bank gathered to celebrate
tho 48th anniversary of his service with that institution.
On his desk stood a large basket of flowers containing fortyeight large beautiful roses, symbolical of Mr. Post’s fortyeight years of service with tho Central. Opened to a poem,
entitled “Results and Roses,” was a book of “Heap o’ Liv
ing” poems by Edgar Guest. Appropriate songs were sung
by those assembled. Mr. Post thanked them with a short
speech reminiscent of tho early days. Mr. Post has been
President of tho Central National Bank since Dec. 27 1917.
The Citizens National Bank of Baltimore, which since its
organization in 1849 has been located at Pratt and Hanover
Streets, announces the purchase of three lots admirably
adapted for its needs at the southwest corner of Light and
Redwood Streets, with a frontage of 77 feet on Light Street
and 112 feet on Redwood Street. The plot is rectangular in
shape—has an area of 8,800 square feet and enjoys the un
usual advantage of having light on all sides. The newly
acquired site is in the centre of the financial district, and is
in close proximity to the Post Office, the large downtown
hotels, Chamber of Commerce, the Stock Exchange, the
Federal Reserve Bank, &c. Albert D. Graham, President
of the bank, states that there is no immediate intention of
building—the purchase of the lots being subject to leases
now in force—“but in due time the Citizens National will be
in its new home—more determined and better equipped
than ever to serve the financial needs of a greater Baltimore.”
The present quarters of the institution were remodelled
and enlarged in 1903. It was then thought that ample
provision had been made for the future needs of the insti
tution, but with its development since then these quarters
are proving inadequate for the bank’s requirements. While
the resources of the institution in 1903 amounted to $6,500,
000, a growth to nearly $30,000,000 in the resources has
since been witnessed, the figures being given as $29,300,000
in tho last report to the Comptroller of the Currency. The
bank has a capital of $1,000,000 and surplus and profits of
$2,500,000. President Graham is associated in the manage
ment with Wm. H. O’Connell, Chairman of the Board;
Edward L. Robinson, Vice-President; Joseph Oberle, Cashier;
Frank M. Dushane, and Walter Dushane, Assistant Cashiers.
The Commonwealth Trust & Savings Bank—a new bank
ing institution for Columbus, Ohio, incorporated on Mar. 18
—will shortly be opened for business. The new bank which
has a capital of $200,000 (par $100) will be located so as to
serve the manufacturing district of Columbus. The chief
mover in the enterprise is F. E. Shaffmaster. Mr. Shaffmaster has had many years of banking experience, having
for 18 years been identified with Toledo banks and more
recently being President of the Waterville State Savings
Bank of Waterville, Ohio. The bank will start with a
surplus of $50,000. The stock is being sold at 125—the
premium of $25 per share being paid in as surplus.
Daniel McLaren, President of the Hamilton County Bank
of Cincinnati and widely known in banking, railroad and
business circles, died at his home in Cincinnati on Mar. 21
of complications following an attack of influenza. Mr.
McLaren, after graduating from the Renssalaer Polytechnic
I School at Troy, N. Y., took'up railroading and was sueces-
1360
THE CHRONICLE
sively connected.vwith; tho) Mobilef&IOhio, Alabama Great
Southern, Tennessee Central and Great Northern roads,
resigning from tho last named road to aecopt the presidency
of tho Addyston Pipe & Steel Co. While serving in this
latter capacity, he was elected President of the National
Metal Trades Association. Besides his othor interests ho
was a director of the Ohio State Telephone Co. Mr. Me
Laren was 04 years of age.
Tho Comptroller of the Currency has sanctioned plans to
increase the capital of the First National Bank of Hammond,
Ind., from $100,000 to §250,000.
[V ol . 108.
An increase of $25,000 in the capital of tho Exchango
National Bank of Long Beach, Cal., raising it from $125,000
to $150,000, has been approved by the Comptroller of the
Currency.
A merger of the interests of tho Santa Barbara County
National Bank of Santa Barbara, Cal., and the Central
Savings & Commercial Bank of that city, is announced. Tho
commercial business of the latter is taken over the national
bank as a result of the now arrangements entered into. In
indicating that the two banks continue their separato iden
tity, we are advised that “Tho officers of tho three institu
tions remain as they are. Tliore is merely a merger of inter
ests, with the same set of directors for each institution.”
The Central Savings & Commercial Bank will bo known as
the Central Bank.
An interesting and timely brochure has been issued by the
Central Trust Co. of Illinois, at Chicago, under the caption
“Why the Trust Company as Executor?” In its pages the
question is briefly but very convincingly answered and the
advantages to be gained and the pitfalls to be avoided by An addition of $100,000 to the capital of tho State National
tho choosing of trust companies rather than individuals to Bank of Corsicana, Texas, increasing tho amount to $200,000,
act as executors and trustees of estates are clearly set forth. has been approved by tho Comptroller of the Currency.
Copies of the brochure may be obtained gratis by applying
With regard to recent reports of tho purchase of tho stock
to the Central Trust Co. at 125 West Monroe St., Chicago.
of the Harbor City Savings Bank of San Pedro, Cal., by
John Burnham & Co. of Chicago have made formal new interests, wo are advised that the negotiations wero not
announcement that Robert Stevenson, Jr., has just become carried through, and hence no change will bo made.
associated with their organization. Mr. Stovenson is well
known in the domain of finance. His first experience in A circular recently sent to tho shareholders of tho Bank
the bond and stock business was obtained with Lee, Higgin- of Montreal announces that in order to fulfil its agreement
son & Co., with whose Chicago offices he was connected to purchase the assets of tho Bank of British North America
until 1912, when he resigned to develop Kissel, Kinnicutt (referred to in these columns Sept. 27 1918 and previous
& Co.’s western business, where he attained a conspicuous issues) 30,750 shares of its capital stock had been issued to
succoss until Jan. 1 1918, when he resigned to become tho shareholders of that institution, making the paid-in
Deputy Federal Food Administrator for Illinois. This capital of the Bank of Montreal $19,075,000, and that as
tho directors deemed it advisable that tho paid-in capital
work ho completed in Feb. of this year.
be increased to an even $20,000,000, tho additional 9,250
The winding up by Lloyd England, Adjutant-General of shares of a par value of $100 each necessary to bring the
amount had boen allotted (oxcept
the Arkansas National Guard, of the receivership of tho Stato capital up to tho desired which is forbidden by the Canadian
the allotment
National Bank of Little Rock, Ark., which closed its doors fractions of to shareholders of record Feb. 28 (last), pro rata,
Bank Act)
on June 14 1914, is reported by the Parke-Harper News one share of new stock for every 21 shares then held, at a
Service of Little Rock. The latter says:
premium of $87 50 on each sharo, being at tho price of
$187 50 per share. Furthermore, tho circular states, any
shares of tho new stock not accepted by tho allottees (tho
time limit being Juno 13 1919) as well as shares comprising
tho unallotted fractions will bo offered to tho public for
subscription by tender.
I3ut s i n c e t h a t t im e G e n . E n g la n d h a s n o t o n l y p a i d e v e r y d e p o s i t o r a n d
o t h e r p r o v e n c la im in f u l l , a t o t a l o f 8 9 1 5 .0 9 5 7 8 . b u t t h i s w e e k ( M a r c h 17)
h o p a i d o u t t h o s e v e n t h d i v i d e n d , a g g r e g a t i n g § 1 2 3 ,8 9 2 3 9 , b e in g t h o a c
c r u e d i n t e r e s t o n d e p o s i t s a n d o t h e r c la im s s in c e t h o d a y o f t h e f a il u r o ,
a m o u n tin g t o a n o th e r 1 4 .2 % a b o v o th o 1 0 0 % a lr e a d y p a id .
G e n e r a l E n g la n d w a s a p p o i n t e d r e c e iv e r o f t h e b a n k o n F o b . 17 1 9 1 5 ,
a ft e r th e b a n k h a d b een c lo s e d e ig h t m o n th s .
A t t h a t t im e , t h e e s t im a t e d
v a l u e o f t h o a s s e t s w a s S S 7 0 .0 9 5 7 8 , w h ic h l a c k e d 8 4 5 ,0 0 0 o f b e i n g e n o u g h
t o p a y t h e c la im s a g a in s t t h e b a n k , w i t h o u t c o n s i d e r in g t h o e x p e n s e s o f t h o
i e c e iv e r s h i p .
J u n o 2 1915 th o C o m p t r o lle r o f th o C u r r e n c y m a d o an
a s s e s s m e n t o f 0 5 % a g a in s t t h e s t o c k h o l d e r s o f t h o b a n k t o m e e t t h o e s t i
m a t e d d e f i c i e n c y t h a t w o u l d b o d u o c la im a n t s a f t e r t h o a s s e t s o f t h e b a n k
h a d b e e n e x h a u ste d .
F r o m t h o a s s e t s t h a t r e m a in a f t e r t h e i n t e r e s t d i v i d e n d is p a i d w il l b o
p a i d t h e e x p e n s e s o f t h o r e c e iv e r s h i p a n d w h a t is l e f t w il l b e t u r n e d o v e r t o
th e s to c k h o ld e r s.
I t is e s t im a t e d t h a t t h o a s s e s s e d s t o c k h o l d e r s w il
o v e n t u a l l y b e a b l e t o r e c e i v e a m a t e r ia l a m o u n t f r o m t h e s e a s s e t s .
The Comptroller of the Currency has approved an addi
tion ol 850,000 in the capital of the First National Bank of
Tarboro, N. C., increasing it from 850,000 to $100,000.
Plans to increase the capital of the First National Bank
of Chattanooga, Tenn., from $750,000 to $1,000,000 have
been approved by Comptroller of tho Currency.
The Mountain Trust & Mortgage Bank, of Roanoke, Va.,
is the title of a new banking institution which has just been
chartered and shortly will be opened in that city. Its capital
will be $100,000 (in shares of $20), with privilege of increasing
same from timo to time until the limit of $1,000,000 is
reached. Tho surplus is $75,000. R. A. Willis is Vice
President and General Counsel of the institution. The other
officers have not yet been selected.
An increaso of $40,000 in the capital of the Rockingham
National Bank of Harrisonburg, Va., raising it from $60,000
to $100,000, has been approved by the Comptroller of the
Currency.
At a meeting of the stockholders of the Citizens Trust
Company of Savannah, Ga., on Mar. 25, it was decided to
increase the capital from $150,000 to $200,000. This in
creaso willl make tho Citizons Trust Company eligiblo for
membership in the Federal Reservo system. The new
capital will become effective the early part of May 1919.
T H E E NGLIS H GOLD A N D SILVER M A R K E T S .
We reprint the following from tho weokly circular of
Samuel Montagu & Co. of London, written under date of
March 13 1919:
GOLD.
T h e B a n k o f E n g la n d g o l d r e s e r v o a g a i n s t it s n o t e Issu o is £ 8 1 ,1 3 0 ,6 1 0 .
a n in c r e a s e o f £ 1 ,1 2 7 ,5 3 5 a s c o m p a r e d w it h la s t w e e k ’s r e t u r n .
Tho ab
s o r p t io n o f s o v e r e ig n s in I n d i a d u r i n g t h e y e a r 1 9 1 7 -1 8 a m o u n t e d t o 1 ,1 6 6
la c s o f r u p e e s .
T h o d i f f i c u l t i e s in t h o p r o v i s io n o f s u f f i c i e n t s ilv e r t o r e
i n f o r c e t h e s ilv e r b a l a n c e s , im p e ll e d t h e G o v e r n m e n t t o r e le a s e s o v e r e ig n s
f o r c u r r e n c y b e t w e e n A p r i l a n d A u g u s t 1 9 1 7 a n d in F e b r u a r y a n d M a r c h
1 9 1 8 — p r i n c i p a l l y in c o n n e c t i o n w it h G o v e r n m e n t p u r c h a s e s o f w h e a t .
T h o G o v e r n m e n t c u r r e n c y r e p o r t, h o w e v e r , s ta te d th a t th e b u lk o f th e so
s o v e r e ig n s f o u n d t h e ir w a y v e r y s h o r t l y a f t e r Is s u e t o B o m b a y a n d C a l c u t t a ,
w h e re t h e y w e re m o s t ly tu rn e d in to je w e lr y .
A fr e s h s h i p m e n t t o t h e v a l u e
o f 8 2 5 0 ,0 0 0 h a s b e e n m a d o t o S o u t h A m e r i c a f r o m N o w Y o r k .
S IL V E R .
N o fr e s h d e v e l o p m e n t h a s t a k e n p l a c o in t h is m a r k e t .
T h e Shanghai
e x c h a n g o h a s r e c o v e r e d t o 4 s . 7 H d . t h o t a e l.
T w o r e ce n t s h ip m e n ts t o
t h e v a l u e s o f $ 8 , 0 0 0 , 0 0 0 a n d $ 5 ,2 2 5 ,0 0 0 h a v e b e e n m a d o f r o m t h o U n it e d
S ta te s o f A m e r ic a t o th e I n d ia n M in t .
A le a d i n g a r t ic l e in t h o " T i m e s ”
Issu e o f M a r c h 6 c o n t a i n e d t h e f o l l o w i n g s t a t e m e n t : “ F r l v a t o a d v i c e s s u g
g e s t t h a t I n d i a m a y b o o n t h e v e r g o o f a w o r s e f o o d f a m it i o t h a n t h o v i s i
ta t io n o f 190 0.
T h e r e is a ls o a g r a v e f o d d e r f a m i n e , w h ic h is s a id t o b o
r e s u l t i n g in a w h o le s a le lo s s o f c a t t l e , j u s t a s t h e h e r d s o f G u je r a t w e r e a ll
b u t w ip e d o u t 18 y e a r s a g o . ”
E a ste rn b a n k s d o n o t a p p e a r to ta k o so
g r a v e a v i e w o f t h e s i t u a t io n a s o u t l in e d a b o v e , b u t s h o u l d t h e s o f o r e b o d in g s
b e r e a liz e d t h e r e m a r k a b l e c u m u l a t i v e p r o s p e r i t y o f I n d i a m a y b e r e v e a le d
b y t h e p u t t i n g I n t o c ir c u l a t i o n o f s o m e o f t h e v a s t n u m b e r o f s ilv e r r u p e e s ,
h o a r d e d s i n c e t h o y e a r o f f a m in e i n d i c a t e d In t h o p r e c e d i n g p a r a g r a p h .
IN D IA N C U R R E N C Y R E T U R N S .
I n Lacs o f Rupees —
Feb. 2 2 .
F eb. 2 8 .
N o t e s in c i r c u l a t i o n _____ _____________________ 1 5 1 0 7
15148
S ilv e r c o i n a n d b u l l io n in I n d i a _____________ 2 4 2 5
2367
S ilv e r c o i n a n d b u llio n o u t o f I n d i a ________
998
1098
G o l d c o i n a n d b u l l io n in I n d i a _______________ 1 8 1 4
1813
G o l d c o i n a n d b u l l io n o u t o f I n d i a .................
12
12
S e c u r it ie s ( I n d ia n ( G o v e r n m e n t ) __________ 1 6 0 8
1608
S e c u r it ie s ( B r i t i s h G o v e r n m e n t ) __________ 8 2 5 0
8250
T h e s t o c k in S h a n g h a i o n t h e 1 st in s t . c o n s i s t e d o f a b o u t
o u n c e s in s y c e e a n d $15,900,000, a s c o m p a r e d w it h a b o u t
o u n c e s in s y c e e a n d $14,500,000 o n t h e 2 2 d u l t .
Q u o t a t io n s f o r b a r s ilv e r p e r o u n c o s t a n d a r d :
M arch
M arch
M arch
M arch
M arch
7.
8.
10.
1 1.
12.
.c a s h
.
"
.
“
.
“
.
"
. 4 7 %(1.
47 % d .
47 H d .
47M d.
47M d.
M a rch 7 .
15287
2602
1001
1814
12
1608
8250
30,500,000
29,55o!oOO
M a r c h 1 3 ................................c a s h . 4 7 J £ d .
A v e r a g o .............................. ..
“
47 M d .
B a n k r a t o ....................................................5 %
E a r g o ld p e r o u n c e s ta n d a r d -7 7 s . 9 d .
T h o q u o t a t i o n t o - d a y f o r c a s h d e l i v e r y is t h o s a m e a s t h a t f i x e d a w e e k a g o
Wo have also received this week the circular written under
date of March 20 1919: GOLD.
The Bank o f England gold reserve against its noto issue is £82.047,000.
an increase of £916,390 as compared with last week’s return. It is reported
from Now York that gold to the value of 3253,000 has been shipped to
Canada. The Transvaal gold output for February 1919 amounted to
£2,704,647, as compared with £2,802,477 for February 1918 and £2,871,718
for January 1919.
Tho Norwegian Storting has expressed approval of
the prolongation of tho Act passed in 1916 exempting tho Norges Bank from
the purchase of gold. The Minister of Finance stated that tho bank had
exercised their discretion to purchaso gold when considered desirable; he
added that tho stock o f gold would be increased shortly by the repayment
of advances which Great Britain had agreed to return in the form of gold.
It Is stated that the same condition o f affairs prevails in Australia as in
this country. Sovereigns have almost vanished from circulation and
people seom satisfied with tho change. Tho Australian Federal Treasury,
so cables the "Times” correspondent from Sydney, holds £23,228,000 in
gold against a note circulation o f £57,035,000.
SILVER.
Tho market contains no now features; it remains quiet and steady in tone.
Tho Shanghai exchange has reacted to 4s. 7d. tho tael. It is reported int
New York that should the copper output bo curtailed there would resu
n tho caso o f tho Anaconda and some other largo mines of this description
a reduction in tho sliver output as well. An official statement was made
in the Imperial Legislative Council o f India that during tho last four years
1,200 millions of rupees have boon drawn from the mints. This quantity
vast as it is, represents loss than one rupee per annum for each inhabitant
of that Empire. Tho stock in Shanghai on March 8 consisted of about
30.600.000 ounces in sycee and 816,800,000, as compared with about
30.600.000 ounces in sycee and 815,900,000 on tho 1st inst.
Quotations for bar silver per ounce stahdard:
.cask. 47% d. March 20---------- r..cash .47M d.
March 14.
47i%d.
. “ 4 7 « d . Average__________
March 15.
. “ 47 J£d. Bank rate_________ - - - - 5 %
March 17.
" 47%d. Bar gold per ounce standard 77s. 9d.
March 18.
. “ 47%d.
March 19.
Tho quotation to-day for cash delivery is tho same as that fixed a week ago
E X C E S S O F E X P Q R T S O R IM P O R T S .
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:
M a r . 2 9 . M a r . 3 1 . A p r . 1.
A p r. 2.
A p r. 3.
A p r. 4.
W e e k e n d in g A p r i l 4—
S a t.
S ilv er, per o z ...........................d . 4 9 %
C o n so ls, 2 % p e r c e n t s _______H o lid a y
B ritish , 5 per c e n ts _________ H o lid a y
B ritish , 4 % per ce n t s _______H o lid a y
F ren ch Itcn tes(in P a r i s ) - . f r ............
49%
56%
95%
99%
6 3 .5 0
49 9 -1 6
46%
95%
99%
6 2 .5 5
49 3-10 4 8 %
56%
66
95%
95%
99%
99%
------6 2 .4 0
48 0-10
56
95%
99%
-------
Froncli War Loan(lnParls) f r . ------
89.25
89.20
------
Gold.
Merchandise.
$
J a n ..
F e b ..
Mar .
April.
M ay.
June.
July .
Aug .
Sept.
+ 409,917
+ 352,803
D ec..
_______
O ct..
Nov .
1918.
1917.
1919.
$
I
1919.
$
+ E x p o r ts .
Silver.
| 1918.
$
+ 270,855
+203,647
+280,738
+ 221,462
+ 228,072
+223,449
+ 265,590
+ 254,159
+ 288,727
+ 255,000
+ 271,228
+354,999
1919.
s
+ 14,039
s
— 658
+ 1,283
+ 371,531
+ 268,168
+ 283,729
+ 275,992
+ 268,947
+ 260,844
+ 146,832
+ 220,801
+ 218,310
+ 320,874
+ 266,793
+ 372,189
! 1918.
$
+630
+ 2,535 + 26,343 + 2 ,0 7 0
............ ! + 6,4 69
+898
............
+ 7 ,1 7 0
+ 814
______ i + 39,083
— 3,022
— 835
............
+ 3 ,2 1 5
______ + 35,466
______ 1 + 13,292
............
+ 3 ,1 6 8
............ + 25,272
............
+ 1 ,6 6 0
............ + 43,976
— 29,188
+ 4,003
+ 1,722
— 327
+ 708
+ 1,128
— 186
..........
............+181,471
............ — 20,973
+ 3.118,032 + 3,281,010
Total
— Im p o r ts .
Totals for merchandise, gold and silver for eight months:
8
M os.
M erc h a n d ise.
(0 0 0 s
o m it
t e d .)
18-19
17-18
16-17
15-16
14-15
13-14
S ilv er.
G o ld .
E x
p o r ts.
Im
p o r ts.
E xcess
of
E x p o r ts .
S
4.3 8 5 .9 1 0
3 ,8 6 1 ,6 4 4
4,0 8 2 ,9 9 4
2 ,5 8 4 ,6 8 3
1 ,634,466
1 ,695,723
$
1 ,933.389
1,841,309
1 ,547,812
1 ,291,073
1,055.632
1,215,797
S
2 ,4 5 2,521
2 ,0 2 0 ,3 3 5
2 ,5 3 5 ,1 8 2
1 ,2 9 3,610
5 7 8 ,834
4 7 9 ,9 2 6
E xp on s.
s
2 6 ,0 7 3
178,180
132,175
47,741
140,387
4 4 ,0 5 7
Im
p o r ts.
E x c ess
of
E x p o r ts
Im
p o r ts.
E x
p o r ts.
S
S
S
17.977
8 ,0 9 6 2 1 1 ,785
8 1 ,243 9 6 ,9 3 7 58,551
0 01 ,740 /52 9 S 2 9 5 3 ,134
328 ,054 /2 8 0 3 1 3 3 8 ,3 3 2
4 6 ,2 6 7 9 4 ,1 2 0 3 4 .7 0 5
4 9 ,4 4 7 /5 .3 9 0 3 7 ,0 5 7
E xcess
O)
E x p o r ts
$
4 8 ,5 6 9
4 5 ,635
2 2 ,6 7 5
2 3 ,191
18,055
2 1 .9 6 9
$
1 6 3 ,216
1 2 ,9 1 6
3 0 ,4 5 9
15,141
1 6 ,6 5 0
1 5 .0 8 8
/ E x c e s s o f im p orts.
Similar totals for the two months since Jan. 1 for six years
make tho following exhibit:
2
E NGLIS H F I N A N C I A L M A R K E T S — PER CABLE.
L ondon,
1361
THE CHRONICLE
A pr . 5 1919.]
M e rc h a n d ise.
(0 0 0
o m itle d .)
E xp o rts.
S
1 9 1 9 .. 1 ,210.901
1 9 1 8.. 9 1 6 .1 5 9
1 9 1 7 .. 1 ,0 8 0 ,9 7 3
1 9 1 6 ..
731,820;
1 9 1 5.. 567,685;
1 9 1 4.. 377,0871
Im p o r ts.
Sifter.
G o ld .
E x c ess
of
E x p o rts.
s
44 8 ,1 8 0
44 1 ,6 5 8
4 41 ,273
37 8 ,2 8 6
24 7 ,2 7 2
30 2 ,7 8 8
E xp o r ts.
Im p o r ts .
E xcess
of
E x p o r ts
Im p o r ts.
E xp o rts.
$
$
3
$
$
762,721
6 ,5 0 7
6,0 5 8
449 5 2 ,715
6 ,953
1,877 13,147
474 ,501
8,830
639.700; 4 2 .7 8 8 1 6 2 ,6 9 3 f l 19905 13,581
3 6 2 .534 23,895 2 1 ,0 2 4
9 ,5 8 2
2 ,874
3 2 0 ,4 1 3
8 ,612
1,745 19,623 /1 7 .8 7 8
7 5 ,1 9 9 [ 15,993 13,651
2 ,342
7,602
E xcess
of
E x p o r ts
$
$
12,333 4 0 ,3 8 2
10,447
2 ,7 0 0
5,8 2 7
7 ,7 5 7
4 .4 4 8
5 ,1 3 4
6 ,6 8 7
3 ,9 2 5
4 ,233
3 ,3 6 9
------
M on.
T u es.
W ed .
T h u rs.
89.75
F r i.
Tho price of silver in New York on the same day has been:
/ E x c e s s o f Im p orts.
C le a r in g s b y T e le g r a p h — S a les o f S t o c k s , B o n d s , & c.
•— The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
IMPORTS A N D EXPORTS FOR F EB R U AR Y.
The Bureau of Statistics at Washington has issued the once a month. The figures are received by telegraph from
statement of tho country’s foreign trade for February and from other leading cities.
it and previous statements wo have prepared the following:
Silver in N . Y ., per oz..cts.l01%
101%
101%
101%
101%
101%
C le a r in g s — R e tu r n s by I V le g r a p h .
W e e k en d in g A p r i l 5 .
F O R E IG N T R A D E M O V E M E N T O F T H E U N IT E D S T A T E S .
(In th e follow in g ta b les th ree cip hers are in a ll cases o m itte d .)
M E R C H A N D IS E .
Exports.
1919.
J a n u a r y --------F e b ru a r y --------M a r c h -----------A p ril....................
M a y .............—
J u n o -------------J u l y ....................
A u g u s t ---------S e p te m b e r------O c t o b e r _______
N o v e m b e r ------D e c e m b e r ____
$622,91 0
587 ,990
Imports.
1918.
1917.
3504,79 7
411 ,362
5 2 2 ,900
500 ,443
5 5 0 ,925
483 ,799
5 0 7 ,468
527 ,162
5 5 0 ,396
501,861
5 2 2 ,236
565 ,886
$ 61 3,32 5
4 6 7 ,648
5 5 3 ,986
529 ,928
549 ,674
573 ,467
372 ,758
4 8 8 ,056
4 5 4 ,507
542 ,101
4 8 7 ,328
6 0 0 ,100
191 9.
$ 21 2,99 3
2 3 5 ,187
$6,1 4 9 ,2 4 5 $ 6 ,2 3 3 ,4 7 8
T o t a l .......... -
191 8.
$ 23 3,94 2
2 0 7 ,7 1 5
2 4 2 ,162
278 ,981
32 2 ,8 5 3
2 6 0 ,3 5 0
2 4 1 ,878
2 7 3 ,003
26 1 ,6 6 9
24 6 ,7 6 5
251 ,008
210 ,887
1917.
$ 24 1,79 4
199 ,480
270 ,257
. 2 5 3 ,936
280 ,727
3 00 ,623
2 2 5 ,926
2 67 ,855
230 ,197
221 ,227
2 20 ,535
227,911
$ 3 ,0 3 1 ,2 1 3 $ 2 ,9 5 2 ,4 6 8
GOLD.
E x p o r ts .
1919.
S3,396
3 ,110
Tn nn
A u g u s t________
.............
N o v e m b e r ____
D e c e m b e r ____
T o t a l .............
..............
Im p orts.
1917.
1918.
$3,746
5,084
2,8 1 0
3 ,560
3,599
2,704
7 ,200
3,277
2,284
2|l78
3|048
1,580
$ 2 0 ,720
2 2 ,068
17,920
16,905
57,698
67,164
69,052
46,049
31,333
11.154
7,223
4s538
3 4 1 ,070
1 91 9.
$371,884
1918.
1917.
1,706
. . . ______
$ 5 8 ,926
103 ,760
139,499
32,372
52,262
91,330
2 7 ,3 0 4
18,692
4 ,172
4 ,1 5 0
2 ,9 0 6
17,060
$ 0 2 ,013
$ 2 ,1 1 3
3 ,9 4 5
$ 55 2,45 4
34,404
2,549
1,912
2,7 4 0
6 ,0 2 1
3 1 ,892
2,597
1,555
2,611
1,470
1 ,0 2 0
S IL V E R .
Im p o rts.
E x p o rts .
1919.
J a n u a r y -----------
$19 ,615
3 3 ,100
A p ril....................
.............
r,|„A
S e p te m b e r____
N o v e m b e r ____
D e c e m b e r ____
.............
T o t a l .............
1918.
1917.
$ 6 ,628
6,519
13,432
12,251
46,381
8 ,566
4 0 ,686
20,549
10,340
3 2 ,038
7 ,150
4 8 ,308
$5,887
7,694
5,556
4,353
6,272
8,9 6 5
5,538
7,504
10,465
6,983
4,7 8 9
10,125
$252,84 6
$84,131
1919.
S5.576
6,757
..............
............. 1
1918.
1917.
1919.
1918.
N e w Y o r k _______________________________
C h i c a g o __________________________________
P h il a d e l p h i a ______________________ ______
B o s t o n _____________________ ________ _____
K a n sa s C i t y ______________________________
S t . L o u is ________________________ _______
San F r a n cis c o ___________________________
P it t s b u r g h _____________________________
D e t r o i t _____________________________ ______
N e w O rlea n s_____________________________
B a l t i m o r e . , ______________________________
$ 3 ,5 2 9 ,6 2 5 ,3 4 6
4 3 9 ,2 2 6 ,6 8 0
355 ,0 5 6 ,5 7 3
2 7 1 ,6 6 0 ,7 1 4
157 ,343 ,03 6
122,305,341
9 5 ,4 8 8 ,5 3 0
107,223,781
*7 0 ,0 0 0 ,0 0 0
4 6 ,6 08,971
72,6 7 6 ,2 4 2
$ 2 ,8 9 5 ,7 2 6 ,3 6 5
438 ,3 8 3 ,8 4 1
3 3 6 ,0 1 1 ,6 3 9
2 5 4 ,4 1 4 ,3 7 1
146 ,6 0 3 ,8 0 9
1 2 3 ,965 ,61 8
7 8 ,1 0 5 ,1 3 7
7 1 ,5 1 2 ,9 0 5
4 5 ,2 3 0 ,0 1 8
4 8 ,0 8 6 ,0 6 7
5 4 ,0 6 4 ,8 1 8
+ 21.9
E lo v e n citie s, 5 days.
O th er citie s, 5 d a y s _____
3 5 ,2 6 7 ,2 1 5 ,2 1 4
$4,492,104,588
+ 17.3
T o t a l all c ities, 5 d a y s.
A ll citie s , 1 d a y __________
T o t a l a ll cities fo r w eek.
P er
C e n t.
+ 0.2
+ 5 .7
+ 6.8
+ 7 .3
— 1.3
+ 22.2
+ 4 9 .9
+ 5 4 .8
— 3.1
+ 3 4 .4
8 1 0 ,0 0 7 ,4 1 6
+ 11.0
$6 ,1 6 6 ,6 8 0 ,2 0 1
1 ,1 0 5,674,423
$ 5 ,3 0 2 ,1 1 2 ,0 0 4
9 8 9 ,9 8 7 ,1 4 7
+ 16.4
+ 11.7
$7,272,354,624
$6,292,099,151
+ 15.6
899,464,987
* Partly estimated.
Our usual monthly detailed statement of transactions on
tho New York Stoelc Exchange is appended. The results
for tho three months of 1919 and 1918 aro given be,ow.
T h ree M o n t h s 1919.
D es crip lio n .
A ctu a l
V a lu e .
P a r V a lu e
o r Q u a n t ity .
T h r e e M o n t h s 1918.
A ver.
P ric e.
P a r V a lu e
[
o r Q u a n t it y . !
A c tu a l
V a lu e .
A ver.
P r ic e .
4 5 ,4 7 2 ,737|
33,453,913 !
S t o c k /S h s .
\ V a l. S4,2 9 8 ,1 6 0 ,8 0 5 5 3 ,9 2 1 ,0 7 3 ,1 5 3 91.2 $ 3 ,1 3 5 ,4 3 3 ,5 5 0 $ 2 ,8 8 2 ,5 5 7 ,3 8 8 9 1 .9
107.310 .50 0,
9 6 ,4 5 9 ,2 3 3 89.9
7 6 ,4 9 0 ,5 0 0
6 6 ,1 0 0 ,5 6 7 8 6 .4
R R . b on d s
1 7 8 ,549 ,50 0
173 ,234 ,80 3 9 7 .0
5 4 5 ,1 5 6 ,5 0 0
5 1 8 ,176 ,97 4 95.1
U . 8 . b on d s
S ta te & city
5 6 ,6 8 0 ,5 0 0 '
5 3 ,0 4 8 ,4 2 5 9 3 .6
122 .367 .50 0,
121,614 ,84 1 99.4
bonds
12,400
2 1 ,3 9 2 172 .5
2 8 ,7 0 8 ,
59,652 207.8
B a n k s tk s .
T o t a l ___ $ 5 ,0 7 3 ,0 3 0 ,0 0 5 $ 4 ,6 5 7 ,3 8 3 ,8 5 3
91.8 $ 3 ,4 4 7 ,1 6 6 ,4 5 0 $ 3 ,1 7 4 ,9 6 2 ,5 7 5 92.1
Tho volume of transactions in share properties on tho
Now York Stock Exchange each month since Jan. 1 in
1919 and 1918 is Indicated in the following.
SALES O F STO CK S A T T H E N E W Y O R K
STOCK EX CH AN G E.
$5,998
4 ,449
6,963
5,081
7 ,298
5,351
5 ,220
7,257
7 ,172
6,766
6 ,4 9 0
4 ,330
$ 3 ,346
2 ,478
2,977
2 ,376
4,741
2 ,2 3 5
3 ,420
5,681
5,790
5 ,050
9 ,086
6 ,155
$
i
$
5
1
$
J a n . 11,858,465 1 .1 2 0 ,7 5 5 ,7 0 5 1 ,0 3 7 ,4 2 6 ,8 0 8 13,616,357 1,27 9 ,7 4 0 ,7 0 0 1 ,1 75,427,682
F e b _ 12,210,741 1 ,1 52,181,000 1 ,0 38,270,918 11,41 8 ,0 7 9 .1 ,0 8 3 ,2 1 6 ,9 0 0 9 9 6 ,5 4 8 ,2 8 9
M a r . 2 1,403,531 2 ,0 1 9 ,2 3 0 ,1 0 0 1 ,8 4 5 ,3 0 9 ,4 2 7 8,4 1 9 ,4 7 7 772 ,4 7 5 ,9 5 0 7 1 0 ,5 8 1 ,4 1 7
$71 ,375
$53 ,341
ls tq u 4 5 ,4 7 2 .7 3 7 4 .2 9 8 ,1 6 6 ,80 5 '3 ,9 2 1 ,0 7 3 ,1 6 3 3 3 ,4 5 3 .9 1 3 3 ,1 3 5 .4 3 3 ,5 5 0 2 ,8 8 2 .5 5 7 .3 8 8
1918.
1919.
N u m b er
of
S h a r es.
V a lu e s.
P ar.
A c t u a l.
N u m b er
of
S h a r es.
V a lu e s .
P ar.
A c tu a l.
1363
THE CHRONICLE
The following compilation covers the clearings by months
since Jan. 1 1919 and 1918:
C le a r in g s
M on th .
1918.
O u tsid e
1919.
%
N ew
1918.
|
%
1 s t q u . 8 8 ,2 8 2 ,7 8 4 ,1 3 7 7 4 ,8 8 3 ,6 2 1 ,4 0 7 + 1 7 .9 3 9 ,7 4 0 ,9 1 5 ,1 2 2 3 4 , 0 6 4 ,9 1 6 ,4 4 1 1+ 1 6 .7
The course of bank clearings at leading cities of the country
for the month of March and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
C L E A R IN G S A T
s
L E A D IN G C IT IE S .
—
1919.
1918.
$
4 8 ,5 4 2
4 0 ,8 1 9
6 ,5 7 4
6 ,1 5 4
3 ,8 6 5
3 ,2 2 2
5 ,0 2 0
4 ,1 7 3
1 ,9 2 5
1 ,8 7 6
1 ,6 7 1
881
1 ,5 5 3
1 ,2 1 7
756
597
994
556
2 ,3 6 5
2 ,5 0 5
1 ,1 7 7
905
714
665
469
399
282
293
908
616
377
346
458
363
126
143
735
682
272
250
203
180
174
180
339
257
640
481
231
183
435
358
94
96
172
157
s
( 0 0 0 ,0 0 0 s
1919.
1918.
1917.
1916.
o m i t t e d .)
$
S
3
N e w Y o r k _________ . 1 6 , 4 8 7 1 3 ,8 4 0 1 4 ,2 2 9 1 2 ,5 4 8
C h i c a g o ......................
2 ,2 4 7
2 ,3 4 5
1 ,7 3 1
2 ,2 1 8
B o s t o n ......................
1 ,2 8 3
1 ,1 1 0
972
932
P h i l a d e l p h i a ...........
1 ,7 3 0
1 ,4 2 7
1 ,4 6 7
1 ,0 1 3
S t . L o u i s __________
641
683
567
408
P i t t s b u r g h ..............
591
301
352
269
S a n F r a n c i s c o _____
525
423
368
270
C i n c i n n a t i ..............
264
237
174
15 0
B a l t i m o r e ............ ..
331
216
18 3
182
K a n s a s C i t y ............
827
919
552
372
C l e v e l a n d ............ ..
412
303
267
166
N e w O r le a n s ______
220
222
139
102
M i n n e a p o l i s _______
16 2
141
127
11 2
L o u i s v l l l o ................ 82
112
88
80
D e t r o i t ........... .......... 324
217
231
166
M i l w a u k e e ______ _ .
126
130
110
85
L o s A n g e l e s ............
162
121
138
109
P r o v i d e n c e ............... .
38
49
44
39
O m a h a ......................
280
294
16 4
114
B u f f a l o ____________
85
83
73
59
S t . P a u l ...................... 70
65
63
64
I n d i a n a p o l i s ______ .
58
03
56
42
D e n v e r ...................... 12 3
94
66
49
R i c h m o n d _________ .
214
172
98
68
M e m p h i s _________ 73
58
46
34
S e a t t l e ........................
128
87
65
H a r t f o r d - .............. .
32
32
40
35
S a lt L a k e C i t y . . . .
56
50
51
38
I n c . or
D ec.
1918.
1917.
Y ork .
J a n . . . 3 2 ,4 1 5 ,8 1 4 ,2 0 1 2 0 ,5 4 7 ,6 1 3 ,2 9 9 + 2 2 . 1 1 4 ,5 5 5 ,1 7 1 ,3 6 7 1 1 ,8 2 8 ,5 4 5 ,7 6 9 1 + 2 3 .1
F e b . . 2 5 , 7 9 2 , 8 3 9 , 2 5 8 2 2 ,2 5 5 ,0 6 3 ,7 5 7 + 1 5 .9 1 1 ,5 9 8 ,5 8 6 ,7 4 6 9 ,9 9 5 ,7 0 7 ,7 0 2 1 + 1 6 .0
M a r . . 3 0 ,0 7 4 ,1 3 0 ,6 7 8 2 6 ,0 8 0 ,9 4 4 ,3 5 1 + 1 5 .3 1 3 ,5 8 7 ,1 5 7 ,0 0 9 1 2 , 2 4 0 , 6 6 2 , 9 7 0 ; + 1 1 .0
BANK
W e e k en d in g M a r c h 2 0 .
C le a r in g s at—
1919.
C l e a r in g s , T o ta l A l l .
1919.
[V ol . 108
1917.
3
4 2 ,1 5 1
6 ,0 4 4
2 ,9 0 9
4 ,1 1 6
1 ,6 3 0
987
1 ,0 5 2
501
535
1 ,6 0 1
775
424
348
280
664
305
388
132
430
225
170
16 3
180
287
139
232
109
158
1916.
$
3 5 ,9 8 1
4 ,6 9 5
2 ,6 0 1
2 ,9 8 9
1 ,1 9 4
778
746
413
549
1 ,0 4 7
486
309
337
245
462
242
293
122
299
176
191
12 6
13 6
201
108
160
97
109
T o t a l ...................... .2 7 , 6 0 1 - 2 3 ,8 3 5 2 2 ,9 7 0 1 9 ,3 0 2
O t h o r c i t i e s ________
2 ,4 7 3
2 ,2 4 6
1 ,8 2 4
1 ,4 4 2
8 1 ,0 7 1
7 ,2 1 2
6 8 ,5 5 4
6 ,3 3 0
6 6 ,9 3 5
6 ,1 3 2
5 5 ,0 9 2
4 ,0 8 4
T o t a l a l l .............. . 3 0 , 0 7 4 2 6 ,0 8 1 2 4 ,7 9 4 2 0 ,7 4 4
O u t s id e N e w Y o r k . 1 3 , 5 8 7 1 2 ,2 4 1 1 0 ,5 6 5
8 ,1 9 6
8 8 ,2 8 3
3 9 ,7 4 1
7 4 ,8 8 4
3 4 ,0 6 5
7 2 ,0 6 7
2 9 ,9 1 6
5 9 ,1 7 6
2 3 ,1 9 5
C a n a d ia n B a n k C le a r in g s . —The clearings for the Cana
dian banks for the month of March 1919 show an increase
over the same month of 1918 of 16.3%, and for the three
months since Jan. 1 the gain reaches 17.5%.
K a n s a s C i t y _____
M i n n e a p o l i s _____
O m a h a ____________
S t . P a u l ...................
D e n v e r ........... ..........
S t . J o s e p h ..............
D e s M o i n e s ______
S io u x C i t y _______
W i c h i t a ___________
L i n c o l n __________
T o p e k a ..................
C e d a r R a p i d s ___
C o l o r a d o S p r in g s
P u e b l o . ...................
F a r g o ........................
D u l u t h ........... ..........
W a t e r l o o _________
H e l e n a ____________
F r e m o n t -------------H a s t i n g s .................
B i l l i n g s ...................
A b e r d e e n _________
s
1 7 4 ,9 5 5 ,7 1 5
3 9 ,9 3 2 ,9 4 2
5 6 ,8 3 8 ,2 6 6
1 4 ,4 1 7 ,5 2 9
2 0 ,8 6 2 ,9 5 3
1 7 ,4 9 8 ,4 5 2
8 ,9 3 3 ,6 9 5
1 0 ,5 7 9 ,3 7 6
9 ,9 9 8 ,8 7 8
4 ,8 7 7 ,0 0 5
2 ,5 1 1 ,2 6 0
2 ,2 0 1 ,0 3 5
7 9 0 ,3 7 1
6 3 4 ,6 1 3
2 ,1 0 0 ,0 0 0
4 ,6 1 4 ,2 7 1
1 ,6 1 4 ,2 5 4
1 ,9 0 0 ,0 0 0
8 2 0 ,7 8 2
4 9 2 ,8 5 5
1 ,2 0 3 ,5 4 9
1 ,3 4 4 ,7 0 8
$
1 8 7 ,3 1 9 ,6 0 9
2 6 ,7 2 5 ,9 0 0
5 9 ,3 6 8 ,0 4 7
1 2 ,7 5 6 ,7 7 4
2 1 ,7 3 0 ,5 0 7
2 0 ,4 8 0 ,4 7 4
1 0 ,3 3 7 ,1 0 9
9 ,8 9 7 ,0 8 2
9 ,4 6 8 ,6 5 0
4 ,6 0 2 ,4 1 1
3 ,3 0 0 ,0 0 0
1 ,8 7 0 ,7 8 7
5 0 5 ,0 0 0
5 9 8 ,8 9 2
1 ,6 8 8 ,5 4 8
3 ,9 8 8 ,3 3 5
2 ,3 9 9 ,2 2 6
1 ,5 9 2 ,1 9 4
8 6 2 ,5 7 0
5 7 3 ,5 8 3
9 7 8 ,9 6 8
9 0 9 ,8 2 0
%
I
— 6 .6
+ 4 9 .4
— 4 .3
+ 1 3 .0
— 4 .0
— 1 4 .6
— 1 3 .6
+ 6 .9
+ 5 .6
+ 6 .0
— 2 3 .9
+ 1 7 .7
+ 5 6 .5
+ 6 .0
+ 2 4 .4
+ 1 5 .7
— 3 2 .7
+ 1 9 .3
— 4 .8
— 1 4 .1
+ 2 3 .0
+ 4 7 .8
3
1 1 7 ,3 0 4 ,1 0 6
2 8 ,1 5 0 ,3 1 6
3 3 ,6 0 7 ,4 3 9
1 2 ,0 6 8 ,5 1 7
1 4 ,6 0 0 ,1 1 2
1 5 ,4 2 4 ,0 9 7
7 ,9 7 9 ,8 1 2
5 ,5 8 2 ,8 3 9
5 ,1 3 1 ,6 9 3
3 ,5 8 7 ,2 5 1
2 ,1 9 0 ,3 8 5
2 ,0 4 0 ,6 0 2
5 0 0 ,0 0 0
5 2 6 ,2 9 0
1 .4 5 8 .1 9 8
4 .3 4 4 .3 2 4
2 ,3 7 7 ,3 0 4
1 ,5 5 4 ,8 3 2
5 0 6 ,1 9 6
4 9 2 ,7 4 9
6 8 4 ,3 6 7
6 4 3 ,5 0 1
1916.
$
7 7 , 4 6 7 ,9 5 6
2 2 ,4 1 3 ,6 9 4
2 2 ,0 0 0 ,0 0 0
1 4 ,0 8 2 ,4 8 8
1 0 ,1 8 6 ,9 2 3
9 ,3 8 0 ,3 4 3
6 ,1 9 0 ,3 5 3
4 ,5 0 0 ,0 0 0
4 ,2 8 9 ,2 5 8
2 , 7 8 3 ,3 6 0
1 ,4 3 2 ,2 3 9
1 ,8 0 7 ,8 7 3
5 2 5 ,0 0 0
4 0 5 ,7 2 6
1 ,6 7 4 ,0 0 8
3 ,7 5 1 ,9 8 4
2 ,2 5 8 ,1 1 9
1 ,0 3 5 ,0 7 5
3 0 8 ,1 3 0
2 3 7 ,3 4 0
5 1 4 ,8 5 6
6 9 4 ,6 8 6
T o t . o t h .W e s t .
3 7 9 ,1 2 2 ,5 0 9
3 8 1 ,9 5 4 ,4 8 6
— 0 .7
2 6 0 ,8 2 0 ,9 3 0
1 8 8 ,5 3 9 ,4 1 1
S t . L o u i s _________
N e w O r le a n s _____
L o u i s v i l l e _________
H o u s t o n ---------------G a l v e s t o n ________
R i c h m o n d -----------F o r t W o r t h ______
M e m p h i s _________
A t l a n t a ...................
S a v a n n a h -----------N a s h v i l l e _________
N o r f o l k ...................
B i r m i n g h a m ------A u g u s t a __________
J a c k s o n v i l l e _____
M o b i l e ......................
K n o x v i l l e -------------L i t t l e R o c k ---------C h a t t a n o o g a -------C h a r le s t o n -----------O k l a h o m a ________
M a c o n _____ ______
A u s t in — -----------V i c k s b u r g -----------S h r e v o p o r t ............
J a c k s o n ----------------D a l l a s ____________
T u l s a ........................
M u s k o g e e ------------
1 3 2 ,7 6 7 ,0 0 5
4 5 ,6 8 1 ,3 5 3
1 6 ,7 0 1 ,8 2 5
1 3 ,3 8 9 ,8 1 7
4 ,5 8 9 ,6 9 0
4 5 ,6 3 6 ,7 0 2
1 3 ,3 1 5 ,4 0 4
1 4 ,8 7 5 ,7 8 8
4 7 ,9 1 5 ,1 4 0
6 ,3 0 8 ,7 0 3
1 4 ,9 3 9 ,9 0 9
7 ,4 1 9 ,2 4 3
1 0 ,7 7 0 ,4 8 5
2 ,6 6 2 ,8 3 6
8 ,3 9 2 ,6 1 3
1 ,4 9 6 ,0 8 8
2 ,0 9 1 ,8 7 6
4 ,0 0 0 ,0 0 0
5 ,3 8 9 ,3 0 8
2 ,7 0 0 ,0 0 0
9 ,6 7 0 ,5 8 2
1 ,4 5 0 ,0 0 0
8 ,0 0 0 ,0 0 0
3 1 2 ,1 1 0
2 ,3 9 2 ,2 9 7
3 8 5 ,4 1 5
1 5 ,5 0 0 ,0 0 0
8 ,7 4 6 ,6 6 7
2 ,5 7 1 ,4 0 7
1 4 9 ,5 3 2 ,2 1 6 — 1 1 .2
4 2 ,8 0 5 ,3 3 3
+ 6 .7
2 1 ,4 9 4 ,9 3 4 — 2 2 .3
1 2 ,5 0 0 ,0 0 0
+ 7 .1
4 ,9 0 0 ,0 0 0
— 6 .3
3 8 ,8 9 7 ,1 2 1
+ 1 7 .3
1 3 ,2 4 6 ,2 3 3
+ 0 .5
1 0 ,5 4 1 ,6 1 7
+ 4 1 .1
3 9 ,7 1 9 ,9 8 8
+ 2 0 .6
6 ,9 1 1 ,8 4 3
— 8 .7
1 1 ,0 9 1 ,7 5 1
+ 3 4 .7
7 ,0 8 9 ,6 0 5
+ 5 .0
3 ,7 9 3 ,4 4 2 + 1 8 3 .9
4 ,3 0 6 .0 5 1 — 3 8 .2
+ 9 7 .8
4 ,2 4 2 ,4 7 1
1 ,3 2 8 ,7 1 0
+ 1 2 .6
2 ,0 3 4 ,3 2 1
+ 2 .8
4 ,5 0 5 ,3 2 2 — 1 1 ,2
4 ,6 2 6 ,5 4 4
+ 1 6 .5
2 ,6 0 0 ,0 0 0
+ 3 .8
8 ,5 5 8 ,7 1 1
+ 1 3 .0
1 ,8 0 0 ,0 0 0 — 1 9 .4
4 ,8 2 0 ,0 3 2
+ 6 4 .7
3 6 7 ,5 7 6 — 1 5 .1
1 ,9 7 2 ,6 7 4
+ 2 1 .3
7 5 8 ,3 5 6 — 4 9 .2
1 1 ,9 0 1 ,9 1 3
+ 3 0 .2
8 ,4 2 8 ,7 7 5
+ 3 .8
2 ,3 7 6 ,6 3 5
+ 8 .2
1 1 2 ,2 4 2 ,4 2 4
2 8 ,0 5 1 ,1 1 7
1 7 ,1 6 2 ,7 0 4
1 0 ,0 0 0 ,0 0 0
3 ,7 8 7 ,8 1 1
2 1 ,8 9 5 ,1 4 8
9 ,9 5 9 ,7 6 9
9 ,5 3 3 ,7 4 2
2 0 ,3 8 2 ,8 7 7
6 ,9 6 7 ,4 1 6
7 ,9 7 6 ,5 8 0
4 ,1 7 3 ,2 9 5
3 ,4 8 3 ,6 1 3
1 ,6 6 0 ,9 9 7
3 ,4 7 1 ,0 9 8
1 ,2 1 0 ,0 0 0
2 ,4 0 0 ,0 0 0
2 ,8 4 5 ,7 6 9
3 ,0 3 9 ,4 1 1
2 ,2 7 9 ,6 7 9
6 ,1 8 0 ,7 1 4
1 ,2 1 2 ,6 9 8
4 ,0 0 0 ,0 0 0
2 1 8 ,6 5 7
1 ,5 6 9 ,7 4 2
3 5 0 ,2 8 9
9 ,5 6 3 ,1 0 0
6 ,1 1 0 ,2 8 3
1 ,5 0 9 ,3 1 1
8 7 ,1 5 3 ,1 3 8
2 2 ,5 6 9 ,9 7 3
1 7 ,0 4 1 ,5 6 0
1 0 ,3 2 6 ,9 2 3
3 , 5 5 7 ,4 4 5
1 4 ,8 7 7 ,0 0 9
6 ,9 8 8 ,5 4 8
0 ,8 9 3 ,4 4 9
1 4 ,4 1 7 ,7 4 5
4 ,3 5 5 ,9 1 9
6 ,4 3 7 ,8 7 5
4 ,3 3 4 ,9 8 3
2 ,7 2 8 ,4 4 0
1 ,1 9 5 ,9 8 9
3 ,2 6 7 ,7 0 0
1 ,0 0 3 ,5 9 3
2 .0 0 0 ,0 0 0
2 ,0 9 0 ,4 8 3
2 ,5 6 8 ,5 8 1
1 ,8 4 9 ,2 0 7
3 ,2 4 5 ,9 8 5
2 ,9 3 8 ,3 1 3
3 ,0 0 0 ,0 0 0
1 9 0 ,7 5 5
” '3 4 0 " , 6 1 4
6 ,1 9 2 ,7 8 2
2 ,7 2 1 ,4 0 8
8 0 1 ,6 6 3
T o t a l S ou th ern
4 5 0 ,0 7 2 ,3 2 3
4 2 7 ,1 3 2 ,1 7 4
+ 5 .4
3 0 2 ,2 3 8 ,2 4 4
2 3 5 ,1 0 2 ,7 4 0
M a rch .
T h ree M o n th s.
C lea r in g s a t—
M a rch .
T h ree M o n th s.
1919.
I n c . or
D ec.
1918.
1919.
T o t a l C a n a d a . 1 1 1 5 3 2 5 ,1 6 5 9 5 8 ,8 7 4 ,7 6 9
I n c . or
D ec.
1918.
$
$
$
%
M o n t r e a l ______ 4 3 3 ,2 9 6 ,1 9 3 3 0 5 ,1 5 8 ,9 2 9 + 4 2 .0 1 ,2 2 1 ,9 1 8 ,8 8 0
T o r o n t o ________ 3 0 8 ,0 7 4 ,8 6 4 2 4 6 ,5 5 9 ,2 0 4 + 2 5 .0
8 9 7 ,9 5 4 ,7 6 3
W i n n i p e g ........... 1 3 0 ,7 4 9 ,6 4 8 1 8 2 ,5 0 5 ,0 0 2 — 2 8 .4
4 4 1 ,2 0 4 ,0 3 7
V a n c o u v e r _____ 4 5 ,0 3 9 ,2 1 4 3 7 ,6 3 2 ,3 9 9 + 1 9 .7
1 4 2 ,3 3 9 ,4 3 8
O t t a w a . ........... .. 2 8 ,3 9 3 ,4 8 9 2 3 ,6 7 7 ,4 0 9 + 1 9 .9
8 4 ,1 7 4 ,6 3 4
Q u e b e c _________ 1 8 ,5 7 5 ,2 4 7 1 5 ,9 2 9 ,4 5 0 + 1 6 .6
5 7 ,3 2 3 ,7 9 8
H a l i f a x ................ 1 6 ,5 0 3 ,1 8 8 1 4 ,4 5 7 ,4 7 3 + 1 4 .2
5 3 ,8 4 2 ,0 9 0
H a m i l t o n ______ 2 1 , 1 5 9 ,2 6 7 1 9 ,7 9 9 ,6 6 2
+ 6 .9
6 2 ,5 0 5 ,3 5 0
S t . J o h n .............. 1 0 ,5 7 0 ,2 5 6
9 ,1 6 9 ,4 1 6 + 1 5 .3
3 2 ,4 8 3 ,7 1 0
L o n d o n ________ 1 0 . 8 7 9 .8 3 5
9 ,1 7 9 ,2 0 0 + 1 8 .5
3 3 ,8 6 2 ,6 9 1
C a l g a r y .............. 2 1 ,3 9 4 ,6 1 8 2 6 ,6 8 9 ,7 0 1 — 1 9 .8
6 5 ,7 7 9 ,5 8 5
V i c t o r i a ________
8 ,2 4 4 ,0 6 5
7 ,2 6 7 ,7 3 0 + 1 3 .4
2 5 ,0 9 3 ,2 3 9
E d m o n t o n -------- 1 3 ,8 5 4 ,0 2 4 1 3 ,0 9 1 ,1 1 5
+ 5 .8
4 2 ,8 4 5 ,6 8 3
R e g i n a _________
1 2 .1 1 3 .8 3 5 1 2 ,2 1 2 ,1 8 6 — 0 .0 8
3 7 ,7 8 7 ,1 5 7
2 , 2 0 8 ,2 5 6
2 ,4 7 1 ,1 4 4 — 1 0 .6
B r a n d o n ...........
6 ,6 1 1 ,7 8 0
2 .3 5 2 ,4 5 2
3 ,2 5 3 ,9 7 0 — 2 7 .7
L e th b r id g e . . .
7 ,9 6 4 ,9 3 3
6 ,3 9 7 ,8 5 5
S a s k a t o o n _____
6 ,6 6 0 ,5 6 6
— 3 .9
1 9 ,8 6 5 ,1 0 5
3 ,5 8 6 ,0 6 2
3 ,9 0 7 ,8 8 5
B r a n t f o r d _____
— 8 .2
1 1 ,3 7 5 ,5 9 3
4 ,7 1 1 ,0 9 4 + 1 4 .4
5 ,3 9 0 ,1 1 6
M o o s e J a w ___
1 7 ,8 2 9 ,0 2 6
F o rt W illia m ..
2 ,3 0 8 ,4 4 7
2 ,5 5 3 ,8 3 9
— 9 .6
7 ,7 6 6 ,9 5 3
2 ,0 7 1 ,0 4 4
N e w W m 't c r .
1 ,5 7 6 ,3 7 5 + 3 1 . 4
6 ,1 9 5 ,7 1 4
1 ,4 6 1 ,4 1 1
1 ,9 2 7 ,9 2 4 — 2 4 .2
M e d lc ln e H a t .
4 ,4 6 6 ,2 7 2
2 , 8 7 3 ,9 0 9
P e te rb o ro u g h .
2 ,7 1 5 ,6 2 9
+ 5 .8
8 ,7 2 1 ,7 1 7
4 ,4 1 6 ,0 7 3
3 ,3 3 5 ,4 6 8 + 3 2 .4
S h e r b r o o k e ___
1 1 ,2 9 9 ,9 5 2
K i t c h e n e r _____
3 ,4 1 1 ,7 9 7
2 ,4 3 1 ,9 9 9 + 4 0 . 3
9 ,2 1 8 ,2 2 9
S
%
9 2 7 ,7 7 2 ,0 4 2 + 3 1 . 7
7 1 3 ,2 8 2 ,3 9 1 + 2 5 . 9
5 1 3 ,0 4 6 ,5 1 0 — 1 4 .0
1 1 0 ,0 3 6 ,0 8 9 + 2 9 .4
6 8 ,7 7 0 ,3 3 1 + 2 2 . 4
4 8 ,2 5 5 ,7 8 7 + 1 8 .8
4 2 ,8 4 5 ,5 5 1 + 2 5 .7
5 8 ,1 3 5 ,6 9 2
+ 7 .5
2 6 ,4 6 1 ,2 4 2 + 2 2 .8
2 7 ,1 6 3 ,6 3 0 + 2 4 . 7
8 1 ,4 2 3 ,3 6 0 — 1 9 .2
2 1 ,5 0 4 ,2 0 4 + 1 6 .7
3 9 ,8 7 4 ,4 1 4
+ 7 .4
3 6 ,6 6 8 ,4 6 7
+ 3 .1
7 ,1 2 1 ,9 1 5
— 7 .2
— 6 .3
8 ,5 0 0 ,5 5 2
+ 1 .0
1 9 ,6 7 0 ,5 9 9
1 0 ,6 6 0 ,1 6 1
+ 6 .7
1 4 ,1 4 6 ,2 6 4 + 2 3 . 0
8 ,3 7 4 ,0 0 5
— 7 .3
4 ,7 4 2 ,4 7 1 + 3 0 .6
6 ,0 5 8 ,1 7 9 — 2 6 .3
8 ,1 1 8 ,6 6 6
+ 7 .4
8 ,9 9 7 ,0 8 4 + 2 4 .6
6 ,7 8 1 ,8 4 3 + 3 5 .9
+ 1 6 .3 3 ,3 1 0 ,4 3 0 ,3 2 9 2 ,8 1 8 ,4 1 7 ,4 4 9
+ 1 7 .5
The clearings for the week ending Mar. 27, in comparison
with the same week of 1918, show an increase in the aggregate
of 12.7%.
Week ending March
/'ffs/i n/ro nt
b laurniyb u i—
1919.
Canada—
1918.
Inc. or
Dec.
27.
1917.
1916.
M o n t r e a l _________
T o r o n t o ___________
W i n n i p e g _________
V a n c o u v e r ________
O t t a w a ........... ..........
Q u e b e c ____________
H a l i f a x ......................
H a m i l t o n _________
S t . J o h n __________
L o n d o n __________
C a l g a r y ...................
V i c t o r i a ___________
E d m o n t o n ________
R e g i n a ____________
B r a n d o n _________
L e t h b r i d g e ______
S a s k a t o o n -----------B r a n t f o r d ..............
M o o s e Jaw____
F o r t W i l l i a m _____
N e w W e s t m in s t e r
M e d i c i n e H a t ___
P e te rb o ro u g h . . .
S h e r b r o o k e ............
K i t c h e n e r ..............
P r i n c e A l b e r t ___
S
1 0 0 ,5 7 2 ,9 3 .8
6 8 , 4 9 7 ,0 1 8
2 8 ,6 8 5 ,0 0 0
1 0 ,6 3 4 ,7 4 6
6 ,2 2 7 ,8 9 2
4 ,0 7 7 ,2 7 4
3 ,4 9 0 ,6 8 5
4 ,9 4 8 ,8 3 3
2 ,2 3 9 ,5 8 4
2 , 2 5 0 ,9 4 8
6 ,3 4 2 ,0 1 2
1 ,9 4 6 ,3 2 1
3 ,2 0 3 ,0 3 5
2 ,7 0 9 ,8 3 8
5 8 8 ,5 8 0
4 7 1 ,3 2 2
1 ,5 7 3 ,0 6 9
8 1 6 ,5 0 1
1 ,2 3 7 ,0 6 4
5 0 4 ,1 6 5
4 4 6 ,1 4 5
3 6 7 ,5 6 1
6 7 2 ,7 9 1
9 4 3 ,7 1 0
6 7 2 ,5 6 5
3 3 6 ,9 9 9
S
6 8 ,3 2 8 ,7 7 5
6 1 ,8 8 1 ,4 7 9
4 2 ,2 8 6 ,2 8 4
9 ,1 2 3 ,3 8 5
4 ,8 3 5 ,8 6 4
3 ,5 9 3 ,8 1 5
2 ,9 9 7 ,6 3 7
4 ,9 1 7 ,0 3 0
2 ,0 3 0 ,6 7 8
2 ,0 3 5 ,7 7 0
6 ,0 3 9 ,3 0 7
1 ,6 9 7 ,1 1 8
3 ,1 0 1 ,8 7 2
2 ,9 6 2 ,8 2 5
5 6 2 ,3 0 2
9 7 7 ,5 3 2
1 ,6 8 8 ,9 9 4
1 ,0 2 0 ,5 4 3
1 ,1 0 0 ,7 0 6
5 1 9 ,3 2 5
3 7 8 ,9 5 9
4 9 3 ,0 2 5
5 7 2 ,6 8 7
8 4 2 ,7 6 2
5 2 7 ,0 8 5
3 3 6 ,0 7 7
%
+ 4 7 .2
+ 1 0 .7
— 3 2 .2
+ 1 6 .6
+ 2 8 .8
+ 1 3 .5
+ 1 6 .4
+ 0 .6
+ 1 0 .3
+ 1 0 .6
— 1 1 .5
+ 1 4 .7
+ 3 .3
— 5 .5
+ 4 .7
— 5 1 .8
— 6 .8
— 2 0 .0
+ 1 2 .5
— 2 .9
+ 1 7 .7
— 2 5 .5
+ 1 7 .5
+ 1 2 .0
+ 2 7 .3
+ 0 .3
5
6 7 ,0 0 1 ,8 2 5
4 9 ,1 0 2 ,1 6 7
3 9 ,5 5 2 ,3 0 8
6 ,2 4 1 ,8 5 6
4 ,3 1 9 ,2 5 8
3 ,6 6 7 ,3 3 3
1 ,9 1 8 ,1 9 9
3 ,9 7 6 ,5 7 7
1 ,9 9 5 ,8 9 8
1 ,8 1 2 ,6 5 5
5 ,4 6 3 ,7 8 2
1 ,4 2 0 ,4 9 0
2 ,2 7 0 ,1 9 4
2 ,6 1 2 ,8 4 7
4 4 1 ,0 3 5
6 9 8 ,1 0 1
1 ,6 0 4 ,4 8 4
6 6 7 ,7 1 3
1 ,1 0 1 ,3 0 0
3 9 8 ,5 1 0
2 3 5 ,5 2 1
5 2 8 ,9 4 6
4 6 8 ,7 9 0
8 9 1 ,8 3 5
4 9 4 ,6 1 0
$
6 5 ,4 7 4 ,1 9 7
3 7 ,1 6 2 ,6 7 3
2 3 ,7 7 0 ,7 4 1
4 ,4 7 8 ,6 6 3
3 ,6 5 6 ,6 7 4
2 ,5 5 5 ,6 0 8
1 ,5 5 6 ,7 8 4
3 ,5 9 4 ,9 1 6
1 ,2 8 4 ,9 8 2
1 ,6 9 9 ,9 5 7
3 ,2 9 9 ,7 9 3
1 ,0 4 5 ,8 5 7
1 ,9 4 0 ,3 7 9
1 ,5 4 8 ,5 2 8
4 3 6 ,2 5 7
3 9 5 ,9 3 1
8 6 7 ,3 4 6
5 3 0 ,6 4 8
7 1 0 ,1 1 0
3 5 1 ,3 4 8
1 7 8 ,0 3 2
2 9 4 ,7 1 7
4 3 3 ,6 0 3
6 2 3 ,6 3 3
T o ta l C a n ad a.
2 5 3 ,4 5 7 ,2 7 6
2 2 4 ,8 5 1 ,8 3 1
+ 1 2 .7
1 9 8 ,9 2 2 ,2 5 4
1 4 7 ,7 9 7 ,3 7 7
O t h e r W e s t e r n a n d S o u t h e r n C le a r in g s
ward from first page.
1918.
$
1919.
C l e a r i n g s a t—
brought for
%
K a n s a s C i t y -----------M i n n e a p o l i s -----------O m a h a _____________
S t . P a u l ......................
D e n v e r ........................
S t . J o s e p h _________
D e s M o i n e s _______
S io u x C i t y ................
W i c h i t a ......................
L i n c o l n _____________
T o p e k a ........................
C e d a r R a p i d s ------C o lo r a d o S p r in g s . .
P u e b l o .................. ..
F a r g o ...........................
S io u x F a l l s ________
D u l u t h ...................... .
W a t e r l o o __________
H e l e n a _____________
F r e m o n t ___________
H a s t in g s ................... .
B il l i n g s ____________
A b e r d e e n __________
J o p l i n ______________
G r a n d F o r k s _____
L a w r e n c e __________
I o w a C i t y __________
O s h k o s h -----------------K a n sa s C ity , K a n
L e w l s t o w n ________
8 2 6 ,5 6 7
1 6 2 ,2 6 7
2 8 6 ,3 1 4 4 2 0 2 9 3
7 0 .3 5 4 ,015
1 2 2 ,5 5 6 , ,601
8 2 .4 8 7 , ,218
5 3 ,1 0 8 , ,441
5 0 ,4 7 9 , ,387
4 5 ,6 0 9 , ,833
2 7 ,9 3 9 , ,282
1 3 .5 9 6 , ,177
1 2 ,2 6 5 , ,083
3 ,6 3 2 ,245
3 ,1 7 0 ,866
1 1 ,7 2 7 ,5 8 3
1 6 ,7 4 2 ,5 9 7
2 1 ,2 3 8 ,931
8 ,4 9 5 ,1 0 7
9 ,0 8 0 ,3 9 9
4 ,4 1 9 ,7 2 5
2 ,7 7 5 ,5 6 9
5 ,3 9 2 ,000
4 ,9 6 0 ,7 9 0
6 ,2 9 5 ,000
6 ,4 0 4 ,000
1 ,9 3 2 ,3 2 0
3 ,0 4 7 .1 3 5
2 ,5 2 4 .671
2 ,6 2 9 .2 2 8
3 ,3 4 6 ,931
%
6 4 0 ,8 8 7 ,325
2 2 0 ,4 2 2 ,744
8 2 ,1 1 3 ,497
6 2 ,5 1 6 ,284
2 0 ,3 4 5 ,000
2 1 3 ,5 3 2 ,759
5 8 ,5 3 6 ,029
7 2 ,7 6 2 ,219
2 1 5 .6 6 9 ,8 2 1
2 6 ,2 7 2 ,196
6 7 ,0 7 5 ,483
3 3 ,8 0 8 ,292
5 3 ,3 6 4 ,420
1 2 ,2 2 4 ,903
3 8 ,2 5 0 ,916
6 ,6 5 1 ,627
1 0 ,8 3 3 ,307
1 9 ,6 6 2 ,578
2 2 ,0 2 5 ,578
1 3 ,9 9 9 ,5S6
4 2 .9 1 1 ,000
7 ,0 5 6 ,034
5 ,9 3 9 ,127
6 4 ,7 0 3 ; ,341
3 ,5 8 1 , 80 1
1 ,5 1 5 ,300
8 ,9 0 2 ,609
2 ,5 9 7 ,543
2 ,1 2 9 , ,466
8 ,8 0 0 ,000
4 6 ,1 4 0 ,366
1 1 ,1 4 4 ,484
2 4 ,5 4 5 ,381
1 0 4 ,8 1 9 ,910
4 ,1 0 0 ,000
7 ,0 4 0 ,000
8 ,7 1 0 ,897
3 ,2 5 3 ,341
3 ,6 7 6 ,376
1 1 ,2 7 1 ,641
I n c . or
D ec.
$
,6 6 7 ,8 0 4 — 10
2365132506
,3 2 4 ,3 2 0 + 14 4 6 8 ,7 0 8 ,4 5 7
5 7 4 ,0 0 0
—2 7 3 5 ,4 1 0 ,6 7 1
9 5 1 ,3 3 3
+8 2 0 3 ,1 4 9 ,4 5 2
3 8 8 ,8 7 9 + 29 . 3 3 9 , 0 5 1 , 8 0 9
3 6 9 ,3 1 0 — 17 .8 2 4 1 ,4 5 5 ,6 8 5
3 3 4 ,5 6 9 — 12 .0 1 3 0 ,6 9 8 ,5 5 8
7 2 9 ,6 9 6
+3 .6 1 3 4 ,1 6 4 ,7 0 5
3 5 2 ,4 8 8 + 13
1 1 9 ,6 1 6 ,1 3 7
,2 5 9 ,3 6 9 + 15
6 1 ,5 9 2 ,1 2 1
,5 9 2 ,2 8 8 — 12
3 9 ,7 9 9 ,1 8 4
9 1 4 ,9 9 8 + 12
3 0 ,4 3 0 ,0 2 5
5 7 5 ,5 0 5
+ 1 1 0 ,0 2 0 ,5 2 8
,9 8 9 ,7 2 7
+6
9 ,0 4 8 ,3 7 0
,2 2 2 ,6 3 2 + 2 7
3 2 ,7 1 8 ,1 3 9
,7 6 2 ,7 0 7 + 55
4 0 ,9 0 3 ,9 8 8
,2 5 6 ,2 4 2 + 16
9 3 ,4 1 9 ,9 2 7
,5 9 4 ,1 9 8 —26
2 1 ,1 9 8 ,7 6 4
2 8 ,3 0 1 ,2 8 4
,0 0 9 ,5 1 7 + 13
9 .9 6 0 .0 6 8
,2 8 9 ,2 8 9 — 16
,2 9 8 ,5 3 9 — 15
6 .9 9 7 .0 6 8
1 4 ,8 3 4 ,9 9 6
,3 0 5 ,3 4 2 + 25
.6 1 1 ,0 6 4
1 5 ,3 0 6 ,1 7 3
+7
1 9 .9 7 4 .0 0 0
,7 6 3 ,8 8 1 —28
,8 9 3 ,0 0 0 + 10
1 6 .2 4 6 .0 0 0
,8 3 9 ,2 4 5
5 ,1 2 6 ,2 7 7
+ 5
,7 2 4 ,5 9 2 + 11
6 ,9 7 7 ,3 6 1
,4 6 9 ,7 4 9
+2
0 ,9 3 0 ,8 8 1
,2 4 0 ,1 5 8 + 17
9 ,3 3 6 ,7 9 1
,8 3 0 ,9 6 8 +83
8 ,1 4 6 ,3 8 4
1920135409
T o t a l O t h .W e s t .
S t . L o u i s _________
N e w O r le a n s _____
L o u i s v i l l e -------------H o u s t o n ___________
G a l v e s t o n _________
R i c h m o n d ________
F o r t W o r t h ______
M e m p h i s _________
A t l a n t a ____________
S a v a n n a h _________
N a s h v i l l e __________
N o r f o l k ____________
B i r m i n g h a m _____
A u g u s t a __________
J a c k s o n v i l l e ---------M o b i l e .....................
K n o x v ille — . —
L i t t l e R o c k ...........
C h a t t a n o o g a _____
C h a r l e s t o n ________
O k l a h o m a -------------M a c o n _____________
B e a u m o n t _________
A u s t in ...........................
W ilm in g t o n , N . C .
V i c k s b u r g __________
C o l u m b i a ___________
C o l u m b u s , G a _____
J a c k s o n ------------------W a c o ................... ..
T u l s a ...........................
M u s k o g e e __________
E l P a s o ........................
D a l l a s ...........................
N e w p o r t N e w s ___
M o n t g o m e r y ______
T a m p a — ................
T exark an a, A r k ..
R a l e i g h ........... ............
S h r e v e p o r t ................
I n c . or
D ec.
—2.6
5224656369 5039588448
,2 9 6 ,5 7 0
—6.2 1 9 2 5 1 8 3 9 0 0
,9 0 3 ,5 1 9
— 0 .7 7 1 4 ,0 3 8 ,5 2 0
,6 2 6 ,5 1 9 — 2 6
2 8 2 ,2 8 1 ,1 5 4
,0 8 0 ,6 7 5
+ 2 1 0 5 ,2 9 2 ,3 2 4
0 3 ,7 2 8 ,2 5 2
,5 1 1 ,3 1 6
— 0
6 4 0 ,2 1 0 .4 7 3
,0 5 1 ,4 9 2 + 2 4
,8 9 8 ,9 7 9
— 5 1 9 6 ,2 3 9 ,4 5 1
.1 6 8 ,2 4 7 + 25 2 3 1 ,1 2 1 .3 6 8
6 7 9 ,1 6 2 ,8 0 0
,9 1 4 ,6 7 1
+ 9
7 9 ,3 8 1 ,9 6 6
,8 4 8 ,3 2 3 —20
1 9 7 ,2 9 1 ,8 1 8
',1 7 5 ,2 1 8 + 13
1 1 3 ,5 6 9 ,9 8 4
,3 6 8 ,1 8 0
— 4
1 5 4 ,5 1 4 ,3 1 3
,0 8 9 ,6 7 0 + 17 9
,9 4 7 ,6 6 0 — 3 5
3 7 ,4 7 6 ,5 4 6
,4 3 3 ,1 1 6 + 8 7
1 0 7 ,1 1 9 ,3 8 4
,3 7 1 ,7 0 2
+ 4 2 0 ,6 6 6 ,5 1 7
— 4 3 2 ,3 2 0 ,6 7 8
,3 0 5 ,3 0 4
,5 7 7 ,6 9 1 — 16
6 2 ,9 1 8 ,5 0 6
,4 4 2 ,5 6 7
+7,
6 7 ,1 4 1 ,1 3 5
,2 5 6 ,2 9 5
+ 5 4 3 ,3 4 8 ,5 8 9
,6 0 2 ,3 8 6 + 11 1 1 9 ,9 7 2 ,5 5 3
,8 5 1 ,5 6 8 — 20
2 1 ,5 2 3 ,2 7 7
,8 7 6 ,5 7 5
+ 1. 1 8 ,3 5 9 ,1 3 7
,9 9 9 ,0 0 8 + 1 48, 1 2 3 ,2 2 4 ,1 0 6
,8 0 0 ,9 3 7
—5, 1 1 ,3 5 1 ,6 5 0
,9 3 9 ,4 1 0 —21,
5 ,2 7 5 ,2 5 1
,5 0 4 ,2 5 9
+ 4 2 6 ,1 9 5 ,3 3 1
,4 4 0 ,5 2 1 — 2 4
9 ,0 6 5 ,5 1 6
,0 4 8 ,7 4 4
+ 4
7 ,6 4 5 ,3 3 7
,000,000 — 2
2 9 ,2 3 8 ,3 4 6
,5 2 2 ,3 4 8 + 2 9
1 2 0 ,9 5 8 ,0 8 2
,7 0 4 ,9 5 5
— 2
3 5 ,0 3 5 ,7 4 8
,3 4 2 ,8 9 9 +41
0 7 ,7 8 7 ,7 0 5
,6 3 7 ,2 3 1 + 3 6
3 2 1 ,4 0 7 ,4 8 7
,7 8 4 ,1 6 4
+8
1 3 ,0 9 4 ,4 7 7
,3 0 8 ,5 9 6 + 11
2 0 ,8 1 1 ,9 5 2
,0 8 8 ,8 4 4 + 43
2 5 ,1 2 1 ,5 6 7
,7 3 8 ,5 5 5 + 18
1 0 ,0 8 5 ,9 1 2
.0 8 6 ,2 6 5 — 10
1 1 ,9 0 3 ,3 0 8
',6 0 1 ,6 1 5
+ 6 3 5 ,3 0 6 ,4 3 0
T o ta l S ou th ern . 2 2 6 3 7 93181 2133146594
2505169767
1 9 8 ,6 7 6 ,3 0 2
0 8 1 ,7 5 1 ,2 8 7
1 8 0 ,0 8 9 ,6 8 9
2 5 6 ,0 0 9 ,5 8 5
2 4 9 ,5 4 0 ,4 1 1
1 2 9 ,3 3 5 ,9 2 5
1 1 4 ,9 8 3 ,3 0 4
1 0 6 ,6 1 6 ,1 0 9
5 9 ,6 6 3 ,0 5 3
4 3 ,4 4 6 ,1 3 3
2 6 ,5 4 8 ,6 4 6
1 0 ,2 8 3 ,5 7 1
8 ,7 4 7 ,6 2 0
2 3 ,0 9 1 ,2 3 4
2 6 ,0 2 3 ,7 7 7
5 4 ,4 4 2 ,9 2 5
2 9 ,0 2 3 ,6 7 7
2 3 ,3 6 3 ,5 4 6
1 2 ,1 5 7 ,1 2 1
7 ,6 4 4 ,0 7 4
1 2 ,7 4 6 ,4 4 3
1 2 ,6 6 0 ,9 2 0
2 3 ,4 1 3 ,5 1 4
1 3 ,6 3 7 ,0 0 0
4 ,8 2 5 ,3 1 5
5 ,6 9 4 ,8 0 8
6 ,5 7 7 ,2 3 3
6 ,5 7 5 ,9 9 0
5 ,5 8 8 ,8 6 3
1876276292
0 0 4 ,9 8 2 ,5 9 4
2 9 3 ,3 2 3 ,9 0 3
1 9 3 ,4 3 4 ,3 2 4
7 0 ,1 3 8 ,9 5 3
4 8 1 ,1 4 7 ,7 5 6
1 9 0 ,5 3 9 ,2 4 7
1 8 2 ,7 8 1 ,7 8 7
5 8 2 ,2 2 1 ,7 7 4
9 4 ,3 2 5 ,5 8 2
1 6 8 ,5 5 0 ,6 8 5
9 8 ,4 8 0 ,5 6 8
5 4 ,2 9 5 ,7 3 1
4 8 ,4 0 9 ,3 0 1
5 9 ,0 1 3 ,0 8 2
1 8 ,8 1 4 ,1 6 1
3 3 ,3 4 6 ,0 1 6
6 4 ,3 7 1 ,1 0 5
5 7 ,5 0 1 ,7 8 5
4 4 ,0 9 9 ,8 1 0
1 1 4 ,4 7 8 ,3 6 0
2 9 ,3 8 2 ,1 5 2
1 8 ,4 7 3 ,3 8 9
7 8 ,3 0 5 ,2 4 5
1 1 ,2 4 8 ,3 7 6
6 ,1 4 5 ,5 9 7
2 4 ,9 8 0 ,9 8 2
9 ,8 9 4 ,9 5 5
7 ,6 4 4 ,8 5 9
3 6 ,1 6 4 ,3 1 5
1 0 0 ,6 5 9 ,1 1 0
3 3 ,4 4 8 ,3 8 7
5 0 ,2 4 6 ,5 5 5
2 4 7 ,1 3 5 ,8 3 3
9 ,8 1 1 ,5 8 2
2 0 ,1 7 7 ,5 9 2
1 8 ,4 4 7 ,0 2 0
8 ,8 4 8 ,8 7 4
1 1 ,0 0 7 ,2 3 0
3 2 ,7 2 7 ,2 1 8
+ 0 .1 6 8 7 6 4 3 0 9 2 2 0 1 4 4 5 2 0 0 9 9
%
— 5 .6
+ 1 7 .6
+ 7 .9
+ 12.8
+ 3 2 .1
— 3 .2
+ 1.0
+ 1 0 .7
+ 12.2
+ 3 .2
— 8 .4
+ 1 4 .6
— 2 .5
+ 3 .4
+ 3 8 .1
+ 5 7 .2
+ 7 1 .6
— 2 6 .0
+21.1
— 1 8 .1
— 8 .5
+ 1 5 .0
+ 2 0 .9
— 1 4 .7
+ 1 9 .1
+ 0.2
+ 2 2 .5
+ 5 .4
+ 4 2 .0
+ 4 5 .8
+ 3.7
+2.6
+7.4
—3.8
+ 1.0
—9.1
+ 33.1
+ 3.0
+ 26.4
+ 16.6
—15.9
+ 17.0
+ 15.3
+ 184.6
—22.6
+ 81.5
+9.8
—3.1
—2.3
+ 10.8
—3.1
+ 4.8
—26.8
+ 11.4
+ 57.3
+ 0.9
—14.2
+ 4.8
—8.4
+ 0.01
—19.2
+20.2
+ 4.7
+ 34.9
+ 30.1
+ 33.5
+ 3.1
+30.2
+ 14.0
+ 2.5
+ 7.9
+ 1 1 .1
A pr. 5 1919.]
THE CHRONICLE
C om m ercial a u d lH is ce llati ecrus
D IV ID E N D S .
Dividends announced this week are printed in italics.
N a tio n a lIB a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n i z a t io n o f n a t i o n a l b a n k s :
C a p ita l.
T h o F ir s t N a t io n a l
R a n k o f C o l u m b u s , N o w M e x ______________ $ 2 5 ,0 0 0
T h o F ir s t N a t io n a l
H a n k o f S h e l l e y , I d a h o -------------------------------2 5 ,0 0 0
T h o F i r s t N a t io n a l
R a n k o f S p r i n g v i l lo , P a ------------------------------2 5 ,0 0 0
T h o F i r s t N a t io n a l
R a n k o f R e l i , C a l -------------------------------------------2 5 ,0 0 0
5 0 ,0 0 0
T h o M a c h i a s N a t io n a l R a n k , M a c h i a s , M e _________________________
T h e F i r s t N a t io n a l R a n k o f E k a la k a , M o n t _______________________
2 5 ,0 0 0
T h e A r k a n s a s N a t io n a l R a n k o f i l c b e r S p r i n g s , A r k ____________
2 5 ,0 0 0
T h o F i r s t N a t i o n a l B a n k o f G il l o t t o , W y o - . l ------------------ ------------6 0 ,0 0 0
T o t a l ......................... - .................. ................................................................................. $ 2 6 0 ,0 0 0
C H A R T E R S IS S U E D .
O r ig in a l o r g a n i z a t io n s .
T h o C o l l in s v il le N a t io n a l R a n k , C o l l i n s v i l l e , T e x a s -------------------- $ 2 5 ,0 0 0
T h e F i r s t N a t i o n a l R a n k o f C r o c k e t t , C a l ---------------------------------------2 5 ,0 0 0
T h o F i r s t N a t i o n a l B a n k o f O b e r li n , L a . ( s u c c e e d s t h o C a l
c a s i e u S t a t e B a n k o f O b e r l i n ) ............- ....................................................... 2 5 ,0 0 0
CHARTERS EXTEN D ED .
T h o M ilf o r d N a t io n a l R a n k , M ilf o r d , N . Y .
C h a rte r e x te n d e d
c l o s e o f b u s in e s s A p r i l 4 1 9 3 9 .
Nm of Cma y
a e o p n.
Railroads (Steam).
Clev. Cin. Chic. A St. L., pref. (quar.)
Dayton Coal, Iron & R y., pf. (monthly)
Delaware Lack. & Western (quar.)_____
Great Northern (quar.)________________
Joliet & Chicago (quar.)_______________
tKansas City Southern, pref. (quar.)___
tLehigh Valley, com. & pref. (quar.) —
Minn. St. P. & S. S. M .. com. & pref—
New York Central RR. (quar.)________
Norfolk & Western adj., pref. (quar.)_
_
Northern Pacific (quar.)_______________
t
_____
Philadelphia & Trenton (quar.)_______
PIttsb. Ft. W . & Chic., reg., guar, (qu.)
_______
Reading Company, common (quar.)___
Reading Company 2d pref. (quar.)___
P Mrq ette, p r p (q a
ert a u rio ref. u r.)
P u hA W V in , p
ittsb rg
est irg ia ref
Tnp hA Gld , c m o (a n a
ooa
o field o mn n u l).
P
referred (a n al)___________________
nu
United N . J. RR. & C 3
nal (quar.)_____
Warren R R ____________________________
$ 7 5 ,0 and F.lcctric Railways.
Street 0 0
_______ ______ _
T o t a l .................................................................................................
u n t il
C H A R T E R S R E -E X T E N D E D .
T h o A l i e n N a t i o n a l R a n k o f F a ir H a v e n , V t .
C h a r t e r r e - o x t e n d e d u n t il
c l o s e o f b u s in e s s A p r i l 4 1 9 3 9 .
IN C R E A S E S
1363
O F C A P IT A L A P P R O V E D .
Amount.
T h o F i r s t N a t i o n a l R a n k o f W i c h i t a F a ll s , T e x .
C a p it a l In cre a se d
f r o m $ 3 0 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 .....................
$ 2 0 0 ,0 0 0
T i l e O n t a r io N a t io n a l B a n k , O n t a r io , C a l .
C a p it a l in cre a s e d f r o m
$ 5 0 ,0 0 0 t o $ 7 5 , 0 0 0 - - - - - - - - - - - - - - - - - - - - - ...............................................
2 5 ,0 0 0
T h o C h ic k a s a w N a t io n a l R a n k o f P u r c e l l , O k la .
C a p i t a l in c r e a s e d
f r o m $ 5 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 ......................... ........................................................„
5 0 ,0 0 0
T h e F i r s t N a t io n a l B a n k o f C h a t t a n o o g a , T e n n .
C a p it a l in
c r e a s e d f r o m $ 7 5 0 ,0 0 0 t o $ 1 , 0 0 0 . 0 0 0 .............................................................. 2 5 0 ,0 0 0
T h o G o t h a m N a t io n a l B a n k o f N o w Y o r k , N . Y .
C a p i t a l in
c r e a s e d f r o m $ 2 0 0 ,0 0 0 t o S 5 0 0 .0 0 0 ----------------------------------------------------- 3 0 0 ,0 0 0
T h o N ia g a r a C o u n t y N a t io n a l B a n k , L o c k p o r t , N . Y .
C a p it a l
in c r e a s e d f r o m $ 1 5 0 ,0 0 0 t o $ 3 0 0 ,0 0 0 --------------------------------------------------- 1 5 0 ,0 0 0
T o t a l ______________________________________________________________________$ 9 7 5 ,0 0 0
V O L U N T A R Y L IQ U ID A T IO N S .
F o r c o n s o l i d a t i o n w it h o t h e r n a t i o n a l b a n k s :
C a p ita l.
T h o F o u r t h N a t i o n a l B a n k o f G r e e n v il l e , S . C .
L iq u id a tin g
c o m m i t t e e : W . C . C l e v e l a n d , F . W . S y m m c s a n d I I . T . M il l s ,
G r e e n v il l e .
A b s o r b e d b y th o F ir s t N a t io n a l B a n k o f G re e n
v i l l e ______ ____ ________ __________________________ _____________ _________ $ 1 0 0 ,0 0 0
O t h e r l i q u id a t i o n s :
T h o F i r s t N a t io n a l B a n k o f M c x i a , T e x a s .
L iq u id a tin g c o m m it t e o : J . N u s s b a u m a n d W . I ) , (lig h t , M e x ia .
A b sorb ed
b y t h o F a r m e r s ’ S t a t e R a n k o f M o x i a ____________________________
5 0 ,0 0 0
T h o F ir s t N a t io n a l B a n k o f B la c k L ic k . P a .
L iq u id a tin g a g e n t.
It. A . K e lly , B la ck L ic k .
A s s e t s t a k e n o v e r b y t iio M a n u
f a c t u r e r s ’ & M e c h a n i c s ’ B a n k o f B l a c k L i c k ---------------------------------4 0 ,0 0 0
T o t a l ...................................................................................................... - ....................... $ 1 9 0 ,0 0 0
A u c t io n S a le s . — Among other securities, tho following
not usually dealt in at the Stock Exchange were recently sold
at auction in Now York, Boston and Philadelphia:
B y Mossrs. Adrian II. Muller & Sons, New York:
B o ly C I R(q a
ro k n ity C. u r.)
Cro aPw AL h co mn(q a
a lin o er ig t, m o u r.).
C tra Illin P b S ice, p (q .).
en l ois u lic en ref. u
C . N p rt ACt). L AT co . (q .)
in ewo
o . r., m u
P
referred (q a ......... .............................
u r.)
Cities Service, com. &
pref. (monthly)..
Common (payable in common stock).
Dy nAT yE R p (q a ___
a to ro lec. y., ref. u r.)
Duquesne Light Co., pref. (qu.) (No. 17)
Ge nACa sS . P ss. R., P ila (q .)
r e o te ts a y h . u
Monongahela Valley Trac., pref. (quar.)
Philadelphia Company, common (quar.)
Six per cent preferred (quar.)________
Philadelphia & Western Ry., pref. (qu.)
Republic Ry. & Lt., pref. (qu.) (No. 31)
C , Ntio a (B o ly ) (q a _______
ity a n l Banks. u r.)
ro k n
F Ntio a (B o ly ) (q a ..............
irst a n l ro k n u r.)
M a ics AM ls Ntio a (q a __
ech n
eta a n l u r.)
P d ce Ech n e, N Yrk (q a ____
ro u x a g ew o u r.)
P b Ntio a (q a ...............................
u lic a n l u r.)
S o dNtio a (q a ..............................
ec n a n l u r.)
S e a Ntio a (q a ..........................
hrmn a n l u r.)
Miscellaneous.
Air Reduction, common (quar.)................
Preferred (quar.)......... ...........................
1st
.........
..................
........... .....................
Allts-Ghalmers M fg., pref. (quar.)-------Preferred (account accum. dividends).
Amer. Agrlc. Chem., com. (qu.) (No.30)
Preferred (quar.) (No. 55)_____ _____
Amer. Beet Sugar* common (quar.)____
American Bosch Magneto (No. 1)...........
..............
_______
Amer. Cyanamld, pf. (acet. accum. dlv.)
American Fork & Hoe, preferred______
Amer. Gas * Elec., pref. (qu.) (No. 49).
American Glue, common______________
Com. (extra, payable in L. L. bonds)American Ice, preferred (quar.)----------Am. La France Fire Eng.. Inc., com. (qu.)
Amer. Laundry Machinery, pref. (qu.).
.) .
___
_____________________
American Locomotive, pref. (quar.)_
_
A bm C
la a a o., A2 p (q a
d ref. u r.)
A b m F el &Iron (qu
la a a u
ar.).
A n R lty (q a
llia ce ea u r.)
A erica C icle, co mn(q a
m nh
m o u r.)
A erica C a co mn(q a
m n ig r, m o u r.)
50
10
24
$1,000
10
120
75
Manhat. Transit,$20 ea..S20 lot
Knlck. Sav. & L. Class E .)
Clilc. l’ co. & St. L. lty.,pf )$2 lot
Ch. Poo. & St. L. inc. bd- I
United Gas & Elec., 1st pf. 2o
Blograph of America.......... 2
Knox Hat, com., v.t.c.,uo
par...................... - ..............
21 Knox Hat, 2d p r e f - - - - - - - 13
20 Crockcr-Whcclcr 7% pref. 98K
200 Valley P o w e r . - — - - - - - - - 1 * 2 3 5
$20,000 Valley Pow., lnt. bond ctfsj lot
1,000 The Pcrmutlt, com------S100 lot
18,991 Mex .Prod .3c Itcf.,l$ ea.SlOO lot
12,067 Tamaullpas Oil, Inc., $i
each........................................
lot
cate stamped delivered on this
ccrtf. 15 M .& O . RR. 1st M.bds
1,000 shs. Imperial M g. & Pluming
$7 each............................ ...............|
150 shs. Ohio & Ind. Consol. Nat.
& Illuminating Gas...........
$15
100 shs. Fuel Gas & Light Impt. of
of America________
80 shs. U. S. Equitable Gas—I I I I
200 shs. Winona & So’wcstcrn Ry_
100 shs. Syracuse Consol. St. I t y ..
100 shs. Kanawha & Ohio R y „ 2d
preferred........................
1
3
2
12
4
70
2
10 U. S. Envelope, common......... 227)4
Lyman Mills..............................
125 Draper Corporation............. __118)4
Dwight M fg., $500 each.......... 1050
Rates Manufacturing--- - - - - 2 6 0
7 Fall River Gas Works.................173
Roston Wharf......... ....................... 85)4
Great Falls M fg......... -179K -180K
Hamilton Manufacturing-------25 Gray & Davis, Inc., com., $25
each.........
Ludlow Mfg. Assoc, rights-----Bigelow-Hart. Carpet, com .— »
18 Peppcrcll Manufacturing- — .188
l*o
«<
A
7
i°A
6
34)4
By Messrs. M illet, Roo & Ilagen, Boston:
S a S ck
h res. to s.
p S. S a S ck
er h h res. lo s.
5
$p sh
er .
----------S
_ _ . .
Fairbanks, preferred..................90
2 Great Falls M fg........................... }™ )4
1 Nonqultt Spinning------------------- 125
J?r:l>
,ur Corporation______ 118^-119
10 Rausch Mach. Tool, com............ 39%
5 Qulssett Mills, common----------220
50 Wamsutta Mills_______________120)4 30 Cambridge Gas Light............... 166X
5 Greenfield Tap & Die, pref____99
Blgelow-Hart. Carpet,pf-98J4-98)4
2 Rlgelow-IIart. Carpet, com— 83
1°2 Old Colony Gas, common____$4 lot
3 King Philip Mills........................ 164
7 Sullivan Machinery, cx-dlv .142
)4 U. S. Worsted, 1st pref......... .. 35)4
5 Hood Rubber, preferred
10134
10 Gray & Davis, Inc., com.,$25 ea 34)4 $200 Wright Wire 7% notes, 1920— 94%
10 American M fg., prof..................89)4
6
By Messrs. Barnes & Lofland, Philadelphia:
$ p sh h res.
er
tok.
S a Nat’lcUtil., com., $10 each-lSSOO. S a S c s
h res. S k.
to s
7 863
rn
1 M °tor Truck,
33’929 Nat’l Util., coin., $10 each)
’
subj. to agreo't of dep.-J
p sh
er .
$
pref___$1 lot
50 Pnlla. Bourse, pref., $25 ea. 19)4
3 Keystone Watch.................... 70
lot
1 000 Atl. C.
Chel. Im p.,$50 ea. 5)4
’ 10 Pcop. Nat. Fire Ins.,$25 ea. 20
$1,000 Easton Cons. Elec. coll. 5s,
1949....... ............................
u
700 Dorao Lake Mg. & Mill., $1
each----------- -------- -----------c’ $1,000 County of Camden, N . ’j . ,
4s, 1944....................................... .. _ go
Corn Exchange Nat. Bank.365
1 Philadelphia Trust............... 705
$1,000 Columbia Club of Phila. 2d
5.9, 1030_____________________ '___
Fidelity Trust........................o23X
$7,500 Penn-Mary StceUst s." 1937 S4)4
20 Logan Trust........... - — ------ }50
$25,000 Oil
Gas Util. 1st s, 1927\$250
10 Plilla. Co. for Guar. Mtgcs.140
1 Ins. Co. of State of Penn.— 80
$7,500 Nat’l Utilities coll. s, 1926./ lot
5 John B. Stetson, c o m ..325-32554 $187,000 Oil & Gas Util. 1st s, ’27\S 1,000
lot
2,000 Kimberly Cons. Mines,$1 ea7)4c. $56,000 Nat’l Utilities coll. s, ’26/
$38,000 Oil & Gas Util 1st 6s,1927\$l,000
50 Standard Cotton of America,
lot
$10 each______________$2 lot $11,500 Nat’l Util. Coll. s, 1926./
&
d
s.
6
6
&
5
6
6
6
6
6
75
Holders of rec. Apr. la
Holders of rec. Mar. 22a
Holders of rec. April 4
Holders of rec. Apr. 4a
Holders of rec. Mar. 25a
Holders of rec. Mar.J31a
Holders of rec. Mar al5 +
Holders of rec. Mar. 20a
Holders of rec. April a
Holders of rec. Apr. 30a
Holders of rec.Aprildl2a
Holders of rec. Apr.tlSa
Apr. 1 to
Apr. 10
Mar. 11 to
Apr.
♦Holders of rec. May 15
Holders of rec. Apr. 16a
Holders of rec. Mar. 25a
♦Holders of rec. Apr. 10
♦Holders of rec. Apr. 10
Mar. 21
to
Mar. 31
Holders of rec. Apr. 5a
25c.
34
*134
134
134
34
A
134
134
*51.30
3734c.
75c.
$1.50
c
134
Apr. 3
to
Holders of rec.
♦Holders of rec.
Apr. 1 to
Apr. 1 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
A
3
1
1
2
*134
Apr. 15
May 1
Apr. 15
Apr. 15
Apr. 15
May 1
May
Mar. 31
May
Apr. 7
Apr. 7
Apr. 30
May 1
Apr. 15
Apr. 15
April 15
May —
$1.75
234
5
5
3
3
134
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
$1
134
134
134
134
134
*34
2
2
134
p
$1.50
l
*2
56
334
75c.
*5
*(5
134
2
134
234
/234
134
134
*4
75c.
134
2
$6
1
<
10
2
6
2
1
1
10
2
Cd h P ck g p
u a y a in , ref
2
Erek P e L e (q a
u a ip in u r.)
Firb n s. Mrse AC c r . (n o.}
a a k o r o., on iLr
8
8
$1
1
P cen
er t
om ion o l, referred(q a (N
u r.) o.
83 D in Ca p
Bo s C sed
o k lo .
Dy In siv
a s clu e.
Vpr.
Apr. 30
April 21
May 1
Apr. 7
Apr. 15
$1.25 Apr. 5
3)4 Apr. 15
1X May 1
May 19
134 May 1
134 May 1
H Apr. 10
134 Apr.
*1)4 May 31
May
50c. Apr. 10
*7
Apr. 15
*7
Apr. 15
234 Apr. 10
SI.75 Apr. 15
Amer. Rolling Mill, common (quar.) —
Preferred (quar.)______ _____________
American Seeding Mach., com. (quar.).
Preferred (quar.).....................................
134
Amer. Shipbuilding, common (quar.) —
134
Common (extra)............... ...................—
234
Preferred (q u a r.)....... ................ ..........
134
American Telep. & Teleg. (quar.)--------American Thermos B ottle....... .......... —
Amer. Type Founders, com. (quar.) —
Preferred (quar ) — ..................- ..........
134
American Woolen, common (quar.)-----134
Extra (payable in Liberty Loan bonds)
' Preferred (quar.)____________________
154
Anaconda Copper Mining (quar.)...........
SI
Asbestos Corp. of Can., Ltd., com. (qu.)
134
134
Preferred (quar.).................— ............
Associated Oil (quar.)....... ............ ............
134
........................
134
Barnhart Bros. A Spindlcr.
First A second preferred (quar.).........
154
Barrett Company, preferred (quar.) —
134
Bell Telephone of Canada (quar.)--------Bell Telephone of Pa. (quar.)..................
134
Borden’s Cond. Mllk.pref. (qu.) (No.70)
134
134
Canada Cement, Ltd. (quar.)--------------Carbon Steel, second pref. (annual)-----Central Coal A Coke, common (quar.) —
134
Preferred (quar.)____________________
134
Central Foundry, 1st pref. (quar.)-------Central Leather, common (quar.)...........
134
Central A S. A. Telegraph (quar.).........
134
Chicago Pneumatic Tool (quar.)----------134
Cincinnati Tobacco Warehouse________
Commonwealth Finance Corp.. pf. (qu.)
134
Computing-Tabulating-Recording (qu.)
Continental Motors Corp., pref. (quar.)
134
Corn Products Refining, pref. (quar.)..
134
Creamery Package M fg., common (qu.)
134
Preferred (quar.)______ — — -------134
c.
Crcsson Cons. Gold M . A M . (monthly)
Crocker-Wheeler Co., common (quar.).
Preferred (quar.)------------------ -----------134
Cudahy Packing, common (quar.)-------134
__________________
*3 34
Delaware Lack. A West. Coal (quar.) — $1.25
Detroit Edison (quar.)----------- -------------Detroit Iron A Steel, common (quar.) — 25c.
Preferred (quar.)_----------- ----------------- 1734c.
Distillers Securities Corp. (quar.)......... 34
134
54)
154
Dominion Textile, Ltd., pref. (quar.)-134
duPont (E .1.) deNem.ACo .deb .stk. (qu.)
134
du Pont(E.I. de Nem.Powd.,com. (qu.)
134
134
Preferred (quar.)....... .............................
Eastern Steel, common (quar.)------------234
5
Eastman Kodak, common (extra)--------Electrical Sccur. Corp., pref. (q u a r.)...
134
Emerson-Brantlngham Co., (pref. qu .). *134
4
--------- -------- —
50c.
Everett. Heaney A Co., Inc. (quar.) —
__
B y Mossrs. R . L- D ay & C o ., Boston:
A s Pwer, p (q a
lla o d ref. u r.)
*
h
a
lo s.
$ er sh
.
S8res. S ck
h National Shawmut Bank..........216 S6res. S ck Gas & Elec.,$50 ea.p9 7 '/
a
lo s.
5 *■
Charleston
,
3 National Union Hank................ 204
3 State Street Exchange................31M
3 Ilood Rubber, preferred............203 'A
I American Trust......... ................
21
1X
5c.
3 2.5C
1
134
6234
Sio Vlle T ct., co . (i t L .b S <
c to a y ra m .L d .).. 1
m L h AT ctio , co mn(q a
er.
n
o u
P
ercent ACm ig t(p yra inco m nstockr
P cen Bn s.
er t. o d
o mn aa le m o
o
b
m
)
52 Union Iixch. Nat. Bank— 172J4 $11,500 Guanajuato Reduc. & Min.
P
referred (q a
u r.)
1st 0s, 1924, July 1915 coup. o n ..
28 Homo Insur. of N . Y --------495)4
$10,000 City Ity. Impt. 6 1909..
s,
25 Sanborn M ap---------------- 210
A er. Rd to co . (ex , inL .b s.)
m a ia r, m tra .L d
$16,500 Mich. & Ohio R ll. Syndi
10 Atlantic Safo Deposit......92 H
S a S ck
h res. to s.
P Wen
er h
C t. Py b
en aa le.
1
1
15
1
15
15
31
1
1
8
8
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Apr. 15
Apr. 15
Apr. 1
Apr. 15
Apr. 15
April 15a
April 15a
Mar. 31
Apr. 1
Mar. 22
Mar. 31a
Apr. la
Apr. la
Mur. 31a
Mar. 31
April 10
Apr.
Mar.
Apr.
Apr.
Mar.
Mar.
Mar.
5a
28
5
10
27
31a
21a
April 15 Holders of rec.
April 15 Holders of rec.
Apr. 24 Holders of rec.
Apr. 1 Mar. 23 to
Apr. 16 Holders of rec.
Apr. 15 Holders of rec.
Apr. 15 Holders of rec.
Apr. 15 1 ol lers of rec.
1
Apr. 15 Holders of rec.
Apr. 30 Holders of rec.
April 5 Holders of rec.
May 1 Holders of rec.
May 1 ♦Holders of rec.
Apr. 10 Apr. 1 to
April 15 Holders of rec.
May
Holders of rec.
May 1 ♦Holders of rec.
May 1 ♦Holders of rec.
April 25 Holders of rec.
May 15 Holders of rec.
Apr. 15 April
to
May 1 Apr. 13 to
Mav 1 Apr. 13 to
May 1 Apr. 13 to
Apr. 21 Holders of rec.
Mar. 31
Mar. 31
Apr. 10a
Mar. 31
Apr. 10
Mar. 31a
Mar. 31a
Mar 24a
Mar. 24a
Apr. 12a
Mar. 31
Apr. 19
Apr. 15
Apr. 10
April 5
Apr. 18
April 18
April 18
April 15a
May
a
April 15
Apr. 27
Apr. 27
Apr. 27
Apr.
a
April 15
April 15
April 15
April 15
May
May 1
May 1
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
May 26
Apr. 15
Apr. 15
Apr. 15
May 1
Mar.
Mar.
Mar.
Mar.
April
April
April
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
M ay
Apr.
Apr.
Mar.
Apr.
1
6
1
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 15 to
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 18
to
Mar. 18
to
Mar. IS
to
Apr. 20
to
Holders of rec.
Holders of rec.
Holders of rec.
Apr. 20 to
8
4
31a
31a
31a
31a
15a
15a
15a
25
5
10a
10a
1
1
1
14
1
1
21a
30
May 1 Holders of rec. Apr. 25a
Apr. 15 Holders of rec. Mar. 31a
Apr. 15 Holders of rec. Mar. 31a
April 15 Holders of rec. April 5a
June 14 Holders of rec. May 31a
Apr. 16 Holders of rec. Mar. 31
July 30 Holders of rec. July 26
April 15 Holders of rec. Mar. 31a
April 15 Holders of rec. Mar. 31a
April 15 Holders of rec. Mar. 31a
May 1 Holders of rec. April 10a
April 11 Holders of rec. April 5a
Apr. 25 Holders of rec. Apr. 15a
Apr. 15 Holders of rec. Apr. 5
Apr. 15 Holders of rec. Mar. 31
Apr. 10 Holders of rec. Mar. 25a
April 15
April 15 April 9 to
April 15 Holders of rec. April 5a
Apr. 10 Apr. 1 to Apr. 10
Apr. 10 Apr. 1 to Apr. 10
Apr. 10 Holders of rec. Mar. 31
April 15 Holders of rec. April 5
April 15 Holders of rec. April 5
Apr
5 Mar. 27 to Apr. 4
April 5 ♦Holders of rec. Mar. 26
Apr. 15 Holders of rec. April la
Apr. 15 Holders of rec. Mar. 31a
\pril 15 April
to
April 15
April 15 April
to
April 15
April 18 Holders of rec. April 2a
April 18 Holders of rec. April 2a
May 1 Holders of rec. Apr. 12
Apr. 15 Holders of rec. Mar. 31
April 25 Holders of rec. Apr. 10
May
Holders of rec. Apr. 19a
May
Holders of rec. Apr. 19a
Apr. 15 Holders of rec. Apr. 1
May 1 Holders of rec. Mar. 31a
May 1 Holders of rec. Apr. 22a
May 1 ♦Holders of rec. April 18
May 1 Holders of rec. April 15
April 10 Holders of rec. Mar. 31
Mar. 91 ♦Holders of rec. Mar. 22
6
6
1
1
1364
N a m e o f C om pany.
M is c e l la n e o u s ( Continued)
Fajardo Sugar (quar.) _____________________
F ireston e T ir e & R u b b e r , pref. ( q u a r . ) . .
G en era l M o t o r s , c o m m o n (q u a r .)_______
P referred ( q u a r .)..........................
D e b e n tu re sto ck (q u a r .)_______________
G ille tte S a fety R a z o r (q u a r .)____________
E x t r a ___________________________________
Globe-Wernicke Co., pref. (quar.)________
G o o d rich (B . F .) C o . , c o m m o n ( q u a r .).
Preferred (q u a r .)........ ..............................
G o o d y e a r T ir e & R u b b e r , 2d p re f. ( q u . ) .
G ra n b y C o n s . M In., S m e lt. & P o w . (q u .)
Great Lakes Transit, com. (quar.) _________
Preferred (quar.)_____________________
G re a t N orth ern Iron O re P ro p e rtie s ------H a rb lso n -W a lk e r R e fr a c ., p re f. ( q u a r .).
Holly Sugar Corp., pref. (quar.) ...........—
Homestake M ining (monthly)____________ *
H o w e S ou n d C o . ( q u a r .)............. ..............
Illinois Northern Utilities, pref. (q u a r.)..
In d ia n a P ip e L in o (q u a r .) .........................
In sp ira tion C o n s. C o p p e r C o . ( q u a r . ) . .
I n t e r n a l. A g ric. C o r p ., p re f. ( q u a r .)—
I n t e m a t . H a rv ester, c o m .( q u a r .)( N o .3)
In tern a tion a l P a p er, p re f. (q u a r .)-------Jones Bros. Tea, I n c ., pref. (quar.) .............
K a y s e r (Julius) & C o . , 1st & 2d p f. (q u .)
Kelly-Springfie’d Tire, common (q u a r.)..
Common (payable in common stock) ___
THE CHRONICLE
P er
C e n t.
W h en
P a y a b le
B o o k s C lo sed .
D a y s I n c lu s iv e .
&Gas (quar.)----------------------
2X
IX
May 1 Holders of rcc. April 22
Apr. 15 Holders of rec. Apr. la
3
May 1 Holders of rcc. April 15a
1)4 May 1 Holders of rec. April 15a
1)4 May 1 Holders of rec. April 15a
May 31 Uoldera of rec. May 1
S2
SI
May 31 Holders of rec. May 1
1)4 April 15 Holders of rcc. Mar. 31
May 15 Holders of rcc. May 5
1
1%
July 1 Holders of rec. June 20a
May 1 Holders of rec. Apr. 15a
2
I X May 1 Holders of rec. Apr. 18a
S1.75 April 1 Holders of rcc. Mar. 29a
April 1 Holders of rec. Mar. 29a
IX
Apr. 9 Holders of rec. Mar. 20a
$2
1)4 Apr. 19 Holders of rec. Apr. 9a
May 1 Holders of rec. April 15
IX
5 0 c.
April 25 ♦Holders of rec. April 19
5 c. April 15 Holders of rec. Mar. 31
*1 )4 May 1 ♦Holders of rec. April 19
May 15 Holders of rcc. April 24
SI
S I . 50 April 28 Holders of rec. April 11a
Apr. 15 Holders of rec. Mar. 31a
1X
1)4 Apr. 15 Holders of rec. Mar. 25a
to
1)4 April 15 April 9
April 23
Holders of rec. Mar. 24a
I X April
Holders of rec. Apr. 21a
I X May
Holders of rec. Apr. 15
May
SI
Holders of rec. Apr. 15
f'S
May
E x tra
P r a i r i e P i p e L i n e ( q u a r . ) ----------------------------P r o c t e r & G a m b l e , p r e f . ( q u a r .) --------------
P b Srv C. ofN Ills.,com(q .) .
u lic e ice o or.
. u
P
referred (q a ____________________ _
u r.)
Pren Mn fa rin (q a (N 2 6 ) - .
y e a u ctu g u r.) o.
3
2
3
2
*154
*154
*25c
3
Q u a k e r O a t s , c o m m o n ( q u a r .) ------------------1
C o m m o n ( e x t r a ) _____________________
154
P r e f e r r e d ( q u a r . ) . . . _________________
154
R e p u b li c I r o n & S t e e l .c o m .( q u .) ( N o . 10 )
3
R u s s e l M o t o r C a r , p r e fe r re d ( q u a r .) ------1
S t . L . R . M t . & P . ,c o m . ( q u .) ( N o . 2 0 ) , S h a r o n S te e l H o o p ( q u a r . ) . . .............................. * 3 1
25c.
S h a ttu c k -A r lz o n a C o p p e r C o . ( q u a r .) ..
154
S h a w ln ig a n W a t e r & P o w e r ( q u a r .) --------
Su ernClif. E iso , Is! p (qu r.)..
o th a d n ref. a
Su ernN Eg n T hn (q a
o th ew n la d elep o e u r.).
S t a n d a r d U n d e r g r o u n d C a b le ( q u a r .) —
S P d ctsC co mn(q a ---------teel ro u o., m o u r.)
S te e l P r o d u c t s , p r e f . ( q u a r .) --------------------S u p e r io r S te e l C o r p . , c o m m o n ( q u a r . ) . .
F i r s t a n d sec ond p r e fe r re d ( q u a r .) —
S w a n & F i n c h C o ______________________
T o n o p a h M i n i n g o f N e v a d a ____________
T r a n s u e & W i ll ia m s S te e l F o r g . ( q u a r .) .
U n i o n N a t u r a l G a s C o r p . ( q u a r .) ------------
UitedA yS e Crp (q a — .........
n llo te l o . u r.)
UitedC a S r sof A ., co . (q a
n ig r toe m m u r.).
U n i t e d D r u g , f ir s t p r e fe r re d ( q u a r .) -------S e c o n d p r e fe rre d ( q u a r .) _____________
U n i t e d F r u i t ( q u a r .) ( N o . 7 9 ) ------------------E x t r a . . ------------------------- ------------------------------U n i t e d G a s I m p t . ( q u a r .) ___________ —
U n ite d S h o o M a c h in e r y , c o m . ( q u a r .) ..
P r e f e r r e d ( q u a r .) ________ _____ _____
U . S . I n d u s . A l c o h o l , p f . ( q u .) N o . 5 0 ) .
154
154
3
3
154
154
2
254
15c.
$1.25
254
SI
254
8754c
154
254
50c.
SI
50c.
3754c
154
U S Rb er first p
. . ub ,
referred(q a ......... 2
u r.)
U S S elt. R . & in co . (qu
. . m efg M ., m ar.).. *S1 .25
P
referred (q a _____________________ *87 54c
u r.)
U . S . W o r s t e d , fir s t p r e fe r re d ( q u a r .) —
U n i t e d U t i l i t i e s , p re fe rre d ( q u a r .) -----------U n i t e d V e r d e E x t e n s i o n M i n i n g ( q u a r .)
V a .- C a r o l l n a C h e m ., c o m . ( q u .) ( N o .4 7 )
P r e fe r r e d ( q u a r .) ( N o . 9 4 ) ..................................
V ic to r T a lk in g M a c h in e , c o m . ( q u a r .) ..
P r e fe r r e d ( q u a r .) ________ _____ _____
V u lc a n D e t l n n l n g , p r e f . ( q u a r .) -------------P r e f e r r e d (o n a c c t . a c c u m . d l v s . ) -------W a r n e r ( C h a s .) C o . o f D e l . , c o m . ( q u . ) .
F i r s t a n d se c o n d p r e fe r re d ( q u a r . ) . . .
WrrenB s. C first p
a
ro o.,
referred(q a
u r.).
S np
eco d referred(q a _______ ______
u r.)
W e s te r n G r o c e r , c o m m o n ______________
P r e f e r r e d ____________________________
W e s te r n P o w e r C o r p . , p re fe rre d ( q u a r .)
W S te Gs &E p (qu
estern ta s a l., ref. ar.)..
W e s te r n U n i o n T e l e g . ( q u a r .) ( N o . 2 0 0 )
W e s tln g h o u s o A i r B r a k e ( q u a r .) .......................
154
154
50c.
1
2
5
154
154
hi
1
154
rl54
rl 54
4
3
1
154
154
$1.75
P er
C e n t.
N a m e o f C om pany.
K e y s to n e T ir e & R u b b e r—
May 20 Holders of rec.
C o m m o n (p a y a b lo In c o m m o n s t o c k ) . /T 5
May 1 Holders of rec.
1
K ress (S . I I .) C o . , co m m o n ( q u a r .)-----Apr. 15 nolders of rec.
L a u ren tid e P ow er (q u a r.) (N o . 1 ) --------1
Apr. 16 Holders of rec.
L o n e Star G as (extra . In L . L . b o n d s ) . . <4
April 15 April
1 to
L u k on s Steel (q u a r .)_____________________
1
M a cA n d re w s < F orb es C o . , c o m . ( q u . ) .
&
12)4 April 15 Holders of rec.
April 15 Holders of rec.
1)4
P referred (q u a r .) -------- -----------------------April 15 Holders of rec.
M a n u fa ctu rers’ L igh t & H e a t ( q u a r . ) . .
SI
M a p le L ea f M illin g , c o m m o n ( q u a r . ) . .
2 )4 April 18 Holders of rec.
1 April 18 Holders of rec.
C o m m o n (b o n u s )________________________
P referred (q u a r .)______________________
I X April 18 Holders of rec.
June
2 to
M a r c o n i W ireless T e le g . o f A m e r ic a ------2 5 c. July
April 1 April
5 to
M a r lln -R o c k w e ll C o r p . (m o n th ly )-------SI
♦Holders of rec.
M a ssa ch u setts G a s C o s . ( q u a r .) -----------* 1 X May
M assa ch u setts L ig h tin g C o s ., p re f. ( q u .)
1 )4 April 15 Holders of rec.
Apr. 10 Holders of rec.
M e x ica n P etroleu m , c o m m o p ( q u a r . ) . .
q2
2 )4 April 16 Holders of rec.
M e x ica n T eleg ra p h ( q u a r .).......... .................
M ich ig a n L im eston e & C h e m ., p f. ( q u . ) . 4 3 54c. Apr. 15 Holders of rec.
May 1 Holders of rec.
SI
Midvale Steel <fc Ordnance (quar.)(No. 10)
M idway Gas, com. (quar.) (N o. 7 ) ________
5 0 c . April 15 Holders of rec.
Preferred (quar.) (N o. 8 ) _______________ $ 1 .4 0 April 15 Holders of rec.
April 19 ♦Holders of rec.
Midwest Oil, pref. (quar.) ________________ *2c
May 1 ♦Holders of rcc.
Midwest Refining (quar.) __________________ *S1
May 0 c. ♦Holders of rcc.
E x tr a ........ ..........................................
*5
May
♦Holders of rec.
M o h a w k M in in g (q u a r .)...........................
*$1
April 15 Holders of rec.
M o n tr e a l T eleg ra p h , g u a r, (q u a r .)-------2
M o u n ta in States T e le p . & T e le g . (q u a r.)
154 Apr. 15 Holders of rec.
N a tion a l B iscu it, c o m .(q u a r .) (No. 8 3 ) .
154 April 15 Holders of rcc.
N a t . C loa k & S u it, c o m . (q u .) ( N o . 0 ) .
1)4 April 15 Holders of rcc.
N a tio n a l F u el G as (q u a r .)---------------------2 )4 Apr. 15 Holders of rec.
2 0 c. Apr. 15 Holders of rec.
N a tio n a l O il, preferred ( q u a r .)..................
Apr. 15 Holders of rec;
N a tio n a l P a per & T y p e , c o m . ( q u a r . ) . .
2
P referred (q u a r .)---------------------------------154 Apr. 15 Holders of rec.
Apr. 15 Holders of rec.
N o w Y o r k T ra n sit ( q u a r .)---------------------4
N ia g a ra Falls P o w e r , p re f. (q u a r .)--------154 Apr. 15 Holders of rec.
N lp lssln g M in es (q u a r .)___________________
2 5 c. April 21 Apr. 1 to
Northern States Power, pref. (quar.) --------154 April 21 Holders of rec.
Apr. 15 Holders of rec.
N o v a S cotia Steel & C o a l, L t d ., c o m . ( q u .)
1X
Apr. 15 Holders of rec.
P referred (q u a r .)______________________
2
April 15 Holders of rec.
Ohio Brass, c o m m o n ... __________________
5
April 15 Holders of rec.
Preferred (quar.)_______________________
1)4
O h io F u el S u p p ly ( q u a r . ) . ............................ 6 2 ) 4 c •Apr. 15 Holders of rcc.
Apr. 15 Holders of rcc.
O tis E lev a tors, co m m o n (q u a r .)-----------1)4
Apr. 15 Holders of rec.
P referred (q u a r .).........................................
1)4
Apr. 15 Apr. 1 to
P a e lflc T e le p . & T e le g ., p re f. ( q u a r . ) . . .
1)4
P a n -A m . P e tr o l. & T r a n s p ., c o m . ( q u . ) . J $ 1 .2 5 Apr. 10 Holders of rec.
154 May 15 Holders of rec.
P en m a n s, L im ited , c o m m o n (q u a r .)------P referred (q u a r .)_______ _______________
1)4 May 1 Holders of rec.
P en n sy lv a n ia Salt M fg . ( q u a r .)--------------* 7 5 c.Apr. 15 ♦Holders of rcc.
P ie rce -A rro w M o t o r C a r, c o m m o n (q u .) $ 1 .25 May 1 Holders of rec.
Pittsburgh Coal oj Pa., com. (quar. ) ----------1)4 April 25 Holders of rec.
Preferred (quar.) _______________________
1)4 April 25 Holders of rcc.
April 25 Holders of rcc.
Pittsburgh Coal o f N . J., pref. (quar.) -----1X
Prairie Oil
[Vol . 108
May I
Apr. 19a
Mar. 31a
Mar. 25a
April 14
Mar. 31
Mar. 31
Mar. 31a
April 3
April 3
April 3
Juno 14
April 10
April 15
Mar. 25
Mar. 15a
April 10a
Mar. 31a
April 15
Mar. 31
Mar. 31
April 1
Apr. 15
Apr. 15
April 12
Mar. 31a
Mar. 31
M ar. 31a
April 8a
Mar. 31a
Apr. la
Mar. 31a
Mar. 31a
Mar. 22
Mar. 31
Apr. 17a
Mar. 31
Mar. 31a
Mar. 31a
Mar. 31a
Mar. 31a
Mar. 31a
Mar. 31
Mar. 31
Apr. 15
Mar. 15a
May 5
Apr. 21
Mar. 31
Apr. 15a
April 10a
April 10a
April 10a
April 30 Holders of rec. Mar. 31a
April 30 Holders of rcc. Mar. 31a
Apr. 30 Holders of rec. Mar. 31a
April 15 Holders of rcc. Mar. 25a
May 1 ♦Holders of rcc. April 15
May 1 ♦Holders of rec. April 15
May 1 ♦Holders of rcc. Apr. 21
April 15 Holders of rec. April la
April 15 Holders of rcc. April la
May 31 Holders of rcc. May la
May 1 Holders of rec. April 21a
May 1 Holders of rec. Apr. 17
Apr. 10 Holders of rcc. Mar. 31a
Apr. 10 ♦Holders of rec. Apr. 2
Apr. 19 Holders of rcc. Mar. 31a
Apr.dlO Holders of rec. Mar. 27
April 15 Holders of rcc. Mar. 31a
Apr. 15 Holders of rcc. Mar. 31a
Apr. 10
Apr. 10 Apr. 6 to
April 19 Holders of rec. April 5a
Juno 1 Holders of rec. May 15a
May 1 Holders of rec. Apr. 15a
May 15 Holders of rcc. May la
May I Holders of rcc. Apr. 1
Apr. 21 Holders of rec. Mar. 31a
Apr. 15 Holders of rec. Apr. 2a
Apr. 15 Holders of rec. Mar. 31a
April 19 Holders of rec. April 7a
May 15 Holders of rec. April 28a
May 1 Holders of rec. April 15a
June 2 Holders of rec. May 15a
Apr. 15 Holders of rec. Mar. 20a
Apr. 15 Holders of rec. Mar. 20a
April 15 Holders of rec. Mar. 31
April 5 Holders of rec. Mar. 19
April 5 Holders of rec. Mar. 19
Apr. 15 Holders of rec. Mar. 31a
Apr. 30 Holders of rce. Apr. 15a
April 15 ♦Holders of rec. April 7
April 15 ♦Holders of rec. April 7
to Apr. 14
Apr. 15 Apr. 12
Apr. 1 Holders of rcc. Mar. 21a
May 1 Holders of rec. Apr. 7a
May 1 Holders of rec. April 15a
April 15 Holders of rec. April 7a
Apr. 6
Apr. 15 Apr. 1 to
Apr. 15 Apr. 1 to Apr. 6
Apr. 20 Holders of rec. Apr. 10a
Apr. 20 Holders of rcc. Apr. 10a
Apr. 17 Holders of rec. Mar. 31a
Apr. 24 Holders of rec. Mar. 31a
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Juno 30 Holders of rec. June 20
Juno 30 Holders of rec. June 20
April 15 Holders of rec. Mar. 31a
April 15 Holders of roc. Mar. 31
April 15 Mar. 21
to Apr. 9
Apr. 30 Holders of rcc. dApr. 8
a
W h en
P a y a b le .
B o o k s C lo s e d .
D a y s I n c lu s iv e .
Miscellaneous (C o n slu d e d )
Westlughouse Elec. & M fg., com. (qu.)_ 87J4c. Apr. 30 Holders of rec.
Preferrcd (quar.)____________________ 87*4c. Apr. 15 Holders of rcc.
Whcelihg Mold & Fdy., com. (quar.)___
1
May 1 Apr. 22
to
Common (extra)_____________________
3
May 1 Apr. 22
to
W iU y s -O v er la n d C o ., c o m . ( q u a r .) _________
25c. May 1 Apr. 10
to
Apr. 4a
Apr. 4a
May 1
May 1
May 13
* From unofficial sources, t Declared subject to the approval of Director-General
of Railroads, t The New York Stock Exchange has ruled that stock will not be
quoted ex-divldend on this date and not until further notice.
a Transfer books not closed for this dividend, b Loss British Income tax. d Cor
rection.
Payable In stock. /Payable In common stock,
Payablo In scrip.
h On account of accumulated dividends.
( Payable In Liberty Loan bonds. 1 Red
Cross dividend.
Payablo In U . 3. Liberty Loan 4)4 % bonds.
Declared 8 % payablo 2 % oach April 30, July 31 and Oct. 31 1919 and Jan. 31
1920, to holders of record on April 12, July 12 and Oct. 11 1919 and Jan. 10 1920,
respectively.
q Payable half In cash and half in Fourth Liberty Loan bonds.
r
Erroneously reported In previous Issues as 75c. and 87J4c., respectively. Par
value of stocks are now S100 and' dividends aro 6% per annum on first preferred
and 7% per annum on second preferred.
e
g
m
V
S t a t e m e n t o f N ew Y o r k C it y C le a r in g H o u s e B a n k s
a n d T r u s t C o m p a n ie s .— Tho following detailed statement
shows the condition of the New York City Clearing H ouse
members for the week ending M ar. 29. Tho figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given.
N E W YO R K W E E K L Y CLEARING HOUSE R ET U R N .
(S ta ted i n th o u s a n d s o f d o lla r s — th a t i s , th r ee c ip h e r s [,0 0 0 ] o m itt e d .)
N et
L oan s,
CLEARING
HOUSE
C a p it a l P r o fits D is c o u n t
M EM BERS.
I n v est
(.000 o m itt e d .) Nat'l. Mar. 4 m e n t s ,
Week ending State, Feb. 21
etc.
March 29 1919. Tr.Cos.Feb. 21
Members of
Fed. Res. Bank
Bk of N Y , NBA
Manhattan Co.
Mcrch Nat Bk.
Mech&MctNB.
Bank of America
Natl City Bank
Chemical N Bk
Atlantic N Bk.
Nat Butch & Dr
Amer Exch N B
N Bk of Comm.
Pacific Bank —
Cliat&PhenNat
Hanover N a tl..
Citizens’ N a tl..
Metropolitan - .
Corn Exchange.
Imp & Trad Nil
National Park.
East River Nat
Second Nat Bk_
First Nat Bank
Irving Nat Bk.
N Y County Nat
Continental Bk.
Chase Natl Bk.
Fifth Ave Bank
Comm’l Exch..
Coramonw’tli. .
Lincoln Nat Bk
Garfield Nat Bk
Fifth Natl Bank
Seaboard Natl.
_
Liberty Natl_
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust
U S M tg e & T r.
Guaranty Tr Co
Fidelity Trust.
Columbia Trust
Peoples T rust..
New York Trust
Franklin Trust.
Metropol’n Tr.
Farmers L & Tr
C a sh
in
V a u lt.
R eserve
N et
w ith
L eg a l
D em a n d
D e p o s i D e p o s its .
to r ie s .
A v e r a g e . A v e ra g e A v e ra g e
S
2,001
2,500
2,000
6.00C
1,500
25,000
3,000
1,00C
30C
5,000
25,000
500
3,500
3,000
2,550
2,00C
4,20C
1,500
5,000
1,000
1,000
10,000
4,500
1,000
1,000
10,000
200
200
400
1,000
1,000
250
1,000
3,000
1,000
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1,000
3,000
1,000
1,000
2,000
1,000
1,500
5,000
$
5,73(
7,210
2,836
11,642
6,780
54,132
9,57S
95S
10U
0,167
25,051
1,134
2,822
17,363
3,280
2,404
8,290
S.163
19,439
626
4,000
31,297
6,112
421
642
16,870
2,301
858
762
2,067
1.342
397
3,782
4,704
1,122
1,271
2,289
17,361
4,551
28,525
1,284
6,904
1,412
10,677
1,305
663
4,402
1,220
1,189
12,006
S
$
$
49,282
46t
4,875
66,252
1,587 4,845
33,950
488 3,536
158,925 10,591 23,731
31,868
1,024 3,029
594,255 14,570 104,167
87,925
1,685 7,775
16,444
1,801
517
3,529
118
437
115,527
1,093 12,353
395,988
2,420 35,990
10,050
1,240 2,411
104,396 4,933 11,823
124,223
5,773 14,390
39,596
931 4,619
55,415
1,961 3,580
122,020 0,230 15,379
37,949
743 3,230
201,016
1,641 20,956
861
6,607
255
20,027
921 2,342
248,870
1,427 20,764
109,277 3,004 14,731
12,308
730
1,539
7,144
154
709
343,100 6,912 26,143
1,195 2,292
20,307
270
993
7,486
954
7,996
372
16,172
1,013 2,301
13,101
280
1,605
7,024
280
975
50,800
961 6,113
87,393
7,404
671
19,144
754
1,661
15,382
555
1,959
40,432
749 4,002
1,064 31,132
286,210
559 5,021
64,146
512,997 3,381 51,042
297
11,848
1,076
94,284
1,019 9,885
2S.311
941 2,654
108,738
387 9,286
397 2,040
29,727
399 2,504
23,673
854 4,035
46,744
453 1,053
15,532
41,040 2,466 5,844
130,910 4,157 14,977
A vera ge
N a t’l
T im e
Bank
D e
C ir c u
p o s its . l a t i o n .
A v era g e A v g e .
S
$
S
31,887
1,821
771
59,445
24,887 2,716 1,787
160,202 3,934 3,745
26,012
t6S0,868 25,108 1,419
57,250 0,086
435
13,904
587
147
3,326
298
91,948
5.68C 4,882
273,5SI
5,011
16,40C
75
84,820
9,110 2,359
116,263
150
33,650
258
985
25,593
45
124,002
2,225
23,888
5C
51
160,703 3,158 4,943
6,470
101
50
16,165
640
153,668
2,201 8,182
109,900
813 1,330
11,816
718
199
5,229
275,057 11,583 2,200
17,986
0,778
7,858
15,257
47
210
11,634
34
399
7,334
498
247
42,906
240
70
51,882
1,828
959
11,338
413
415
14,605
385
399
27,421
0,412
234,303 8,658
51,140
1,016
t444,103 23,545
8,522
378
72,040
0,473
25,600
1,760
61,709 2,037
15,238
1,642
19,337
1,503
30,710
1,115
10,191
883
50
1,084
42,306
140,869 8,943
Avgc. for week. 198,100 366,153 4,681,950 96,108 517.458 c3,775,149 150,254 37,322
ndltlon Mar. 29 4,661,555
M ar.22 4,709,770
Mar. 15 4,705,646
Totals,actual co ndltlon Mar. 8 4,655,800
N o t M e m b ers o / F ed e ra l
96,268 527,653 c3,801,555
94,029 541,884 c3,S09,027
95,180 562,919 c3,845,432
93,028 538,379 3,734,270
151,332 37,609
148,883 37,613
147,162 36,396
143,430 30,220
R eserve B a nk
Greenwich-----Bowery B ank..
N Y Prod Exch
State Bank------
500
250
1,000
2,000
1,559
812
1,242
607
16,705
5,907
24,195
44,088
2,423
695
2,607
4,521
1,125
332
1,060
3,296
10,805
5,534
25,561
42,945
00
Avgo.for week.
3,750
4,221
91,015 10,246
0,713
90,845
85
Totals.actual co ndltlon
Totals,actual co ndltlon
Totals.actual condition
Totals.actual co ndltlon
Mar. 29
M ar.22
Mar. 15
Mar. 8
91,928 10,234
91,175 10,134
91,859 9,911
89,613 9,865
0,840
6,897
0,411
7,172
92,711
91,222
00,269
90,525
85
85
76
75
Trust Compnn les. N ot M e m b ers o f F e d era l Re serve Ba n k .
930 2,803
24,744
40,855
Title Guar & Tr 5,000 12,033
1,469
869
15,050
23,347
4,000 5,204
Lawyers T & T .
790
533
Avgo. for week..
Totals.actual
Totals.actual
Totals.actual
Totals.actual
9,000 17,297
co ndltlon
co ndltlon
co ndltlon
co ndltlon
Mar.29
Mar. 22
Mar. 15
Mar. 8
25
64,202
1,799
4,272
39,794
1,323
63,955
64,012
65,538
64,621
1,730
1,771
1,705
1,634
4,282
5,120
4,540
'5,123
40,009
40,530
40,967
41,391
1,329
1,322
1,318
1,315
—
—
Gr’d aggr., avge 210.850 387.672 1,837,107 108,213 528,443 d3,905,788 151,662 37,322
— 45,082 + 1,450 -59,431 — 83,888 + 1,557 + 719
Comparison, pr ev week
Gr’d aggr., act’l cond’u Mar. 29 1,817,438 108,232 538,775 e3,934,275 152,746 37,609
—4
— 6,501 + 2,456
Comparison pro v. week ............ — 47,519 + 1,698 -15,126
Gr’d aggr, act’l cond’n Mar. 22 1,804,957 106,534 553,901 3,940,779 150,290 37,613
Gr’d aggr, act'l cond’n Mar. 15 1,923,013 106,799 573,879 3,976,668 148,556 36,396
Gr’d aggr, act’l cond’n Mar. 8 1,810,034 105,127 550,674 3,806,192 144,820 16,220
Gr’d aggr, act’l cond’n Mar. 1 1,857,594 103,135542,332 3,875,550 143,494 36,047
tlncludes deposits In foreign branches not Included in total footings as follows:
National City Bank, S96.439.000; Guaranty Trust Co., $58,943,000; Farmers’ Loan
& Trust Co., $27,731,000. Balances carried In banks In foreign countries as rcservo
for such deposits wore: National City Bank, 527,306,000; Guaranty Trust Co., $16,
106,000; Farmers’ I.oan & Trust Co., $9,769,000.
c Deposits in foreign branches
not incl. d U. S. deposits ded., $254,834,000. o U . 3. deposlst dcd. $227,200,000.
Bills payable, rediscounts, acceptances and other liabilities, $747,896,000.
A pr . 5 1919.]
THE CHRONICLE
STATEM ENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.
RANKS
Cs
ah
Rs r e
eev
R e
esen
in
Tta
ol
e er e.
in Vu D o ries Rs v
a lt. ep sita
Total
Total
Total
Total
Mar. 29____
Mar. 22____
Mar. 15____
Mar. 8 ____
a
R ev
es r e
Ru .
eq ired
S rp s
u lu
R v
eser e.
$
$
S
517,458,000 517,458,000 495,270,990
0,713,000 16,959,000 16,352,100
id,
’,666
1,799,000
4,272,000
0,071,000
5,909,100
2 2 ,i l l , 010
606,000
101,900
12.045.000
11.700.000
11.603.000
11.287.000
22,889,810
71,125,740
44,598,000
41,586,080
s
20
4
528.443.000
587.874.000
550.306.000
541.289.000
510.488.000
599.574.000
561.969.000
552.576.000
517,598,190
528,448,260
517,371,000
510,989,920
Total
Total
Total
Total
Mar.
Mar.
Mar.
Mar.
29-----22-----15____
8 ------
Cs
ah
Rs r e
eev
Rs r e
eev
in
Tta
ol
eser e.
inVu D o ries R v
a lt. ep sita
S
S
3
R ev
es r e
Ru .
eq ired
527,653,000 537,653,000 49S,742,110
6.840.000 17,074,000 10,637,980
4.282.000
6,012,000
6,001,350
2S,910,890
386,020
10,650
11.964.000
11.905.000
11.619.000
11.499.000
538.775.000
553.901.000
573.879.000
559.674.000
29,307,560
43,666,540
58,783,510
49,911,070
521,431,440
522,139,460
526,714,490
512,201,930
* Not members of Federal Reserve Rank.
n 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 In
cludes also amount of reserve required on net time deposits, which was as follows:
Mar. 29, *4,507,620; Mar. 22, 34,401,060; Mar. 15, $4,391,010; Mar. 8, 81,297,890.
1 This Is the reserve required on net demand deposits In the case of Stato banks
>
and trust companies, but In the case of members of the Federal Reserve Rank includes
also amount of reserve required on net time deposits, which was as follows: Mar. 29,
*4,539,960; Mar. 22, $4,466,490; Mar. 15, *4,414,860; Mar. 8, $4,302,900.
S ta t e B a n k s a n d T r u s t C o m p a n ie s N o t i n C le a r in g
H o u s e . — The Stato Banking Department reports weekly
figures showing the condition of Stato banks and trust
companies in Now York City not in the Clearing House, as
follows:
SU M M AR Y OF STATE RANKS AN D TRUST COM PANIES IN GREATER
N E W YO R K . NOT INCLUDED IN C LEARING HOUSE ST A T E M E N T .
(F ues F rn edb S le Bn in D a en D cesfro
ig r u ish y ta a k g ep rtm t.) ifferen m
Mrch29.
a
p u we .
recio s e k
Loans and Investments--------------------------------------------- $796,563,000 Dec. 19,258,800
151.600
Specie__________________________________ ____________
8,290,000 Inc.
17,640,000 Inc. 1,636,400
Currency and bank notes---------------------------------------Deposits with the F. R. Rank of New York............. .
56,471,300 Dec. 3,567,000
Total deposits______________________________________ 817,870,700 Dec. 12,900,600
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In N . Y . City, exchanges and U. S. deposits 712,241,500 Dec. 31,696,300
Rcservo on deposits________________________________ 124,882,900 Dec. 3,790,000
Percentage of reserve, 18.5% .
RESERVE.
----------------- --------Cash In vaults........................ ...............$17,894,000 12.63%
$64,507,300 12.14%
Deposits In banks and trust cos------ 11,826,500 8.34%
30,655,100
5.77%
S te Bn s
ta a k
-.529,720,500
Total . . .
T st Cma ies
ru o p n
20.97%
$95,162,400
17.91%
B a n k s a n d T r u s t C o m p a n ie s i n N e w Y o r k C i t y . — The
averages of the Now York City Clearing House banks and
trust companies combined with those for the Stato banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COM RINED RESULTS OF RANKS AN D TRUST COMPANIES IN
GREATER N E W YO R K .
La s a d
on n
In estm ts.
v en
D ad
emn
Do
ep sits.
S
5.499,400,200
5,471,164,400
5,489,226,000
5,470,203,800
5,360,177,900
5,330,133,600
5,334,107,700
5,373,134,600
5,378,736,500
5,410,960,500
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
5,029,541,700
5,649,123,500
5,698,070,800
5,633,730,000
$
4,364,815,800
4,430,932,200
4,515,346,900
4,511,203,200
4,449,150,600
4,458,973,900
4,527,415,100
4,592,034,000
4,587,455,700
4,650,393.100
4,635,050,500
4,673,410,100
4.650,058,300
4,030,229,800
4,539,150,100
4,50-4,885,000
4,527.380,800
4,566,358,800
4,571,345,tOO
4,633,702,000
4,733,013.800
4,018,029,500
W en ed
eek d —
2
o
16........................
23........................
30........................
Deo.
Dec.
Dec.
Doc.
Jan.
Jan.'
Jan.
Jan.
Fob.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
14........................
21
28........................
4
i i ........................
18........................
25........................
R
15........................
21........................
8 ...................... ..
15_____________
22......... ..............
29........................
$
139,935,700
137,095,000
111,922.100
141,983,700
141,405,200
142,319,200
142,105,300
141,455,900
140,531,400
147,245,300
148,938,900
141,034,500
135,813,100
132,677,300
130,568,700
133,267,700
133,032,800
131,342,200
128,952,600
132,055,200
130,905,000
134,143,000
Dec. 10,172,100 197,560,900 Dec. 7,026,100
Dec. 37,715,500 2,020,959,800 Dec. 48,689,800
Dec. 10,395,200 282,911,300 Dec. 7,888,600
Dec.
1.7%
17.7% Inc.
0.4%
(.S le in thu n s of dlla tht is, th cip ers
ta d o sa d
o rs— a
ree h
o itted
m .)
N Ln
et oa s,
CLEARING
Cp l. P fits. D
a ita ro
lsR ev N
es r e et N
et a
NON-M EM RERS
Cs w D a d T e Nn
ah ith emn im B t’l
in L a D
Nat.bks.Mar. 4 In est
v
eg l
e D Ca k
e ircu
Week ending Statebks.Feb21 m ts, V u D osi p
en a lt. ep
osits. p
osits. la .
tion
March 29 1919. Tr. cos. Feb. 21 &
e.
tories.
Members of
Aera eAera eAera e Aera e Aera eAera e
v g v g v g v g v g v g
Fed’l Res. Rank.
Rattery Park N at.
Columbia________
Mutual Rank____
New Netherland..
W R Grace
Co’s
Yorkville Rank___
First Nat'l, Rklyn
Nat'l City, Rklyn.
First Nat’l, Jer Cy
$
1,500
1,000
200
200
500
200
500
300
400
S
1,526
672
560
195
835
633
6S6
587
1,379
$
11,916
15,248
10,040
6,189
6,762
10,284
9,753
6,710
11,505
S
239
542
198
189
14
335
165
180
613
S
1,286
1,914
1,450
810
807
1,029
739
556
830
S
7,389
14,382
10,505
5,311
4,101
5,625
7,033
5,405
7,045
69
397
286
58
853
4,491
645
500
Total ..................
4,800
7,076 89,019
2,475
9,421
66,790
7,302
Rank of Wash Hts
Colonial Rank____
International Rank
Mechan'cs, Rklyn.
North Side, Rklyn
100
500
500
1,600
200
441 2,531
1,137 11,861
222 6,532
907 28,070
220 5,160
321
1,254
702
1,557
448
141
994
359
2,223
303
2,352
12,354
5,582
27,167
4,843
566
150
339
T o ta l..................
2,900
2,928 54,160
4,282
4,025
52,298
1,055
&
.
S
638,211,600
648,002,100
667,230,500
601,674,400
661,755,700
040,812,500
601,730,000
678,028,900
049,133,500
097,931,000
OSS, 196,700
076,355.700
016,887.000
648,143,600
045,124,800
028,112,400
625,109,700
643,761,000
647,186,900
058,275,500
692,405,000
027,395,900
N e w Y o r k C it y S ta t e B a n k s a n d T r u s t C o m p a n ie s .—
S
—
S
191
300
120
400
1,011
State Ranks
lo M b ofth
t emers e
F ’l R eBn .
ed eserv a k
A
—
—
Trust Companies
Nt M b ofth
o emers e
F 'l R v Bn .
ed eser e a k
Hamilton Tr, Rkln
Mech Tr, Rayonne
500
200
1,045
384
8,171
8,781
471
293
296
424
5,930
4,049
1,162
4,214
T o ta l__________
700
1,430 16,952
764
720
9,979
5,376
—
—
Grand aggregate..
8,400 11,435 160,131
Comparison prevlo us week
— 1,652
7,521 14,166 al29,073 13,733
+ 33
— 74
— 375 — 504
1,011
—4
Gr’d aggr.M ar.22
Gr’daggr. Mar. 15
Gr’daggr, Mar. 8
Gr'daggr, Mar. 1
7,488
7,583
7,625
7,643
1,015
l.OOS
981
985
8,400
8.40C
8,40C
8,400!
11,435 161,783
11,300 102,975
11,300161,272
11.063157,873
14,240 120,448
15,233 134,725
14,595 132,312
14,285 129,443
14,237
14,278
14,155
13,997
a U. S. deposits deducted, $7,553,000.
Rills payable, rediscounts, acceptances and other liabilities, $9,619,000.
Excess reserve, $47,010 Increase.
B o s t o n C le a r in g H o u s e B a n k ? . — W e give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
ROSTON CLEARING HOUSE M EM BER S.
Mrch 29 Ca g from Mrch22 Mrch15
a
h nes
a
a
1919.
p io s we . 1919.
rev u e k
1919.
Tta Cs R v in
o l ah eser e
in Vu ’ D o ries.
a lt. ep sita
In addition to tho returns of “ State banks and trust comaides in New York City not in the Clearing House,” furnished
y the Stato Banking Department, the Department also
presents a statement covering all tho institutions of this
olass in the City of Now York.
For definitions and rules under which tho various items
aro made up, see “ Chronicle,” V . 98, p. 1061.
The provisions of the law governing tho reserve require
ments of Stato banking institutions as amended M a y 22
1917 were published in tho “ Chronicle” M a y 19 1917 (V .
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions aro permitted in
tho computation of tho resorvos were given in the “ Chroni
cle” April 4 1914 (V . 98, p. 1045).
40.448.900
646,020,300
93.590.000
18.4%
♦
* This Item Includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.
E
42.973.000
169,723,000
577,759,100 Dec. 4,232,500 2,130,555,200 Dec. 36,676,660
8,427,800 Dec.
20,100
11,539,100 Inc.
56,900
27.177.900 Inc. 2,297,000
21,162,900 Inc.
317,600
R ETU R N OF N O N -M E M R E R INSTITUTIO N S OF N E W YO R K CLEAR IN G
HOUSE.
1000]
10,234,000
1,730,000
550.739.000
565.806.000
585.498.000
562.173.000
S te Bn s.
ta a k
T st Cma ies.
ru o p n
Mr. 29 D cesfrom Mr. 29 D cesfro
a
ifferen
a
ifferen m
1919.
p io s w .
rev u eek
1919.
p io sw .
rev u eek
S
$
$
t
24.100.000
99,550,000
S rp s
u lu
R v
eser e.
b
S
Capital as of Nov. 1.
Surplus as of Nov. 1.
Loans & Investments
Specie______________
Currency & bk. notes
Deposits with the F.
R . Rank of N . Y _ .
Deposits____________
Reserve on deposits.
P. C. reserve to dep.
TRUST COMPANIES IN N E W YO R K C IT Y .
N o n -M e m b e r B a n k 3 a n d T r u s t C o m p a n ie s . — Follow
ing 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:
Actual Figures.
Members Federal
Reserve Rank-----State banks*_______
Trust companies*—
AEATST N DRANKS
W Ed Mr. 29.
eek n ed a
Averages.
Members Federal
Reserve Rank-----State ban ks*...........
Trust companies*—
1365
$
4,731,000 Dec.
Loans, disc'ts Investments. 527.631.000 Dec.
Individual deposits, incl.U.S. 419.234.000 Dec.
103.236.000 Dec.
12.267.000 Dec.
Exchanges for Clear. House. 14.596.000 Inc.
56.192.000 Dec.
Cash In bank In F. R. Rank 57.014.000 Dec.
Reserve excess In bank and
Federal Reserve Rank____ 11.478.000 Dec.
&
&
S
14,000
5,519,000
15,052,000
8,301,000
79,000
265,000
11,440,000
1,965,000
8
4,715,000
533.150.000
434.286.000
111.537.000
12.346.000
14.331.000
67.632.000
58.979.000
S
4,749,000
537.169.000
436.869.000
110.078.000
12.322.000
15.061.000
62.106.000
66.326.000
745,000
12.223.000
18.978.000
P h ila d e lp h ia B a n k s . — The Philadelphia Clearing House
statement for the week ending March 29, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % 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 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
W en in Mrch29 1919.
eek d g a
ru
T ocip ers (00) o itted M b of T st
w h
m . emers
F .Sstem Cs.
.R y
Tta
o l.
o
Capital___________________
Surplus and profits......... ..
Loans, dlso’ts 4; Invcstm'ts
Exchanges for Clear.House
Due from banks_________
Rank deposits____________
Individual deposits______
Time deposits_____ _______
Total deposits..... ............
U.S.deposltsfnot Included)
Res’ vo with Fed.Res.Rank
Res've with legal deposit's
Cash In v a u lt* ..................
Total reserve 4 cash held.
Reserve required................
Excess res. 4 cash In vault
529.675.0
80,026,0
756.672.0
23.079.0
99.638.0
150.912.0
472.616.0
5,909,0
629.437.0
$3,000,0
7,631,0
27.195.0
481.0
11,0
297.0
18.037.0
$32,675,0
87.657.0
783.867.0
23.560.0
99.649.0
151.209.0
490.653.0
5.909.0
647.771.0
34.173.0
49.730.0
2.353.0
16.271.0
6.834.0
52.934.0
15.450.0
Mrch22 Mrch 15
a
a
1919.
S32.675.0
87,649,0
787,441,0
24,594,0
101,921,0
155,812,0
499,862,0
5,096,0
661,370,0
38,270,0
54,035,0
3,224,0
16,319,0
73,578,0
54,020,0
19,558,0
1919.
$32,475,0
87,552,0
777,767,0
24,127,0
102,066,0
156.669,0
501,941,0
5,451,0
18,334,0
064,061,0
37,527,0
49.730.0
56,792,0
’ *2,383,0
4,479,0
15.388.0
883.0
16,576,0
65.118.0
3.266.0
77,847,0
50.258.0
2.676.0
54,359,0
14.860.0
590.0
23,488,0
•Cash In vault Is not counted as reserve for Federal Reserve bank members.
V
THE CHRONICLE
1366
[V o l . 108
M em b er B a n k 3 o f t h e F e d e r a l R e se rv e S y s t e m .— Follow ing is the w eekly statem ent issued b y the Federal R eserve
Board giving the principal item s of the resources and liabilities of the M em b er B anks.
Definitions of the different item s
oontained in the statem ent were given in the w eekly statem ent issuod under date of D eo. 14 1917 and which was published
in the “ Chronicle” of D e o . 29 191 7 , page 2 5 2 3 .
STATEMENT
SH O W IN C i P R IN C IP A L R E S O U R C E A N D L IA B IL IT Y ITEM S OP M EM BER B A N K S L O C A T E D
A N D O T H E R S E L E C T E D C I T I E S A S A T C L O S E O F B U S I N E S S M A R C H 2 1 13 19 .
1. Data for all reporting banks In each district.
P hlladel. Cleveland. Richm ’d .
N ew Y ork.
Boston.
CENTRAL
RESERVE
A g g r e g a t e h o l d i n g s o f U . S . w a r s e c u r it ie s a n d o f p a p e r s u p p o r t e d b y s u c h
s e c u r i t i e s ( s o -c a l l e d w a r p a p e r ) w e r e a b o u t 3 , 8 1 1 m i l l i o n s , a s a g a i n s t
4 ,0 3 5 .3 m illio n s o n h a n d M a r c h 14 , a n d c o n s t itu te d 2 6 . 6 % o f to ta l in v e s t
m e n ts a s a g a in s t 2 7 . 7 % th o w eek b e fo r e .
F o r th o N e w Y o r k C it y b a n k s a
d e c lin e o f t h is r a t i o f r o m 3 2 t o 3 0 . 4 % a n d fo r t h e b a n k s in t h o 1 2 F e d e r a l
R e s e r v e c i t i e s — a d e c lin e f r o m 2 9 . 1 t o 2 7 . 7 % m a y b e n o t e d .
G o v e r n m e n t d e p o s i t s s h o w a n in c r e a s e o f 1 9 . 8 m i l l i o n s , a n d t i m e d e p o s i t s
— a n in c r e a s e o f 6 . 4 m i l l i o n s .
N e t d e m a n d d e p o s i t s d o c l in e d 2 5 2 . 6 m i l
lio n s , la r g e ly o u ts id e o f N e w Y o r k C i t y .
T h is a c c o u n ts fo r th o d e c re a se
o f 6 2 m il l i o n s in t h o t o t a l o f r e s e r v e b a l a n c e s ( a l l w i t h t h o F e d e r a l R e s e r v e
b a n k s ) s h o w n fo r a ll r e p o r tin g m e m b e r b a n k s .
L a r g o c u r t a i l m e n t s o f t h o h o l d i n g s o f T r e a s u r y c e r t i fi c a t e s a n d o v e n
l a r g e r r e d u c t io n s in t h e v o l u m e o f d e m a n d d e p o s i t s in c o n n e c t i o n w it h
i n c o m e t a x p a y m o n t s d u o o n M a r c h 1 5 , a r e in d i c a t e d i n t h e F e d e r a l R e s e r v e
B o a r d ’s w e e k l y s t a t e m e n t o f c o n d i t i o n o n M a r c h 2 1 o f 7 7 2 m e m b e r b a n k s
in a b o u t 1 0 0 l e a d i n g c i t i e s .
A d e c r e a s e o f 2 1 9 . 2 m il l i o n s is s h o w n in t h e t o t a l o f T r e a s u r y c e r t i fi c a t e s
h e l d , n e a r ly o n e - h a l f o f t h o t o t a l d e c r e a s o b e i n g r e p o r t e d b y th o N e w
Y o rk C ity m em b ers.
U . S . b o n d s o n h a n d f e l l o f f 1 0 .7 m i l l i o n s , w h ile
lo a n s s e c u r e d b y U . S . w a r o b l i g a t i o n s in c r e a s e d 5 . 5 m i l l i o n s .
O t h e r lo a n s
a n d in v e s t m e n ts sh o w a g a in fo r th e w e e k o f 3 1 .7 m illio n s , la r g e ly a t th o
N e w Y o rk C ity b a n k s.
M em ber Banka.
IN
Two ciphers (00) omitted.
St. L outs. M ln n ea p . K a n . CUu
Chicago.
A tlan ta.
T otal.
San Fran.
D allas.
37
34
70
44
53
$
S
S
S
S
S
S
S
43,105,0 11,591,0 40,832,0 25,190,0 15,205,0
10,911,0 10,903,0
U.S.bonds to secure clrculat’n 14,102,0
Other U. 3. bonds. Including
04,398,0 21,150,0
Liberty bonds......................... 19,000,0 281,001,0 37,309,0 72,335,0 48,094,0 31,074,0
U. 3. certlfs. of Indebtedness. 117,327,0 905,205,0 135,098,0 151,914,0 07,810,0 0 0 ,l i t , 0 207,333,0 09,755,0
Total U. 3. securities______ 151,335,0 1,234,374,0 184,001,0 205,131,0 141,094,0 113,033,0 351,042,0 107,313,0
90,591,0 25,055,0
Loans soc. by U. 3. bonds, Ac. 91,575,0 504,075,0 142,744,0 95,503,0 39,570,0 22,895,0
All other loans A investments 784,384,0 4,018,054,0 023,497,9 979,135,9 371,228,0 307,801,0 1,405,472,0 330,831,0
151,990,0 40,385,0
Reserve bal. with F. R. bank. 50,209,0 041,021,0 00,174,0 93,050,0 32,822,0 28,010,0
59,440,0
9,011,0
118,219,0 20,007,0 31,132,0 17,271,0 13,000,0
Cash In vault_______________ 23,339,0
Net demand deposits________ 097,984,0 4,710,214,0 055,435,0 791,559,0 303,412,0 237,747,0 1,171,057,0 290,331,0
Time deposits................. .......... 105,450,0 205,034,0 22,193,0 294,202,0 77,101,0 104,215,0 422,228,0 95,000,0
88,079,0 27,514,0
07,525,0 309,013,0 45,039,0 02,957,0 19,033,0 18,105.0
Government deposits________
S
6,820,0
S
13,984,0
$
18,275,0
3
34,005.0
45
Number of reporting banks..
2.
100
50
90
33
47
101
10,931,0
41,291,0
6 >,015,0
11,115,0
228,070,0
23,531,0
8,436,0
221,984,0
53,797,0
12,057,0
772
$
260,001,0
665,441,0
23,695,0 20,272,0 34,913,0
56,450,0 30,762,0 109,320,0 2,022,018,0
94,135,0 69,309,0 173,838,0 2,953,400,0
7,290,0 21,418,0 1,123,551,0
11,103,0
445,984,0 170,714,0 511,105,0 10,233,324,0
41,885,0 17,170,0 49,413,0 1,230,335,0
347,755,0
8,553,0 19,985,0
15,159,0
388,208,0 150,825,0 422,400,0 10,058,842,0
07, t70,0 2.8,021,0 135,404,0 1,009,934,0
690,045,0
23,121,0 15,767,0
Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
N ew Y ork.
M a r. 21.
M a r . 14.
65
No. reporting banks______
65
U. S. bonds to secure clrS
S
37,922,0
37,947,C
dilation_______________
Other U. 8. bonds, Includ242,611,C 250,593,0
Ing Liberty bonds______
U. 8. ctfs. of Indebtedness 833,718,C 936,852,0
Total U. 3. securities... l, 114,276,C 1,225,367,0
Loans sec. by U.8. bds.,Ao. 525,337,0 520,924,0
All other loansAlnvestm’t3 3,024,293,0 3,594,230,0
Res. balances with F.R.Bk 610,173,0 629,713,0
Cash In vault_____ _______ 104,542,0 101,000,0
Net demand deposits......... 4,314,240.0 4,338,864,0
Time deposits____________ 200,088,0 204,241,0
Government deposits_____ 283,760,0 286,544,0
Ratio of U.8. war securities
and war paper to total
loans and investments%
30.4
32.0
AH F . R. Bank C ities.
Chicago.
M a r . 21.
M a r . 14.
M a r. 21.
M a r . 14.
F . R. Branch C ities.
M a r . 21.
M a r . 14.
Total.
A ll Other Report’ g Banks
M a r. 21.
M a r . 21.
M a r. 14.
M a r . 14.
44
44
255
255
160
100
357
357
772
S
1,169,0
S
1,169,0
S
102,251,0
$
102,320,0
S
54,829,0
S
54,829,0
5
108,921,0
$
108,580,0
S
200,001,0
27,151,0
157,174,0
185,494,0
65,703,0
875,800,0
101,040,0
35,715,0
793,033,0
102,839,0
54,005,0
21,866,0
161,885,0
184,920,0
05,370,0
884,459,0
114,137,0
30,739,0
843,932,0
100,297,0
47,446,0
22.2
22.0
772
5
265,735,0
665,441,0
070,095,0
369,758,0 374,701,0 119,156,0 110,875,0 176,527,0 181,459,0
1,370,234,0 1,547,046,0 303,319,0 345,209,0 342,465,0 348,927,0 2,022,018,0 2,241,182,0
1,848,243.0 2,024,133,0 477,301,0 519,913,0 027,913,0 038,900,0 2,953,400,0 3,183,012,0
891,409,0 887,084,0 106,307,o: 103,938,0 125,775,6 127,045,0 1,123,551,0 1,118,007,0
0,707,747,0 0,725,021,0 1,513,393,01,519,200,0 1,952,184,0 1,950,738,0 10,233,324,0 10,201,559,0
917,753,0 903,972,0 152,224,0 150,883,0 106,358,0 177,435,0 1,230,335,0 1,298,290,0
347,755,0
89,420,0
348,814,0
91,011,0
201,650,0 202,033,0
55,085,0'
57,350,0
7,124,054,0 7,279,833,0 1,238,671,01,301,926,0 1,090,117,0 1,720,070,0 10,058,842,0 10,311,435,0
676,959,0 000,532,0 483,037,0 482,801,0 509,888,0 514,184,0 1,069,934,0 1,003,517,0
690,045,0
070,239,0
07,587,0 101,071,0
70,627,0
503,100,0 498,541,0
89,349,0
27.7
29.1
25.2
26.0
23.4
24.3
26.0
27.7
T h e F e d e ra l R e se rv e B a n k s .— Follow ing is the w eekly statem ent issued b y the Federal Reserve B oard on M arch 2 9 :
L a r g o r e d u c t i o n s in G o v e r n m e n t d e p o s i t s , a c c o m p a n i e d b y s u b s t a n t i a l
g a i n s in m e m b e r s ’ r e s e r v e d e p o s i t s a n d in F e d e r a l R e s e r v e n o t e c ir c u la t io n
a r e in d i c a t e d in t h o F e d e r a l R o s e r v o B o a r d ’s w e e k l y b a n k s t a t e m e n t is s u o d
a s a t c lo s e o f b u s in e s s o n M a r c h 2 8 1 9 1 9 .
N o a p p r e c i a b l e c h a n g e is s h o w n in t h o a m o u n t o f w a r p a p e r o n h a n d ,
w h i l e h o ld i n g s o f o t h e r d i s c o u n t s in c r e a s e d a b o u t 5 . 4 m i l l i o n s .
N o t
w i t h s t a n d i n g c o n s i d e r a b le g a i n s r e p o r t e d b y t h e B o s t o n a n d N e w Y o r k
b a n k s t h o t o t a l h o ld i n g s o f a c c e p t a n c e s s h o w a d e c lin e o f 1 3 . 8 m i l l i o n s .
T r e a s u r y c e r t if ic a t e s o n h a n d w e n t u p 1 . 3 m i l l i o n s , w h il o t o t a l e a r n in g
a s s e t s d e c lin e d 7 . 9 m i l l i o n s .
G o v e r n m e n t d e p o s i t s d e c lin e d 1 1 7 .6 m i l l i o n s , a l l t h o R c s e r v o b a n k s o u t "
s i d e o f N e w Y o r k r e p o r t i n g s u b s t a n t i a l w i t h d r a w a ls o f G o v e r n m e n t f u n d s M e m b e r s ’ r e s e r v e d e p o s i t s w e n t u p 2 6 . 4 m i l l i o n s , w h ilo n e t d e p o s i t s d e
c lin e d 2 7 . 2 m i l l i o n s .
F e d e r a l R e s e r v e n o te s in c i r c u la t i o n in c r e a s e d o v e r
11 m i l l i o n s , a l l t h o E a s t e r n b a n k s a n d C l e v e l a n d r e p o r t i n g la r g e r t o t a l s
th a n th o w ee k b e fo r e .
T h e b a n k s s h o w a f u r t h e r g a i n o f 1 . 9 m il l i o n s in c a s h r e s e r v e s .
T h is
t o g e t h e r w it h t h e r e d u c t i o n in d o p o s i t lia b i li t i e s a c c o u n t s f o r a r is e in t h e ir
ro serv o r a tio fr o m 5 1 .6 t o 5 1 . 9 % .
T h e figures of the consolidated statem ent for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding w eeks, together w ith those of the corresponding week of last year,
thus furnishing a useful com parison.
In the second table we show tho resources and liabilities separately for each of the
twelve Fedoral Reserve banks. T h e statem ent of Federal Reserve A ge n ts’ A ccounts (the third table follow ing) gives
details regarding the transactions in Federal Reserve notes between the Com ptroller and the Reserve A gents and betw een
the latter and the Federal Reserve banks.
F E D E R A L R E S E R V E B A N K O F N E W Y O R K . — T h o w e o k ly s t a t e m e n t Is s u e d b y t h e b a n k s u b d i v i d e s s o m e c e r t a i n tto ra s t h a t a r e I n c lu d e d
u n d e r a m o r e g e n e r a l c la s s i f i c a t i o n In t h e s t a t e m e n t p r e p a r e d a t W a s h i n g t o n .
T h u s . "O t h e r d e p o s its . A c . , ” a s o f M a r . 2 9 , c o n siste d o f "F o r e ig n
G o v e r n m e n t d e p o s i t s , " $ 9 4 , 5 2 5 , 5 6 4 ; " N o n - m e m b e r b a n k d e p o s i t s ,” $ 5 , 8 0 7 , 4 9 9 , a n d " D u e t o W a r F in a n c e C o r p o r a t i o n , " $ 2 , 4 3 4 , 0 7 8 .
C o m b in e d
R esources and
L ia b il it ie s o f t h e
F ederal
R eserve
B a n k s a t t h e C l o s e o f B u s in e s s M a r . 2 8 1 9 19
Afar. 28 1919. Afar.21 1919. Afar. 14 1919. Afar. 7 1919. F eb. 28 1919. F eb. 20 1919. F eb. 14 1919. F eb. 7 1919.
$
345.702.000
463.484.000
5,829,000
Mnr.28-29’ 18
$
348.605.000
419.050.000
5,829,000
S
489.948.000
379.868.000
52,500,000
Total gold held by banks__________
Gold with Federal Reserve agents____
Gold redemption fund_______________
896.197.000 902.434.000 839.056.000 858.120.000 815.075.000 814.135.000 790.871.000 773.484.000
1,113,070,000 1,112,938,000 1,170,001,000 1,103.840,000 1,187,700.000 1,197,983,000 1,217,363,000 1,231,160.000
111.113.000 103.533.000
120.103.000
133.038.000
112.923.000
125.470.000
119.277.000 117.513.000
942.016.000
852.192.000
21,196,000
Legal tender notes, silver, A c.
2,142,305,000 2,140,842,000 2,129,534,000 2,139,479,000 2,122,993,000 2,125,041.000 2,119,347.000 2,108,183,000 1,815,704,000
05.971,000
58,359,000
07,431,000
05,983,000
65.725,000
00,401,000
08,219,000
07,730,000
07,203,000
RESOURCES.
Gold coin and certificates________
Gold settlement fund, F. R . Board_____
Gold with foreign agencies_______
Bills discounted:
Secured by Govt, war obligations___
All other____________________________
Bills bought In open market__________
$
326.791.000
563.577.000
5,829,000
$
329.741.000
566.864.000
5,829,000
S
332.719.000
501.078.000
5,829,000
$
341.070.000
511.227.000
5.829.000
$
350.417.000
457.889.000
5,829,000
$
347.764.000
437.278.000
5,820,000
2,210,524,000 2,203,578,000 2,190,737,000 2,205,462.000 2.183,723,000 2,191,532.000 2,185.318,000 2.175,014,000 1,874,063,000
1,691,010,000 1,001,678,000 1,702,351,000 1,701,487,000 •1 667 905000 1,590.458,000 1,003,052,000 1.451.147,000
180.240.000 *211,855.000 221.990.000 233.840.000 243.254.000
195.230.000
189.801.000
154.012.000
248.107.000 201.924.000 202.139.000 273.493.000 270,019,000 269.920.000 275.008.000 282.702.000
301.451.000
281.777.000
304.065.000
Total bills on hand__________________ 2,134,347,000 2,143,463,000 2,148,502,000 2,161,220,000 2,150,739.000 2,088.374,000 2,111,969,000 1,077,103,000
28,101,000
28,095,000
28,250,000
U. S. Govt, long-term securities_______
27,057.000
27,094,000
27,138,000
27,222,000
27,223,000
111,201.000 139,501,000
147.123,000
U. S. Govt, short-term securities
173,797,000
172,471,000
103,343,000 159,835.000 155,083.000
4.000
4,000
4,000
4,000
All other earning assets_________
3,000
4,000
4,000
4,000
887.293.000
58,190,000
252.579.000
3,523,000
Total earning assets_________________ 2,335,235,000 2,343,160,000 2,344,077,000 2,348,116,000 2,339,525,000 2,203,596.000 2.281,278,000 2,144.858,000 1,201,585,000
8.909,000
8.907.000
8,672,000
Bank premises___________________
9,720,000
9,712,000
9,713,000
9,720,000
9,711,000
Uncollected Items and other deductions
366,075,000
from gross deposits___________
600,006,000 797,303,000 683,017,000 599,197,000 653,465,000 033.800,000 701,465,000 624.861,000
537,000
0,809.000
6,842,000
0,822,000
6.813.000
5% redemp. fund agst. F. R . bank notes
7.429.000
7.067.000
6.901.000
0,745,000
3,724,000
8,430.000
10.058,000
9.788,000
8.210.000
All other resources______________
7.274.000
7,507,000
8.497.000
7.772.000
Total resources_____________________ 5,229,928,000 5,373,425,000 5,247,803,000 5,178,134,000 5,200,730,000 5.113.192.000 5.194.528.000 4,970,015,000 3,445,984,000
45.2%
61.4%
47.0%
47.8%
45.4%
Gold reserve against not deposit llab__
47.0%
51.5%
47.3%
51.0%
60.1%
53.2%
53.8%
54.3%
51.4%
53.4%
Gold res. agst. F. R. notes In act. clrc’n
49.4%
51.1%
•49.3%
Ratio of gold reserves to net deposit and
60.8%
50.3%
62.0%
50.6%
49.7%
F. R. note liabilities combined______
49.9%
50.3%
48.9%
50.0%
Ratio of total reserves to net deposit and
62.7%
52.2%
51.9%
53.6%
51.3%
51.4%
F. R. note liabilities combined______
51.9%
51.4%
51.6%
Ratio of gold resorves to F. R. notes in
circulation after setting aside 35%
64.3%
03.8%
05.0%
63.1%
03.3%
against net deposit liabilities______
63.5%
63.3%
63.0%
•Amended figures.
THE CHRONICLE
A p r . 5 1919.]
Mr. 23 1919.
a
L B IT S
IA IL IE .
A far. 21 1919.
Mr. 11 1919. Mr. 7 1919. F . 23
a
a
eb
1367
F . 20
eb
1919.
1919.
F . 14
eb
1919.
F .7
eb
1919.
M a r .28-29 ’ 18
$
$
$
3
S
S
S
$
8 1 .5 3 2 .0 0 0
8 1 ,0 1 1 ,0 0 0
8 1 ,6 1 2 ,0 0 0
8 1 .4 9 0 .0 0 0
8 1 ,2 1 1 ,0 0 0
8 1 .4 5 2 .0 0 0
8 1 ,0 0 1 ,0 0 0
8 1 .4 0 8 .0 0 0
4 0 ,1 6 0 ,0 0 0
4 9 .4 6 8 .0 0 0
4 9 ,4 8 0 ,0 0 0
4 9 .4 6 8 .0 0 0
4 9 .4 8 8 .0 0 0
2 2 ,7 3 3 ,0 0 0
2 2 .7 3 3 .0 0 0
2 2 .7 3 8 .0 0 0
150 .733 .00 0
163 .117 .00 0
2 3 5 ,7 8 5 ,0 0 0
195 .5 5 9 .0 0 0
2 1 0 .547 .00 0
1 9 2 .970 .00 0
2 0 5 .6 7 5 .0 0 0
9 3 .8 0 9 .0 0 0
1,63 1 ,1 6 7 ,0 0 0 1 ,6 01,719,000 1,67 5 ,0 1 5 ,0 0 0 1 ,6 2 6 ,0 7 6 ,0 0 0 1,620,972,000 1 ,5 6 3 ,9 1 2 ,0 0 0 1 ,6 2 3 ,1 5 8 ,0 0 0 1 ,5 9 0 ,4 4 1 ,0 0 0
509 .1 1 2 .0 0 0
4 3 1 .9 0 6 .0 0 0 * 5 5 5 ,383 ,00 0
4 5 6 .2 8 9 .0 0 0
4 9 4 .653 .00 0
4 5 0 .2 5 7 .0 0 0
5 1 7 .7 2 0 .0 0 0
4 3 9 .2 2 1 .0 0 0
117.522 .00 0
117.271 .00 0 *1 20 ,062 ,00 0
12 4,032,000
123 ,3 6 3 ,0 9 0
114 .7 5 3 .0 0 0
112 .273 .00 0
112 .551 .00 0
S
7 4 .2 2 3 .0 0 0
1,1 3 4 ,0 0 0
1 0 4 .0 8 6 .0 0 0
1 ,4 9 9 ,4 0 0 ,0 0 0
2 1 6 .8 9 7 .0 0 0
8 1 .0 5 9 .0 0 0
T o t a l gross d e p o sits---------------------------- 2 .4 0 1 .4 9 1 .0 0 0 2 .5 6 5 .9 1 9 .0 0 0 2 .4 5 2 .4 6 2 .0 0 0 2 .4 0 1 .2 3 7 .0 0 0 2 .4 5 0 .2 0 4 .0 0 0 2 .3 6 4 .6 0 2 .0 0 0 2 .4 4 6 .1 2 7 .0 0 0 2 .2 3 9 .0 2 2 .0 0 0
1 .9 0 1 .4 4 2 .0 0 0
C a p ita l p aid l a ___________________________
S u r p lu s _______________________________ . . .
O ov ora m on t d o p o s lts ____________________
D u e t o m em bers, roservo a c c o u n t---------D eterred a v a ila b ility Item s-------------------O th er d e p o sits, lu ol. fo r. O o v t . c r e d its .
F. R . n otes In a ctu a l c ircu la tio n ------------- 2 .5 2 1 .7 7 6 .0 0 0 2 .5 1 0 .6 3 7 .0 0 0 2 .5 0 3 .0 9 5 .0 0 0 2 .4 3 3 .5 3 7 .0 0 0 2 .4 7 2 .3 0 7 .0 0 0 2 .4 0 6 .2 4 3 .0 0 0 2 .4 6 8 .3 8 3 .0 0 0 2 .4 5 4 .1 0 5 .0 0 0 1 .4 5 2 .8 3 8 .0 0 0
1 3 9 ,479 ,00 0
115,510 ,00 0
1 4 2 ,442 ,00 0
134,042,000
1 3 0 ,591 ,00 0
1 3 3 ,4 6 5 ,0 0 0
132 ,2 9 1 ,0 0 0
7 .9 7 8 ,0 9 0
F. R . b in k notes In circu la tion — not llab
131 ,3 1 5 ,0 0 0
3 0 ,0 1 1 ,0 0 0
All oth er lia b ilities______________________
23?289,000
2 1 ,7 3 9 ,0 0 0
2 0 ,7 6 3 ,0 0 0
45,993,000
4 4 ,7 3 3 ,0 0 0
4 3 ,7 7 3 ,0 0 0
8 ,3 6 9 ,0 0 0
4 2 ,3 1 4 ,0 0 0
T o t a l lia b ilities_______________________ 5 ,2 2 9 ,9 2 3 ,0 0 0 5 ,3 7 3 ,4 2 5 ,0 0 0 5 ,2 1 7 ,3 0 3 ,0 0 0 5 ,1 7 8 ,1 3 4 ,0 0 0 5 ,2 0 8 ,7 3 6 ,0 0 0 5 ,1 1 3 ,1 9 2 ,0 0 0 5 .1 9 4 .5 2 8 ,0 0 0 4 ,9 7 0 ,0 1 5 .0 0 0 3 ,4 4 5 ,9 8 4 ,0 0 0
S
S
5
S
S
S
$
$
—
1-15 d a y s bills b ou g h t lu open m a r k e t .. 1,52 9 ,0 1 0 ,0 0 0 1,52 9 ,0 7 9 ,0 0 0 1,5 2 5 ,0 7 6 ,0 0 0 1,5 3 0 ,4 3 2 ,0 0 0 1,51 1 ,3 5 5 ,0 0 0 1 ,4 5 1 ,1 3 9 ,0 0 0 1,4 5 0 ,4 7 6 ,0 0 0 1 .3 0 2 ,9 5 3 ,0 0 0 1
*
7 8 .6 6 0 .0 0 0
9 9 ,6 5 1 ,0 0 9
8 2 .0 25.000
8 7 .1 5 7 .0 0 0
8 3 .7 9 9 .0 0 0
8 2 ,6 8 9 ,0 0 0
8 1 .9 8 5 .0 0 0
7 6 ,0 4 8 ,0 0 0 / 3 5 9 ,9 8 7 ,0 0 0
1-15 d a y s bills d is c o u n te d ---------------------2 3 .5 0 3 .0 0 0
2 3 .9 1 9 .0 0 0
2 4 .2 1 2 .0 0 0
18.714.000
3 4 ,0 0 0
1 9 .7 4 5 .0 0 0
7 ,8 6 9 ,0 0 0
1 2 .5 6 3 .0 0 0
1-15 d a y s U . S . G o v t , sh ort-term s e c s .
6 ,3 3 9 ,0 0 0
1,000
1,000
2 1 7 ,6 1 3 ,0 0 0
5 3 .5 7 4 .0 0 0
5 5 .2 9 2 .0 0 0
163 ,881 ,00 0
5 4 .6 9 1 .0 0 0
5 7 .8 83.000
5 7 .6 8 3 .0 0 0
5 6 .8 2 0 .0 0 0
10-30 d a y s bills b ou g h t In open m a r k e t ..
7 2 .9 5 1 .0 0 0
7 1 ,9 9 3 ,0 0 0
7 2 .2 8 9 .0 0 0
6 8 .8 5 0 .0 0 0
8 1 .9 4 8 .0 0 0
7 6 .4 79.000
6 3 .8 4 8 .0 0 0
6 6 .0 5 1 .0 0 0
16-30 d a y s bills d is co u n te d ---------------------0 5 .0 8 3 .0 0 0 } 1 2 7 ,0 6 5 ,0 0 0
7 2 4 .000
130 .000
10-30 d a y s U . S. G o v t , sh ort-term s o c s .
3,000
3 ,000
4 ,0 0 0
1,000
2 .2 2 4 .0 0 0
10-30 d a y s m u n icip a l w a r ra n t s -------------2 2 5 ,6 2 9 ,0 0 0
115 .670 .00 0
2 0 7 ,1 5 1 ,0 0 0
2 2 1 ,9 4 9 ,0 0 0
2 0 2 ,0 4 0 ,0 0 0
9 5 .9 6 1 .0 0 0
8 7 .0 8 7 .0 0 0
31-00 d a y s bills b ou g h t In op en m a r k e t ..
8 8 .8 7 3 .0 0 0
7 6 .3 1 2 .0 0 0
8 1 ,8 8 2 ,0 0 0
8 1 .3 43.000
9 0 .8 3 3 .0 0 0
9 3 .3 4 8 .0 0 0
103 .9 6 7 .0 0 0
9 8 .8 5 0 .0 0 0
31-00 d a y s bills d is c o u n te d ---------------------1 0 3 .8 7 2 .0 0 0 } 2 6 7 ,2 6 7 ,0 0 0
2 0 2 ,000
5 1 8 ,000
20 2 ,0 0 0
221 ,000
7 .000
130 .000
31-60 d a y s U . 8 . G o v t . sh ort-term s e c s . .
96 7 ,0 0 0
3,000
3 .7 8 1 .0 0 0
4 ,0 0 0
4 ,000
31-00 d a y s m unicipal w a r r a n t s -------------4 ,0 0 0
5 9 .3 1 9 .0 0 0
7 4 ,3 2 3 ,6 6 6
8 6 .2 2 1 .0 0 0
5 0 .9 2 2 .0 0 0
5 1 ,4 2 7 ,6 6 6
2 1 8 .1 5 2 .0 0 0
1 9 1 ,5 3 8 ,0 0 0
01-90 d a y s bills b o u g h t In open m a r k e t ..
2 0 4 .8 5 3 .0 0 0
1 7.320.000
16.9 1 3 .0 0 0
2 5 ,0 6 7 ,0 0 0
1 5 .5 6 7 .0 0 0
2 1 .1 3 5 .0 0 0
2 3 .0 3 4 .0 0 0
2 4 .5 6 4 .0 0 0
01-90 d a y s bills d isco u n te d ---------------------3 7 .6 9 9 .0 0 0 } 123 ,4 9 8 ,0 0 0
48 7 ,0 0 0
2 ,8 1 5 ,0 0 0
2 ,8 1 6 ,0 0 0
350 ,000
6 ,5 0 6 ,0 0 0
35 0 .0 0 0
6,4 0 6 ,0 0 0
2 1 7 .000
01-90 d a y s U . S . G o v t , sh ort-term s e c s ..
7 ,1 6 9 ,0 0 0
9 .1 2 2 .0 0 0
01-90 d a y s m un icip a l w a r ra n t s --------------21,252^666
‘ 2 1 ,'647 ', 666
2 1 ,1 3 0 ,0 0 0
2 2 ,3 2 1 ,0 0 0
2 2 ,9 9 0 ,0 0 0
2 3 ,5 0 3 ,0 0 0
*2*1 ,b i s , 655
O ver 90 d a y s bills b ou g h t In open m arket
2 4 .7 7 1 ,0 0 0
}
9 ,4 7 6 ,0 0 0
1 1 2 ,854 ,00 0
O ver 90 d a y s U . 8 . G o v t , sh ort-term secs
141 ,8 2 8 ,0 0 0
136 ,624 ,00 0
134 ,0 8 0 ,0 0 0
1.000
111,542 ,00 0
1 3 7 ,0 7 2 ,0 0 0
1 3 2 ,264 ,00 0
1 2 5 ,020 .00 0
3 ,000
O v e r 90 d a y s m u n icip a l w a r ra n t s ----------1 9 ,8 3 9 ,0 0 0
D u nb Mtu
istrib tio p a rities
F era Rs r e Ntes—
ed l e e v o
Issued t o th e b a n k s______________________ 2 ,7 0 5 ,7 0 8 ,0 0 0 2 ,6 9 6 ,5 4 4 ,0 0 0 2 ,6 7 9 ,0 2 4 ,0 0 0 2 ,6 7 0 ,9 0 3 ,0 0 0 2 ,6 7 8 .6 0 6 ,0 0 0 2 ,6 7 7 ,8 3 5 ,0 0 0 2 ,0 9 0 ,7 0 2 ,0 0 0 2 ,6 9 1 ,8 5 9 ,0 0 0
183 ,932 ,00 0
175 ,926 ,00 0
222 ,3 1 4 ,0 0 0
H eld b y b a n k s___________________________
185,857 ,00 0
182 ,3 6 6 ,0 0 0
2 0 6 ,299 ,00 0
2 1 1 ,5 8 7 ,0 0 0
2 3 7 ,6 9 4 ,0 0 0
1 ,5 6 3 ,9 8 7 ,0 0 0
111 ,1 4 9 ,0 0 0
In circu la tio n __________________________ 2 .5 2 1 .7 7 0 .0 0 0 2 .5 1 0 .6 8 7 .0 0 0 2 .5 0 3 .0 9 5 .0 0 0 2 .4 8 8 .5 3 7 .0 0 0 2.4 7 2 .3 0 7 .0 0 0 2 .4 6 6 .2 4 8 .0 0 0 2 .4 6 3 .3 8 8 .0 0 0 2 .4 5 4 .1 6 5 .0 0 0 1 .4 5 2 .8 3 8 .0 0 0
) —•
R e ce iv e d from the C o m p tro lle r-------------- 4 .1 9 2 .4 4 0 .0 0 0 4 .1 4 1 .0 6 0 .0 0 0 4 .1 1 7 .6 0 0 .0 0 0 4 .0 7 1 .7 4 0 .0 0 0 4.056.760.000 4 .0 1 3 .6 8 0 .0 0 0 4 .0 0 1 .5 2 0 .0 0 0 3 .9 8 5 .6 8 0 .0 0 0 2 .1 3 0 .8 6 0 .0 0 0
324 ,2 6 3 ,0 0 0
9 8 5 ,6 8 6 ,0 0 0
9 4 0 ,247 ,00 0
883 ,2 5 3 ,0 0 0
R etu rn ed t o th o C o m p tro lle r------------------ 1 .0 71.002.000 1.04 4 .3 3 1 .0 0 0 1.02 3 .6 2 9 .0 0 0
9 1 6 ,1 7 5 ,0 0 0
8 5 8 ,0 0 1 ,0 0 0
F . R Ntes (Aen A u ts
ed es. o g ts cco n
A m ou n t ch a rgea b le t o a g e n t-------------- 3 ,1 2 1 ,3 7 8 ,0 0 0 3 ,0 9 6 ,7 2 9 ,0 0 0 3 ,0 9 3 ,9 7 1 ,0 0 0 3 ,0 8 6 ,0 5 4 ,0 0 0 3 ,1 1 6 ,5 1 3 ,0 0 0 3 ,0 9 7 ,5 0 5 ,0 0 0 3 ,1 1 8 ,2 6 7 ,0 0 0 3 ,1 2 7 ,6 7 9 ,0 0 0
4 1 5 ,6 7 0 ,0 0 0
4 1 4 ,9 5 0 ,0 0 0
4 0 0 ,1 8 5 ,0 0 0
4 1 5 ,1 5 0 ,0 0 0
4 3 7 ,907 ,00 0
4 1 9 ,6 7 0 ,0 0 0
427 ,5 6 5 ,0 0 0
In hands o f a g e n t_________________________
4 3 5 ,8 2 0 ,0 0 0
1 ,8 0 6 ,5 9 7 ,0 0 0
2 4 2 ,6 1 0 ,0 0 0
Issued t o F ed eral R eserv e b a n k s ------ 2 ,7 0 5 ,7 0 8 ,0 0 0 2 ,6 9 6 ,5 1 4 ,0 0 0 2 ,6 7 9 ,0 2 1 ,0 0 0 2 ,6 7 0 ,9 0 3 ,0 0 0 2 ,6 7 8 ,6 0 6 ,0 0 0 2 ,6 7 7 ,8 3 5 ,0 0 0 2 ,6 9 0 ,7 0 2 ,0 0 0 2 ,6 9 1 ,8 5 9 ,0 0 0
1,5 6 3 ,9 8 7 ,0 0 0
HwSc red
o eu —
245 ,1 4 7 ,0 0 0
2 2 5 ,1 4 7 ,0 0 0
2 5 3 ,5 2 4 ,0 0 0
1 ,4 7 9 ,8 5 2 ,0 0 0 1,47 3 ,3 3 9 ,0 0 0 1 ,4 6 0 .6 9 3 ,6 6 6
83,7 5 8 ,0 0 0
8 7 ,4 38,000
8 3 ,3 7 9 ,0 0 0
8 4 ,5 6 2 .0 0 0
871 ,1 7 5 ,0 0 0
90S ,45 8,00 0
8S9 .4 5 7 .0 0 0
9 2 1 ,4 5 7 ,0 0 0
7 1 1 .7 9 5 .0 0 0
4 8 ,9 2 6 ,0 0 0
5 4 9 .7 4 2 .0 0 0
2 ,7 0 5 ,7 0 3 ,0 0 0 2 ,6 9 0 ,5 4 4 .0 0 0 2 ,6 7 9 ,0 2 1 ,0 0 0 2 ,6 7 0 ,9 0 3 ,0 0 0 2 ,0 7 8 ,6 0 6 ,0 0 0 2 ,6 7 7 .8 3 5 ,0 0 0 2 ,6 9 0 ,7 0 2 ,0 0 0 2 ,6 9 1 ,8 5 9 ,0 0 0
1 ,5 6 3 ,9 8 7 ,0 0 0
E lig ib le pap er d eliv ered t o F . R . A g e n t . 2 ,0 8 0 ,2 2 8 ,0 0 0 2 ,0 8 4 ,7 0 8 ,0 0 0 2 ,0 8 0 ,9 9 0 ,0 0 0 2 ,1 0 1 ,4 1 9 ,0 0 0 2 ,0 9 9 ,9 9 9 ,0 0 0 2 ,0 2 2 ,0 0 6 ,0 0 0 2 ,0 3 7 .5 0 6 ,0 0 0 1,9 2 0 .0 5 1 ,0 0 0
8 6 3 ,4 7 1 ,0 0 0
B y g old co in and certifica tes------------------
2 1 3 .0 0 6 .0 0 0
2 4 0 .1 4 0 .0 0 0
B y eligible p a p e r_________________________ 1 ,5 92,638,000 1,583,008*666 1,508,420*665
7 8 ,7 1 8 ,0 0 0
7 8 ,6 33,000
78,0 0 5 ,0 0 0
G o ld red em p tion fu n d ---------------------------8 5 1 .7 3 7 .0 0 0
789 ,2 9 0 ,0 0 0
791 .9 2 7 .0 0 0
W ith F ed era l R eserv e B o a rd ------------------
2 3 2 .1 4 6 .0 0 0
2 2 9 ,147 ,00 0
2 2 5 ,1 4 7 ,0 0 0
2 2 5 ,1 4 7 ,0 0 0
1,507,083*666 1,49 0 ,8 4 6 ,0 0 0
7 9 ,4 5 7 ,0 0 0
8 5 2 .2 3 7 .0 0 0
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 28 1919.
Two ciphers (00) om itted.
Boston.
RESOURCES.
Gold coin and certificates----------Gold Settlement Fund, I’ . It. B ’i!
*
Gold with foreign agencies----------
I
2,974,0
46,423,0
408,0
S
249,978,0
190,414,0
2,011,0
$
140,0 11,627 ,C 2,224,1
39,619,C 73,231,( 21,448,(
408,0
525,0
201,0
8,105,1
12,084,1
175,0
Total gold hold by banks-----Gold with Fed. Resorve Agents..
Gold redemption fund---------------
49,805,0
54,059,0
12,710,0
442,403,0
268,301,0
24,688,0
40,167,0 85,383,0
55,305,1 140,971,1
30,097,0
557,0
23,876,0
40,703,1
10,057,0
20,364,0 103,896,0
42,119,1 269,506,(
4,572,0 30,186,0
26,915,0 18,024,0 25,859,0
40,737,C 51.104,C 3S.725.C
6,695,0
5,273,0
4,153,0
18,494,0 41,011,0 896,197.0
17,565,C 93,915,0 1,113,070,0
2,582,0
1,468,0
133,038,0
110,574,0
6,310,0
735,392,0 125,569,0 226,911,0
53,089,0
324,0
1,089,0
74,690,0
358,0
67,055,0 403,588,0
1,010,0
1,200,0
72,925,0
2,155,0
75,823,0
115,0
38,641,0 136,394,0 2,142,305,0
2,195,0
256,0
68,219,0
Total reserves............................. 122,884,0
Bills discounted: Sccurod by Goveminent war obligations____ 148,867,0
5,053,0
All other................ ..................... ..
Bills bought In open market____ 15,425,0
788,481,0 125,893,0 228,000,0
75,054,0
68,065,0 404,794,0
75,080,0
75,938,0
68,849,0
40,836,0 136,650,0 2,210,524,0
061,987,0 172,914,0 114,559,0
29,500,0 12,375,0
2,332,0
2,270,0 37,452,0
41,329,0
86,556,0
13,798,0
7,155,0
65,250,0 199,278,0
14,017,0 15,367,0
6,527,0 41,214,0
66,536,0
11,820,0
13,453,0
28,593,0
1,480,0
29,466,0
50,173,0
41,050,0
8,366,0
21,918,0
29,393,0
1,783,0
Total bills on hand.................... 169,345,0
538,0
IJ. 8. Gov’t long-term securities.
U. S. Gov’t short-term securities 14,416,0
732,816,0 187,559,0 154,343,0 107,509,0
1,385,0
1,306,0
1,083,0
1,234,0
64,088,0 15,330,0 14,076,0
5,375,0
85,800,0 255,859,0
4,477,0
378,0
8,474,0 16,012,0
3,0
91,809,0
1,153,0
10,068,0
59,539,0
116,0
9,236,0
99,589,0
8,868,0
6,014,0
53,094,0 137,085,0 2,134,347,0
3,967,0
2,633,0
27,138,0
4,400,0
5,708,0
173,797,0
3,0
Total earning assets........... ...... 184,299,0
800,0
Uncollected Items and other deductlons from gross deposits.. 54,387,0
0% Redemption fund—F. R.
710,0
bank notos___________________
417,0
All other resources______________
798,210,0 204,274,0 169,502,0 114,118,0 * 94,055,0 270,948,0 103,030,0
3,302,0
500,0
100,0
2,936,0
541,0
295,0
217,0
68,891,0 114,471,0
400,0
61,461,0 145,426,0 2,335,285,0
221,0
400,0
9,712,0
161,262,0
69,662,0
49,675,0
50,241,0
40,010,0
68,094,0
43,142,0
20,161,0
55,536,0
17,892,0
29,404,0
660,066,0
1,830,0
1,745,0
775,0
672,0
637,0
463,0
279,0
352,0
401,0
012,0
408,0
732,0
407,0
204,0
226,0
113,0
688,0
408,0
345,0
704,0
357,0
852,0
7,067,0
7,274,0
Total gold roservos........... —
Legal tender notes, silver, &o—
N ew Y ork.
P hila .
Cleveland Rlchm'nd
%
$
A tlanta.
%
Chicago. St. Louis
$
22,656,(
80,424,1
816,0
%
4,076,(
22,606,(
233,0
M in n ea p Kan.CUu
$
8,247,(
9,544,(
233,0
$
139,(
25,429,(
291,0
68,737,0
112,0
D allas.
San Fran
S
S
6,080,( 10,545, (
12,210,C 30,145,1
204,0
321,0
T otal.
$
326,791,0
563,577,0
5,829,0
74,373,0 1,691,010,0
19,045,0
195,230,0
43,667,0 248,107,0
Total resources---------------------- 363,503,0 1,754,830,0 401,776,0 448,377,0 240,339,0 203,960,0 754,510,0 222,404,0 165,329,0 240,352,0 121,459,0 313,0S9,0 5,229,928,0
L IA B IL IT IE S .
0,775,0
Capital paid In_____ ____________
2,996,0
Surplus________________________
Government deposits----------------- 28,557,0
Due to mombors, rosorvo account 100,820,0
Deferred availability Items-------- 41,420,0
127,0
All other deposits______________
20,928,0
21,117,0
51,959,0
665,138,0
119,110,0
105,393,0
Total gross deposits__________ 170,924,0
F. R. notes In actual circulation. 160,874,0
F. R. bank notos— net liability. 13,555,0
,
All other liabilities---- ---------------
941,600,0 169,272,0 188,982,0 101,439,0 74,678,0 297,882,0 99,710,0
723,160.0 206,086,0 232,642,0 126,198,0 115,975,0 417,540,0 108,015,0
33,628,0 14,372,0 12,376,0
8,377,0
5,238,0
7,709,0 19,110,0
14,397,0
1,155,0
874,0
1,851,0
893,0
2,179,0
1,607,0
2 379,0
7,587,0
9,218,0
2,608,0
3,552,0
13,545,0 18,252,0
94,259,0 127,514,0
60,680,0 42,614,0
602,0
788,0
4,113,0
2,196,0
7,848,0
55,325,0
38,216,0
50,0
3,195,0 11,371,0
0,410,0
1,510,0
918,0
2,805,0
45,004,0 240,013,0
26,508,0 54,840,0
181,0
2,111,0
3,825,0
1,603,0
9,297,0
58,709,0
31,289,0
415,0
2,970,0
1,415,0
5,358,0
50,336,0
11,688,0
575,0
3,740,0
2,421,0
10,930,0
78,013,0
30,680,0
644,0
67,957,0 120,267,0
87,058,0 99,615,0
5,288,0 12,933,0
641,0
1,376,0
3,198,0
1,184,0
7,195,0
37,673,0
14,516,0
114,0
4,721,0
81,641,0
2,448,0
49,466,0
11,423,0
168,147,0
78,303,0 1,631,167,0
13,285,0 484,906,0
6,271,0
117,271,0
59,498,0 109,282,0 2,401,491,0
50,107,0 188,500,0 2,521,776,0
6,468,0
6,480,0
145,540,0
1,004,0
1,658,0
30,014,0
Total liabilities........................... 363,503,0 1,754,830,0 401,776,0 448,377,0 240,339,0 203,960,0 754,510,0 222,404,0 165,329,0 240,352,0 121,459,0 313,089,0 5,229,928,0
Contingent liability ns endorser
on bills discounted with or sold
4,098,0
to other Federal Rcservo banks
_____
_____
31,370,0
20,000,0
23,039,0
78,507,0
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS MARCH 28 1919.
Tw o ciphers (00) om itted.
Boston.
N ew Y ork.
P hila.
Cleveland. Richmond
%
A tlanta.
Chicago. St. L ou is. M in n ea p . K a n .d t p .
$
$
%
D allas.
San Fran.
T otal.
%
s
Federal Reservo notes:
S
$
s
$
s
$
Received from Comptroller___ 278,320,0 1,411,780,0 341,420,0 338,910,0 211,820,0 212,909,0 570,640,0 180,600,0 124,880,0 159,700,0 101,960,0 255,420,0 1,192,440,0
Returnod to Comptroller____ _ 81,354,0 473,991,0 103,688,0 60,107,0 55,001,0 37,965,0 90,239,0 44,269,0 25,770,0 39,598,0 27,196,0 31,881,0 1,071,06210
Chargeable to F. R . Agont.. 190,966,0
In hands of F. R . Agent______ 25,140,0
Issued to F. R. Bank, less amt.
returned to F. R . Agent for
redemption:------------------------ 171,826,0
Cullat’ l security for outst’g notes:
Gold coin and otfs. on h a n d ...
9,059,0
Gold redemption fund----------Gold Sot’m’t Fund, I1. R. B d . 45,000,0
Ellglblo paper, inln’in required 117,707,0
937,789,0 237,732,0 278,833,0 159,816,0 174,995,0 480,401,0 136,331,0
143,600,0 22,200,0 33,760,0 29,360,0 51,915,0 35,840,0 16,160,0
99,110,0 120,102,0
10,990,0 14,380,0
74,764,0 224,539,0 3,121,378,0
23,315,0
6,000,0 415^670,0
794,189,0 215,532.0 245,073,0 130,450,0 120,808,0 444,561,0 120,161,0
88,120,0 105,722,0
51,449,0 21S,539,0 2,705,708,0
183,740,0
33,270,0
14,561,0 12,415,0 12,701,0
70,000,0 42,890,0 95,000,0
525,888,0 100,227,0 104,102,0
13,052,0
2,052,0
36,000,0
37,016,0
2,501,0
2,763,0
38,000,0
89,693,0
i;ois;o 5,841,0
38,000,0 263,665,0
77,901,0 175,055,0
806,0
39,931,0
79,424,0
12,581 O
3,365,0
,
10,656,0
78,633,0
35,360,0
2,185,0 83,259,0 789,290,0
66,997,0 33,884,0 124,624,0 1,592,638,0
2 79 ,0
9
Total.......................................... 171,826,0
794,189,0 215,532,0 245,073,0 130,456,0 120,080,0 444,501,0 120,161,0
88,120,0 105,722,0
51,449,0 218,539,0 2,705,708,0
ered to F. R . Agent___________ 109,345,0
F. R . notes outstanding______ _ 171,826,0
4,952,0
F. R . notos hold by bank______ _
732,816,0 161,480,0 153,228,0 105,152,0 78,973,0 255,859,0 84,702,0
794,189,0 215,532,0 245,073,0 130,456,0 120,080,0 114,561,0 120,161,0
71,029,0
9,440,0 12,431,0
4,258,0
4,105,0 27,015,0 12,146,0
58,989,0 99,389,0
88,120,0 105,722,0
1,062,0
6,107,0
53,094,0 127,201,0 2,0S0,228,0
51,449,0 218,539,0 2,705,708,0
1,342,0 30,039,0
183,932,0
F. R . notos In actual circulation. 160,874,0
723,160,0 206,086,0 232,042,0 126,198,0 115,975,0 117,546.0' 108,015,0
87.058,0
50,107,0 188.500,0 2,521.776,0
99,615.0
THE CHRONICLE
1368
% im l\ z x s r
(Saseite.
W all Street, Friday N ight, A p ril 4 1919.
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n .— T he
principal event attracting tho attention of W a ll Street early
in the weok was an announcement that the W a r Financo
Corporation w ould soon put out a loan of $ 2 0 0 ,0 0 0 ,0 0 0 to
m eet the requirements of tho railroads. T h is plan was not
unexpected, how ever, and was chiefly interesting as show
ing that the emergency will be m et w ithout delay and the
security markets were not notably affected.
Quite different in its influences has been the knowledge
that the adjustm ent of steel prices is not satsifactory to tho
Railroad A dm inistration, and therefore not working as was
expected.
O n this inform ation the steel shares declined and
railway stocks showed a tendency to weakness until to -d ay .
On tho other han d, the lower prices now quoted for copper
m etal, which have come about in a perfectly natural w a y ,
seem to be entirely satisfactory to all concerned, produc
ers, consumers, tho public and tho financial interests in
volved. A s a consequence practically all the copper stocks
have been active this week and generally at advancing
prices. Perhaps the international exchange rates, from
which it is generally supposed all artificial support has been
w ithdrawn, will also be allowed to pursue a natural course
to a normal condition.
O f this we shall know moro later
on, but it is interesting to note tho fact that sterling exchange
in this market has recovered about 10 points within a few
d ays. A t the same tim e foreign bank statem ents show
heavily increasing note circulation and evidently the end
of that process is quite l’om ote.
F o r e ig n E x c h a n g e .— Sterling exchange has shown dis
tinct strength during the week, w ith a sharp recovery from
previous declines.
Continental exchango was firmer, in
sym path y w ith sterling, w ith tho exception of liro, which
continued w eak.
N eu tral exchange was abou t stead y.
To-day’s (Friday’s) actual rates for sterling exchango were 4 63>4@
4 65)4 for sixty days, 4 66@4 68 for cheques and 4 67@4 69 for cables.
Commercial on banks, sight 4 65)4 @ 4 67)4, sixty days 4 62@4 64, ninoty
days 4 60)4@ 4 62)4, and documents for payment (sixty days) 4 62 )4@4 64'A- Cotton for paymont 4 653404 67)4, and grain for payment
4 65)4 @ 4 67 'A.
•
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 95@ 6 01
for long and 5 90@ 5 96 for short. Germany bankers’ marks were not
quoted. Amsterdam bankers’ guilders were 39 15-16@40 for long and
40 3-16@40 5-16 for short.
„
T ,
,
Exchange at Paris ou London, 27.80fr.; week s rango 27.80 fr. high and
27.89 fr. low.
Tho range for foreign exchange for the weolc follows:
Cb
a lt
hu
S D
ixty
Sterling Actual—
Sixty V ays. C eq es.
4 68
4 69
63 )4
High for the week________________ 4 63)4
4 58
4 59
Low for the week________________ 4 55
Paris Bankers’ Francs—
5 87
5 89
High for the week________________ 5 95
6 05
6 07
6
Low for the weok________________ 6 15)4
Amsterdam Bankers’ Guilders40 )4
40
40)4
High for the week____...______
40
40)4
39 H
Low for the week____________
D o m e s tic E x c h a n g e . — Chicago, par. St. Louis, 15@25c. per SI,000
discount. Boston, par. San Francisco, par. Montreal, S25 625 per
SI ,000'premium. Cincinnati, par.
S ta t e a n d R a ilr o a d B o n d s .— Salos of S tate bonds a t tho
B oard include $ 2 ,0 0 0 N e w Y o r k C anal 4 % s a t 107, $ 1 ,0 0 0
N . Y . Canal 4 s, 1 96 1 , at 9 6 % and $ 2 3 0 ,9 8 9 Virginia 6s
deferred trust receipts at 7 0 to 7 3 % .
.
.
T h o m arket for railway and industrial b o n d s-h a s again
been overshadowed b y enormous transactions in L . L . issues.
Such activity as tho records show was m ost conspicuous in
tho local traction group, led b y .Interboro M e t . 4 % s , which
after adding a point to last w eek’s declino reversed its m ove
m ent and recovered 7 points in tw o d ays.
Interboro
R apid T ransits are a point higher than last week and B . R .
T ’s, N e w Y o r k R ailw ays and Third A v e . 5s are fractionally
higher. O f tho list of 18 w ell-know n issues heretofore m en
tioned 12 have advanced and 2 are unchanged. So. P ao. 4s
and C hes. & Ohios prominont for an advance of 3 % points.
[V ol . 108.
STOCKS.
Rn efor W .
ag
eek
Rn esin J n 1.
a g ce a .
as
W en in A ril 4. Ste
eek d g p
for
W
eek Lw
o est.
Hh
ig est.
Lw
o est. H h
ig est.
P r Sae $p sh re. S p sh res p sh re.? p sh re.
a hrs er a
er a er a er a
Adams Express......... lOt 1,001 33
Mar 21 41
Apr 4 33
Mat 50
Jan
American Express___100
20 89 Apr < 89 Apr 4 84)4 Jan 95 Jan
1
Am Malt 1st pref certfs
of deposit stamped___ 1,301 51
Apr 2 52)4 Apr 3 51
Am Smelters Securities
Preferred Scr A ___100
93)4 Apr 2 93)4 Mar 31 92
Am Sumat Tob pref. 100
301 95
Mar 31 95)4 Mar 31 93
Assoc Dry Goods___100
23)4 Apr 2 27)4 Apr
17)4
Associated OU......... .10(
501 73
Apr 1 75
Apr
Atlanta Blr & A tl-.-lO f
540
Mar 31
Mar 31
Barrett pref________ 101
115 Apr f 115
Apr 3
Batopiias Mining____20
1)4 Apr ]
1)4 Apr 3
IK
Bklyn It T ctfs of dep___ 6,701 21)4 Mar 2! 22)4 Apr
19)4
Bklyn Union Gas___100
401
Apr 1 79
Apr 4 77)4
Brown Shoe, Inc____100
74
Mar 31 78
Apr 4 71
Preferred________ 10!
301 99)4 Mar 31 100
Apr 3 98
Butterick___________ 101 2,501 21
Apr J 24
Mar 31
Calumet & Arizona___10 1,90! 59
Apr 1 60)4 Apr
50)4
Case (J l) pref______ 10!
47C 94)4 Mar 21 95)4 Apr 4 91)4
Cent Foundry prof.. 100
Apr 3 30)4 Apr
28
50! 28
Cldc St P M & Om-.lOO
IO 72)4 Apr 4 72)4 Apr 4 7214
C
Cluott, Peab’y C o .100
40(1 63)4 Mar 2!) 64
Apr 3 60)4
Computlng-Tab-Rec. 100
300 44
Mar 29 47)4 Apr 4 37)4
Cons Interstate C all..10
6)4 Mar 31 0)4 Mar 31
0)4
Continental Insur____25
500 07)4 Apr 4 67)4 Apr 4 58
Cuban-Amer Sugar. . 100
Apr 4 180
25 180
Apr 4 150
Deere & Co., pref___100
97)4 Apr 4 97)4 Apr 4 93)4
Detroit Edison_____ 100
112)4 Apr 1 112)4 Apr
Elk Horn Coal_______ 50
27
27)4 Apr 1 27)4 Apr
Federal M & S pref. .100
35
Apr 3 36
Mar 29 33
Fisher Body Corp.no par 5,150 52
Apr 1 59)4 Mar 29 38)4
Preferred...............100
93
Apr 1 93
91
Apr
General Cigar, In c .. 100 21,400 54
Apr 3 58)4 Apr 4 47
Preferred________ 100
104)4 Apr 4►104)4 Apr 4 103
Gen Motors deb stk.100 4,700 90
Mar 31 91)4 Mar 31 82
Hartman Corpn------100
300 63
Mar 21 64)4 Apr 3 54)4
Int Harvester pref..100
116)4 Mar 31 116)4 Mar 31 115
Jewel Tea, Inc______ 100
38
Mar 31 40)4 Apr
28
Preferred________ 100
500
Apr 3 90
Mar 31 84
Kctly-Springf, pref.. 100
94
Apr 4 94
Apr 4 90)4
Kelsey Wheel, In c..100
400 30
Apr 2 30
Apr
34
Kresgo (S S) Co_____ 100
400 115)4 Apr 1 119
Apr 4 106)4
Lako E We t, pref. 100
17
Apr 1 17
Apr
17
Liggett & Myers, pf.100
111)4 Apr 3 111)4 Apr 3 107
Lorlllard (P)......... -.10 0
154
Apr 1 154
Mar 31 153
Preferred________ 100
108)4 Apr 3 109
Apr 3 107
Man (Elev) Uy guar. 100
400 73
Apr 1 75
Apr
70
Marlln-Itock vtc.«o par.
70
Apr 1 70
Apr
70
May Dept Stores— 100
73)4 Mar 29 77)4 Apr 3
Preferred________ 100
500 108
Apr 2 108
Apr 3
M St P S S Mario. 100
88)4 Apr 2 88)4 Apr
85)4
Preferred...............100
50 110
Apr 2 110 Apr
Nashville C & St L .100
114
Apr 4 114
Apr 4 l i t
National Acme--------- 50 25,100 34
Mar 31 39
Apr
29)4
National Biscuit------100
118)4 Apr 1 118)4 Apr
109
Preferred________ 100
400 117)4 Apr 2 118
Mar 31 115)4
Natl Cloak & Suit...1 0 0
Apr
70
75)4 Apr 1 70
Preferred________ 100
103)4 Apr 1 103)4 Apr
103)4
Nat Rys Mex 2d pt-.lOO 3,100 9
Apr 4 10)4 Apr
5)4
300 20
N Y Chic & St L____100
Apr 2 20)4 Apr 3
st preferred_____
70
Apr 2 70
70
Apr
Now York Dock____100
425 21)4 Apr 1 21)4 Apr
19)4
Preferred________ 100
45)4 Apr 4 45)4 Apr 4 44)4
700 29)4 Apr 4 31)4 Apr
29
N O Tex & Mex vtc.100
Ohio Fuel Supply------25
46)4 Mar 29 40)4 Mar 29 43
Oklahoma P
It rights. 26,200
9-16
)4 Apr 1 11-10 Apr
Apr 1 54)4 Apr 4 46
Owens Battle-Mach..25 7,800 47
25
Mar 31 26)4 Mar 31
Pacific Tel & Tel____100
34
Apr 1 34
Pcun-Seab St’l vtc
Apr
30
Pitts Steo, pref_____ 100
125 93)4 Apr 4 93)4 Apr 3 90)4
51
Apr 4 51)4 Apr 3 51
Punta Alegre Sugar..50
Royal Dutch (N Y shs). 46,700 87)4 Mar 31 90)4 Mar 29 86)4
Savage Arms Corp..100 . 400 61)4 Apr 2 62)4 Apr
53 14
800 L36 Mar 29 149
Standard Milling— 100
124
Apr
300 S9
Mar 29 90
Preferred ............... 100
Apr 4 85)4
500 210
Apr 3 210)4 Apr 4
Texas Co full paid rects.
275
Apr l 275
Texas Pac Land T r._ 100Apr l 180
Third Avenue lty— 100 1,300 14)4 Mar 31 15
Apr
13)4
Tol St L & W , pref tr rcc
10
Mar 31 10
Mar 31
2,800 41)4 Mar 31 45
Transue & W ’ ras.no
Mar 31 37)4
144
Mar 29 144
Mar 29 115
Underwood________ 100
800 113
United Drug........... .100
Mar 31 115
Mar 29 90)4
1st preferred______ 50
55)4 Apr 3 55K Apr 3 50)4
400 105
Mar 29 100)4 Mar 31 91
d preferred______
21)4 Apr 1 21)4 Apr
U S Express......... ...1 0 0
32
Mar 31 35)4 Mar 29 17)4
U S R ealty* Impt.-lOO
59
Mar 29 59
Wells, Fargo Express.100
Mar 29 59
100
Apr 4 100
Apr 4 90)4
Wilson * Co, pref___100
20
0
10,001
101
1.201
2,101
6
77H
6
•
1
1 6
8
6
110
1
2
2
10
&
00
0
10
0
100
20
0
220
20
0
X
100
X
110
8
,200
8
8
10
0
& 3
10
0
10
0
20
0
20
0
10
0
10,200
10
0
10
0
20
0
20
0
20
0
&
1
10
0
S
c
10
0
10
0
100
1,000
0
n p r 10
oa
20
0
1 110
2
1
14
2
2
1
2
1
0
0
101
2
0
2 10
2
1
2
1
1
20
2
1
1
1
22
1
2
2
2
10
0
10
0
pr
a
20
0
10
0
10
0
10
0
1,100
10
0
100
Apr 52)4
Apr
'A Feb
20
0
1
10
1 10
)4
94
Mar
Jan 98
Feb
Jan 27)4 Apr
Jan 76)4 Jan
Mar
Jan
Fob 115)4 Mar
Jan
1)4 Feb
Mar 24)4 Mar
Apr 82
Jan
Feb 78)4 Apr
Feb
Apr
Jan 24
Mar
Mar 01)4 Jan
Jan 95)4 Apr
Apr 34
Mar
Apr 82
Jan
Fob 65
Jan
Jan 47)4 Apr
Mar 8)4 Jan
Jan 09)4 Mar
Jan 182
Mar
Feb 9714 Apr
Jan 112)4 Apr
Jan 29)4 Jan
Jan 39)4 Mar
Jan 63)4 Mar
Feb 97)4 Mar
Jan 58)4 Apr
Jan 104)4 Apr
Feb 91)4 Mar
Jan 04)4 Apr
Fob 118
Jan
Fob 48
Mar
Feb 91
Mar
Jan 95)4 Mar
Jan 41
Mar
Jan 119
Apr
Apr
Mar
Jan 111)4 Jan
Mar 168)4 Jan
Jan 109)4 Feb
Mar
Jan
Apr 7914 Feb
Jan 77)4 Apr
Jan 108
Feb
Mar 91)4 Mar
Feb
Apr
Feb 116
Feb
Jan 39
Apr
Jan
Mar
Jan r l
Mar
Jan 76
Apr
Feb 105
Feb
Feb 14
Mar
Mar 30
Jan
Apr 70
Apr
Feb 2014 Jan
Mar 48
Jan
Mar 30)4 Feb
Jan 47
Mar
Mar 13-10 Mar
Mar 54)4 Apr
Jan 29
Fob
Mar 37
Mar
Jan 94
Feb
Apr 54)4 Mar
Mar 95
Mar
Jan 63
Mar
Jan 149
Apr
Jan 90 If Feb
Mar 213)4 Mar
Jan
Jan
Jan 16)4 Feb
Mar
Mar
Mar
Jan 45
Jan 144
Mar
Jan 115
Mar
Jan 55)4 Mar
Jan 100)4 Mar
Fob 24)4 Mar
Jan 36)4 Mar
Mar 75
Jan
Apr
Feb
8
10
0
2014
8
8
110
120
21
120
10
10
0
O u t s id e M a r k e t.— T he “ curb” m arket was unusually
activo this week and a broader list of securities was dealt in.
Prices in a num ber of issues made now high records, though
generally m ovem ents woro irregular. T ho packing stocks
camo in for a considerable snare of attention.
L ib b y ,
M c N e ill & L ib b y on heavy transactions lost a point to
2 9 , ran up to 3 0 % and fell back to 2 8 % , w ith tho final
U n it e d S t a t e s B o n d s .— Sales of G o vern m en t bonds at
figuro to-d ay 2 9 .
Sales of Swift International wero also
the B oard includo $ 5 ,0 0 0 4s cou p, a t 1 0 5 % to 1 0 5 % , Liberty
h e av y, the price, after an early advance, from 63 to 6 5 % ,
L oan 3 % s at 9 9 to 9 9 .2 0 , L . L . 1st 4s a t 9 4 .4 4 to 9 5 .5 0 ,
dropping to 5 9 % , w ith the close to -d ay at 6 0 % .
Philip
L . L . 2d 4s at 9 3 .4 4 to 9 3 .8 0 , L . L . 1st 4 % s a t 9 4 .5 2 to 9 5 .6 2 ,
M orris & C o . gained alm ost threo points to 14 and rested
L . L . 2d 4 % s a t 9 3 .4 4 to 9 3 .8 2 , L . L . 3d 4 % s at 9 5 .0 2 to
finally at 1 3 % .
K eystone Tire & Rubber com . m oved up
9 5 .9 8 and L . L . 4th 4 % s at 9 3 .5 0 to 9 3 .8 8 .
For to-day’s
irregularly from 8 4 to 8 8 % .
Fam ous P layers-L asky Corp.
prices o f all the different issues and fo r the week’ s range see
opened at 5 2 , fell to 46 ancl advanced to 5 7 , tho close to-d ay
third page follow in g.
being at 5 6 . E n dicott Johnson C orp . com . was traded in
; R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— -The stock m ar for tho first timo up from 44 to 5 3 . N a t . Aniline &
U nion Carbide
k et has been moro activo again this w eek, tho transactions C hom . com . improved from 25 to 2 7 % .
recorded at the Stock E xchange averaging som ew hat over & Carbon rose from 66 to 7 0 . U . S . Steamship was
8 2 5 ,0 0 0 shares per d a y .
T h o m arket was unusually steady active and strong and sold up from 2 % to 3 % and at 3 %
until Thursday when steel shares wore freely offered, finally. A m on g oil shares, Cosdon & C o . co m . was heavily
as noted ab o v e , and led in a stead y declino which finally traded in up from 7 % to 8 % , the close to-d ay being at 8 % .
Sinclair G ulf C orp . dropped from 4 7 % to 4 3 % and ends tho
included all classes of stocks.
M erritt Oil doclinod from 3 2 % to 2 9 %
In to -d a y ’s m arket this m ovem en t was reversed, how week at 4 4 % .
ever, and in m an y cases closing prices are tho highest of and closed to-d ay at 29 % . I n t . P otrol. mado a stoady advance
L a . Oil & R e f. after an early advance
tho w eek. Southern Pacific led the railway group w ith an from 2 1 % to 2 3 % .
advance for the day of 4 % points.
U nion Pacific followed from 37 to 4 0 % weakened to 38 but m oved upward again,
w ith a gain of 2 , N e w Y o r k Cen tral, N e w H a ven and R ead resting finally at 3 9 . N a tio n al Oil sold for tho first timo up
Sinclair Oil warrants gained about 6
ing with a gain of 1 % and soveral other railway issues aro from 4 % to 5 % .
points to 8 4 . M in in g shares were activo, interest centering in
a point more or less higher than a t the close of yesterday.
T exas C o . led the industrial list b y m oving up 4 points the T onopah district issues. Bonds quiet and generally
Interboro. R . T . 7s rose from 8 6 % to 8 8 % and
with General Cigar a close second, up 3 % .
Other changes steady.
sold to-d ay at 8 8 .
Russian G o v t, bonds wore weaker, tho
in this class of stocks are less im p ortan t.
6 % s losing threo points to 61 and tho 5 % s two {mints to 5 3.
' For daily volume o f business see page 1 3 7 7 .
A com plete x
’ecord of “ curb” m raket transactions for tho
T h e following sales havo occurred this week of shares not
week will bo found on page 1377.
represented in our detailed list on tho pages which follow :
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
Pot record
h ig h
a n d
Saturday
M a rch 2 9 .
9 1%
*8 6
*95 18
47<2
54
2 Mi
1591.1
*5 7 1 2
7^4
*2 4
373s
6884
9412
23%
*7 5 l2
05
*3 2
*6 5
*2 3 %
*5 4
*10 3 %
176 %
434
*7
16 %
2 7%
*1 9
93%
4 1%
99%
3%
11%
19
*5 3
54%
*114
*1 0 %
6%
10 %
23%
5 175
29%
*1 9
10 4
92-%
43%
*1 2 %
36%
*7 9
8311
*3 7 %
3 7%
12
*1 7
734
*1 7 1 o
10 0 %
27%
6 7%
32
*4 5
12 8 %
*7 2
11%
25
*8 %
33
*2 0
*1 0 %
*1 8
183s
54
*8 %
*1 7 %
*3 3
low
s a l e p r i c e s —-P ER
i\ u/iiiii y
L
M a rch 3 1 .
Tuesday
A p r il 1 .
]
o f s a lo s d u r in g
S H A R E , N O T PER C E N T
W ednesday
A p ril 2 .
Friday
A p ril 4
A p ril 3
__
2 7%
6 1 >8
75
3%
36%
9U2
10 4
1 00
75%
93
5 2 *i
10 2 %
90%
27
27%
6 1 % 62
74
74
3%
3*2
2*4
2»8
3 5 % 3658
89
89
10 3 S3
10 3
*9 8 % 10 0
75
75 %
*9 0
93
5 1% 52
10 1
10 1%
89 % 9 0 *i
49%
48% 49%
*9 1
93
13 %
13
13 %
2 1 *i
2 1 % 23
1 0 1 % 10 0 *2 1 0 1 %
4 6 l4 §46 % 4 6 *i
63%
03*2 64
74%
7"1
72%
49*4 493.J,
49%
89 % 90
89%
65 % 6 6 34
66%
10 5
104/8 * 1 0 3
1*2
1%
1*8
52
5 0 % 50*2
6934 7 0 %
70 %
10 5
10 5
10 5
81
80
8 1%
1 2 5 *i 1 2 4 % 1 2 5 *t
117
*1 1 5
117
I I M 4 112%
112
1 0 5 *i 1 0 1 % 105*8
207
2 0 5 % *2 0 3
10 0 % 10 0 % 10 0
56
50
5 7%
99
9 8 % 98*2
40%
40% 4 1%
13 % § 13 *4 13 %
43
*4 2 *2 44
62
62%
62%
12 2
118 % 119
67
6 7%
67
8 7 % 90
88%
12 1
12 0
125
70 % 70 %
69<s
70 %
70 % 7 1
105^8 10 5 % 10 6
21%
21
2 1%
14 1
1393s 1 4 0 %
6% *6 %
6%
2 2 % 2 4 *i
2 3 's
—
• B i d a n d a s k o d p r ic e s ; n o s a le s o n t h is d a y .
27
62
7334
3 *i
1 ?3
35*1
89
10278
*9 9
75 %
*8 6
49%
10 0 %
89%
116
4 8 *t
93
13
22%
99 *s
*4 5 %
63%
70 %
4 8 3i
89%
66
*1 0 3
1*2
5 1%
70
10 5
80
124%
1 1 6 *4
111
101%
*0 0 %
5 7%
98 *2
40*4
12 %
43%
6 1%
12 1%
*6 7 %
87%
12 5 %
6834
68 %
10 6
21
14 0
6%
2 Ms
28%
62%
74%
3%
2%
36%
89 %
10 3 %
10 0
773 s
93
5 1%
10 1%
9 0 *i
1 16
49%
93
13 %
23%
1 0 l*i
46%
63%
71%
49
89%
66%
10 5
Ml
5 1%
72 %
10 5
80%
12 6
116 %
112
101%
205%
10 0 %
58%
98%
41%
1334
43%
62-3.1
124%
68
893s
12 9 %
69
7 0 *i
10 6
2 1%
1 4 1 *i
6%
22%
t E x -r ig h ts ,
see
p re ce d in g
L ow est.
R a ilr o a d s
Par
A tc h T o p e k a & S a n ta F e -- 1 0 0
Do
p r e l ............................................10 0
A tla n tic C o a s t L in e R R .. 1 0 0
B a lt i m o r e & O h i o ________ 10 0
Do
p r e f ................... .........................100
B r o o k l y n R a p i d T r a n s i t . . 10 0
C a n a d i a n P a c if i c __________10 0
C h e s a p e a k e & O h i o ______ 10 0
C h ic a g o G r e a t W e s t e r n ___10 0
Do
p r e f ______________ 10 0
C h ic a g o M l l w & S t P a u l . . 10 0
Do
p r e f ______________ 10 0
C h ic a g o & N o r t h w e s t e r n .. 10 0
H ighest.
PER SH AR E
Range f o r P revious
Y ea r 1 9 1 8 .
L ow est.
| L eas th a n 100 sh a res,
a E x - d l v . a n d r ig h t s ,
share
Fe b 3
Ja n 2 1
M a r2 7
Ja n 2 1
F e b 10
Ja n 2 7
Ja n 2 1
Ja n 2 l
Ja n 2 1
Ja n 2 1
F e b 15
J a n il
Ja n 2 1
M a r lO
Ja n 2 1
Ja n 2 1
Ja n 2 1
Feb 17
Apr 2
Ja n 2 2
Ja n 3
34
79
75
36%
37
10 %
17
Ja n 2 1
Ja n 3 1
Ja n 2 1
Ja n 9
Ja n 2
Ja n 2 1
Ja n 2 8
7%
F e b 13
95% Ja n 2 1
Ja n 2 1
25
66% Ja n 2 1
2 7% Ja n 2 1
J a n 16
38
124% Ja n 2 1
Ja n l4
72
7% Ja n 9
Ja n l3
15
7% Ja n 2 0
30% Ja n 2 1
Ja n 2 3
19
10 *8 F e b 7
17
Feb 3
52% F e b 2 0
7% M a r 5
17
30 %
Fnb27 i
Feb27
M a r l2
Feb 4
M ar 7
Ja n 3
M ar 3
87g J a n 3
10 6 %
30%
70
36%
49
13 2%
74 %
13 %
277g
9
36%
22%
12 %
26
22%
0 1 *2
9%
36% M a r 7
29*8 D e c
66
3%
1%
30
8 1 *8
997g
98
62
8 4 *i
42*8 F e b 1 1
9S7g J a n 6
8 4 % F e b 10
Ja n 2
Ja n 7
Ja n 2 4
Ja n 4
Ja n 2
Ja n 2 1
Ja n 2 0
Fe b 8
M ar 1
M ar 1
Ja n 2 1
J a n l4
J a n l7
F e b 19
Feb 6
Feb 20
Fe b 8
Ja n 2 1
Ja n 6
J a n 13
Ja n 2 9
Fob 4
Feb 21
Ja n l6
Feb 8
Ja n 2
Ja n 3 1
Ja n 2 1
Fob 6
Feb 8
Ja n 2 9
Ja n 2 9
Ja n 2
Ja n 2 0
55% J a n 2 1
10 1% Ja n 2 2
18 % J a n l 4
13 8
Feb 6
5% F e b 2 0
16 7, F e b l l ’
5 0%
93
14 %
23%
10 1%
49
64%
74 7g
52^4
92%
68*8
10 5
4%
5 1%
78 %
10 7
87%
1 2 7 *8
118
118
10 8 %
2 15
10 6
6 7%
10 2
43
15
45
63%
12 4 %
6 7%
9 1%
13 4%
70 %
71%
10 8 %
22%
15 7
7%
2 5 1*
M a r2 9
Apr 3
M ar 7
Apr 3
Apr 2
M a r 17
M ar 7
Apr l
Ja n 9
Ja n 7
M a r lO
M ar 5
Ja n 7
Apr 3
Ja n 3
J a n 14
M a r lO
Apr 4
Feb 5
M a r l2
M a r lO
M a r l2
Ja n 6
M a r l5
M a r l2
M ar 7
Feb28
M a r l9
M a r lO
Apr 3
Apr 2
M a r l2
Apr 4
Apr 2
M a r ll
Apr 4
Ja n 6
Ja n 3
Ja n 6
Feh2 8
t E x - d iv id e n d ,
1%
1%
17%
72%
78
89%
48
z8 2
3 1%
89 %
68 %
25
78
1 1 *8
50
11%
38%
5 112
27
69%
53%
z0 5
2%
41
73
10 3
58
98
10 8 %
60%
90%
14 0 1*
119 %
1S 5
7
13 %
23%
36%
2 7%
10 6 %
34%
10 5 %
9%
4 7%
24%
59%
65%
12 4 %
1578
6%
13 %
3 1%
62
84%
45 78
24%
112 %
10 5
50%
18 7g
Nov
Sept
Nov
Ja n
Nov
Nov
Nov
Nov
Nov
Nov
Ja n
Ja n
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
M ay
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
M ay
Ju ly
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Ja n
Oct
Nov
Nov
Nov
Sept
Nov
Nov
Ja n
Nov
Nov
Nov
Nov
Nov
Nov
Nov
110
34*8
75 %
2 9 1*
65%
13 7%
7 6 *i
12
20
11 .%
44%
26%
Nov
Nov
Nov
Dec
Ja n
Oct
Nov
Ju n e
M ay
Ju ly
Ja n
Ju n e
1784 F e b
24% N o v
66 J u n e
12 % N o v
13
46
3
11
25*8
49
share
12 “ N o v
7
S O I*
20%
57
It
M ay
32
10 9 % J a n
69
4%
10 %
7
30*8
19 %
10
M a r 17
M a rl 5
Feb27
Ja n l5
M a r ll
M a r 19
M a r2 9
M a r l7
M a r 15
Apr 4
Feb23
Apr 1
M a r lO
Feb28
39%
88
10 *8
13 %
71%
38
5 4%
52%
44%
85
58
10 0
1
43%
62%
103
68
111%
113 %
96%
98%
19 1*8
10 0
45%
94%
27%
11
40
56%
92
64
6 1*8
103
55%
22%
61
70 %
35
35
9%
19
Apr 4
M ar 3
Ja n 2
Ja n 3
Feb28
M ar 3
M ar 5
Feb2l
Feb 26
M ar 3
M a r l2
M ar 3
Ja n 9
M a r 14
M ar 4
Ja n 6
Feb 27
29%
65
81
4%
2%
36%
92%
10 8 %
10 8
77%
90
5 2%
10 3
9 4%
21
Ja n 2 1
Ja n 2 0
Ja n l3
Apr 4
Ja n 2
Ja n 2 1
Ja n 2 3
Ja n 2 9
Ja n 9
Ja n 3
40%
83
807S
38%
38%
14 %
19 %
H igh est.
$ p er
99%
92%
10 9
62
6412
48%
1 7 4 *8
62%
11
32
54%
86%
10 7
13 7
32%
88
75
40
70
2 7%
55
40%
82
96%
39
40
17%
25
$ ner share
3 per share
9414 J a n 3
M ar
81
Ja n
S9
Ja n 4
80
99
Ja n 6
89% A p r50% M a r l2
48% D e c
58% M a r l l
53
Apr
26"s J a n 8
25% D e c
16 5
Feb 27
13 5
M ar
60% M a r l2
49% Ja n
9% F e b 2 7
6
Apr
27
Fe b 27
18 % A p r
4 1% M a r l2
3 7% A p r
74 *3 M a r l 2
66% A p r
98
M a r l2
89% M a r
12 5
C h ic R o c k Is l & P a c te m p c t fs .
2 6 *2 J a n 3
18
Apr
7 % p r e fe r re d t e m p c t f s ____
80% J a n 3
56% Ja n
6 % p r e fe r re d te m p c t f s ____
67
Ja n 3
46
Ja n
C l o v C l n C h ic & S t L o u i s . . 10 9
36% F e b 2 7
26
Fe b
Do
p r e f ............................................ 10 0
70
Ja n l6
58% M a y
C o l o r a d o & S o u t h e r n _____ 10 0
28% M a r lO
IS
Apr
Do
1 s t p r e f ___________10 0
54% M a r2 1
47
Apr
4 77s M a r 3
Do
2 d p r e f .............................. 10 0
40
D e l a w a r e & H u d s o n ______ 10 0
J a n 2 0 10 9 % M a r 12
lo t
10 0 % A p r
D e l a w a r o L a c k & W e s t e r n . .50 1 7 2 % M a r l S
18 2 % J a n 2
16 0
Apr
D e n v e r & R io G r a n d e ____10 0
5% J a n l4
2% Ja n
3% Ja n 8
Do
p r e f ______________ 10 0
8% F e b 26
6 % F e b 3,
5
Apr
E r l o .....................................................................10 0
IS
M a r lO
15 % J a n 2 1
14
Apr
Do
1 s t p r e f ................................. 10 0
3 1 .M a r 3;
24-% J a n 2 1
23% Ja n
Do
2 d p r e f ___________ 10 0
22
Ja n l4
17% A p r 3
18 % J a n
G r e a t N o r t h e r n p r e f ______ 10 0
95% J a n 2;
86
90 % •Tan21
Ja n
I r o n O r e p r o p e r t i e s ...V o par
44% M a r l2 l
3M 4 Ja n 2
25% J a n
Illin o is C e n t r a l ___________10 0
J a n 2 1 10 0
M a r2 2 '
96
92
•Tan
I n t e r b o r o C o n s C 6 r p . . . V o par
7% Fe b 24
3% M a r2 4
4 *i D e n
i*o
p r e f ..........................................10 0
24
Fcb24
11% M a r2 9
17% D ee
2 1% Fe b 2 7
K a n s a s C i t y S o u t h e r n ____10 0
16 % J a n 3 0
15 % A p r
Do
p r e f ______________ 10 0
Ja n 2 1
53*8 M a r 2 4
Ja n
49%
45
L e h ig h V a l l e y _____________ 50
Ja n 2
5 7% Ja n 2 5
54
53% D e c
L o u i s v ill e & N a s h v i l l e ____10 0
Ja n l3
113
M a r 8 119
110
Ja n
M i n n o a p * S t L (n e w )____10 0
12% Fe b 2 8
9% Ja n 2 1
7% A p r
M is s o u r i K a n s a s & T e x a s . 10 0
7
Feb27
Ja n
4 % F e b 10
Do
p r e f ______________ 10 0
14% F e b 2 7
8 % J a n 13
6% Ja n
M is s o u r i P a c ific t r u s t c t f s . 10 0
27
Ja n 3
Ja n
22 *4 J a n 2 1
20
Do
p r e f t r u s t c t f s _____ 100
54% Ja n 3
Ja n
41
49% J a n 2 l
N e w Y o r k C e n t r a l _______ 10 0
77% M a r l2
69% Ja n 2 1
6 7% Ja n
N Y N H & H a r t f o r d ____ 10 0
34% M a r lO
2 5 % F e b 13
A ttr
27
N Y O n t a r i o & W e s t e r n . .1 0 0
21% M a r 3
18 % Ja n 2 1
18 %
N o r f o l k & W e s t e r n - ....................10 0
10 3
M a r 6 10 8 *4 J a n 2
10 2
N o r t h e r n P a c if i c ..............................10 0 ' 8 8 % J a n 2 1
94% M a r l2
81%
P e n n s y l v a n i a ............................................50
46
Ja n 7
43 7. M a r2 0
4 3 % J t fn e
P e r o M a r u u o t t o v t c ................10 0
15 % M a r 4
9 1* M a v
12% Ja n 2 1
Apr
3 6 % 3 7 *1
6 ,3 0 0 P i t t s b u r g h & W e s t V a ____10 0
82
*8 0
20 0
Do
p r e f ............................................ 10 0
8358 8 5 % 5 0 ,2 0 0 R e a d i n g ___________________ 50
______
* 3 7 % 39
Do
1 s t p r e f ____________ 59
3 7% 3 7%
800
Do
2 d p r e f _____________ 5
12%
lM s
1 ,2 5 0 S t L o u l s - S a n F r a n t r c t f s . . 10 0
*1 6
20
S t L o u i s S o u t h w e s t e r n ____10 0
*3 0
34
*8
8%
80 0 S e a b o a r d A i r L i n o ..................... . 1 0 0
*18
18 %
1 0 1 % 1063s 18 0 ,4 0 0 S o u t h e r n P a c ific C o ....................10 0
2,3% 2 8 % 1 8 ,9 0 0 S o u t h e r n R a i l w a y ________ 10 0
6 3 *i 6 8 %
80C
Do
p r e f ______________ 100
3 1 % 3 3 % 1 2 .7 0 C T o x a s & P a c if i c ..............................- 1 0 0
*4 5
48%
T w i n C i t y R a p i d T r a n s i t . . 10 0
12 9
13 1
15 .8 0C U n i o n P a c if i c .........................................10 0
*7 2
74
225
Do
p r e f ______________ 100
11%
*1 0 %
30C U n i t e d R a i lw a y s I n v e s t ___10 0
24% 24%
2 ,9 0 0
Do
p r o f ______________ 100
8%
8%
60C W a b a s h __________________ 10 0
33
3 ,30c
Do
p r e f A ____________ 10 0
33%
2 0 3s 203,s
106
Do
p r e f B ____________ 10 0
10 % 10 %
2 ,4 0 0 W e s te r n M a r y l a n d ( n e w ) . 10 0
*18
25
*18
20
20 0 W e s te r n P a c if i c _____ _____ 10 0
*5 3 % 54
20 0
Do
p r e f . . ..................................... 10 0
8%
8%
600 W h e e lin g & L a k o E r i e R y .1 0 0
♦ 17 % 2 0 ’ ->
*3 2
36
I n d u s t r i a l 8c M i s c e l l a n e o u s .
2 7% 28%
7 ,7 0 0 -A d v a n c e R u m e l y ________ 100
62% 63%
4 ,0 0 0
Do
p r o f______________ 10 0
73 % 73 %
5 .20 C A j a x R u b b e r I n c _____ _____ 50
3%
3-*s
4.8 0 C A la s k a G o l d M i n e s ................— 10
2 ,9 0 C A la s k a J u n e a u G o l d M l n ’ g .1 0
2
2>s
3 5 % 3 5 % 2 0 .70 C A llls -C h a lm e r s M f g ______ lO o
90C
Do
p r e f .......................... ..................10 0
89% 89%
10 3
10 3
6.20 C A m e r A g r i c u lt u r a l C h e m .- l O O
10 0
*9 9
10 0
Do
p r e f ______________ 100
1 2 , 9 0 c A m e r ic a n B e e t S u g a r _____ 10 0
76 % 7 7 %
*9 0
93
4 9 % 501,8 1 0 9 ,8 0 0 A m e r ic a n C a n ..................................... 10 0
900
10 0 % 10 0 %
Do
p r e f ________ _____ 10 0
893* 91>s
6 ,8 0 0 A m e r ic a n C a r & F o u n d r y . 10 0
200
47-% 4 8
1 9 ,0 0 0 A m e r ic a n C o t t o n O i l ................10 0
300
93
93
Do
p r e f ....................................... .1 0 0
12 %
13 % 10 ,4 0 0
2 2 % 23
7 4 ,3 0 0 A m e r ic a n H i d e & L e a t h e r .1 0 0
9 9 % 10 0 % 3 4 ,0 0 0
Do
p r e f ...................................... . 1 0 0
2 ,8 1 5 A m e r ic a n I c o ................................... . 1 0 0
45
45%
2 ,2 0 0
63
63%
Do
p r e f______________ 10 0
7 0 % 7 M s 7 9 .S 0 0 A m e r In t e r n a t io n a l C o r p . . l 0 0
483S 4858 2 1 ,8 0 0 A m e r ic a n L in s e e d ________ 10 0
1,6 0 0
*8 8
no
Do
p r e f .......................... ..................10 0
5 ,0 0 0 A m e r ic a n L o c o m o t i v e ____10 0
66
66*1
700
10 3
z!0 3
Do
p r e f ............................................10 0
6 ,20 0 A m e r ic a n M a l t i n g _______ 10 0
1%
1%
*5 1
1,0 0 0
52
Do
1 s t p r e f c e rtlfs o f d e p . .
7 M s 72 *8 6 0 ,20C A m e r S m e lt in g A R e f i n i n g . 10 0
*1 0 1 % 10 1%
300
Do
p r e f . _____ ____ 10 0
1,90 0 A m e r ic a n S te e l F o u n d r i e s . 10 0
795S 8 0 %
18 ,7 0 0 A m e r ic a n S u g a r R e f i n i n g .. 10 0
12 5
12 7%
0)00
Do
p r e f ______________ 100
116 % 116 %
7,9 0 0 A m o r S u m a t r a T o b a c c o _ 10 0
1 10 % 1 1 2
_
10 1% 10 1%
8,-800 A m e r T e l e p h o n e A T e l c g .- l O O
700 A m e r ic a n T o b a c c o ....................1 0 0
205% 205%
1 ,006
*1 0 0
10 1%
Do
p r o f ( n o w ) . . .................1 0 0
57-% 5 8 % 13 ,2 0 0 A m e r W o o le n o f M a s s ____10 0
98
98
600
Do
p r e f ........................................... 100
3 9 % 4 0 *i 14 ,4 0 0 A m e r W r i t i n g P a p e r p r e f . . 100
13
1 ,9 2 5 A m o r Z i n c L o a d A S m e l t ___25
14
43% 43%
600
Do
p r e f _____ ____ _____ 25
6 1 % 623s 4 3 ,1 0 0 A n c a o n d a C o p p e r M i n i n g . . 50
12 1 % 124
92,0)00 A t l G u l f A W I S S L i n o . . . 10 0
*6 7
500
6 7%
Do
p r e f _____________.1 0 0
8 7 * i 8 8 % 9 1 ,5 0 0 B a ld w in L o c o m o t i v e W k s .1 0 0
12 6
1 3 1 % 1 4 ,1 0 0 B a r r e t t C o ( T h e ) ________ 10 0
900 B o th lc h e m S te e l C o r p ____10 0
6 8 % 7 0 % 1 5 8 ,7 0 0
Do
C la s s B c o m m o n .. 10 0
10 6 % 1 0 8 *i
3 ,1 6 5
Do
cum co nv 8 % p r o f ...
21
21
3,2 0 0 B o o t h F is h e r ie s .......................N o par
*13 8
1,8 0 0 B u r n s B r o s . . ................... .....................100
14 2
2,0 00 B u t t e C o p p e r A Z i n c v t c . . 5
6% 6 %
21%
22
1 0 .2 0 0 B u t t e A S u n e r t o r M i n i n a . 10
$ per
90
86
95
44
53
18-38
15534
53%
7%
23%
34%
65*2
93%
13 1
22%
73%
6 1%
32
64
19 %
48%
1369
page.
PER S H A R E
Range Since J a n . 1 .
On basis o f 10 0 -s h a re lots.
STOCKS
N EW YO R K STOC K
EX C H A N G E
Salesfor
the
W eek
Shares
S per share
3 ,8 0 0
92% 93%
300
86 % 86 %
10 0
9 7%
*9 6
473 i 48%
4 ,5 0 0
2 10
*5 4 *2 5 7
2 3 % 2 2 % 2 5 ,0 0 0
L60%
160
3 ,7 0 0
4 ,0 0 0
583s 5 8%
8
600
83S
400
24% 24%
8 ,6 0 0
3 7% 38%
8 ,2 0 0
69% 7 1 *i
3 ,4 0 0
94
96
132
*1 2 9
2 4 % 2 4 % 1 0 ,0 0 0
900
76 % 7 7
1 ,1 0 0
6 5 % 66
*3 2
35
100
*6 4
70
000
24% 24%
100
53% 53%
48
*4 4
300
10 5
10 5
600
* 1 7 2 % 18 0
10 0
*4
5 *1
20 0
*7
7%
16 % 1 0 ,3 0 0
16 %
4 ,S 0 0
2 7% 28%
2 ,0 0 0
19 %
*1 8
1 1 ,9 0 0
X92
93
4 1 % 1 2 ,0 0 0
41
600
9 9 % 99 %
2 5 ,4 0 0
4
3*8
16 ,9 0 0
13*8 1 4
18 %
1 ,3 0 0
19 %
10 0
54
*5 3
5 ,4 0 0
55
5 5 *i
117
*113
1 ,8 0 0
11
11
6%
1 ,1 0 0
63S
12 %
1 ,0 0 0
12 *t
2 3 % 2 4 % 1 5 ,1 0 0
1 ,9 0 0
5 0 % 5 1*2
8 ,7 0 0
7 4 % 76
8 ,2 0 0
29% 31
19
19
40 0
1 ,6 0 0
10 5
10 5 %
9 2 % 9 3 % 1 2 ,6 0 0
44% 44%
8 ,1 5 0
14%
14%
2 ,3 0 0
800
5 9 % 00
51 v er share s per share s per share s per share
92%
92
92
92
9 1% 9 1%
9 1%
9 1% 9 1%
8 6 % 86%,
*8 6
8 6 % ; *8 6
87
87
86 % *8 6
9 6 % | 96 % 9 6 % *9 5 % 9 7 %
9 7 % *9 5 % 9 7 % *9 6
4 7% 48%
4 7 % 49
48% 48%
4 7%
4 7% 48
54
*5 3 % 56
§54
*5 3 % 56
54
*5 3 % 5 7
2 2 % 2 3 *i . 2 2 % 23
22
231.1
223s 2 3 %
22
161
15 9
15 9 % 16 0
15 8 % 1 5 9 % 15 9 % 16 0
100
58% 58%
5 8 % 5 8%
5 8% 5 8*1
5 8%
5 8%
58
8
8
*7 %
*7 %
8
*73,1
*7 *4
8
7 *1
*2 4
*2 4
25
25
25
*2 4
25
*2 4
25
3 7 % 3 8 *1
38
3 8 *1
3 7% 38%
3 7%
3 7%
37
69
69%
70 %
69% 69%
09
69
6 8 % 0 9%
95
95
9 1% 94%
9478 95
9434
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132
*1 2 9
132
133
*1 2 9
*1 3 0
24
24%
24%
24
24% 24%
2 3 *4
23% 24
*7 6 %
76 % 7 6 *i
77
78
76 %
70 % 76 % *7 6
65% 65%
65 % 0 5 % *6 5 % 6 6 %
66
6 5 % *6 5
*3 2
*3 2
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36
35
35
*3 2
36
36
72
64
*6 4
*6 5
64
70
72
72
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*2 3 % 25
21
24%
24% 24%
25
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*5 3 % 5 7
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*5 3 % ' 5 7
57
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4S
*4448
*4 4
4tt
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1 0 1 % 1 0 1 % 1 0 1 % 10 4 %
*1 0 3
10 6
10 5
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18 0
178
176
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*1 7 5
18 0
1 76
176 %
*4
434
*4
5
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5*1
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5%
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7 *1
7*1
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7 *1
7%
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16*8 16 *8
I63S
10 % 16 %
15 % 16 %
1634 16 %
2 7 78 2 8 %
28% 28%
28
27
28
28
28
*1 8 % 20%
21
20
19
19
19
17%
*1 8
9 3 *1 9 3 %
9 3 % 94
93%
9 3 *i 9 3 %
93% 93%
41
4 1%
4 1%
41
4 l*i
41
4 0 78 4 1 %
4 1%
997s *9 9
99
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10 0
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99% 99%
33«
4
458
4
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4 *1
3%
11%
13*8 1 4 %
13 %
14 %
13 % 14
1 1 *8 1 5 %
19
18 % 19
1S %
19
18 % 18 %
1 8 78 19
*5 2
54
5 3% 5 3%
51
54
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55 %
55
5 1 % 55
55
55
5 Ms 5 4 %
5 Ms
*114
117
115
115
*1 1 3 % 115
*113 % 115
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11%
12 % *1 0
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12
ro
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61.1
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0*8
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1 1 *1 1 1 *1
10 *4
10 % 10 %
I t ’s 11%
24
23%
2 3 % 24
2 3 % 24
23*4
23% 24%
50*2 5 0 %
5 1% 5 1%
51
50% 5 1%
5 1*2 5 1 %
743.1 7 5 * i
7 4 % 7 5 *i
75
7433 7 5 *s
74%
75 %
2 9 % 30 %
2 9 % 2 9 % *2 9 % 3 0 %
30
29
2 9 r>s
20
19
19
19 % * 1 9
19 %
20
20
20
10 5
10 5 %
10 5
1 0 1 % 1 0 4 % 10 5
10 1
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923i 93
92% 93%
92% 93%
93
9 2 % 93%
4 4 % 44-%
4 4 % 4 4 :%
44% 4 1%
44%
44
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13 3 i 13 %
14
14%
13 % 13 %
13 %
13 %
13 %
59
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43
43
36% 3 7 %
36% 36%
37
36% 37
30*8 3 6 %
82
82
82
84
*8 0
*8 0
83
82
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83% 84%
83% 84%
83% 84%
84%
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*3 7 %
39
39
* 3 7 % 39
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39
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3 7 % 373,1
3 7% *3 7
38% *3 7 % 38% *3 7 % 3 7%
12%
12
1 2 *i
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12
12
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12
12
22% * 1 7
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20
*1 6
20
20
20
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34
34
34
31
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3 5 % *3 0
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8
8%
8
7%
8
8 *1
8%
7*4
8*1
18 M * 1 7 %
IS M * 1 7 %
19
18 % * 1 8
18 % *1 8 %
10 M s 10031 10 2 *8 10 1% ' 10 2 % 1 0 1 % 1 0 2 % 1 0 1 % 1 0 2 %
28%
2 7% 28%
2 7% 28%
28
2 8 *i
2 7*8 28*8
6 7 7 g *6 7 3 i 68 %
6 8 % 68*1
6 8 % 68*1
68*1 68 %
3 M i 32%
32
32%
32%
3 2 % 3 3 *i
3 2 % 3 3%
4 8 % *4 5
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1 2 8 % 1273.1 12 9
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73
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73
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11%
1 1 % ____ ____
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217S 24%
26
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33
33
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33
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3 3 *i
3 3% 3 3%
2 1 % *2 0
2 1%
21
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10 %
10 %
10 % 10 %
1 0 % 10 %
ll
10 %
10 %
*1 ,8
*18
25
26
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26
20
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25
20
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20
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18 *8
20
18
18
*5 3
55
54%
53% 53%
51
*5 3 % 5 6 % *5 3
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*7 %
8
8
8%
8
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8*8
20
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20
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20% *1 7 %
20
20% * 1 7 %
*3 2
30
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36
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36
36
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36
27
2 7%
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27
27
6 1%
6 M s 62
62% 62%
74
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72
72
71%
3%
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3*8
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2'>8
2%
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35%
3434 35*8
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35
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91
9 2 % 9 2% : * 3 7
10 3 %
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75
7 5 % 7 5 % 1 7 4 7g 7 5 %
*8 6
93
*8 6
03 t *8 6
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49%
5078 ! 5 1
10 2 1 * 1 0 1 1 * 10 1 *8 * 1 0 1 %
*1 0 1
90
90
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903s 90 78
115
49
49%
48% 50%
49
----- -03
*9 1
93
*9 0
13 %
13 %
13 %
133g 1 3 58
1978
1 8 % 19
18 *4 19 %
99%
99%
9 7 % 98*4
97
44
45%
46%
46
45
62%
04
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03
63
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70 % 7 1 %
09% 70 %
49U
4 9 % 50*4
49*8 50*8
89 %
893S 90
8 9 % 897s
65 %
05
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00
66%
1 0 1*8
10 5
♦ 10 3 % 10 5 % * 1 0 3
1*2
Ms
1% M «
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50
50
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81
82
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12 6
124% 125 % 12 1%
125
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117
*1 1 5
117
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1097s 1 1 1 %
11 M i 112
110 %
10 1%
10334 10334 10 Ms 10 6 %
207
205%
2 0 5 % 200-34 *2 0 3
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5434 55
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99
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3 8% 39
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43
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43
43
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00%
60 *s 60*4
60*4 6 1 %
115 % 116
1 1 2 % 1 1 3 *1 1 1 3
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60
06
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06
87%
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8734 887s
1 2 0 % 12 0 % 12 0 % 12 0 % * 1 1 9
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08
09
10 5 % 10 5 %
105
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13 9 %
110
14 1
14 1
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0%
9
7
♦7
7
2 1%
21%
2 1% 227*
20
O C C U P Y IN G T W O P A G E S
t h o w e e k o f s t o c k s u s u a lly I n a c tiv e ,
39%
Oct
Ja n
Ja n
Ja n
26% N o v
6278 N o v
72 % D e o
5% N o v
31 * J u n e
37 M ay
86% M a y
10 6
Oct
10 1
Aug
84
Fe b
9D* M ay
50% M a y
99
Deo
93% D e o
Ja n
M ay
44% O c t
88
Dec
Ja n
Ja n
Ja n
Apr
Apr
Ja n
Ja n
Ja n
Ja n
Nov
Ja n
Ja n
Ja n
Sent
Ja n
Ja n
Ja n
Ja n
Sept
Sept
M ay
Sept
Ja n
Ja n
M ar
Aug
4 4 7, Ja n
92
Ja n
20 % A p r
11
Dec
38% D e c
Dec
59
9 7% Ja n
58
Ja n
5 6% J a n
Ja n
85
60
Dee
59% N o v
96% Ja n
Ja n
21
Feb
10 8
5% D e c
161* Tan
22%
94*8
49
61
60%
4 7%
92
71%
10 2 %
13 %
48
9 1%
110 %
95
116
114 %
145
10 9 %
19 8 %
10 0 %
60*8
96%
39%
2 1%
53%
j-7 4 %
120 %
6 7%
10 1%
110
93
94
10 6*8
28%
6 1%
112 78
Sept
Aug
Oet
Oct
Oet
Dec
Dec
M ay
Dec
Feb
Dec
Oct
Nov
Nov
M ay
Dec
M ay
Feb
Dec
Dec
M ay
Deo
Aug
Ju ly
Ju ly
Oct
Feb
Nov
M ay
Dec
M ay
M ay
Apr
Sept
Oct
Ju ly
New York Stock Record— Concluded— Page 2
1370
Por
record
of
s a le s
d u r in g
th e
w eek o f sto ck s
HI OH AHD LOW SALE PRICES—PER SHARE. HOT PER CEHT.
Saturday
M a rch 29.
$ p er share
Salesfor
M o n iiy
M a rch 31.
Tuesday
A p r il 1.
W ednesday
A p r il 2.
Thursday
A p ril 3
Friday
A p ril 4
$ p er share
$ per share
% per share
S per share
$ per share
W eek
Shares
61% 61
607s 60
01% 60% 61% 60% 60% 23,100
26% 25% 25% 25
25% 25% 25% 25% 25% 4,700
70% 69% 09% 69% 69% *66% 69% 63-% 69
600
77
75% 77% 75% 77% 75% 76% 75% 76% 84,700
n o *107% n o
107% 107% *107% 1077S 1077g 103%
700
36% 36% 377g 37% 33% 33% 40
39% 40% 53,700
126
125% 12578 125 125% 125% 123
125 125
3,000
237s 23% 21% 237S 21% 23% 21% 23% 23% 71,300
35% 35% 36% 35% 37% 37% 37% 19,600
35% 35
42%
41% 42% 41% 41% 42% 42%
800
447S 44% 44% 44% 45% 44% 45
45% 45% 2,950
92% 93% 93% 91% 93% 93% 91
94
91
1,100
77% 77
77% 77% 73% 77% 77% 76% 77% 4,200
57% 53% 557g 5 /'%
60% 577g 60% 53% 60
287,800
106
105 105% 101% 105
105% 105 *103% 103
1,700
677
s 657g 68% 29,500
66% 65% 66% 68% 67
66
93% *93% 94% 93% 93% 93
93% *93
94%
600
2 4 s 21
->
23% 21% 21
237s 23% 21
25% 24,200
74% 74% 75% 75% 76% 7,700
74% 74% 71% 74
65% 65
65% i63% 64% 62% 63'% 62% 63*2 36,500
12% 12% 12% 12% 12 % 12% 12% 12% 12 % 3,300
31
307 31% 29
8
30% 29% 30% 29% 297g 11,800
150 153% 15534 155% 1,100
157
155% 156
156% 157
170% 1717g 169 171% 168 171
171% 169% 173
86,200
90% 907s 90% 91% 91
91
91% 90% 90% 1,700
653 13,600
4
68% 66% 677
8 66% 67% 65*2 67% 65
*105 109 *105 109 *105 109 *105 109
*66
70
67% 63
*65
67
*65
70
63
68%
500
*65
68
43% 41
43
43% 427* 44
43% 44% 4378 44% 12,600
43% 44
*51
56
51% 54% *54
54
54% *51
56
53
*50
55
300
45
45
45% 45% 40
44% 45
45
4512 45% *45
46
3,400
48% 48% 48% 487S 43% 50% 50% 51% 50% 52
51% 51% 60,900
16% 17% 17% 17% 17% 17% 17% 17%
*16
18
*16
18
900
66
66
66% 677g 67
67
67% 67
67% 2,100
67% z65% 66
1247s 125% 125% 126% 121% 125% 124 125
123 124% 123% 125
4,600
26% 27% 20% 27% 26% 27% 25% 28% 17,800
26% 27
26% 27
113% 115% 110% 1147s 10934 1117g 200,300
111% 112% 110% 112% 112% 114
26
26% 26
26% 26
26% 25% 26% 25% 25% 33,500
26% 27
447g 46% 45
44% 45
45% 45% 44% 45
46%, 45
45% 16,700
72
*71% 72
73
*71% 73% - - - .
72
72
*71% 72
1,000
117% 119% 117% 1137s 118 120% 118% 119% 28,300
118% 120% 116% 120
32% 32
31% 32% 32
32% 31% 32
32% 32
32% 41,900
32
69% 70
70% 70% 71
70
70
4,300
70
70% 71% . 69% 70
2584 26% 25% 25% 25% 25% 25% 25% 3,600
24% 25% 25% 26
43
487s 48% 49% 43% 48% 48
48% *46% 48
48
3,500
48
*105% 107% *105 107% 107% 107% 108% 108% *103 no *103 112
300
70% 70% *70
75
*70
76
100
75
75
*70
*70
75
*70
*63
64
64
64
65
61
*63
65
*64
65
100
*64
65
37% 38
*36
37% 39% 37% 33
38
37% 37% 36% 36% 3,000
66% 63% 66% 68
60% 67
66% 66% 64% 65
67
9,500
68
31
31% 32
31% 30% 31
30% 30% 30% 30% 2,150
31% 32
180% 183% 180% 133% 180% 184% 1807s 183% 166,600
181% 184% 180% 132
*10319. n o *103l-> n o *10319- n o
*1031^ 110
23% 237g 24% 23% 24% 24% 24% 8,400
23% 23% 23% 231s 23
46
47% 45% 46% 45% 46
45% 46% 44% 45% 4178 45% 63,200
*68% 72
*68% 72
*69
73
69
*69
100
*68% 73
69
70
*105%
*105%
*105%
*105%
*105% _____ _______ _
*105%
16% 16% 16% 16% 16% 16% 16% 17% 15% 17% 17
18% 34,100
52% 52% 52% 52% 5234 53% 53
53% 52% 53% 52% 53% 8,-100
*99 109
*98 103
*98 108
100 100
*98 103
*98 103
100
68% 68
68
*67
*67% 68% *67
68%
500
68% 68
68% 68
109 109 *108 111
*107 111 *108 111
no no *108 111
200
*16
4,200
18% 16% 16% 16% 16% 16% 16% 16% 17% *16% 17
109 109 *107 n
o *107 no 108% 109
*107 no *106 110
500
52
*48
*48
*49
52 *19
52
*49
52
50
*48
50
s
39 397s 3878 39% 3878 39% 38% 387 38% 39% 38% 39% 19,900
8% 8%
8-% 8%
8% 8%
8% 8%
8% 8%
8% 8% 16,500
6% 6%
6% 6%
6% 6'%
6% 6%
6% 6%
6% 6% 1,400
600
*32
33% 34
34
34
*32
34%
*31
35
35
34% *32
79% 81% 80
81% 79% 81% 79% 80% 27,200
80% 82
80
81
138 140 *138 145 *136 145 *136 140
300
*141 146 *137 144
51% 49% 50% 49% 49% 3,000
*50
51
5012 51% 50% 51% 50
134% 3 4 % '___
34% 35
*31
1,500
35
35% 357S 3534 36
45
45% 454i 45% 45% 45% 45
45% 447g 457g 11,200
45% 45
*102 103
103 103 *102% 103 *102% 103% 103 103
500
103 103
18% 187s 18% 18% 18% 18% 18% 18% 18% 18% 18% 18% 19,100
43
48% 48
3,500
48% 48’% 48% 48% 48% 48% 48% 49% 48
87
*85-3,t 87
87% *80
*86
*85% 87% *80
87% *86
87
69% 69% 69% 1,300
69% 70
69% 697
8 69% 69% 69% 69% 68
*003,4 102
*903. 102
*99-34 102
*99% 103
*99% 103
*83
*83
87
87
*83
87
87
*83
87
*83
*83
87
119% 120
119% 11934 1,700
119% 119% 119% 120% 119% 119% 119% 120
78
3,300
78
77% 78% 7778 78% 78% 78% 77% 78
78
78
300
107% 107% *106 no *100 no 107% 108 *106 no
*107 108
21
20% 20% 20% 20% 21
2 1 % 9,400
8
20
20% 197 20% 20
82
817g 82% 817g 83
82% 81% 82% 5,500
82% 83
81% 82
10 2
103% 1 0 1 % 1 0 1 % *101% 103
10 2
20 0
*101% 103 *101% 103% * 1 0 2
92% 14,700
92% 93
92
91% 93% 91% 92% 91% 927r 92
91
8
8
7% 8
7% 7%
7% 7%
7% 7% 6,900
7% 77S
176 176 *175 177 *175 177
500
*175 180
175% 176% *176 ISO
12%
11
11%
11%
12
12%
12
1 2 % 11,500
12
ill
11%
11
45% 46% 45% 46% 44% 46% 45
46% 47
4578 47
45% 60,100
52% 1,700
54% 517s 53
*52
53% 53% 52
55
53
53% *51
*37
39
*37
39
*37
39
39% *37
38%
*33
*38
39
63% 64% 64% 65% 637g 65% 64% 65% 63% 647g 63% 64% 67,900
*95
*95
97
95
300
97
*95
96
97
97
97
517« 51% 51% 51% 51%
51
*50
900
*51% 52
51% 51% 51
8
41
38% 39% 8,800
38
38% 37% 39% 397 40% 40% 41% 40
*96
98% *96
99
98%' *96
10 0
98% *96
99%
9734 97% *96
12% 12 %
1 2 % 13%
13% 137g‘ 13% 13% 13% 137g 12 ,-10 0
12% 12%
2 10 % 2 12 % 2 1 1
212% 215
2 11
215
24,500
213% 2 1 0 2 1 1 % 209 2 1 1
91% 92% 90 78 91% 90% 91% 90% 91%' 89% 903
4 89% 90% 26,400
* 1 0 0 % 1 0 1 % 1 0 0 % 1 0 1 % 10 0 % 1 0 0 % 1 0 0 % 10 0 %
10 1
10 1
700
* 1 0 0 '2 10 2
*75
80
*75
*75% 80
*75
86
*75
86
*75
86
86
42% 43% 43% 44% 44
44% 44 45
4U.i 44% 44% 44% 9,855
133% 136% 133% 134% 132% I 3 U4 133% 134% 133% 134% 133% 1347g 27,400
111
300
*109 1 1 2 *108 112 *113 117 *103 112
in 1 1 1 m
167% 168
163 169
169% 173%' 173 1747g 1727g 1727g 2,650
*167 169
20
20%: 20 2 0 % 2 0
20% 1,-10 0
19% 19% 19% 19% *19% 2 0
*53% 56
*51
51% 55
56
600
55% *51% 56
55
55% *55
142 144% 143% 150
148% 151% 146% 150
148 148% 123,900
143% 146
*103% 101% 101% 106 *105 106
. . . .
625
5 10 6
105
106 * 1 0 1
84% 82% 84% 82% 84
31,100
83% 83% 82% 847s' 83% 84% 83
Ill
111
111
111%
111
111
1,699
*1 1 0
111
111%
111% 111%
111%
49% 5 1
50% 51% 50% 51% 50% 50% 12,400
49% 49% 49% 50
49% 49% *47
49% 43
*47
43
*48
49%
20 0
*47
50
50
97% 99
97% 99% 6 6 6 ,0 0 0
93% 99% 973,1 99% 98% 99% 98% 100
115 115% 11512 1157g 115% 116
1,790
114% 111% H478 1147s *114% 115
75% 74% 76% 747g 757 25,600
72% 73% 727S 7314 73% 75% 75
s
1434 1 1% *1 -1
15% *14% 15% 147g 15% 1 15% 16% 1,500
14% 1 1 %
57% 5778 57% 57%' 57% 57% 2,600
57
57
57% 53% 577g 58
1137g 1137g * 1 1 2
114
114
900
114 114%1 114% 114%
113% 113% * 1 1 2
54
51
20 0
89% 88
*88
4,800
887s1 83% 89%
88
88
87
*87
46% 46% 46% 46% 46% z 45% 45% 8,700
46% 1 46
46% 46%‘ 46
*62
67
*62
67
*62
10 0
*62
162-34 62%
*62
67
67
67
53% 51% 54% 55% 51% 51% 4,800
53% 51
53% 53% 53% 5 1
29% 29
29
29% 29
29% , 287g 29% 36,600
29% 30
29% 29
92% 93
*92% 93
_____
93
93
600
93% 93%
82 % 847s 83% 847s 83
82
84% 82% 84
82
82% 82
32,100
125
125 125 *123 128 * 1 2 1
124 124
124% 124%
300
*123 1 2 1
*116 117 *116 116% *116 116% *116 117 *116 117 *116 117
65% 66% 647g 66% 64% 64% 64% 64% 4,900
65% 6 6 %
66%
65
*91
92
93
93
95 | 92
92
400
♦92
*91
92
94
93
71
71% 71%1 *71% 72% *71% 73
*72
1 ,0 0 0
73
71% 71
71
59
26
70
7334
*10738
36%
*125
23%
35
43
44%
*92
77%
57
105%
66
*93%
23%
74
64
12
31
*153
169
90%
66%
60%
26%
70
74%
111)
37
127
24%
35%
43
44%
95
77%
59%
105%
67%
94%
23%
741?
64%
12%
31%
157
171%
90%
67
60%
26
*89
74%
*107%
35%
*124
2234
34%
42
44%
*92
77%
58%
106
65%
93%
23%
74
64
12
30%
*155%
169%
90%
67
* B i d i n I m k o l p rlo e s : n o sales o n th is d a y
5 tin
tn in U ) s h a r e s ,
u s u a lly
I n a c tiv e ,
see
secon d
STOCKS
NEW YORK STOCK
EXCHANGE
page
PER S H A R E
Range Since Jan. 1 .
On basis o f 10 0 -share lots.
Lowest
I n d u s t r la l & \ lls c .( C o a .) Par
C a li f o r n ia P a c k i n g _____H o pa r
C a li f o r n ia P e t r o l e u m ______ 1 0 0
Do
p r e f __________________ 1 0 3
C e n t r a l L e a t h e r _____________100
Do
p r e f . . ............................ 1 0 0
C e r r o d o P a s c o C o p ___ H o p a r
C h a n d le r M o t o r C a r _____ 10 0
C h il e C o p p e r __________________ 2 5
C h i n o C o p p e r _______________
5
C o l o r a d o F u o l & I r o n _____100
C o l u m b i a G a s Sc E l e c ______ 10 0
C o n s o lid a te d G a s ( N Y ) _ . l 0 0
C o n t in e n t a l C a n , I n c ______ 100
C o r n P r o d u c t s R e f i n i n g . . 100
Do
p r e f __________________ 100
C r u c i b l e S t e e l o f A m e r i c a . 100
De
p r e f __________________ 1 0 0
C u b a C a n e S u g a r _____H o p a r
.1 0 0
Do
p r e f --------------D is t il le r s ' S e c u r it ie s C o r p . 1 0 0
D o m e M in e s , L t d ____________ 10
G a sto n W & W I n c . . N o par
G e n e r a l E l e c t r i c _____________10 0
G e n e r a l M o t o r s C o r p _____100
Do
p r e f __________________ 100
G o o d r i c h C o ( B P ) ..................1 0 0
Do
p r e f ................................. 1 0 0
G ran by C ons M
S & P ___ 100
G r e e n e C a n a n o a C o p p e r . . 100
G u lf S ta te s S te e l tr c t f a . . l 0 0
H a s k e l Sc B a r k e r C a r . . . V o p a r
I n s p ir a t i o n C o m C o p p e r . . 2 0
I n t e r n a t A g r l c u l C o r p _____100
Do
p r e f __________________ 100
I n t e r H a v e r s t e r ( n e w ) _____100
In t M e r c a n tile M a r i n e . . . 100
Do
p r e f __________________ 1 0 0
I n t e r n a t io n a l N i c k e l ( T h e ) 2 3
I n t e r n a t io n a l P a p e r _______ 1 0 0
Do
sta m p ed
p r e f ____ 1 0 0
K e ll y - S p r l n g f le l d T i r o _____2 5
K e n n e c o t t C o p p e r _____H o p a r
L a c k a w a n n a S t e e l ___________ 10 0
L e o R u b b e r & T i r o ___ H o p a r
L o o 3e - W l le s B is c u it t r c t f s . 1 0 0
Do
2 d p r e f _______________ 100
M a c k a y C o m p a n i e s _______ 100
Do
p r e f ----------------------------- 1 0 0
M a x w e l l M o t o r , I n c ________1 0 0
Do
1st p r e f ......................... 1 0 0
Do
2 d p r e f ......................... 100;
M e x i c a n p e t r o l e u m _________ 100;
Do
p r e f ___________________ 1 0 0
M i a m i C o p p e r _______________
5
M i d v a l e S t e e l * O r d n a n c e . 50,
M o n t a n a P o w e r ____________ 10 0
Do
p r e f .................................. 100
N a t C o n d u it & C a b le .N o pa r
N a t E n a m ’ g & S ta m p ’ s . . -1 0 0
Do
p r e f ___________________100
N a t i o n a l L e a d ............................100
Do
p r e f ___________________1 0 0
N e v a d a C o n s o l C o p p e r ___
5
N e w Y o r k A ir B r a k e _____ 1 0 0
N o r t h A m e r ic a n C o _______ 10 0
O h io C it i e s G a s ( T h e ) ------- 2 5
O k l a h o m a P r o d & R e f in i n g
5
O n t a r io S liv e r M i n i n g _____ 1 0 0
P a c i f i c M a l l S 3 ........................
5
P a n - A m P e t & T r a n s ______ 5 0
Do
p r e f ___________________ 10 0
P e o p le ’ s G L & C ( C h i c ) . . 100
P h il a d e l p h i a C o ( P l t t s b ) . . 5 0
P ie r c e - A r r o w M C a r ___ H o p a r
Do
p r e f ___________________ 100
P ie r c e O il C o r p o r a t i o n _____2 5
P it t s b u r g h C o a l o f P a ___ 100
Do
p r e f .................................. 100
P r e s s e d S t e e l C a r ___________ 100
Do
p r e f ...................................100
P u b li c S c r v C o r p o f N J . . 1 0 0
P u ll m a n C o m p a n y -------------- 100
R a i l w a y S t o e l S p r i n g ----------1 0 0
Do
p r e f ________ __________ 1 0 0
R a y C o n s o lid a t e d C o p p e r . 10
R e p u b l i c I r o n & S t e e l _____1 0 0
Do
p r e f .................................. 1 0 0
R o y a l D u tc h C o (A m sh ares)
S a x o n M o t o r C a r C o r p . . . 100
S o a r s , R o e b u c k & C o _____100
S h a t t u c k A r lz C o p p e r --------10
S in c la ir O il Sc R e f ’ g . . . N o p a r
S lo s s -S h e ffle l d S t e e l & I r o n 100
S t r o r a b e r g - C a r b u r e t o r .N o p a r
S t u d e b a k e r C o r p ( T h e ) — 100
Do
p r e f _________________ 1 0 0
S tu tz M o t o r C a r o f A m . N o par
S u p e r i o r S t e e l C o r p 'n _____10 0
Do
1 s t p r e f .......................1 0 0
T e n n C o p p & C tr c t f s .N o par
T e x a s C o m p a n y ( T h e ) _____10 0
T o b a c c o P r o d u c t s C o r p . .1 0 0
Do
p r e f __________________100
U n io n B a g & P a p e r C o r p .1 0 0
U n i t e d A l l o y S t e e l _____N o p a r
U n i t e d C ig a r S t o r e s ........... 100
Do
p r e f __________________1 0 0
U n i t e d F r u i t ...............................100
U S C a s t I P i p e Sc F d y _____1 0 0
Do
p r e f __________________1 0 0
U S I n d u s t r ia l A l c o h o l _____1 0 0
Do
p r e f __________________100
U n i t e d S t a t e s R u b b e r _____100
Do
1 s t p r e f e r r e d _______1 0 0
U S S m e lt in g R e f Sc M _____50
Do
p r e f .................................. 50
U n ite d S ta te s S te e l C o r p . . 100
Do
p r e f ............................. . 1 0 0
U t a h C o p p e r . ...............................10
U t a h S e c u r it ie s v t c i ............1 0 0
V lr g ln la - C a r o l ln a C h e m . . . 1 0 0
Do
p r e f __________________10 0
V ir g in ia I r o n C A C .............. 100
W e s t e r n U n i o n T e l e g r a p h . 10 0
W e s t ln g h o u s e E l e c A M f g . 5 0
Do
1 s t p r e f e r r e d ________ 5 0
W h i t e M o t o r .................................5 0
W t l ly a — O v e r l a n d ( T h e ) . . 2 5
Do
p r e f ( n e w ) __________ 1 0 0
W i ls o n A C o , I n c , v t c N o p a r
W o o l w o r t h ( F W ) ..................100
Do
p r e f __________________ 10 0
W o r th in g to n P A M v t c .-lO O
Do
p r e f A ______________ 100
Do
n r e f B ______________ 100
t E x - r i g h t s , a B x - l t v . a n d rtg tic s .
p r e c e d in g .
$ per
48%
20%
6 Pa
56%
10 4 %
31
10 3
17 ia
3 2 'a
H ighest
P ER S H A R E
Range f o r Previous
Y ea r 1 9 1 8 .
Lowest
share
$ p er share
S per share
02
M a r 18
Ja n
38% Ja n
Ja n
28-11 F o b 21
12
Ja n
Ja n 2
7434 M a r 7
36
Ja n
5 4 34 D e c
77% A p r 1
Fe b 8
J a n 7 10 812 A p r 4
10 1% D e c
Ja n 2 2
4012 A p r '
29% M a r
68% J a n
J a n l 8 12 8 12 M a r l 2
24% M a r2 3
Ja n 2 1
14 % A p r
3 7% A p r 4
Feb 6
3 1% D e c
3434 F e b 10
4 4 % M a r 15
3434 J a n
46% M a r lS
3914 F e b 1
28% M a r
98
Fe b 2 7
8234 J u l y
8 7 is J a n 2 7
82% M a r lO
6 5 i2 F e b 10
65% O c t
40
Ja u 2 1
003S A p r 1
29% Ja n
M a r l9
10 2
J a n 2 3 10 8
*9 0 % J a n
52% F e b 7
70 % M a r l 4
52
Ja n
91
Ja n
95 M a r l l
86
Ja n
3 1% Ja n 9
20-38 J a n 2 7
2 7% A p r
80
Ja n 9
6912 M a r 1
77% Doc
66 % M a r 14
*4 9
Ja n 2
*3 3
Ja n
13 % F e b l8
1038 J a u 3 l
6 Ju n e
2 5 's J a n 2 1
33% M a r 3
2534 O c t
M a r ll
1 4 412 F e b 3 1 6 1
1 2734 - J a n
Apr 1
lis ia Ja n 2 l 173
10034 J a n
82
Ja n 6
9 1 % M a r 15
7538 O c t
713 4 F o b 2 7 i
5612 J a n l O
38
Ja n
10 3
J a n 8 10 3
Fo b 20 ,
95% D e c
65 M a r 2 1
80
J a n 3i
74
Ja n
46% Ja u 9
41
F e b 13
3812 J a n
6 1 % J a n 3!
49% F e b 8
53% D e c
46
A p r 2;
40
Fob 6
34
Ja n
52
A p r 3!
4212 F e b 6
4 1% D e c
19
M a r io !
10 t2 J a n 2
10
Ja n
69% M a r2 0
43
Ja n 4
38
Ja n
H O ia J a n 2 l 12 9 % M a r l 7
10 4
Oct
28% M a r lO ,
2 1 U Ja n 3 1
21
Ja n
92-34 F e b 10 1 1 5 % A p r 2
83% Ja n
3 2 3s J a n 3
2 4 i2 F e b 3
27
Ja n
48% Fe b 2 7
3014 J a n 3
24% Ja n
75 % M a r lO
62
Ja n l3
53
Ja n
68
Ja n 2 1 12 3 % M a r 6
41
Apr
3 3 % Ja n 3 0
29% F e b l3
29 M a r
6212 J a n 2 1 1 7 2 % M a r l O
65% D e c
2 7% Feb24
21
Ja n 2 2
12
Apr
49% M a r 7,
40 a F e b 1 7
17% Ja n
94
F o b 5 10 3 % A p r 2
53
Feb
7 3 % F e b 4!
70
Ja n 2
70
Dec
65
Ja n 4
64
J a n 15
57
Ja n
41
M a r l-tj
26 *4 J a n ‘2 2
23% Ja n
69 % M a r l l
50% Ja u 2 2
50
Doc
33% M :i r l 4
19 % J a n 2
19 M a y
1 6 2 % J a n 2 3 1 9 7 % J a n 21
79
Ja n
M a r lO ,
10 5
F e b 7 10 8
87
Ja n
24% A p r 3
2 1% Fe b 7
22% D e c
48
M ir lO
40% F o b 7
41
Dec
77
M ar 3
69 M a r 2 8
64 Ju n e
10 5
J a n 2 2 10 6 % F e b '2 5
95
M ar
18 % A p r 4
14
Feb 8
13
Nov
53% A p r 1
45% F o b 8
3 7% Ja n
10 0
M a r3 1
93
Ja n lS
88
Nov
6834 M a r 2 2
64
Ja n 11
43% Ja n
10 7
J a n 3 110 % Ja n 2 5
9934 M a r
17% Ja n 3
15 12 M a r 18
16 % D e c
M a r ll
9 1% F e b 3 * 1 1 5
9812 D e c
52
M ar 4
47
J a n 11
3 7% A u g
44% Ja n 3
a 3 5 34 F e b l 4
35% M a r
10 % J a n lO
8
Feb 3
8
Fob l
5% M i r 1 8
33% J a n 4
29% F e b 8
8 4 % M a r l ‘2
67
Ja n 2 l
117
Ja n 2 2 14 4 % M a r l 2
5234 M a r l O
45% Ja n 2 2
36% M a r lS
30
Ja n 3
46% F e b 2 7
38% Ja n 2 2
10 1% J a n 3 10 5% M a r 1 3
19 % J a n 6
16
Ja n 2
50% Ja n 9
45
Feb 3
87
Ja n 9
85% M a r l7
72 % M a r 14
*5 9
F e b 11
Ja n It
10 0
M a r 3 10 4
82
Ja n 3 l
9 1% Ja n 7
1 1 1 % F e b 1 4 12 2 % M a r lO
83% M a r 14
6 8 % F e b 10
Apr 3
10 4
F e b 4 10 8
2 1% Ja n 3
19
M ar 4
86
M a r l2
7 1 % Ja n lS
M a r l9
10 0
J a n l 3 10 5
99% Fob20 .
70-34 J a n 2 1
12
F e b '2 6 1
6% M a r2 1
I O 8 I 2 F o b 13 1 8 5 % J a u 8
13 % J a n lO
10
F o b 19
47
M a r2 9
33% J a n 2
59
M a r 12
4 6 % F e b 10
42
Ja n l5
3634 J a n l O
6534 M a r 3 1
45-34 J a n 2 2
3378 A p r
92
Ja n 2 2
97
M a r2 9
80% Ju ly
42% F e b l4
54
M a r lO
37
Oct
32
Ja n 2 1
4 1% A p r 2
34% M a r
9 73 i M a r2 9
98
M ir l2
95
Fob
12% M a r l 7
14% Ja n 4
1234 D s c
18 4
J a n 2 2 1 7 % M a r 18
13 8 % Ja n
93 M a r 2 2
7 2 % Ja n 2 9 |
48% M a r
9 9 % M a r 2 0 10 6
Ja n 8
*8714 M a r
84 M ar 12
75
Ja n 3
65
Ja n
45
Apr 2
3 7% J a n 11
387g O c t
10 7% J a n 2 13 8 % M a r l8
83% M a r
10 8
F e b 5 111 Mar21
10 1% Ja n
M a rl4
15 7
F e b 10 1 7 6
116 % Ja n
2 1 % M a r 18
14
Ja n l5
11% A p r
56
M ir l8
42% Ja n lO
41
M ar
9 7% Ja n 2 2 15 1% A p r 2
*9 8
Dec
M a r 14
9 6 % J a n 2 10 3
91
Oct
87
M ir l5
73
Ja n S l
51
Ja n
10 9
Ja u 2 0 1 1 2 % M a r l l
*9 5
Ja n
5 1 % M a r 12
43% Ja n 2 1
32% A p r
50
M ar 2
45
Ja n lS
42% A p r
8 8 % F e b 10 1 0 0 % M a r 2 2
86% M a r
Apr 4
1 1 3 % F e b 10 1 1 6
10 3
M ar
76 % A p r 3
65% F o b 7
71% Doc
13
Ja n 2
17% Fo b 4
II
Sept
51
F e b lO
60% M a r l7
3334 J a n
110
Ja n 7 114 % A p r 3
93
Ja n
54 M a r 3 1
59% M a r l2
50
Ja n
84% M a r2 7
89% Ja n l3
77% Aug
40% Ja n 2 1
4 7% M a r l2
38% Ja n
6 3 % M a r -l
61
Feb 27
59
Ja n
45
Ja n 3
5 7% Feb 20
38-34 J a n
23% Ja n 2 2
3 0 % M a r 18
15 % Ja n
87% Ja n 7
93% M a r 17
75
Ja n
65% Ja n 2 0
84% M a r2 9
45% Ja n
120
F o b 7 13 3 % J a n 9
110
M ar
Ja n 2 2 1 1 7 % J a n l 7
115
III
Oct
F o b l3
50
68% M a r 6
34
Ja n
88 J a n 9 9 1 % M a r l S
85 *8 F e b
66 J a n 3 7 2 % M a r l O
59
Ja n
* E x -d lv ld e n d .
Highest
$ per share
50
Nov
24% N o v
70 % D e o
73 % F e b
10 3
Nov
39
Nov
10 9 % D e o
24
Oct
47% M a y
54% M a y
44% D eo
10 5 % N o v
95
Feb
50% N o v
10 4
Deo
74% M a y
913 4 J u n e
34
Nov
83
Feb
6434 M a y
15
Nov
39
Feb
15 3 % O c t
16 4
Aug
83
Feb
597 g O c t
10 4
Deo
86
Oot
58% N o v
111% Apr
49% Ju ly
58% O c t
19 Ju n e
65 Ju n e
121
Nov
33
Oct
12 5 % N o v
35
Nov
45% M a y
65% Ja n
72
Deo
4 1% N o v
9 1% M a y
24
Deo
45% D e o
96
Deo
78 % Fo b
65 M a y
4212 N o v
69% N o v
32% N o v
19 4
Oct
10 7
Deo
33% Ja n
61 M a y
81% N o v
10 6 % D e o
213 S J u l y
54% M a y
99% Fe b
6934 D e o
10 5% M a y
2 1% M a y
13 9 M a y
5 7% N o v
48
Oct
72% N o v
10 0
Nov
55
Deo
45% M ay
10 0 S e p t
21
Ju ly
203
Oot
823s D e o
10 4 7s D e o
80 M a y
44% M a y
108-34 D e o
110
Ju ly
16613 D o c
19 M a y
4 7 *4 F e b
13 7 M a y
99 M a r
80% D e o
110
Deo
503i O c t
4734 D e o
116 % A u g
113 % D e c
93
Oct
1 6 34 N o v
60% N o v
113 % D eo
7 3 t2 J u l y
95% A p r
4 7% M a y
0 4% F e b
49
Nov
30
Nov
89% N o v
77% D eo
12 8 % O o t
115
Sept
69
Aug
9 1% A p r
70 % Ju ly
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
1371
£ ^
BONDS
N . Y . STO CK E XC H A N G E
W e e k E n d in g A p r i l 4
P r ic e
F r id a y
A p ril 4
B id
U. S. G o v e rn m e n t.
3 M e 1 st L ib e r t y L o a n . . . 1 9 3 2 -4 7
4a l a t L i b e r t y L o a n _______1 9 3 2 -4 7
4a 2 d L ib e r t y L o a n _______1 9 2 7 -4 2
4 Via l a t L ib e r t y L o a n . . . 1 9 3 2 - 4 7
4 % a 2 d L i b e r t y L o a n _____1 9 2 7 -4 2
4 ^ 3 2 d L ib e r ty L o a n . . -1 9 3 2 -4 7
4 M s 3 d L ib e r t y L o a n ------------192S
4 M s 4 t h L ib e r t y L o a n ------------1 9 3 8
2a c o n s o l r e g i s t e r e d _________ d l 9 3 0
2 s c o n s o l c o u p o n ____________ d l 9 3 0
4 s r e g i s t e r e d ___________________ 1 9 2 5
4 s c o u p o n ______________________ 1 9 2 5
P a n C a n a l 1 0 - 3 0 - y r 2 s ........... * 1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2s r e g ,.1 9 3 8
P a n a m a C a n a l 3 s g ....................1901
R e g i s t e r e d ____________________1961
P h il ip p i n e I s la n d 4 s ______ 1 9 1 4 -3 4
F o r e ig n G o v e r n m e n t.
A m e r F o r e ig n S e e u r 5 s ----------19 1 9
A n g l o - F r e n c h 5 - y r 5s E x t e r l o a n .
A rg e n tin e In te r n a l 5s o f 1 9 0 9 . . .
B o r d e a u x ( C i t y o f ) 3 - y r 6 s . .1 9 1 9
C h in e s e ( H u k u a n g R y ) 5s o f 1911
C u b a — E x tern a l d e b t 5s o f 1 9 0 4 .
E x t e r d t 5 s o f 1 9 1 4 s e r A . .1 9 4 9
E x t e r n a l lo a n 4 M s -------------- 1 949
D o m in io n o f C a n a d a g 6 s . ..1 9 2 1
do
do
...1 9 2 6
do
do
...1 9 3 1
F re n ch R e p u b 5 )S s secu red lo a n .
J a p a n c s o G o v t — £ lo a n 4 M s . 1 9 2 5
S e c o n d s e r ie s 4 M s -------------- 1 9 2 5
do
do
“ G erm a n sta m p ” .
S t e r lin g lo a n 4 s ____________ 1931
L y o n s ( C i t y o f ) 3 - y r 6 s ----------1 919
M a r s e ille s ( C i t y o f ) 3 - y r 6 s . 1 919
M e x i c o — E x t e r lo a n £ 6 s o f 1 3 9 9
G o l d d e b t 4 s o f 1 9 0 4 ______ 1 9 5 4
P a r is ( C i t y o f ) 5 - y e a r 6 s ------- 1 921
T o k y o C i t y 5 s lo a n o f 1 9 1 2
U K o f G t B r it A I r e la n d —
3 - y e a r 5 M % n o t e s ................ 1 919
5 - y e a r 5 M % n o t e s -------------- 1921
C o n v e r t ib le 5 M % n o t e s . .1 9 1 9
2 0 -y e a r g o ld b o n d 5 M 3 ..1 9 3 7
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71
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60
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81
82
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99%
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98
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93
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101 %
9 8 )2 101 %
100
S ta te a n d C ity S e c u r itie s .
N Y C it y — I M s C o r p s t o c k .1960
4 M s C o r p o r a t e s t o c k --------1 9 6 4
4 M s C o r p o r a t e s t o c k ------- 1 9 6 6
4 M s C o r p o r a t e s t o c k J u ly 1 967
4 M s C o r p o r a t e s t o c k ----------1 9 6 5
4 M s C o r p o r a t e s t o c k --------19 6 3
4 % C o r p o r a t e s t o c k ______ 1 959
4 % C o r p o r a t e s t o c k ----------1 9 5 8
4 % C o r p o r a t e s t o c k ______ 1 9 5 7
4 % C orp ora to stock r e g ..l 9 5 6
N o w 4 M s ....................................1 9 5 7
4 M % C o r p o r a te s t o c k . . . 1957
3 M % C o r p o r a t e s t o c k . . .1 9 5 4
N Y S t a t e — 4 s ...............................1961
C a n a l Im p r o v e m e n t 4 s . ..1 9 6 1
C a n a l I m p r o v e m e n t 4 s ___ 1 962
C a n a l I m p r o v e m e n t 4 s ___ 1 9 6 0
C a n a l Im p r o v e m e n t 4 M S -1 9 6 4
C a n a l I m p r o v e m e n t 4 M 8 -1 9 6 5
H ig h w a y I m p r o v 't 4 M 3 - - 1 9 0 3
H ig h w a y I m p r o v t 4 M S . . 1 9 6 5
V ir g in ia fu n d e d d e b t 2 - 3 8 . - 1 9 9 1
6 s d e f e r r e d B r o w n B r o s c t f s ___
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1
M
M
M
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N
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N
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N
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96%
6 96
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97%
96
M a r ’ 19 _____
96
98
9 6 % M a r '1 9 _____
96% 99%
100 %
1 0 0 % M a r ’ 19 _____ 100 % 101 %
100 % S a le 100%
100% 22 100 % 101 %
100 % 101
10034
1003 4
10 100 102
91
9 1 % 91
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9034 9 2 %
91
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90% 92%
91
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91
91
91
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1003* 1007* 100%
2 100)2 102
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100 % 1007* 100%
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100%
81%
8 1 % M a r ’ 19 —
81% 82
99
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9 6 )2
1 96% 97%
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96%
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96%
0734 D e o ’ 18
9 6 )* 9 0 % 9 7 % O c t ’ 18
1 0 6 % 107% 0 7
2 106*4 108
10 7
107'
72
_____
73
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70
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s
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55
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G e n e r a l g o l d 4 A s _________ 1 992 I !
1
7
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r
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l
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i _____
B i g S a n d y 1 s t 4 s ___________ 1 9 4 4 J
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; _____
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_
P o t t s C r e e k B r 1 s t 4 s _____ 1 9 4 6 J
1 _____
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1 _____
69% 85
2 d c o n s o l g o l d 4 s ________1 9 8 9 J
7 4 % _____
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\ _____
80
_____
W a r m S p r in g s V 1 s t g 5 s . .1 9 4 1 in
1_ _
5 0 % 51%
C h ic A A lt o n R R r e f g 3 s . . . 1949
50% 53
36-% S a le 3 6 %
R a ilw a y 1 s t H en 3 A s ........... 1 9 5 0
1 21 3 5 % 4 0
C h i c a g o B u r li n g t o n A Q u in c y —
1 _____
100
D e n v e r D l v 4 s ______________ 1 922 F
99% 99%
73% "7 3 % 73%
I lli n o is D l v 3 > $ s ......................1 9 4 9 J
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n
1 _____
83% 84
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1 _____
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99% 99%
9 9 % 9 9 % 9 9%
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991* 9 9 %
;
5
J o in t b o n d s .
See G r e a t N o r t h
917* 9212
1_ _ _ _ 92% 93%
N e b r a s k a E x t e n s io n 4 s ___ 1 9 2 7 1*1 N
90
R e g i s t e r e d .............................. 1 9 2 7 IW N
91
80% 80% 80%
G e n e r a l 4 s .............. ..................... 1 9 5 8 M
S
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,
1 80
27
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C h ic A E 111 r e f A I m p 4 s g . . l 9 5 5 J
J
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....
22
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1 s t c o n s o l g o l d 6 s __________ 1 9 3 4 A
_____ 1 0 3 % 1 0 4
10 4
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84 )2 7 5
G e n e r a l c o n s o l 1 s t 5 s ______ 1 9 3 7 M N
75
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_
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' P u r c h m o n e y 1 s t c o a l 5 s . .1 9 4 2
9 7 % F e b ’ 13
__ _
25
C h ic A I n d C R y 1 s t 5 s . . . 1 9 3 6
32
M a r ’ 17
597* S a le 5 9 %
C h i c a g o G r e a t W e s t 1 s t 4 s . .1 9 5 9
21 5 9 % 6 2 %
100 % . . . . 10 3
C h i c I n d A L o u ls v — R e f 0 s _ 1 9 4 7
103
103
8 2 % . . . . 1 0 0 % A p r '1 7
R e f u n d in g g o l d 5 s _________ 1 9 4 7
68% . . . .
R e f u n d in g 4 s S e r ie s C _____1 947
8 4 )2 A p r '1 7
60 %
I n d A L o u ls v 1 s t g u 4 s . . . 1 9 5 6
70
N o v ’ 16
84
78
C h i c I n d A S o u 5 0 - y r 4 s _____1 9 5 6
7 8 % F e b ’ 19 . . . .
78% 78%
82
C h i c L S A E a s t 1st 4 ^ s _____1 9 6 9
9 7 % D e c ’ 16
—
C h i c a g o M il w a u k e e A S t P a u l—
71
7 2 i2 7 2
G e n ’ l g o l d 4 s S e r ie s A _____ « 1 9 8 9
M a r ’ 19 —
72
76%
9 2 % F e b ’ 16
R e g i s t e r e d _______________ e l 9 8 9
82% 85
14
P e r m a n e n t 4 s _______________ 1 9 2 5
82%
83%
81% 84
70
S a le 6 6 %
G e n A r e f S e r A 4 A s _____a 2 0 1 4
87i 66)2 7 4 %
70 %
79
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G e n r e f c o n v S e r i ) 5 s ___ a 2 0 1 4
79%
3
7 7 % 817*
62% 64
06
N o v ’ 18
G e n ’ l g o l d 3 H s S e r B _____e l9 8 9
80% 89
G e n e r a l 4 A s S e r ie s C _____e l 9 8 9
80%
805*
80
84%
71
7 2 ) 2 71*2
707* 737*
2 5 - y e a r d e b e n t u r e 4 s ______ 1 9 3 4
71%
7 6 % S a le 7 5
C o n v e r t i b l e 4 A s .................... 1 9 3 2
27
77%
75
817*
96
9 8 % 9 7 % D e c ’ 18
C h le A L S u p D l v g 5 s _____1 921
94
« ...
C h ic A M o R l v D l v 5 s . . . 1 9 2 6
92
O c t ’ 18
971* 9 8
C h i c A P W 1 s t g 5 s ..............1921
97%
977*
6 97
98%
68
68)2 6 8 %
69%
3
C M A P u g e t S d 1 s t g u 4 s . 1 949
68i2 70
__
99
997* M a r ’ 19
D u b u q u e D l v 1 s t s f 6 s ___ 1 9 2 0
997* 997*
99*4 102
1047* S e p t ’ 17
F a rg o A S o u assu m g C s ..l9 2 1
98
1 0 3 14 9 9 % F e b ’ 19
L a C r o s s e A D 1 s t 5 s ______ 1 9 1 9
99
99%
9 6 % 101
W ls A M i n n D l v g 5 s ______ 1921
0 8 % J a n ’ 19
9 8 )* 9 8 %
96% . . . .
W i s V a l l e y D l v 1 s t 6 s _____1 9 2 0
99
J a n ’ 19
99
99
82% 89
M ilw A N o r 1st e x t 4 > $ s_ _ 1 9 3 4
8 8 % M a r ’ 19
8 8 % 88*4
86
9 0 % 9 0 % D e c ’ 18
C o n s e x t e n d e d 4 H s _____1 9 3 4
88
89
C h i c A N o r W e s t E x 4 s 1 S S 6 -1 9 2 6 F
9 2 % D e o ’ 18
861* 92
R e g i s t e r e d ................. 1 8 8 6 -1 9 2 6 F
95
D e c ’ 18
70
71
G e n e r a l g o l d 3 44s .................... 1 9 8 7 M N
70
M a r '1 9
71
7 0 % 71
R e g i s t e r e d ........ ..................p l 9 S 7 Q
69
M a r ’ 19
70
8 2 % S a le 8 1 %
G e n e r a l 4 s . . ............
.1 9 8 7 M N
82%
82%
8 1 % 8 1 % 817* O c t ’ 18
S t a m p e d 4 s ............................19S 7 M N
9 8 % S a le 9 8 %
G e n e r a l 5 s s t a m p e d ________1 9 8 7 M N
987*
9 8 % 101
1 0 1 % 1 0 4 % 104
S in k in g f u n d 6 s ______ 1 8 7 9 -1 9 2 9 A
M a y ’ 18
109%
R e g i s t e r e d .................1 8 7 9 -1 9 2 9 A
9 6 % S a le 9 6 %
S in k in g fu n d 5 s ........... 1 8 7 9 -1 9 2 9 A
96%
96% 96%
90%
R e g i s t e r e d __________1 8 7 9 -1 9 2 9 A
96
N o v ’ 18
98
99% 98
D e b e n t u r e 53 _______________ 1921 A O
M a r ’ 19
98
98
97
98
R e g i s t e r e d ________________ 1 921 A O
98
M a r ’ 19
97
98
9 3 )* 9 7
S in k i n g f u n d d e b 5 s ..............1 933 in n
9 6 )2 F e b ’ 19
961* 961a
90%
R e g i s t e r e d _________________1 9 3 3 M N
97
N o v ’ 18
801* ---------1 0 1 % O c t *16
D o s P la in e s V a l 1st g u 4 A s ’ 4 7 M
F r e m E lk A M o V 1 s t 6 s . .1 9 3 .3 A
O 1001* _____ ] 0 8
F e b ’ 19
60
M a n G B A N W 1 s t 3 4 4 3 .1 9 4 1 J
88 J a n '1 7
M ilw A S L 1st g u 3 H S - .- 1 9 4 1 J
100 % 101 % 1
M U L S A W e s t 1 s t g 6 s . . . 1 9 2 1 IW
97
. . . .
E x t A im p s f g o l d 5 s . . . 1 9 2 9 F
9 8 % M a r ’ 19
98% 99
104% — I ]
A s h la n d D l v 1 s t g 6 s . . . 1 9 2 5 IW
104
106% ]
M i c h D l v 1 s t g o l d 6 s . .1 9 2 4 J
74
7 8 % 78)4 F e b ’ 19
M i l S p a r A N W 1 s t g u 4 3 .1 9 4 7 IW
78
78%
93% 93
—
S t L P e o A N W 1st g u 5s 1948 J
F e b ’ 19
93
96
C h ic a g o R o c k Isl A P a c —
77
S a le 7 7
77
R a ilw a y g e n e r a l g o l d 4 s . . . 1 9 8 8
75% 79%
R e g i s t e r e d ________________1 9 8 8 'J
7 1 % M a y ’ 18
7 1 % S a le 7 0
R e f u n d in g g o l d 4 s ................1 9 3 4 A
71%
55
70
76%
2 0 - y e a r d e b e n t u r e 5 s ______1 9 3 2 J
7 0 i 2 M a r ’ 19
! 70% 70%
67% 69% 69%
R I A r k A L o u is l s t 4 4 4 S — 1 9 3 4 IW
69% " ' " 5
69
72
95
._ _
B u r l C I t A N l s t g 5 s ____ 1 9 3 4 : A
96
M a r ’ 19
947* 9 6
9 1 % 9 8 i2 9 7 % F e b ’ 19
C R I F A N W i s t g u 5 s _ .1 9 2 l!A
97% 97%
9 8 % .—
C h o O k la A G g e n g 5 s ..y l 9 1 9 J
97
M a y ’ 18
C o n s o l g o l d 5 s ...................1 9 5 2 IW N
93
M a y ’ 18
" 6 8 % '‘ 6 9 '
o
K e o k A D o s M o i n e s 1 s t 5 s 1923| A
69
M a r ’ 19
*65 * ’ 7 0 %
65
68
A
S t P a u l A K C S h L 1st 4 M s ’ 4 l j F
68
68% ‘ " l 2 6 8
71
105% 107
1
D
C h ic S t P M A O c o n s 6 s _____1 9 3 0 , J
7 105
105%
107
84% .
D
C o n s 6s r e d u c e d t o 3 A s . . 1 9 3 0 J
88
S e p t ’ 18
8 8 % 9 2 78 9 7 J a n ’ 19
S
D e b e n t u r e Cs......... .................. 1930'IW
*97* * ~97 '
N o r t h W i s c o n s in 1 s t 6 s . . . 1 9 3 0 J
J 102 % .--------1
N o v ’ 16
S t P A S C i t y 1 s t g C s_____1 9 1 9 A
o
F e b ’ 19
997* 1 0 0
92
.
S u p e rio r S h o r t L 1st 5s g .c l 9 3 0 M
M a y ’ 18
62%
D - - - C h ic T H A S o E a s t 1st 5 s . . 1960 J
Feb T 9
*60** * 6 0 "
102% 104
li
C h ic A W e s t I n d g e n g 6 s ..( 1 9 3 2 Q M
M a r ’ 19
102% 103
60
62
J
C o n s o l 5 0 - y e a r 4 s ................ .1 9 5 2 J
*‘ io
61
61
65
80
.
J
C ln I I A IJ 2 d g o l d 4 A s _____ 1 9 3 7 J
M a y ’ 17
C F in d A F t W 1st g u 4 s g 1 9 2 3 M N
M ar’ l l
84
.
D a y A M i c h 1 s t c o n s 4 A s 1931 J
J
79
N o v ’ 18
67 )2 68 *
C le v C ln C h A S t L g e n 4 s . . 1993 J
D
6 7 )2 7 2 %
76% 78%
2 0 - y e a r d e b 4 4 4 s ___________ 1 931 J
J
‘ ""2
76
76
80
82% 84%
G e n e r a l 5s S e r ie s B ..............1 9 9 3 J
D
% A ug ’ ll
7 3 % 81
C a i r o D l v 1 s t g o l d 4 s ........... 1 9 3 9 J
J
1
%
78%
67% 80
C ln W A M D l v l s t g 4 s . .1 9 9 1 J
J
% F eb
7 1 % 747* 7 4
S t L D lv 1st c o ll tr g 4 s . . . 1990 M N
M a r ’ 19
74% .
S p r A C o l D l v 1 s t g 4 s _____1 9 4 0 M S
74% J a n T 9
70% .
W W V a l D l v 1 s t g 4 s _____1 9 4 0 J
J
N o v ’ 16
9 9 % 1007*
C I S t L A C c o n s o l 6 s _____1 9 2 0 IW N
S ep tT 8
82% 90
:
1 s t g o l d 4 s ........................... * 1 9 3 6 Q
F
D e o *17
R e g i s t e r e d ......................* 1 9 3 6 Q
F
. M ayT 5
9 2 % _____
C ln S A C l c o n s 1 st g 5 s . . 1 9 2 8 J
J
937* M a r ’ 19
937* 937*
C C C A I g e n c o n s g 6s . . 1 9 3 4 J
J 1 0 3 % _____ 1 0 7
F eb T 9
107
107
7 5 % _____
I n d B A W 1 st p r e f 4 s _____1 9 4 0 A O
94
J u l y ’0 8
82%
O In d A W 1st p ref 5 s . . . d l 9 3 8 Q
J
51
50
P e o r ia A E a s t 1 st c o n s 4 s . 1 9 4 0 A O
52%
52%
52% 56
13
17% 1 2 % F e b T 9
I n c o m e 4 s ............................ 1 9 9 0
Apr
12 12%
87
C lo v e S h o r t L l s t g u 4 4 4 s . „ 1 9 6 1 A O
87
M a r ’ 19
87
89
87
8 7 % 8 7 i*
C o l o r a d o A S o u 1 s t g 4 s _____ 1 9 2 9 F
A
87%
87
89%
S a le 7 7 %
78
R e f u n d A E x t 4 4 4 s ...............1 9 3 5 M N
78
7 7 % 7 9 )2
9 8 i2 9 9
F t W A D e n C 1st g 6 s . ..1 9 2 1 J
D
F eb T 9
99
99%
C o n n A P a s R l v s 1 s t g 4 s ___ 1 9 4 3 A O
94% 93
C u b a R R 1st 5 0 -y e a r 5s g . . . 1952 J
J _____
F e b ’ 16
D e l L a ck A W estern —
D
72
74
M o r r i s A E s s 1st g u 3 4 4 s . . 2 0 0 0
71
O ct T 8
N Y L a c k A W 1st 6 s ...........1921
J 1001* 1017* 1 0 2
D e c '1 8
C o n s t r u c t io n 5 s _________1 923
A
9 7 % _____
9 7 % M a r ’ 19
9 5 % 10 1
T e r m A I m p r o v t 4 s ____ 1923 IW N
91% 96
92
D eo T 8
A
W a rre n 1st r e f g u g 3 4 4 s . . 2 0 0 0 F
6 7 % ______ 1021* F e b ’ 0 8
Duo June,
?
__
s
....
h
Due July. * Due Aug. 0 Due Oct.
p
•o’ *?1 J?
SO N S
R a ilr o a d .
A n n A r b o r 1 st g 4 s ............................A 1 9 9 5 Q J 6 5 % S a le
A t c h is o n T o p e k a A S a n t a F e —
82
82%
S a le 8 2
G e n g 4 s _____ _______________ 1 9 9 5 A O
89
82
M a r ’ 19
R e g i s t e r e d ________________ 1 9 9 5 A O
74% 79
7 4 % M a r ’ 19
A d ju s t m e n t g o l d 4 s ______ 7)1995 N o v
_____ 86
R e g i s t e r e d ______ _______ _ / i l 9 9 5 N o v
7 3 % J u n o ’ 18
74% 75
74%
75
S t a m p e d _________________A 1 9 9 5 M N
75
7 0% 7 4 F e b ’ 19
D
C o n v g o l d 4 s _______________1 9 5 5 !J
95
S a le 9 5
D
95
C o n v 4 s Issu e o f 1 9 1 0 ______ 1 9 0 0 J
8 9 % 8 9 % ' 9 2 % F e b '1 9
S
E a s t O k la D lv 1st g 4 S ...1 9 2 8 M
74
76
J
79
J u n e’ 18'
R o c k y M t n D l v 1 st 4 s . . . 1 9 6 5 . J
75 % 787*
J
T r a n s C o n S h o r t L 1 st 4 s . 1 953 J
85
90 , 85
s
C a l- A r f z 1 st * r e f 4 M s ’ ’ A ” 1962 M
M a r ’ 19
9 5 % LOO'*
S F e P res A P h 1st g 5 s . ..1 9 4 2 M s
8 1 % S a le 8 1 %
82
A t l C o a s t L 1 st g o l d 4 s ------- * 1 9 5 2 M
83
D
S a le 1 8 3
83%
G e n u n ifie d 4 M s ___________ 1964 J
9 6 7 * ______1 9 6 % F e b ’ 19
A la M i d 1 s t g u g o l d 5 s . . . 1 9 2 8 M N
81% 89 I
J
J
B r u n s * W 1 s t g u g o l d 4 s . 1 938
J 111 % . . . . J
C h a r le s & S a v 1 s t g o l d 7 s . 1936 J
74
S a le ' 7 4
L & N c o l l g o l d 4 s ...............0 1 9 5 2 M N
74
O
10 7 % 1 0 8
1
S a v F * W 1 s t g o l d 6 s _____1 934 A
D e o ’ 18
9 6 % --------1
1 s t g o l d 5 s .........................
1 934
J u l y ’ 15
88)2 SaIo|
B a lt A O h io p r io r 3 A s -----------1 9 2 5
88%
87
87
R e g i s t e r e d _______________ 7)1925
F e b '1 9
7 5 % S a le '
1 s t 5 0 y e a r g o l d 4 s ________* 1 9 1 8
.
76%
_____
78
R e g i s t e r e d _______________ 7 il9 1 3
9234 M a r ’ 17
7 5 % S a lo
1 0 - y r c o n v 4 M s .......................1 933
7534
7 9 % S a le
R e f u n d & g e n 5 s S e r lo s A . 1 995 J
79%
98%
... 1
P it t s J u n e 1 s t g o l d 6 s _____ 1922 J
J a n ’ 12
85
87%
P J u n o A M D l v 1 s t g 3 M s 1 925 M N
84%
70
73
P L E & W V a S y s ref 4 s . .1 9 1 1 M N
7 2 % M a r ’ 19
83
837* 8 3 % M a r ’ 19
S o u th w D lv 1st g o ld 3 M 8 -1 9 2 5 J
8 9 % 9 0 % 8934 M a r ’ 19
C e n t O h io R 1 st c g 4 M s — 1 930 M
9 5 % S a lo 9 5 %
C l L o r & W c o n 1st g 5 s . .1 9 3 3 A
95%
M o n o n R iv e r 1 s t g u g 5 S . . 1 9 1 9 F
% N o v *16
O h i o R iv e r R l t 1 s t g 5 s . . . 1 9 3 6 J
96
J a n ’ 19
A
91
~92
G e n e r a l g o l d 6 s ___________ 1937
9 1 % M a r ’ 19
9 9 % _____
P it t s C le v & T o ! 1st g 6 s . . 1 9 2 2 A
9 9 % M a r ’ 18
63% 64
T o I & C ln d l v 1 s t r e f 4 s A . 1 9 5 9 J
64
64
9 7 % 107
B u f f a lo I t & P g e n g 5 s _______1 937 M
99
M a r ’ 19
8 7 % _____
C o n s o l l M s .....................
1 957 IW N
9 9 % O c t '1 7
7434 9 6 % 9 7
A ll A W e s t l a t g 4 s g u _____ 1 998 A
N o v '1 6
88 ___ 103% F e b ’ 16
C le a r & M a h 1 st g u it 5 s . . 1 943 J
100% 102% 101 N o v ’ 18
R o c h & P it t s 1 st g o l d 6 s . . 1921 F
101
101 % 101
C o n s o l 1 st g 6 s .................... 1 922 J
101
C a n a d a S o u c o n s g u A 5 s . . .1 9 6 2 A
92
S a le 88
92
75% 80% 80
C a r C li n c h & O h io 1 s t 3 0 - y r 5 s ’ 38 J
M a r ’ 19
9 9 % _____ 100
C e n t r a l o f G a 1st g o l d 5 s . . . p l 9 4 5 F
M a r ’ 19
89
S a le 8 9
C o n s o l g o l d 5 s ______________ 1 945 M N
89
D
C h a t t D l v p u r m o n e y g 4 s 1 951
74
7 5 % 7 5 % M a r ’ 19
82% . . .
J
M a c & N o r D l v 1 s t g 5 s . . 1 946
90
M a y '1 8
90% . . .
M i d G a A A t l D l v 5 s ........... 1 9 4 7
J
9 7 % J u n e ’ 17
91% 94
J
M o b i l e D l v l s t g 5 s ..............1 9 4 6
9 1 * i J a n ’ 19
C e n t R l t A B o f G a c o l l g 5 s . 1 937 IW N
89
00
89
M a r ’ 19
10234 S a le 1 0 2 %
C e n t o f N J g e n g o l d 5 s ........... 1 9 87 J
103
101 102 101% F e b ’ 19
R e g i s t e r e d ........... ............... 7)1987 Q
9 9 % 1003 4 9 9 %
A m D o c k A Im p g u 5 S -..1 9 2 1 J
9 9%
9 6 % _____ 1 0 0
L e h A H u d R l v g e n g u 5 8 .1 9 2 0 J
Apr T 8
88%____ 1 0 0 % J a n ’ 13
N Y A L o n g B r g e n g 4 s . . 1941 M
03
68
C e n t V e r m o n t 1 st g u g 4 s . . « 1 9 2 0 Q
65
J a n ’ 19
C h o s a A O fu n d A I m p t 5 s . .1 9 2 9 J
90
96
89
M a r ’ 19
98% 98% 98
1 s t c o n s o l g o l d 5 s --------------- 1 939 IW N
M a r ’ 19 .
R e g i s t e r e d ..................... - — 1 9 39 IW N
------100 1 0 4 % J a n ’ 171.
106% 106%
BONDS
N . Y. STOCK EXCH AN G E
W e e k E n d in g A p r i l 4
B onds
S o ld
J a n . 1 9 0 9 th e E x c h a n g e m eth o d o f q u o tin g b o n d s w a s ch a n g ed a n d p r ic e s a r e n o w — " a n d in t e r e s t” — ex c e p t f o r in t e r e s t a n d d e fa u lte d b o n d s .
Due Nov. (D u e Dec. * Option sale.
[V ol . 108.
New York Bond Record— Continued— Page 2
BONDS
N . Y . STOCK EXCH A NG E
WooS ending April 4
&
Bn s
od
Sld
o
1373
Rne
ag
W 's
eek
P
rice
S ce
in
F a
rid y
Rneo
ag r
J n 1.
a.
A ril 4
p
Lst Sle
a a
ig o. o ig
skLw H h N Lw H h
B
id A o
BONDS
N . Y . STOCK EXCH A NG E
Weok ending April 4
ag
W 's .gcq Rn*
eek
P
rice
sirtet
Rneo ^
ag r
F a
rid y
J n 1.
a.
A ril 4
p
Last Sale
—
o ig
o
7lid
A Lw Fob ig N Lw 102%
sk 100% H h o. 98% H h
'19
& -3
^ &
Leh V Term Ry 1st gu g 5 s .. 19 41 A O
Delaware
Hudson—
7 98
96%
96%
Registered________________ 1941 A O
98% Sate 96%
1st Hen ouulp g 4
_______1922 J J
4 83% 85%
8 4%
84
83%
Leh Val RR 10 yr ooll 63—«1928
82
iY N
I
1st & ref 4s______________ 1943
92 Mar’ 19
Leh Val Coal Co 1st gu g 58.1933 J J
92
9534
90% 92
20-year conv 5s__________1935 A O
75% 77
Registered________________ 1933 J J
75% 76 Mar’ 19
Alb 3c Susa conv 3>$s____ 1910 A O
1st Int reduced to 4s_____ 1933 J J
I
Renss & Saratoga 1st 7 s .-1921 IY N 102% 10 4 103% Sept’ 48
Leh A N V 1st guar g 4s____ 1945 M S
Denver & Rio Grande—
60
63
63
73
03
68
Registered________________ 1945 M S
1st eons g 4s_______ - __-.1936
73
72
78
73% 72
70
Long laid 1st cons gold 5S--A1931 Q J
Consol gold 4>$s_________ 1936
79% 79 Mar’ 19
79
79%
1st consol gold 4a________ftl93l Q J
75
____1923
Improvement gold
43
43 - " I
43
48
57%
General gold 4s___________ 1938 J D
1st A refunding
_______ 1955
Ferry gold 4>$s__________ 1922 61 s
82 ____ 8734 Nov'10
Rio Gr June 1st gu g ___1939
33
61% Apr ’ l l
Gold 4s......... ......................-1932 J D
Rio Gr 3ou 1st gold 4s____ 1910
39 July’ 17
Unified gold 4s___________ 1949 61 S
Guaranteed____________ 1940
723.4
67
69 Mar’ 19 ____ 69
Debenture gold 5s________1934 J D
Rio Gr West 1st gold 4S— 1939
58
50% Mar’ 19 ____ 56% 59
20-year p m deb 5s________ 1937 01 N
55
Mtgo A coll trust 4s A . . 1949
M S
73
82 Deo TO
60
Dot & Mack— 1st Hen g 4S..1995
89
51 s
75% July’ 16
Gold
_______ _____ ____ 1995
3 81
81% 81
81%
A
81%
!
Det Rlv Tun Tor Tun 4 >$S--1981 iY N
M s
Dul Mlssabo
Nor gen 5s. .1941 J J 97 - - - - 9634 JuneTi
Nor Sh B 1st con g gu 5s.ol932 Q J
9 4% Feb T9 ____ 94% 94%
92% 100
Dul & Iron Range 1st 5s____ 1937
____ 105% Mar’0£
Louisiana A Ark 1st g 5s____ 1927 M
Registered_____________ 1937
85
83 Feb Tfl ____ *83 ' *83""
81
Louisville A Nashv gen 63— 1930 J D
Dul Sou Shoro & Atl g 59— 1937
99 NovTS
9134 102
Gold 5s..................................1937 51 N
Elgin Joliet A East 1st g 59..1941
100%
99% 100%
99% Salo
Unified gold 4s.................... 19 40 J J
Erie 1st consol gold 7s______ 1920
J
81% - - - - 78% Oct ’ IS
Registered______________1940 J
N Y A Erlo 1st ext g ___1947
99% 9934 96% Juno’ lS
Collateral trust gold 5s___1931 M N
2d ext gold 5s____________ 1919
93% Jan ’ IS
91
L Cin A Lex gold 4>$S---193l M N
3rd ext gold 4>$s_________ 1923
96% ____ 99% July’ 17
N O A M 1st gold 6s......... 1930 J J
4th ext gold — _________ 1920
9134 Nov’ 15
82
2d gold 6s......................... 1930 J J
5tii oxt gold 4s___________ 1928
____ 100% July’ lS ____
Paducah A Mem Dlv 4 s ..1948 F A
f l Y L E A f f 1st g fd 73.-1920
15 65
65% 65
65%
65
St Louis Dlv 1st gold 6S..1921 M s
70%
Erie 1st cons g
prior___1996
84 Doc TO
6! S
Registered_____________ 1996
52%
531.4 32 52% 56%
52% 63
II N
Y
1st consol gen lien g 43-1996
73 June'U ____
J D
Registered___________ 1996
82
773,4 Feb T9 ____ 77% 78
79
Hender Bdge 1st s f g .-1 9 3 1 M S
Penn coll trust gold 43.-1951
13 46% 49
J J
46l3
4
4618 47
50-yoar conv 4a Ser A ..1953
48%
4
A O
40% Sale 46
13 48
do Series B _________ 1953
36 47% 52%
M s
4
4812 Salo 48
Gen conv
Series D ___1953
—
94 Fob
J
J
94
95%
Ohio A Erlo 1st gold 5s___1982 M N ____ 93
Jan
J
J 85 ------q
Clev A Mahon Vail g 53..193S J
F A
9S's Sale 98 iS
96% 101
9
Erie A Jersey 1st s f s___1955 J
>
J
95% 101
J J
9612 97>2 96
Geneseo River 1st s f s___1957 J
—
F A
103 103
107 ------- 108 Mar
Long Dock consol g ____ 1935 A
____
F A
Y
931 ------- 103 Jan
Coal A RR 1st cur gu s . .1922 I I
____
A O
July
87*2------Dock A Inapt 1st ext 5 s . : . 1943 J
____
51 S
I
86’i ------ 85 Jan
N Y A Green L gu g 5s___1946 IY N
76
Sale 76
7
M N
75
78%
N Y Suari A W 1st ref 53.-1937 J J
M S
00% Deo
2d gold 4>$s.................... 1937 F A '____ 55
% 60 June
M s
Gen >ral gold _________19 40 F A ____
——
I
J
86 ------ 97 Deo
Terminal 1st gold 5s___1913 IY N
....
1 1)
Mid of N J 1st ext 5a____1940 A O 86 ------ 108 Jan
60
78
72 Jan
____ 72
72
A
Wllk A Bast 1st gu g 53--1942
____
M N
Jan
Ev A Ind 1st cons gu g 6 s ..1928
~96 * ~9S" 96 Feb
____ 96
M S
93
Evansv A T II 1st cons 6S..I921
____
Q F
60 U ------- 8518 June
1st gcnoral gold 5s________1912
....
j
J
108 Nov
Mt Vernon 1st gold
--— 1923
____
J D
*____ 9878 95
Bull Co Branch 1st g 5 s .. 1930
II s
Y
81
81
81
85
81
85
Florida E Coaat 1st 4}$s___ 1959
92
J J
Fort St U D C® 1st g 4>$3.-19 41
____
561a-----Ft Worth A Rio Gr 1st g 43.1923
____
^M N
80 Deo
____ 78
Galv II U A Hen 1st 5s____1933
177 95% 98
J J
9
95118 Sale 95*2
Great Nor C B A Q coll 4 s . . 1921
____ 95
95% 95%
J J
95%
9
Registered______________ ftl921
Missouri Kansas A Texas—
7 85
89
85
8558 85
1st A ref 4% s Series A ....1 9 6 1
____
J D
98 June
83
Registered_____________ 1961
____
F A
',i ------- 89*2 Apr
3t Paul M A Man 4s......... 1933
____
M N
107*8 103% 111 Nov
1st consol g a_____ - ___ 1933
____
M S
104 ------- 118 Apr
Roglatered..............
1933
Trust Co certfs of dep.
95
95 Jan
____ 91
ODa 93
Reduced to gold 4 >$8.1933
____
J J
90% 99
Registered_________ 1933
A O
%
%
____
841s
___ 1937
Mont ext 1st gold
____
5% secured notes "oxt”
83ls ------Registered......... ........... 1937
M N
77 ------Pacific oxt guar
£ ____19 40
____
F A
775g ------E Minn Nor Dlv 1st g . .19 48
A O
s ____
Minn Union 1st g _____ 1922
$ ____
II N
Y
1061.1____
Mont C 1st gu g s______ 1937
3....
M S
103 ____
Registered______________1937
J D
3 ____ 98% 99%
98 ------1st quar gold 53________1937
____
M S
9 6 's ------Will A 3 F 1st gold 5 s .. 1933
Missouri Pacific (reorg Co)—
51
52
52
05
j ____
Oreon Bay A W deb ctfa " A ” ____ Fob
F A
1st A refunding 5s Ser A . .19
7
%
7% Fob T 9 ____
t
7*2
Fob
Debenture ctfa " B ” ____
F A
82%
Gulf A S I 1st ref A t g 5 s . . 61952 J J ____ 76% 80 Jan '1 J ____ 80
F A
79
5 78
83
79
Salo 79
Hocking Val 1st cons g 4>$s 1999 J J
IY S
I
June’ l ____
Registered________________ 1999 J J
M N
A O 761 ------- 7.31 Oct '1 s ____
8
Col A H V 1st oxt g 4s____1948
II S
Y
75 Feb ’ 1 ____
A
861.1 Col A Tol 1st ext 4s______ 1955
;M N
8812 85 Doe T
J
Houston Belt A Term 1st 53.1937
F A
J 8 5 % ------- 87 Mar’ l ____
Illinois Central 1st gold 43.-1951
D
92 Sopt’ l 7 ____
J ____ 95
Registered________________ 1951
F A
J 7 2 % ------- 7534 Oct ’ 13 ____
1st gold 3>$s_____
1951
.J J
J
7 1 % ____ 84 Nov’l 5 ____
Registered_____ ________ 1951
A O
80 June’ l ____
O 72is - -
Extended 1st gold 3)$s___ 1951
A O
713S ----Registered______________1951
J J
9
80
J u ly ’09
s ____ 81
1st gold 3a sterling________1951
J J
s
Registered______________1951
; IY N
I
77 ]
9 ____ 77
76
79
79
Collateral trust gold 4s___1952
II S
Y
a 9538 I
Registered_____________ 1952
J D
79’ % 84%
79%
1st refunding 4s__________ 1955 M N ____7912
72
'Q J
9 ____ 72
Purchased Hues 3>$s_____ 1952 J J 70% 733s 72 .
M S
Sale 733,i
5 73’4 77%
L N O A Texas gold 4 s .-.19.53 M N
F A
a
.
:
M N 7 1 % ------Registered....... ........... ...1 9 5 3
J D
____
78
D 76i2 —
Cairo Bridge gold 4s___1950
4
.
_
J J
79 :
57 —
Litchfield Dlv 1st gold 3s. 1951
A O
____
6 7 % ------- 73 %
Loulsv Dlv A Term g 3>$8 1953
____
1J J
83 ,
Registered_____________ 1953
____
J J
102 ,
97%
Middle Dlv reg 5s.............1921
A O
61 ____
Omaha Dlv 1st gold 3a___1951
____
>J J
65
St Louis Dlv A Term g 3s. 1951
____
A O
70
83%
Gold 3>$s......................... 1951
f l ____
1J J
Registered___________ 1951
____
J D
671.4 81%
Sprlngf Dlv 1st g
____ 1951
____
A O
70% 80
Western Lines 1st g 4s____1951
____
New York Central RR—
Registered______________1951
51 N
____
95% ____
Bellev A Car 1st _______1923
_ 73
F A
73
73
73
72 _ __
Carb A Shaw 1st gold 4a..1932
A O
983.1 Feb 9 ------ 9 4% 9934
99
Chic St L A N O gold . . 1951
New York Cent A Hud Rlv—
94% ____
9 ____ 95% 95%
Registered______________1951
J J
____
% —
Gold 3J$s......................... 1951
J J
Registered___________ 1951
61 N
901 Fob 9 ____ 90% 95
____9012
Joint 1st ref 5s Series A . 1963
61 N
____
70% Oct
72 — Memph Dlv 1st g 4s___1951
F A
65 Nov 7 ____
71
78
Registered___________ 1951
F A
Jan
____ 7934
805s____
St Louis Sou 1st gu g 4 s ..1931
} F A
____ 80% 82
80% Fob
Ind 1 1 A Iowa 1st g 4s______ 1950
1
80*8 98
F A
93
98
9
____ 953s 93
Int A Great Nor 1st g s____1919
JJ D
82
80?i 90
____ 82
82 Fob
James Frank A Clear 1st 43.1959
J
rj
.
00
64%
60
6
60
61
Kansas City Sou 1st gold 33.1950
J
>J
78 Oot
Registered________________ 1950
J J
827S 82%
82% 8534
8
80
Ref A Impt 5s_______ Apr 1950
6J J
77
7
74% 77
Kansas City Term 1st 4s___1980
9 76% 81
1A O
89 -------------------90
86 00 80 Mar 9
Lake Erie A West 1st g 5 s ..1937
lJ D
80
2d gold 5s.................
1941
2 J D
____
95
North Ohio 1st guar g 5 s ..1945
1M S
89
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Registered_____ ___________1910
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7934
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Lehigh Val (Pa) cons g 43.-2003
4
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85
Goneral cons 4>$s________2003
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•No price Friday; latest bid and asked this week, a Doe Jan. » Due Feb.
Duo June, ft Due July. ®Due Sept.
0
100
____
10134 102 113 Mar’ 17
102
101% Sale 10134
9 8 % ____ 97% Mar’ 19
.05 Oct '13
701
70 July’ 18
70%
1
96%
87
75%
89%
75
75%
75%
73%
70%
94
92
90
87
109%
971,4
84
9634
99%
79
88%
99%
75%
81
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95
94
94
91
87
03
97%
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00
93%
05%
00
79%
99
93
81
95
89
77
70%
70%
98
__
_
_
Mar’ 19
Juno’ 10
Jan T9
Mar’ 19
Oot ’06
Mar’ 19
Jan T9
Mar’ 19
76%
Jan ’ l l
Jan T9
Deo T8
Mar’ 19
Mar’ 19
Fob TO
97%
84
Jan T7
Jan T9
Feb T9
Jan T9
Jan T9
Jan T9
Fob T9
Mar’ 19
Nov’ 18
77
95 _
53 _
1013,4
75%
75%
75% 79
95
92% 94% 95
88 Nov’ 18
85%
71%
71
68
80
95 Feb ’05
95 Aug ’ IS
90% 98
97% M ayT6
82
101-% Jan T9
101%
96% 98"% 9033 Mar’ 19
93 Mar’ 19
87% 93
00 July’ 18
70%
—
77 Mar’ 10
75 Nov’ 10
91% June’ 17
01 July’ 18
99 Fob T9
78% Mar’ 19
44
44
50% Deo T8
60 Feb T5
77 Jan T9
4334
44
84 Mar’ 19
9734 Fob ’ 19
92 Jan ’ 17
9 4% Jan T9
95 Deo TO
60
*80
101
101
98
76% 78%
Silo
44
4034
___
—
70%
43%
831.4
97%
68
92%
81%
97%
97%
—
83
110
Salo
88%
84%
97% 100
92% 95
103% 101%
9 3 % ____ :
80
84
9934
55
79
—
101% 102%
77
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......
94
90
64%
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31
30% 31% 30%
32 8opt’ 18
20% 23
4234 Feb T9
47
40
43
43 Fob T9
41
30
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30
40 Nov’ 10
40
25
69% Apr’ 17
00 Oot T8
58
50 Jan T9
55
40
71% Jan T9
70
60
50% Mar’ 19
50% 59
51 Deo T6
05
30% Nov’ 18
50
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79
80
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75%
81
75
70
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81
77%
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94
94
91
87
108
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83%
91
88%
108
100%
88%
100 100
93% 93%
105% 105%
100
79%
100
79%
100% 100%
57
57
75% 78%
80%
95%
71
72%
101% 101%
96-% 96%
93
93
99
99
78% 78%
44
47%
77
42
84
9734
77
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89
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94%
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29%
69
31%
42
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43
43
29% 29%
60
50
71% 71%
50% 51
—
83
91%
89
573.4
98%
87
923,4
Salo
Sale
100
05
84%
04
803.4 85
87%
93% 95
80
81
72%
90is
102%
95%
05
80%
84
80%
9.334
100%
......
102%
_
_
_
_
07%
94
51%
08%
74%
87
81%
99
104%
8738 Jan T9
91%
91%
88%
89
57%
58*4
98%
98%
58 Oot T8
82 Apr T7
100 Fob T3
97% Deo T3
81 Jan T9
10034 Apr T8
95% Mar’ 19
102 July’ 14
80
80
80% Oct T7
74
74
78 Sopt’ 15
103% Fob TO
95 May’ 18
71 Nov’ 18
93 July’ 17
86% Mar’ 19
78 Oct T8
100 Mar’ 19
110% Mar’ 17
50 Mar’ 19
35 Aug T6
90% Fob T3
21 A u g’ lS
67%
0734
95
95
54 Mar’ 19
91.4
5
52-%
97% Salo 97
74% 75% 75
8434 84
84
97%
75
84
70% Salo 70%
71
72% 06% Aug T8
08
82
84
84 Mar’ 10
79 Nov’ 18
04% 05
64%
65
- - - - 05% 67 Jan T9
00
03
05 Mar’ 19
70
75 Mar’ 17
54
83 —
86% D o e T 8
9534 N o v ’ 16
88% 98 104 M a y ’ 10
87%
91%
88%
57%
98%
87%
91%
92
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81
82
95
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78% 82%
74
77
103% 105%
86% 86%
100 100
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60% 6834
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97%
51
58%
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82
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67
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%
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75
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49
....
_
Duo Oot.
0
Nov’ 10
73%
89%
80
97%
Oot T8
Fob T6
May’ 17
Fob T9
Option sale.
97%
97%
Rne
ag
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in
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BONDS
4
N . Y . STOCK EXCH ANGE
Week ending April 4
N Y Cent « II R RR (Con)—
fe
N Y & P a 1st cons gu g 43.1993 A
Pine Creek reg guar (5a------ 1932 1
R W & O con 1st ext 5s_./il922 A
Rutland lat con g 4 M*— 19 tl f
Og & LCham lat ga 4a g-19 IS 1
Rut-Canada 1st gu g 4a. 1949 J
8t Lawr Adlr lat g 5 a ... 1990
2d gold 6a....... .......... — 19®5 A
Utica
Blk lllv gu g a ..1922 J
Lake Shore gold 3
1997 J
Reglatered......................... 1997 J
Debenture gold 4s......... 192S M
25-year gold 4 s ............... 1931 M
Registered----------------- 1931i 71
Ka A
G R 1st gu c 5 a ... 1938 J
Mahon C’l RR 1st 5s------ 1934 J
Pitts & L Erie 2d g 5s
1928 A
Tltts McK
Y lat gu da.. 1932 J
2d guaranteed 6a----------- 3 , J
Michigan Central 5s--------1931| M
Reglatered......................... 1931
4s............- ........................ 1940 J
Registered.................. .1940 J
J L & S 1st gold 34$9— 1951 M
I
lat gold 3Ma.....................1952 V
20-year debenture 4a..1929 A
N Y Chi & St L 1st « 4s . . 1937 A
Registered---------------------1937 A
Debenture 4s--------------- 1931 M
West Shore lat Is g u a r ...2301 J
Registered-------------------- 2361 J
N Y C Lines cq tr s . . 1919 22 M
Equip trust 4 Ms. .1919-1925 J
N Y Connect 1st gu 4 Ms A . . 1953 F
N Y N H 4 Hartford—
Non-conv deben 4a........... 1947 M
Non-conv deben 3 Ms------ 1947 M
Non-conv deben 3 Ms------ 1954 A
Non-conv deben 4s--------- 1955 J
l
Non-conv deben 4s--------- 1956 iY
Conv debenture 3M s--------1950 J
Conv debenture 6s------------1948 J
Cons Ry non-conv 4a------ 1930
Non-conv deben 4s------ 1954
Non-conv deben 4s------1955 J
Non-conv deben 4a------ 1955
Non-conv deben 4a------ 1956 J
M
F
J
M
Hartford St Ry lat 4s.
M
M
A
J
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4
&
...a
J
h
1373
New York Bond Record— Continued—Page 3
A ph. 5 1919.]
5
7478 79
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9 8 % ____
80
J 76
6 1 % ____
J
J
5 6 % ____
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830s____
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J 93% 97
72
74
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70
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83f2 87%'
S
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N
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• No price Friday; latest bid
99
67
61%
67
99
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67
6
95% 95%
72% 73
83% 90
89
8
6
0
0
53
50
50%
50
53
51
82
50
91%
60
and asked
7 4 % ____
85 ____
6 9 % ____
65
Sale
------- 70
6 2 % ____
68
69
87% 95
108 109
100% 109
____ 109
837* Sale
6
81
Southw Dlv 1st g 5s_
85
82
71
75
74
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75
81%
78%
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84
8
6
53
50
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54
52
50
82
Feb *19
Mar T9
50
Mar T9
M ar'19
51
82
Oct *17
Jan T2
July’ 18
>
2
797* 80
71 ____
107
Sale
83% 84%
9 7 % ____
76
79%
43% 63
fu Sept* 17
40 Feb T9
9978 Deo T3
> Feb *14
g
8
8
8
8
8
8
67% 69%
108
81%
109%
8%
6
80% 82
84
84%
105% 108%
84%
8
6
79
81
8
6
6 67
8
8
8
8
8
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6
8
8
8
8
97% 977*
9 6 % ____
7 6 % ------767* 78%
77
75
88
81% 86
80% 84%
8 1 % ------88% 95
9 2 % -----0 2 % -------
97%
97%
87
78
81%
37%
85
97%
July’ 18
Peb 7
Jan T9
July’ 17
Deo TO
85
8r Feb T9
*%
86 Oct 17
90% M 07*17
96% May 18
104 Deo '
96% Feb T2
2
7 3 % ------- 90% jet ■
7 3 % ------- 88% Feb I:
88 apr |7
7 7 % ____ 90% Ju% I
4% Dec T8
87 ____
8 3 % ------- 78 Oct *18
9 7 % ------ 93 May TO
93% Apr T7
89 . . .
89 ____ 92 Deo *17
7 8 % ____ 88‘s Sept’ 17
91
91% 94% Jan T9
90% 96% 92% Jan T9
99 June’ 17
90% 99
88% 90% 90% SeptTS
8 8 % ____ 90% Sept’ 18
1
97% 98%
78
78
83% 85
85% 87
6
8
a
Duo Jan,
A T I11* V a l t .
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94% 94%
92% 92%
131%
68%
87%
66
57
59%
59
85
64%
63
63%
53% Feb T9
59
59
59
59
98% Jan T4
65%
S ile 61%
71% 71 Mar’ 19
70
70
71% 70
48%
48*2 S ;le 48%
57
57% 57
57 %
79 Mar’ 19
73% 88
74%
100%
100% 103% 100%
101 D e c '15
90 Jan T9
90% 95
90% June’ l*
91%
93%
94
94
95%
J
J
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6
6
J
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D
W O A W 1st cy gu 4s____1924
Spokane Internal 1st g 5s
Term Assn of St L 1st g 4M
1st cons gold 5s......... 1894-1941
Gen refund f g 4s_______ 1953
St L M Bridge Ter gu g 5s. 1930
Texas A Pac 1st gold 5s____ 2000
2nd gold Income ______ 02000
La Dlv B L ls» g 5s........... 1931
W Min W A N W 1st gu 5s 1930
Tol A Ohio Cent 1st gu 5 s .. 1935
Western Dlv 1st g 5s_____ 1935
General gold 5s___________ 1935
Kan A M 1st gu g 4s--------1990
2d 20 year 5s...................1927
Tol P A W 1st gold 4s........... 1917
Tol St L A W pr lien R 3 Ms. 1925
50-ycar gold 4s___________ 1950
Coll trust 4s g Ser A _____ 1917
Trust co ctfs of deposit
Tor Ham A Buff tst g 4s__ftl946
Ulster A Del 1st cons g 5a .. 1928
1st refunding g 4s_________ 1952
Union Pacific 1st g 43______ 1947
Registered______ _____ — 191
D
O
85 "
90%
92%
92%
97
93is
(14
85
99
97
937*
96%
96%
92%
73
J
O
N
O
J
J
O
J
J
J
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S
J
J
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M
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97
102
99
74
58%
61%
62
04%
71
l| 70
27, 47%
6 57
74
68
72
74
53%
60
80
1
12
6
4 100% 100%
3
90
90
___
94
94
95% 96
S3
Mar’ 19
83
85%
75% 80
1
Jan T8
Nov’ 18
Mar’ 19
92% 92%
....
Oct '10
Mar’ 19
97
98%
Nnv’ 181____
Mar’ 19 ___ 94
94
102%
98%
107%
93
73s.
94
797*
92%
100%
66
66
90%
72
93
88
93%
70
81%
rvt *18____
96
Mar’ lS
98%
Sept’ lOl____
Jan TO .____ 93
93
80%
M W 1 9 ____ 77
Nov’ 1 6 ____ . . .
80%
70 797* 83%
93%
49 92% 96%
Aug T6
66*2
57 66
68%
66
66
67%
Mar’ 19
90% 90%
Mar’ 19
72
,
93
93
j ;,n T9
Mar’ 19 _J 88
88
93%
1 93% 97%
Oct TR ___
Mar’ ie
101%
77
66
66%
88%
71
86
87%
93%
74
Sale
67%
717*
83%
96
Oct ' 17
1
741
70%
95% 99% 97 Mar’ 19
94% 97% 96
96
92
95% 95% Jan T9
52% 61
52 .Ian T9
97
92%
95%
52
101
2
97
97
951*
52
101
J 1003a 1013. DO
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Oct *18
91% Oct *18
68 Jan *18
91
68%
99
96
70
99% 100
95%
993s 100
917
*
96%
94
787*
76
86%
83
74
71
99%
J
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937* 98
74% 73
86
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90%
92% 87
A O
J J
J J
J J
A 0
J D
A O
J J
J
92
87
70%
89%
71
99%
96
96
85
98
73
91%
98%
77
Mar’ 19
89
92
Vfav'18
JJuv’04
Oct *18
Jan T9
87
87
85
Feb T9
73
6712 Seot’ IP
90% Feb T9
36 Feb T9
75% Feb T9
40%
50
18% Mur’O
C
83%
50
1
5
90% 91
36
36
75% 75%
45
51
0
30
J
J
J J
J
N
J
p
90
90
68% 80
90% 91%
73
46%
71
99
1
2
70% NnvTR 1 __
937* Mar’ 17!.
85
90
72
90-34
89%
A
A
71
99%
93 Anr TR
194% Dec ’ 16
96 Mar’ 19
73%
F
J
0 Due Oct,
66
57%
57%
53%
5
96%
95
92%
loo
99% 97
93
94
100% 91
95
100%
797* Sale
927* Sale
J
8
86% 83
80
80
83
75%
N
N
N
J
J
69
53
60
60
95
70
83% S ile
8 4%
J 85% S ilc
797*
73
M s
I
J 101% S ilc
J D 79% 80
Ore RR’ A Nav con g Is ..
Ore Short Line 1st g 6s___1922 F A 131% S ile
97%
1st consol g 5s........... .. 1946 J J 97
D 85%
Guar refund 4s_________ 1929
92%
Utah A Nor gold 5s____ 1926
J
83% 86
1st extended 4s_____ 1933
78%
Vandalla cons 4s Ser A ____1953 F
78%
Consols 4s Series B_______1957 M
35
Vera Cruz A P 1st e»i * M s.1934 r
* Due Aug.
60
75
6 75
77
75%
Sale 75
90 Feb '14
83% 189 82% 85%
83% Sale 827*
106% 1.581 100 106%
103% Sale 102%
78% Sale 78
78U
17 78
83
S
D
A
M N
* Duo July,
60
Mar’ 19 —
101% 103%
66% 75%
KT V
a
2
60
86%
81%
85
99 May'17
102% 102 M ir’ 19
66% Mar’ 19
68
8
0
6
3
63% 70
82%
81%
84%
127! 59
64
75
79%
■
a
38 62% 69
89, 40% 45%
102
L02
6 96% 98
6
3
42
59
60%
75
75%
63%
67%
• L%
1
43%
102 Feb T9
96%
95%
Seaboard A Roan 1st 5s.
Southern Pacific Co—
Gold 4s (Cent Pac c o ll)..*1949 J
Registered____________ *1949
20 year conv 4s__________ 01929 M
20-year conv 5s___________ 1934 J
Cent Pac 1st ref gu g 4s_.1919 F
Registered_____________ 1949
Mort guar gold 3 Ms*-*1929 J
Through St L 1st gu 4s. 1954 A
G H A S A M A P 1st 581931
2d exten 5s guar________1931
Gila V G A N 1st gu g 5 s ..1924 M
HOUS E A W T 1st g 5S...1933 31
I
1st guar 5s red--------------1933 (V
II A T C 1st g 5s Int g u . . . 1937 J
Gen gold 4s Int guar------1921 A
1
Waco A N W dlv 1st g s ’30 .7
A A N W st gu g 5s---------- 1941
Louisiana West 1st s ------1921
Morgan’s La A T 1st s. .1920
No of Cal guar g 5s______ 193S A
Ore A Cal 1st guar g 5s_ 1927 J
_
So Pac of Cal— Gu g 5s— 1937 M
So Pac Coast 1st gu 4s g_.1937 J
San Fran Terml 1st 4s — 1950 A
Tex A N O con gold 5 s . . .1943 I
Pac RR 1st ref 4s.......... 1955 J
Southern— 1st cons g 5s-------1994 J
Registered---------------------1994
Develop A gen 4s Ser A — 1956 A
Mob A Ohio coll tr g 4s — 1938 M
Mem Dlv 1st g 4Ms-5s— 1996 J
St Louis dlv 1st g 4s.......... 1951 .1
Ala Gt Sou 1st cons A 5 s .. 1943 J
Atl A Chari A L 1st A 4 Ma 1944 J
1st 30-year 5s Ser B -------1944 J
Atl A Danv 1st g 4s_______1948 .J
2d 4s..................................1918 .1
Atl A Yad 1st g guar 4 s . . 1949 A
A Ga Dlv g 5 s . .. 1930 J
Cons 1st gold 5s________1956 M
E Tenn reorg lien g 5s-------1938 M
Ga Midland 1st 3s...............1946 A
Ga Pac Ry 1st g s ______ 1922
Knoxv A Ohio 1st g s — 1925 J
Mob A Blr prior lien g 5s. 1945 J
Mortgage gold 4s----------1945 J
Rich A Dan deb 5s stmpd. 1927 A
Rich A Meek 1st g 5s____ 1948 M
v
So Car A Ga 1st g 5s-------- 1919 r i
i
Virginia Mid Scr D 4-5S..1921 r*
Series E 5s......................... 1926
Series F 5s______________1926
6
97% Dec T7
84%
S ilc 82%
81% Mar’ 19
84
84% Mar’ 19
84
84
88%
GS% 72%
45
47
Sale
75
Sale
S ile
102%
98
J
J
6
8
3
J
J 59%
J
J
A O
63%
42%
Oct
J 101%
J
J
J 98%
J 70
J
1
1
83
20 82%
82% Sale 82%
82
____ 827* 82 Mar’ 19,------- 82
58%'
10
%
l
58% 58% 58%
Oct T
88
90
88
88% 88
74 Aug T
76
80
102’ * 102"'
102 104% 102 Mar T9
l O l 's ____ 103% 8ept’ 17
97 Feb T9
97” ~98%
97% 99
78 Deo T
73% 85
30% Deo TO
69
85
107% 107% 107% Mar’ 19
107% 107%
77%
76
76% 76%
7 47 797
8
85
90
M ar’ 19
85
100% Feb T7
____ 95
9 5 % ____ 95% Nov’ 18
09% 100
997
997
g
9978 997
a
99'* 99% 99% Feb *19
99% 09%
86
90
90% Nov’ 18
88% 89% 89% Mar T9
86% 89%
94
S lie 94
94%
94
06%
8578
84% S lie 84%
84% 897
g
91% S lie 94
94
97%
9 4%
8 4 % ____ 87% Nov'18
8 0 % ____ 84% Sept’ 16
87 ____ 87% Jan T9
87% 87*2
96 ____ 102 Jan ’93
8 0 % ____
85% 03% 92 Dee 7
6
8
Refunding 4s__________
Atl Blrm 30-yr 1st g 4s.
8
8
62% 62%
84
82%
84%
71% 70
70%
48
47 Mar’ 19
63%
45%
98
94%
82%
81 *
81
M N
J J
J D
J J
J D
J J
A O
A O
F A
A O
M S
Consol gold 4s_
3 A A A Pass 1st gu g 4
54
50%
62
56?8
59%
52
88% 88%
91
1 91
102
.02
101
J
J
J
J
106% May’ 15
87 July' 14
83 Aug T3
43%
44%
65 "
60 ’
92% June’ 12
60 Apr
69
69
81% Pine 18
103 Mar T9
122 Nov’ 10
107% Doc *18
83%
84%
93% Dec TO
80% Mar’ 19
84% Feb *19
117% May* 17
104% Dec T
105%
107
85 Feb *19
103 Sept* 16
79
79
J
J
J
88% 93
83% 89% 8.3% Mar'19
93% 92% 91
91
1007.
% 102 Jan T9
M N
A O
6
Cum adjust Ser A
Income Series A s.
82
73% Dec 18
7 2 % ____ 79% Deo *17
55% 017* 62% Jan T9
9 0 % ____
70% . . . .
8 1 % ____
43% Sale
J
A
A
St Louis A San Fran (reorg C o)Prlor lien Ser A 4s............. 195
>
8
____
50 ____
____ 54
52
55
52
56
50
52
____ 82
M N
F A
A O
Q
M
J
Dec T5
May’ 17
Jan *09
Mar’ 12
99% Aug *17
98% Nov' 18
M ir ’ 19
82% 83%
____ 1
Feb *14
Juno’ 08
7 0 % ------ i
J ily’ 17
7 0 % ____ !
Mar T9
83
83%
81%
81% 83 I 80%
77 .
.1 85 Nov’ 17
Mar’ 19
74% 74%
75
75
76%
74
73
86 1
Feb TO
9 9 % ____
102 | 98 JUyT7
Mar* 19
82% 83%
W 's
eek
Range
P
rice
F a
rid y
Rneo f s S ce
ag r
in
J n 1.
a.
A ril 4
p
Lst Sle
a a
ig o. o ig
B
id A o
skLw H h N Lw H h
(C
on
P. O. C. A St. L
.)—
Series F guar 4s gold — 1953
Series G 4s guar------------ 1957
eries I cons gu 4M3 — 1963
C St L A P 1st cons g 5 s .. 1932
Peoria A Pekin Un 1st s g.,1921
2d gold 4 Ms____________ 61921
Pere Marquette 1st Ser A 5s. 1956
1st Series B 4s----------------- 1956
Philippine Ry 1st 30-yr s f 4s 1937
Pitta Sh A L E 1st g 5a......... 1940
8
58
J ____% ____
74
N
A
&
6
80
9 5 % ____
95 ____
103 > ____
8
1 02% ____
9 3 % ____
J ...................
New England cons 5s------ 1945 J
J
Consol 4 s _ .----------------1945-.J
Providence Secur deb 4s. .1957 f
J J
Prov
Springfield 1st 53.1922 »
M 8
Providence Term 1st 4a— 1956 f
W & Con East lat 4 M S--.1943 .
M S
N Y O A W ref st g 4a----]
M S
Registered $5,000 o n ly ..01992 I
J
Genoral 4s________________ 1955 J D
F
Norfolk Sou 1st
ref A 5a .. 1961 f A
M
Norf & Sou 1st gold 5s----------1941 I N
M A
West gen gold 0s------1931 I
Norf
F
Improvement & ext g 6 s ..1934 I A
New River lat gold a------ 1932 A O
A
N A W Ry 1st cons g 4S..1996 J O
Reglatered_____________ 1990
Dlv'l 1st lien gen g 4s. 1944 J J
J
10-25-year conv 4a--------1932 j II
M S
10-20-year conv 4a--------1932 1
M
10-25-year conv 4 Ms— 1938 1 S
10-year conv s (w 1)— 1929 .
J D
Pocnh C A C Joint 4s — 1941 .
J .1
C C
T 1st guar gold 5s. 1922 .
M
Sclo V A N E 1st gu g 4 a .. 1989 1 N
Northern Pacific prior Hen rail
way A land grant g 4s____1997 (Q J
1997 (
Registered................
Q J
General lien gold 3s_____ «2047 <
0 F
Registered____________ u2047 <
Ref A Imp 4 Ms ser A _____ 2017 .J J
t Paul Duluth Dlv g 4 s .. 1990 I D
F
St P A N P gen gold 0 s .. .1923 I A
O
Registered certificates..1923 < A
F
St Pail! A Duluth 1st 5 s ..1931 I F
1st consol gold 4s--------- 1908 . J D
(J 1
Wash Cent 1st gold 4s------1948 < .7
J J
Nor Pac Term Co 1st g «s_.1033 .
J J
Oregon-Wash lat A ref 4s— 1901 J D
Pacific Coast Co 1st g 5s — 1940 .
Paducah A Ills lata f 4M 8..1955 J J
M
Pennsylvania RR 1st g 4 s .. 1923 f N
M S
Consol gold 5s___________ 1919 !
Q
Registered------- -------------1919 ( M
Consol gold Is----------------- 1913 r i n
fv
Consol gold 4s........... .........1948 f N
Consol 4 Ms.........................1960 F
1
General 4 Ms_____________ 1965 J E
J
General 5s............. ............... 1908 .1 D
(V £
AHeg Val gen guar g s . . . 1942 f I
D R RR A IJ’ge 1st gu 4s g 1930 F A
1
M N
Pblla Halt A W 1st g 4 s .. 1913 !
Sodus Hay A Sou st g 5s 1924 J J
Sunbury A Lewis 1st g s . 1930 J J
M 8
U N J RR A Can gen 4 s ..1944 f
Pennsylvania Co—
Guar 1st gold 4 Ms......... .1021 .J J
Registered_____________ 1921 J
*
M S
Guar 3 Ms coll trust reg A . 1937 I
Guar 3 Ms coll trust ser B 1911 F A
I
Guar 3 Ms trust etfs C _ 1942 .J □
_
r
Guar 3 Ms trust ctfs D ...1 9 4 4 • d
A
Guar 15-25-year gold 4 a ..1931 < O
I
40-year guar 4s ctfs Ser E . 1952 V N
Cln Lob A Nor gu 4a « _ 1912 M N
_
Cl A Mar 1st gu g 4 Ms. ..1935 M N
Cl A P gen gu 4 Ms ser A . 1912 J J
Series B ............................ 19 42 \ O
Int reduced to 3 M s..1942 ,
SeriesC 3 Ms.................... 1948 M N
!
Series D 3 Ms...................1950 F
1
Erie A Pitta gu g 3 Ms H ..1940 J
Series C ............................. 1940 J
.
J
Gr R A I ox 1st gu g 4M8-19 41 .
J
Ohio Connect 1st gu 4 s .. . 1913 M S
!
Pitts Y A Ash 1st cons 5s. 1927 M N
!
Tol W V A O gu 4M« A . .1931 J
.
Series 1 4 Ms............... 1933 . J J
3
Series C 4S........................1912 M S
1
P C O A St L gu 4 Ms A . .1910 A O
Series T guar------------ 1942 A O
l
M N
Series C guar............... 19 42 r
Series D 4s guar............. 1945 1M N
Series E 3 Ms guar gold. 1919 F A
1
78
Feb ’ 19
May’ 15
99
99
67 Jan 19
61*8 Fob *19
67 Feb *19
Nov'lti
Nov’ 10
95%
95%
72% Mar T9
73% Nov’ 13
87%
80%
83% N )vT7
80
0
BONDS
N . Y . STOCK EXCH ANG E
Week ending April 4
a
a
a c
Due N ot,’
89%
53
86
85%
85%
SO
113 L
79%
1)0%
947*
86
93
89
Dee 'IP
__
Sept’ 17
85% 897*
86%
Oct TR ___
85%
8 85% 89%
SO
14 80
83%
84 102% 106
104%
79%
3 1 79% 86
101%
9 100% 101%
Mir'19
nrvs 98%
84% 88
M ir T
1>^. T7
F.*b TP
80% June’ lR
35 Sept* 17 ___
g
1
—
Due D e c ,T l Option sale.
1374
Virginian 1st 5s scries A ____1961 w In
Wabash 1st gold 5s________ 193( M IS
2d gold 5s....... ..................... 1931 F
J
M s
J J
Dot Ch Ext 1st g 5s____1941 J J
J .
Om DIv 1st g 3 H s _______ 1941 A 0
M e
Wash Terml 1st gu 3 H s ____194E F A
F
West Maryland 1st g 4s____1952 A O
West N Y & Pa 1st g 53____1937 J .
A
J
.
A
/
c
I
Western Pac 1st ser A 5s___1946 (V
A
J
F
Refunding 4H s series A ..196 6 M
M
Winston-Salem S B 1st 4a.-I960 J
Wls Cent 50-yr 1st gen 4s___1941 J
Y
Sup A Dul div term 1st 4s '36 I 1
A
Street Railway
Brooklyn Rapid Tran g 5 s .. 1945 A
1st refund conv gold 4s_ 2002 J
_
J
J
3-yr 7% secured notes.-A1921 J
Bk City 1st cons 5 s _ .1916-1941 .1
Bk Q Co & 8 con gu g 5S-.1941 M
J
Bklyn Un El 1st g 4-5S...1950 F
Stamped guar 4-5s_____ 195( F
Kings County E 1st g 43..1941 F
Stamped guar 4s______ 1941 F
Nassau Elec guar gold 4 s .1951 J
Chicago Rys 1st 5 s . . ............1927 F
Conn Ry & L 1st ref g 4Hsl951 J
Stamped guar 4H a_____ 1951 J
Det United 1st cons g 4H 3--1032 J
Ft Smith Lt & Tr 1st g 5s_ 1936 M
_
Hud
Manhat 5s ser A ____1957 F
Adjust Income 5 s _______ 1957
N Y
Jersey 1st 5s______ 1932 F
Interboro-Mctrop coll 4^ 3.1956 A
Intorboro Rap Tran 1st 5 s .. 1966 J
Manhat Ry (N Y) cons g 4s. 1990 A
Stamped tax-exempt_____1990 A
Manila Elec Ry
Lt s f 5 s .. 1953 M
Metropolitan Street Ry—
Bway
7th Av 1st c g 53.1943 J
Col
9th Av 1st gu g 5 s ..1993 M
Lex Av P F 1st gu g 5 s ..1993 M
Mot W 8 El (Cldc) 1st g 4s. .1938 F
Mllw Elec Ry
Lt cons g 5s 1926 F
Refunding
oxten 4HS--1931 J
Mlnneap St 1st cons g 5 s . . .1919 J
Montreal Tram 1st
ref 5s. 1941 J
New Orl Ry
Lt gen 4H 3--1935 J
N Y Munlclp Ry 1st s f 5s A 1966 J
N Y Rys 1st R E
ref 4 s . . . 19 42 J
30-year adj Inc 5s_______ al9 42 A
N Y State Rys 1st cons 4Hs 1962 M
M
Portld Ry Lt
P 1st ref 53.1942 F
Portland Gen Elec 1st 53.1935 J
St Jos Ry L 11 & P 1st g 5S..1937 M
St Paul City Cab cons g 5 s ..1937 J
Third Ave 1st ref 4s________ 1960 J
Adj Income 5s___________ ul960 A
Third Ave Ry 1st g 5s______ 1937 J
Trl-Clty Ry
Lt 1st s f 5 s .. 1923 A
Undergr of London 4 H s ____1933 J
Inoomo 6s_______________ 1948 __
United Rys Inv 5s Pitts lss._1928 hi
United Rys St L 1st g 4s____1934 J
St Louis Transit gu 5s____1924 A
United RRs San Fr s f 4 s . .. 1927 A
A
A
A
A
A
A
J
J
J
J
J
J
O
N
N
A
J
N
J
J
O
J
O
J
A
A
A
APow 1st Aref 5 s ...193 4
A
A
Gas A Elec Berg Co c g 5 s .. 1949
Havana Elec consol g 5s____1952
Hudson Co Gas 1st g 5s___ 1949
Kan City (Mo) Oas 1st g 5S.1922
Kings Co El I, A P g 5s_____ 1937
Purchase money 6s______ 1997
Convertible deb 6s______ 1925
Ed El 1 1 Bkn 1st con g 4s. 1939
1
Lac Gas L of St L 1st g 5s..el919
Ref and ext 1st g 5 s .......... 1934
Milwaukee Gas L 1st 4s___ 1927
Newark Con Gas g 5s______ 1948
N Y G E L H A P g 5s......... 1948
Purchase money g 4s_____ 1949
Ed Elec 1 1 1st cons g 5 s..1995
1
NYAQ El LAP 1st con g 58.1930
Pacific O A El Co— Cal G A F—
Corp unifying A ref 5s____1937
Pacific G A E gen A ref 5S..1942
Pac Pow A Lt 1st A ref 20-yr
5s International Series_ 1930
_
Pat A Passaic G A El .5s___ 1949
Peop Gas A C 1st cons g 6s_ 1913
Refunding gold 5s_______ 1947
Ch G-L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5sl936
Ind Nat Gas A Oil 30-yr 6sl036
Mu Fuel Gas 1st gu g 6 s .. 1947
Philadelphia Co conv 5 s .. .1919
Conv deben gold 5s........... 1922
Stand Gas A El conv f 6 s .. 1926
Syracuse lighting 1st g 5s.. 1951
Syracuse Light A Power 6 s .. 1954
Trenton G A El 1st g 5s . . 1949
Union Elec Lt A P 1st g 5 s .. 1932
Refunding A extension 58.1033
United Fuel Gas lets f 6 s . . .1936
Utah Power A Lt 1st 5s____194 4
Utica Elec I. A P 1st g 5 s ...I 9 6 0
Utica Gas A Elec ref 5s___ 1957
Westchester Ltc gold 5s___ 1950
a
•No price Friday: latest bid i
s
s
J
J
N
A
A
Gas and Electric Light
Atlanta G L Co 1st g 5 s .. . 1947
Bklyn Un Gas 1st cons g 53.1945
Clncln Gas A Elec lst&ref 5s 1956
Columbia G
E 1st 5s......... 1927
Columbus Gas 1st gold 5 s ..1932
Consol Gas conv deb 6s___ 1920
Cons Gas EL&P of Balt 5-yr 5s’21
Detroit City Gas gold 5 s . . . 1923
Detroit Edison 1st coll tr 5s. 1933
1st
ref 5s ser A .............A1940
A
D
S
s
A
A
A
Va Ry
s
82
Sale
91% 96
c
J ------- 96
N
J
O
o
J
J
A
II
Y
J
Q
A
M
I
J
F
J
F
A
8
O
s
F
1
1
:
98 Nov’ D ____
____
88% Feb ’ It ____
67 Fob T« ___
74 Jan ’ 1!
75% Mar’ lC ____
____
59%
60
973*
973a
70 D o c’ It
36 Oot '17
81%
82%
93 Oct 'It
100 Feb ’ 17
903* Mar’ 17
64 Jan T9 . . .
69 Nov’ 18
75 Feb T9 ____
78
78
7234 Mar’ 19
94%
98
89
8 14
8
88%
67
67
2
751
J
J
75%
5
1
58
62%
973* 100
22
81% 86%
1
5
70%
70%
49 M ar'll
64
64
75
77
72%
75
80
74%
05
45
96% Aug ’ 18
82%
84
14 75
92 D eo '18
80 May’ 12
101 May’ 13
78
78
30 72
78%
78%
5 71%
64 Mar’ ll
57
62 Jan ’ 11
62
< 54%
*
54*4 M ar'll
73%
77%
18 73%
85% Mar’ ll
86% Oct 'IS
7634
80
42 71
84 Jan ’ l l
54%
56
132 54
14%
15%
62 14
90%
90%
3 90%
27%
35
936 27%
08%
71,„ 417 66%
69
69
21 69
09
70 „
8 69
77 Mar’ l 9
77
86
79%
79%
65
62
54%
81
88
81%
60%
13
90%
4
314
74i2
72%
741
77
2
75% 60
65
16 60
70
65
62
62
2 62
68
72% 74 Jan T9
74
74
54 Dec ' 18
95 ____
77
80% 81% Deo '18
98% Aug '17
82 . .
97% July'17
G
O
72% 74 Aug '17
55
65
60 Feb T9
63
55
42
43
39
43
48 39
4 4%
12% Sale 10%
12% 130 10% 15%
55
53
55
55
2 55
62
75
79
6 2 % ____ 02%
62%
i 62% 63%
85 ____ 90% Feb T7
81 ____ 95 July’ 17
85
99% 1021s Mar’ 12
507s Sale 50
51
27 50
54%
27
Sale 27
28
88 25
32%
89 100
97 Deo '18
9234 95% 95 Mar’ 19
94
97
7 5 % ____ 76 Mar’ 18
03% 90
67%
67%
20 67% 78
____ 75
65 D eo'18
49 ____ 48% Feb ’ 19
43% 52%
____ 69%
323j
31% 33% 32 Mar’ 19
22
31U 32
32
33
35 22
33tg
32
32-31
32
32
L 22
33*2
% 77ig Mar’ 19
%
12 1
75 77
9
77 7
12 9 9
3 5
933i 94
85
86
____
85
98%
76%
82
-------
93%
86%
94
86%
91
88
____ 100
100 100%
77
77
89% 96
84% 100
89
____ 94
Jan T9
Julv'17
100%
77%
Sept'17
Apr T7
Mar’ 17
July’ 17
92
9534
92%
96
May’ 17
70 Nov’ 18
98% Oct '17
90 Mar'19
101% Nov’ 16
96
90
88%
88%
101 Juno’ 47
90 Feb T9
90 Feb T9
9
713
12
12
90%
94
105
93
84
93
94
97
88
94
74%
100
88
92%
90
90
20
&
Manufacturing
Industrial
Am Agrlc Cbcm 1st c 5s____1928 A
Conv deben 5s___________ 1924 F
Am Cot Oil debenture 5s_ 1931 I I
_
V
Am Hide A L 1st s f g 6s____1919 M
Am Sin R 1st 30-yr 5s ser A '47 A
Am Tobacco 40-year g 6s___1914 A
Gold 4s__________________ 1951 F
Am Writ Paper 1st s f 5s___1919 J
Trust Co ctfs of deposit
Baldw Loco Works 1st 5 s ..1940 M
Cent Foundry 1st s f 6s____1931 F
Cent Leather 20-year g 5 s .. 1925 A
Consol Tobacco g 4s.............. 1951 F
Corn Prod Ref’g s f g 5s____1931 I 1
Y
1st 25-year s f 5s_________1934 M
Distil Sec Cor conv 1st g 5s. 1927 A
E I du Pont Powder 4H s_ 1936 J
_
General Baking 1st 25-yr 6s. 1936 i
Gen Electric deb g 3H a____1942 F
Debenture 5 s .....................1952 M
Ingersoll-Rand 1st 5s______ 1935 J
Int Agrlc Corp 1st 20-yr 5 s .. 1932 M
Int Paper conv s f g 5s......... 1935 J
1st
ref h f conv 5s ser A . 1947
Liggett
Myers Tobao 7 s .. 1944 A
5a.............................................1951 F
Lorillard Co (P) 7s_________ 1944 A
6s............................................. 1951 F
Mexican Petrol Ltd con 6s A 1921 A
1st lien
ref 6s series C ..1921 A
Nat F.narn & Stampg 1st 5s. 1929 J
Nat Starch 20-year deb 5 s .. 1930 J
National Tube 1st 5s________1942 M
N Y Air Brake 1st conv 6 s .. 1928 IV
I
Pierce Oil 5-year conv 6 s . . 71920 J
10-year conv deb 6s_____ A1924 J
Sinclair Oil
Refining—
1st s f 7s 1920 warrants attach F
do without warrants attach F
Standard Milling 1st 5s____1930 M
The Texas Co conv deb 6s. .1931 J
Union Bag
Paper 1st 6 s .. 1930 J
Stamped__________
1930 J
Union OU Co of Cal 1st 5 s .. 1931 J
U S Realty I conv deb g 5s 1924 J
U S Rubber 5-year sec 7s___1923 J
1st
ref 5s series A ______ 1947
U S Smelt Ref & M conv 6s. 1920 F
Va-Caro Chem 1st 15-yr 5s. 1923 J
Conv deb 6s____________ el924 A
West Electric 1st 6s D ec.. ..1922 ,J
A
A
&
A
A
A
A
98
89%
90
90
90
92
■ Due Jaa. 4 Due April. « Due May.
t
J
..1926 J
..1942 IY
I
..1936 J
..1932 J
.(J192C M
..1922 J
..19 43 F
.1934 F
3.1951) J
.1925 J
/11919 A
.1940 A
. 1!'52 I I
Y
-1! 20 J
.1923 A
.19 . 0 IY
I
islOI'O M
.1923 J
- 1957 J
.1910 A
1955 J
.1951 J
U S Steel Corp— jeoup.. d 1903 M
,11903 M
.1931 M
. 1953 J
V
s 1949 I I
ns
. 1929
.1936
. 1933
.1946
. 1925
Cent Dtst Tel 1st 30-yr 5s. . 1943
.2397
.1937
. 1935
.1924
. 1920
. 1939
. 1937
92
95
88
S
S
27
S
26
N
D
87
O
A
94
O
81
J
80%
O
79%
O
40
J 86
N 117
O
87
O
86
J 84%
N
99
N
99
N 95
o 97%
J 91%
J 83%
o
90%
88%'
89%
n
____
j 130
o 76%
N 90
J 90%
O 98%
O
A
N
S
O
O
A
Due June,
A
h
Due July. * Due Aug.
o
'2
Sale
105%
88%
Salo
Sale
____
78%
99%
901s
101%
Salo
Salo
74
80%
99% 100
99% 101%
9012 91%
92% 100
8 4 % ____
70% 73%
100% Salo
9 7 % ------81% Salo
98 ____
87
91%
110% 111%
91% 93%
110 111
91% 913*
93
54
O
A
N
N
O
D
D
A
S
J
N
J
N
N
D
J
A 104 104%
A
96% .Bale
N
92% !)3
J 103
Salo
J 87>2 88
J
8 7 % ____
J
93
94
J
71% Sale
D 103% 103%
J
87% Sale
A
9812 101)
D
95% Salo
O 1013* Salo
J 973* 97%
J
>
1
J
E
£
D
A
A
D
D
O
O
N
D
O
S
s
J
J
0
J
J
N
N
N
J
S
J
J
J
J
J
J
N
N
J
87
881
90 Feb ’ 1
93
931
81
81
80%
80S
79%
791
58 Mar’ l;
86
87
116%
118
85%
871
85%
87
84
85
98% Feb ’ 1£
98 Jan T!
05%
95%
97%
981.
913*
92
83 Fob T9
83
94
09 Mar’ 19
937* Mar’ l!
101
Mar’ l!
89% Oct T7
88
89
90% Mar’ ll
84
135
135
76%
78
9212 Feb T9
92 Mar’ lt
98%
99
99
105
88%
100
90
119%
78%
99
90
101%
78
95%
99%
100
90%
92%
88
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99
90
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98
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907*
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91
105
185
95
96
96
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95
Sale 947*
J
J
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M N
J
93
89
93
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____
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Sale
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103%
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100
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119
76
99
90
100
78
N
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.1938 J
Fund roul est g 4 H s ... . 1950 M
Mut Un Tel gu ext 5 s ... .1911 M
Nnrthwosf Tp? c i
m
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90
85
85%
Salt
50
Sale
Salt
Salt
Salt
Sale
105
107
96
Salo
Salo
87%
____
68
N
O
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I
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26 Mar’ l J . . .
26
26
30
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Coal, Iron &
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91
94
A
84
103
97
90%
96%
94
93% 96%
85% 88
88
12
21
Mlieellaneous
Adams Ex coll tr g 4s______ 1948 I 1
V
Alaska Gold M deb 0a A ____1925 (V
I
Conv deb 6s scries B ......... 1926 M
Am SS of V Va 1st 5a........... 1920 M
V
Armour
Co 1st, real est 4 Ha ’39 J
Booth Fisheries deb s f 0s___1926 A
Braden Cop M coll tr s f 6s. 1931 F
Bush Tormlnal 1st 4s______ 1952 A
Consol 5s...................
1955 J
Buildings 5s guar tax e x ..1960 A
Chic C & Conn Itys s f 5 s .-.1 9 2 7 A
Chic Un Stat’n 1st gu 4H s A 1963 J
Chile Copper 10-yr conv 73.1923 M
Rccts (part paid) conv 6s ser A A
Coll tr
conv 6s ser A ___1932 A
Computing-Tab-Rec s f 6s. .1941 -7
Granby Cons M S 4 P c o n 6 s A 28 IY
I
Stamped______ __________ 1928 M
Great Falls Pow 1st s f 5S ...19 40 M
Int Mercau Marine s f 6s___1941
Montana Power 1st 5s A ____1943
Morris & Co 1st s f 4 Ha____1939
Mtge Bonds (N Y) 4s ser 2 ..19 66
10-20-year 5s series 3____1932
N Y Dock 50-yr 1st g 4s____1951
Niagara Falls Power 1st 5S..1932
Ref gon 6s................. . . a 1932
Ntng Lock & O Pow 1st 5 s .. 1954 M
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 5 s .. 1943 F
Ontario Transmission 5s____1945 i in
Pan-AmPet&Trlst convOs T 9-’27■j
Pub Serv Corp N J gen 5 s .. 1959 A
Tennessee Cop 1st conv 6 s ..1925 M
Wash Water Power 1st 5 s ..1939 J
Wilson & Co 1st 25^-yr s f 6 s .1941 A
A
70
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____ _____
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__________
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__________
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------- 855j
BONDS
N . Y . STOCK EXCH A NG E
Week Ending April 4
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BONDS
N . Y . STOCK EXCH ANG E
Week ending April 4
In
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P d
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New York Bond Record— Concluded—Page 4
59
20
26
11
___
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____
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____ 99
8 1 % ____ 94 Nov’ 16 —
----------------
Due Oct
03
p
Due N or. f Duo Deo.
t
Option sale
BOSTON STOCK EXCHANGE—Stock Record Sae Next Page
Apr. 5 1919.]
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9'X
978
2
99
.75 Mar’ 19
72
74*4 75
73*8
*3*8
3*8
3*4
3*4
____
.30
*.25
40*2 40*2
40*2 40*2
14
*13
*12*2 13*2
*43
45
45
*43
1 -3
1 .1 12*2
12*4 12*2
L a st S a le .22
Feb’ 19
L a s t S a le 207 Mar’ 19
s
59*2 60*2
60
59
410 415
120
415
*12*4 14
14
*13
433,4 4"4*2
43*2 44*2
*27s
3
3
*27
8
6
5*2
6
5*2
9
9
9
3
3*?
31?
3*4
69*4 69*4
*43*2 45
44*2 44*2
6
5*4
5*4
6*4
.75
.50
.50
*.55
44
43
44*2
79
79
25
27
2578 26*4
5
5*4
5*4
5*4
L a s t S a le .1
Mar’ It
4*4
4*4
4*4 1 *4
.
23.4'
2*2
2*2
L a s t S a le
Mar’ 19
5
5
5
4
3*4
3*2
3*8
3
3
8*4
53
53
57
58
L a s t S a le 15*4 Mar’ 19
2
*1*4
1*8
1*4
17
17
17*8
17*8
7
*0*2
7
*6*2
L a s t S ale 9
Feb’ 19
L a s t S a le 58*2 Mar' 19
*83.4 87
9
8
87
8
11*2 11*4
11*4 11*2
L a s t S ale .50 Mar'IS
L a s t S ale 1
Mar’ 10
36*2
36
35*8 37
51
51
50*4 51*2
13*4
13
*13
14
58
*57
59
58
21*4 *21
21*4
*21
48
*45
45
45
13*4 13*4
2*4
2*?
2*4
2*4
*1*8
1*4
*1*8
1*4
.12
* .lt
.12
*.11
♦5
5*2
5*4
5*2
2*4
2*4
2*8
*2*2
2*8
2*8
2*2
.Hi
.85 *.73
.85
51
50*4 51
51*8
48*2 48*2
s
48*4 487
2*4
2*4
2*4 2 M i
8
8
8
8*4
2
*1*4
*1*4
178
178
178
17
8
2*8
.90
•J
9;
.80
.80
17
17*2
17*4 17*4
1
*.60
.75 *.60
d E x - d lv ld e n d a n d r i g h t s .
L a st S ale
84
*
6* 6*
84 84
43
23
.4
4
*1
24
*
4
2
0 A sse ssm e n t p a id ,
Jan
Mar24
Feb
Jan30
Mar25
145
78*2
95
33
168
7
135
84
112
15534
993s
70
80
1
4
257
s
9 l7
8
97
19
95
40
Feb 3
Jan 4
Feb14
Janl5
Feb28
M arl5
Marl5
Jan23
Mar21
Mar27
Feb 13
Mar31
Feb28
Jan24
Jan
Mar21
Marl3
11
135
87*2
114
58
4 *2
9
Apr
Apr
Jan
Mar
Jan
3
4
3
7
6
Janl4
Jan 4
Jan 9
M aril
Jan 2
Apr 4
74
Feb‘ 7
2
83
Jan
Janll
17*4 Janl4
MarlO
94 Mar 1
Jan 3
105
20
Janl
100
Janl
50
Apr 3
55
Jan
10
2*2
3*2
34
*2
6
8
8
6
82
2
1*4
6
Jan29 IO I M arl5
Jan 3 102l Marl5
6434 MarlO
677 Mar20
8
55c Jan 2
Feb 3
Jan 7
Jan
Jan 2 127*2 Apr 4
Jan 2 z 118*2 Feb27
Jan29 108*4 MarlO
673s M arll
Jan20
Jan21
M arl2
83
Janll
FeblS
84 Mar22
78*2 Jan 9
22
Feb20
17*2 Jan21
97
Feb 3 1207 Apr 2
8
67*2 Apr 4
63
Febl5
Jan 2
18*4 Feb
15*2 Mar 17
135s JanlO
14
Jan 2
10 Mar26
638 Janll
Jan 4
Jan 2
164
Febl8 172
61*4 Jan 2
52*2 Jan21
1467 Feb “ 157*2 M arl5
8
32*8 JanlO
28*2 Apr
Jan 2
4*4 Mar26
21
Feb 11
18
Jan 4
40 Mar26
19 Mar20
6
Jan 2
9% Feb20
99 Mar26
90
Janl7
Jan 9
81*2 Jan20
71
Janl3
Mar24
Apr 2
130
Feb10 137
92
Jan 7
92
Jan 7
96 MarlO
90
Jan22
52
Jan25
46 Mar 5
Janl5
113*2 Feb 13
54
JanlO
48
Feb l
15
Janl4
14
Jan 3
40’4 Feb20
32*8 Jan23
115
Jan30 143*2 MarJl
60
Feb21
52*2 Janl3
157*2 Feb 10 175*4 Mar 14
505s Mar 12
44
Janl3
31
Jan25
26*4 Jan 2
Mar2 2
Feb 10
Jan 2 115*2
113
10*2
7*4 Jan21
9 *2
7
8
22*2
4
12
5
*2
6 *2
8
8
100
5
8
6
12212
8*
84
2
122l Apr
37
Jan
80 July
19
Jan
150
Apr
.50
Dec
Mar
138 July
82*2 Apr
104
Feb
53
Jan
106 Sept
70
Oct
June
I Sept
Jan
27
Feb
84
Oct
June
20
Jan
80 Aug
37
Feb
47
Jan
10
*4
6 77*2
8
4
8
*2
101*2
282
30,
15 Pullman Company------------100
175 Punta Alegre ugar________50
175 Reece Button-Hole--------------10
2,465
9,278,
100
1,305 United Fruit______________ 100
United Shoe Mach C orp .. 25
Do pref________________ 25
2,956,
25
Do pref
3,327
2,572
433
8
8
131
6434
85
28
165
100
pr
a
6
6
Lst Sle
a a
28
3*4
69
44
5*2
.61
43*2
81
25
25*4
5*8
5*4
*1*8
1*8
4
4
*2*2
2?8
*2*4
3
*4
4*4
37
8
4
*3
3*4
54
53*2
16*4 *16*4
*1*4
1*4
16*4
15*2
*5
7
*8*2
9*8
*60
65
878
9
10
97
8
*.50
.51
1'? 1 *1
33
33*4
47
46
13*2 *13
52
54
20
20*4
*42
45
14
*13
2
2*8
*1*8
1*4
.12
.12
4*2
*4*4
2
2*8
*2*2
2*2
.74
.75
4 9 78
493s
48
48
2*8
2*4
8
734
*l-7i
1*4
*13.1
17
8
*.90
1
16*2 ' 10*2
.60
.60
• B id a n d a s k e d p r le e a
2
H ig h e s t
H ig h e s t
Railroads
Boston & Albany_________ 100
Boston Elevated__________ 100
Boston & Lowell__________100
Boston & Maine__________ 100
Boston & Providence_____ 100
Boston Suburban Elec.-no
Do pref____________
Chic June R y i U S Y ____ 100
Do prol_______________100
Connecticut River________ 100
15 Fitchburg pref____________ 100
147 Georgia Ry Elec stampd.100
Do pref_______________100
10 Maine Central_____________100
15,751 Mass Electric Cos_________ 100
Do pref stamped_____ 100
5,401
Hartford.......... 100
538 N Y N H
112 Northern New Hampshire. 100
1 Old C olony_______________ 100
3 Rutland pref....... ..................100
Vermont & Massachusetts.100
1,580 West End Street___________ 50
Do
pref- ______________ 50
314
Miscellaneous
618 Amcr Agrlcul Chemical— 100
Do
pref______________ 100
141
4,968 Amer BoschlMagneto.no
45 Amer Pneumatic Service.. 25
Do
pref_______________ 50
76 ,
.1 0 0
300
Do pref .
1,428
277
Do pref .
210
35 moskeag V
Do pref .
45
50
20
Do pref.
10
907
1,335
160
100
86
2,782
75
250
320
Do pref
155
1,890
22,366
10
516
.1 0 0
118
Do pref
.1 0 0
71
31
R a n g e f o r P r e c io u s
Y e a r 1918
R a n g e S in c e J a n . 1 .
49
4,410
3
381
140 140
7412 78'2
Lst Sle70
a a
STOCKS
BOSTON STOCK
EX C H A N G E
S h a res.
Lst Sle 135
a a
Lst Slei2
a a
Lst Sle7
a a
Lst Sle 135
a a
L st Sle8
a a 6
Lst Sle 114
a a
135
___*85
*115
*55
56*2 *55
101
*99-3s —
100 *95 100
20 20 *10 19
100 100
*10
4312
143 145
74
75U
91
91
30U 31
*1 2
*62 10
*
*____
8 2 2
1*2 17 1* 0
*100
6
6
30
135
*85
*85
*115
*115
57
*56*2 57
♦993a — - *99*8
80
80
*79
’
5
5
293.1
29*2
29
8
917 917 *90
8
*95
19
*79
1*4
093i
*91
30
30*4
167
*91
96
30
30'i
167 *165
*91
30
*165
J
6* 6
64 8
141
142
66
W
eek
F r id a y
A p r i l 4.
T h u rsd a y
A p r i l 3.
W ed n esd ay
A p r i l 2.
T u esd a y
A p r il 1.
M ond ay
M a r c h 31.
S a tu r d a y
M a r c h 29.
1375
10 *2
0
6
Feb 6 .75
Feb
25 .58
75 Mar 4
62*2 Mar22
25
508
4*4
3*s Mar31
1C
245,
30c Feb 7
20c Janl5
25
50
41
Jan21
36 Mar21
25
385
137
8
10*4 Feb 11
40 Amer Zinc, Lead & Smelt. 25
47
39
FeblS
35
Do pref______________ 25
12*4
5
10*4 Feb28
1,276
30c
10
20c Jan30
24*4
17*2 Jan23
10
63
Fob 10
57
Jan 4
10
990
Jan 3
25 350 M a rll 445
42
15
12 Mar21
Apr 2
25
80
39 Mar 5
44*2
25
1,965
2 M arll
20
3*4
40
6
Apr 2
10
4*4 Feb 13
4.4S6
8
Feb28
9*2 Jan 3
10
2,250
2*2 Mar21
25
37 Jan
8
911
68 Mar 1
73*2
100
190
100
42*4 Mar27
45*4
5
25
1*8 Feb 6
6*4
763
50o Mar 8
75c Feb 18
25
520
48
1 42i3 Feb 7
Jan 4
125
82*4 Jan:
1 79 Mar 4
10
Do pref
27
24
Jan 2
Feb27
25
2,902
4
Janl7
5
5*4 Jan24
1,105
99c Mar 4
25
1*8 Feb 10
3
Jan25
4*2 Jan 2
25
715
25
2*4 Jan 3
2*2 Jan21
100
3
Jan 9
5
2*4 Febl8
5
4
Feb 7
Apr 3
25
1,180
2
Jan 13
Mar 12
25
4,603
4*8 Jan23
2*2 Feb24
25
221
49*2 Feb 7
58
Apr 2
"25
381
15*4 Mar26
16*4 Mar 5
5
Mar 8
25
1*4
570
..5
14*4 Mar 5
17*8
3,275
7 Mar31
9*2
200 Now Idrla Quicksilver------ 5
100
10*2
87 Feb 11
s
57*2 Mar 1 63*2
100
Do
pref.
Janl5
5
10*4
315 Ntplsslng M.
9
Feb20
11*4 Apr 4
15
1,425
60S r*Feb26
40c Jan 7
25
Jan 13
75c M arl5
25
Apr 3
37
30*2 Mar 5
25
1,008
52
Janll
45 Marl7
25
379
13*2 Jan 2
16
Feb 8
120
61
Jan 3
52 Mar22
25
131
Jan
19*2 Feb 8
C
10 Ray Cons diluted Copper. 1
45
Apr 3
40 Mar 4
25
80
par
Jan22
13
14*2 Jan 4
600
1*2 Mar 15
16
3*2 Jan 9
1,873
40c Janl3
25
I M i Feb 14
200
8c Janll
Ho Feb 10
5
150 South Utah M A S ..
Jan 4
4 Mar 8
25
6
350
Jan 4
3
Mar28
3,020 Superior A Boston Copper. 16
Janl3
Feb 3
3
2
25
158
90c Feb 11
71c Apr 1
400
Jun21
43
56
51*8
660
49*2
66
44*4 Jan2t
325
Do pref
3*8 Jan 3
5
2 Mi Mar28
1,730
5
7*2 Janl8
8*8 Jan 2
1,455
2*4 Marl2
1*4 Jan28
770 Utah Metal A Tunnel____
25
1*4 Mar 13
2*4 Jan
470
50c Jan 9
25
1*4 Jan 4
421
19
Janl4
25
15 Mar 5
511
40c Marl3
600 Apr 1
25
Wyandotte..........................
18 *2
8
78*2 Jan
Jan
88M
1
84
*
1*8
12
*8
21
6
1
1
1
2
100
ft E x - s t o c k d i v i d e n d ,
ft E x - r i g h t s .
r E x -d lv ld e n d .
to H a l f - p a i d .
8
8
7
*2
2
106
100
Oct
Deo
2
.40 July
4 Sept
99
Jan
107 June
90-34 Aug
45*2 Jan
90
Jan
60*2 Jan
76
Jan
11
Feb
98
Jan
58*2 Jan
21
Jan
May
11*2 Nov
4
Jan
134 June
June
128
Jan
27 Aug
Oct
12
Apr
2i Mar
155s Mar
115*2 May
115 Deo
109*8 Oct
605s May
Deo
92 Nov
82 June
zl9
Dec
Feb
67*4 Nov
28*2 Sept
147 Deo
8
17*2 May
May
186 Nov
64*4 Nov
15734 Nov
35 Aug
Oct
23 Nov
3*s Aug
g Deo
93 Nov
91*4 Nov
71 Nov
147 Nov
95
Oct
10
*4
2712
4
*2
8 Sept
8
7 *4 Jan
7
z
62
107
June
June
8 Jan
8
8 July
212
9 *2
7
120
*4
54
3
712
6
5
100*2
O ct
69
Jan
Dec
Jan 130 Nov
51
Deo
Jan
29
Jan
137 Mar
8
11
4U Nov
Oct
27
102 Aug 146*4 Aug
56
Dec
45
Jan
Deo
115*2 Jan 166
48*2 May
38*2 July
26*2 May
24’ 4 Aug
87 Mar 116*2 Aug
108 Mar 1133s Deo
Nov
5
Jan
53
102
2
2
9
134
8
6
Jan
i June
Nov
69
Dec
5*8 Nov
1*8 Apr
.45 May
.15 July
54
Feb
40*2 Dec
July
10 Dec
54 July
40*2 Dec
16*4 Aug
11
Jan
.48 Nov
.20 Oct
33 May
I
Dec
May
61
Dec
425 Dec 470 Dec
14*2 Feb
June
51*2 Nov
40
Dec
3 Sept
Apr
Mar
Dec
12 Nov
Mar
Feb
3 June
84*4 Oct
June
Nov
39
Jan
10*8 Jan
Dec
Jan
.40 July
70 May
447 Dec
8
84
Feb
Oct
29 July
Jan
Oct
5
Jan
May
.80 Sept
May
Dec
Mar
Jan
Feb
2
Dec
7
Jan
Sept
Nov
.65 Mar
4*4 Oct
.40 June
May
5
Dec
May
16*2 Dec
July
1*4 Aug
21*4
64
3
10
*4
1*2
44
3
82
*
6
73*2
44
3
4
146 Nov
80 Nov
104 Nov
40 Sept
170 Aug
3 June
15 June
147
Apr
85*2 Dec
125 Nov
65
Jan
116*4 Jan
81
Feb
Nov
May
33 May
46 May
95 Nov
112i Dec
25
Jan
90
Oct
50 July
62
Apr
7 *2
9
1912
3
*4
2
3
4
3
*4
02
*
94
*
Dec
12 Aug
63*2 Dec
M Jan
e
Dec
.25 Feb
i June
32
Dec
46*2 June
Dec
59
Dec
19*2 Dec
38
Dec
7
Jan
Dec
Sept
.10 Dec
4
Feb
1*4 AUg
Sept
.73 Dec
36
Apr
42 July
May
7 Dec
1 Dec
1 Dec
**8
Nov
18 Dec
.40 May
8
10
*2
2
1234
24
*
*
2
2
*2
1*4
*
2
73*2
67
8
6
5 *4
7
1
6
*2
134
84
*
34
*
6
4
12
6 *2
6
2 *2
0
2
*2
17*4 Mar
20
Jan
80
Jan
97 Apr
8
17-3g May
.95 Mar
13s Deo
Jan
65
Jan
Feb
78 May
25*4 May
57
Jan
15*4 Dec
Jan
2
Jan
.20 Jan
Nov
Sept
Feb
1 % Aug
50*2 Oct
Nov
4*8 Nov
12
Jan
3 Hi Apr
3
Jan
2
Jan
36
Jan
Mi Mar
4 *2
5
2 *4
0
54
3
84
7
48
*
4
*2
4 *2
7
1
THE CHRONICLE
1376
Outside Stock Exchanges
B o s t o n B o n d R e c o r d . — Transactions in bonds at Bos
ton Stock Exchange M a r. 29 to April 4, both inclusive:
F r id a y
L ast
W e e k 's R a n g e
S a le .
o f P r ic e s .
P r ic e . L o w .
H ig h .
B on d s.
U S L ib L o a n 3 % s _ 1 9 3 2 -4 7
1 st L ib L o a n 4 s . 1 9 3 2 -4 7 ________
2 d L ib L o a n 4 s , - 1 9 2 7 - 4 2
1 s t L ib L 'n 4 % s . 1 9 3 2 -4 7
2 d L ib I / n 4 % s . 1 9 2 7 -4 2 ________
3 d L ib L o a n 4 ^ s ____1 9 2 8 ________
4 t h L ib L o a n 4 % s . . l 9 3 8
A m A g r i c C h e m 5 s ___ 1 9 2 4
5 s . . . .......................
1928
98%
A m T e l & T e l c o n v 6 s . 1925
102%
C o l l t r 5 s ........... ...........1 9 4 6
90%
A t l G & W I SS L 58- - 1959
81%
C h ic J u n e & U S Y 4 s - 1940
G t N o r -C B & Q 4 s - ..1 9 2 1
K C M & B lr In c 5 s ___ 1 9 3 4
72
M a s s G a s 4 % s __________1931
N E T e l e p h o n e 5 s _____1 9 3 2
N e w K lv e r 5 s _________ 1 9 3 4
P u n t a A le g r e S u g a r 6 s 1931
92
U S S m e lt ’ g R & M c o n v 6 s
W e stern T e l & T e l 5 s . 1932
9 8 .8 4
9 4 .1 4
9 3 .2 4
9 3 .2 4
9 3 .3 0
9 4 .8 4
9 3 .3 4
104%
98%
102%
90%
81
75
95%
72
84
90
79
92
99%
90
S a les
R ange sin ce J a n . 1 .
W eek. |
9 9 .1 4 $ 2 4 ,1 5 0
9 5 .0 0
4 ,9 5 0
9 3 .4 4
1 0 ,6 5 0
9 5 .0 6
1 0 ,8 5 0
9 3 .7 0
1 8 ,8 5 0
9 5 .5 0 1 3 4 ,9 5 0
9 3 .8 0 1 2 3 ,4 0 0
104 % 2 0 ,0 0 0
98%
2 ,0 0 0
103
3 ,5 0 0
90%
1 ,0 0 0
81%
5 ,0 0 0
75
2 ,0 0 0
95%
7 ,0 0 0
72
7 ,0 0 0
84
6 ,0 0 0
90%
3 ,0 0 0
79
1 ,0 0 0
92%
1 1 ,0 0 0
100
2 ,0 0 0
90
4 ,0 0 0
L ow .
9 8 .0 4
9 1 .6 4
9 2 .0 4
9 3 .2 4
9 3 .0 4
9 4 .4 0
9 3 .3 4
100
98%
100%
90%
79
74
95%
72
84
90
79
87
99
89
F eb
Jan
Jan
M ar
M ar
M ar
M ar
Jan
Jan
Jan
Apr
F eb
Feb
Jan
M ar
Apr
Apr
M ar
Jan
Feb
Jan
H ig h .
9 9 .6 4
9 5 .0 0
9 4 .0 2
9 6 .5 0
9 5 .9 0
9 6 .5 0
9 6 .5 0
106
100
103%
91%
83%
77
95%
74
87%
93%
79
94
100
91
M ar
M ar
Jan
Jan
M ar
Feb
Jan
M ar
M ar
F eb
M ar
C h ic a g o S to c k E x c h a n g e . — The complete record of
transactions at the Chicago Stock Exchango from M ar. 29
to April 4 , both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
S to ck s-
F r id a y
L ast
S a le .
o f P ric es.
P a r . P r ic e . t o w .
I flg l
A m e r ic a n R a d i a t o r _____ 100
A m e r S h i p b u ild in g _____ 10 0
A r m o u r & C o p r e fe r r e d
B o o t h .F is h e r ie s c o m
n e w .......................... ( n o p a r )
C h ic C lt y & C R y p t sh co m
P r e f e r r e d ______ ___________
C h i c P n e u m a t ic T o o l . . 100
C h i c R y s p a r t c t f “ 2 " ...........
C h i c a g o T i t l e & T r u s t . 100
C o m m o n w c a l t h - E d l s o n 100
C u d a h y P a c k C o c o m . . 10 0
D e e r e & C o p r e f ........... . . 1 0 0
D i a m o n d M a t c h ..............10 0
H a r t m a n C o r p o r a t i o n .1 0 0
I lli n o is B r i c k .......................10 0
L i b b y ( W I ) _________________
L in d s a y L i g h t ...................... 10
M i d W e s t U t i lit i e s c o m 1 0 0
P r e f e r r e d ...................... .1 0 0
P e o p l e ’ s G a 3 L t & C o k e 100
P u b S e r v o f N o 111 c o m . i o o
P r e f e r r e d ______________100
Q u a k e r O a t s C o p r e f ___ 100
S e a r s - R o e b u c k c o m ___ 100
P r e f e r r e d ......................... 10 0
S h a w W W c o m m o n ___ 100
S t e w a r t - W a r n e r S p c o m lO O
S w if t & C o .......................... 1 0 0
S w if t I n t e r n a t io n a l_________
U n io n C a r b & C a r b (n o p a r)
R ig h t s “ B ” ______________
W a rd , M o n tg , & C o p r e f..
W i ls o n & C o c o m m o n . . 10 0
P r e f e r r e d .........................10 0
B on d sC h i c C i t y & C o n R y s 5 s '2 7
C h ic a g o T e le p h o n e 5 s . 1923
C o m m o n w -E d ls o n 5 s . 1943
M e t r W S E l e x t g 4 s . 1938
P u b S e r v C o 1st r e f g 5 s ’ 5 6
S w if t & C o 1 st g 5 s . . . 1 9 4 4
W i ls o n & C o 1 s t 6 s ___ 1 9 4 5
285
287
1 0 7 % 110
1 0 0 % 101
64 %
29
18%
91%
138%
61
69 %
87‘
A
96%
8
64
7
183
112
111
99
113
62
64
28 %
15%
25
50
50
95
92
102
176
120
91
91%
136%
59
65%
5%
110%
82
99
45
96
93%
50
87%
96%
98%
S a les
fo r
W eek .
S h a res
30
10C
2 ,0 0 2
R a n ge s in ce J a n . 1 .
L ow .
H ig h .
285
100
100%
Feb
Feb
M ar
290
120
102%
Jan
M ar
M ar
18
65
7
183
115
113
99
115
64 A
64
30%
20
25
51%
51
95%
92
102
176%
120
92
94
144
65
70
5%
111%
85
99
4 ,5 2 5
99C
845
610
20
19
175
1 ,0 1 9
40
215
150
30
3 1 ,5 0 8
1 6 ,2 1 0
53
183
150
214
10
40
160
50
120
3 ,6 5 2
2 5 ,5 1 1
6 8 ,1 0 9
3 2 ,4 6 8
600
67
905
20
%
6%
60%
7
178
111
100%
95
109
54%
56
19%
9%
24
49
46
88%
89
101
168%
119
91
84
115%
41%
56
3%
110
66%
95
F eb
Jan
M ar
Feb
Feb
Feb
Feb
F eb
F eb
Jan
Feb
F eb
Jan
Feb
I 'e b
M ar
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
F eb
22
1
11
06
9
1S5
115
113
99
115
64%
68
30%
20
25
53
52
95%
92
103
ISO
121
92%
94
144
65
70
5%
112
85
100
M ar
F eb
Feb
M ar
F eb
Jan
Jan
Apr
Apr
Apr
Apr
M ar
Ap
Apr
F eb
Jan
F eb
Apr
M ar
F eb
M ar
Feb
Feb
Apr
Apr
Apr
Apr
Apr
Jan
Apr
M ar
46%
96
93%
50
87%
96%
98%
9 ,0 0 0
2 3 ,0 0 0
5 ,0 0 0
2 ,0 0 0
3 1 ,0 0 0
2 1 ,0 0 0
1 0 ,0 0 0
45
96
93
50
87%
95%
96
Apr
F eb
F eb
Apr
Jan
M ar
M ar
49%
96%
94%
51
87%
98%
99
Jan
Jan
Jan
Jan
Jan
Jan
M ar
P it t s b u r g h S to c k E x c h a n g e . — The complete record of
transactions at the Pittsburgh Stock Exchango from M ar. 29
to April 4 , both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds tho quotations are pro cent
of par Value.
Stocks—
F r id a y
L ast
W eek ’s R ange
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .
19
3%
O h io F u e l O i l .......................... 1
220
49%
7%
15
18%
46
31%
5%
P lt t s b - J e r o m e C o p p e r ___ 1
16c
P l t t s b & M t S h a s t a C o p . . 1 _________
P it t s b u r g h O il & G a s . . 100
11%
P l t t s b P l a t e G la s s , c o m 100
P l t t s b S t k E x c h m e m b ’ s h lp
R i v e r s i d e E a s t O il , c o m . . 5
%
P r e f e r r e d ________________ 5
2%
U n i o n N a t u r a l G a s ____ 1 0 0
U S G la s s ________________ 10 0
U S S t e e l C o r p , c o m ___ 1 0 0
W e s te r n I n s u r a n c e C o . . 50 —
W e s t ’ h o u s e A ir B r a k e . . 5 0
99
W e s t ’ h o u s e E le c & M f g . 5 0
45%
P r e f e r r e d ...................... . . 5 0
B on d s.
C e n t r a l D is t T e l e p 5 s . 194 3
I n d e p B r e w in g 6 s ____ 1 9 5 5
P i t t s & A ll e g T e l e p 5 s . 19 1 9
P l t t s b B r e w in g 6 s _____1 9 4 9
x E x -d lv ld e n d .
50
68%
18%
82%
6%
23%
3%
9%
100
210
z49%
7%
15
18
45%
31%
5%
15
80
14c
31c
10%
118
2300
%
2%
126
31
98%
51
98
46
62
19%
84%
7
24%
3%
10%
100
227
50%
8%
15
18%
47
32%
5%
15
86%
1 6c
32c
12
118
2300
%
2%
126
31%
99%
51
99%
46%
62
96
50
62
68
96
50
62
68%
S afes
fo r
W eek .
S h a res.
R an ge sin ce J a n . 1 .
L ow .
H ig h .
641
16
275
79
550
3
45
15
880
1%
210
5%
100
94%
932
170
353
48%
2 ,4 1 5
5
10
1 ,2 0 0
165
16
1 ,0 3 5
42%
2 ,6 0 2
28%
440
2
50
7
62
85%
2 1 ,0 0 0
8c
1 ,5 0 0
21c
1 1 ,1 9 1
8
100
116
1 2200
200
%
620
2%
10 122
210
30
831'
88%
49
50
330
93
341 . 4 0 %
85
59
Jan
21%
Jan
88
Jan
7%
F eb
24%
Jan
4%
Jan
10%
Feb
105%
Jan 227
Jan
53
Jan
10%
Jan
18%
Jan
20%
Feb
47
Jan
32%
Jan
6%
Jan
15
Feb
86%
Jan
20c
Jan
34c
Jan
12
Jan
120
M a r 2300
F eb
1
Jan
2%
Jan
128
Feb
33
Feb
100
M ar
51
Jan
102%
Jan
47%
Jan
62
$ 2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
2 ,0 0 0
Apr
Jan
F eb
Jan
96
36
60
52
99
50
62
68%
Apr
[V ol . 108
B a ltim o r e S to c k E x c h a n g e . — Complete record of the
transactions at the Baltimore Stock Exchango from M a r. 29
to April 4, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
S tock s-
F r id a y
L ast
W eek ’s R ange
S a le .
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .
A l a G t S o u o r d c o m ___
O r d in a r y p r e f e r r e d . .
A t la n t i c P e t r o l e u m ........... 10
B a lt i m o r e E l e c , p r e f ___
B a lt i m o r e T u b e _________ 100
P r e f e r r e d .........................100
C a n t o n C o _______________ 100
C e le s t ln e OH v o t i n g t r u s t .
C o m m e r c ia l C r e d i t , p r e f .2 5
C o n s o l G a s E L & P o w . 100
C o n s o lid a t io n C o a l _____100
C o s d e n & C o ........................... 5
P r e f e r r e d ________________ 5
D a v iso n C h e m ic a l..n o par
E lk h o r n C o a l C o r p n _____50
H o u s t o n OH t r u s t c t f s . . 100
P r e fe r r e d t r u s t c t f s . .1 0 0
M e r & M in T r a n s V T .1 0 0
M o n o n V a il T r a c , p r e f . . 2 5
M t V -W o o d M ills v t r .1 0 0
P r e fe r r e d v t r _______ 100
N o r t h e r n C e n t r a l ..............5 0
P e n n s y lv W a t & P o w . .1 0 0
U n i t e d R a il w a y & E l e c . 50
W a s h B a lt & A n n a p _____50
B on d s.
A la C o 6 s s m a ll b o n d s . 193 3
C on sol G as gen 4 % s ..l9 5 4
C on s G E L & P 4 % s .l9 3 5
7 % n o t e s ..................... ..
C o n s o l ’ n C o a l c o n v 6 8 .1 9 2 3
C o s d e n & C o s e r A 6 s . 1932
S c r ie s B 6 s ___________1 9 3 2
E lk h o r n C o a l C o r p 6 s . 1 9 2 5
F la C e n t & P e n ln e x t d 6s
K i r b y L u m C o n t r 6 s . . 1923
M a c o n D u b & S a v 5 s . 1947
N o r f o l k S t R y 5 s ........... 1944
O m a h a & C B S t R y 5 s _____
U n i t e d R y A E le c 4 s . .1 9 4 9
I n c o m e 4 s ...................... 194 9
6 % n o t e s ______ ___________
P h ila d e lp h ia
85
160
104%
81%
8%
4%
28
15%
87%
100%
71%
M ar
Jan
M ar
Apr
M ar
Jan_
Jan
Apr
Apr
Apr
10
10
6 ,2 5 5
10
150
35
100
150
139
125
52
9 ,4 7 0
1 ,1 4 0
190
135
10
150
17
17
6
119
14
597
837
685
85
85
$100
87%
88
6 ,0 0 0
84
8 4 % | 9 .0 0 0
1 0 0 % 1 0 0 % . 3 4 .0 0 0
100
100
1 .0 0 0
89%
89%
2 ,0 0 0
89%
90%
3 5 .0 0 0
98%
98%
8 ,0 0 0
100
100
2 ,0 0 0
98%
98%
1 0 .0 0 0
77%
77%
3 .0 0 0
95
95
1 .0 0 0
78
78
5 ,0 0 0
70%
2 5 .0 0 0
71%
50%
51
1 6 .0 0 0
92%
92%
2 ,5 0 0
R an ge sin ce J a n . 1.
L ow .
43%
54
2
42%
70
71%
160
1 .0 0
26
104%
79%
6%
4
32
27
72%
72%
54%
30
77%
15
24%
85
87%
84
100%
99%
84%
85%
98
100
98%
77%
95
78
70%
50
92%
H ig h .
Apr
Apr
Jan
Apr
Jan
Feb
Apr
M ar
F eb
Apr
Feb
Fob
Jan
Jan
M ar
Jan
Jan
M ar
Apr
Jan
Feb
M ar
Jan
M ar
M ar
M ar
Apr
Apr
M ar
Jan
Jan
Jan
Feb
Apr
Apr
Apr
M ar
M ar
Apr
M ar
Apr
43%
Apr
54
Apr
3%
Jan
44%
F eb
72% M a r
85
F eb
160
Apr
1 .5 0 F e b
26
Feb
110% M a r
83
Jan
9
Apr
4%
Feb
40%
F eb
30
Jan
86
Feb
90
F eb
61
Apr
30
Apr
18
Mar
76% M ar
80
F eb
81%
Apr
20%
Jan
27
Jan
Jan
Jau
Jan
Apr
Apr
M ar
Feb
Jan
F eb
F eb
M ar
Jan
M ar
Jan
M ar
Jan
85%
100%
100
92%
92%
99%
101
99%
78%
100
78
76%
55%
96
S to c k E x c h a n g e . — Tho complete record
.
Prices for stocks are all
For bonds tho quotations
F rid a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .
65
87%
P r e f e r r e d _____________ 1 0 0
P r e f e r r e d _____________ 100
69%
64
96
37
19%
69%
55
M ln e h l ll & S H ................... 5 0
N o r t h e r n C e n t r a l ..............5 0
P e n n s y lv S a lt M f g ........... 50
P e n n s y lv a n ia .........................6 0
L P filla C o (P lt t s b )—
P r e f ( c u m u l a t i v e 6 % ) . 50
P h il a E le c t r i c o f P a _____2 5
P h lla R T v o t t r r e c t s . . 5 0
P h il a d e l p h i a T r a c t i o n . . 5 0
R e a d in g .................................. 50
F ir s t p r e f e r r e d ........... . . 5 0
S e c o n d p r e f e r r e d ........... 50
T o n o - B c l m o n t D e v e l _____1
T o n o p a h M i n i n g ___________ 1
U n i o n T r a c t i o n ___________5 0
U n i t e d G a s I m p t _______ 50
U S S t e e l C o r p o r a t i o n . 100
W a r w i c k I r o n <fc S t e e l . . 10
W m C r a m p A S o n s ____ 1 0 0
Y o r k R a i l w a y s ___________50
P r e f e r r e d ______ ________ 50
82%
44%
25%
24%
67%
85
37%
34
3
39
69%
99
93%
M ar
Apr
M ar
M ar
M ar
Feb
F eb
Apr
<3%
43%
54
54
2%
3%
42%
42%
71
71%
85
85
160
160
1 .0 0 1 .0 5
26
26
1 0 4 % 105
81%
83
7%
9
4%
4%
35
36
27%
28
80
80
82
82
61
61
30
30
17%
17%
75
75
71%
72
79%
81%
15%
16%
25%
26%
S a les
fo r
W eek .
S h a res.
B on d s.
U S L ib L o a n 3 % 8 . 1 9 3 2 -4 7
1st L ib L o a n 4 s . 1 9 3 2 -4 7
2 d L ib L o a n 4 s . .1 9 2 7 - 4 2
1st L ib L ’ n 4 % s . 1 9 3 2 -4 7
2 d I .lb L ’ n 4 % s . 1 9 2 7 -4 2
3 d I J b L o a n 4 % s . . . 1 928
4 t h I .lb L o a n 4 % s . . l 9 3 8
A m e r G A E l 5s s m a l l . 2 0 0 7
C o n s T r a c N J 1st 5 s . . 1 932
E le c A P e o p t r c t f s 4 s . 1 945
s m a l l ........... 1 9 4 5
E q u l t I liu m G a s L t 5 s . 1 9 2 8
H a r r is o n B r o s 1st 5 s . . 192 4
I n t e r - S t a t e R y s c o l l 4 s 1943
K e y s t o n e T e l e p 1st 5 s . 193 5
L a k e S u p e r C o r p 5 S ..1 9 2 4
L e h ig h V a ll e y 6 s ...........1 928
C o n s o l re g ls 6 s ____ 1 923
G e n c o n s o l 4 % s _____ 2 0 0 3
L e h V a l C o a l 1st 5 s . .1 9 3 3
N a t l P r o p e r t ie s 4 - 6 s _ . 1 946
P e n n .R R g e n 5 s ________ 1 968
t ld e lp h la C o —
C o n s A c o l l tr 5s s tp .1 9 5 1
P h ll a E le c t r i c 1 st 5 s . . 1 966
do
s m a l l ............ 1 966
R e a d i n g g e n 4 s ...............199 7
S c h u y lk ill R I v E S 4 s . 1 925
U n ite d R y s In v e s t 5 s . 1926
W e l s b a c h C o 5 s ...............1 9 3 0
69%
102%
94%
93%
83%
92%
64
12
64
87%
102%
68%
43
68
64
96
28%
34%
19%
69
54%
45%
51%
71%
82%
44%
S ales
fo r
W eek .
S h a res
Rnesin J n 1.
a g ce a .
L ow .
H ig h .
65
12%
65
89%
103%
68%
43
70%
65
98
28%
37
20
69%
55%
46%
51%
72
83
44%
63
380
49
320
20
62
1
5 ,1 2 2
490
660
181
440
2 ,2 6 5
399
1 ,2 7 9
180
13
250
87
1 ,6 3 0
60
10%
64
65%
100%
67%
40
51%
39
70
25%
19%
17
69
54%
41
50
71%
82%
44
Jan
F eb
M ar
Jan
Jan
M ar
F eb
Jan
Jan
Jan
Jan
Feb
Jan
M ar
M ar
Jan
Jan
Feb
Apr
M ar
69
12%
69%
90%
103%
73
43
72%
72%
108
29
39%
21%
73
56%
47
54
75
84%
46%
Jan
Apr
Jan
M ar
Apr
Jan
Apr
M ar
Feb
Feb
Jan
M ar
F eb
Jan
Jan
M ar
M ar
Jan
F eb
Jan
33%
35%
25%
25%
24%
25
67
67%
83%
85
37%
37%
37
37%
3 1 -1 6 3 %
3
3 1 -1 6
38
39
69%
71
97%
99%
8%
8%
03
94
7%
7%
31%
31%
473
4 ,8 7 6
445
130
560
20
228
2 ,4 5 9
945
158
434
6 ,5 1 2
590
350
100
15
31%
24%
z ‘2 3 %
67
76%
37
37
2%
2%
37
69%
88%
8%
75
7
31
Jan
Jan
Jan
M ar
Jan
M ar
Apr
Jan
Jan
Jan
Apr
Feb
Jan
Feb
M ar
M ar
36%
25%
28
71
86
38%
38
3%
3 3 -1 0
39%
74%
100%
8%
95%
7%
32
M ar
Jan
Jan
Jan
M ar
M ar
M ar
Feb
F eb
Jan
Jan
M ar
M ar
M ar
M ar
Jan
9 8 .7 0
9 4 .0 0
9 3 .2 0
9 4 .1 0
9 3 .2 0
9 4 .7 0
9 3 .3 0
85%
86
69%
68
102%
100
40
88
62
101%
102
85%
100
31%
94%
9 8 .8 0
9 4 .1 0
9 3 .3 0
9 4 .4 0
9 3 .3 0
9 5 .4 6
9 3 .7 4
85%
86
70
68
102%
101
40
88
62
102
102
87
100%
31%
94%
86%
86%
93%
93%
93%
93%
83
84%
92%
92%
71
72
96
96%
$ 1 ,4 0 0
750
2 ,0 5 0
900
3 ,2 5 0
1 6 ,0 5 0
3 4 ,1 0 0
500
1 ,0 0 0
8 ,0 0 0
300
1 3 .0 0 0
2 ,0 0 0
4 .0 0 0
2 .0 0 0
6 ,0 0 0
2 4 .0 0 0
2 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
8 ,0 0 0
1 ,0 0 0
3 2 .0 0 0
1 ,0 0 0
1 7 .0 0 0
1 ,0 0 0
0 ,0 0 0
8 ,3 0 0
9 8 .3 9 F e b
9 2 .3 0 F e b
9 1 .8 0 J a n
9 3 .8 0 M a r
9 3 .2 0 A p r
9 4 .5 0 F e b
9 3 .2 0 M a r
85%
Apr
86
Apr
65
M ar
65
M ar
101%
Feb
100
Apr
40
Apr
88
M ar
58
Jan
101%
Jan
102
M ar
85
IM a r
100
Jan
Apr
31%
93% M ar
86
93%
93%
83
92%
62 %
95
F eb
Jan
F eb
Apr
Apr
Jan
Jan
9 9 .7 0 J a n
9 4 .1 0 A p r
9 3 .6 8 J a n
9 5 .8 0 J a n
9 5 .3 0 J a n
9 6 .3 8 J a n
9 5 .6 4 J a n
88%
Jan
89
Jan
Jan
71
75
Jan
102%
Jan
101
Apr
40%
Feb
90
Jan
6 3 % FM ar
102% 1 Jan
102% 1 Jan
93
F eb
100% M ar
3 2 % (M a r
98
>fJan
F* « 4
89%
F eb
90
' ’J a n
97% 1 Jan
8 6 % 3 Jan
9 2 % ffA p r
72*41 M a r
06%
Apr
THE CHRONICLE
A p r . 5 1919.]
F a
rid y
Ls V 's Rne Sle
at eek a g a s
rices. for
Sle. of P
a
P Lw H h W .
rice. o . ig . eek
V o lu m e o f B u sin ess a t S t o c k E x c h a n g e s
O ther Oil Stocks.
TRANSACTIONS AT TH E N EW YO R K STOCK EX C H A N G E
D A ILY . W E E K L Y AN D Y E A R LY .
ta , u
Rilro d S leoMn u. s.
a a , A Freign
<k.,
Sc
Bn s.
od
Bn s.
od
Bn s.
od
S ck
to s.
Sae . Pr Vlu
h r s a a e.
W en in
eek d g
A ril 4 1919.
p
S53,374,000
71,820,500
78.629.000
79,416,250
73.315.000
75.168.000
$834,000
1.859.000
1.781.000
1.394.000
1.729.000
2.834.000
4,636,325 S431,722,750
$10,431,000
570,225
751,295
855,050
857,635
803,720
798,400
Friday . ’. ..................
T o ta l___________
a
t
YrkS c
o tok
ex a g
ch n e.
$7,708,500 $61,942,200
J n 1 to A ril 4
a.
p .
W en in A ril 4
eek d g p .
8al«»
Vtu)
$6,533,000
5,665,500
12,001,000
10.706.000
10.752.000
11,684,700
$1,159,000
1,664,500
882,000
1.414.000
1.434.000
1.155.000
1918.
1919.
1918.
4,636,325
Stocks— No. shares—
Par valuo__________ $431,722,750
Bank shares, par.........
1,013,027
$93,030,450
45,087,542
$4,604,695,055
S28.700
34,365,590
$3,218,899,750
$12,400
$01,942,200
Government bonds—
7,708.500
State, mun., &c., bonds
10,431,000
U R. and mlsc. bonds..
$23,184,000
3.926.500
3.974.500
$590,900,200
127.252.500
115.048.500
$198,293,500
59.871.000
80.047.000
$31,085,000l
$833,201,200
$338,211,500
1919.
|
Bn s.
od
$80,081,700
Total bonds.
DAILY TRANSACTIONS AT TH E BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Bltimre.
a o
P ila elp ia
h d h.
Bsto .
o n
h res. o d a . h res. o d a s
Sa Bn Sles. S a Bn Sles S a Bn Sle
hres. o d a
W en in
eek d g
A ril41919
p
S12.200
108,500
98,600
90,950
66,300
13,000
3,684
5,959
4,618
5,345
6,316
7,744
$27,350
33,150
50,250
34,200
25,100
40,000
539
2.538
3,237
0,310
6,852
1.539
$12,100
20,000
38,300
51,700
24.000
22.000
150,6221 $425,550
33,606
$210,050
21,015
$168,100
17,707
26,237
24,743
27,427
30,136
24,372
Saturday......... —
Monday..................
Tuesday__________
Wednesday______
Thursday................
Friday..................T o ta l......... ........
New Y o rk “ C urb” M arket.— Below wo give a record of
the transactions in the outside security market from M ar. 29
to April 4 , both inclusive. It covers the week ending
Friday afternoon.
Sle
as
F a
rid y
Lst W ’s Rne W .
a eek a g for
W en in A ril 4.
eek d g p
eek
rices.
Sle. ofP
a
Stocks—
P r. P Lw H h S a
a rice. o . ig . h res.
8,900
95$
9H
95$
Aetna Exploslves.r(no par)
50
63
63
Amer Bosch Magneto r (t)
Amcr
Brit Mfg com. 100
Amer Grain P roducts.r...
Amcr Malt & Grain.r-----Am Road Machinery.r 100
Amor Writing l’au com 100
Annapolis Ferry, r........... 5
Blumenthal(F)& Co pf 100
Brlt-AmTob ordinary. .£1
Ordinary bearer......... £1
Bucyrus C o .r ......... — 100
Chalmers Mot C orp.r.(t)
Cities Service com .r_ 100
_
Bankers’ shares _r...........
Dlotograph Products.r.10
Endlcott J'nson C orp.r.50
Fairbanks & C o .r ........... 25
Famous Playcrs-Lasky
C o r p __________(no par)
Freeport Tex Co.r (no par)
Genoral Asphalt com.r 100
S
c
38
32
9 4$
2A
2
23
185$
- - ____
365$
53
56
Gllletto Safctv Razor r (t)
Ilall Switch * Slg com. 100
95$
8
S
c
tmp'l Tob of G B
Irc.£l
Intercontinental Itubb. 100
175$
K eystT Ire* Rub com .. 10 885$
31
Lackawanna Co Coal r.10
29
Libby, McNeil
LtbbyrlO
35
Lima Locom com .r_ 100
_
45$
Marconi Wircl Tel of Am.5
13 5$
Morris (Philip) Co w 1.10
275$
Nat Anlllne&Ch .com. r. 100
Nat Fireproofing com r 50
63
Nat Ice
C oal.r_____ 100
N Y Shipbuilding.(no par)
N Y Transportation_ 10 ________
_
45$
No AmPulpAPap.(nopar)
53'$
Pacific Gas & Elec comrlOO
Pearson C oal.r__________1
35$
PeerlessTr Mot Corp.50
22
Perfection Tiro * Rubb r 1
Rcm’tonTypcwr'rcom 100 425$
Republic Motor Truck ((•)
42
Stewart M fg .r ..................
Submar Boat Corp v t o. 5
14 5$
Swift Intornat’ l .r ______ 15
60?$
Themells Bros Co, Inc r 1
C
115$
Union Carb
C a rb .r..(t)
70
United M o to rs.r.. (no par)
United Profit Sharing..2So
15$
U S Steamship.................. 1
C
3 5$
Wayne Coal-------------------- 5
35$
World Film Corp v t 0 . . . 5
5$
Wrlght-Martln A lro.r.(t)
35$
S
c
S
c
S
c
S
c
655$
2 5$
33
34
31
55$
75$
89
225$
23
13
85$
352
35J$
95$
44
57
Rnesin J n 1.
a g ce a .
Lw
o.
Hh
ig .
6H Jan
105$
59
Mar
64
400 *615$ Feb
665$
675$
200
25$ Mar
45$
2 5$
35
700
33
Apr
35
38
Apr
34
600
38
35
Feb
5,150
8
40
1,800
25$ Jan
5 5$
55$
95$ 10,600
75$ Mar
95$
Apr ♦91
89
*91
100
Mar
22 5$
22
100
245$
23
Mar
255$
235$
2,900
20
7,700
20
125$ Mar
12
9
1,300
45$ Mar
Jan 360
1,745 294
360
35
Feb
12,500
37
385$
Mar
12
800
8
9 5$
Apr
44
53
53
4,600
3,100
545$ Mar
605$
585$
46
57
44
43
63
G5
100
100
148
145
5
65$
9
95$
85$
75$
145$ 165$
17
17?$
41
38
245$ 25
84
885$
36
*29
285$ 305$
345$ 355$
45$
115$ 14
25
275$
8
85$
59
63
355$ 355$'
19
10
45$
45$
52 J$ 53 5$
3
35$
21
225$
5$
5$
425$ 43
365$ 42
385$ 405$
135$ 155$
595$ 655$
105$ 115$
70
66
46 5
$
45
1 9-16
15$
35$
25$
35$
35$
5-16
4
35$
Feb
Jan
Mar
Mar
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Mar
Apr
Mar
Mar
Apr
Feb
Apr
40
58
Mar
2,750
Fob
33
1,400
45
Mar
2,100
725$ Feb
395$ Jan
10
Feb
835$ Jan 109
975 109
Jan 148
Apr
3,050
45$ Mar
65$ Apr
Apr
2,500
9
95$ Apr
21,900
45$ Jan
95$ Mar
100
145$ Feb
175$ Fob
2,200
Jan
21
105$ Jan
2,600
30
Mar
41
375
28
245$ Mar
23,310
435$ 5Jan
885$ FApr
12,450
30
Mar
105$ Feb
36,400
19
Jan
30?$ Mar
Mar
36
725
275$ Fob
4
Jan
5
Mar
6,000
Apr
Fob
14
92,500
7
Mar
Mar
9,100
24
30
Jan
12
1,300
05$ Feb
Jan
5,500
47
075$ Mar
Jan
100
25
355$ Mar
Mar
3,000
Mar
19
10
7,500
2 5$ Jan
55$ Mar
1,800
52 5$ Mar
53 5$ Mar
6,370
15$ Jan
35$ Feb
Mar
3,800
IS
Jan
25
700,000
Feb
v Fob
$
1
42'$ Apr
800
455$ Mar
2,800
Apr
365$ Mar
42
600
Feb
385$
41
9,700
10
Feb
105$ Feb
69,000
405$ Jan
655$ Mar
10
3,300
Mar
115$ Apr
5,100
Apr
005$ Feb
70
1,100
33 5$ Jan
465$ Apr
15,100
7-16 Jan
25$ Feb
2
69,100
Mar
55$ Jan
4,550
Jan
3 5$ Feb
6,800
Mar
Mar
3
2,500
Feb
45$ Jan
«
Former Standard Oil
Subsidiaries
Illinois Plpo I.lne-r------100
Indiana Plpo LInc.r------50
55,800
.1
3
25$
25$
2,000
5
.5
55$
55$
3-16
6,400
.1
5$
5$
6
88,500
.5
55$
55$
33o
32c
30c
22,000
.1
46
485$ 19,200
465$
(t)
85$ 55,500
-5
75$
85$
33c
31c
28c
13,000
.1
1?$
r.l
15$ 17,100
15$
7
8,900
.5
65$
65$
5 5$C 21,500
5c
5c
Esmeralda Oil C o rp .r.. .1
20,100
3
2?$
.5
25$
45$ 15,900
10
45$
45$
1
.1
15$ 17,000
15$
5,850
10
105$ 10 5$
105$
16
19
3,200
.10
88
1,300
78
too
13,500
2
..1
15$
15$
8,600
215$ 23?$
.£1
235$
95$ 353,000
.10
75$
85$
75$c 10,400
6c
..1
.50
39
37 5$ 405$ 21,000
3,400
7
..5
65$
65$
2
1,500
..1
15$
295$ 325$ 103,500
.10
295$
.25 2 13-16 2 5-16
35$ 64,000
15$ 1 9-16 11,500
. .1 1 9-16
5,028
154
LO
O
Midwest Refining.r__ .50 100
2
2 5$ 26,350
.1
25$
.10
55$ 64,500
55$
45$
55c
35,500
51c
54c
..1
6
8,200
5
45$
64c 204,500
35c
37c
..1
1,100
15$
..1
15$
15$
145$
.10
145$ 155$ 16,700
1,300
2 5$
..5
25$
25$
17c
81,000
15c
15c
. .1
86c 104,600
67c
86c
..1
30c
32,150
24c
30c
Ranger-Homer O il.r_ . .1
_
5,400
..6
65$ 10
95$
57c
90,575
10c
51c
49c
4,745
25
385$ 40
395$
1,300
75$
-.5
7 5$
75$
(t)
445$
435$ 47 5$ 39,900
84
158
78
Sinclair OH warrants.
44c
13,100
41c
44c
Southwest OU.r_____ ..1
5,000
r5
45$
45$
45$
1
17,100
5$
..i
5$
39c
36,400
33c
38c
..l
3,400
25$
.10
25$
25$
7,430
r1
37
355$ 42
Rne sin J n 1.
a g ce a .
Hh
ig .
Lw
o.
%
3
Jan
Apr
5
54$
5-16
3-16 Jan
6
Mar
3
47o
Jan
18o
Mar
37
514$
6 J Jan
$
85$
Jan
35c
13C
2
14$ Feb
7
6
Jan
8c
Jan
4c
Jan
35$
2
5
3 M Mar
Mar
1
2 5$
10
Mar
104$
19
Feb
10
88
Jan
75
Feb
3
550
23?$
16?$ Jan
6?$ Jan
94$
6c Apr
16o
234$ Jan 42
Apr
74$
64$
*2?$
1?$ Mar
32?$
Jan
21
4 Mi
24$ Jan
1.13 Jan
14$
Jan 161
124
Mar
2?$
1
45$ Apr
54$
59c
Feb
46o
6
3 5$ Mar
64c
Jan
22o
15$
15$ Apr
164$
114$ Feb
2?$
25$ Apr
Feb
30o
13o
S6c
35c Mar
30c
23c Mar
10
6
Mar
42c Mar
57c
43
Mar
38
Jan
7
74$
Jan
47?$
22
84
Jan
38
44c
Feb
36c
Mar
4
44$
15$
4$ Mar
11c
Jan
47c
3
2 4$ Jan
42
30
Mar
671
412
173
104
332
630
263
294
668
346
412
173
104
340
630
265
295
678
347
416
20
1
C
81
10
3f
41
105
1
(
110
104
99
315
630
263
294
668
310
395
Jan
Mar
Jan
Mar
Apr
Apr
Jan
Jan
173
104
349
685
270
320
731
355
437
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Mar
Jan
Apr
Feb
Mar
Apr
Feb
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Apr
Mar
Apr
Mar
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Mar
Mar
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Feb
Mar
Mining Stocks.
26c Mar
34c
38,500
32c
. .1
34c
35c
Feb
45c
46,650
40c
44c
..1
41,600
66c Mar
66c
69c
. .1
Mar
7,000
1
1
. .1
5$
5$
1,500
r .l
5-10
5$
4$ Mar
?$ 13-16
2,800
- .1
?$ Mar
Apr
42
42
62
2,800
46
. .1
34$c Feb
55$c
55$c 65$c 21,600
. .1
Atlanta Mines.
7-16
..5
?$ Mar
5$
5$ 17,100
12 4$c Jan
54,900
25c *35c
. .1
30c
58c
28,400
Feb
54c
42o
57c
-.5
Apr
2c
5c
81,500
..1
2c
5c
300
.. 1
5$
?$ Jan
5$
5$
Jan
16,400
27c
31c
35c
-.1
34c
Caledonia Mining.
6,900
.r .l
7-10
Mi Feb
5$ 7-16
5,500
1 5-16 Jan
. . 5 1 11-16
15$ 1 13-16
Jan
46,800
62c
65c
52o
65c
Feb
15c
78,200
5c
10c
. .1 12?$c
Cash Boy.
4V$
7,200
.-5
3?$ Mar
35$
35$
Feb
1
2,600
1
. . 5 1 1-16
15$
4?$ Feb
3,300
..5
45$
5
8,300
M 1
5
4?$ Feb
45$
..1
3
24,000
25$
15$
1?$ Mar
6,200
_rl
15$
14$ Feb
15$
15$
Jan
76c
73c
5,800
. .1
73c
60o
Feb
r.l
40c
33c
40c
50,750
24c
Feb
..5
3
3 5$
5,200
3*$
35$
..5
35$ 15,200
24$ Feb
35$
35$
. .1
9-16
2,000
5$ 9-16
5$ Feb
Feb
20c
37,900
17c
19c
-1(
20c
Mar
52
75
35,000
35
..1
8c
6c
65,700
5o
Feb
7c
Goldfield Merger.r. . .1
Jan
9,000
3c
45$C 5c
..1
45$c
Jan
410
74c
74c
1,000
_1
40c
50c
30c Mar
..1
14,200
50c
Jan
25c 4 15-1C
3.35C
4
45$ 5 1-16
Apr
..1
34c
11,100
30c
33c
30c
Feb
..1
14c
13c
20,200
12c
16c
..1
6?$c
6c
23,900
5o Feb
7c
..5
1,200
4$ Feb
5$
"5
$
5$
lie 117,200
6o Fob
..1
9c
10c
. .I
1-16
5$ 26,400
Mi Apr
5$
34c Mar
..1
65c 500,000
51c
63c
Feb
22o
_ .l
Magma Chief.r.
*5$ 28,100
5-16
5$
Feb
25
- .5
33
6,600
26
30
Apr
70c
..1 1 1-16
70c 1 1-16 22,600
Feb
3c
Marsh M ining.r.
..1
7c
6c
2,500
25$
3,000
Mason Valley___
..5
24$ Feb
25$
25$
Jan
45c
50c
3,000
.1
50c
4Sc
Feb
47c
43,000
35c
28o
. .1
40c
3?$c Mar
..1
35$C 4 '4 c 9,000
1 1 3-16
6,700
50o
4$ Mar
15$
Apr
35,300
17c
10c
17c
20c
20c
Jan
3
1,20(
3
.r .:
35$
35$
2
6,600
...;
14$ Jan
15$
15$
27c
170 Mar
21c
16,70(
...
24c
35c Mar
..
41c
79,00(
39c
36c
Apr
21c
37c 139,00(
Silver King Divide.r. . . i
21c
24c
4c
Apr
4c 125$c 21,301
10c
1,20(
5$
...
4$ Jan
5$
5$
14o Mar
15c
15C 20,000
15c
...
Stew art_______
4c
Jan
5c
8 ,2 0 0
Success Mining....... ...........1
44$c
Tonopali Belmont D ev.r I
930 2 9-16 Jan
3
34$
54$c Mar
84$e 104$c 64.700
Tonopah Divide.r______ 1
10c
2 1-16 2 9-16
5,590
1
Jan
Tonopah Extension_____ 1
2
Jan
200
Tonopah Mining_________ 1
34$
3 4$
30c
Jan
43c
65c
11.700
Tuolumne River Placer r .l
Mar
7-16
1 ,0 0 0
United Sulphur M ln es.r.l
34
36
Mar
United Verde Exten.r.50c
3,400
6o
Jan
9c 13 4$c 47.800
12c
U 8 Continental.r______ 1
Mar
Unity Gold Mines.............. 5
7 $ 57,100
64$
23c Mar
32o
31c
26c
15,500
Ward Min
M lU ln g .r..l
81c
72o
Apr
72c
7,800
72c
Washington Gold Q uarti.l
1
Mar
2
1
46,850
West End Consolidated..5
1?$
13c
100
Jan
48.800
White Caps Mining___10c 14Mc
14$ Jan
300
White Knob Cop, pf.r._10
15
Hi
’A
t
%
5H 5
S
c
H
H
A
3A
1
4A
1 'A
4c
173
104
10
0
Prairie Oil & Gas. r -----Prairie Plpo Llno.r------ 10(
South Penn O il.r--------101
Standard Oil of N J.r-100
Standnrd Oil of N Y.rlOO
Vacuum O il.r________ 100
1377
Apr
34c
Jan
50c
Apr
69c
IMi Feb
4$ Mar
14$ Jan
64
Mar
64$c Mar
15-16 Jan
Apr
*35c
Apr
58c
6c 'Mar
4$3fJan
Apr
35c
4$ Jan
Feb
24$
65c Mar
154$cMar
44$ Mar
1 9-16 Jan
6?$ Jan
54$ Jan
3
Feb
1?$ Jan
850
Feb
Jan
40c
64$ Feb
44$ Mar
4$ Jan
Jan
24c
PMar
75
8o Mar
Jan
6c
77o 3 Mar
50c( Feb
5 Mi Mar
440
Feb
16c Mar
Jan
8c
7-16 Jan
30c Mar
4$ Apr
Apr
65c
Fet
?$
Apr
33
Apr
IMi
7c Apr
34$ Jan
50c Mar
Apr
47c
4 4$c Mar
IMi Apr
A] £
20c
3 ?$ Jan
34$ Jan
Feb
32o
41c Mar
37c Mar
124$c Mar
?$ Jan
Jan
18c
7c
Jan
3 13-16 Mar
10 4$ c Mar
3
Feb
34$ Apr
1.55 Feb
14$ Jan
36
Apr
134$c Apr
74$ Mar
40o
Feb
94o Mar
2
Apr
184$o Jan
14$ Jan
Bonds—
Am T A T 0% n o te s..1924
Anaconda Cop Min 6s .'29
Armour Co deb 6 s . . 1921
Beth Steel serial 7s___1920
Serial 7s.....................1922
Serial 7s.r.................1923
S
c
%
99
984$
1004$
1014 $
1014$
101H
9954
975$
1004$
1014$
101
1014$
A
99?$ $46,000
98 'A 189,000
5.000
100
6 .0 0 0
101
2 ,0 0 0
101
10 1'A 16,000
'A
A
A
9A
8
Jan
97 H Feb
1004$ Apr
1004$ Jan
101 ' Jan
1004$ Jan
994$ Mar
994$ Jan
1004$ Apr
1014$ Apr
1014$ Mar
1014$ Mar
THE CHRONICLE
1378
Bonds (
Lst W 's Rne Sle
a eek a g a s
Sle of P
a
rices. for
P To . H h W .
rice. <w ig . eek
Cn d )—
o clu ed
Canadian Pacific Cs___
Canada (Dom of) 6 a .. 1919
Con Gas El L & P Balt 7s
Federal Farm Loan 5s____
Ilia Cent 5 % s ________1934
Interboro R T 7a_____ 1921
Laclede G L coll 7a_ 1929
_
Coll 7a (old)......................
N Y Telep deb 6s____1949
Russian Govt 6 % s .r .l9 1 9
5 % s .r ..........................1921
South Ry 6% notes..1922
Swift A C o6% notea.r 1921
Wilson A Co Ino 6 s .-.1 0 2 8 1
r
99%
96 %
88
99 %
100
100
61
53
99%
100
100%
99%
100%
103%
96%
86
99%
100
99%
59
53
99%
100
95%
100%
99%
100%
104
96%
88%
100
100%
100
64
55
99%
100
96
Rne sin J n 1.
a g ce a .
Lw
o.
Hh
ig .
$14,000
79,000
1,000
12,000
52,000
110,000
100,000
34,000
196,000
135,000
15,000
20,000
48,000
230,000
100%
99%
100%
103
96
85
99%
100
99%
48
47
99%
99%
92%
Apr
Jan
Mar
Jan
Mar
Jan
Apr
Mar
Feb
Jan
Jan
Feb
Feb
Jan
100%
99%
100%
104%
97%
92%
101
100%
101%
72
65
99%
100
96
N O T I C E S
— Morton Lachenbruch & Co. have prepared an analysis of the affairs
or the Freeport Texas Co., in which they direct attention to the strong
financial position of the company, the current assets aggregating $0,871,196
($4,782,086 being Government securities, demand loans and cash in batik)
while current liabilities total only $261,773. Detailed descriptions of the
assets, property and capitalization arc also shown, and attention is called
to the high character of the management. The Freeport Sulphur Co a
subsidiary, is obtaining sulphur from deposits in Brazoria County, Tex by
a hot water pumping process similar to that applied so successfully for many
years past by the Union Sulphur Co. in Louisiana.
— At 97 and accrued dividend, yielding 8.25%, Wm. A. Read & Co.,
Brown Brothers & Co. and Frazier & Co. of Philadelphia, are jointly ad
vertising as a matter o f record only their recent offering of $1,500,000
Edward C. Budd Manufacturing Co. 8 % cumulative preferred stock.
Tax-free in Penn.; all the stock has been sold. Full particulars appear in
the record advertisement.
— Mrs. Jacob Riis, head o f the women’s department o f Bonbright & Co.,
has been made Chairman of the Business Women’s Committee for the forth
coming Victory Loan campaign in New York, and Mrs. William A. Camp
bell, also o f the Women’s department of Bonbright & Co., has been made
Chairman o f the Committee of Women’s Clubs of New York City for
this campaign.
— Radon, French & C o., dealers in investment securities, announce tho
removal of their main offices to enlarged offices In suite 1801, Harris Trust
Building, 111 West Monroe Street, Chicago. They also announce tho
establishment o f a branch office in Newark, New Jersey, on tho ground
floor at 26 Clinton Street, under tho management o f Louis A. Tullgren
Their new quartets are worthy fo inspection.
— O. E. Miller & Co., dealers in investment securities, Northwotersn
Bank Building, Portland, Oregon, announce that Max Gentilini recently
with the bond department of tho Federal Reserve Bank of Chicago, and
formerly with Elston & Co. of Chicago, has become associated with their
firm as Vice-President as of March 1 .
— Miller & Co., Equitable Building, New York, announce that Herbert
S. Polhemus, formerly head of H. S. Polhemus & Co., is now associated
with their firm, where, jointly with Howard M . Ernst, he will carry on
business, specializing in public utility and industrial stocks and bonds.
— All tho notes having been sold, the now issue o f $2,500,000 Okla
homa Gas & Electric Co. 1-year 7% notes is advertised in the “ Chroniclo"
as a matter o f record by Bonbright & C o., Inc., and II. M . Byllesby & Co.
Inc. Price 99% and interest, yielding over 7.50%. All the details of
tho offering are set out in to-day s record advertisement.
— A. E. Lewis & Co., dealers in Government municipal, public utility,
railroad, corporation bonds and investment securities, announco the re
turn from service of A. E. Lewis and the reopening of their officos at Suite
502 Security Building, Los Angeles.
— Alfred Greenough, formerly connected with Kissel, Kinnicutt & Co.,
and recently honorably discharged from the United States Navy, has be
come associated with tho Bond Department o f Evans, Stillman & Co., mem
bers Now York Stock Exchange.
— R. Compton Company, 14 Wall Street, this city, arc issuing their
April Municipal Bond Circular, containing brief descriptions of municipal
Issues attractive to individuals and banks, yielding from 4 . 3 5 to 5 % % .
— Lieut Howard Morris, Jr., who recently returned from France,
has joined the organization of Glidden, Davidge & C o., 5 Nassau St., this
city, members of the New York Stock Exchange.
— Herman Rumpen, for a number of years with Colgate, Parker & C o.,
has been admitted to general partnership in the firm o f Klely & Horton of
40 Wall St., this city.
— Harry Raebeck has been admitted to the firm o f Wright, Slade &
Harnfckell, i. embers of tho New York Stock Exchange.
— John W. Cutler of Boston has become associated with tho bond de
partment of Kean, Taylor & Co., 5 Nassau street.
N ow
Y ork
C ity
B an ks and
T ru st
Y o r k C ity R e a lt y a n d
B . A . II
id sk
Alliance R’lty 60
Amer Surety
60
Bond A M G . 250
Casualty Co
City Investing 25
Preferred. .
70
....
70
65
255
75
30
77
B A . Ii
id sk
America*___ 535
Amer Exch.. 235
170
Atlantic____
Battery Park 200
425
Bowery * _
_
BroailwayCen 135
Bronx Boro*. 125
155
Bronx N a t ..
145
Bryant Park
Butch A Drov 25
Cent Merc___ 160
408
Chase..
Chat A Phen. 310
Chelsea Exch* 100
Chemical____ 500
225
Citizens
447
City . . .
Coal A Iron.. 210
Colonial*____ 400
165
Columbia*.
211
Commerce.
Comm’l Ex*. 390
Common
wealth *_
_ 200
107
Continental
Corn Exch*.. 325
110
100
Cosmop’tan*
185
181
Cuba (Bk of)
East River___ 150
Coney Island*
no 130 First_____
Europe.
Fifth Avenue* J30C 2500 Greenpolnt . .
230 Hillside *____
Fifth................ 215
975 Homestead * .
First................ 950
195 Mechanics’ * .
Oarfltld_____ 1S5
Gotham_____ 200
Montauk *___
Greenwich*.. 349
Nassau______
750 National City
Hanover_____ 736
Harrlman___ 290
------ IlNorth 81de*._
555
565 [People's_____
Imp A Trad
B o ly .
ro k n
* Banks marked
Exchange this week.
Ex-rights.
y
BI
U
.
Banks.
----- it Irving (trust
245
certificates) 335
180 Liberty_____
600
215 Lincoln_____
270
Manhattan * 207
145 jMech A Met 370
175 Merchants_
_ 150
155 Metropolitan* 180
155 Mutual
375
35 New Neth*_. 200
170 New York Co 130
415 New Y o r k ... 440
'Pacific *_____ 150
no Park..
640
520 IProd Exch*.. 200
235 (Publto
245
455 Seaboard____ 475
220 Second
400
Sherman____ 115
175 State *
128
214 23d W a rd * ... 116
410 Union Exch.. 1 1723.1
UnltedStates* 1150
Wash H ’ts*_. 276
115 Westch Ave*
160
330 Yorkvllle *___ 290
1a
1
140
190
150
no
B.
id
Standard OH Stocks
N Yrk
ets o .
300
213
215
140
255
425’
126
138
130
160
176
310
155
200
165
120
70
70
85
80
80
95
200
210
130
195
130
137
205
140
400
405
408
415
315
325
90
100
280
295
420
425
450
460
Fidelity____ 218
225
Fulton______ 240
260
Guaranty Tr. 390
396
Hudson____
132
Irving Trust /See Irving
INat Bank
Law Tit A Tr 110
117
Lincoln Trust 175
185
Mercantile Tr
A Deposit. 210
Metropolitan. 345
MutuaK West
chester) .
105
125
N Y Life Ins
A T rust..
790
810
N Y T r u s t... 610
620
Scandinavian 295
315
Title Gu A Tr 300
370
U S Mtg A Tr 415
United States 900
912"
Westchester.. 130
140
B o ly .
ro k n
Brooklyn Tr.
Franklin_____
Hamilton____
Kings County
Manufacturer*
People’s _____
Queens Co___
600
220
260
650
160
295
70
510
225
270
700
165
305
80
(*) are State banks.
t Sale at auction or at Stock
Includes one-third share Irving Trust Co.
New stock.
t
100
fo r S u n d r y
B.
id
Realty Assoc
(Brooklyn).
80
U S Casualty. 185
US Title Cuar
50
West A Bronx
Title A M O 150
85
200
60
170
S e c u r itie s
P Sa
ir hre
erC
a B . A 1Baltimore
r id sk RR. Equipments— P l.
11 173 1 18'. Buff Roch A Ohio 4 % s _____s
A Pittsburgh 4%
001225 1250
Borne-Scrymser Co_____ 00 490 515
Buckeye Pipe Line C o .. . 50 *97
99
00 315 310
00 535 550
Creeoent Plpo Line Co___ 50 *36
39
00 190 200
00 170 173
00 103 110
00 125 150
Preferred new.
. . 104 107
00 170 175
60 101 105
£1 *23
23%
50 *2H I 22%
00 185 200
00 108 115
25 *333 338
25 *52
56
00 635 645
O 262 268
O
D 355 370
O
00 163 168
30 290 '295
30 97 liot
30 260 265
X) 765 1775
30 570 (600
30 390 |405
30 525 550
30 6 70 675
)0 316 349
X) 470 490
)0 95 100
)0 114 116
)0 410 415
0 *35
40
Equipment 4a____________
Equipment 6 s ____________
Canadian Pacific 4 % s ...........
Caro Cllnchfleld A Ohio 5s._
Central of Georgia 4 % s _____
Chicago A Alton 4 % i ______
Equipment 5s____________
Chicago A Eastern 1 1 5 % s . .
1
Chic Ind A Loulsv 4% a_____
Chic St Louis A N O 5s.........
Chicago A N W 4% s
Chicago R I A Pao 4 % s .........
Equipment 5s....... ...............
Colorado A Southern 5s____
Erie 5s_____ _______________
Equipment 4 % s __________ 6.40 5 85
Hocking Valloy 4%s .............
5.87 5 35
Equipment 5s____________
5.87 5 35
Illinois Central 53__________
5.65 5.25
Equipment 4 % s..................
5.65 5 25
Kanawha A Michigan 4 % s ..
6.25 5 65
Louisville A Nashvlllo 5s_
_
5.66 5 30
Michigan Central 5s_______
6.10 5 70
Equipment Os..................
6.10 5.70
Minn St P A S S M 4 % s .
5.90 5 40
Missouri Kansas A Texas 5s. 7.00 6.00
Missouri Pacific 5s_______
7.00 0.00
Mobile A Ohio 5s__________
6.30 5 70
Equipment 4 % s ________
6.30 5 70
New York Control Lines 5s_.
5.95 5.50
Equipment 4 % s _________
5.95 5.50
N Y Central ItR 4 % s ...........
0.15 5.75
N Y Ontario A West 4 % s .. .
6.20 5.75
Norfolk A Western 4 % s____ 5.65 5 25
Pennsylvania RR 4 % s _____
5.00 5 20
Equipment 4s______ _____
5.60 5.20
St Louis Iron M t A Sou 6 s ..
0.85 6.0 0
St Louis A San Francisco 6s. 7.00 6.25
Seaboard Air r.lno 6s.........
0 50 6.0 0
S
Equipment 4 % s........... ..
6 50 6.0 0
65
60
Southern Paciflo Co 4 % s .
5.65 5 40
)0
2 b 3% Southern Railway 4 % s___
0.15 5 65
)0 20
30
Equipment 5s____________
6.15 5.65
0 142 145
Toledo A Ohio Central 4 s . ..
0.50
8) 88
92
0 112 114
Tobacco Stocks
a
0 *225 300
Ask.
75
0 *06
Amcrloan Cigar common.100
135
0 185 195
Preferred_____________ 100
90
1
0 86
95
Amer Machine A Fdry._100
95
0 98 103
Brltlsh-Amer Tobao o rd ..£l
24
0 65
70
Ordinary, bearor______ £l
24
Conley F o i l .....................100
215
49
5 *46
Johnson Tin Foil A M et. 100
100
MacAndrcw* A Forbes.. 100
210
0 258 265
Preferred................ ........ 100
100
94% Reynold* (R J) Tobacco. 100
0 93
450
78
0 75
B common stock______ 100
390
35
0 30
Preferred......... ............ .100
112
75
0 70
A dividend scrip________
100
0 214 222
B dividend scrip__________
100
0 106 109
Young (J S) Co..................100
150
) 103 106
Preferred_____________ 100
105
99
) 96
) 240 290
Short Term Notes
0 340 300
Amer Cot Oil 5s 1 919 ..MAS
9912 9934
30
1 *20
7% notes Sept 1919..
1003»
. (1100
Amer Tol A Tel 0s 1924. FAA
9912 99*8
(190 100
Balto A Ohio 6s 1919...JAJ
99% 9914
52
) 44
Canadian Pao 6s 1924.MAS 2
1007*
95
Del A Hudson 6s 1920..FAA
9834 99
Fed Sugar Rfg 6s 1 9 2 0 ..JAJ
98% 99 U
General Elec 0a 1920___ JAJ
1013*
6% notes (2-yr) 1919.JA1)
1003*
0*122 124
Great North 5s 1920...M A S
9834 99
44
0 *42
K C Term Ry 4% s 1921.JAJ 90
90%
3 210 243
5s Nov 15 1923. .M A N 16
1001 *
) 99 101
Liggett AM yersTobOs’SlJAD
100%
58
56
N Y Cent 5s 1 9 1 9 ..MAS 15 99%
78
76
Penn Co 4% s 1921.. JAD 16 97
97U
____ 20
Pub Ser Corn NJ 7s '22.MAS 9()3.i 97U
35
33
Southern Ry O 1923 w 1 MAS 99% 993s
s
35
1 32
SwlftACo 0s 1921 w 1 FAA 15 997„ 100
358 362
Utah Seo Corp 0s ’22 .MAS 15 9012 91%
hr
ae
X
)
56
.7 -
Bliss (E W) Co common.
Colt’s Patent Fire Arms
M fg..................................
duPont (E I) de Nemours
—er S
P h
Pa
—er C
P
Thomas Iron____
Win Repeat Arms
Preferred w 1 .
Woodward Iron.
Preferred_____
Public Utilities
Amer Gas A Elec com___
Preferred_____________
93
94
Ask.
Bankers Trust
Central Union
Columbia____
Commercial..
Empire_____
Equitable Tr
Farm I, A Tr.
118
95
230
“and Interest" except whore marked “ f .’’
Anglo-American OH new.
C o m p a n ie s
Trust Co’s.
B. A .
id sk
IjLawyers Mtgo 113
Mtge Bond..
90
j'Nat Surety.. 220
N Y Title A
t Mortgage..
96
I
I
Q u o ta tio n s
All bond pries
All prices now dollars per share.
Banks—N.Y
S u r e t y C o m p a n ie s
All prices aow dollars per share.
Feb
Fob
Mar
Mar
Feb
Feb
Mar
Apr
Jan
Feb
Fob
Mar
Mar
Mar
95%
* Odd lota, t Mo par value. < Listed aa a proapect. I Listed on the Stock
Exchange this week, where additional transactions will be found, oNew stock,
r Unlisted, w When Issued, x Ex-dlvldend. y Ex-rlghts. a Ex-stock dividend
t Dollars per 1,000 lire. flat.
C U R R E N T
N ew
[V ol . 108
23
98
22
43
(193
9
45
84
10
40
78%
(113
50
69
89
47
68
51%
1st preferred.
88
14
64
21
58
89
98
*29
*43
5
20
3
1st preferred.
35
2d preferred.
6
39
1st preferred...............100
70
Western Power common. 100
17
63
•Per share.
/ Flat price,
5 Basis,
nNominal.
26
100
24
45
96
12
50
87
12
44%
80
17
00
72
92
53
75
52%
90
17
06%
22
01
90
00
30
45
6
23
5
38
8
41
72
18
07
Industrial
and Miscellaneous
American Brass________ 100 2
212
American Chlclo com____100
84
Preferred........................ 100
80
American Hardware_____ 100 1
138
Amer Typefounders com .100
45
Preferred_____________ 100
92
Borden’s Cond Milk com.100' 1
111
Preferred_____________ 100
101
Celluloid Company......... 100 1
136
Columbia Grnphoph Mfg (t) *2
248
Preferred.........................100
96
Freeport Toxas Co______ (t) *
4312
Havana Tobacco Co____100
2U
Preferred.....................
4
1st g 5s Juno 1 1022..J -D /
Intorcontlnen Itubb com 100 DU 18 *
Internat Banking C o ., iooi 1
International Salt............. 100 _
54”
1st gold 5s 1951........... A-O
7134
International Silver pref.100
02
Lehigh Valley Coal Sales. 60 *
86 ]
Dtts Elevator common___100
76
Preferred......................100
92
Remington Typewriter—
"J
Common___________ 100
43U
1st preferred________ 100
92
2d preferred......... ..
100
93
loyal Baking Pow com .. 100 1
145
Preferred................
98
linger Manufacturing___100 1
102
l’oxas Pao Coal A Oil____100 16
1625
IV’houseChurchKcrrACo
66
Preferred....... .................
86
100
100
100
100
d Purchaser also pays accrued dividend,
- Ex-dlvldend.
yEx-rights,
e New stock.
(t) Without par value.
1379
THE CHRONICLE
A pr . 5 1919.]
\n m stm m t
im ^ ilr^ x %uUll%Qm tt.
t a aX
X
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
aan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and Including the latest week or month. T h e retu rn s o f the electric
ra ilw a ys are brought together sep a ra tely on a su b sequent p a g e . ______________________________________
Latest Gross Earnings.
Week or
Month.
ROADS.
Current
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Previous
Year.
$
I
$
$
448.1801 345,607
Alabama & Vicksb. February
206.895 168,429
884,819
600,889
66,335
Ann Arbor________ 3d wk Mar
85.318
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
897,145
769,511,
366.074 442.971
Panhandle & S Fe February
676,585
739.954
358,429 336,312
Atlanta Birm & Atl February
331,779
439.653
217,638 166.043
Atlanta & West P t. February
315,566
511,459'
215,919 130,974
Atlantic C ity.......... February
Atlantic Coast Line Fobruary 4,959.225 4,357.022 10.847,066 8,570,977
Baltimore & O h io.. February 11228986 8,976,321 24,561,103 16,507,956
230,761
163,461
103.075
90,816
B & O Oh T e rm .. February
889,559
614,893
419,074 292,854
Bangor & Aroostook February
5,980
9,313
9,313
5,980
Bellefonte Central. January
418,716
475,683
219.450 257,282
Belt Ry of Chicago. February
625,530 560.147 1,288,381 1,019,110
Bessemer & L Brio. February
146,137 264,349
Bingham & Garfield January
146,137
264,349
57,972 106.148
223,459
Birmingham South. February
114,876
4,462,9/9 3,921,623 9,908.464 8,013,797
Boston & Maine_ February
_
68.352
Bklyn East D Term February
115,358
62,152
135.215
Buff Roch & Pittsb 4th wk Mar 414,480 489,344 3,532,355 3,897,908
393,071
164,286 199.407
Buffalo & Susq___ February
357,097
Canadian Nat Itys. 3d wk Mar 1,404,051 1,292,511 16.833,011 12,668.632
OanPac Lines in Me February
326.163 223,269
636,329
456,487
Canadi n Pacific. . 4th wk Mar 4.245.000 4,306.000 35,770,000 32,154,000
Caro Clinch & Ohio February
420,169 348,718
908.066
649,696
Central o f Georgia. February 1.546.001 1.644.264 3,204,807 3,187.191
Central RR o f N J . February 3.002.683 2,637,714 6,614,686 5,072.246
459.431 374,258
Cent New England. February
746,516
978.870
Central Vermont . . February
366,505 267,841
583,594
798,802
Charleston & W Car,February
237,035 209,921
419.668
495,015
Ohes & Ohio Linos.[February 4.798,049 4,214,230 10,828,119 7,776,571
Chicago & Alton— [February 1.823,758 1.436.375 3,856.411 2,670,001
Chic Burl & Quincy February
10479346 8.910.265 22,126,427 18.018,970
Chicago & East 111. February 1,726,538 1.618,833 3,819,754 2,926,210
Chicago Great West February 1.611,063 1,308,824 3.264,680 2,449.640
Chic Ind & Louisv. |
February
857,079 648,696 1,724,413 1,138,757
Chicago Junction.. February
367.647
251,631 207,445
566,436
Chic Milw & St P__ February 9.816.028 7,322.765 20,870.745 14,815,284
Chic & North West. February 9.063.485 7.069,550 18.859.327 13.879.153
Chic Peoria & St L . February
282.216
239.012
113.707 157,276
Chic R I & P acific.. Fobruary 7.503.341 6.462.895 15.506,298 12,771.195
Chic R I & G u lf.. Fobruary
692,664
725,657
354.328 334,061
Chic St P M & Oin. February 1.853.156 1,618,777 4,168.004 3.277,893
Chic Terre II & S E Fobruary
515.272
639,331
291,941 297.985
Cine Ind & Western: February
439,641
466,293
206,498 257.606
Cln N O & Tex Pac. February
1.294,901 825,223 2.806,018 1,675,977
Colo & Southern_ 1 wk Mar 229,049 217,994 2,715,338 2,503,258
_ 3d
Ft W & Den City February
844.760 570,675 1,618,545 1,205.917
214.353
170.528
Trin & Brazos Val February
79,344
98,142
196.686
157,069
Colo & Wyoming..|Fobruary
79,792
100.403
79,635
22,403
tOrip Ork & Col Spgs January
79.635
22,403
Cuba Railroad___ January
1,166,271 1,231.835 1,166.271 1,231.835
Delaware & Hudson February 2,273,580 1,958,698 4,937,534 4,081,061
Del Lack & W e st..[February 5,355,451 4,196,251 11,054,505 8,590.197
Deny & Rio Grande February 2,103.300 2,035,285 4,671,765 4,377,764
135.330
301.928
Denver & Salt Lake February
165,244
71,659
172.889
204.450
Detroit & Mackinac’February
99,061
103,665
233.853
Detroit Tol & Iront!February
646,770
283.782 121,095
255,377
365,831
Det & Tol Shore L.[February
160.707 144.408
205,094
Dul& Iron Rango.jFebruary
225.967
123.439 102,058
385,500
285,918
Dul Missabe & Nor February
193.451 142,930
715,346
790,778
Dul Sou Shore & Atl 3d wk Mar
74.871
72,032
Duluth Winn & Pac February
336,076
255.993
169.329 123,466
192,119
East St Louis Conn February
93,522
74.273
137.075
Elgin Joliet & East. February 1,847,007 1.042,868 3,799.212 1,903.413
El Paso & So West. February 1,011.243 1,228,640 2,092,076 2,448,256
Erie Railroad------- February 6,335,757 4,731,132 13,290,383 9,265,760
804,897 603.169 1,628,169 1,105,983
Chicago & Erie.. February
967.507 828,647 1,975,659 1,584.141
Florida East Coast. February
80.379
74,569
Fonda Johns & Glov February
173.883
154,843
111.124 101,063
Ft Smith & Western February
225,459
212,149
51,911
Galveston W harf.. February
70,563
137,924
147.173
463,249 449.366 1,008,741
Georgia Railroad.. February
881,563
76.622
Georgia & Florida.. February
88,975
155.468
174,318
315.993 136.894
G rT rk L In New E . February
652,763
290,375
89.202
Grand Trunk P a c .. 1st wk Mar
98.902
866,931 1.002.937
1.894.855 1,362.362 14,003,850 9,443,876
Grand Trunk Syst. 4th wk Mar
Grand Trunk Ry. 2d wk Mar 1.160,131 923.169 10.876.798 7.836.902
Grand Trk West. February 1,329,471 830,586 2,952.935 1,743.736
Great North System February 6.209.835 5,007,441 15,084,235 10,793,064
180,495 187,309
Gulf Mobile & Nor. February
375.161
358.941
Gulf & Ship Island. February
168,300 192,052
379,727
343.965
441,056 732,135
Hocking Valley___ February
950.820 1,355.250
Illinois Central___ February
, 25.216 7,210.448 16,429,173 13.543.526
•29,126 988,964 2,135,143 2.041.487
Internat & Grt Nor Fobruary
72,679
Kan City Mox & Or Fobruary
191,442
88,363
133,470
K O Mox & O o f Tex February
67,786
206,339
142,790
97,805
Kansas City South. February 1,134,304 1,173.221 2,397.956 2,264.434
Texark & Ft Sm. February
178.990
110,975
209,084
83,854
97.076
Kansas City Term . February
176,694
204,746
85.887
187,362 126,836
Lehigh & Hud R iv. February
275.538
393,768
162.822 191.409
Lehigh & Now Eng. February
388.627
469.950
4,101,561 3,257,889 9,164,126 6,453.778
Lehigh V alloy .l_ February
_
Los Ang & SaltLako February 1,305,160 969,752 2,605,901 1.983,742
189.630 147.068
Louisiana & Arkan February
280.359
345,823
284.779 211,476
419,314
Louisiana Ity&Nav February
558,024
Louisville & Nashv. February 7,954.798 6.724,821 16,211,010 12.968.651
219,768 209,722
376,475
Louisv Hend & St L February
458.456
1,271.707 895,612 2,688.123 1,847,393
Maine Central_____February
60,011
Midland Terminal. February
110.739
Midland Valley____February
309,510 249,361
486,861
613,962
Minoral R ange___ 3d wk Mar
17,033
247,176
222,495
20,979
865,746 „ 818,353 1,791.568 1,693,374
Minneap & St Louis February
Minn St P & S S M,February 2,790.644 2,036,901 5,966,000 4.021.872
67,901
MIsslssippi Central. Fobruary
178.669
142,607
93,719
Missouri Kan & Tex! February 2,374.860 2,035.787 4,998.218 4,078.628
M o IC < T Ry ofTex February 1.741,938 1.374.348 3.482,093 2,864,537
fc
M o & North Arkan . IFobruary
213.254
94,764 119,767
234,649
AGGREGATE
* Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week Jan
week Jan
week Jan
week Jan
weok Fpb
weok Feb
weok Fob
week Fob
weok Mar
week Mar
week Mar
(13
1
[12
1
(14
1
(14
1
(14
1
(14
1
[14
1
114
(14
1
[14
1
(14
roads)____
roads)____
roads)____
roads)____
roads)____
roads)-----roads)-----roads)-----roads)____
roads)-----roads)------
Current
Year.
5,257,043
6,073,616
6,810,241
10.082,381
6,091.560
6,611,679
6,422.429
6,812.647
6.124,280
6,390,81)3
6,728.645
OF
ROADS.
Latest Gross Earnings.
Increase or
Decrease.
4,280,891
4,701,322
4,968,084
7,814,588
4,638,628
5.132,672
5,316.165
5,606,328
5.682,239
5.649.076
6,220,793
S
+976.152 22.80
+ 1,372,294! 29.19
+1,842,157137.09
+2,267,793^28.87
+ 1,452,932 31.32
+ 1,479.007 28.80
+ 1,106,264 20.81
+1.206,319,21.52
+442,041 7.78
+741,817 13.13
+507.8521 8.16
*Monthly Summaries.
Current
Year.
Previous
Year.
Previous
Year.
Decrease or
Decrease.
%
S
S
$
I
Mileage.
Curr.Yr. Prev.Yr.
March.......... 238.891 237.463 285.776,203 260,,627,752 + 25.148.451 9.65
April........... 233,734 232,255 369,409,895 319 ,274.981 + 50.134.914 15.70
May.............. 230,355 228.892 374.237 097 342 .146.096 + 32.091.001 9.38
June............. 220,303 219.294 363.165.528 323, 163.161 +40.002,412 12.38
July............. 231,700 230,570 463.684,172 346, 022.857 + 117661315 34.00
August......... 230,743 230.015 498.269.356 362, 509.661 + 135759,795 37.45
September _ . 232,186 232.378 487.140.781 357, 772,850 + 129367.931 36 16
October____230.184 230,576 484.824,750 377, 867,933 + 106956.817 28.30
November..232,274 232,259 438.602.283 356, 438,875 +82.163.408 23 06
December -.232,774 232,399 438.365.327 335, 607,571 +102757756 30 62
January____ 232,655 233.199 395,552.020 284, 131,201 + 111420,819 39.22
t Road ceased to operate all steam lines Doc. 31 1918. * W no longor include M
o
exican roads in any of our totals.
Current
Year.
M o n t h ly .
1
%
Jan. 1 to Latest Dale.
Previous
Year.
$
S
291.277
192.615
_
M o Okla & Gulf_ February
91,526 148.444
Missouri P acific_ February
_
7,054,732 6,261.878 13 ,865,364 12,132,721
546.164
341.023
240,803 182,851
M onongahela_____February
388,454
256.692
MonongahelaConn. February
174,940 125,609
145.590
140.122
66,829
M o n to u r_________ February
61,432
,883.360 2,597.444
Nashv Chatt & St L February 1,369,382 1.403,776
45,413
45,568
3,912
Nevada-Cal-Oregon 3d wk Mar
3,045
310.622
400,413
Nevada N orthern,. February
127,786 173,280
105.054
257,389
57.682
127.714
Newburgh & Sou Sh February
306.145
343.549
New Orl Great Nor February
167.335 158,015
901.103
957,053
New Orl & Nor East February
451,359 443,887
338.966
242,916
N O Texas & M ex. _ February
146.277 165.484
245.049
235,345
Beaum S L & W_ February
113,483 121,889
638.003
769,335
St L Browns & M iFebruary
368.627 312,431
New York Central.[February 20513 580 16882343
,335,185 33,129.149
551,688
Ind Harbor Belt. February
,051.589
445,743 339,694
Lake Erie & West (February
.457.610 1,086,974
693,143 564,497
Michigan Central [February 5.229.848 4,047,422
,130.385 7.552.835
,318,405 7.631.878
Clev C C & St L . February 4.970.524 4.098,856
309.231
428,326
Cincinnati North:February
194,769 169.188
.167,882 3,691,724
Pitts & Lake Eriej February 2.375,042 1,881.431
992,854
,127.057
526.076 529.391
Tol & Ohio Cent. February
489,794
541,529
221.829 291,347
Kanawha & Mich February
,078,902 2,107,793
N Y Chic & St Louis February 2,009,538 1,119.983
.291.542 11,907.513
N Y N II & H a rtf.. February 6,954.768 5,918,148
,409,030 1.366.632
615.507 682.429
N Y Ont & Western February
509.4- i
604,443
271.377 258,461
N Y Susq & W est.. February
.932.334 9,864.096
Norfolk & Western. February 5.832.320 5,076.193
769.442
940,710
459,287 432,797
Norfolk Southern.. February
163.511
226.805
84,424
115.149
Northern Alabama. February
.779.065 12,196.267
_
Northern Pacific_ February 6,844.715 6,031.437
164.400
162,211
85,375
82,428
Minn & Internat. February
746.477
662.937
363,072 315,553
Northwest’n Pacific February
,405,733 1,377,715
87,367 102.799
Oahu Ry & Land Co November
862,056 1,075.822
372,707 528,909
Pacific Coast______ February
,526.140 38,775,520
26048657 19118070
Pennsylvania R R .. February
41,758
177,040
88.963
Balt Ches& A tl.. February
32,210
592.186
855,456
374,408 290.143
Cumberland Vail February
,902.203 2,219.600
Long Island_____ February 1,402,621 1,095.135
157.028
30.793
21,461
73.559
M ary'd Del & Va February
701,507
,192,476
N Y Phila & Norf February
576,666 357,678
,413,680
940.113
W Jersey & Seash February
677,793 480.805
.248.645 8,783.254
_
Pennsylvania C o_ February 6.775.759 4,626.354
800.642
.046,255
531.477 432.077
Grand Rap & Ind February
.019,795 9,384.726
Pitts C C & St L. February 6.642.521 4.905.695
175,660
196.490
91,768
95,386
Peoria & Pekin Un. February
,710.374 2,804.562
Pere Marquette_ February 2.236.940 1.542.526
_
241.578
183.050
Phila Beth & N E ._ February
67,766 114.050
191.828
178.990
71,281
Pittsb & Shawmut. February
78,139
220.567
231,070
98,312
97.922
Pittsb & West Va. . February
187.231
470.028
Port Reading______ February
92,665
245.591
153.430
163.350
80,107
Quincy Om & K O . February
78,867
Reading Company?
973.934
,646,006
Phda & Reading. February 4,695.025 4,475.363
762.866
.388,873
628.502 350.517
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
216.862 215,755
St Jos & Grand Isl'd February
.600.991 8.577.163
St Louis-San Fran. February 5.797,250 4.167,646
197,228
196.413
105.324 116,837
Ft W & Rio Gran February
193.591
267.390
94,127 122.934
St L-S F of Texas February
.970,775
.899.119
971.498 996.043
St Louis Southwest February
.156.891
971.697
St L S W of Texas February
471,175 582.637
148.392
194,331
94.708
78.203
St Louis Transfer.. February
705.497
702.580
355.925 324,075
San Ant & Ar Pass. February
.233.427
.708.909
Seaboard Air L ine.. February 3.368.612 2,704.291
155.941
304.212
136.468
73.112
South Buffalo_____ February
.675.967
,991.803
Southern Pacific_ February 11068001 9,742.550
_
707.768
709.686
336.886 341,290
Arizona East___ February
.311.710
.385.669
Galv Harris & S A February 1,570.017 1,567.482
.395.280
,294.470
608.835 668,632
IIous & Tex Cent February
366.038
327.190
173.060 158,592
IIous E & W Tex. February
640.991
270.614 329.896
608, ,'06
Louisiana West'n February
,186.939
530,966 589.582 1,227,325
Morg La & Texas February
.125.237
529.715 562.878 1,110.645
Texas & New Orl February
.052.445
Southern Railway.. Feoruary 9.507.704 7,775.887 19 .634.133
.106.389
,548.756
735.517 562,377
Ala Great South. February
.917,588
Mobile & Ohio_ February 1,138.118 936.998 2 .353.261
_
775.424
517.741
366.517 250,966
Georgia Sou & Fla February
229.827
296.520
151,164 108.329.
South Ry in Miss February
138.412
131.009
65,5811
60,705
Spokane Internat'l. February
,294.261
520.384 556.429 1,073,468
Spok Portl & Seattle February
144.987
328,807
71.018
144,300
Staton Island R T . . February
27,919
23,219
2.429
2,359
Tenn Ala & Georgia 3d wk Mar
275.501
416.307
173.269 148.382:
Tennessee Central. February
584.582
526.329
283,871 274.015
Term RR Assn of StL February
462.252
442.083
206.377 239.651'
St L Mer Bdge T February
,164.448
Texas & Pacific___ 3d wk Mar 597.426 462,257 6 ,864.133
213.167
273,849
112,116 119,578
Toledo Peor & West February
881.816
511.955 482,383 1 ,087,578
Toledo St L & West February
102.203
69.389
51.177
127,379
Ulster & Delaware. February
.347.254
Union Pacific_____ February 7,615.256 5.523,304 16 .209.730
,456.296
Oregon Short Line February 2,485,770 2,042.704 5 .431,303
,134.394
Ore-Wash RR&N February 1.879.162 1,489,869 3 .912,765
630.540
532.634 326,081 1 ,115.590
Union RIt (P en n ).. February
210,319
200.805
99,134
95,111
Utah_____________ February
398.749
533.757
264,171 197,994
Vicks Shreve & Pac February
,430.198
593.609 765,070 1 ,551,019
Virginian R R ......... February
,927.915
Wabash R R _______ February 3.321,093 2,582,547 7 .062.811
.822 135
883.077 903.314 2 .214,745
Western Maryland. February
,576.211
727,577 717,919 1 .598,434
Western Pacific___ February
349.580
425.247
199.348 167.140
Western Ry of Ala. February
,384,712
608,264 703,479 1,387,680
Wheel & Lake Erie. February
167,535
79.837| 282,602
150.947
Wich Falls & N W . February
.024,464
Yazoo & Miss Vall. February 1,789,615 1.511,963, 3 ,649,782
G R O S S E A R N I N G S — W e e k ly a n d
Previous
Year.
Current
Year.
Week or
Month.
1380
THE CHRONICLE
L a test Gross E arn in gs b y W eek s.— In tho table which
follows we sum up separately the earnings for tho third week
of March. Tho table covers 14 roads and shows 8 .1 6 %
increase in tho aggregate over the same week last year.
Third week of March.
1919.
1918.
S
Increase. Decrease.
Ann Arbor_______________
85,318
66,335
Buffalo Rochester & Pittsburgh
248,480
342,540
Canadian National R y ________ 1,404,051 1,292,511
Canadian Pacific_____________ 2,832,000 2,846,000
Colorado & Southern_________
229,049
217,994
Duluth South Shoro & Atlantic74,871
72,032
Grand Trunk of Canada______
Grand Trunk Western_____
1,235,013
893,804
Detroit Gr Hav & M ilw___
Canada Atlantic__________
17,033
Mineral Range_______________
20,979
3,912
Nevada-Oalifornia-Oregon___
3,045
2,429
2,359
Tennessee Alabama & Georgia
597,426
462,257
Texas & Pacific_____________
341,209
Total (14 roads).....................
Net increaso (8.16% )_______
620,795
507,852
6.728.645 6,220,793
18,983
111', 540
11.055
2,839
135,169
94,060
14'. 665
3,946
867
70
112,943
For tho second week of March our final statement covers
roads and shows 1 3 .1 3 % increase in tho aggregate over
the same weok last year.
14
Second week of March.
1919.
1918.
Increase. Decrease.
S
9
Previously reported (9 roads). . 5,723,677 5,103,961
Duluth South Shore & Atlantic
67,585
63,152
Mineral Range________________
17,452
21,371
Nevada-California-Oregon_____
3,527
3.626
Tennesseo Alabama & Georgia.
2,507
2,735
Texas & Pacific____.>
_________
454,231
576,145
$
742,995
4,433
6,390,893 5,649,076
869,342
741,817
121,914
$
123,279
3,919
99
228
--------- 127,525
N et Earnings M o n th ly to L a test D a te s.— Tho table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re
ported this week:
-----Gross Earnings---- ------Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year
S
S
S
Alabama & Vicksburg.b.Feb
206,895
168,429
31,629
S
5,185
448,180
Jan 1 to Fob 28______
66,316
34,345
345,607
Ann A rbor.b.................. Feb
277,548
18,588 defl5,794
189,566
Jan 1 to Fob 28...........
653,757
74,355 defl4,883
419.035
Atch Topeka & Santa Fo System—
Gulf Colo & San F o.b .F eb 1,418,517 1,442,759
403,410
292,868
577,982
Jan 1 to Feb 28........... 2,858,530 3,041,274
878,836
Panh’dlo & San F o .b .F e b
366,074
121,674
442,971 defll2,918
Jan i to Feb 28______
769,511
897,145 def249,107
225,888
Atlanta & West P oln t.b.F cb
217,638
166,043
55,379
48,344
Jan 1 to Feb 28______
439,653
331,779
107,469
95,588
Atl Birm & A tl.b ______ Feb
358,429
336,312 defl.37,592
22,195
Jan 1 to Fob 28______
739,954
37,306
676,585 def266,435
Atlantic C ity .b _______ Fob
215.919
130,974 def22,513 def27,579
Jan 1 to Fob 28______
511,459
315,566
26,657 def65,032
Balt & Ohio Chi T orm .b Feb
90,816 dcf96,437 def73,660
10.3,075
Jan 1 to Feb 28______
230,761
163,461 def223,565 defl90,730
Bangor & A roostook.b__Feb 419,074
11,048
defl,107
292,854
Jan 1 to Feb 28_____
"
614.893
889,559
64,213
3,247
Bessemer & Lako Erie b Feb
560,147 def29,623 def27,913
625,530
Jan 1 to Feb 28______ 1,288,381 1,019,110 def72,302 def213,334
Brooklyn E D Term . b ..F e b
68,352
8,060
62,152 def29,766
Jan 1 to Feb 28______
134,215
5.084
115.358 def77,694
164,286
Buffalo & Susq_b______ Feb
37,444
199,407 defl8,378
Jan 1 to Feb 28...........
357,097
71,388
393,071 def33,920
Buffalo Roch & P itts.b.F eb 1,067,602 1,096,031 def65,065 dcf28,058
Jan 1 to Feb 28______ 2,467,876 2.180,772 defll8,706 defl34,079
Canadian P acific.a____Fob 11,064,167 9,574,302
981,116
590,898
Jan 1 to Fob 28...........24,092,495 20,364,119 2,534,628 1,758,891
------ "
223,269
8,395 def49,957
Can Pac Lines in M e .b .F e b
326,163
636,329
456,489 def45,000 dofl07,991
Jan 1 to Fob 28______
Caro Clinch & Ohio_b._Feb
420,169
348,718
75,360
109,933
Jan 1 to Fob 28...........
908.066
649,696
189,451
200,581
Central Now England.b.Feb 459,431
14,391
14,807
374,258
Jan 1 to Feb 28...........
978,870
746,516
180
60,333
Central V erm ont.b_____Feb 266,505
267,841 def64,065 def86,927
Jan 1 to Fob 28...........
798,802
583,594 def139,308 defl68,001
209,921
32,605
Chariest & West C aro.b.F ob
237,035
60,624
419,668
48,160
108,245
Jan 1 to Feb 28...........
495,015
64,960
Chicago & A lton .b ____Fob 1,823,758 1,436,376
164,300
338,221 dcf96,885
Jan 1 to Fob 28______ 3,856.411 2,670,001
42,256
Chicago & East 111.b...Feb 1,726,538 1,618,833 def218,735
Jan 1 to Feb 28........... 3,819,754 2,926,210 def205,343 def286,872
613,482
98,283
Chic & North W est.b._F eb 9,063,485 7,069,551
Jan 1 to Feb 28........... 18,859,327 13.879,154 1,170,919 dof573,784
149,464
73,154
Chic Ind & L o u is v .b ...F e b
857.079
648,696
Jan 1 to Feb 28........... 1,724,413 1,138,757
244,188 def51,776
Chicago Junction.b___ Feb
251,631
207,445 def89,951 def.33,890
Jan 1 to Fob 28______
566,436
367,647 def194,947 defl40,018
157,276 def07,928 defl0,605
Chicago Peoria & St L .b .F e b
113,707
Jan 1 to Feb 28______
239,012
282,216 def 128,268 def56,937
Chicago Rock Island & Pacific System—
56,784
97,534
Chicago R I & G u lf.b.F eb
354,328
334,061
Jan 1 to Feb 28...........
725,657
692,664
51,468
231,572
Chic St P Minn & 0 .b ..F e b 1,853,156 1,618,777
274,251
160,576
743,279
291,912
Jan 1 to Feb 28______ 4,168,004 3,277,893
10,730
Chi Ter Haute & S E .b .F e b
291,941
297,985 def42,755
Jan 1 to Feb 28...........
639,331
515,272 def68,254 def03,696
906,512
208,688
286,818
Colorado & Southern.b.Feb
980,013
472,631
628,587
Jan 1 to Fob 28______ 2,069,971 1,890,479
Ft Worth & Den O .b .F e b
844,760
570,675
223,604
134,388
Jan 1 to Fob 28...........1,018,515
1,205,917
386,684
317,728
Trinity & Braz V a l.b .F e b
98,142
79,344 def51,473 def26,154
Jan 1 to Feb 28...........
214,353
170,528 def87,053 def46,575
Colorado & W yom ing.b.Feb
100,403
79,792
24,318
23,753
Jan 1 to Fob 28...........
196,686
41,126
35,070
157,069
218,691
452,712
Denver & Rio Grande.b.Feb 2,103,300 2,035,285
733,996
977,632
Jan 1 to Fob 28........... 4,671,765 4,377,764
Denver & Salt Lake.b_.F eb
165,244
71,659 dof90,129 def72,633
Jan 1 to Feb 28______
135,330 def207,042 def 164,139
301,928
99,061 def22,656
171
Dotroit & M ackinac.b.Feb
103,665
Jan 1 to Feb 28...........
204,450
172,889 def73,949
25,322
144,408
84,705
66,283
Dot & Tol Shoro Line.b.Fob
160,707
255,377
199,557
100,400
M Jan 1 to Feb 28...........
365,831
DotjTol & Ironton.b___ Fob
283,782
121,095 def57,889 def 117,559
Jan 1 to Feb 28...........
646,770
233,853 def 100,767 def213,665
102,858 def147,160 defl43.462
Duluth & Iron R an ge.b.F eb
123,439
Jan 1 to Feb 28...........
225,967
205,094 dcf317,418 def299,076
Roads.
[V ol . 108.
Gross Earnings-------------- Net Earnings------ Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
8
$
$
Duluth Miss & North_b. Fob
193,451
142,930 dcfl99,901 def248,253
Jan 1 to Feb 28______
385,500
285,918 def468,743 def511,992
Duluth So Sh & A tl.b -.F o b
306.720
252,113 def32,607 def38,610
Jan 1 to Feb 28______
634,848
5251420
525,420 def37,125 def66,956
4,696
Duluth Win & Pacific b Feb
169,329
123,460
21,734
123,460
6,066
Jan 1 to Fob 28______
336,076
255,993
50,115
255,993
East St Louis Connect.b.Feb
93,522
74,273 defl3,570
dcf8,827
Jan 1 to Feb 28______
192,119
137,075
137,075 def41,664 def35,239
Elgin Joliet & East.b__Feb 1,847,007 1,042,868
600,213 dcfl5,862
~
Jan 1 to Feb 28______ 3,799,212 1,903,413 1,147,438 def219,194
El Paso & Southwest.b.Feb 1,011,243 1,228,641
578,603
409,325
Jan 1 to Feb 28........... 2,092,076 2,448,256
796,149 1,109,425
158,256
Florida East C oast.b_.F eb
967,507
394,654
828,647
355,549
Jan 1 to Feb 28______ 1,975,659 1,584,141
704,404
Fonda Johns & G lov. b.F eb
80,379
22,914
26,771
74,569
Jan 1 to Feb 28______
173,883
56,907
53,085
154,843
9,761
Ft Smith & W estern.b.Feb
111,124
8,194
101,063
20,724
225,459
Jan 1 to Feb 28______
‘ ~
24,246
212,149
51,911
Galveston Wharf, b ____ Feb
12,150
23,863
70,563
35,464
137,924
Jan 1 to Feb 28______
56,751
147,173
Georgia, b ____________ Feb
76,214
463,249
449,366
141,860
Jan l to Feb 2 8 .......... 1,008,741
215,003
881,563
260,710
Grd Trk Lines in N E .b .F e b
315,993
136,894 def91,246 defl 25,161
Jan 1 to Feb 28______
652,763
290,375 def229,337 def220,772
Grand Trunk W est.b ..F e b 1,329,471
830,586
122,028 def368,401
Jan 1 to Feb 28______ 2,952,935 1,743,736
264,001 def694,989
Great Northern.b____ Feb 6,209,835
5,007,441
372,903 dcfl39,219
Jan l to Feb 28______ 15,084,235 I0i793;064 1,820.693
14,426
Gulf & Ship Islan d.b_.-F ob 168,300
192,052
def8,84(l
54,326
Jan 1 to Feb 28______
343,965
379,727 defl4,852
96,721
Gulf Mobile & N orth .b.F eb
180,495
187,309 def 19,814
51,840
Jan 1 to Feb 28______
375,161
358,941 def26,092
84,220
411,056
Hocking V alley.b______Feb
_____
______
5,243
732,135 d efl65,165
Jan 1 to Feb 28...........
950,820 1,355,252 def394,953 defl25,854
Internat & Gt N orth .b ..F eb 1,029,126
988,964 def 130,627
226,662
Jan 1 to Feb 28........... 2,135,143 2,041,487 def107,646
471,728
Kansas City S o u th .b ...F e b 1,134,304 1,173,221
102,914
430,327
Jan 1 to Feb 28______ 2,397,956 2,264,434
305.964
760,768
Texar & Ft S m ith .b..F eb
110,975
83,854
40,122
25,029
209.084
178,990
Jan 1 to Feb 28......... 44,059
63,584
Kansas City T o r m .b ...F e b
97,076
85,887
1,726
21,708
Jan 1
to
Feb
28.
204,746176,694
2,049
32,084
Lehigh & Hudson R iv .b .F ob
187,362
126,836
39.676
d e fl,229
Jan 1
to
Feb
28.
393,768275,538
45,210
13,811
Lehigh & New E n g .b _ Fob
_
162,822
191,409 def32,067
defl ,040
469,950
388,627
Jan 1 to Feb 28...........
dof7,142
43,665
Los Ang & Salt L a k o .b ..Feb 1,305,160
969,752
279.880
197,993
Jan 1
to
Fob
28. 2,605,9011,983,742
029,679
390,238
Louisiana & Arkansas.b .F eb
189,630
147,068
11,165
47,285
Jan 1 to Fob 28...........
345,823
280,359
13,179
84,688
Louisiana Ry & N a v .b . .Feb
284,779
211,476 def 32,170
48,336
Jan 1 to Feb 28...........
558,024
419,314 def42,443
90,331
Louisville & Nashv_b__Fob - 7,954,798 6,724,821
993,474 1,699,782
Jan 1 to Feb 28........... 16,211,010 12,968,651 1,746,873 2,569,591
209,722
Louisv Ilend & St L_b__Feb
219,768
35,764
59,874
Jan 1 to Fob 28...........
458,456
86,544
376,475
77,097
Midland Term inal.b____ Feb
60,011
25,372
Jan 1 to Feb 28...........
110,739
44,163
Mineral R ange.b_______ Feb
77,323
84,346
dcf3,427
167
177,576
Jan 1 to Feb 28______
182,277
13.677
def5,037
Minneap & St Louis.b__Feb
865,746
818,353 defl03,101
66.484
Jan 1 to Feb 28........... 1,791,568 1,693,374 dof280,291
181,474
Minneap St P S S M .b ..F e b 2,790,644 2,036,901
355,233
77,338
Jan 1 to Feb 28______ 5,966,000 4,021,872
920,879
133,305
Mississippi Contral.b___ Feb
67,901
93,719 def 19,577
29,218
Jan 1 to Feb 28...........
142,607
178,669 def33,137
44,569
Missouri & No A rkan.b.Feb
94,764
119,767 dcf84,616
12.485
Jan 1 to Feb 28______
234,649
213,254 dofl36,410
6,428
Missouri Kan & T ex .b .F eb 2,374,860 2,035,787
213,940
175,208
344,603
Jan 1 to Feb 28______ 4,998,218 4,078,628
269,881
M o Kan & Tox of Tex.b.Feb 1,741.938 1,374,348
24,790
5,961
Jan 1 to Feb 28______ 3,482,093 2,864,563 dcfl04,384
157,937
Missouri Okla & G u lf.b.F ob
91,526
148,444 dof01,513
def7.331
Jan 1 to Feb 28...........
192,615
291,277 def125,330 def21,957
Missouri P acific.b_____Feb 7,054,732 6,261.878
517,178 1,405.486
Jan 1 to Feb 28........... 13,865,364 12,132,721
438,791 2,275,153
M on tou r.b ___________ Feb
61,432
66,829 dof47,444 defl8,345
Jan 1 to Feb 28______
145,590
140,122 def78,032 def34,655
Nevada Northern.b___ Feb
127,786
83,995
173,280
45,179
310.622
Jan 1 to Fob 28...........
210,892
400,413
127,628
107,714
New Orl & Northeast.b.Feb
451,359
443,887 def79,380
Jan 1 to Feb 28______
957,053
def2,457
205,431
901,103
12,994
48,944
New Orl Gt N o r th .b ...F e b 167,335
158,015
36,672
78,064
Jan l to Fob 28______
343,549
306,145
Now Orl Tox & M ex .b _.F ob
146,277
165,484
22,250
50,207
338,966 dcfl4,360
242,916
Jan 1 to Fob 28______
103,151
Beau Sour L & W .b ..F o b
113,483
14,269
121,889
46,958
245,019
Jan 1 to Feb 28______
235,345
35,738
96,525
St L Browns & M .b .- F e b
368,627
312,431
110,044
121,575
Jan 1 to Feb 28______
769,335
214,214
638,003
232,013
New York Central System—
Cincinnati N o r th .b .. Fob
194,769
29,031
18,820
169,188
Jan 1 to Feb 28--------428,326
68,939
d e fl,174
309,231
IndianaJlarbor Bolt b Feb
445,743
339,094 def90,034 def98.789
Jan 1 to Feb 28........... 1,051,589
551,688 def48,343 def316,331
Kanawha & M ich .b .-F o b
221,829
291,347 def74,305
..........
26,937
Jan 1 to Feb 28...........
489,794
541,529 def!65,351
37,679
Lako Erio & W est.b_.F ob
693,043
17,622
561,497
34,260
Jan 1 to Feb 28........... 1,457,610 1,080,974
dof5,89G deflO,920
952,414
Michigan C en tral.b..F eb 5,229,848 4,017,422
443,713
Jan 1 to Feb 28........... 11,130,385 7,552,835 2,250,828
340,699
418,892
Pitts & Lako E r io.b ..F eb 2,375,042 1,881,432
271,566
Jan 1 to Feb 28______ 5,167,882 3,691,724 1,162,173
482,214
529,391
def53,163 def64,436
..
Tol & Ohio Central.b.Feb
526,076
Jan 1 to Feb 28........... 1,127,057
992,854defl67,944 defl9l";824
578,164
17,021
N Y Chic & St L .b ___ Feb 2,009,538 1,119,983
Jan 1 to Feb 28........... 4,078,902 2,107,793
984,071dof226,489
45,637
682,429 def67,892
N Y Ont & W e s t .b ....F o b
615,507
64,019
Jan l to Fob 28______ 1,409,030 1,366,632 defl 12,223
432,797
def29,l 19
100.970
Norfolk Southern.b___ Feb
459,287
769,442
def50,482
112,472
Jan 1 to Fob 28...........
940,710
84,424
12,662
Northern Alabama. b . . Feb
115,149
23,430
163,511
729
44,786
Jan 1 to Feb 28______
226,805
Northern Pacific System—
______
82,428
Minnesota & Inter.b.F ob
85,375
9,981
dcf335
164,400
18.974
Jan 1 to Feb 28______
162,211
def2,635
315,553 def 16,804
Northwestern P acific.b.F eb
363,072
76,058
662,937 def29,470
151,679
Jan 1 to Fob 28______
746,477
528,909
72,662
Pacific C oast.a________ Feb
372,707
46,241
741,365
July 1 to Feb 28........... 3,768.916 4,177,482
518,726
Pennsylvania System—
def2,604 def23,391
Balt Ches & A tl.b _ Fob
_
88,963
. 32,210
def2,469 def69,591
Jan 1 to Feb 28______
177,040
41,758
81,767
Cumberland Valloy.b Feb 374,408
290,143 def49,159
33,904
149,748
Jan 1 to Feb 28______
855,456
592,186
Roads.
A pr. 5 1919.]
THE CHRONICLE
_
— Gross Earnings----- ----- Net Earnings-----Current
Previous
Current
Previous
Hoads.
Year.
Year.
Year.
Year.
Penn. System (Concluded).
$
$
$
Maryl Del & V a.b.__F ob
73,5.59
21,461
def5,820 def21,185
Jan 1 to Feb 28______
157,028
30,793
def6,055 def55,327
M onongahela.b_____Feb
240,803
182,851
69,041
43,455
Jan 1 to Feb 28.........546,164
341.023
144,254
45,113
N Y I’ hila & N o r f.b _Feb
u(u,000
576,666
357,678
77,765
def4,398
Jan 1 to Feb 28______ 1,192,476
701,507
207,857 def25,470
Toledo Peoria & W .b .F e b
112,116
119,578 def21,590
4,180
Jan 1 to Feb 28______
273,849
213,167
7,554 d e f l 3 , l l l
West Jer& Sea S h .b —Feb 677,793
480,805 def95,048 defl01,133
—
Jan 1 to Feb 28______1,413,680
940,113 def285,225 def259,233
Peoria & Pekin U nion.b.F eb
91,768
95,386 d efl0,14 6
d efl,2 24
Jan 1 to Feb 28...........
196,490
175,660 def53,415 def24,007
Pero M arquotte.b............ Feb 2,236,941 1,542,527
301,491
890
Jan 1 to Feb 28........... 4,710,374 2,804,553
629,893 def250,067
Pittsb & Shawmut.b___ Feb
71,281
78,139 def26,368
d ef 1,380
Jan 1 to Feb 28...........
191,828
178,990 def26,755
---------15,955
98,312
Pittsb & West V irg.b___ Feb
97,922 d ef41.080 d ef 11,942
Jan l to Fob 28...........
220,567
231,070 def97,208
def2,998
Port Reading.b _________ Feb 245,591
92,665
94,777 def29,814
Jan 1 to Fob 28...........
470,028
187,231
118,856 def82,750
Quincy Om & Kan O .b .F e b
78,867
80,107
15,299
def5,878
Jan 1 to Feb 28...........
163,350
153,430
def2,733 d e f2 1,645
Richm Frod & P otom .b.F eb
628,502
350,517
269,381
107,850
Jan 1 to Feb 28______ 1,388.873
762,866
663,773
270,652
Washington South.b . Feb 332,145
196,683
135,832
52,501
Jan 1 to Fob 28--------778,950
427,098
383,246
157,413
Rutland.b ...................... Feb
298,286
262,686 def45,693 def24,290
625,850
Jan 1 to Feb 28--------572,655 dcf85,545 d efl9,27 3
St Joseph & Gr Island.b.F cb
216,862
215,755 def20,229
42,168
Jan 1 to Feb 28______
447,424
416,910 d ef2 3 ,028
70,880
St Louis-San F ra n .b ...F e b 5,797,250 4,167,646 1.019,667
462,762
Jan 1 to Feb 28------._ 11,600,991 8,577,163 1,586,003 1,177,208
Ft Worth & Rio G r.b .F e b
105.324
116,837 def29,635
• 31,121
Jan 1 to Fob 2 8 .......... ..
196,413
197,228 def53,002
21,981
_
94,127
St L S Fr o f T e x .b _ Fob
122,934 d ef 17,691
28,078
Jan 1 to Feb 28...........
193,591
267,390 d ef41,864
82,004
St Louis Southw .b_____Feb
971 498
996,043
89,367
403,160
Jan 1 to Fob 28........... 1,970,775 1,899,119
270,356
700,626
St L Southw of T e x .b .F o b
471,175
582,637 d ef 86,186
____
103,024
Jan 1 to Fob 28...........
971,697 1,156,891 d ef228,493
200,382
St Louis Transfor.b___ Feb
94,708
78,203
19,303
13,673
Jan 1 to Feb 28______
194,331
148,392
40,174
19.581
San Ant & Aran P ass.b.F eb 355,925
3 2 4 ,0 /5 def34,943
35,918
Jan 1 to Fob 28______
705,497
702,580 defl05 ,1 7 6
108,536
Seaboard Air L in o.b ___ Feb 3,368,612 2,704,291
205,435
527,252
Jan 1 to Feb 28........... 6,708,909 5,233,428
528,345
933,663
Southorn P acific.b.........Febll.068,001 »,< ^ ,o o u
9,742.550 1,337,444 2,120,575
Jan 1 to Feb 28---------23,991,803 20,675,967 4,076,059 4,768.587
Arizona Eastern.!}— Feb 336,886
341.290
94,055
152,284
Jan 1 to Feb 28...........
707,768
709,686
217.536
309,573
Galv Har & S A n t.b .F o b 1,570,017 1,567,482
141,652
541,426
Jan 1 to Feb 28........... 3,385,669 3,311,710
563,604 1,254,764
Houst & Tex Cent. b . Fob 608,835
668,632
47.655
198,067
Jan 1 to Fob 28______ 1,294,470 1.395,280
159,244
439,293
H o u s t E * W T e x .b ..F eb
173,060
158,592
20,475
56,388
Jan 1 to Feb 28...........
366,038
327,190
80,510
117,505
Louisiana W estern.b.F cb
270,614
329,896
79,187
184.696
Jan 1 to Fob 28______
608,706
640,991
192,616
244,084
Morgan’s Louisiana &
Tox RR & Nav_b_.Feb
530,966
589,582
38,016
232,876
Jan 1 to Feb 28........... 1,227,325 1,186,939
163,356
451,111
Texas & Now O rl.b._F ob
529,715
562,878 def45,178
177,490
Jan 1 to Feb 28______1,110.674
1.125,237 dof56,511
331,913
Southern Railway System—
Ala Great S o u th .b ...F e b
735,517
562,377
31,773
148,768
Jan 1 to Feb 28...........'1,548,756
1.106,389
216,728
256,455
Georgia Sou & F la.b.F eb
366,517
250,966
54,304
36,292
Jan 1 to Feb 28______
775,424
517,741
110,493
76,249
Mobile & O h io.b _____ Feb 1,138,118
936,998 def74,956
21,903
Jan 1 to Feb 28--------- 2,353,261 1.917,588 d of 117,096
54.172
South’n R y in M iss.b.F eb
151,164
108.329
18,689
23,166
Jan 1 to Feb 28______
—
296,520
229,827
20,289
52,062
Spokane Internal.b
Feb
60,705
65,581
13,644
23.081
Jan 1 to Feb 28______
138,412
131,009
39,772
43,646
Spok Port! & Seattle.b._Feb
u w ,0o t
520,384
556,429
115,181
256,895
Jan 1 to Fob 28........... 1,073.468 1,294,261
164,117
654,379
Staton Isl Rap T r a n .b ..Feb
144,300
71,018
15,925 def34,553
Jan 1 to Feb 28______
328,807
144,987 .
53,162 d ef72,326
Tennessee Central.b ___ Feb
173,269
148,382 def83,292
4,635
Jan 1 to Fob 28...........
416,307
275,501 def93,500
24
Term R R Assn o f St L b Feb 283.871
274,015
d ef 157
43,653
Jan l to Feb 28...........
584,582
526.329 dof40.164
74,802
S tL M cr B goT orm .b.F eb
206,377
239,651 def72,809
23,140
Jan 1 to Fob 28...........
462,252
442,083 d efl24,787
1,872
Texas & P acific.b_______Feb 2,367,239 1,852,364 def84,690
452,595
Jan 1 to Feb 28........... 5,098,498 3,801,340
66,799
896,799
Ulster & Delaware.b_ Feb
_
69,389
51,177 d ef 19,633
def8,521
Jan 1 to Feb 28--------127,379
102,203 def45,202 def21,255
Union Pacific System—
Oregon Short L ino.b.F eb 2,485,770 2,042.704
548,983
600,052
Jan 1 to Feb 28........... 5,431,303 4.456,296 1,364.799 1,497,754
Ore-Wash RR & N .b .F o b 1,879,162 1.489,869
226,429
137,742
Jan 1 to Fob 28_______ 3.912,765 3,134,394
493,781
450.863
U ta h .b ......... ....................Feb
99,134
95,111
41,789
47.696
Jan 1 to Feb 28...........
200,805
210,319
76,639
113,204
Vicks Shrovo & P a c .b .-F e b
264,171
197,994
37,316
67,798
Jan 1 to Fob 28...........
533,757
398,749
70,751
133,797
Virginian, b .......... ........... Feb
593,609
765,070 d ef 171,339
201.859
Jan 1 to Feb 28........... 1,551,019 1.430,198 d ef73,381
327.358
Western P a c ific .b ..
Fob 727,577
717,919 d efl2,71 6
189,717
Jan 4 to Fob 28........... 1,598,434 1,576,211
134,081
473,917
Western RR o f A la .b ...F e b
199,348
167,140
37,205
40,080
Jan 1 to Feb 28...........
420,247
349,580
72,404
92,679
Wheeling & Lako E rlo.b.F ob
608,264
703,479 d e fll8 ,2 1 3
33.571
Jan 1 to Feb 28........... 1,387,680 1,384,712 dof232,017
d cfl6 3
Wichita Falls & N W .b . Fob
150 947
79,837 d cfl0 ,3 6 3 d efl4,97 7
Jan 1 to Fob 28...........
282,602
167,535 d of 12,497 d efl7,31 8
Yazoo & Miss V a l.b Fob 1 789 61 5
1,511,963
412,821
401,400
Jan 1 to Feb 28...........
3,024,464
704,773
771,539
a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes.
Gross
Net after
Other
Gross
Fixed
Earnings.
Taxes.
Income.
Income.
Charges.
9
$
$
S
$
N Y Chicago & St Louis RR—
Feb '19 2,009,538
523,164
.
;}8 l-l^ ,9 8 3 dof42,979
2 m°3 19 4,078,902
874,067
•18 2,107,793 def346,489
17,332
540 496
19,319 dcf23,’060
31,319
905,386
39,007 def307,482
Balance,
Surplus.
9
50 128
4nn sas
107,514 defl31,’l74
106,880
798,506
214.686 def522,168
1381
Companies.
— Gross Earnings----Current
Previous
Year.
Year.
«
----- Net Earnings-----Current
Previous
Year.
Year.
$
S
Brazilian T ra ct Light &
Power C o , L td ........... Jan 8,522,000 7,837,000 4,283,000
Philadelphia C o .a ______ Feb 2,666,920 2,235,295 1,350,749
Jan 1 to Feb 28............ 5,534,740 4,590,074 2,907.683
P orto R ico R ailways___Feb
92,562
83,186
39,917
Jan 1 to Feb 2 8 ______
182,600
165,307
73,645
a N et earnings here given are after deducting taxes.
Gross
Earnings.
Net after
Taxes.
S
240,640
234,543
512,205
495,797
56,090
H am p R y . G & E C o ’ 18
130,207
37,363
x A lter allowing fo r other incom e received.
Fixed
Charges.
Hudson & Manhattan
Feb ’ 19
590,372
'ig
527,636
2 mos ’ 19 1,249,337
'18 1,090,552
Newport News &
Jan ’ 19
219,326
Gross
Earnings.
Detroit United
4,483
‘ 9*326
21,712
20.351
Net
■Fixed Chgs.
Earnings. & Taxes.
%
Feb ’ 19 1,671,025
383,425
Lines
’ 18 1,354,922
356.774
m os ’ 19 3,418,908
734,885
’ 18 2,761,194
663,117
H onolulu Rapid
Feb '19
54,931
*19,389
Transit & Land C o
’ 18
55,196
*26,709
2 m os ’ 19
114,989
*49,341
’ 18
113,552
*52,683
Louisville Railways Jan '19
328,460
96,781
’ 18
272,478
115,844
N ew port News &
D ec '18
172,131
50,712
H am pton R y
’ 17
133,954
65,189
Gas & E iC o 12 m os ’ 18 2,176,886
704,188
’ 17 1,360,225
600,923
New f o r k D ock
Feb ’ 19
410,918
159,720
Co
'18
398,685
190,153
2 m os '19
851,375
328.0S6
'18
821,094
386,955
* Other incom e included in net.
x A fter allowing for other incom e received.
-Grosi
S
230,017
209.093
461.093
418,150
10,976
10,642
21,951
21,285
82,563
77,813
4,098
21,955
340,060
313,640
91.704
97,728
181,860
187,783
3,696,000
843,925
1.743.402
40,411
76,353
Balance,
Surplus.
*241,137
*230,130
*513,824
*488,404
*34,440
*17,396
Balance,
Surplus.
*198,122
*193,401
*346,429
*319.932
8.413
16,066
27,390
31,398
14,218
38,031
46.614
43,234
364.128
287.283
68,016
92,425
146,226
199,172
— Net after Taxes-------- Surp. after Charges—
1919.
1918.
1919.
S
$
$
Baton Rouge Electric Co—
February..
28,441
19,847
11,312
9,204
7,362
12 months.
286,145
234,074
126.966
111,562
80,014
Blackstone Valley Gas & Elec Co—
February..
198,565
170,418
43,047
50,938
20,137
12 months. 2,521,369 2,013,346
680,006
624,664
411,174
Brockton & Plymouth Street R y Co—
February..
9,721
7,192
2,256
def 1,345
812
12 months.
105,174
122,337
def9,399
def 1,876 def26,432
Cape Breton Electric Co, Ltd—
February..
42,964
36,295
9,064
7,295
2,396
12 months.
530,436
471,213
129,425
153,364
50,593
Central Miss Vail Elec Properties—
Jan uary...
35,248
28,047
10,165
6,317
7,688
12 months. 346,278
313,349
83,333
88,345
49,409
Columbus Electric C o February..
86,677
96,461
38,702
57,650
3,860
12 months- 1,184,435 1,130,911
590,556
693,959
187,734
Connecticut Power C o February..
103,288
74,884
39,986
29,029
18,904
12 months- 1,085,424
888,295
428,476
384,311
183,020
Eastern Texas Electric Co—
_
110,965
84,459
January_
43,046
36,693
29,128
12 months. 1,158,258
943,181
475,946
418,600
316,031
Edison Electric Illuminating Co of Brockton—
February..
92,012
59,90936,284
22,582
28,921
12 months. 886,005
733,697270,630
277,031
188,703
Electric Light & Power Co of Ablngton & Rockland__
February..
22,091
17,541
4,578
4,332
3,915
12 months.
243,779
211,188
51,102
47,296
43,410
El Paso Electric Co— !
February..
120,067
103,875
34,327
37,400
27,448
12 months. 1,287,428 1,274,163
382,206
460,347
300,258
Fall River Gas Works Co—
February..
55,338
52,629
7,420
6,918
7,265
12 months730,114
599,968
157,811
190,888
156,248
Galvcston-Houston Electric C o February..
222,154
181,822
43,364
56,208
2,933
12 months. 2,779,968 2,152,766
827,937
727,554
352,606
Haverhill Gas Light C o February..
32,663
30,000
4,157
2,066
3,503
12 months.
345,913
306,426
30,199
49,839
24,289
Houghton County Electric Light Co—
February..
39,679
35,101
16,063
13,473
9,013
12 months.
431,912
417,499
144,754
168,672
61,728
Houghton County Traction Co—
February..
25,504
26,645
8,362
7,519
1,344
12 months.
313,959
345,198
101,876
125,384
17,572
Jacksonville Traction Co—
February_
78,365
66,003
8,708
18,759
def9,308
12 months. 978,241
716,591
215,238
228,210
13,977
Keokuk Electric Co—
February..
25,141
20,054
7,077
4,818
4,805
12 months. 274,166
250,538
64,152
69,470
36,568
Key West Electric Co—
February. .
18,854
13,149
7,007
5,499
4,482
12 months.
214,392
151,026
87,211
53,731
57,335
Lowell Electric Light Corp—
February.. 86,259
63,493
26,075
21,636
24,057
12 months. 943,297
729,098
220,901
280,129
202,575
Northern Texas Electric Co—
February.. 229,801
237,353
90,357
105,748
62,390
12 months. 2,916,386 2,740,100 1,127,433 1,253,453
790,738
Pensacola Electric C o February . .
49,842
35,228
10,356
11,399
1,240
12 months. 534,017
368,875
143,455
146,680
41,235
Savannah Electric Co—
February..
96,400
85,198
13,482
28,292 def 11,874
12 months. 1,214,833 1,002.397
305,862
330,269
570
Sierra Pacific Electric Co—
February..
53,657
59,287
24,116
32,970
16,542
12 months. 703,028
707,920
342,861
388,115
259,971
Tampa Electric Co—
February..
102,948
87,102
44,221
39,799
38,882
12 months. 1,096,592
992,188
457,293
422,482
395,571
FINANCIAL REPORTS
1918.
S
5,486
68,492
28,949
367,801
def2,672
defl7,021
761
74,746
3,520
60,142
25,396
327,643
9,681
171,148
26,767
300,998
16,544
225,874
3,825
43,073
30,888
390,871
6,899
190,828
17,231
272,085
1,853
48,159
6,721
91,794
436
40,492
1,729
37,459
2,522
46,374
3,079
24,131'
20,328
268,341
77,509
906,024
3,403
52,661
3,917
37,711
26,075
306,203
34.5
364,645
—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
E le c tr ic R a ilw a y a n d O t h e r P u b lic U t i l i t y N e t E a r n
on the last Saturday of each month. This index will not
i n g s .— The following table gives the roturns of ELECTRIC
include reports the
the
is
railway and other public utility gross and net earnings with published. Theinlatestissue of will “Chronicle” in which it of
index
bo found in tho issue
charges and surplus reported this week:
March 29. The next will appear in that of April 26
F in a n c ia l R e p o r t s .
Norfolk & Western Railway Co.
(23rd Annual Report— Year ending Dec. 31 1918.)
The remarks of President L. E. Johnson together with a
comparative income account, balance sheet and other statis
tical tables will be found on a subsequent page.—V. 108,
p. 974.
Louisville & Nashville Railroad.
{Report for Fiscal Year ending Dec. 31 1918.)
The “Chronicle” has been favored with advance sheets
from the report showing:
Government Contract— T h o agreem ent between the Director-General
and the com pany was not oxecuted until M ar. 14 1919. It is printed in
full at the end o f this (pam phlet) report.
. .
T h o follow ing properties aro enumerated in the agreement as taken
over bv tho President and com pensation thereof is certified b y the Inter
sta te C om m erce Com m ission, aggregating $17,310,494 67, v iz.: Louisville
& N ashville E R „ Owensboro & N ashville R R ., M orgatifield & A tlanta R R .,
M aysvillo & Lexington R R ., N orthern Division, also Southern D ivision,
Swan Creek R y .. B ay M inotto & F ort M organ R R ., Long Branch C oal R R .,
1 °Thjsa standard com pensation and tho incom e from other sources will
yield a return which will caro for all fixed charges, rentals, taxes, & c.,
and enable the paym ent o f 7 % dividends to stockholders, and leave a
reasonable surplus for tho betterm ent and im provem ent o f the properties.
N ew equipm ent Trust.— Arrangements have been m ade to issuo shortly
E quipm ent Trust B onds, Series “ B ” , for $7,323,000, to bear not exceeding
6 % interest and to mature in equal somi-annuai installments for a period
or fifteen yoars. T h o very heavy cost o f new equipm ent allotted to your
com p any b y the Director-General in 1918, aggregating, with equipment
ordered b y tho com pany before Federal con trol, but to bo paid for after
D ec 31 1917, $12,398,445, m ade it desirable to care for $7,323,000 o f this
expenditure b y the issue o f E quipm ent Bonds.
_ ,
. . .
Other Financial M a tters— B e cause o f tho liberal cash balance in the
corporation ’s treasury on D ec. 31 1917, accum ulated to caro for unusually
heavy additions and betterm ents already authorized or in preparation, the
com p any has been able to care for its current expenses and proper ad
ditions and betterm ents o f all kinds during the year w ithout borrow ing,
except through the E quipm ent B onds m entioned.
T h o total am ount o f ‘ ‘ Standard Return advanced b y the DirectorGeneral to D ec. 31 1918 was $3,000,000.
.
___
T he bonded debt decreased net $1,577,000, v iz .. E quipm ent Bonds
matured $650,000: bonds drawn b y or purchased for sinking fu n d, $ 1,127,
000: tota l, $1,777,000; less $200,000 Lex. & East. 1st M . 5s sold. A d
ditions and betterm ents (a) to road aggregated $3,038,622 (decrease
$275,072): (b) to equipm ent, $1,874,202.
IN C O M E AC C O U N T FOR C A LE N D A R YE A R 1918.
C ” ^§tandardnRetu?n^’ from U . S. R R . A dm in, for use o f ro a d s .$17,310,495
Incom o from lease o f road: Clarksville & Princeton branch,
221,720
$12,039: Paducah & M em phis D iv ., $206,506: other, $3,17538.920
Miscellaneous rent Incom o ($38,474), & c---------------------------------166,495
M iscellaneous non-operating physical p r o p e r ty .- - - - - - - - - - - D ividend Incom e— (a) C hic. Ind. & Louisv. R y . stock, $77,468;
(b) N ash. C hatt. & St. Louis R y. stock, $803,887; (c) sundry
986,805
stocks, $32,367; (d) stocks under Georgia R R . lease, $73,083tncom e from bonds and notes m aturing m ore than ono year
after date, $513,953: bonds under G a. R R . lease, $620---------514,573
Incom o from unfunded securities and accounts------------------------o84,313
Gross incom o_____________________________ _____ _ — - - - - - ---8 19 ,8 2 3 ,3 21
Deductions from gross incom o— rent for leased roads— (a) N ash
222,198
ville & Decatur R R ., $134,867; other roads, $ 8 7 ,3 3 1 --..........
42,002
M i seel, rents, $26,937; miscel. tax accruals, $ 1 5 ,0 6 5 --- - - - - 449,828
Interest on funded debt, $7,412,585; on unfunded d eb t, $37,243
958.292
C orporate expenses, $ 7i,89 9 and taxes, $ 8 8 6 ,3 9 2 ------------------96,815
A ccrued premiums on bonds drawn for sinking fun ds--------------34,828
U . S. incom e tax paid on interest on tax-exem pt b on d s-----------T ota l deductions from gross in com e............................................
8,803,964
N et incom e__________________________________________________$11,019,357
___
„
D isposition o f net incom e—
Incom e applied to sinking funds ($84,703). & c------------------------$170,319
Cash dividends 7 % ( 3 ^ % A u g. 101918 and 3 K % F eb. 10 1919) 5,040,000
B alance, surplus______________________________________________ $ 5,8 j 9,037
(The total sum available for dividends for tho current year 1919, wo learn,
is estim ated at $19,810,495, tho com p a n y’s non-operating incom e being
estim ated at about $2,500,000; tho fixed charges, it is stated, will probably
am ount to about $9,900,000 (including, o f course, tho new equipm ent trust)
leaving $9,910,495 for dividends.— E d .]— V . 108, p . 1275, 1165.
Pare Marquette Railway.
31 1918.)
The report, signed by Edward N. Brown as President,
dated March 31 1919, said in substanco:
{Report for Fiscal Year Ended Dec.
Government C ontrol— Your property has, since D ec. 28 1917. been oper
ated under tho control o f tho G overnm ent, fe d e ra l M anager Frank II.
Alfred has been in direct charge o f tho operations.
Additions and Betterments.— During tho year tho Railroad Administration
charged to tho com pany $4,447,423 for account o f additions and better
ments and $325,997 representing deferred capital charges.
Cash Advances.— W o have advanced to tho Railroad Administration
m oney for tho purpose o f financing additions and botterm ents up to and
including D ec. 31 1918 totaling $4,495,329.
Contract with RR. Administration.— T ho proposed agreement between tho
Director-General and tho com pany has not as yot boon oxecuted. Tho data
is being prepared and will bo presented in duo courso to tho l.-S . O. C om
mission. Tho Commission has subm itted a statement in which it is shown
that our annual com pensation from tho G overnm ent has been tentatively
fixed at $3,748,196.
Non-Operating Incom e.— Tho non-operating incom e for tho year amounted
to $103,866. Tho yearly average for tho Standard Return period for tho
three years ended Juno 30 1917 am ounted to $146,112. T he docreaso is
principally accounted for by tho fa ct that no dividend was received during
1918 on tho capital stock o f the Lako Erio Coal C o .; also tho dividend on tho
stock o f the Fort Street Union D op ot C o. was decreased b y instructions
from the R R . Adm inistration, and the Interest on daily bank balances
decreased •
Equipment.— There wero purchased and put in service during tho year
586 80,000-lb. capacity 40-ft. autom obile box cars costing $1,059,031.
10 8-wheel switching locom otives at a cost o f $391,300, and 15 Santa Fo
typo freight locom otives which cost $842,188.
Federal Income A c co u n t— T ho Federal incom o account for the year shows
surplus for 1918 to be $3,851,484, which is $103,288 in excess o f tho Standard
Return tentatively certified to b y tho I.-S . C . Com m ission. Tho total in
com o before deducting equipm ent rents and join t facility rents, & c., is
shown to bo $4,978,748. Tho m ajor portion o f tho equipm ent and join t
facility rents represent amounts paid b y tho Federal Administration o f tho
Pero M arquetto to other Federal controlled roads.
Rates.— O rder:issued M a y 25 1918 b y tho Director-General contains in
structions withirespcct to iuter-Stato and intra-Stato freight and passenger
rate increases. The passenger rate increases becamo effective June 10 1918.
T ho intcr-Stato passenger rate was increased from 2>^c. to 3 c. per m ile,
and intra-Stato rato from 2c. to 3c. per m ilo, with additional charge to both
inter-State and intra-Stato passengers riding in sleeping, parlor and tourist
cars. This latter chargo was abolished effectivo D ec. 1 1918. T ho froight
ates wero on Juno 25 1918 increased approxim ately 2 5 % .
Wages.— Order issued by tho Director-General M a y 25 1918, and sup
plemonts theroto, provided for a material increase in wages effectivo
Jan. 1 1918.
[Vol. 108.
THE CHRONICLE
S T A T E M E N T OF OPERATIONS.
6 M os. to
Year to
9 M os. to
3 Alos. to
Dec. 31 ‘ 18. D ec.31 ‘ 17. M ar. 31 ‘ 17. Dec. 31 ‘ 16.
2,249
2.249
Average miles operated2,239
2,248
2,777,727
1,196,638
3,570,603
3,459,905
Passengers carried_____
Pass, carried ono m ile--168,195,183 165,273,351 46,365,054 124,848,191
1.953 cts.
2.011 cts.
Earns, per pass, per mile 1 -1857 cts. 1 -985 cts.
Earns, per pass, tram m.
$1.4389
$1.332 7
3,091,931
7,041.369
Revenue tons carried— 14,242,477 10,178,209
.
.
........— '
R ev tons carried 1 mile2796222,221 1790696,069 564,814,971 1206547,817
0.663 cts.
0.705 cts.
0.63 cts.
Earn, per rov. ton p. m . 0.794 cts.
543.76
534.6
563.06
T ons per fr’ t train m ilo$3.6057
$3.40903
$5.3169
$3.96932
Earn. per fr ’t train m ile.
$2,934
$8,109
..........
Gross earnings per m ilo.
IN CO M E AC C O U N T.
J'ne 30 Yr
Cal. Year — 9 Months to Dec. 31
1915-16.
1918.
1917.
1916.
Operating Revenue—
Freight
.$22,200,348 $13,103,152 $12,258,114 $15,098,256
4,129,019
Passenger" I I H I I - - _____ 4,233,796
3,281,498
3,434,096
1,598,884
M ail, express, & c_______
1.136,918
1,401,152
1>319,971
383,894
incidental, Stc__________ 1,383,919
446,846
T otal oper. revenues-$28,955 ,011 $18,232,648 $17,356,691 $21,210,053
M aint. o f way & s t r u c .. $3,790 ,387 $2,048,689 $1,781,073 $2,007,172
4,268,058
2,204,940
2,888,548
M aint. o f equipm ent___ 5.607 ,546
Maintenance o f equip.—
315,465
481,983
D epreciation-------------536 ,348
381,311
335,803
318,729
T raffic expenses-----------344 ,772
7,338,105
7,251.030
6,067,072
Transportation expensos 12,233 ,619
492,361
489,965
388,779
General expenses---------825 ,442
48,323
43,600
42,780
Miscellaneous operations
61 ,442
Cr. 4,904
0 .8 ,0 3 5
0 .5 ,4 6 7
Transportation For in v . _ 0 . 11 ,681
T otal oper. exponscs-$23,389,875 $12,081,448 $11,963,497 $14,530,424
(68.51)
(69.55)
(68.93)
Per cent exp. to earnings
-----
N ot operating revenue-- $5,567,13b $5,551,200 $5,393,194 $6,679,629
626.275
526,620
452,760
864,731
T a xes________________ - 8,328
48
5,895
U ncollectible & m iscell4,7So
$5,024,532 $4,934,539 $6,045,026
Operating incom e____ $4,698,720
156,611
159,479
110,236
In t., divs., & c., received
---------T otal incom e__________ $4,698,720
Rentals, & c------------------Hire o f equipm ent_____
495,628
$5,134,768
$526,303
698,288
$5,094,018
$510,193
778,098
$6,201,637
$ 665,934
749,110
B al. for int. c h a r g e s .. $3,648,832
Interest on bon d s______ $1,687,700
Interest on bills payable
4,702
D ivs. on prior prof. s tk .
x
$3,910,177
$3,805,727
$4,786,593
Balance, surplus_____ $1,956,372
---------------------------x T he surplus in 1917 was $2,313,806. Dividends aggregating $560,000
wero declared during 1918, upon prior prof, stock, and were paid out o f
1917 surplus as follow s: Feb. 1 1918,
$140,000; M a y 1 1918, 1 M % .
$140,000; A ug. I 1918, l > i % , $140,000; N o v . 1 1918, 1 M % , $140,000.
RESULTS FOR THREE M O N T H S E N D IN G M A R C H 31 1917 A N D 1916
1916.
1917.
3 Mos. to Mar. 31. 1917.
1916.
$200,075
Gross earnings__ $5,275,208 $5,202,564 Deduct— Taxes__ $113,859
166,624
Rentals..............
170,100
Operating expenses 4,699,998 3,667,734
220,568
Hire of cquip’t .
584,544
2,001
Miscellaneous-5,397
Net earnings__ $575,210 $1,534,830
Other income___
55,986
39,622
Gross Incomo--
Assets__
$631,196 $1,574,452 Bal. for int. chgs.(lcf$248,704 sr.$985,184
B A L A N C E SH EET D EC. 31 1918.
1918.
1917.
1918.
1917.
$
s
Liabilities—
S
$
Road & equipm’t-98,856,722 98,856,722 Common stock__ 45,046,000 45,046,000
Prior pref. 5% cum
Impts. on leased
stock ................11,200,000 11,200,000
29,736
property..........
29,736
155,327
Mlsc. phys. prop.
155,327
Inv. in affil. co s .. 6,744,314 6,744,314 1 I fL J a m ’l 1919.12,429,000 12,429,000
475,770 First mtge. bondS-30,455,000 30,455,000
Other investments 475,770
Coll, trust bonds
Miscel. investm’ ts 5,336,030
(P. M. R R .)--- 5,870,000 5,870,000
1,666,640
Cash____________
25,387
321,119
783,220 Traffic, Ac., bals................
Special deposits-802,774
Loans A bills pay. 4,500,000
-------------Loans & bills re c..
7
45,405 2,040,073
Agents A conduc.
840,433 Aud.accts.A wages
14,098
463,172
Misc. acc’ ts recelv.
207,570 1,070,781 Miscellaneous___
802,774
783,220
Int. A div. receiv.
19,389 ............ Int. mat’d A unpd.
Material & supp-. ------------ 2,311,169 Unmaturcd int.,
135,092
56,250
&c., accrued__
296,304
Other curr’t assets
70,389
‘
407
27,561 Unmatured rents.
Work’g fund adv.
30,487 Deferred liabilities 137,979 " "l 51,056
2,677
Rents Ains. tnadv
610,852
176,751
859,708 Tax liability____
Other unadj .debits 169,551
394,314
Operat’g reserves. 203,300
U. S. Govern’l—
312,662
Deprcc’n (equip’t) 847,981
Standard return.. 3,748,196
Other unadj. cred. 1,117,697 *1,622,279
Corporate income.x‘2 ,621,826
Corp. surplus___ 2,923,840 2,313,806
Cash____________ 1,666,646
U. S. Govern't—
Agents A conduc840,433
Cash advances—
855,000 .............
Material & supp.. 2,619,620
Additions, Ac___ 4,430,511 ----------Work’g fund adv.
22,561
Dofcrrod items__
325,997 ----------Assets collected__ 2,196,053
1917 liabilities paid 4,908,049 .............
Depreciation____
536,348
Expenses prior to
Miscellaneous___
2,686
.
1382
Jan. 1 1918___
490,655 .............
Revenuo prior to
Tot. each slde.127,150,012 114,148,245
Jan. 1 1918----193,311 .............
x Corporate incomo transactions represent cash advanced to U. S. Rail
road Administration for additions and betterments, loss advances mado by
them for payments of intorost, dividends and, miscellaneous debit and
credit items.—’V. 108, p. 379.
Chicago Railways.
Annual roport will be fully cited next weok.
{Report fo r Fiscal Year ending Jan. 31 1 9 1 9 .)
(1) All Chicago Surface Lines—
1918-19.
1917-18.
1.916-17.")
Cross oarnings______________________$34,710,097 $35,114,633 $34,789,636
Operating expenses_________________ 25,731,937 23,101.696 21,743,523
Residue r e ceip ts___ - ____________ $8,978,160 $12,012,937 $13,046,113
Chicmgo Railways (60% )I I I I I I _____$5,386,896 $7,207,762 $7,827,668
4,805,175
5,218,445
South Sido Lines (4 0% )------:------------- 3,591,264
(2) Statement of Chicago Railwags Co.—
Chicago Railways (6 0% )------------------®5’7« q’ ooY $7,207,762 $7,827,668
290,685
368,205
Joint acct. exp. and adjustments-----i'jo.od l
$6,839,557
4,418,136
$7,536,983
4.319.783
$686,105 $2,421,421
?308,747 $1,089,639
4,o01,960
MMG
70 r.oo
78,778 _____t J,oJ2
$3,217,200
$1,447,740
4.319.783
66,960
123,886
Balance
$5,188,065
D educt— Int."at 5_ "on v a lu a t io n .-- 4,501,960
%
N et Incom o_______________________
C om pany’s proportion o f incom o-----Interest on valuation o f p rop erty-----Interost on bank b a l a n c e s .- - - - ..........
Interest on treasury securities----------
T otal gross incom o_______________- $4,920,632 $5,654,360 $5,958,369
2,748,137
In t. accrued on First M tge. b o n d s .. 2,784,050
2,784,050
1,794,998
C onsol. M tge. b on d s_____________
1,775,964
1,777,884
203,650
Purchaso M on ey M tge. bon d s-----203,650
203,650
250,000
Sinking fuud reservo a ccr u e d .............
2.>0,000
250.000
30,000
Federal incom o tax on int. c o u p o n s ..
42,000
00,000
153,568
C orp . exp. and adjustm ents-------------225,527
168,800 ___________ _
T otal deductions------------------------------ $5,294,649 $5,244,384 $5,180,354
Balance (surplus or deficit) - - - - - - - -d e f .$374 1? V*sur •
5400 .p70 ™ r $778,015
T otal p. & 1. surplus after deducting deficit for year 1918-19, $374,010,
and $100,000 for interost on Adjustm ent Incom o bonds paid M a y 1 last,
remained $37,126. (Com paro Chicago C ity Railways, V . 108, p . 1157.)
— V. 108, p . 77.
Apr . 5 1919.]
United States Steel Corporation.
31 1918.)
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will bo found at length on subsequent pages
of to-day’s “Chronicle,” together with many important
tables of operations, balance sheet, &c.
(17th Annual Report— Year ending Dec.
INCOME ACCOUNT, INCLUDING! SUESDI ARY COMPANIES.
1918.
1917.
1916.
1915.
•Gross sales and earnings_ 1,744,312,103 1,683,962,652 1,231,173,779 726,683,589
_
Mfg. cost & oper. exp.a — 1,178,032,666 1,046,370,508 810,501,470 544,352,757
‘ ” r‘ " ‘
Admin., selling & gen. exp.,
__
29,780,570
23,367,214
20,336,813
18,800,200
24,458,377
26,599,721
19,396,905
13,640,185
federal Inc., war Inc. and
war excess profits taxes- 274,277,835
Gommcrclal dlsc’ts and Int9,046,361
233,405,435
9,332,400
0,202,650
3,757,590
Total expenses_________ 1,515,110,651 1,334,311,536
B a la n ce -.-..............
229,201,512
349,651,016
MI8C. net mfg. gains, adjust.
In Inventory value, & c 3,402,410
16,530,959
255,568
222,617
Rentals received_________
Compensation accrued-c..
15,510,511
------------
867,762,218 581,147,437
363,711,561 145,530,152
4,566,577
163,570
3,252,225
252,001
368,441,708
r*
C
w
©
©
C
O
C
O
excl.gen.exp.of trans.cos.
Taxes (ordinary)_________
Allowance for est. amt. of
248,370,000
360,404,592
349,192
489,588
512,312
406,141
20,957,143
11,305,301
5,922,148
3,060,649
269,076,336
Sub. Co. lot. Charges, &c.—
Int. on bonds & mortgagesl
subsidiary companles.-l
8,930,424
Int. on pur. money obllg.)
and special deposits or|
loans (subsidiary co’s) - - I
378,199,459
Net prof, of prop’tles owned
whose oper. aro not Incl
in e , Ac., on Investments
8,809,292
374,876,107 152,513,168
1
{
9,384,569
9,675,596
(
38,347
178,459
200,745,912
309,330,108 365,453,252 142,659,113
ir .61,395,232 dr .74,037,988 dr .31,879,075 dr 12,263,102
Net earnings.................... 199,350,680
Deduct Charges, A c.—
Dcprcc. & extraor. replace’t
and sink, funds on bonds
33,117,398
of subsidiary cos---------cr .629,454
Charged off for adjustment
Int. on U. 8. St’l Corp. bds. 20,891,116
8,369,107
Sk. fd., Ac., U.S. St’l Corp.
70,135
Sinking fund subsld. cos —
Expend, made A to be made
on auth. approp. for add’l
prop., new plants & const.
Amortlz’ n of war facilities12,215,000
25,219,077
Preferred dividend (7 % )..
71,162,350
Common dividend________
Rate on common dividends
(14%)
170,415,329
28,935,350
295,292,180
43,296,038
cr. 1,600,808
21,250,303
8,003,167
117,915
333,574,177 130,396,012
32,702,072
cr. 124,969
21,002,853
7,650,214
146,277
24,408,577
cr .705,814
21,928,634
7,329,984
1,660,798
25,219,677
91,494,450
(18%)
25,219,677
44,476,469
(8 >A%)
25,219,077
6,353,781
UM%>
242,786,742
52,505,438
131,738,592
201,835,585
86,135,638
44,260,374
55,000,000
a After deducting In 1918 $33,117,398 amount Included In the abovo charges for
provisional allowances for depreciation here deducted for the purpose of showing
tho same In separate Item of charge.
1 Includes In 1918 not balanco of profits earned by subsidiary companies on sales
>
mado and service rendered account of materials on hand Doc. 31 1918, In purchasing
companies’ Inventories, and which profits havo not yet been realized In cash from
the standpoint of a combined statement of the U. 8. Steel Corp. and sub. cos.,
$1,098,232, reserved for amount of actual cost or market value In excess of normal
prices of Inventory stocks on hand Dec. 31 1918, $20,297,000 allowance for estimated
proportion of extraordinary cost of facilities Installed by reason of war requirements
and conditions, $40,000,000.
c F or use of subsidiary railroads under Federal control (estimated).
GENERAL BALANCE SHEET OF UNITED STATES STEEL CORPORATION
AND ITS SUBSIDIARY COMPANIES DEC. 31.
(For details of 1918 Balance Sheet see a subsequent page.)
1918.
1917.
1916.
Assets—
$
$
s
Properties owned and operated by the
.
several companies................................1,563,937,123 1,521,836,792 1,472,623,667
Advanced mining royalties------------------20,562,090
20,660,735
18,678,087
Deferred charges, future operations, & c.
1,751,649
1,857,661
1,618,063
Mining royalties........................................
33,912,076
35,098,189
24,925,557
Cash held by trustees on acct. of bond
sinking funds (In 1918 $117,913,000
par value of red. bonds held by trus
1,638,663
tees not treated as an asset)-----------1,445,265
1,283,728
Deposits with trustees of mortgages (pro
ceeds from sale of property)-------------1,298,319
1,340,921
5,189,940
Investments outside real estate and other
4,947,973
property owned-----------------------------4,355,759
3,548,203
Depr’n A lnsur. fund assets A purchased
bonds available for future bond sink
ing fund requirements---------------------49,723,127
54,741,190
48,206,307
Inventories.........................
274,753,600 223,668,080
181,901,005
Accounts receivable__________________ 113,810,679
83,441,821
102,416,125
Bills receivable_______________________
3,045,076
0,275,804
5,140,806
Agents’ balances..................................... 4,456,994
1,267,873
1,059,102
Sundry marketable sccur. (lncl. U. S.
Liberty bonds and Treasury ctfs.)— 277,745,969 233,047,223
40,337,583
Tlmo bank depos. * scc’d demand loans.
15,869,807
48,527,676
40,809,794
Duo from U. 8. R R. Administration.. .
19,647,690
Cash........................................................... 173,806,259
184,794’,Oil
148,394,761
Contingent fund and miscellaneous-----10,710,074
5,803,550
8,204,297
Total assets........................................... 2,571,017,175 2,449,550,200 2,083,027,974
Liabilities—
Common stock_____________________ 508,302,500 508,302,500
Preferred stock............... ........... ......... 360,281,100 360,281,100
Bonds held by public............................. 582,646,109 580,780,348
Stock subsidiary companies not held by
U. S. Steel Corp. (par value)_______
434,643
480,343
Non-Interest bearing notes, sub. co s... 33,912,076
35,098,189
Mortgages of subsidiary companies . . .
174,800
42,528
Purchaso money obligations of sub. cos.
95,305
121,073
Mining royalty notes...................
381,847
509,129
Current accounts payable & pay-rolls... 68,687,048
57,041,957
Employees’ Installments on Lib. bonds.
15,226,873
Accrued taxes not duo (including reserves
for Federal taxes)............................... 288,078,865 247,463,231
Accrued Int. & unpresented coup., A c..
8,046,371
7,938,619
Preferred stock dividend........................
6,304,919
0,304,919
Common stock dividend.....................
11,436,806
21,602,856
Appropriation for additions & construc’n 110,898,914 110,000,000
Insurance funds....................................
19,245,355
17,649,734
Conting., mlsc. & other reserve funds.) 90,574,562 I 50,266,876
Pension fund------ ------- — ............ — J
\ 8,000,000
Undivided surplus of U. S. Steel Cor
poration and subsidiary companies.. 466,888,421 431,660,804
508,302,500
360,281,100
603,471,027
505,043
24,925,557
117,037
148,842
636,411
41,065,936
22,171,540
8,150,965
6,304,919
15,249,075
55,000,000
16,974,050
34,303,058
4,000,000
381,360,913
Total liabilities......................................2,571,017,175 2,449,550,206 2,083,027,974
Note.—That part of tho surplus of sub. cos. representing profits accrued on sales
of materials and products to other sub. cos. and onlhand In latter’s Inventories Is,
In tho abovo balanco sheets, deducted from tho amount of Inventories Included
under current assets.—V. 108, p. 1171.
1383
THE CHRONICLE
Lackawanna Steel Company.
31 1918.)
The remarks of President C. H. McCullough, Jr., together
with the income account and profit and loss account for
1918, and balance sheet of Dec. 31, will bo found on a
subsequent page. A comparative income account, surplus
account and balance sheet were published in V. 108, p. 1267.
Midvale Steel & Ordnance Co.
(3d Annual Report— Year ending Dec. 31 1918.)
The report, signed by Chairman William E. Corey and
President A. C. Dinkey is given in full on subsequent pages,
including text, income account and balance sheet.
{Report for the Fiscal Year ending Dec.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
_
________ §69,838,254 §36,718,819
Net earnings before Federal taxes_
do
do after Federal taxes___ $50,529,012
________
________
Other Income— Interest earned, &c__ 1,507,927
1,567,522
887,199
Total.................................................. $52,036,939 $71,405,776 $37,606,018
Deduct— Interest paid, &c_________
$188,904
$407,940
Prov. for depr., exh’n of minerals, &e. 9,915,777
6,826,421
3,560,277
Prov. for prospective income and ex
cess profits taxes_________________
See “ a”
25,731,910
Prov. for amort, under Fed. tax law. 5,193,563
Inventory depreciation____________
4,500,000
Bond interest______________________
2,880,342
2,524,227
2,086,133
Guar. div. on Cambria Iron Co. stock
338,720
338,720
310,493
B alan ce............................................ $29,208,537 $35,576,558 $31,460,211
Add—
-Excess of prem on stock sold
over discount on bonds and or
________
________
754,513
ganization expenses_____________
T o ta l..____________________
$29,208,537 $35,576,558 $32,214,724
Previous surplus broughtforward___ 41,461,561
18,656,610 1,441,887
Add— Reserves for ore depletion
added back to surplus___________
________
bl31,827
________
Total.............................
$70,670,098 $54,364,995 $33,656,610
Deduct— Special deprec’n charged off
property and plant account_______ 4,950,000
________
15,000,000
Transferred to appropriated surplus.
________
903,434
________
Dividends paid (1 2 % )......................... 12,000,000 12,000,000
.........
Total surplus Dec. 3 1 . . . .................. $53,720,098 $41,461,561 $18,656,610
a Net earnings from operations after deducting all expenses incident to
operations including in 1918 those for ordinary repairs and maintenance,
amounting to $20,600,000, and for Federal taxes, b Reserves set aside
from profits for ore depletion prior to Dec. 31 1916 over and above the amt.
allowed by th # Government for income tax purposes now added to surplus.
CONSOLIDATED BALANCE SHEER DEC. 31.
1918.
1917.
I
1918.
1917.
Assets—
$
$
| Liabilities—
S
$
xProp. & plant.164,095,149 158,909,900 y Capital stock.100,000,000 100,000,000
Investments in
other cos___
733,930
Cash.......... ....... 8,426,486
Customers’ accts. 21,842,942
Adv’ce pay’ ts on
orepurch.,Ac. 2,103,436
Sundry debtors. 1,502,402
Bills* loans rec.
177,656
M arketable sec.—
U .S . Lib. bds.
1
& ctfs. of In. 23,958,5681
Brit. 3-yr. 5%
gold notes. 13,268,000)
Anglo-Saxon
5-year 5%
ext.loanbds.
184,2851
Otli.mark.sec. 1,186,081J
Inventories___ 48,099,312
Adv. stripping
oro mines, &c.
444,133
Sink, fund cash.
87,778
Cap. stk. of sue.
508,930 cos. not held
18,833,078 by M . S. & O.
20,807,785
Co. (par)___ 2,133,450
Guarant’d stock—
Cam. Iron Co. z8,468,000
4,342,081
________ 5% conv. sk. fd.
1,460,246 bds. of Midv.
S. & O. Co..w43,936,000
Bds. of sub. cos. 12,328,000
Vouch.Apayrolls 7,051,781
Bill3&loanspay. ________
27,590,196 Depos. received
on contracts- 2,725,446
Accruals, & c...vl9,937,558
Depr., &c., res\ 32,301,700/
Cont., &c., res./
\
36,758,371 Surp. applicable
I tomlnoritystk.
763,399! interests, & c. *4,108,125
125,329 Surplus balance 53,720,098
T o ta l............ 286,710,158 270,099,3161
2,033,450
8,468,000
44.566.000
13.342.000
7,310,415
393,124
477,740
29,412,532
14,200,319
4,512,724
3,921,451
41,461,561
T o ta l.............286,710,158 270,099,316
w After deducting $1,563,000 in treasury, $1,120,000 redeemed and
$3,381,000 unissued, x Includes property leased under 999 year lease from
Cambria Iron Co. and improvements thereto, y After deducting $24,440,
000 held for conversion or bond and $25,560,000 for general corporate pur
poses. z Cambria Steel Co. guarantees an annual dividend of 4% on the
above-mentioned Cambria Iron Co. stock as rental for property held under
tho 999-year lease. * Includes also premium and discount on capital lia
bilities. v Includes estimated Federal taxes.— V. 108, p. 788.
I n t e r n a t io n a l C o t t o n M ills (M a s s a c h u s e tt s C o r p ’ n ) .
{Annual Report for Year ending Dec. 31 1918.)
The annual report for tho calendar year 1918 showing
properties owned and controlled and tho auditor’s report
of earnings, balance sheet, &c., for the company and sub
sidiaries, will be found at length on subsequent pages.
Compare bond offering V. 106, p. 504.
COMBINED RESULTS (BY QUARTERS) FOR CALENDAR YEAR 1918.
(Including International Colton Millls, Bay State Cotton. Corp., Boston Yarn Co. Im
perial Colton Co., Ltd., and Cosmos Cotton Co., Ltd., but not the J. Spencer Turner Co.,
------------- Quarters Ending-------------------Calendar Years--------------Mar.31 ’ 18. J'ne30 ’ 18.Sep.30 ’ 18. Dec.31 ’ 18. 1918.
1917.
1916.
S
$
$
Gross___ 1,818,579 1,561,179 1,471,435
N e t ____ 1,450,251 1,388,915 1,288,300
Res. for conting., Ac ______
$
$
$
$
1,008,486 5,859,681 4,408,618 1,857,890
832,716 4,960,183 4,000,5S0 1,472,377
472,269 1,267,661
_____
Balanco...................................................... 4,487,914
2,732,919 1,472,377
Propor. amount of profit to I. C . M . Co___________ 4,087,751 2,595,779 1,376,121
262,206
240,000 240,000
Interest on notes___________
Balance, surplus______________________ .............. 3,825,545 2,355,779 1,136,121
CONSOLIDATED INCOME ACCOUNT (INCLUDING SAME COMPANIES.)
Calendar Years— 1918.
1917.
1918.
1917.
Trad., &c., profit.$5,662,918 $4,363,261
!. S404.216 $239,383
Mlscell. Income..
94,386
43,199
1.
27,000
27,000
Interest earned_
_
89,098
2,159
2.
15,045
17,640
Dlv. rec. on J.
.
453,237
110,016
S.Turner pref. stk
13,279
______ Miscellaneous__
14,000
...................
Gross profits (see
a bov e)...............$5,859,681 $4,408,618
Net profit for calendar years (see above)..$4,960,183 $4,000,580
Contingencies_________________________
.
472,269 1,267,661
.$4,487,914 $2,732,919
.$4,349,958 $2,595,779
.’
262,206
240,000
Net profit accrued to International Cotton Mills (a b o v e )..$4,087,752 $2,355,779
Note.— No provision has been made for Federal or Canadian taxes. It Is estimated
that the above profit will be reduced by approximately $2,000,000.
R E S U L T S ( B Y Q U A R T E R S ) F O R C A L . Y E A R 1918 ( E X C L U D I N G S U B . C O S /
------------------Q u a r ter s e n d in g ---------------------------------C a len d a r Y e a r s ------------M a r . 31 J u n e 30 S ep t. 30 D e c . 31
1918.
s
1918.
1918.
$
1918.
$
$
1918.
s
1917.
1916.
$
s
Gross profits...........819,300 730,112 812,241 665,139 3,026,792 1,838,489 866,253
Not profits........... 513,459 616,030 694,579 546,346 2,370,414 1,638,173 681,264
Dividends rec’d . . . 27,527 12,427 28,127 13,692
81,774
52,530 9,108
Total ..............540,986 628,457 722,706 560,038 2,452,188 1,690,703 690,372
Interest on notes.. 83,332 73,874 52,500 52,500 262,206 240,000 240,000
Balance............. 457,654 554,583 670,206 507,538 2,189,982 1,450,703 450,372
U. S. taxes (max.cst.) ......
........
........
........
.......... 300,000 ------Balance of net profits_________________________ 2,189,982 1,150,703 450,372
provision has been made for 1918 Federal taxes.
N o t e . —No
IN C O M E A C C O U N T FOR C A L E N D A R
Y E A R S ( E X C L U D I N G S U B . C O S .)
1918.
1917.
1918.
1917.
Mfg., Ac., profit.$2,837,170 $1,740,593 Net profits...........$2,370,413 $1,638,173
81,774
52,530
Interest earned__
117,254
56,069 Dividends received
MUcell. Income..
72,368
41,827
Total................ $2,452,187 $1,690,703
240,000
Gross pro .(above)$3,026,792 $1,838,489 Int. on 6% notes. 262,206
-------300,000
Deprec’n reserve. 261,110
134,624 U. 3. war taxes—
258,158
Current lnt., A c.. 395,269
65,691 Pref. dlvs— (7%) 258,158
Net prof. (above)$2,370,413 $1,638,173
Surplus.............$1,931,823
IN T E R N A T IO N A L COTTON M IL L S B A L A N C E S H E E T A S OF D E C .
$892,545
31 1918.
1917.
A s s e ts —
1918.
Heal estate, bldgs., plant & machinery Dec. 31 1916,
$4,072,834: add’ns, lmprov’ts, &c., to date, $373,701.. $4,905,547 $4,446,535
Securities of sub. cos.—Bay State Cotton Corp., 3,215 shs.
2d pref. (entire issue), $321,500, and 3,906 shs. common
712,100
712,100
stock (entire 1 sue), $390,600; total--------------------------200,000
200,000
Boston Yarn Co., 1,000 shs. com. stock (entire Issue)........
4,670,813
Goodwill account-------------------------------------- ------------- 4,670,813
Securities representing ownership; 4,704 shs. Cosmos Cotton
Co., Ltd., stock (par $470,400), $399,840; 2,949 shs. Im
perial Cotton Co., Ltd., pref. (par $294,900), $264,525;
and 2,264 shs. Imperial Cotton Co., Ltd., common (par
658,415
$226,400). $74,050; total.................................................
738,415
J. Spencer Turner Co., entire issue of com. (par $175,000)
364,700
364,700
and 1,897 shs. pref. stock (par $189,700): total-----------Mt. Vernon-Woodberry Mills, Ino., 20,000 shs. common
500,000
(par $2,000,000)............................................->
...............
500,000
528,571
Amount due from Bay State Cotton Corp----------------------655,644
Cash, $1,998,691; J. Spencer Turner Co. account sales,
764,718
$438,068; sundry accounts receivable, $27,803; total----- 2,464,562
Inventory—Cotton yarn, Ac., $552,659; goods In process,
2,110,138
$779,796; finished goods $464,962; supplies, $332,736; total 2,130,153
78,684
Prepaid Insurance and estimated dividends receivable-----110,305
109,500
Liberty A Victory bonds, W. S. S., A U. S. certfs. of indebt.
908,336
Total
$18,360,577 $15,144,174
Liabilities—
1918.
1917.
Preferred stock (7% cumulative) issued---------------------------$3,735,400 $3,735,400
Common stock Issued----- ------------4,832)744 ♦4,834,308
Two-year 7% notes duo Feb. 1 1920-----------------------------■ 3,000,000 4,000,000
'
Notes payable, $2,797,500; accrued interest on notes,
550,592
$87,500; accounts payable, $362,069; total----------------- 3,247,069
♦300,000
500,000
Reserve for contingencies------ ----------------------------------380,216
Reserve for depreciation of plant, machinery, Ac...............
641,326
Surplus (see footnote a below)------------------------------------ 2,404,038 a l,343,658
T o ta l.............................................................................$18,360,577 $15,144,174
* After deducting $165,692 held In treasury In 1917 and $167,256 In 1918. a After
deducting $10,000 reserve for accrued legal expenses.
Cotton at storage warehouse at cost, $1,481,258, less $1,481,258 duo bankers on
account of acceptances made by them under letters of credit secured by warehouse
recelpts^9 i 7 ^ fun(1 was gct
jor federal taxes; In 1918 no such provision was
made—V. 106, p. 2125.
C o lu m b ia G a s & E le c t r ic C o . ( o f W . V a .), C i n c i n n a t i ,& c .
( Report fo r Fiscal Y ear ending D ec. 31 1918.)
The remarks of President A . B . Leach, together with the
consolidated comparative income accounts for several years
of the Columbia Gas & Electric Co. and the Union Gas &
Electric C o ., and the consolidated balance sheet as of D ec. 31
1918, will be found on subsequent pages of this issue. Com
pare map on page 146 of the “ Railway & Indus.” Section.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCLUDING UNION
OAS & ELECTRIC CO.)
1918.
1917.
1918.
1917.
A s se ts—
S
$
___
L ia b il it ie s —
$
$
Property acct__ a64,225,324 64,022,168
Guar .1ds .with trus.:
3,970
Cash_________
125,410
United Kingdom
96,875
5}4% notes..
96,875
U. S. 3H A 4%
724,948
Liberty bonds 1,199,948
Bonds(C.G.&E.
, „„„
1st M.5s, par) 606,000 1,471,000
Ohio Municipal
secur. (cost). 1,399,497 1,399,497
85,000
Other secs, owned 119,588
815,172
Treas. bonds, A c.bl ,407,622
Cash..................... 1,244,751 1,262,755
Accts. receivable. 1,298,728 1,533,525
639,857
Materials A supp. 555,419
Acer, lnt., Ac., on
499,805
securities owned 506,515
229,939
Deferred charges- 175,475
Capital stock (Col.
Gas A Elec)___ 50,000,000 50,000,000
First M. 5s (Col.
Gas A Electric). 13,741,500 13,839,000
5% debens. (Col.
Gas A Electric). 2,850,000 2,850,000
Outstanding stock,
Ac. (Union Gas
A Electric), par.
5,000
5,000
Accounts payable- 309,464 1,067,064
Accrued lnt.,taxes,
Ac.................... 1,818,636 1,700,373
Customers’ depos
its, Ac.............
181,914
185,371
Reserves_______ 1,915,569 1,245,598
Profit and loss___ 2,138,968 1,892,106
Total............... 72,961,050 72,784.511
Total............... 72,961,050 72,784,511
a Includes gasfields, plants, franchises, leases and 51,000 shares (or 51%)
u!
Of stock owned o f the United Fuel Gas d o . b Includes in 1918, 1st Mtgo
5 % bonds in treasury ($1,485,000 face amount), $1,174,000 and 5% gold
debentures in treasury, $232,832.— V. 108, p. 1062.
C it ie s S e rv ice C o ., N e w Y o r k .
( N inth A n n u a l Re-port— Y ear ending D ec. 31 1918.)
On subsequent pages will be found the remarks of President
Henry L . Doherty, in addition to the 8-year comparative in
come account of Cities Service C o ., the consolidated income
account, including all subsidiary companies for 1918, the
balance sheet of the Cities Service Co. as of Jan. 10 1919,
and the consolidated balance sheet, including subsidiary
companies, as of D ec. 31 1918.
C A P I T A L S T O C K A N D F U N D E D D E B T O F S U B S I D I A R Y C O S . D E C . 31 1918.
C o m m o n S to ck . P r e f . S to c k .
B o n d s O u t.
Owned directly by Cities Service Co...........$110,153,196
Securities owned by sub-holding cos--------- 50,200,715
Bonds and funds In sinking fund...................
Outstanding In hands of public--------------T ota l
[V o l . 108
THE CHRONICLE
1384
........
3,969,048
...............................................................$ 1 6 4 ,3 2 2 ,9 5 9
$9,169,166
739,500
........
6,351,909
$4,999,449
29,367,400
1,326,821
102,042,105
$ 1 6 ,2 6 0 ,5 7 5 $13 7 ,7 3 5 ,7 7 5
The securities of operating companies which are owned by sub-holding companies
are referred to as Inter-company securities: among theso are the Toledo Traction,
Light A Power Co., Empire Gas A Fuel Co. (Del.), Dominion Gas Co., Ac,
G E N E R A L S T A T I S T I C S D E C . 31
E le c tr ic P r o p e r t ie s — 1918.
1917.
Kilowatt hours sold* 513,715 406,015
IC.w. Installed capac. 268,363 238,765
K.w. connected load 442,333 388,046
Customers________ 169,618 144,399
Population served.. 1,286,000 1,146,000
E l e c t r ic R a ilw a y s —
[P o p u la tio n S erv ed , o v er 2,150,0001.
A r t i f i c i a l G a s—
1918.
1917.
Sales in cu. ft .* ... 6.112,357 3,080,584
24-hr.cap.(cu.ft.)*
18,523
18,082
103,041
96,269
Customers..........
Mains (miles), 3lnch basis_____
1,743
1,631
Population served 1,031,000
964,000
Passengers*_______ 109,174
Mile3 of track_____
407
Number of cars____
908
Population served.. 574,285
115,658 N a t u r a l G a s—
374 Gas sold (cu. ft.) *.46,814,889 42,355,746
849 Oil prod. (bbls.)..17,032,693 11,675,505
3,137
2,655
541,285 Wells owned........
Gasmalnsowned(m)
4,529
3,818
Population served 976,985
913,000
* (000) three figures omitted.
C O M B IN E D
IN C O M E A C C O U N T A L L
S U B . COS. FOR C A L E N D A R
YEARS.
[I n t e r -C o m p a n y R e la tio n s E l im in a t e d .)
1918.
1917.
1916.
1915.
Gross earnings.............................$92,527,838 $69,634,872 $48,052,573 $22,656,079
Opcr. exp., taxes, Ac_________ 61,099,616 44,180,840 28,908,646 13,182,553
Net earnings.............................$31,428,222 $25,454,032 $19,143,927 39,473,526
Interest charges............................ $9,291,830 $5,976,505 $5,070,074 $3,462,500
Preferred dividends___________ 4,425,339 3,943,947
656,670
654,350
Net for common stock........... $17,711,053 $15,533,580 $13,411 ,183 $5,356,676
C O M B I N E D B A L A N C E S H E E T O F S U B S I D I A R Y C O S . D E C . 31.
1917.
1918 .
1918.
1917.
$
L ia b il it ie s —
$
A s se ts
S
S
Plant A Invest’t 359,328,833 314,944,657 Common stk.b.164,322,,959 161,379,564
Pref. 8tock.b-_ 16,260,,575 15,113,075
Add'ns to physi
cal property.. 24,099,835 30,303,106 Bonds.b_____ 137,735, ,775 135,868,350
Market’le secur.
975,417
174,451 Bills payable— 19,666, 824 19,544,818
Sinking fund... 1,326,821
1,042,197 Accts. payable. 5,616, 610 6,339,928
536,843
Custom’s’ depos.
711,,184
Crudo A refined
534,419
701,,696
oil stock____ 9,211,647 11,013,489 Salaries A wages
Stores A supplies 9,165,934 8,228,545 Adv. from Cities
Service C o ... 47,059,,078 21,475,876
390,371
302,149
Special deposits
1,696,754
Accrued Interest 1,913 ,678
Bills and accts.
receivable . . . 16,640,372 14,062,570 Accrued taxes.. 5,570 ,224 4,580,171
23,093
229 ,183
Oth. accr. Items
Adv. to Cities
Service C o ... 7,273,337 8,453,351 Acer. dlvs. (not
1,752,084
declared)----- 2,138,,619
Prepaid Insur
196,915
,384
255,1
3,371,014 Res. for bad d'ts
ance, Ac____ 3,520,443
158,285
827, 178
Other ______
Bond discount. 2,879,116 2,700,098 ■ ■ ■ reserve..
3,123,278 Surp. A reserve. 35,691,202 29,320,591
Cash................. 2,889,782
a Gas well drill
998,261
801,860
ing lnvestm’t.
T otal........... 438,700,169 398,520,766
Total........... 438,700,169 398,520,766
a Being amortized, b Inter-company securities, being owned by sub . companies,
Common stock, $46,976,440 in 1917, $50,200,715 in 1918; pref. stock, $739,275 In
1917, $739,500 In 1918; bonds and funded notes, $25,817,400 In 1917, $29,367,400
In 1918.—V. 108, p. 1167.
E lk H o r n C o a l C o r p o r a t io n .
( Report fo r Fiscal Y ear ending D ec. 31 1918.)
The official income account in detail for the year and the
balance sheet of Dec. 31 1918 will be found on a subse
quent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
1918.
Earnings (all sources)__________ — $4,951,921 $4,497,121 $2,457,453
1,972,9371 1,349,133
Operating expenses, taxes, A c______ 2,930,519
278,395/
Depreciation, A c___________________
308,752
Net earnings_____________________ $1,712,650
Federal taxes...................................
$101,302
Fixed charges_____________________
3b0,703
Sinking funds_____________________
_______ _
Preferred dividends (6 % )---------------395,558
719,278
Common dividends (6 % )__________
$2,245,789
$107,960
414,631
$1,108,320
"393",363
$135,809 $1,329,835
Balance, surplus. ..........................
BALANCE SHEET DEC. 31.
1918.
1917. 1
1918.
L ia b ilit ie s —
S
5
A s s e ts —
$
y Common stock. 12,000,000
Real estate anil
coal lands____ 16 ,435,862 16,548,075, Preferred stock— 6,600,000
Ten-year sinking
Plant and equip
ment........... — 4 ,600,045 4,199,259 fund convertible
6% notes.........*5,792,000
Stock of other com
panies........... -.x3 ,828,814 4,317,812 Elk Horn Fuel Co.
7,293 6-year 5% notes ---------24,179
Sinking funds----70,069 Mineral Fuel Co.
130,425
Deferred debits. . .
584,288 30-yr. 5% notes 434,000
476,008
Cash....................
Unpaid vouchers A
Notes A accounts
210,671
receivable........1 ,196,690 1,221,622 pay-rolls, Ac__
214,914 Notes payable... 430,000
Mdse.,Ac.,on hand 232,003
101,302
211,672 Federal taxes___
Mat’l and supplies 201,914
23,647
70,387 Accrued sink. fds.
49,807
Miscellaneous___
Accrued bond lnt.
41,799
Profit and loss----- z l , 548,329
$438’,225
30,487
395,651
$243,957
1917.
$
12,000,000
6,000,000
4.763.000
1.800.000
454,000
236,634
107’,960
58,558
1,425,239
Total...............27 ,181,747 27,445,390
x Includes in 1918 19,765.47 shares of the Consolidation Coal C o .,7,879
shares of Beaver Creek Cons. Coal Co., 3,055.64 shares of com. and 3,055.64
shares of pref. stock of the Kentucky River Coal Corp. and 500 shares of
York Coal A Coke Corp. y After deducting $10,000,000 reserved for con
version of 10-year sinking fund 6 % convertible gold notes, z After de
ducting $12,720 adjustment of accounts of previous years. * This mortgago
is now a closed issue, outstanding Mar. 26 1919, $6,502,000.— V .108,p.787.
U n it e d S t a te s R u b b e r C o m p a n y , N e w Y o r k .
(27th A nn ua l Report— Y ear ended D ec. 31 1918.)
Chairman Samuel P . Colt Maroh 27 wrote in substance:
Business and Profits.— The net sales of the' company for the year 1918
wero $215,398,425, an increaso of more than $39,000,000 over 1917. The
Income from sales, after deducting cost of manufacture, depreciation, prop
erty taxes, selling and general expenses, cash discounts allowed customers
for prepayment and adequate reserve for bad debts, amounted to $39,
480,632. From this amount there should bo deducted Income charges,
net, including Inventory adjustments and provisions for Federal, Canadian
and British taxes, amounting to $19,289,535, and Interest (net), $4,119,055.
As tho net profits for the year thero then remains $16,072 (111, out of
which there was paid as dividends on our preferred stocks $4,961,992 and
to minority stockholders of subsidiary companies $19,509. leaving as the
surplus for tho year $11,090,540.
. , . . .
.
•
General Rubber Co. Debentures.— In refunding our indebtedness under our
First A Ref. Mtgo. (V. 104, p. 254, 262), all outstanding Issues were pro
vided for at that timo in cash except $9,000,000 of debentures of the General
Rubber Co. which fell duo D ecT l 1918 and $2,600,000 of bonds of the
Canadian Consolidated Rubber C o.. Ltd., which will fall duo in 1946, for
refunding which an equivalent amount of 1st A Ref. M . bonds was reserved.
Provision was this year made to take up the debentures of tho Q©neral
Rubber Co. when they fell due, through an issue of $6,000,000 of 7% 6 -year
gold notes of this company secured by $9,000,000 of our t Irst A Refunding
Mtge. bonds.
(Compare V. 107, p. 1673. 1843.)
Tho balance to tako
up these debentures was provided from our current resources.
Financial Condition.— The financial condition of tho company Is strong.
ma
extensions
, .
u Q Q ___ I _______ _____
have been planned, "especially in ttio tiro division, which will consume a
*a ffivtd en d!?C om m on Stock.— Although tho past year’s earnings consid
T
ered by themselves would warrant a dividend upon tho common stock,
A pr . 5 1919.]
THE CHRONICLE
your directors felt that it would not bo prudent to pay one on account of
the uncertainties which existed in business and the company’s cash position.
Inventories.— Inventories o f manufactured goods and materials have been
taken on a conservative basis, having in mind the decline in values as a
consequence o f the closing o f the war.
Export Business.— Our export sales outside o f war orders were main
tained during the year, and with the close o f the war your directors believe
there is a greater opportunity offered in this field than ever beforo and
preparations are being made to materially extend our export business.
Sumatra Rubber Plantations.— The receipts of rubber from our plantations
in Sumatra for 1918 showed a substantial increase over 1917. We havo
taken steps for some extension of the planted area there, which, together
with the increased ago of tho trees, should produce for us more and more
rubber each year hereafter. There has been considerable damage by water
to “ Langkat,” one of our smaller estates.
On May 23 1918 the permanent organization of tho United Slates Rubber
Plantations, Inc., was effected, and took over the management of our
Sumatra plantations (V. 106, p. 1033).
Outlook.— The volume of our business since Jan. 1 1919 has been some
what in excess o f 1918, and though wo look for a falling off In certain lines,
especially those where war orders wero large, tho present indications are
that our volume for 1919 will be satisfactory.
CONSOLIDATED RESULTS FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
'
$
$
$
Total sales____________ 215,398,425 176,159,694 126,759,129 92,861,016
Net inc. avail, for d iv s .. 16,072,042 15,340,577 10,398,195
8,357,581
Divs. U. S. Rubber Co.:
4,937,154
1st prof. (8 % )............. 4,937,776
4,810,284
4,764,632
24,216
2d pref. (6 % ).............
24,216
25,560
30,906
Com m on.................. (1>£)540,000
Divs. to minority stock
holders (sub. co’s)_
_
19,510
20,693
119,238
139,995
Balance, surplus------- 11,090,540 10,358,514
5,443,113
2,882,048
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
Total sales
.......... - - - - - - ................. - ................. 215,398.425 176,159,694
Cost of mfr., depr., soiling & gen. exp. & prop.tax.169,594,286 144,916,640
Operating profits.............. - .................................... 45,804,139
Cash discounts allowed customers for prepay’t (net) 5,443,461
880,047
Deductions for bad debts_______________________
Income charges (net), incl. inventory adjustments! 19,289,535
Provision for Federal, Canadian and British taxes/
Interest (net)...............................- ............................. 4,119,055
Dividends.—
First preferred dividend (8 % )-------------- --------- 4,937,776
Second preferred dividend (6 % ).........................
24,216
Dividends to minority stockholders of sub. cos_
_
19,509
31,243,054
4,416,944
607,529
J4,294,618
13,465,530
3,117,857
Surplus for the p e r io d ....................................... 11,090,540
Surplus beginning of period..................................... 31,891.207
10,358,514
28,479,135
T o t a l ..................... ............................................... 42,981,747
Deductions from surplus..........................................
1,133,696
38,837,649
6.946,442
4,937,154
24,216
20,693
Surplus Doc. 31............ : ....................................... 41,848, ,051 31,891,207
CONSOL. BAL. SHEET U. S. RUBBER CO. A N D SUB . COS. DEC. 31.
1917.
1918 .
Assets—
$
$
Prop., plants & invest, (incl. rubber plantations). 134,886,
128,105,826
Manufactured goods and material____________
70,704,
72,440,170
Notos and loans receivable....................................... 1,627,
2,056,906
C a sh ......................
12,330,
9,463,834
Accounts receivable......................................
35,566,
36,313,607
Secur., incl. stk. of U.S. Rub. Co. held by sub. cos. 6,494,
*7,937,920
Skg. fd. cash in hands of trustees; also miscellan’s . 1,282,
1,257,518
Total - ...........
262,891,450 257,575,782
L
iabilities—
Capital stock, first preferred.......................
61,722,200
Second preferred.......................
403,600
Common----------36.000,000
Minority— Can. Cons. Rub. Co., Ltd., sto ck ..
284.000
U. S. It. Co. 1st & Ref. M . 5s, duo 1947................ 60,000,000
Can. Consol. Rubber Co., Ltd., and subsid. cos_
10-year 4 H % debentures, General Rubber C o_
_
________
U. S. R. Co. 5-year 7% sec. gold notes, due 1923. 6,000,000
40-year 6 % coll, trust gold bonds, Can. Consol.
Rubber Co., Ltd., $2,600,000 (less owned by
subsidiary company, $3,000)_________________ 2,600,000
Loans and notes payable.......................................... 9,465,350
Accounts payablo (merchandise)------------------------ 14,852,945
Acceptances pay. for importations o f crude rubber
942,363
Accrued interest, taxes, &c------- --------------------- -----------Reserves for Jan. div. on pref. stock, $1,240,498;
insurance fund, $1,565,619; general reserve, $6 ,
978,222; employees' accident fund. $598,939... 10,383,278
Rosorvo for depreciation................ - ....................... 11,680,389
FLxcd surpluses (subsidiary companies).................
6,709,275
Surplus_____________________________
41,848,052
61,722,200
403,600
36.000,000
60,000,000
320,655
9,000.000
2,600,000
19,430,955
8,548,084
1,877,677
5,249,718
6,114,520
7,707,891
6,709,275
31,891,207
T otal................................ - ..................................... 262,891,450 257,575,782
♦Also includes in 1917 Liberty bonds.
Underlying bonds Dec. 311918. $385,000, less $385,000 cash deposited
to provide for sam e— V. 108, p. 1171.
U n it e d F r u it C o m p a n y .
(19//i Annual Report— Year ended Sept. 30 1918.)
President Andrew W . Preston in his report, dated at
Boston on N o v . 11 1918 but delayed ponding the enact
ment of tho 1918 Income Tax Law by Congress, says in sustance:
Results.— Tho not profits for the year wero as follows:
Profits from operations, $24,040,050; other sources, $783,956 $24 830 006
Loss interest charges, $839,510, and est. taxes, $9,896,450... 10.735.960
Four regular quarterly dividends o f 2% each wero paid, totalling 4,025,320
1385
Sugar.— The output of the mill at Banes, Cuba, was 160,325,750 lbs. of
?,u&
ar„and 3,874,834 gallons of molasses, as compared with 130,809,485
lbs. o f sugar and 3,248,190 gallons o f molasses for the previous year. The
mill at Preston, Cuba, produced 120,207,750 lbs. of sugar and 2,931,558
gallons of molasses, as compared with 112.052,800 lbs. of sugar and 2,822,
040 gallons of molasses during the previous year.
Next year’s production of these mills should be even greater. New ma
chinery has been installed; extensive improvements have been made. The
tmru unit of the Preston mill has been completed and considerable addi
tional cane acreage has been planted.
.
. Tho Revere Sugar Refinery produced 84.684,375 lbs. of refined sugar dur
ing tho year. The old refinery at East Cambridge has been discontinued
“
the now refinery at Charlestown, M ass., which has a capacity of 1,250,
0 0 0 lbs. per day, is now in operation.
’ Steamships.— Of the 23 ships under American registry, seven are now he
ir 8 a0r/?ratecl in the company’s fruit trade and 16 are in the service o f the
u . s . Government; and of the 14 ships under British registry, two remain in
tho fruit trado, and 12 are in the service of the British Admiralty.
During the year two ships completed in British yards since the beginning
of the war were lost. Four other ships of British registry were lost during
tho year, as well as one ship of American registry.
coJnPaiiy with its subsidiary companies has contributed 52 ships,
1
SfL?? '9
its available tonnage, in service or building, to tho cause o f the
united States and the Allies.
uJZfner-al' In anticipation of possible tropical losses, which have been
i? some former years, the company provided a reserve, but fortuthls 7S?r^ u
Ah„ losses have amounted to only $389,982 60,
A K
-904.580 remaining in this reserve for future use.
om' “ ' “nd em ,yeC h’" e " da,e
p,< 6
CONSOLIDATED STATEMENT OF PROFIT A N D LOSS FOR FISCAL
YEARS ENDED SEPT. 30.
X . .
T
„
1918.
1917.
1916.
1915.
Net income from oper.,
U.
F. Co. & subsid’es.$24,046,050 $16,787,449\$14,032,133 $7,614 570
Other inc., int., divs.,&c.
783,956
804|943/
-----------
Dividends declared (8%)
i i .o s u ,™
4,025,320
Bal. .prof, for fiscal yr.$10,068,727
Accum. prof. brt. for’d . 25,198,060
o ,u o u ,o u v
u e u . i 'i t u n c j . m o p .e x .
3,903,392
3,415,468
2 ,9 2 7 ,5 4 4
$9,134,564
21,567,370
$8,527,683
14,039,687
$2,972,978
13,592,405
Total p r o f i t ..............$35,266,787 $30,701,933 $22,567,370 $16,565,383
Less direct chgs. top .& 1. 5,000,000
5,503,873
3,149,900
3,445,248
Less direct cred to p.&l. 4,773,367
2,149,900
919,552
Bal. at crcd. of p. & l.$35,040,154 $25,198,060 $21,567,370 $14,039,687
[In Feb. 1919 an extra dividend of M of 1% was declared on the capi
tal stock, along with a quarterly dividend of 2 H % . both payable Apr. 15
to holders of record Mar. 20.J
CONSOLIDATED BALANCE SHEET SEPT. 30.
1916.
1915.
x ,
1918.
Assets—
$
Tropical lands & equip. 60,960,873
Domestic & Eur’p’n prop. 5,634,611
Steamships( 188.315tons) 13,427,596
U. S. & Brit. Gov. sec’s. 8,284,805
United Fruit Co. sec’s . .
64,219
Other investments_____ 2,947,237
Insurance fund________
______
Cash
....................... 20,351.798
Sterling Treasury bills
(90 days)____
Notes receivable_______
243,873
Accounts receivable____ 7,002,729
Sugar and molasses stock 2,660,816
Loans to planters______
526,319
Old Col. Tr. C o.(trustee) 2,610,026
Other deferred assets_
_ _________
1,039,044
Deferred debits............... 1,226,189
Transit items_________
642,218
T o ta l_______________127
Liabilities—
U. F. Co. capital stock. 50
Sub. cos.’ stk. not held
b y U .F . C o_____
Skg. fd. 4H % dobs.(1923) 2
S k .fd .4 H % debs.(1925) ~
Ser. 5% debs.due J ne’ 18
4-year 6% notes (1917) _
4-yr. 5% notes (1918)..
Steamship obligations..
Drafts payable.............
Accounts payable______
Notes payable (sub. cos.)
Coupons payablo______
Dividend payable______
Notes and debentures..
Costa Rica Ry. mat’l acc’t
Costa Rica Ry. replace
ment reserve________
Int. accr’d on fund, debt
Rentals accrued_______
Other deferred liabil’s . .
Deferred credits_______
Ship construe, reserve..
Tax reservo.......... .........
War emergency reserve.
Res. for tropical losses..
Profit and loss_________
T o ta l...........................127,622,347 111,060,725
— V. 108. p. 1299.
98,025,109
89,916,321
P e e r le ss T r u c k & M o t o r C o r p o r a t io n .
{Report fo r Fiscal Year ending D ec. 31 1 9 1 8 .)
P r e s id e n t F r e d e r ic k G ilb a r t w r ite s in s u b s t a n c e :
The corporation owns all the capital stock of the General Vehicle Co.,
Inc., 98.9% o f the pref. stock of the Peerless Motor Car Co., and all the
Leaving a balance o f profit for the fiscal year o f— ...........
$10 068 727 common stock of the Peerless Motor Car Co. either directly, or through its
A credit applied to past Income to cover the accumulated surplus
'
’
ownership of the stock of the General Vehicle Co., Inc.
of tho Nfpo Bay Co., $2,876,644, and a credit resulting from
Following the sale o f the factory of the General Vehicle C o., Inc., to the
the appreciation o f securities held by the Old Colony Trust
U.
entiro remain
C o., as trustee, $1,896,724. together aggregated------- --------773,368 ing S. Government for uso in the manufacture o f aircraft, theby the Peerless
assets of the General Vehicle Co., Inc., were taken over
On tho other hand, a debit for tho reservo set aside to provide
M otor Car Co. and have been substantially liquidated by that company
for emergencies which may arise due to tho war amounts to .
5 000 000
during tho past fiscal year.
The manufacturing property represented
of the Peerless
Resulting in a total increaso to profit and loss during year o f. $9,842,094 Truck & Motor Corp. is therefore confined to by the stock operated by the
the property
Tho not profits for the year wero determined after deducting normal de Peerless Motor Car Co.
preciation on plant, equipment and steamships, amounting to $4,965 299
Data from President L. H. K ittredge of Peerless M otor Car Co.
Stock.— Tho purchase of the Nipe Bay Co., whoso property is now in
When the war began in 1914 the product of the Peerless M otor Car Co.
cluded with our other Cuban properties, occasioned the issue of 15 241 shares
of stock in Dec. 1917, increasing tho outstanding capital stock to 503.165 consisted of a line of passenger cars and heavy-duty trucks. The demand
for heavy-duty trucks at that time was unsatisfactory, notwithstanding
shares (V. 105, p. 2006, 2269).
the Peerless truck had an excellent reputation. Because of this the com
Debt Reduction.— Through sinking funds and redemptions $12 548 718 pany had concluded to discontinue their manufacture and concentrate
debt was retired, viz.:
upon the manufacture of passenger cars, but this decision was soon modified
United Fruit Co. 4H % dob., $825,000; 5% deb., $160,000____
$985,000 because tho company believed its truck was particularly suitable for the
Tropical Fruit Steamship Co., Ltd., 6 % debentures...................
135 130
United Fruit Co. 4-Yoar5% notes.................................................. 10.000.000 transportation problems of modern warfare. Government placed a large
Shortly after the
Elders & Fyffes, Ltd., debentures____________________________ 1,427|568 contract for Peerless war began a the British
trucks as result o f tests made in England, which
This includes the final payment on the Serial 5% debentures and the demonstrated their serviceability for war use. Since that time, about
Tropical Fruit SS. Co., Ltd., 6 % debentures, and tho retirement of the 12,000 Peerless trucks have been purchased by Great Britain, Russia and
entiro issue or 4 -Year 5% notes. Elders & Fyffes, Ltd., debentures Issued the United States.
in connection with tho construction o f steamers wore paid off in full, except
When the armistice was signed the company had orders covering sub
on one steamer recently completed (which havo since been liquidated).
stantially all of its Peerless truck material in process. At the present time
Fruit.— The importation of fruit was curtailed on account o f sliortago theso orders are practically completed.
In our ocean tonnago, caused by the requirements o f our Government and
During the war many new truck companies were started, and, as a result
those of tho Allies in tho prosecution of the war.
o f the cancellations made since the armistice was signed, there are now
[V o l . 108.
THE CHRONICLE
1386
many trucks in process which it will be necessary to market. In view
of this condition, the Peerless Motor Car Co. has considered it advisable
to discontinue the manufacture of trucks until such time as the market
has absorbed the trucks now in process. The manufacture o f repair parts
for trucks will bo continued. Unless present conditions in the truck field
improve very materially, tho manufacture o f Peerless heavy-duty trucks
will continue to bo undesirable, and tho company will not re-enter this field.
The principal domestic business o f the company lias always beenicon
ised to its passenger car. This car enjoys a good reputati°n with the
public, and the concentration o f the ontire factory upon this single product
cannot fail to improve still furtlierits present high quality and reduceits cost.
CONSOLIDATED PROFIT A N D LOSS ACCOUNT FOR^CAL. YEARS.
1917.
1918.
Net sales, inch sales to date o f liquida
tion of General Vehicle C o., Inc— $11,890,079
Net sales, excl. munitions and special
foreign contracts o f General Vehicle
Co., Inc_____________________ — --------- $18,924,452 $13,525,024
Cost o f sales, incl. all oper., selling &
gen. exp., plant maint. & repairs.. 10,831,089 17,329,985 11,020,265
311,554
291,849
Depreciation o f plants--------------------314,808
Net income from sales------------Other income, inch int. earned and in
1917 profit on special contracts,
General Vehicle Co., Inc--------------
$844,181
$1,302,618
$2,193,205
230,808
405,014
154,233
Total income_____________________ $1,074,989 $1,707,632 $2,347,438
Int. on Peerless Truck & M otor Corp.
$300,000
$300,000
6% secured convertible notes------$229,112
65,423
Other interest, &c----------------------------------Net loss on munitions and special for
386 See“ Oth.Inc.”
550,637
eign contracts, Gen. Veh. Co., Inc.
306,799
71,596
Fed. exc. prof, tax & income tax (est.)
34,962
Depreciation o f investment, &c------72,567
116,387
Special reserve for contingencies------2,453
1,946
1.736
Pref. divs. o f Peerless Motor Car C o .
293,681
Disct. on 10-yr. notes with trustee—
$991,081
$760,095
Total deductions.................................*§96,511
$917,537 $1,356,357
$478,478
Balance, surplus_________________
CONSOLIDATED
1918.
Assets—
$
Land, plant, bldgs.
and equipment.a 2,957,027
b Pat’ts, franchises
und good will__ 2,862,034
Cash................... 1,790,890
Marketable scour. 103,144
Inventories........d 2,465,448
U. 8. Lib. bonds &
cert, of Indcbt-- i',600,731
Claim against U.8.
Govt, at factory
cost.................. 945,353
Gen’l Vehicle Co.,
Ltd., London..
50,428
Sundry debtors__
67,775
Accts.& notes reo.,
&c., less reserve. 1,627,683
Cash to acquire
balance of stock
outstanding of
P. M. C. Co—
22,890
Prepaid insur., Ac.
38,742
BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
Liabilities—
S
S
S
c Capital stock... 4,898,110 4,898,110
3,886,314 Peerless Mot. Car
27,800
Co. pref. stock.
21,800
3,710,520 Peer.T. & M. Corp.
2,809,569; 6% secured con192,980j vertible notes..63,453,800 5,000,000
280,000
5,318,743 Fund .tit.(sub .cos.)
Accounts payable. 556,090 1,264,414
Accts. pay. accr’d
agst. U. 8. Govt.
361,031
(contra)...........
64,407 1,044,892
Doc. drafts dlsc..
Sundry creditors &
716,859
03,413 reserves --------- e398,510
719,916
111,299 Conting’t reserve. 1249,425
Surplus—
,
_
_
2,098,205 Peer.T.*M.Cor.\4,5S8,972/ 2,575,595
Gen. Vehicle Co.j
\ 1,796,323
29,190
43,076
Total...............14,592,147 18,323,909
T otal...............14,592,147 18,323,909
~ a After deducting in 1918 $214,808 charged off for depreciation, b In
cluding cost o f acquisition of stocks of sub. cos. c Representing consider
ation received in cash for (auth. $20,000,000) $10,000,000 capital stock
issued as full-paid and non-assessable in accordance with tho Virginia
statutes, d Valued at cost or market, whichever is lower, e Including
reserves for Federal taxes, f After deducting $470,491 extraordinary items
charged against reserve, including settlement of judgment reserved against
at Dec. 31 1917. and loss on sale of New York City realty, x After de
ducting $1,546,200 reacquired and deposited with trustee.
Note.— Surplus capital, General Vehicle C o., Inc., is applied in reduction
of patents.— V. 108, p. 1279.
G u l f O il C o r p o r a tio n .
(Report for Fiscal Year ending Dec. 31 1918.)
President W . L . Mellon on M a r. 1 1919 wrote in substance:
one capital stock oi which nt-m uy mo
”
earnings after deducting all interest charges, bad accounts, tlepr^-iation
on plants, including oil producing properties, and all local aud Ftdeial
^ T h e appropriation to depreciation reserve was deemed necessary chiefly
to offset tho large expenditure for drilling to maintain production, which
expenditure was charged to capital account.
. ... .
. . __
Our business was seriously interfered with by tho requisitioning of a large
proportion o f our tank steamer tonnage for trans-Atlantic service, result
ing in tho closing of many of our distributing stations in the North. Most
of these vossels having been returned to us, wo expect to resume normal
aCSurolus earnings were reinvested in tho company’s .business, the com
pany naving materially increased its oil production, both in the United
States and Mexico, and substantial additions havo been made to its tefinerlos, pipe lines and other transportation facilities.
CONSOLIDATED INCOME ACCOUNT^FOR CALENDAR YEARS.
Gross earnings
$85,904,306 $70,499,403 $51,056,131
49 779.314 41,013,567 27,520,095
Omrnatin" expensos-----------N e r ^ r nlngs. . 1111111111111111 36.124,992 29,485,836 23,536,036
Depreciation reserve-------------- 18.677,064
11,723,450
4,778,903
Interest, taxes, &c___________ \6,865,331
1,111,640
863,721
Net income____ _______ ________ $12,582,597 $16,650,746 $17,893,411
Rpsprvn fnr war taxes
_
______
o,000 *000
--------D ividends (^ % p a ) : : : : : : : : : :
:--
2 ,0 8 2 .1 0 1
Balance, surplus_________________$10,500,493
2 .0 7 4 ,3 2 0
2 .007 ,6 7 5
$9,576,426 $15,825,736
x After deducting surplus tax reserve from previous year.
CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1918.
1918.
1917.
S
Liabilities—
S
Assets—
S
S
Plant & equip't.l27,0i4,655 108,235,088 Capital stock.. 34,837,100 34,031,600
250,000
200,000
Other invest'ts. xl,428,470. 1,617,349 Uonds(shlp tr.).
Bills* accts.pay 15,441,206 14,901,452
Oil, supplies &
material____ 23,866,811 20,327,002 Res. for war tax. 7,000,000 5,000,000
315,098
Insur. reserve..
555,351
Cash & bills &
100,000
accts. receiv. 15.130,867 11,941,011 Bad debts res.:
Deprec'n reserve 56,705,247 40,028,183
Deferred chgcs.
734,803
842,092
Surplus ........... 58,336,702 47,836,209
Total........... 173,175,606 142,902,543
Total........... 173,175,606 142,962,543
x Includes U. S. Government obligations, $3,539,362.— V. 108, p. 1168.
W illy s -O v e r la n d C o m p a n y .
(7th Annual Reports— Year ending Dec. *31 1918.)
President J. N . W illys at Toledo, Ohio, on M a r. 25 1919,
wrote in substance:
War Work.— The determination o f the company to shape its production
program to tho winning of the war entailed the acceptance o f a wide variety
of Government contracts, the result being that on N ov . 11 the company
had on hand $75,000,000 of Government business. Factories were th »
operating on an 80% war basis with 100% set for the end of the year.
The cancellation of the bulk of the war work, which had involved the
most radical factory adjustments, the creation of special departments, tne
changing over of equipment, and the preliminary expenditure of over
$12,000,000 in preparation for tho urgently desired largi scale production,
necessitated another sweeping readjustment to a normal peace basis.
All passenger car production had ceased Nov. 1 1918. By Jan. 2, or
within less than 50 days after'“ stop-work" instructions on war contracts,
we were again turning out automobiles and by Jan. 31 were shipping 31&
cars daily. At the present time 425 cars are being turned out daily, itt
accordance with a schedule calling for a steady increase in output to 1,000
^Acfuisftion.— In^Sept. 1918 the company, anticipating an almost un
limited demand for tractors, acquired the control of the Moline I low Go.,
manufacturers of agricultural implements and of the Mplhm-Unlvcrsar
Tractor. The Moline company output this year will be doubled and in
1920 doubled again. [This purchase no doubt accounts wholly or largely
for the increase in tho outstanding pref. stock of the Willys-Overland from
$3,473,000 to $9,178,600 shown below. Compare Moline Flow Co. in
^ Tho reported purciiaso of the New Process Gear Corporation of Syracuse,
NV &
S f vnltejI S U .e, . » d M M ™ ; ments on war contracts arc progressing somewhat slowly but satisfactorily.
The increase in the item of investments in and advances to other com
panies is represented mainly by the Moline company common stock and
by advances to subsidiaries.
„
„
„ -_ .
Profits.— The company’s profits last year after allowance for taxes.
$11,510,645, were the largest in its histoy, but it was felt that under present
conditions conservatism should dictate their disposition. Accordingly,
deduction for depreciation, accruing renewals and tool replacements na&
been mado to the extent of $3,775,642. In addition it was doomed wise to
write off, pending Government settlements, $1,000,000 from tho invest
ment in the Curtiss Aeroplane & Motor Corporation.
Tho balance sheet and income account for tho year 1918
will be found in the advertising department on a preceding
page.
CONSOLIDATED INCOME ACCOUNT (INCL. SUBSIDIARY COS.)
1916.
1Q S.
1
1017.
7 v A f Vn/ire__
/>> rt
Balance
____$6,735,003 $7,272,752 $10,016,420
Interest paid! 1111111111111_______ 1,198,748
1,151,208
450,702'
$6,121,544 $9,565,718
B alan ce...................... - — ..............$5*536,255
Preferred dividends-----------------------994,7057% cum. convert, pref. divs. (7 % )-(9)2,503,249
Common dividends (cash).............(4%)_________
Balance, surplus..............................$2,593,710
Previous surplus___________________ 24,301,384
Prem. received on securities issued . .
---------
$97,967
27,596,594
...........
$6,067,763
14,720,550
7,963,971
T ota l.. ... , - . . .
— -$26,895,094 *27,694,561 *28.752,284
$1,965,991
Common dividend (in s t o c k ) ...(5%)
450,000
Prov. for redemption of bonds...........
554.208
do
do pref. stock--------- ------74,243
Good-will of sub. cos. written o ff-----Development exp. acc’t of new work
902,942
for 1918 delivery, written o ff------Total profit and loss account______ $26,340,886 $24,301,384 $27,596,594
* After deducting repairs and maintenance of the properties bad and
doubtful accounts and in 1917 and 1918 provision for Federal taxes.
CONSOLIDATED BALANCE SHEET DEC. 31.
1918.
1917.
1918.
S
$
S
Liabilities—
Assets—
P r e f.(a u t h . $ 1 0 ,
Real est., bldg.,
000 ,000 ) s to c k 0 ,1 7 8 ,6 0 0
inach’y, &c._ 34,638,010 31,290,156
G’d will,pat.,&c. 14,059,932 14,059,932 C o n v .p r e f.(a u t h .
.$ 15,000,000) s' k 1 4 ,5 3 2 ,5 0 0
Inv.,&c., in oth.
cos............... 20,009,357 8,021,326 C o m m o n s t o c k . 3 9 ,4 2 8 ,0 8 7
R e a l est. m tg e s.
Liberty bonds. . 1,938,471
a ssu m ed _____
165,000
Inventories___ 34,312,682 40,589,808
112,750 N o te s p a y a b le . . 1 4 ,010,392
Due from agents
69,594
1,884,952 A c c 't s p a y a b le . 8 ,1 5 4 ,5 3 6
Notes receivable 1,474,519
Accts.rec.,less res. 4,538,379 3,642,568 D ea lers’ Initial
p a y m e n ts ____
471 ,1 3 3
3,588,130
Mlsc.invest.,&c. y2,225,111
Cash................. 10,756,962 9,593,870 A ccru ed I n t .,& c . x 2 ,85 2 ,7 2 5
509,202 R e s e r v e fu n d s . - 162,055,298
Prepaid int., &c.
572,572
P ref. s to c k d l v .
382,091
U . S. G o v t. ad v.
7 ,0 1 8 ,3 3 9
o n c o n t _______
P r o fit an d l o s s . . 2 0 ,3 4 0 ,8 8 0
Total........... 124,595,588 113,292,701
1917.
5
3 ,4 7 3 ,6 0 0
1 4 ,5 3 2 ,5 0 0
3 0 ,3 8 5 ,4 0 2
___ _
2 2 5 ,0 0 0
2 0 ,4 3 7 ,8 6 1
6,926,6386 2 8 ,0 0 5
1,599,5861,467,600'
31 5 ,1 0 7
----------2 4 ,3 0 1 ,3 8 4
T o t a l ................ 1 2 4 ,6 0 5 ,5 8 8 1 1 3 ,202 ,70 1
x Includes In 1918 taxes and interest accrued, provision for premiums
to distributors and dealers, reserve for repairs under guaranty, &c., $2.
237,180, and pay-rolls and salaries accrued, $015,5-15,
.
y Includes in 1918 Guaranty Securities Corp. certificates of beneficial
Interest In customers’ deferred installment notes, *83p• 2 ' ^ , ' ^0l iy k°nds
purchased for employees, less payments thereon, $109,tie , ana miscel
laneous investments, $976,351.
,
.
*,
mn.
»
z Includes in 1918 reserve for future contingencies, $1,000,000. lor re
demption of pref. stock, $1,004,208, and for surplus arising from redemption
o f pref. stock, $51,090.
,
.
. ...
Note.— Tho property account, inventories and accounts reeolvaDie,
respectively, contain tho following amounts in respect of Government con
tracts now in course of adjustment: Machinery, tools and equipment,
$3 717,302; inventories, $6,152,366; accounts receivable, $1,679,843:
together, $11,549,512.— V. 108, p. 985.
M o n ta n a P ow er C o m p a n y .
( Sixth Annual Report— Year ended Dec. 31 1918.)
President John D . Ryan Feb. 20 wroto in substance:
Properties Included.— Tho report includes tho operations of Great Falls
Power Co., Thompson Falls Power C o., Montana Reservoir & Irrigation
Co., and Great Kalis Water Power & Townsite C o., which are owned
entirely (except directors’ shares) by your company.
Results— The increase (of $697,000) In the gross earnings for the year
was principally the result of unusual activities duo to the war. The
Increase in operating expenses, amounting to about $200,000, Is duo to
tho addition of the llolter plant to the system and to increased wages and
higher costs of materials. There was an increase of about $250,000 In
taxes, which was principally due to higher Federal taxes.
There was an increase of 1,265 customers, there being 41,039 on our
books Dec. 31 1918, not including tho larger mines, smelters, tetinerles
^CapacUy'and Output.— 'The system for tho years 1918 and 1917 Is sum
marized as follows:
i91g
1$)17
lncrease.
Totalrated generating capacity-----212,340k.w.
172,450k.w.23%
Total kilowatt hours generated----- 1,108,125,350
°^7.73~.011
17%
Maximum demand.......................... 157,800k. w.
150,000k.w. 5%
Connected load at end of year------301,825k.w.
2 8 1 ,130k.w. 7%
Depreciation.— During tho year there was appropriated to depreciation
reserve $400,000. and charges against this account to cover replacounents,
reconstruction, obsolescence and depreciation amounted to• $198,488,
resulting in a credit balance in this account of $1,547,308 Dec. 31
Construction.— Our policy during 1918 was to postpono all construction
not absolutely necessary, or which did not have as its aim the winning of
tho war. Construction expenditures amounted to approximately $7<>0,UUU.
A
p r
THE CHRONICLE
. 5 1 9 1 9 .]
c o v e r i n g c h i e f l y t h e c o m p l e t i o n of t h e I l o l t e r p l a n t , a d d i t i o n s , a n d c x t c n
s i o n s t o t r a n s m is s io n lin e s , n e w s u b - s t a t i o n s .
T h e n e w p l a n t a t I l o l t e r w a s p l a c e d in s u c c e s s fu l o p e r a t i o n a b o u t J u l y
1 . t h o a c t u a l c a p a c i t y p r o v i n g t o b o in e x c e s s o f 5 0 , 0 0 0 k . w . in s t e a d o f
4 0 , 0 0 0 k . w . a t w h ic h i t w a s r a t e d .
T h e t o t a l c o s t o f t h is d e v e l o p m e n t w a s
a p p r o x im a t e ly $ 3 ,8 0 0 ,0 0 0 .
F o r t h o p u r p o s e o f s u p p l y i n g t h e n e w I l o l t e r d e v e l o p m e n t w it h a d d i t i
o n a l p o w e r o u t l e t a n o w 1 0 0 ,0 0 0 v o l t s t a n d a r d b r i d g e t y p o u n d e r h u n g t r a n s
m is s i o n l in e w a s c o n s t r u c t e d f r o m I l o l t e r t o t h o E a s t H e le n a s w i t c h i n g
s t a t i o n , 31 m ile s .
H y m e a n s o f a c o m p le t e a r r a n g e m e n t o f a ir b r a k e
s w i t c h e s t h i s l in o a f f o r d s d u p l i c a t e s e r v ic e f r o m I l o l t e r t o t h o I l u t t e a n d
G r e a t F a lls D i s t r i c t s , a n d a l s o a d i r e c t f e e d e r l in o f r o m I l o l t e r t o t h e
M i l w a u k e e R a i l w a y a t J o s e p l i in o , a n d a l lo w s f o r m a n y c o m b i n a t i o n s o f
t r a n s m is s io n in c a s o o f lin e t r o u b l e .
I n o r d e r t o c a r o f o r t h o r a p i d l y i n c r e a s in g d e m a n d s a t C o n r a d , w h ic h
t h o e x i s t i n g s t e a m a n d o il e n g in e i n s t a ll a t i o n c o u l d n o t h a n d le , a 5 0 ,0 0 0
v o l t s in g le p o l o t r a n s m is s io n lin e w a s c o n s t r u c t e d f r o m C h o t e a u , 3 0 m ile s
A c o m p le t e 3 0 0 k .v .a . 5 0 ,0 0 0 -v o lt s u b s ta tio n w a s c o n s t r u c te d a t C o n r a d
B y m e a n s o f t h is n e w in s t a ll a t i o n w e h a v e s e c u r e d a m p l o c a p a c i t y t o c a r o
f o r t h o b u s in e s s a t C o n r a d f o r s o m e t im e t o c o m e a n d a r o e n a b le d t o g i v e
2 4 h o u r s s e r v ic e a t a le s s c o s t t h a n b y e n la r g in g t h o o l d s t e a m p l a n t .
C apacity o f Plants, & c. — H y d r o - e l e c t r i c — in o p e r a t i o n , 2 1 1 ,5 3 0 k . w .
s t e a m , 8 1 0 k . w . ; 2 1 2 ,3 4 0 k . w . w a t e r p o w e r s , u n d e v e l o p e d , in r e s e r v e
1 2 1 ,5 0 0 k . w . ; t o t a l , 3 3 3 ,8 4 0 lc. w .
T ran sm ission L in e s .— - T h o s e a g g r e g a t e 1 ,9 2 2 m il e s , v i z . : S t e e l t o w e r
lin e s , 1 0 0 ,0 0 0 v o l t s , 3 1 1 m ile s : p o l e lin e s , p i n t y p e , 1 1 ,0 0 0 t o 0 0 , 0 0 0 v o l t s
5 4 9 m ile s ; p o l o lin e s , s u s p e n s io n in s u l a t o r t y p e , 5 0 ,0 0 0 t o 1 0 0 ,0 0 0 v o l t s
b o n d s , S e r ie s A , o f w h ic h $ 5 , 3 0 0 , 0 0 0 w e r e s o l d d u r i n g t h e y e a r a n d t h o
p r o c e e d s w o r e a p p li e d o n t h e f l o a t i n g d e b t a n d in t h o p u r c h a s e o f 5 1 , 5 0 0 , 0 0 0
o f L i b e r t y L o a n b o n d s o f t h o T h i r d a n d F o u r t h is s u e s .
B o n d a b l o e x p e n d it u r e s m a d e d u r i n g 1 9 1 7 a n d 1 9 1 8 f o r p e r m a n e n t
i m p r o v e m e n t s , e x t e n s io n s a n d a d d i t i o n s t o t h o c o m p a n y ’ s p l a n t s a n d p r o p
e r t y a n d th o b a la n ce o f c o n s t r u c tio n o f th o n o w d a m s a n d p o w e r p la n ts
a t T h o m p s o n F a lls a n d I l o l t e r w ill e n t i t l e t h e c o m p a n y t o t h e is s u a n c e
o f a n a d d it io n a l $ 2 ,8 3 0 ,0 0 0 o f F ir s t a n d R e fu n d in g b o n d s , w h ic h to g e th e r
w it h t h o $ 0 3 8 ,0 0 0 o f s a i d b o n d s n o w in t h o t r e a s u r y w ill p r o v i d e s u f fi c ie n t
f u n d s f o r t h o l iq u id a t i o n o f t h o r e m a in in g f l o a t i n g d e b t a n d f o r f u r t h e r
i m p r o v e m e n t s , e x t e n s io n s a n d a d d i t i o n s .
Capital Stock anil Dividends.— T w o in s t a ll m e n t s o f c o m m o n s t o c k , o n
w h ic h d i v i d e d h a d b e e n d e f e r r e d , w e r e r e le a s e d a n d b e c a m e d i v i d e n d
b o a r i n g a s f o l l o w s : I n s t a l lm e n t N o . 8 c o n s i s t i n g o f 2 5 , 0 0 0 s h a r e s o n M a y
1 1 9 1 8 ; in s t a ll m e n t N o . 3 c o n s i s t i n g o f 3 0 ,0 0 0 s h a r e s o n J u n o 2 1 9 1 8 .
T h o b a l a n c e o f t h o c o m m o n s t o c k , o n w h ic h d i v i d e n d s a r e d e f e r r e d , w ill
b e c o m e d i v i d e n d b e a r in g a s f o l l o w s : J u n o 2 1 9 1 9 — i n s t a llm e n t N o
4
3 0 , 0 0 0 s h a r e s ; J u n e 2 1 9 2 0 — in s t a llm e n t N o . 5 , 3 0 , 0 0 0 s h a r e s ; J u n o 2 192 1
i n s t a ll m e n t N o . 6 , 3 0 , 0 0 0 s h a r e s ; t o t a l 9 0 , 0 0 0 s h a r e s .
R e g u la r q u a r t e r l y d i v i d o n d s o f 1 H % e a c h w e r e p a i d o n t h o p r o f , s t o c k
a n d q u a r t e r l y d i v i d o n d s o f 1 'A % e a c h w e r o p a i d o n t h o c o m m o n s t o c k .
C O M B I N E D E A R N I N G S & S T A T IS T I C S ( R E V IS E D S T A T E M E N T )
Statistics —
1918.
1917.
1916.
1915.
T o t a l r a t e d g e n e r a t in g
c a p a c i t y ( k . w . ) --------2 1 2 ,3 4 0
1 7 2 ,4 5 0
1 5 0 ,0 0 0
1 2 0 ,0 0 0
T o t . k . w . h r s . g o n e r ’ d . 1 , 1 0 8 ,1 2 5 ,3 5 0 9 1 7 ,7 3 2 ,0 1 4 8 6 7 ,9 1 0 ,3 2 6 4 8 8 ,5 1 7 ,6 7 2
Results—
1387
t h o b a l a n c e b y c o m p a r is o n b e i n g q u i t e f a v o r a b l e .
(4 ) A t M o n t r e a l w e
w o r e e s s e n t ia ll y o n a p e a c e b a s i s a n d t h e s a le s w e r e b u t a f r a c t i o n o f t h o s e
in 1 9 1 7 , n o t w it h s t a n d i n g w h ic h t h e n e t f o r t h e y e a r s t il l s h o w s a f a ir r e
tu rn .
T a k en a s a w h o le th e re s u lt f o r th e y e a r m a y b e c o n s id e r e d re a s o n
a b ly s a tisfa c to r y .
I n t h o C l e v e l a n d P r o d u c t D e p a r t m e n t w o w e r o s e v e r e ly h a n d i c a p p e d
d u r in g s e v e ra l m o n th s d u o t o t h e r e m o v a l f r o m S ta n to n t o th e n ew C o it
p l a n t , j u s t a t a t im e w h e n t h e r e w a s a m o s t p r e s s in g d e m a n d f o r t h e p r o d u c t ;
w a r r e g u l a t io n s p r o h i b i t e d m o v i n g b y t r a in , s o e v e r y t h i n g w e n t o n a u t o
t r u c k s a t c o s t o f $ 3 0 ,0 0 0 .
N ew Coll P la n t .— A s in g le r o o f c o v e r s m o r e t h a n 7 U a c r e s o f g r o u n d
a n d t h o g la s s , i f in o n e s t r ip a f o o t w id e w o u ld r e a c h 2 6 m il e s .
T h e sam e
s y s t e m t h a t s u p p lie s w a r m a ir in w in t e r fu r n is h e s c o o l a ir in s u m m e r a n d
n o a ir is u s e d t h e s e c o n d t i m e u n t i l i t h a s b e e n t h o r o u g h l y w a s h e d
Im p rovem en ts .— A f t e r t w o y e a r s o f c o n t i n u o u s b u i l d in g , w e h a v e j u s t
a b o u t , fin i s h e d a ll t h e i m p r o v e m e n t s c o n t e m p l a t e d p r i o r t o t h e r e o r g a n i z a
t io n .
T h o f in a n c in g o f i m p r o v e m e n t s a n d a d d i t i o n a l e q u i p m e n t n e c e s s ita te c l n o b o r r o w i n g .
T h e C o it p la n t, o f fic e , g a ra g e a n d e x tra e q u ip m e n t
t o t h e e n d o f 1 9 1 8 a m o u n t e d t o S 2 , 1 2 6 ,8 0 0 .
W a r c o n d it io n s m a y h a v e
h e l p e d u s , b u b w e b e l ie v e t h a t in n o r m a l t im e s w i t h o u t w a r t a x e s t h e n e t
re s u lt w o u ld h a v e b e e n a b o u t th e s a m e .
Foreign M arket fo r A u tom a tic M a c h in e ry .— W i t h r e fe r e n c e t o o u r o w n
lin o w e k n o w o f n o E n g lis h m a k e r s o f m u l t i p l e s p i n d l e s c r e w m a c h i n e s a n d
v e r y fe w w h o b u i l d t h e s i n g le s p i n d l e t y p e .
A t p re s e n t, A m e r ic a n m a d o
m a c h i n e r y is p r a c t i c a l l y s h u t o u t o f E n g l a n d , b u t m a c h i n e s s u c h a s o u r s
a r e g o i n g t o b o u s e d t h e r e in t h e f u t u r e in I n c r e a s in g q u a n t it i e s , a n d w e
e x p e c t t o s u p p ly th e m .
T h e E n g li s h m a r k e t s h o u l d b e a g o o d o n e f o r u s
fo r se v e ra l y e a rs a t le a st.
I n t h e n e a r f u t u r e a ls o t h e r e w il l b e a la r g e d e
m a n d in F r a n c o , w h il e in I t a l y w e h a v e b e e n d o i n g a s t e a d i l y i n c r e a s in g
b u s in e s s a n d t h e o u t l o o k is g o o d .
T h e B e lg ia n s a n d S c a n d in a v ia a r e b o u n d
to b e a b e tte r m a rk et fo r u s.
I n d i a , A u s t r a l i a , t h e O r ie n t a n d S o u t h
A m e r i c a a r e a ll y i e ld in g a l im i t e d a m o u n t o f b u s in e s s .
T a k e n a s a w h o le
o u r f o r e i g n m a c h i n e r y b u s in e s s f o r t h o n e x t t h r e e t o f i v e y e a r s s h o u l d p r o v e
m o s t s a t i s f a c t o r y b o t h a s t o v o l u m e a n d p r o f it s .
F in a n ce s .— E x c e p t f o r a lo a n a p p r o x i m a t i n g $ 2 0 0 ,0 0 0 n e c e s s a r y t o t a k e
c a r e o f G o v e r n m e n t t a x , a s u m r e p a id w it h i n a m o n t h , w e b o r r o w e d n o
fu n d s d u r in g th e y e a r .
E a r n in g s p r i o r t o w a r t a x d e d u c t i o n s e q u a l $ 9 10
p e r s h a r e o r 1 8 . 2 % o n t h o c a p i t a li z a t i o n .
W o c h a r g e d o f f f o r d e p r e c i a t i o n : O n b u i l d in g s , 2 % ; o n h i g h s p e e d
m a c h in e r y a n d e le c, e q u ip ., 1 5 % ; o n o th e r m a c h in e r y , 7 ) 4 % ; P a tte r n s
a n d d r a w in g s , 2 5 % ; m o t o r v e h i c le s , 2 5 % ; o f f i c e f u r n it u r e , " 1 0 % .
I N C O M E A C C O U N T FOR C A L E N D A R
YEARS.
_T
,
1918.
1917.
N e t s a l e s .............................................. ............................................. $ 1 4 , 1 9 3 , 7 5 4 $ 1 6 ,6 3 0 ,5 6 3
C o s t o f g o o d s s o l d _______________________________________
8 .3 7 9 , 8 5 2
1 0 ,5 9 4 ,4 3 5
A d m i n i s t r a t i v e , s a le s , & c . , e x p e n s e s ________________
7 3 3 ,0 6 0
8 1 8 ,0 4 4
O t h e r d e d u c t i o n s .............................. .......... .................................
6 0 3 ,9 4 4
1 0 9 .8 5 1
N e t p r o f i t __________
O t h e r i n c o m e ________
$ 4 , 4 7 6 ,8 9 8
6 8 ,5 5 4
$ 5 ,1 0 8 ,2 3 3
5 6 ,0 6 8
N o t p r o f i t __________
E s tim a te d w a r ta x es.
D i v i d e n d s ( 6 % ) ______
$ 4 ,5 4 5 ,4 5 1
2 , 2 0 0 ,0 0 0
a l , 4 9 7 ,2 3 6
$ 5 ,1 6 4 ,3 0 1
1 ,5 0 0 ,0 0 0
1 ,5 0 0 ,0 0 0
$ 8 4 8 ,2 1 5
$ 2 ,1 6 4 ,3 0 1
B a la n c e ,
s u r p l u s ..
G r o s s e a r n i n g s . . .............. $ 7 ,5 5 8 ,7 4 1
I n t . r e c ’ d f r o m b a n k s ,& c
9 ,3 6 7
D lv s . o n in v e s tm e n ts —
4 1 ,7 6 0
$ 6 ,9 0 5 ,2 5 6
1 ,9 2 3
5 ,1 8 5
$ 6 ,2 1 9 ,1 4 8
1 7 ,0 3 4
8 ,7 2 3
$ 4 , 2 3 1 ,2 2 3
5 3 ,4 0 0
7 4 ,7 8 5
a A f t e r d e d u c t i n g $ 2 ,7 6 4 d i v i d e n d s o n s t o c k h e ld f o r e m p l o y e e s .
T o t a l g r o s s o a r n l n g s .. $ 7 ,6 0 9 ,8 6 8
O p cr. oxpen ses & ta x es.
‘
2 ,4 7 3 ,5 6 3
$ 6 ,9 1 2 , 3 6 4
2 ,0 2 3 , 3 3 2
$ 6 ,2 4 4 ,9 0 5
1 ,4 9 1 ,6 2 3
$ 4 ,3 5 9 ,4 0 8
1 ,1 9 1 ,9 0 3
A sse ts—
N e t , a f t e r t a x e s ______ $ 5 , 1 3 6 , 3 0 5
1 1 4 ,6 6 0
B o n d d i s c o u n t __________
I n t . o n b o n d s , & c . , le s s
c h a r g e d t o c o n s t r u c ’n
1 ,5 7 1 ,4 5 0
$ 4 ,8 8 9 ,0 3 2
9 6 ,5 7 4
$ 4 ,7 5 3 ,2 8 2
9 7 ,3 5 6
$ 3 ,1 6 7 ,5 0
8 9 ,9 6 4
1 ,2 8 9 ,0 3 1
1 , 2 2 2 .3 7 9
1 ,0 9 9 ,1 9 8
B a l . o v e r c h a r g e s _____$ 3 , 4 5 0 , 1 9 5 $ 3 , 4 9 3 , 4 2 7
$ 3 ,4 3 3 ,5 1 7
D e p r e c i a t i o n -------------------4 0 0 ,0 0 0
3 5 0 ,0 0 0
3 5 0 ,0 0 0
6 7 7 ,0 2 6
6 7 7 ,0 2 6
6 7 7 ,0 2 6
P r o f , d i v i d e n d s ( 7 % ) ___
C o m m o n d i v i d e n d s . . ( 5 % ) 1 , 9 1 6 , 2 0 8 ( 5 ) y 1 6 5 4 ,9 5 8 (3 1 4 ) 1 0 6 7 3 6 4
$ 1 , 9 7 8 ,3 4 3
3 0 0 ,0 0 0
6 7 7 ,0 2 6
(2 )6 0 4 ,2 8 3
B a la
________ n c e , s u r p l u s ______
$ 3 7 9 ,4 7 5
$ 8 1 1 ,4 4 3
$ 1 ,3 3 9 ,1 5 7
$ 3 9 7 ,0 3 3
x A f t e r d e d u c t i n g $ 7 9 ,3 8 6 c h a r g e d t o c o n s t r u c t i o n a g a i n s t $ 1 9 2 6 8 0 in
1917.
y I n c lu d e s K % R e d C r o s s d i v i d e n d .
® n « . 0 » u in
For the comparative balance sheet see V . 108, p. 1268.
M ay D epartm en t Stores C o., New Y o rk .
I N C O M E A C C O U N T FOR
Y E A R S E N D IN G
J A N U A R Y 31.
,
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
N e t s a l e s ................................* 4 1 , 1 7 9 ,2 6 1 $ 3 5 ,6 3 1 ,6 6 0 $ 3 0 ,3 4 7 ,4 8 2 $ 2 3 ,3 0 9 ,8 0 2
N e t p r o f i t s .......................... . $ 4 , 9 7 5 , 1 8 6
* 4 ,2 4 6 ,6 9 1
$ .3 ,4 2 2 ,3 6 2
$ 2 ,1 6 1 ,1 0 1
O t h e r i n c o m e ......................
5 3 .2 5 3
3 1 ,2 5 7
2 2 ,6 9 6
2 5 ,9 6 4
T o t a l ___________________ $ 5 ,0 2 8 ,4 3 9
O f f ic e r s ' s a la r ie s _________
$ 1 0 0 ,0 0 0
G e n e r a l e x p e n s e s . . _____
5 6 ,0 9 6
F o d ’ l i n c o m o . & c ., t a x e s ,
in c l. w a r in c o m e a n d
e x c e s s p r o f i t s t a x e s in
1 ,6 3 2 ,2 8 9
1 9 1 7 -1 8 ( $ 8 5 0 , 0 0 0 ) - . .
l l a d d e b t s ________________
1 3 1 ,4 5 8
D e p r e e ’ n & a m o r t i z a 'n .
2 3 1 ,8 0 1
ln t e r e s t , b a l . o f a c c o u n t
2 8 ,9 7 2
R e d u c . in v a l. o f i n v e s t ’ s
5 9 ,9 0 4
P r e fe r re d d iv a . ( 7 % ) - . .
4 7 7 ,8 8 1
C o m m o n d i v i d e n d s ___ ( f % ) 7 5 0 ,0 0 0
$ 1 , 2 7 7 ,9 4 8
$ 6 2 ,5 0 0
2 5 ,4 1 0
T o t a l d e d u c t i o n s _____$ 3 ,4 6 8 ,4 6 1
B a la n c e , s u r p l u s _________$ 1 , 5 5 9 , 9 7 8
$ 2 ,5 1 9 ,1 7 6
$ 1 ,7 5 8 ,7 7 2
$ 3 ,4 4 5 ,0 5 8
$ 6 1 ,0 0 0
1 8 ,3 6 3
$ 2 ,1 8 7 ,0 6 5
$ 5 0 ,9 0 3
2 0 ,4 8 7
8 7 8 ,0 7 8
2 7 ,6 6 4
8 0 ,6 7 1
7 1 ,3 4 0
5 2 ,2 9 8
4 4 ,3 1 8
1 9 5 ,8 5 7
1 7 6 ,3 4 2
1 9 0 ,5 0 7
2 2 ,8 2 9
1 2 6 ,3 6 2
1 2 ,9 8 8
1 3 ,6 2 5
2 ,4 6 7
4 ,8 6 1
4 9 9 ,5 3 8
5 3 4 ,1 8 7
5 1 2 ,5 3 1
(5 )7 5 0 ,0 0 0 (2 M )4 1 2 ;5 0 0 (2 % )4 1 2 .5 0 0
$ 1 ,3 3 7 ,7 3 8
$ 2 ,1 0 7 ,3 2 0
$ 1 ,4 0 3 ,2 1 0
$ 7 8 3 ,8 5 5
C O N S O L ID A T E D B A L A N C L ' S H E E T J A N U A R Y 3 1 .
1919.
1918.
1919.
1918.
Assets—
s
S
Liabilities—
$
$
Real estate, im
Preferred s to c k ... 6,765,000 7,012,500
provements, &o. 7,303,771 5,275,927 Common stock.. . 15,000,000 15,000,000
Good-will, tradoPur. money mtge.
150,000
150,000
muncs, A c . x . . . 13,015,226 14,510,827 Notes payable. _
500,000 1,160,000
Investments.........
575,312
896,710 Accounts payable.
831,951 1,244,853
Inventories______ 6,018,123 0,652,413 Sundry creditors.. 1,174,269
907,722
Accts. A notes rec. 3,582,333 3,413,371 Reserve for trading
Dollvory cqulpm’ t
53,121
77,434
si’ ps, coup., A c.
1S.3,462
132,011
Sundry debtors.. .
133,193
176,173 Res. for war taxes. 1,752,090
850,000
Propald expenses,
Special surplus ac
Insurance, A c ..
114,121
111,377
count................ 2,855,119 1,687,500
U. 8. Liberty l)ds. 1,043,834
253,500 Surplus............. _ 7,933,253 y5,215,139
U. S. ctf. of Indebt. 1,100,000
Cash........................ 2,206,708 1,902,023
T o ta
________ l..................37,115,745 33,299,755
T o t a l .................... 3 7 ,1 4 5 ,7 4 5 3 3 ,2 9 9 ,7 5 5
x C o n s is t s o f g o o d - w i l l a n d t r a d e - n a m e s , in c l. c o s t o f a c q u i s i t i o n , s u b s o q u o n t t o o r g a n i z a t io n o f t h is C 0 ., o f g o o d - w i l l o f M . O ’ N e ill & C o . , A k r o n .
y A l t e r d e d u c t i n g $ 1 .> ,8 4 1 p r e m iu m o n a c q u i s i t i o n o f p r e f . s t o c k f o r r e t ir e
m e n t a n d $ 2 -1 7 ,5 0 0 t r a n s f e r r e d t o s p e c i a l s u r p lu s a c c t . — V . 1 0 6 , p . 1 6 9 1 .
N ation a l Acmo C o., C leveland, O hio.
(3rd Annual R ep ort-Y ear ended Dec. 31 1918.)
President A . \V. Heim, March 27, wroto in substance:
.
E x c e p t a s t o t h e l a s t s ix w e e k s m a n u f a c t u r in g c o n d i t io n s f o r 191 8
a t b o t h o u r C l e v e l a n d a n d W i n d s o r p l a n t s f o ll o w e d c lo s e l y t h e lin e s o f
1 9 1 7 — o r d e r s , s a le s a n d o u t p u t b e i n g p r a c t i c a l l y a t c a p a c i t y
A t M o n tre a l
t h e fa ll i n g o f f w a s r a t h e r p r o n o u n c e d .
A fe w c o m p a r is o n s ! f o l l o w : (1 ) C l e v e l a n d M a c h i n e r y D e p a r t m e n t sa le s
w e r o a b o u t $ 5 0 0 ,0 0 0 g r e a t e r ; o p e r a t i n g p r o f i t s . $ 3 0 0 0 0 0 g r e a t e r
(2)
C l e v e l a n d p r o d u c t s a le s w e r e le s s b y $ 1 ,0 0 0 ,0 0 0 ; p r o f it s b v 8 2 0 0 0 0 0
P r io r t o d e d u c t io n fo r ta x e s e x tr a o r d in a r y , a n d ta k e n c o l l e c t i v e l y ’ th e
o p e r a t i n g p r o f i t s o f t h o C l e v e l a n d p la n t s e x c e e d e d 1 9 1 7 .
(3 ) A t th o
W i n d s c " p l a n t , s a le s eU o f f s l ig h t l y b u t t h o o p e r a t i n g p r o f i t s I n c r e a s e d
,
B A LA N C E SH EET, DECEM BER 31.
1918.
1917.
i
1918.
$
$
:
L ia b il it ie s —
$
1917.
$
Real estate, bllRs.,
Capital stock_ 25,006,000 25,000,000
_
machinery, Ac. 8,412,9.30
0,97.3,54.3 Accounts payable. 524,190
300,485
104,658
75,479
Pat’ts& good will. 14,864,530 14,804,536 Taxes accrued__
734,675
479,152 Pay roll accrued.. 1.39,042
88,768
Cash........................
Notes and acceptint. on Lib. bonds
anccs recelv____
315,502
366,768
accrued_______
4,591
. ...
Acc’ts rcc.(cust'rs) 1,974,637 2,282,619 Res. for dcprcc’n . 2,152.2271 3.325,311
Inventory----------- 0,419,091
5,563,167; For war taxes.. 2,351,2011
U. S. 1,1b. & Can.
Prof. & loss surp.. 3,489,484 2,590,207
Victory bonds..
a510,941
635,406
U .S .W . 8. Stamps
1,324
I
Other assets_____
476,821
183,057,
Deferred assets___
48,870
38,002!
T o ta l---------------33,765,392 31,380.250
T o ta l.................. 33,765,392 31.386,250
a A f t e r d e d u c t i n g $ 2 7 5 ,0 0 0 u n p a id s u b s c r ip t i o n s .
N o te .— T h e c o m p a n y h a s a l ia b il i t y c o v e r i n g u n c o m p l e t e d c o n s t r u c t i o n
c o n t r a c t s o f a p p r o x i m a t e l y $ 8 0 ,0 0 0 . — V . 1 0 8 . p . 1 2 7 8 .
W e stin g h o u se Air Brake C o., W ilm erd in g, Pa.
(Report for 17 Months ended Dec. 31 1918.)
Chairman H . IT. Westinghouse, W ilm e rd in g ,P a .,M a r .21,
says in substance:
F in a n cia l S tatem ent .— T h e f is c a l y e a r h a v i n g b e e n c h a n g e d t o t h e c a l e n d a r
y e a r , t h e a c c o m p a n y in g s ta te m e n ts s h o w th e p o s it io n o f t h o c o m p a n y a n d
it s s u b s i d i a r ie s o n D e c . 31 1 9 1 8 , a n d r e f l e c t t h e u n i t e d o p e r a t i o n s o f a ll
c o m p a n i e s f o r 17 m o n t h s e n d e d o n t h a t d a t e , e x c e p t i n g o n l y t h e U n io n
S w it c h & S ig n a l C o . , w h o s o e a r n in g s a r o a s h e r e t o f o r e f o r t h e c a l e n d a r y e a r .
W h i l e t h e r e is n o b a s is o f c o m p a r is o n w i t h p r e v i o u s p e r i o d s , t h e r e c o r d s ,
s p e a k i n g g e n e r a l l y , s h o w t h a t a f t e r e q u a t i n g u n e q u a l p e r i o d s a n d a l lo w i n g
f o r o t h e r n e c e s s a r y a d j u s t m e n t s , a ll o f t h o c o n s t i t u e n t c o m p a n i e s m a d e
s u b s t a n t i a l a d v a n c e s in n e t e a r n in g s , b e f o r e t a x e s , o v e r t h e p r e v i o u s y e a r ,
a n d e a c li c l o s e d t h e p e r i o d in a m u c h s t r o n g e r fin a n c ia l p o s i t i o n t h a n a t
Its b e g i n n i n g .
Review o f O pera tion s .— T h o s i g n in g o f t h e a r m is t i c e o n N o v . 11 1 9 1 8
f o u n d a l l a c t i v e m a n u f a c t u r in g c o n c e r n s w o r k i n g a t t o p s p e e d , w i t h h e a v y
i n v e n t o r ie s o f r a w m a t e r ia l p u r c h a s e d a t a b n o r m a l p r i c e s .
A ll in v e n t o r y ,
& e ., v a l u e s a n d e q u i p m e n t in t h e c u r r e n t s t a t e m e n t h a v o b e e n t a k e n a t
b o o k v a l u e o r c u r r e n t c o s t , u s i n g t h e l o w e r f ig u r e in e a c h c a s e , w it h a p p r o
p r i a t e a d j u s t m e n t s a f f e c t e d b y d i m in i s h e d u s e o r s a l a b i li t y .
W ith in
c r e a s e d f a c i l i t i e s , c a r r ie d a t p r o p e r l y a m o r t i z e d v a l u e s , w it h a d e q u a t e
r e s e r v e s , a n d a s t r o n g fin a n c ia l p o s i t i o n , y o u r c o m p a n y s e e m s e q u a l l y w e ll
p r e p a r e d f o r t h o p a u s e in b u s in e s s i n c id e n t t o t h e u n c e r t a i n t y o f “ r e c o n s t r u c
t i o n ” a n d f o r t h e h e a v i l y in c r e a s e d d e m a n d w h ic h s e e m s s u r e t o f o l l o w .
A s sets an d L ia b ilities .— C h a n g e s In a s s e t f ig u r e s , a s c o m p a r e d w i t h J u l y
3 1 1 9 1 7 , a r e d u e , In la r g e m e a s u r e , t o t h e f a c t t h a t in t h e p r e v i o u s r e p o r t
o u r h o l d i n g s in t h e c a p i t a l s t o c k o f U n io n S w it c h & S ig n a l C o . w a s r e p o r t e d
u n d e r " i n v e s t m e n t s , ’ w h il e t h i s y e a r t h a t c o m p a n y 's a s s e t s a n d l ia b il i t i e s
a re ta k e n in t o t h o b a la n c e s h e e t, a lia b ility b e in g s e t u p t o r e p re s e n t th e
v a l u e o f Its 7 6 5 s h a r e s s t ill h e l d b y o u t s i d e i n t e r e s t s , o u t o f a t o t a l o f
1 3 3 ,2 5 5 s h a r e s , w h i c h is s l ig h t l y m o r e t h a n A o f 1 % .
S in ce J a n . 1 1 9 1 9 ,
th o n o t e I n d e b te d n e s s o f $ 1 ,1 7 9 ,0 0 0 o n a c c o u n t p u r c h a s e o f L ib e r t y b o n d s
h a s b o o n r e d u c e d t o $ 9 1 7 ,0 0 0 , a n d o t h e r n o t e s p a y a b l e f r o m $ 6 , 0 5 6 , 4 1 0 t o
$ 3 , 6 0 0 , 0 0 0 , a t o t a l r e d u c t i o n o f S 2 .7 1 8 .4 1 0 in t w o m o n t h s .
_ S u rp lus A c c o u n t .— T h e b a l a n c e t o s u r p lu s a c c o u n t o n J u l y 31 1 9 1 7 w a s
$ 7 ,6 4 8 , 4 7 4 t o w h ic h w a s a d d e d t h e s u r p lu s o f t h o U n io n S w it c h & S ig n a l
C o . , $ 7 2 0 ,6 9 5 , J a n . 1 1 9 1 8 , m a k i n g a t o t a l o f $ 8 , 3 6 9 , 1 6 9 a s o f t h o l a t t e r
d a te.
T h e “ c o n t i n g e n t s u r p l u s ” a l s o , r e p r e s e n t in g t h e e x c e s s o f t h e p a r
v a l u e o f t h o c a p i t a l s t o c k o f t h o A m e r i c a n B r a k e C o . o v e r t h e v a l u e a t w h ic h
i t w a s c a r r ie d o n o u r b o o k s , h a s b e e n a b s o r b e d i n t o “ a v a i l a b l e s u r p l u s , ”
t h o a c t u a l b o o k v a l u e n o w l a r g e ly e x c e e d i n g t h e p a r v a l u o .
M oreover,
h y t a k i n g t h e a s s e t s o f U n io n S w i t c h & S ig n a l C o . i n t o o u r b a l a n c e s h e e t a t
a c t u a l f ig u r e s , t h e r e s e r v e o f SI , 6 7 4 , 5 1 7 , w h ic h w e w e r e c a r r y in g p e n d i n g t h e
r e c o n s t r u c t i o n o f t h a t c o m p a n y ’s p l a n t , is n o w p a s s e d t o s u r p lu s a c c o u n t ,
le s s $ 4 8 7 ,7 3 1 , r e p r e s e n t in g e x c e s s p a i d f o r U n io n S . & S . C o . s t o c k o v e r p a r
v a l u e o f s a m e , a n d le s s a l s o $ 1 0 ,5 6 4 , c o v e r i n g s u n d r y a d j u s t m e n t s c h a r g e
a b l e a g a i n s t t h e b u s in e s s o f p r i o r y e a r s .
T h is s e rv e s t o e x p la in t h e ite m
o f $ 1 ,1 7 6 , 2 2 2 e n t e r e d a s “ t r a n s f e r r e d f r o m s u n d r y r e s e r v e s — le s s d e d u c
t io n s ."
T h e n o t p r o f i t s o f t h e U n io n S w it c h & S ig n a l C o . f o r t w e l v e m o n t h s
a n ti o f a ll o t h e r c o m p a n i e s f o r 17 m o n t h s , le s s t a x e s , a g g r e g a t e d $ 7 , 4 6 1 . 9 0 0 .
D e d u c t i n g W e s t in g h o u s e A i r B r a k e C o . d i v i d e n d s o f $ 5 , 0 7 6 , 9 7 7 p a i d d u r i n g
t h i s p e r i o d , le a v e s b a l a n c e t o s u r p lu s a c c o u n t o f $ 2 , 3 8 4 , 9 2 3 , t h e r e b y m a k i n g
s u r p lu s f o r t h o p e r i o d $ 4 , 5 6 1 , 1 4 5 , a n d t h e g r a n d t o t a l o f $ 1 2 ,9 3 0 ,3 1 4 .
7 a x es .— F e d e r a l t a x e s p a i d f o r 1 9 1 7 o f a ll c o m p a n i e s , i n c l u d i n g t h e U n io n
S w it c h & S ig n a l C o . , t o t a l e d $ 5 4 9 ,6 3 9 .
F o r 1 9 1 8 t li o l i a b i l i t y s e t u p f o r
t h o F e d e r a l t a x e s o f t h o s a m e c o m p a n i e s a m o u n t s t o $ 2 , 2 5 0 , 0 0 0 . a n in c r e a s e
o f over 325 % .
Liberty Loan S u bscription s .— O n t h e i r o w n a c c o u n t , o u r c o m p a n i e s s u b
s c r ib e d f o r $ 1 ,1 3 6 ,0 0 0 o f th o b o n d s o f 3 r d a n d 4 t h L ib e r t y L o a n s , m a k in g
w it h t h e s u b s c r ip tio n s m a d e o n b e h a lf o f o u r e m p lo y e e s a t o t a l s u b s c r ip tio n
o f S 3 . 2 6 2 .3 0 0 .
O f t h i s t o t a l S I , 6 9 1 ,0 0 0 h a d b e e n p a i d o n D e c . 3 1 1 9 1 8 ,
a n d t h e b a l a n c e o f S I , 6 7 1 ,3 0 0 Is b e i n g l i q u i d a t e d i n a c c o r d a n c e w i t h t h e
t e r m s o f s u b s c r ip tio n .
„
,
...
,
U n ion Switch & Signal C o. — T h e s u c c e s s fu l m a n u f a c t u r e b y t h i s s u b
s id ia r y o f 2 ,5 0 0 L c R h o n e r o t a t in g a e r o p la n o e n g in e s , in f a c o o f m a n y d iff i
c u lt ie s , n a tu r a lly r e fle c t e d s o m e w h a t u n fa v o r a b ly u p o n th e n o r m a l o u t p u t
o f th e c o m p a n y , b o t h a s t o q u a n t it y a n d c o s t s .
O n t h e w h o le , h o w e v e r ,
t h e re s u lts a tta in e d w e re v e r y s a t is fa c t o r y .
T h o r e c o n s t r u c t e d a n d n o w ly e q u i p p e d p l a n t is n o w in p r i m e c o n d i t i o n ; i t is c a r r ie d o n t h o b o o k s o f t h o
c o m p a n y a t a c o n s e r v a t iv e v a lu a t io n .
,
_
,
_
A ssocia ted C om p a n ies.— T h o o p e r a t i o n s o f t h o W e s t i n g h o u s e B r a k e C o . ,
L t d . , o f L o n d o n , a n d t h o C i e tie s F r e in s W c s t i n g h o u s e , o f P a r is , c o m p a r e
f a v o r a b l y w i t h t h o p r e v i o u s y e a r , a n d b o t h c o m p a n i e s a n t i c i p a t e in c r e a s e d
b u s i n e s s a n d p r o f i t s in t h e c u r r e n t y e a r .
T h e I t a li a n C o m p a n y , w h o s o
p l a n t is l o c a t e d in T u r i n , is b u s y a n d p r o s p e r o u s .
T h e a f f a ir s o f t h e
R u s s ia n C o m p a n y c o n t in u e a s p r e v io u s ly r e p o r t e d .
Its m an agem en t has
b e e n r e m a r k a b l y s u c c e s s fu l in m a i n t a in in g i t s s t a t u s a s a g o i n g c o n c e r n ,
d e s p i t e t h e d e p l o r a b l e c o n d i t i o n s in R u s s i a w it h w h i c h y o u a r e f a m il i a r .
T h o f in a l o u t c o m o w ill d e p e n d u p o n t h e r e s t o r a t i o n o f a s t a b l e a n d r e s p o n s
ib le G o v e r n m e n t.
T h e C a n a d ia n W c s tin g h o u s o C o . e n jo y e d a n o th e r
p r o f it a b le y e a r , th e re s u lts o f w h ic h c lo s e ly a p p r o x im a t e t h o s e r e p o r t e d fo r
1 9 1 7 ; n e t e a r n i n g s , 8 8 7 0 ,7 1 8 , o r $ 1 4 p e r s h a r e ; d i v i d e n d s p a i d , 9 % , o r $ 9
p e r sh aro.
T h e L o c o m o t i v e S t o k e r C o . , m e n t io n e d f o r t li e f ir s t t i m e in
t h o l a s t y e a r ’ s r e p o r t , is o p e r a t i n g a t f u ll c a p a c i t y , w i t h u n f i ll e d o r d e r s o n
h a n d , J a n . 1 , a p p r o x im a t in g $ 2 ,4 0 0 ,0 0 0 .
B e g in n in g t h e y e a r w it h a n a v e r
a g e o u t p u t o f 4 0 s to k e r s p e r m o n t h , its ra te d c a p a c it y a t th is d a t o h a s
in c r e a s e d t o 1 6 0 s t o k e r s p e r m o n t h , w i t h g r a t i f y i n g f in a n c ia l r e s u lt s .
B u sin ess O utlook.— A l l o w i n g f o r a n t i c i p a t e d c a n c e l l a t i o n s , t h e v a l u e o t
u n fille d o r d e r s o f t h e fo u r p r in c ip a l c o n s t it u e n t c o m p a n ie s w a s a p p r o x i
m a t e l y $ 1 7 ,0 0 0 ,0 0 0 o n J a n . 1 1 9 1 9 , w h il e t h o L o c o m o t i v e S t o k e r C o . s
o r d e r s t o t a le d $ 2 ,4 0 0 ,0 0 0 a d d it io n a l.
O w in g t o t h e h e a v ily in c re a s e d o p e r a t in g c o s t s a n d la r g e b a la n c e s d u e
f r o m t h e G o v e r n m e n t w h ic h t h e y c a n n o t c o l l e c t , t h o r a i lr o a d s o f t h e c o u n
t r y a r e c o n f i n i n g t h e i r p u r c h a s e s w it h in t h e c l o s e s t p o s s i b l e l im i t s , a n d ,
o n a c c o u n t o f d e l a y in r e c e i v i n g c o m p e n s a t i o n , a r c a s k i n g a n l n d e i in i t o
e x t e n s i o n o f t im o f o r t h e p a y m e n t o f i n v o i c e s , s o m o o f w h ic h a r e n o w l o n g
overdu e.
U n le s s t h o G o v e r n m e n t s p e e d i l y f i n d s s o m o m e t h o d o t d i s
c h a r g i n g i t s e x i s t i n g c o n t r a c t o b l i g a t i o n s w it h r e a s o n a b l e p r o m p t n e s s , a s
w e c o n f i d e n t l y b e l i e v e i t w i l l , t h o a c t i v i t i e s o f y o u r c o m p a n i e s w il l n a t u r a l l y
b o m o r e o r le s s r e s t r i c t e d , p o n d i n g t h e r e s t o r a t i o n o f n o r m a l c o n d i t i o n s .
The comparative income account was published last week,
page 1299.
C O N S O L ID A T E D B A L A N C E S H E E T .
Dec.3 1 ’ 18.
31'17.
—
S
S
—
$
Capital stock____29,010,700 28,808,200
aFactorlcs, bldgs.,
and equipment. 9,079,828 6,53l>,921 Accounts payable. 1,844,100 1,613,885
______
178,523
800,000 Adv. on contracts.
West’so Bldg.,Pitts 800,000
270,000 Cap. stock of sub.
b Allgheny plant.
295,000
cos. (par v a l.)..
33,808
---------Property at W ilmcrdlng, P a .c . 1,097,204
902,354 Contingent liabili
335,952
ty account sales
275,097
Inventory at cost-10,181,712 9,075,161
043,134
3,112,404 Federal taxes, est. 2,250,000
Cash on hand___3,530,472
Accts. & bills rec.dlO,092,728 5,190,658 Bills payable_____j>7,235,411
120,096
Liberty bonds____ 2,300,003
---------- Compon.fund____
Investments c ____ 8,794,820 15,022,580 Sundry reserves.. 2,099,160 3,719,640
Pat’ts & good will. 3,450,000 2,485,850 Conting. surplus....................... 1 ,000,000
247,275
422,725
Deferred assets...
190,103
81,020 Accrued liabilities.
7,048,474
Undivided surp___12,930,314
D .31 ’ 18. J ly31’ 17.
ec
u
A
ssets
T o ta l..................50,429,935 44,070,560
J ly
u
Lb
ia ilities
Total...............56,429,935 44,070,560
a I n c l u d e s f a c t o r i e s a t W i l m e r d i n g , S w is s v a le , S t . L o u i s , M i l w a u k e e a n d
E m e r y v i l l e , le s s d e p r e c i a t i o n ,
b A lle g h e n y p la n t le a s e d t o L o c o m o t iv o
S tock er C o .
c L a rg e ly im p ro v e d b y h o u so s fo r w o rk m e n a n d s u n d r y o th e r
s m a ll t r a c ts .
d C o n s id e r e d g o o d .
e I n v e s t m e n t s in 1 9 1 8 c o n s i s t o r
2 2 , 9 7 4 s h a r e s W c s t i n g h o u s o B r a k e C o . , L t d . , o f L o n d o n ( p a r £ 1 0 ) ; 2 1 ,5 8 7
sh a re s C a n a d ia n W c s tin g h o u s e C o . , L t d . (p a r $ 1 0 0 ); a n d s u n d r y o th e r
in v e s t m e n ts .
f C o n t i n g e n t l ia b il i t i e s , s u r p l u s , e x c e s s p a r v a l u e c a p i t a l
s t o c k o f A m e r . B r a k e C o . o v e r b o o k v a lu e o f W c s tin g h o u s e A ir B ra k o C o .
g O u t s t a n d in g b i ll s p a y a b l e w e r e r e d u c e d t o $ 4 , 5 1 7 , 0 0 0 , M a r . 21 1 9 1 9 .—
V . 108, p . 1299.
W a y la n d Oil & G as C o., In c.
{Report for Fiscal Year ending Dec. 31 1918.)
W a sh in g to n W a te r Power Co.
{Report for Fiscal Year ending Dec. 31 1918.)
The report,
President Alfred Dryer on Feb. 11 wrote in substance:
The gas and gasoline end of our business showed a net loss for 1918.
Since Feb. 1 wo have sold the larger part of our gas interests for $300,000
cash, retaining all tho oil rights under property sold. With this sale our
position is very much improved.5
1918.
2 0 ,7 8 9
3 7 ,4 3 0
M eters in use ( N o .) ---------
35,333
P a s s e n g e r s c a r r ie d ( N o . ) . 1 6 , 4 8 2 , <39
C a r m ile s r u n _______________ 3 ,8 1 9 ,6 1 8
1917.
$ 4 6 1 ,4 3 7
1 1 8 ,4 5 6
5 9 ,9 2 5
9 1 ,7 2 1
$ 1 4 9 ,0 9 3
N e t e a r n i n g s __________
P r e f e r r e d d i v i d e n d s _____( 8 % ) 2 4 , 0 0 0
C o m . d iv id e n d s ( 8 % ) - 1 2 0 ,0 0 0
c r .2 , 3 0 8
A d j u s t m e n t s _____________
$ 1 9 1 ,3 3 5
( 8 )2 4 ,0 0 0
1 2 0 ,0 0 0
d e b . 2 0 ,4 0 4
d e b . 3 0 .0 0 0
c r .9 , 3 8 1
$ 1 1 ,4 0 1
$ 2 6 ,9 3 1
$ 1 4 3 ,7 0 4
$ 1 2 4 ,6 4 5
B a la n c e , s u r p l u s .
$ 1 9 1 ,7 0 4
( 6 ) 1 8 ,0 0 0
$ 1 2 2 ,8 6 1
(2 > 4 )7 ,5 9 7
G r o s s e a r n i n g s -----------S u n d r y r e c e i p t s ---------
T o ta l ................. 2,159,314 2,156,095
— V. 108, p. 789.
A m erican H ardw are C orporation , New B rita in , C on n .
(17</i Annual Statement— Year ending Dec. 31 1918.)
1918.
N ot
sta te d
N e t p r o f i t . . ....................$ 1 , 3 2 4 ,3 8 0
D i v i d e n d s p a i d __________
1 , 1 9 0 ,4 0 0
do
ra te p er co n t
(1 2 % )
B a la n c e , s u r p l u s ______
$ 1 3 3 ,9 8 0
1917.
$ 2 ,3 0 1 ,3 8 9
9 3 6 ,2 9 5
1916.
$ 2 ,0 5 1 ,2 5 3
5 4 9 ,3 3 0
1915.
$ 1 ,0 4 4 ,8 2 5
3 7 6 ,7 8 9
$ 1 ,3 6 5 ,0 9 4
1 , 0 1 6 ,8 0 0
$ 1 ,5 0 1 ,9 2 3
6 9 4 ,4 0 0
$ 6 6 8 ,0 3 6
5 9 5 ,2 0 0
(6 %)
$ 8 0 7 ,5 2 3
$ 3 4 8 ,2 9 4
(7%)
Lb
ia ilities
-V . 108, p . 975.
1916.
1917.
$ 2 , 8 5 6 , 2 1 3 f $ 2 , 6 7 6 ,0 5 7
\
8 ,9 6 8
1915.
$ 2 ,7 4 3 ,8 7 6
6 ,6 0 9
$ 2 , 9 2 7 ,3 7 9
1 ,1 6 1 ,7 7 9
3 1 0 ,6 9 8
$ 2 ,6 8 5 ,0 2 4
$ 2 ,8 5 6 ,2 1 3
1 , 3 2 8 ,6 6 9
1 ,1 7 2 ,1 3 0 1
2 6 8 ,7 3 5 /
$ 2 ,7 5 0 ,4 8 5
1 ,2 3 9 ,5 0 5
$ 1 , 4 1 5 ,3 4 8
$ 3 2 2 ,6 1 6
1 1 1 ,8 5 5
1 0 ,0 2 8
9 ,8 0 8
$ 1 , 3 5 6 ,3 5 5
$ 3 2 8 ,8 6 9
1 0 0 ,6 7 8
5 ,0 3 7
9 .8 0 9
$ 1 ,5 1 0 , 9 8 0
$ 2 4 9 ,0 9 8
1 9 4 ,9 3 2
1 0 ,2 9 3
$ 1 ,4 5 4 ,9 0 2
I n t e r e s t o n b o n d s ------------- . $ 3 1 5 ,9 3 1
.
1 9 6 ,7 7 8
.
754
.
6 ,2 2 9
8 ,0 0 0
3 2 5 ,0 0 0
3 2 5 ,0 0 0
3 2 5 ,0 0 0
3 2 5 ,0 0 0
.
.
.
$ 8 4 4 ,6 9 2
$ 6 1 0 ,2 1 0
9 4 0 ,7 0 9
$ 7 7 9 ,3 0 7
$ 6 3 6 ,0 4 1
9 2 2 ,7 9 6
$ 7 6 9 ,3 9 2
$ 5 8 6 ,9 6 3
9 8 6 ,9 4 6
$ 7 8 7 ,3 2 3
$ 7 2 3 ,6 5 7
1 ,1 1 8 ,6 8 8
T o t a l _____________________$ 1 ,5 5 0 ,9 1 9
D i v i d e n d s .............................( 4 % ) 6 1 9 , 6 0 0
-----------A d j u s t m e n t s ----------------------T o ta l
$1,558,837 $1,573,909 $1,842,346
(4) 6 19:600 (4 X ) 658,325 (5 3^)851.950
_ - ■
3,450
C r. 1 ,4 7 3
Cr. 7 ,2 1 2
s u r p l u s ....................l $ 9 3 1 , 3 1 9
$ 9 4 0 ,7 0 9
$ 9 2 2 ,7 9 6
$ 9 8 6 ,9 4 6
BA LA N C E SH EET DECEM BER 31.
1918.
1917.
1918.
1917.
—
S
$
—
$
$
Real cst., bldg ..121,877,049 21,202,388 Capital stock___ 15,490,000 15,490,000
1st Itef. Mtgc. 5s. 9,900,000 10.038,000
F.l. L. AP.prop.-j
239,000
239,000
Electric Ry. prop. 4,779,014 4,809,089 Coll, trust 5% bds.
6,179
4,159
Supplies.................
426,909
473,826 City Ry.tickcts out
Accounts current
Paid on acc’t of un
89,322
and payrolls___
103,550
44,481
comp'd work,Ac
......... ..
168,659 NotC3 payable____ 2,900,000 2,751,000
Investments.........
145,127
59,996
24,322
90,250 Accrued taxes____
U.S.Lib.Loan bds.
142,561
130,000 Accrued damages,
Bills rec. call loan.
67,143
Ac.................
06,442
28,396
14,326
Miscellaneous-----3,835
25,727
421,951 Accrued interest..
437,932
Bills A accts. rec..
10,644
---------206,883 Accrued Insurance
200.491
Amort’n fund, Ac.
257,623 Replace’ t reserve. 2,277,262 2,037,717
44,372
Cash_____________
940,709
931,319
Unsold bonds in
„ „„„ „„„ Surplus__________
treasury_______ 3,900,000 3,900,000
A
ssets
Lb
ia ilities
T o ta l..................31.967.781 31,733,545
T o ta l..................31,967,781 31,733,545
$ 7 2 ,8 3 6
GO H % )
B A L A N C E S H E E T J A N . 1.
1918.
1919.
1918.
1919.
$
S
$
—
$
S
S
5,031,740 5,126,937 Capital stock____ 9,920,000. 9,920,000
275,143
533,909
992,811 1,211,490 Bills A accts. pay.
396,800
390,800
3.440,947 2,907,843 Dividends_______
4,351,173 4,174,255 Surplus__________ 2,965,902 2,828,582
13,816,671 13,420,525
1915.
1 9 ,4 8 8
2 8 ,7 5 3
3 0 ,9 4 8
1 5 .7 1 4 ,7 5 3
3 ,6 1 2 ,9 9 3
'
B A L A N C E S H E E T , D E C E M B E R 31
1917.
1918.
1917.
1918.
L ia b ilit ie s —
S
$
8
A s se ts—
$
Oil and gas wells. A c.1.828,726 1,840,738 Capital stock—
300,000
300,000
Preferred________
111,370
Bldgs., gas plan ts,A c. 212,894
Common________ 1,500,000 1,500,000
88,717
17,809
11,334
15,901 Unpaid vouchers—
30,283
8,926
8,455
20 Pay-rolls_____ ____
20
Stock..........................
7,506 OH production hold
8,344
Deferred Items.........
2,947
account __________
40,495
41,984
Inventory ..................
377
__ ___
681 Accrued account____
647
20,848 Dividend checks un
11,759
Accts. A notes rec’le.
21
216
paid ___________
29,658
24,057
Cashlnbks.Aonhand
328,961
154 Profit and loss--------- 336,362
Accrued interest____
..........
N e t e a r n i n g s _____________
D e p r e c ’ n a n d r e s e r v e s ..
1916.
2 0 ,0 4 1
3 1 ,0 0 1
3 2 ,5 6 2
1 5 ,6 0 1 ,8 5 0
3 ,6 6 6 ,9 4 4
1918.
. j$ 2 ,9 2 7 , 3 7 9
T a x e s ------------------------------------.
x I n c lu d in g r e n t a ls a n d t a x e s
T o ta l____________ 2,159,314 2,156,095
1917.
2 0 ,1 7 2
4 0 ,5 7 9
3 4 ,6 4 8
1 7 ,3 0 5 ,0 4 7
3 ,8 3 9 .8 3 0
R E S U L T S FOR C A L E N D A R Y E A R S
1915.
$ 3 0 4 ,0 4 7
5 7 ,2 0 6
6 5 ,2 7 9
5 8 ,7 0 0
1918.
$ 4 6 3 ,5 3 1
1 2 6 ,1 2 2
6 7 ,5 3 8
1 1 4 ,0 5 0
6 ,7 2 8
G r o s s e a r n i n g s ___________
O p e r a t in g e x p e n s e s _____
x G e n e r a l o x p e n s e s ______
D e p r e c ’ n & d e p l e t i o n ___
A b a n d o n e d w e ll s ________
Spokane, Feb. 3 1919, says in subst.:
M o t o r s , h o r s o -p o w e r —
I n S p o k a n o --------------------E l s e w h e r e -----------------------
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
1916.
$ 4 1 1 ,0 6 6
9 7 ,0 6 3
5 8 ,6 7 2
6 3 ,6 2 7
dated at
Adverse Conditions.— During 1918 war conditions adversely affected the
business of the company throughout the territory served by it, especially
during tho latter half of the year. There was a largo outflow of both men
and money to those cities engaged in war industries, with very little com
pensatory activity in the Spokane territory.
. .
The influenza epidemic was very severe in this locality during October,
November and December. The street railway receipts during that time
were adversely affected to the extent of not less than $50,000. The receipts
from the light and power department were also decreased from the same
cause, owing to the closing of places of amusemont, and the curtailment of
business generally, under regulations of tho health authorities. It is dilncult to approximate the money loss in this department, but it was probably
between $25,000 and $50,000.
.
.
. . . __ .
From tho abovo causes the increaso in operating expenses and interest
charges has been somewhat greater than the increase in gross earnings.
One Man Cars.— The use of tho one-man cars was extended during the
year to all but one line of tho company. Nearly 90% of the mileage is
now run by one-man cars in which passengers enter and leave by the front
platform and pay tlieir fares to the motorman on entering, thus diminishing
the risk of accident.
Mining Curtailment—New Transmission Line Delayed .— Mining opera
tions in the Coeur d ’Alene region were materially curtailed during the early
months of the year because of shortage of men and greatly increased cost
of labor and material, and during tho latter part of the year they were
seriously affected by reduced price of metals. Owing to tho declining
earnings in that district, work upon tho construction of a third transmission
line has been postponed, awaiting the re-establishment of normal conditions.
Power for Chicago Milwaukee A St. Paul Ry.— Tho Intermountain Power
Co. has contracted for 15,000 h. p., of which it is I'Qj'Y WW1 1
1”
li. p., and will comenco to pay for tho remaining 5 , 0 0 0 h. p. during the
summer of 1919 upon the commencement of electrical operation or the
western division of tho Chicago Millaukce & St. Paul R y. (V. 107, p. 803).
Power Contract Not Consummated.— Owing to the uncertainties of tho
market for magnesite under post-war conditions, tho sale of power to the
Stevens County Power & Light Co. has not been consummated, lh ls
power market may develop in tho future.
Sale of Appliances.— The sale of electric ranges and water heaters was
not actively pushed in 1918 because of tho high cost of labor and materials
and the high prevailing prices of these appliances. Nevertheless, (jh lcjectric ranges and 840 water heaters were installed, making a total of 1 .J 12
ranges and 1,370 water heaters now installed, yielding an annual rovenuo
of approximately $135,000.
Neto Generating Unit.— The installation of the third generating unit at
the Long Lake power station has proceeded during tho year, and will be
completed in the summer of 1919.
Note Issue.— In order to pay tho One-Year 6 % notes due. Feb. 2 1919,
and to meet part of tho cost of tho new unit at Long Lake, $2,892,000 now
One-Year 6 % notes maturing Feb. 2 1920 have been som to toe piiblic at
99. Of this amount $2,122,000 were placed by Spokane financial institn
tions and $250,000 were sold in San Francisco; making a total ot $2 ,3 / 2 ,uuu
placed on the Pacific Coast (V. 108, p. 380, 581).
Rates and Fares.— During the autumn increases in rates for light and power
were authorized by the P. S. Commission of Washington for Spokane and
for tho country districts served by tho company.
__,
.
No increases in fares on city street railway linos have been possible bocause of the statutory inhibition which is a part o fth o Act creating a I . 8
Commission and establishing five cents as the maximum faro which may be
charged within the limits of any city. There is a bill ponding beforo tho
State Legislature providing for tho removal of this 1
lV,Vit ptl0q1’ r .mnmi4ion
strict,inn is removed an application will bo made to tho I . S. Commission
for C
permissFonl toch a rg if increased fares. The public cannot expect the
street railways to continue to give adequate service if they rocoivc no
return upon tho capital invested in transportation facilities.
Outlook — Tho outlook for 1919 depends somewhat upon the effect of
demobilization of our armies on our local industrial situation, and also upon
the market for the lead and silver from tho Coeur d Alone mines. It is
generally believed locally that post-war condltiohs will gradually impiov
tho business situation in Spokane.
„ -v . . . . . . w t n
,
(Signed by W. A. White, Chairman of Financo Committee, W . J . C .
Wakefield, Chairman Executive Committee; D. L. Huntington, Ircs.l
STATISTICS FOR CALENDAR YEARS.
r
A —
ssets
[Vol . 108.
THE CHRONICLE
1388
T o ta l..................13,810,671 13,420,525
p la n t r " ^ 2 5 3 V i2 C )7 f t o t a l . $ 7 6 8 ,4 5 2 .
(b)
E l e c t r ic r a i lw a y s t s t o m , $ 1 4 ,8 9 7 ;
to
U ts t a n d ln g $ 2 3 9 ,UUU c o l l a t e r a l i r u s t u u .m s .
C o m p a r o n e w s it e m b o l o w a n d n o t o o f f e r i n g in V . 1 0 8 , p . 5 8 1 .
U. S. In d u stria l A lco h ol C o., New Y o rk .
(Report for Fiscal Year ending Dec. 31 1918.)
President Frederick M . Harrison says in substance:
nnplnff the nast vear we have built at deep water at Curtis Bay, M d., a
A,uM
?„0lrtnmnmis of war production interfered seriously with tho doyolopplant. We purchased during 1918 27 acres adjacent
to this pS nt thS extension being Required for large-scale operation for the
various chemical processes which are being developed.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEU 31.
M
f W
:
Insurance and taxes----Admin. & other e x p s ..-
snown.
suu
N o. ea rn in g s............»W.07|.10| M M O O T
2s n .
' K
« t t
157,020
99487
JV.iai
10 1.
«*«• *«
«.2O T .7M
5,239,861
s#!
---------
D Prefnu 7 Ind A. Co. (7)420,000 (7)420,000
C o m m o n 'd ^ d o , ( 1 6 )1 920.000(32)3840.000
Pref. Cuba Dis. C o .. (7)128,562 (7)128,5b2
(7)420.000
-----(7)128,502
(7)420,000
$4,336,024
...........
$4,336,024
Tho appeal in the suit of tho United States against the Reading company
and others (Including your company) for the purpose of preventing the
defendants from continuing alleged violations of the Anti-Trust Act o f 1890
and the Commodities Clause of the Intcr-S tatoC om nierceA cC r^erred
to in the last annual report, is still pending in the U. S. Supreme Court,
and a further re-argument will be had in the near future.
dividend
Stock Dividend.— In Jan. 1918 your company r e ce iv ^ a stock d iv id e ^
from the Lehigh & Hudson River Ry. C o., amounting to $144,000 par
value, which was credited to unrealized surplus.
Purchase — Your company has purchased an interest in some f 00 acres
of surface lands and coal reserves (adjoining its Port Carbon lands) in
Schuylkill County on the basis of $1,200 per aero tor coal and surface.
$700 per acre for coal only and $500 per acre for surface only.
Alliance Pronertu — The work of reopening and reconstructing the Aliia n ^ to W e ry and breaker of the Alliance Coal Mtoing Co. (capital stock
owned) was prosecuted as vigorously as possilbl®-pnrbo.r t i ^ i w f inched
operated electrically. The new steel breaker has been practically finished
and preliminary operations on a small scale commenced.
TONS OF COAL M IN ED . &C.. B Y COM PANY A N D ITS LESSEES.
iQio
1917.
1916.
1915.
| “# 1
4,452,811
3,783.294
3,984,515
Coal mined.... 4,301,401
Total recovered from
ona » 7 d
culm banks. 1,161,094
914,114
304,135
308,874
— ...
*1.762.014
2,235,5bU
$3,987,574
s s a g s r a a fjr ;:
Reserved for Fed. taxes-
w i f ii
| | ji
6,998,182
Less special am ortiza n .
1.88/ ,2 U/
Balance, surplus----- - $2,394,102
Surplus (sub. cos.) acq d
...........
TotaJ...........................$2,394,102
$2,720,420
...........
$2,720,420
x After deducting, in 1918 and 1917, operating expenses, repairs, depre
ciation and administration expenses.
CONSOLIDATED BALANCE SHEET DEC. 31.
1918.
$
1918.
1917.
*
P r o p e r t ie s o w n e d . 3 8 ,0 4 8 ,9 0 0 3 2 ,3 5 1 .9 3 0
• 2,270,016
C o s h ________________ 1 ,6 4 8 ,5 7 3
8 0 0 .0 0 0
L i b e r t y b o n d s ------- 4 ,2 1 5 ,7 9 0
3 ,6 0 3 ,2 1 1
A c c 't s & b il ls r c c . 2 ,5 1 4 ,9 8 8
M e r c h a n d i s e , in a 4 .3 1 1 ,5 5 7
t c r la l s , A c ........... 7 , 0 7 2 , o 3 3
1 6 8 ,2 9 2
D e fe r r e d c h a r g e s .
8 ,4 2 2
T o t a i ......................5 3 ,5 0 9 ,2 1 2 4 3 ,5 6 5 ,0 0 5
C o m ^ stk u T l A
P r e ? s to c k (d o )
1 2 ,0 0 0 ,0 0 0 1 2 ,0 0 0 ,0 0 0
6 0 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
Liabilities (Concl.)— $
n o p . D i s t . 7 % b d s . a 8 0 0 ,0 0 0
R e a l e st. m t g e s ..
1 0 3 ,8 9 8
A c c ’ ts p a y a b l e . . . 1 ,0 4 0 ,9 7 5
A c c e p t a n c e s ______ 2 ,0 3 1 ,7 0 9
N o t e s p a y a b l e (s e
c u r e d b y L ib e r t y
L oan b o n d s )—
3 , 3 3 0 ,0 0 0
P re f. d lv . J a n . 1 5 .
1 0 5 ,0 0 0
R e s . f o r F e d . t a x e s 6 ,9 9 8 ,1 8 2
C o n t l n g . r e s e r v e ....................... S p e c ia l a m o r t , a n d
d e p r e c i a t i o n ___ 3 ,3 4 9 ,5 0 1
S u r p l u s .......................1 5 ,8 0 8 ,3 5 0
C u t f f i c i ^ , . i : 8 3 6 r>
flOC)al.836,600
P u r it y D is till. C o .
1389
THE CHRONICLE
A pr . 5 1919.[
alOS.OOO
a l0 5 .0 0 0
1917.
S
nOOO.OOO
b 1 0 3 ,8 9 6
3 ,4 7 1 ,4 2 9
...
4,087,429
432,980
4.293,389
526.737
Total gross earnings..$25,837,545 $21,841,894 $18,295,304 S15.795.002
T a x e f ~ OPer- eXPenSeS $18 296.906
i .f M
$1°372'.462
i.S M
s S i f c ; fill S
Total net.........................*5,236.331
General ta x e s.................
$963,750
...
1 0 5 ,0 0 0
5 ,2 3 9 ,8 6 1
3 8 8 ,9 7 2
T o t a l ...................... 5 3 ,5 0 9 ,2 1 2 4 3 ,5 6 5 ,0 0 5
C o a l & N a v ig a tio n C o .
President S. D . Warriner Feb. 11 wrote in brief:
Cavital Stock.— Tho stock outstanding Doc. 31 amounted to $29,173,950,
an increase o f $1,062,750. duo to tho 1 0 % stock allotment authorized
Oct. 24 1917; 795 shares ($39,750) unsubscribed wore taken into tho treasury
m f^n§edhDeW — 'The^total funded debt ?n the hands o f tho public Dec. 31
was $26 401 000. a reduction o f $273,000 during tho year.
Taxes'_Taxes $1,260,650, were charged against income for the year
1 9 1 8 Compared with $1,283,^41 for 1917.
. ,
Output — In spite of war conditions, tho commercial production tor tho
year was'the largest in our history, exceeding that of 1917 by 115.725 tons,
or 2 51%
This increase, however, was derived entirely from culm bank
coal tho fresh-mined production showing a slight decrease. Tho mines
were operated under high pressure, but operation was sovcrely handicappcxl
by cold and stormy weather of record severity early in
year, by a de
pleted labor force throughout tho year and by a violent epidemic of in
fluenza during tho months o f October and November.
No comparison can be mado with tho costs in any proceding year. as tho
solo effort of tho entiro staff was directed toward securing a maximum tonnaffiaffeT— ^supplemental agreement, which substantially increased toe
offectivo Nov ti ei 9 ?8 ^toC“ r e ^ 'in kTertoct until tho declaration of peace
nr until March 31 1920 in case peace is not declared beforo that date.
ThJJ engineers o f the U. S. Fuel Administration estimated that suchi in
crease Pn prices did not, however, provide for the increased cost of supplies
and other*additional expenses growing out of war conditions.
■ e — ‘Tho most important construction work during the year
A
wiw the erection o f a nowsteel breaker and the rebuilding of tho frame lieadhouso at Rahn Colliery. The electrification o f two breakers was completed
andtoeelectrification of No. 2 siiaft and three breakers has been started.
CapitalExpenditures tor additions and betterments amounted to $1,315,
3 0 9 iPTho efrirgestor depletion, depreciation and other reserves, in con
nection with coalmining and marketing property, amounted to $2,252,881.
R ^ervo acTOUnts were charged $191,728 to cover abandoned property.
Tho expenditure of over $900,000 will probably bo required during 1919 for
Branches.-Tho coal tonnage transported
bvJtho Central R R Co. of N. J. under its leases over tho Lehigh & Susque
hanna RR. ‘and branches aggregated 9,026,333 tons, contrasting with
9 ,1
Tho8 gross‘
receipts of8 tho7Ccntral ItR . of N. J. accruing upon business
transported over tlio Lehigh & Susquehanna RIt. and branches follow.
Passenger and mail..............................
Total.................................................. $13,942,884 $11,253,231 $10,534,072
Price Regulations Affect Earnings.— The regulation o f prices by tho U. S.
Fuel Administration has resulted in decreasing the net income from the
operation o f our mines. Anthracite coal, as shown by tho statistics of tho
War Industries Board, in spite of tho increased cost of production, has not
rison in price proportionately with other useful commodities, lh o rasult
has been that our net income from coal mining operations, in spite of In
creased tonnago, shows a docroaso of $457,485, compared with 1917. On
account of decreased demand tho production of steam sizes from tho culm
hanks is now considerably curtailed.
, ,, ,
*Liberty Loan Bonds, die.— Proposed Financing.— There were held In your
treasury Dec. 31 $1,000,000 o f treasury certif cates and $6,199,500 of
Liberty Loan bonds. Of tho latter it is intended that $3,000,000 shall be
hold tor tho retirement of tho Collateral Trust Power Loan in 1921: $1.
000 000 aro pledged as collateral for a loan of liko amount, and $1,414,800
were hold for account of subscriptions by employees.
Miscellaneous Revenue.— Dividends and interest received upon stocks
and bonds owned by your company, as well as the rentals paid by the Cen
tra RR Co. o f N: J.. aro included in miscellaneous revenue.
1 'ruination —There lias been no change in tho status o f tho proceedings
instituted by the United States against your company on account of the
receipt bv it of certain sums paid by tho Central R R . Co. of N. J., lessee,
additional rental In satisfaction o f tho tenth covenant o f tho agreement
of March 31 1871, whereby your company leased its Lehigh & Susquehanna
R R ami branches to the Contral company, referred to in the last annual
report. taidlprobability the matter will be argued in tho U. S. Supreme
Court during 1919.
u o ism
iii H i
$5,696,111 S4 450,914 *3,939,280
3947,103
$336,205
$312,574
1.171’.177 1 .1 8 6 .! !
l.llfff
Balance, surplus..........
$471,417 $1,237,764
$663,712
GENERAL BALANCE-SHEET DEC. 31
1918.
-----------1 3 ,4 1 4 ,2 4 7
(98th Annual Report— Year ending Dec. 31 1918.)
5,366.925
468,501
Total comm'l coal prod.
5,005,277 4.598,424
3,654.449 3,766,652
INCOME ACCOUNT, &C., FOR CALENDAR YEARS.
Gross— coal dept..$21,935,938 $18,012,759
$14.068,470 $12,062,681
Gross—rentals, A c______ 3,901,607
3,829,135 4,226,834 3,732,321
a Outstanding in hands o f public, b Existing mortgages on properties
purchased during year.— V. 108, p. 1143, 1125.
L e h ig h
5,462,495
457!218
Total produced___
Less total fuel coal —
1917.
$
Assets—
$
1918.
Liabilities—
$
l'™ '™
$173,704
1917.
S
C a p i t a l s t o c k --------2 9 ,1 7 3 ,9 5 0 2 8 ,7 3 6 ,5 7 0
F u n d e d d e b c . - - - - 2 6 , 4 0 1 , 0 0 0 2 6 ,6 7 4 ,0 0 0
N o te s p a y a b le fo r
L i b e r t y L o a n __ 1 , 0 0 0 ,0 0 0
A u d it e d v o u c h e r s
1,034,051
a n d p a y - r o l l s ___ 1 ,1 2 1 ,1 7 1
22,293
S u n d r y c r e d it o r s —
3 4 ,2 5 4
1,255,151
A c c r u e d t a x e s -------- 1 ,4 8 4 ,6 2 7
M a tu re d in t. o n
440,618
4 2 9 ,4 2 1
f u n d e d d e b t -------A c e r , in t e r e s t o n
40,489
40,489
f u n d e d d e b t -------M a tu re d a n d a c
4,012
3 ,9 9 5
c r u e d r e n t s -------9 ,1 7 9
1 8 ,2 8 2
D iv s . u n c la im e d -A c e r . i n t . o n lo a n s
2 ,8 3 3
a n d n o te s p a y ..
S u sp e n d e d c r e d it
3 2 ,2 0 6
5 2 9 .6 7 2
a c c o u n t s ______ 1 7 5 ,7 5 1
D e p le t io n , d e p r .,
2 6 7 ,6 8 1
6 ,0 8 6 ,7 5 0
& c . , r e s e r v e s . 7 , 6 1 5 ,5 6 2
9 9 2 ,2 8 8 R e s e r v e f o r w o r k
2 6 7 ,6 8 1
m en ’s co m p e n . .
4 1 1 ,9 9 J
P r o f i t a n d lo s s s u r .1 6 ,9 5 6 ,3 5 9 1 6 ,3 3 8 ,4 2 1
C o a l la n d s , m in i n g
_____
A m a r k e t ’ g p r o p . 3 1 , 1 2 4 , 0 S 7 2 9 ,9 6 4 ,7 5 a
C an al p rop erty —
3 , 3 7 6 ,6 3 9
3 ,3 8 6 ,7 1 3
R e a l e s t a t e ------------ 1 ,4 9 5 ,2 7 2 A ’ W o ' i a a
R R . p h y s ic a l p r o p .1 6 ,0 5 3 ,5 7 6 1 6 ,0 5 3 ,5 6 6
S e c u r s . p l e d g e d . 1 2 ,2 0 1 ,4 5 9 1 4 ,2 1 1 ,7 7 3
S e c u r e , u n p l e d g . 2 , 6 6 0 ,3 0 8
2 ,5 1 o ,6 9 4
A d v . t o a « U . c o s . 2 .2 8 7 ,1 0 2
1 .2 3 9 .4 5 0
O o l i g . o f U . S . G o v t . a 5 , 6 5 6 ,7 2 6 4 ,4 3 7 ,9 5 0
C a s h .............................. 3 ,0 9 0 ,8 0 3
5 ,3 7 4 ,6 1 4
U .S .T r e a s ’ y certs
o i i n d e b t e d n e s s . 1 ,0 0 0 .0 0 0
1 ,6 7 8 ,3 7 1
C u s t o m e r s ' a c c t s . 2 , 0 0 7 ,9 6 2
7 0 8 ,0 7 1
S u n dry d e b tors—
6 1 2 ,6 8 3
2 3 5 ,4 8 9
C o a l s t i c k .................
1 ,2 2 3 ,7 2 9
M a t e r i a l s A s u p p . 1 ,8 2 3 ,9 2 4
A ccru e d in t. an d
d lv . r e ie iv a b le .
W ork m en ’s
corn p e n . in s . f u n d -
S u sp en d ed
d e b it
a c c o u n t s ------------
4 8 ,7 2 7
4 1 1 ,9 9 9
6 7 4 ,8 8 3
T o t a l ...................... 8 4 ,8 6 9 .6 9 3 8 1 ,4 3 8 ,7 8 6
T otal............... 84,869,693 81,438,786
a ~ T n c lu d e s a m o u n t p l e d g e d , $ 1 ,0 0 0 ,0 0 0 ; u n p l e d g e d
$
3
o b ?{ :
R a t i o n s o f t h e U. S. G o v t ^ c M l for I a le i to e m p l o y e e s $ 1 , 4 1 4 , 8 0 0 . l e s s c o l
s
le c t io n s m a d e o n a c c o u n t , $ 5 4 3 ,6 1 0 .— V . 1 0 8 , p . 3 8 5 .
A t l a s P o w d e r C o ., W i l m i n g t o n , D e l .
(Report for Fiscal Year ending Dec. 31 1918.)
The comparative tables wero published last week (p. 1055).
President W . J. Webster on March 12 1919, reporting for
tho company and its subsidiaries, says in substaneoResults —The gross sales of $35,766,620 exceed those of previous years,
but conditions have been abnormal. Tho proportion of profit rcnmining
is small but as a result of our entire operations we were enabled to obtain
— T I m °G o v e r n m o iS f1 c a n c e le d c o n t r a c t s in D e c e m b e r 1 9 1 8
t o t o o a m o u n t o f $ 1 5 4 0 0 0 0 0 in a d d i t io n t o t h e a g e n c y c o n t r a c t s c a n c e le d
a * m o n ttT a fte r t h e s ig n in g o f th e a r m is t ic e .
T h e p la n t fa e m t ie s t h e r e fo r e .
w h ic h w e r e o f n o c o m m e r c ia l u s e t o u s , w e r e p r o m p t l y d is m a n t le d a n d fa
c llitie s a v a ila b le fo r fu t u r e o p e r a tio n s w e r o a m o r t iz e d t o a r e a s o n a b le v a lu e .
W e a ls o r e d u c e d in v e n t o r ie s o f m a te r ia ls a n d s u p p lie s t o m a r k e t v a lu e s .
W Finances__Ud to Dec. 1918 we were operating to capacity night and day.
Tho working assets and liabilities on Dee. 31 had slightly receded from the
maximum working assets amounting to $14,355,890 and current liabilities
(including' Federal taxes set aside from 1918 earnings), amounting to
$5 987 353
Relatively high current liabilities were due to purchasing
materials and supplies and carrying U. S. Govt accoun^ reccivable undcr
Govt, contracts, which are now in the course of adjustment
All our ex
traordinarv financing in 1918 was done with earnings and short bank loans.
‘Enlarge/ Facilities for Commercial Work.— 'The company began
1913 with three liign-explosives plants located in New Jersey, Miciugan
3 & territory and & ? us the control of well-known brands.
new 7 K 5 S & gave ^
L *laesa in
.
During tlio war period we increased our facilities for the manufac
ture of chemicals and to ensure an outlet for them w i^ q u ir e d in 1917 the
entire capital stock of Richards & Co., Inc., Zapon Leather Cloth C o., ana
tho Celluloid Zapon Co., manufacturers at Stamford, Conn., of tho liighcst grade of leather cloth, lacquers, enamels, bronze liquids, varnish,
amvl acetate and nitro cellulose, the "Zapon products.
,
Notwithstanding war restrictions on operations, our
m
highexplosives, blasting powder, blasting supplies, leather cloth, lacquers
and other “ Zapon" products, were or good volume. At the dose o f the
war the commercial activities very materially declined, but we confidently
“ C S S S “ T 3 5 iSo'flSTrScS’J ammonfum nimt. toth.
A
?
United States, we wero requested to design, construct
Government under agency contract a plant at Porryville, M d.. w th annual
capacity of 200,000,000 pounds of ammonium nitrate. Construction was
hemin in March191& and finished product was delivered in July 1918. On
Nov 11 1918 the plant was operating at capacity. The contract has since
been canceled and all operations at the plantsuspendcd
„ T
Wo also had in hand contracts tor construction and operation of T. N. 1.
plants at Giant, Cal., Perryvilie, M d., and tetryl plant at Senter. Mien.
1390
THE CHRONICLE
[V ol . 108
Federal Light & Traction Co.—
.—
Reserves.— Wo have continued to set aside from earnings ample reserves
E arnings
against bad debts, accidents at plants, depreciation of plant values, &c.
Dividends.— On the common stock we havo paid as follows:
Earnings for January and Twelve Months ended Jan. 31.
-------- January-------- ----------- 12 Months—
1913.
1914.
1915.
1916.
1917.
1918.
(Incl. Sub. Cos.)—
1919.
1918. Inc.
1919.
1918.
Inc.
1>S%
6%
113*%
25%
26%
21%
<
j£
$
%
$
S
%
Red Cross dividends o f 1% , respectively, are included in 1917 and 1918. Gross earnings.................333,629 310,344 7.5 3,520,516 2,933,776
2 0 .0
While the undistributed profits would justify dividends in 1918 equivalent
administration ex.
to distributions in 1916 and 1917, in view of the uncertainty of Federal Opcr., taxes------- ----------- 235,873 212,003 11.3 2,468,792 2,072,203
and
19.1
tax legislation and the necessity o f liquidating inventories and current lia
bilities incident to adjustment to peace basis, it was felt that conservative
97,756
Total
861,573 2 2 . 1
dividend action was advisable. However, in view o f tho sound financial Interest Income_________ 52,099 98,341 *0.6 1,051,724
charges________
__ 602,154
594,912
condition of the company and confidonco in futuro outlook, your directors Cent. Ark. Ry. & Lt. d i v . ______ 50,184
84,000
felt warranted in establishing a regular dividend of 3 % quarterly for 1919, Springfield Ry. & Lt. d i v . ______ ....................................... 84,000
...........
40,056
39,397
and which they balievo can be maintained.
— Stock has been offered to tho employees annually since
Balance......................... 45,657 48,157 *5.2
325,514
143.264 127.2
1913 under a monthly payment subscription plan. In 1913 we had 756
stockholders, o f whom 87 were employees; in 1918 out of 2,661 stockholders
* Decrease.
826 were employees.
Inter-company earnings, expenses and interest charges are hero not
Wages .-—
Salary and wage increases havo been granted from time to time
during all tho war period. In addition, extra emergency pay has been excluded.— V. 107, p. 1747.
granted since Dec. 1 1914, primarily to meet increased cost of living
G r a n d T r u n k R y .— Sales Committee Negotiations
Stock bonus, service wage and pension plans inaugurated in 1913, remain
A press dispatch states that tho following directors shall represent the
in effect.
stockholders in further negotiations regarding tho acquisition of the railway
For comparative income account and balanco sheet see V. 108, p. 1055. by the Dominion Government: Sir Herbert Gambling of Barclay’s Bank:
Algernon Mills, of Glyn Mills Bank; Sir Gerald Ryan, of tho Phoenix
Assurance Co.; Alfred Bosher of Sheffield, and John Ashloy Mullins.
Ottawa dispatches yesterday quoted Sir Thomas White as having told
GENERAL INVESTMENT NEWS
tho Canadian Parliament that negotiations looking to tho acquisition of
tho Grand 'Trunk and tho Grand Trunk Pacific Ry. by tho Dominion Gov
ernment havo been reopened. “ I cannot, of course, forecast what tho
course of these negotiations will be,” tho acting Prime Minister said, “ but
my view is that tho Grand Trunk will como into tho possession of the
.—Annual Statement
Government.” — V. 108, p. 1274, 1060.
Combined Income Statement of the Subsidiary and Affiliated Companies.
Calendar Year—
1918.
” 1917
I n d i a n a p o lis T r a c t i o n & T e r m in a l C o .— Note Interest.
1916.
Operating revenue
..................... 814,234,404 $12,863,404 $8,840,913
Holders of this company’s 85,000,000 First Mortgago Sinking Fund 5%
Net, after taxes and depreciation____ 3 ,5 3 7 ,6 6 8
3,636,687
3,383,940 gold bonds are notified that interest duo April 1 will not bo paid.— V. 108,
125,588
56,132
Non-operating income.........................
42,167 p . 973, 78.
Gross in co ra o ................................... 83.663,256 83,692.819 $3,426,107
I n t e r b o r o u g h C o n s o lid a te d C o r p .— Extension of Time.
Surplus, after charges......................... 1,015,295
1,299 951
1.829,366
Income Account for the Year ended Dec. 31.
1917.
t
,
.
1918.
1916.
1915.
Income from sub. cos____81,253,636 $1,449,741 $1,436,807 $1,062,769
Miscellaneous income_____________ 67,927
118,976
101,462
82,855
—
.—
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways, Phila
.—
Total income_________ $1,321,563
Exp., int., tax., amort,&c 1,029,097
Dividends..................
280.000
$1,568,718
874,129
658,400
$1,538,289
785,931
658,400
$1,145,624
686,238
442,099
Surplus_____________
812,466
Total p. & 1. sur. Dec. 31 8636,402
— V. 108, p. 478, 577.
836,188
8623,816
893,938
$604,253
817,286
8563,021
Baltimore & Ohio RR.— Sub. Co. Bonds.—
Bay otate Street Ry.— Plan Effective— Modification .—
Seo Mass. Electric Cos. below.— V. 108, p. 1273, 1164, 1059, 972.
Boston Elevated R y .—Control Act Upheld.—
. T h e Massachusetts Supreme Court on April 3 submitted an opinion to
See Staten Island Rapid Transit Co. below.— V. 108, p. 1273, 972.
tne State Senate holding that tho Act o f last year providing for public
control o f tho company is constitutional. The opinion was requested by
the Senate to obtain from tho court a decision as to the constitutionality
or two bills now ponding, both o f which provide for a rato of faro lass than
tho cost o f furnishing service, tho deficit Is made up by direct taxation.
I ho court holds that it is within the constitutional power o f tho Legislature
to pass such legislation.— V. 108, p. 1059, 972.
Brooklyn Rapid Transit Co .— Interest Deferred.—
Jud^o Mayer in the United States District Court at New York on March
mljonrned nntd May 5 the consideration o f tho payment of interest
° “ (about) $7,000,000 5% bonds duo April 1. This being in accordance
with the recommendations mado in a report by ex-Judgo Lacomba as
Special Master to tho effect that such action would not constitute a de
fault, inasmuch as a period o f 90 days’ grace was provided for the payment
or interest.
Application to List .—
'vPP>l™ U° o has been made to tho New York Stock Exchange to list
$57,155,000 stamped and unstamped certificates of doposlt o f Central
Un-on Trust C o., New York for 3-yr. 7% Secured gold notes, duo July l.
— v. lUo, p. 12/1, l l o t .
Buffalo Lockport & Rochester Ry.— Fare
Increased.
Tho New York P. S. Commission has authorized a six-cont fare as of
April 1 on this company’s lines to remain in effect for one year and there
after until further order of the Commission.— V. 108, p. 1059, 972.
Buffalo Rochester & Pittsburgh Ry.—Offering
Consolidated 4 l %
A
Bonds.— Tho Guaranty Trust Co.
N . Y . is offering, at 8 7 M and int., to vield about 5 .2 5 % ,
$2,285,000 Consolidated M tge. 4 j ^ % gold bonds of 1907,
due M a y 1 1957, making the amount outstanding $14 129 000, tho total authorized being $35,000,000. A circular says;
S ecurity.— A direct lion, subject to 89,997,000 underlying bonds, on the
entire owned mileage o f the company, aggregating 368.31 miles, and a
first mortgage on 1 0 1 .2 2 miles thereof.
Federal Contract. — The company has signed its contract with the U S
After deducting war taxes and corporate expenses a balanco of $3,35.4,337
- or tho fixed charges of tho company, which aggregated
f
82,205,026. 1 ho issuo of theso bonds will increase interest charges by less
than $3,000 per annum.
‘
Equity.— 'ThoConsolidated Mortgage bonds are followed bv $5,000 000
pref. stock and $10,500,000 common stock. Dividends have been paid
without interruption since 1898 on tho pref. stock and since 1901 on the
common stock, tho present rates being 6 % and 4 % , respectively.
Compare annual report. V. 107, p. 801, 2375.— V. 108, p. 783, 267.
Charleston Cons. Ry., Gas & Elec. Co.— Stock Increase.
The stockholders on March 19 increased the authorized common stock by
. 0uls?uante ° f ,30.000 shares, tho stockholders having, until April U) tho
right to subscribe to such stock, par value .$50, pro rata.— V. 107, p. 406.
Chicago Rys. Co.—-No Interest— Report.•—
At a meeting o f tho directors April 3 no action was taken regarding tho
< ;5 ay 1 2* th? interost due on tho $2,500,000 Adjustment InJn “
como bonds due at that date. This interost is non-cumulativo. See also
Reports above.— V. 108. p. 77.
Chicago St. Paul Minn.
&
Omaha R y.— Bond Payment.
,1,
hi sJ M 0 t, att
h
" S i M tee. bonds and coupons falling
dun April l o f tho St. 1 aid & Sioux City R R . were payable at maturity
at the Central Union Trust C o., New York.— V. 108, p. 972, 877.
"
Denver & Salt Lake RR.—Bill for
Purchase.—
A bill for the operation of this company’s property by the State of Colo
rado and construction o f tho James Peak tunnel was passed by the Colorado
on March 25, but without tho appropriation for
and°for saterios°— V^8?03? p ? 479*268 necossary condemnation proceedings
Fore River Railroad.— Stock.—
i> This company, organized in January, has petitioned the Massachusetts
fh.,Sk<
.I°"!,r
V's?lon f()r approval o f an issue of 2,500 shares of stock, par $100.
th op . oco.ds from the salo o; wmch will bo used to purchase the privato
radroad connecting the property or tho Fore River Shipbuilding Co. with
tho Now Haven system at East Braintree.
—The committee representing holdors of tho Intorborough
Metropolitan Co. Collateral Trust 4^% gold bonds,
Grayson M.-P. Murphy, Chairman, announces by adver
tisement on another page that tho time for deposit of bonds
with the Guaranty Trust Co. of New York has been ex
tended to May 15 1919.
Bondholders are urged promptly to deposit their bonds in negotiable
form and havo coupon bonds accompanied by tho April 1 1919 and sub
sequent coupons.
Obituary .—
August Belmont Jr., a director, died March 28.— V. 108, p. 1275, 1165.
.—
I n t e r b o r o u g h M e t r o p o lit a n C o .— Listing Application
Application has been made to tho New York Stock Exchango to list
867,825,000 Certificates of Deposit of Guaranty Trust Co New York
for Collateral Trust 432% gold bonds and due 1956.— V. 105, p. 2365.
J a c k s o n L ig h t & T r a c t i o n C o .— Voluntary Petition.—
This company has filed a voluntary petition in bankruptcy in the United
States District Court at Yazoo City, Miss., asking that a receiver be
appointed, it being stated that a satisfactory understanding with the
City Government which recently brought suit for forfeiture of tho com
pany’s contract cannot be arrived at.— V. 10S, p. 1060.
.—
K a n s a s C ity R a ilw a y s .— Fare Situation
In reply to our inquiry General Counsel Clydo Taylor furnishes tho
following sum m aryof tho faro situation in Kansas Citv:
(a) 'The company charges a 6 -cent fare its franchise provides for 5 cents.
I he Missouri 1’ . S. Commission granted the increase. The Supreme Court
of Missouri affirmed the action thereof. This case is now pending in tho
Supreme Court of tho United States, on appeal taken by Kansas City
'lins is upon the ground that the action of tho State is an impairment of
tho contract rights of tho city. This question lias been several times
recently ruled adverse to tho city’s position by tho Supremo Court, and it
may contidontly be asserted that tho 6 -cent fare will not bo interfered with.
(0 ) Tho company filed a suit in tho U. S. District Court, asking it to
construe tho order of tho War Labor Board and dutormino whether or not
such award required tho company to pay the increased wages as an act
of national sovereignty, and asserted that if it did so require, than an
8 -cent faro would havo to bo collected to pay tho samo; also, that if tho
national Government had authoritattvoly required tho payment of ad
vanced wages, such authority necessarily would strike down tho Stato
sovereignty limiting tho fare to 6 cents. In this case tho District Court
decided that such award did not authoritatively require the payment of
tho Missouri I\ S. Commission asking that Commission whether it would
grant an 8 -cent faro in order to meet the award of tho War Labor Board.
'This application still pends. This application is only to meet tho award.
(e)
The appeal to tho U. 8 . Supremo Court was dismissed by the com
pany, because it was assorted before tho War Labor Board that this appoal
was not In tho interest of tho employees.
(d) After all this, the War Labor Board undertook to require tho comfirmly, declined to obey such order, and has no intention of doing so. ' q’ho
old employees, in tho meantime, had gone on a strike. 'The company
with such of its employees as remained loyal, started its sorvico, and has
built up its full quota of employees from such, and also from additional
persons who have entered its employ, so that the company is now rendering
practically normal servlco, at the wages paid prior to the award.— V. 108, p.
579, 480.
Louisvillo & Nashville RR.— New Equipment Trust Series
“/>” for $7,323,000—Government Contract.—
Seo Annual Report on a preceding p a g e .- V. 108, p. 1275, 1165.
Louisville & Southern Indiana Traction Co.— Fares
Tho I. S. C. Commission has granted tho application of this company
and the Louisville & Northern Ry. & Lighting Co. for permission to filo
schedules increasing fares between Louisville, Ky.. and Jeffersonville
Ind., and New Albany, Ind.. to seven cents.— V. 107, p. 2376.
Massachusetts Electric Cos.— Plan Effective—Extension
Higginson & Co., reorganiza
tion managers under the Bay Stato Street Ry .-Massachusetts
Electric Co.’s plan of reorganization, dated March G 1919,
make theinvolving overannouncement;
following $2,000,000 of payments for securities of tho now
Deposits
of Time— Modification.—Leo,
company havo been received from holders of Massachusetts Electric Co s’
preferred and common shares and of Bay Stato Street Ry. preferred stock
Tho underwriting is’, therefore, effective. Tho time for making deposits
under tho plan is oxtended until tho close of business April 4 1919.
Depositors of Boston & Northern Street Ry. First Mtgo Refunding
50-year 4% gold bonds, due July 1954, and Old Colony Street Ry. First
Mtgo. Refunding 50-year 4% gold bonds, duo July l 1951, are notified by
tho reorganization managers that a modification of tho plan has boon mado
by which the interest from Jan. 1 1918 to April 1 1919 on the above-men
tioned bonds will bo paid in 6 % Refunding Mtgo. bonds, duo April 1 1925,
and the new 432% Refunding Mtgo. bonds delivered in exchange for tho
abevo-montioncd bonds will bear Interest from April I 1019. Compare
plan, < (under Bay Stato St. Ry.) V. 108, p. 1165. 973, 1273 — V. 108.
!fcc.
p. 1165, 973.
■ Subsidiary Co. Notes.—
,
- xas RR. Commission, for an order
approving and registering $1,850,000 First Mtge. gold 6 % notes of tho
San Antonio Belt & Terminal Ry.— V. 108, p. 1275, 1061.
N e w O r le a n s R y . & L ig h t C o .— Payment of Interest. —
Holders o f tho General M tge. 4'A% bonds o f this company arc notified
that the Jan. 1 coupons will be paid upon presentation at the New York
Trust Co N Y . Threo months interest in addition to the amount of
the coupons will bo paid.— V. 108, p. 878.
N e w Y o r k R y s . C o .— Receivership Permanent. —
Tudsre Julius M . Mayer in the United States District Court at New
York on March 31 made permanent tho receivership o f this company and
c o n ft o e d
E Hedges as receiver. No application was made to the
Court for tho appointment of a joint receiver although Corporation Counsel
Burr annexed before the Court at the hearing on the temporary order
to advocate that the unity o f tho existing surfaco system bo preserved and
tho abolition o f free transfers as a means of obtaining financial relief bo
m lde a matter o f last resort. Ho urged that a public hearing be held by
^ Court at the earliest possible moment at whichargument, on the, ques
tion by all interested parties might be heard.— V. 108, p. 1275, llb.i.
O t t a w a E le c tr ic R y .— Sale to City.—
, „ „
t
Notico is given that the City o f Ottawa will apply to the Parliament
r,f r°iivu]a for aiithority authorizing it to take over tho franchises, rights
real and personal property, assets and liabilities of tho company at such
nricJas m aybe agreed upon to construct and operate an electric street raUwav in U i^City o f Ot“ ?wa, and by way o f the Interprovincial Bridge to
Hull.— Y . 108, p. 1061, 974.
P u b lic S ervice C o rp . o f N e w J e r s e y .— Sub Co.’s Fares.
See Public Service Ry. below.— V. 108, p. 1276, 1266, 1166.
Statistics are given showing the extent of the work which Involves th®
construction o f 82 miles of railroad and a telephone system sufficient t
servo a population of 100,000.— V. 108, p. 271, 81.
Am erican In te r n a tio n a l Steel C orp.— President.—
Lieut .-Col. Merrill J. Baker has been appointed President o f this com
pany, succeeding the late Edward M . Hagar.— V. 106, p. 398.
A m erican M a ltin g C o .— Liquidation.Tho liquidation arrangement for this company has become operative
through the assents of 65.000 out of 70,000 shares of the American Malting
First Pref. stock. The plan embraces the organization of a new company
to bo known as the American Malt & Grain C o., which it is proposed will
acquire the properties, etc., of tho old company. Compare V. 108, p.
582, 975, 1062, 1166.
A m e r ic a n M e ta l C o ., L t d .— Sale.—
The Alien Property Custodian will sell at public auction on April 7, 562
shares of tho capital stock of the Compania do Minerales y Metales, S. A .,
and voting trust certificates representing 34,644 shares of the capital stock
o f this company.— V. 107, p. 2478, 2376.
P u b lic S ervice R y —Fare Decision.—
Tho New Jersey P. U. Commission on March 26 handed down a decision
against tho company’s petition for a continuance of tho seven cent fare.
As a result tho six cent faro automatically became operative on all lines
in New Jersey as o f April 1.— V. 108, p. 1166, 1061.
P u g e t S o u n d T r a c ., L t . & P o w . C o — Transfer to City.—
The street railway property of tills c o m p l y within the city limits of
■Soattlo, has been conveyed to the city. Delivery of $15,000,000 5%
utility bonds o f tho city of Seattle has been made to tho company, these
bonds will bo a charge upon the gross earnings o f tho entire railway system
o f the city superior to all charges except interest and amortization o f some
$650,000 o f prior bonds o f a like character.
This transaction establishes tho transfer o f a Puby®
control to municipal ownership on a basis that substantially covers the
cash invested by the company In the nropertly involved.
f ..
The bonds taken in payment will be deposited with the
M the
mortgages securing certain bonds and notes of tho company in substitution
for tho property sold.
Old Oolonv Trust Co o f Boston, as trusteo, will, until April 14, receive
te°de™ fo?tKoT*SSSor $211,365 7 % ’3-year Sinking Fund Mtge. Gold notes
due 1921. Interest on accepted bonds will cease April 17. V. 108, p.
1061. 974.
S a n A n t o n io B e lt & T e r m in a l U y . —Notes —
See Missouri Kansas & Texas Ry. above.— V. 108, p. lObl.
S t a t e n I s la n d R a p id T r a n s it C o .— Bonds Authorized.
Tho New York P. S. Commission has permitted this company to issuo
and sell at not less than par and interest * 1 , 1 5 0 ,0 0 0 4% Refunding bonds,
duo June 1 1948, interest payable semi-annually. Tho bonds are redeem
able at par and interest on and after Juno 1 1925. The issue is secured
under the company’s *5,000,000 Refunding Mortgage Jxecutwd
1905 to the Guaranty Trust C o., N. Y ., as trustee. I ho proceeds m this
issue are to be applied for discharge or refunding of an equal amount o f t he
company’s obligations to the Baltimore & Ohio RR. incurred ^ acquisi
tions, construction, &c. In tho company s application it was stated
that $1,625,000 was owed tho B. & O. for cash advances, &c.— V .107, p. 182.
Ry.—
T e x a s & P a c ific
Officer
's. S. Moldrum was elected Chairman and President to succeed Wm.
Church Osborn.— V. 108, p. 1166.
U n io n R y ., G a s & E le c tr ic C o .— Refunded.—
We learn officially that the *3,000,000 5% bonds duo April 1 1919 will bo
paid off at maturity at the office of the Banters Trust Co an dth a tih con
nection with tliis payment the company will issue $1,500,000 6% gold
bonds dated Jan. 1 1919 and duo Jan. 1 1922.— V. 106, p. 608.
U n it e d R a ilr o a d s o f S a n F r a n c is c o .— Suit vs. City.
This company on March 25 filed suit against tho city and county of San
Francisco for damages amounting to $4,825,380, due, it is alleged, for dam
ages resulting from tho paralleling by the Municipal Ry. o f tho company s
tracks on Market St.. San Francisco.— V. 108, p. 685.
U n it e d R y s . & E le c tr ic C o ., B a lt im o r e .— Div. Postponed
A Dross dispatch from Baltimore states that tho directors on April 3
tnnlc no action on the common stock dividend, postponing such action until
the semi-annual meeting o f the board in July. The last quarterly dividend
o f 50 cents was paid on Jan. 22. \ . 1U7, p. 1J86.
U n it e d R y s . o f S t. L o u is .— Note Application. —
This comnanv has applied to the Missouri P. S. Commission for permis
sion to issue $2 , 1 6 0 ,0 0 0 7% notes, the proceeds of which will apply to the
Dayment of the *3,235,000 loan granted by the War Finance Corporation.
— V. 108, p. 1276, 872.
W a b a s h R a ilw a y .— New President.
Chairman o f Board, William H. Williams, has been elected President
(succeed E. F. Kearney, deceased— V. 108. p. 1061.
W is c o n s i n T r a c t io n , L ig h t , H e a t & P o w er C o .— Rate.
This company has reduced from 20 to 15 cents tho rato o f fares between
Menasha and Appleton, Wis. V. 101, p. 1093.
I N D U S T R IA L A N D M IS C E L L A N E O U S .
.—
A d v a n c e -R u m e ly C o .— Annual Statement
The annual report, which will bo published in full another week, shows:
Income Account for Company and Its Subsidiaries.
1918.
1917.
Gross profits from operations---------...----- --------------- $3,073,877 $2,101,832
Add— Miscellaneous income, comprising Interest on
receivables, investments and bank balances, dlscounts on purchases, &c------------------------------------319,827
317,394
Total profits and Incomo from all sou rces.............$3,393,704 $2,419,226
Deduct— Selling, general and administrative ex
ponses at homo office and branches— Net______ 1,860,117 1,669,660
Debenture and other interest...............................
144,657
165,201
Provision for Federal taxes.---------200,000
33,808
Net profits and income for tho year-------------------$1,188,929
— V. 108, p. 482.
$550,557
Am erican G lu e C o.— Dividend in “ Liberty” Bonds.—
An oxtra dividend o f 5% has been declared on tho common stock, payahin in Liberty Loan bonds (with adjustment of fractions in cash), in addi
tion to a semi-annual dividend of 5% , both payable May 1 to holders of
record April 17. An extra of 5% in Liberty bonds was paid in Nov. last.
— V. 107, p. 1580.
Am erican
1391
THE CHRONICLE
A p r . 5 1919.]
In tern a tio n a l
Corp — flog
Island.—
President Matthew C. Brush o f the American International Shipbuild
ing Corn has outlined and recommended to (ho Senato Commerce Commfttnn a oroiect to turn the Hog Island shipbuilding enterprise into a great
ftee p o r t e r the handling of freight &c. The testimony o f Mr. Brush is
Dublfshed in a pamphlet profusely illustrated with numerous photographs
showing tho remarkable progress o f the work of converting tho tract of
land upon which tho shipbuilding plant Is now located from a barron waste
to a city o f industrial activity.
A m e r ic a n W r i t i n g P a p e r C o .— Plan Adopted.—The
Committee of which George C. Lee is Chairman, repre
senting holders of Certificates of Deposit of First Mortgage
Sinking Fund gold bonds gives notice by advertisement on
another page that the plan of refinancing has been adopted.
Bondholders who have not yet deposited their bonds may become par
ties to the agreement and be entitled to the benefit of the plan by de
positing their bonds with the Old Colony Trust Co. of Boston and the
Central Union Trust Co., N. Y ., Depositaries, on or before April 15.—
V. 108, p. 880. 685.
"A n a c o n d a C o p p e r C o .— Production (lbs.). —
iq iq March— 1918
Decrease. I 1919— 3 Afos.—-1918
137900,000 28,000,000 14.100,000142,200,000 77,084,000
— V. 108, p. 1276, 975.
Decrease'
34,884,000
A t l a n t i c G u l f & W e s t I n d ie s S S . L in e .— Acquisition.—
This company has issued the following statement relative to the acquisitlon by it of a controlling interest in an oil field in the Tampico district in
Mexico*
“ After an investigation o f the oil situation covering a period o f two years,
the Atlantic Gulf & West Indies Steamship Line has acquired a controlling
Interest in the very valuable property of Gibson, Zahniser & Vincent m the
Southern Tampico oil fields, on which are now located two
wells
with a minimum estimated daily production of more than 1 0 0 .0 0 0 barrels
of ‘20 beaumo’ oil. This property includes an exclusive pipe line concession
to the Gulf Coast, where a 600-acrc terminal site Is located.
Tho oil property, it is stated, will be operated by a company capitalized
at $20,000,000, to be known as the Atlantic Gulf Oil Corp., which willbfl
financed by the A . G . & W . I . S. S. Lines To convey the oil to American
and foreign ports, the company, it is understood, intends ^
ber of steel tank steamships having a carrying capacity of 1 0 ,0 0 0 ,0 0 0 bar
rels a year.— V. 108, p. 881, 785.
—
B e t h le h e m S te e l C o .— New Director Obituary.—
G.
M .-P. Murphy has been elected a director to succeed Nelson D . Jay.
resigned
Secretary B. H. Jones died April 3.— V. 108, p. 1286.
Bright Navigation ■ Co.—Offering of Bonds— Lyon
Singer & Co., Pittsburgh, are offering at 98 and mt. to
yield 7 M % , 8225,000 First Mortgage 7% Sinking Fund
gold bonds, dated April 1 1918, due April 1 1922, secured
by First (closed) Mortgage on the new American schooner
“ Bright” built 1918, of 3,500 tons deadweight carrying
capacity. (A. & O.) at the Commonwealth Trust Co., Pittsburgh, Trus
Interest
tee. Denom. $1,000 c. * , callablo all or part of 103 and ^ erest, on 30
days notico. The company agrees to refund the normal F e d c r a lln c ^ e
Tax up to 4% in so far as it lawfully may and also to refu.nd G1 4 mill
®
Pennsylvania State Tax. Net earnings of tho vessel for the fiscal year
are estimated at over $2 0 0 ,0 0 0 .
B r o o k ly n U n io n G a s C o .— Bond Issue.—
The Now York P. S. Commission has set April 9 for a^hearing of this
company's application for an order authoriizng the issuance o f $2,800,000
0 f ThoeappUcationS
s'ays
that the plant, system and c 6 u^m ent of the com
pany cost $43,095,327. and that its prsent value is greater l ^ n h 9s,£ 5 >
J iS
Between Feb. 1 1914 and Jan. 31 1919 the company expended $2,802^232
for tho extension of its plant and distribution system. The sum named
came out of income and other moneys in the treasury and lt is now desired
^°
Sea 1
Th o *ap'rJ 1 on sa y s^fiirther that the company “ is not^now eMntflS,, and
with the present price of material and labor, cannot earn
expenses, and, therefore, the immediate need of the authoi-ity herein
prayed for to borrow money is imperative. —V. 107, p. 1921. 2 uiu.
(E d w a rd
G .)
Budd
M a n u f a c t u r in g
Offering of Pref. Stock.—Frazier
C o .,
P h ila .—
& Co., William A. Read
& Co. and Brown Bros. & Co. are offering by advertisement
on another page at 97 and accrued dividend, yielding about
8.25%, 81,500,000 8% cumulative pref. stock (par $100).
Divs. F. & A.. Callable all or part at 110 and div.
The company’s plant at Philadelphia containing 650,000 sq. ft. of Boor
space is equipped with modern machinery for the manufacture of stamped
metal goods; the principal products being all steel automobile bodies
and parts. Compare offering V. 108, p. 12(7.
.—
C a lu m e t & H e c la M in in g C o .— Earnings, & c
Production, Ac.—
1918.
Amf l
1917.
„S °rj,
per Lb.
per Lb.
Copper produced, lbs. & cost 67,968,357 at 21.05c. 77.495,283 at 12.60c.
°lb 5 “ W
“
g . ! ! r . r: 17.967.381 at 12.60c. (new report ’g method)
Trital lh«s and cost
85.935.738 at 19.29c.
D eliv ered y ea r^ lb s'. &Vost 78.367:248 at 19.29c.
77,495.283 at 12.60c.
59,527,902 at 12.60c.
On hand end of y ea r.......... 7.568.490 at 19.29c. 17,967.381 at 12.60c.
Sales, Price Received, Ac.—
H ered (as S h o v e ) ^ - - . ^ . S 19,027.052 at 24.28c. $16,900,576 at 28.39c.
Prn v ery 0 o s t ^ ‘ " ^ ! - i - - t 15,507,297 at 19.79c.
c
7,746,126 at 13.01c.
Net earnings---------------------$3,519,755 at 4.49c.
Add divs. from other cos----- 1,856,941
Other miscellaneous item s..
822,850
$9,154,450 at 15.38c.
3,200,576
846,012
$13,201,038
$979,47$
Total n e t-..........................
Deduct— 1917 Federal taxes.
Obsolescence and depreciat’n
Dividends paid-------(220%)
Reserve 1918 Fed. tax. (est.)
Sundry items........................
$786,834
364,918
5.500,000
600,000
98.598
B a la n ce _____________ def.$1,150,804
(340%)8,600.000
68*646
sur .$3,652,918
x Depreciation of plant, $2,022,765; depletion o f mineral deposit, $1,579,
785- total *3.602,550, charged against reserve established for same.
Current assets Dec. 31 1918. $ 1 6 ,0 8 5 ,8 5 1 . against $13,261,422; current
liabilities. $3,519,925, against $2,634,937— V. 108, p. 1062.
1392
C e n t r a l F o u n d r y -J C o .— E arnings.
Cal. Year—
1918.
1917.
1918.
s
$
$
Sink. fd. & deprec.337,143
Gross earns, (after
expenses)______ 793,703 2,180,971 Federal taxes___ 38,639
Other Income___ 13,486
22,941 Interest_________ 127,312
1917.
s
286,290
558,563
130,618
Total Income_ 807,189 2,203,912
_
Net profit_____304,095 1,228,441
President R esigns .—
do Courcey Cleveland has tendered his resignation as President and a
member o f tho directorate and the Executive Oommitteo of this company
and its subsidiaries. It is understood that as yet no successor has boon
selected.— V. 107, p. 2010.
C o lt ’ s P a t e n t F ire A rm s C o .— A nn ual M eetin g .—
At the meeting it was announced that Col. Charles M . .Tarvis had
resigned as a director, and Charles D. Rico, of tho Underwood Typewriter
C o., was elected to fill tho vacancy. Tho following directors woro elected:
W . C. Skinner, Frank A . Schirmer, Louis R. Chenoy, Morgan G. Bulkoley,
D . Newton Barnoy, Lewis Sperry and Charles 1). Rico. Stockholders
also authorized tho members to elect two now members at any time they
saw fit during tho ensuing year.
It is stated that last year s gross business amounted to approximately
$32,693,548, which compares with the previous year’s business of $16,215,
416. Unfilled orders on tho books at the present time are approximately
$6,000,000. Earnings for the year, after depreciation charges, etc., wero
given as $6,318,486, against last year’s figures of $5,444,929. After divi
dends, depreciation and allowances for taxes, surplus is $4,749,002, against
last year’s figure of $4,072,148. In Jan. 1918 paid a dividend of 12%; and
in April, July and Oct. 10%; on Dec. 31 1913, 10%.
Balance Sheet Dec. 31.
1919.
1918.
6,4 0 5 ,0 9 8
9,8 5 9 ,5 1 9
14,845
1,879,019
1 ,034,893
5 ,4 9 7 ,5 5 5
5,5 0 9 ,1 7 9
34,733
1,443,493
3 ,2 3 4 ,9 8 7
Assets—■
S
P la n t .........................
I n v e s t m e n t s _____
D e l. ch g s. prep a id
A c c o u n ts r e c c l v - C ash & In v e n to r y -
$
T o t a l ................ -.1 9 ,1 9 3 ,3 7 4 1 5 ,7 19,947
— V.
108, p.
[V ol . 108
THE CHRONICLE
1062.
Liabilities—
C a p ita l......................
A cco u n ts p a y a b le .
A d v a n ce p a y m en ts
R e s e r v e ................
S u r p l u s ....................
1919.
$
5 ,0 0 0 ,0 0 0
1 ,7 3 2,470
8 8 5 ,8 0 5
6 ,8 2 6 ,0 9 1
4 ,7 4 9 ,0 0 2
1918.
$
5,0 0 0 ,0 0 0
2,7 3 6 ,5 2 2
1,611,277
2 ,3 0 0 ,0 0 0
4 ,0 7 2 ,1 4 8
T o t a l ..................... 1 9 ,1 9 3 ,3 7 4 15,719,947
.
Corn Products Refining Co.— Final Decree of bissolu
tion. —Judgo Learned Hand in tho United States District
Court at New York on March 31 filed a final decree order
ing tho dissolution of tho company not later than Jan. 1
1921, in accordance with the terms of a settlement which
tho company has agreed to accept. In June 1910 tho Court
held the company to have violated tho Sherman Anti-Trust
Law and ordered tho filing of a dissolution plan within 120
days. An appeal was taken to tho U. S. Supremo Court
(V. 103, p.63, 1891,2345). This appeal is now withdrawn.
President Bedford confirms tho statement that “tho sale
of tho plants involved in the decree will not bo followed by
a reorganization or readjustment of the capital of tho parent
corporation.” Instoad of this, the proceeds of the several
sales will be used to pay off tho funded debt resting on these
plants.
Extracts from the Decree.
T h o d e f e n d a n t , w i t h a l l r e a s o n a b l e d i l i g e n c e , a n d in a n y o v e n t n o t la t e r
t h a n J a n . 1 1 9 2 1 , s h a l l , s u b j e c t t o t h e a p p r o v a l o f t h o c o u r t , s e l l a n d d is
p o s e o f it s p l a n t s a t G r a n i t e C i t y , I I I .; D a v e n p o r t , I o w a ; it s in t e r e s t in t h o
s t o c k a n d o t h e r s e c u r it ie s o f t h o N a t i o n a l S t a r c h C o . , w i t h i t s p l a n t a t
O s w e g o , N . Y . , a n d t h o s t o c k a n d s e c u r it ie s o f t h o N o v o l t y C a n d y C o . ,
w h i c h h a s p l a n t s a t C h i c a g o , 111., a n d J e r s o y C i t y , N . J . , t o a p e r s o n o r
p e r s o n s , i n c lu d i n g c o r p o r a t i o n s , n o t c o n t r o lle d b y o r a f f i l i a t e d w i t h th o
C o r n P r o d u c ts R e fin in g C o ., o r a n y o f its o ffic e r s , d ir e c to r s , a g e n ts or
a f f i l i a t e d c o r p o r a t i o n s , a n d i f s u c h p u r c h a s e r b e a c o r p o r a t i o n , n o n e o f th o
d e f e n d a n t s , a n d n o o f f i c e r , d ir e c t o r o r s t o c k h o l d e r o f t h o C o r n P r o d u c t s
R e f i n i n g C o . o r a f f i l i a t e d c o r p o r a t i o n s s h a ll h a v e a n y s u b s t a n t i a l in t e r e s t
in t h o s t o c k o r o t h e r s e c u r it ie s o f s u c h p u r c h a s e r .
A n d t h o c o m p a n y , o r a f f i l i a t e d c o r p o r a t i o n s , s h a ll n o t h a v e a n y o ffic e r s
o r d ir e c t o r s in c o m m o n w i t h s u c h p u r c h a s e r , n o r s h a ll a n y d e f e n d a n t b o
su ch p u rc h a se r.
O n ly p e r so n s o r c o r p o r a tio n s in te n d in g to c o n tin u e th o
b u s i n e s s s h a ll b o e l ig ib lo a s p u r c h a s e r s .
Statement Issued by Attorney-General Palmer Folloioing Signing of Decree.
“ T h e r e s u lt ( o f t h o d i s m i s s a l o f t h e a p p e a l b o fo r o t h o S u p r e m o C o u r t !
Is t o p u t i n t o f u l l f o r c e a n d e f f e c t t h o d e c r e e o f t h o D i s t r i c t C o u r t w h ic h ,
a f t e r a d j u d g i n g t h a t t h o u n io n o f c o m p e t i t o r s o n s o l a r g e a s c a le t h r o u g h th o
I n s t r u m e n t a l i t y o f th o C o r n P r o d u c t s C o . w a s a c o m b i n a t i o n in r e s t r a i n t o f
t r a d e , o r d e r e d t h o d i s s o l u t i o n o f t h o c o m b i n a t i o n a n d e n jo i n e d it fr o m
f u r t h e r p u r s u i n g c e r t a i n t r a d e p r a c t i c e s s e t f o r t h in d e t a i l in t h e d e c r e e .
“ A s a s t e p t o w a r d c o m p l i a n c e w it h t h o l a w , t h o c o m p a n y h a d h e r e t o fo r e
d is p o s s e s s e d i t s e l f b y o r d e r o f t h o D i s t r i c t C o u r t o f a ll it s in t e r e s t in th o
c o r p o r a t i o n o f P e n ic k & F o r d , L t d . , w h ic h w a s o n o o f Its p r in c ip a l c o m p e t i
t o r s in s y r u p s .
T h o d e c r e o lo a v e s t h o c o m p a n y w i t h p l a n t s a t A r g o a n d
P e k i n , 111., a n d E d g e w a t e r , N . J . , o n l y .
“ F i n a l l y , t h o d e c r e e p r o v i d e s t h a t i f a t t h o e x p ir a t io n o f t h r e e y e a r s t h e
m e a s u r e s t h e r e in d i r e c t e d a n d t h o s e d i r e c t e d b y t h o p r e v i o u s d e c r e e s in
t h o c a s e h a v o n o t p r o v e d a d e q u a t e in t h e o p i n i o n o f t h e G o v e r n m e n t t o
r e s t o r e c o m p e t i t i v e c o n d i t i o n s in t r a d o a n d c o m m e r c e in s t a r c h , g l u c o s e ,
& c . , a n d t o b r in g a b o u t a s i t u a t i o n in h a r m o n y w it h l a w , t h o G o v e r n m e n t
s h a ll h a v o t h o r i g h t t o s u c h fu r t h e r r e l i e f in t h o p r o s o n t c a s o a s m a y b o
n ecessary to th a t en d .
" I t is t h o v ie w o f th o A t t o r n o y - G e n e r a l t h a t t h e r e s u lt in t h is c a s o , c o u p le d
w i t h t h o s i m i l a r d e c r e o e n t e r e d l a s t N o v e m b e r a n d in t h o H a r v e s t e r c a s o ,
s h o u l d g o f a r t o w a r d c le a r in g a n d s e t t l i n g t h e la w o n t h is i m p o r t a n t q u e s
t io n .”
Pros. E. T. Bedford, after tho signing of tho decreo, in
an interview (as confirmed for the “Chronicle”), said in
substance:
“ W h i l e t h o d e c r e o is m u c h m o r o d r a s t i c t h a n t h o c o m p a n y h o p e d , it
l e a v e s f o r t h o c o m p a n y t h o i n t e g r i t y o f it s t r a d e -m a r k a n d o r g a n i z a t i o n ,
o x c e p t t h o t r a d e - m a r k s o w n e d b y t h o N a t i o n a l S t a r c h C o . , a n d 1 t h in k
i t Is a f a ir s e t t l e m o n t in t h o in t e r e s t s o f t h e s h a r e h o l d e r s .”
T h o p l a n t s w h ic h m u s t b e d i s p o s e d o f b e f o r e 1 9 2 1 s h o w e d e a r n i n g s l a s t
y e a r w h ic h w e r e e q u a l t o t h e t o t a l p r e -w a r e a r n in g s o f t h o e n t ir o o r g a n i z a
t i o n , a n d t h e c a n d y p l a n t s a l o n e m a d e $ 1 , 0 0 0 , 0 0 0 a n d p a i d a $ 7 0 0 ,0 0 0 e x c e s s
p r o fits ta x .
P r e - w a r e a r n i n g s o f t h o c o r p o r a t i o n in 1 9 1 3 s h o w e d t o t a l i n
c o m e o f m o r o t h a n $ 3 , 6 6 5 , 0 0 0 , w i t h a s u r p lu s a f t e r d e p r e c i a t i o n , in t e r e s t
c h a r g e s , t a x e s a n d i n s u r a n c e , a m o u n t i n g t o $ 7 8 4 ,8 5 5 .
I n t h e f o llo w in g
y e a r t h o t o t a l i n c o m e w a s m o r e t h a n $ 3 , 8 7 7 , 0 0 0 a n d s u r p lu s w a s $ 8 1 1 ,9 4 3 .
C o m p a re V . 1 0 3 ,p . 6 3 , 16 89 , 18 91 , 2 3 1 5 ; V . 1 0 5 , p .5 0 1 ; V . 1 0 6 ,p . 9 0 .
S ee A n n u a l R e p o rt, V . 1 0 8 , p . 1 2 6 8 .
(E. I.) du Pont de Nemours & Co.—Export Company
Opens Offices in New York, London, & c .—
T h o E . I . d u P o n t d o N o m o u r s E x p o r t C o . , o r g a n iz e d b y th o d u P o n t
C o . t o c a r o f o r i t s e x p o r t b u s i n e s s , o n A p r i l l o p e n e d it s m a i n o f f i c e s in
t h o E q u i t a b l e B u i l d i n g , 1 2 0 B r o a d w a y , N . Y . C i t y , w it h b r a n c h o ffic e s
in S a n F r a n c i s c o , M e x i c o C i t y , L o n d o n a n d R i o d o J a n e i r o .
T h e o ffic e r s ,
in c lu d in g s o m e a d d it io n s m a d e n e c e s s a r y b y th o b r o a d e r s c o p o o f th e n ow
c o r p o r a t i o n , a r e a s f o l l o w s : F . W . P i c k a r d , P r e s .; W . S . G a v a n , V . - P r e s . &
D i r e c t o r o f S a l e s ; F . D . B r o w n , T r e a s .; A l e x i s I . d u P o n t , S e c .
D ir e c to r s
In a d d i t i o n t o M e s s r s . P i c k a r d , G a v a n a n d B r o w n : F . C . P e t e r s . J . E .
H a t t , C . L. P e t z o a n d J . A . B u r c k e l .
A f t e r - t h e - w a r c o n d i t i o n s , b r i n g i n g w i t h t h e m g r e a t d e m a n d s f r o m fo r e ig n
c o u n tr ie s fo r A m e r ic a n p r o d u c ts , g a v o su c h a n im p e t u s to th e d u P o n t
C o m p a n y ’s f o r e i g n t r a d o t h a t t h o c o m p a n y d o o m e d i t w iso t o f o r m t h is
s e p a r a t o o r g a n i z a t i o n , w h ic h w ill t a k o o v e r a ll o f th o f o r e i g n i n t e r e s t s in
t h o v a r i o u s c o m m e r c i a l i n d u s t r ie s t h o c o m p a n y h a s b o o n d e v e l o p i n g . T h e s e
i n c lu d e d y e s , in t h e m a n u f a c t u r e o f w h ic h t h o U n i t e d S t a t e s e x p e c t s t o
s u p e r c e d e t h o G e r m a n s w h o h a v o c o n t r o l l e d t h o d y o m a r k e t f o r n e a r ly
half a century. A large paint trado, tho export of chemicals, leather sub
stitutes, ivory pyralin and other du Pont products will be included among
tho activities of tho now company.
Tho Nemours Trading Corporation was incorporated in Delawaro on
March 31 with $12,000,000 of auth. capital stock, tho incorporators in
cluding J. II. Nixon, New York; Charles B. Bishop, A. M . Fox of Wilming
ton. Compare annual report in V. 108, p. 1054, 1063.
Endicott Johnson Corporation.— Offering.of Preferred
Sachs & Co. and Lehman Brothers an
nounce, by advertisement on another page, tho sale at $100
per share, of the 7% cum. preferred (a. & d.) stock of this
company, incorporated March 31 1919 in Now York Stato,
of which there is authorized and presently to bo issued
$15,000,000. Dividends Q.-J.
Stock.—Goldman,
Capitalization—
Authorized. Issuable.
7% cum.pref.,divs.from July 1 (cum. from Apr. 1) .$15,000,000 $15,000,000
Common stock (par value $50)__________________ 21,000,000 14,000,000
Data from Letter o f Pres. Henry B. E nd icott, Dated April 2 1919.
Organization.— Forty-five years ago I started in tho leather business in
Boston, with a cash capital of $2,800. In 1894, out of earnings, I put
$10,000 into the Lestersliire N. Y . M fg. C o., and was mado Treasurer of the
company. In 1902 tho name was changed from the Lestershire M fg. Co.
to Endicott Johnson C o., shortly afterward to Endicott, Johnson & Co.
Plants.— These are located at Endicott and Johnson City, N. Y . Five
tanneries, two shoo factories, a large machino shop, a largo sales depart
ment, and our main office are at Endicott, N. Y ., and five shoo factories,
a carton factory, a foundry, a leather trimming factory , and a leather-board
mill are located at Johnson City, N. Y ., about four miles from Endicott.
Product.— This consists largely of men’s and boys’ and misses’ and chil
dren’s medium-priced staple shoos. We sell wholesale and retail. Cus
tomers number about 50,000. Wo averago tho manufacture of about 70,000'
pairs of shoes a day. Employees number some 12,000 hands.
Charier Provisions.— (a) Without tho consont of at least 75% of each
class of stock, the corporation cannot mortgage any of its property nor in
crease the pref. stock nor issue any stock prior or equal with said pref. stock.
(&) The prof, may be redeemed, all or part, at any time, upon 90 days'
notice, at $125 and dividends.
(c) On or before Feb. 1 1921, and each year thereafter, the corporation
shall acquire by redemption or by purchase, at least 3% of the largest
amount of pref. stock at any one time outstanding.
(d) No common dividend until: (1) Tho current as well as accumulated
dividends on pref. stock is paid. (2) All arrears in respect of subdivision
(c) shall bo made good.
(e) Pref. stock will vote equally with tho common.
Initial Balance Sheet and Sales and Profits Statements as Reported by
Public Accountants.
Balance Sheet.— Introducing assets to bo acquired as o f Dec. 28 1918 from
.the co-partnership, subject to the liabilities to bo assumed, together with
‘additional cash capital, $5,000,000, to bo provided upon tho completion
of organization.
Initial Balance Sheet.
Assets •
Liabilities.
Land, bldgs., mach., & c. $9,700,000 7% cum. pref. stock____$15,000,000
Inventories____________ 11,757,571 Common stock_________ 14,000,000
Accounts and notes re
Notes payable_________ 7,025,000
ceivable, less reserves- 8,086,882 Acceptances payable____ 1,216,948
Sundry investments____
10,500 Loans pay’le to employees 1,451,450
U. S. Liberty Bonds____ 1,160,009 Accounts payablo_________________ 952,870
U. S. Ctfs. of Indebted’s 1,500,000 Rcservo for income tax,
Cash in bank & on hand. 8,567,516
year 1 9 18---............... 2,900,000
Investments in affil. cos.
248,874 Surplus............................. 4,891,088
7,000,000
G o o d w ill,-....................
Total Each Sido...........$48,037,356
Deferred charges_______
4
Sales and profits before provision for Federal excess profits tax and
Federal and Stato income taxos, after deduction of expenditures on Improve
ments and additions, at least adequate to cover depreciation, and without
adjustment for tho increased cash capital.
.
Cal. Year—
1914.
1915.
1916.
1917.
1918.
Sales_____$20,422,013 $26,070,404 $34,515,401 $44,144,637 $52,896,275
$4,398,187
Profit.........$1,910,149 $2,174,430 $3,669,797 $4,630,471
Division of Profits to Employees.—
A statement’signed by President Endicott and Goorgo F. Johnson has
beon issued announcing a plan of division of profits with employees. Tho
statement reads in substance:
"Labor is entitled to fair wages, good working conditions, reasonable
hours, and fair treatment. Accordingly, wo annoutico tho following plan:
Each year, after the 7% dividend has been paid on tho pref. stock, and 10%
set apart on the common stock, the balance of profits, if any, shall bo split
50-50 between tho workers and tho owners of tho common stock. Every
worker who has beon in tho omploy of tho company throughout tho entiro
year will share and share alike, which moans that tho highest paid and lowest
paid worker, and all botwoon, receive tho samo amount either in common
stock or cash. Divisions mado onco a year. Plan commences as of Jan. 1
1919. First division as soon as possiblo after Jan. 1 1920.”
Eureka Pipe Line Co.— Dividend
Reduced.—
A quarterly dividend of $4 per share has been declared on $5,000,000
outstanding capital stock, payablo May 1 to holders of record April 15.
This compares with $5 paid in Feb. last and Aug. and Nov. 1918, provious
to which $ 6 was paid quar.— V. 108, p. 584.
Federal Dyestuff & Chemical Corp.— Second
Dividend.
Judge Hough in tho United States Court at Now York, In the creditors’
suit instituted by tho Contral Foundry Co., has ordered tho receivers of this
company to pay a second dividond of 1 4 % in addition to the first dividend
of 7% already paid, q’his order, it is stated, was mado at tho request of the
receivers, who advised that tho amount of assets in thoir possession justifies
payment of this second dividond.— V. 107, p. 1103.
General Asphalt Co.— Listed.—
The Philadelphia Stock Exchange has listed $150,000 additional common
stock issued in oxchango for $ 1 0 0 ,0 0 0 preferred stock, surrendered for
cancelation, making tho total common stock listed at this date $11,224,150
and reducing tho preferred stock listed to $13,183,900.— V. 108, p. 1168.
General Motors Corp.— Extension
Plans. —
A press report from Dotroit refers to an announcement by this company
of a plan for tho extension of its plants to various parts of tho country,
involving an expenditure of over $37,000,000. Of tho total budget, $28,
000,000 will, it is stated, bo oxponded in Michigan, moro than $4,000,000
each in Janesville, Wis., and St. Louis, $800,000 at Muncio, Ind., and
$1,028,000 at Bristol, Conn.
In the $12,650,000 allotment to Detroit is included an item of moro than
$6,000,003 for a 15-story office building. In addition to tho monoy to bo
expended in the United States $6,000,000 will bo invested at Walkervillo,
Ont., where a new plant for tho Cadillac Motor Car Co. division will bo
erected.— V. 108, p. 1277, 976.
(B. F.) Goodrich Co.—-War
Production .—•
Tho production of war materials by this company during tho war was
recently summarized in tho “ Boston Nows Bureau” as follows:
Tho Goodrich factories supplied eight hugo observation balloons, 55,000
comploto gas masks, many thousands of pneumatic anil solid tires, and
miles and miles of outpost wire, rubber insulated. For tho army tho com
pany manufactured 650,000 gas mask face pieces, and over 8,000,000
separato gas mask accessories of eight different kinds, consisting of rubber
hose, mouthpieces and flutter valves.
In addition to tho eight observation balloons tho company turned .out
362 kite balloons, ten supply and threo target balloons, a total o f 383.
Other war material turned out by tho company’s factories included:
50,000 raincoats and ponchos.
41,470 foot of rubber tubing.
802,662 pairs rubber footwear.
1,504,400 feot rubber lioso,
25,000 feet rubber belting.
1,500,000 foot rubber cord for aero
planes.
13,047,831 rubber mechanical and surgical articles.— V. 108, p. 779, 484.
G o v e r n m e n t C o n tr o l o f T e le g r a p h s .— Rates.—
The Postmaster-General has announced an increaso of 20% in’ domcstlc
telegraph rates offcctivo April 1
G r e a t A t la n t ic & P a c i f i c T e a C o ., I n c . —
I s la n d R e f i n i n g C o r p o r a t i o n .—
H a s k e ll & B a r k e r C a r C o ., I n c . — E
Years
a r n in g s
E d g^J n a ^3L
n m a u ry
Gross earnings- - - - - - ..............................
.—
1916-17.
$1,135,367
305,749
135,000
& oo» .
165,000
(83)660.000 ___________
gurplug
...................................... *$2,761,917
$1,380,859
K fillv - S n r in e f ie ld T ir e C o .—
rU rr e !n ckhoIdersno a S
IT
ston
an
31 authorized an increase in the common
stock from $ 5 029 0 0 0 to 510,000,000, thereby ratifying *ke plan pro
posed which provides for the distribution of 3 % stock in addition to the
regular quarterly dividend of 4% in cash. Compare V. 108, p. V/t. Jto.
$529,618
In t. Payments Resumed.
intereat^potfit^bonded^fndebtedneMy^nd'at
tion of tb o p a y m o n to fn illm tc r
the total amount o f interest
faco value o f its bonds.— V. 108, p. 175.
on * *
H u d s o n R iv e r V e h ic u la r T u n n e l . —
1 191 8 t0
10% 0f
Legislation
K e n n e c o t t C o p p e r C o r p .— Dividend Reduction— Presi
dent Birch has issued the following in connection with the
mailing of the March 31 dividend checks:
Stock
&
Tn s e n d i n g t h e d i v i d e n d c h e c k f o r t h e q u a r t e r e n d e d M a r c h 31 1 9 1 9 .
I wish to state that it was deemed advisable by the directors to reduce the
dividend to 50c. per share, because of the impossibility o f disposing o f the
_i ..inn|
ponner on account of the abnormal conditions now ob*
th 0
—
T h e New Jersey Assembly has passed the Senate bill authorizing theconi no
|1infier the Hudson River between Manhattan and Jcrs e v 'c it y .'“t o b o bSllt and maintained by the States of New Jersey and
Now York.— V. 108, p. 1278, 977.
I n d i a n a P o w e r & W a t e r C o .—
Bonds.
The Indiana P . S. Commission has granted this company perm tolon to
issu e $ 1 6 0 ,0 0 0 in Prof, stock and $340,000 in bonds for plant extensions
and betterm ents.— V. 107, p. 2012.
TTpxjQtnnp Stool & W ir e C o .— Botids (Jailed. ~
,?a ? i K S T s n ^ & J ' S f i # ? s s M k »tocncy "f " o company m
sn
s «hS jf o r o .t * s w w i
? £
Negotiations for
Purchase by Government Dropped— Statement byi Pres. Franklin.
I n t e r n a t i o n a l M e r c a n t ile M a r in e C o .—
—Pres. Franklin in a statement given out on 1 bursday
setting forth that the Federal Government would not
further consider the acquisition of the company s lintisli
0 D"?;!,«t0tS »T cS ; f m
. . i.»a
Dividend— Plan Ratified.
Tho directors have declared a quarterly cash dividend of $1 per share
a n M d M t o d of 3% on the $4 907,200
Lssiicd.0 ^Negotiable0warrants which may be ex<*anged with m ber^arronts
aggregating in faco value one share of the common stock, will be issued
*SubJect to 1918 income and war excess profits taxes estimated at
$2,220,000.— V. 107, p. 295.
W o r k in g 1 V a lle y P r o d u c t s C o .—
Organization, <
fee.
See Island Oil & Transport Corp. above.
S a le s .—
Sales—
1918-19..
1917-18...
Increase.
F oM ^m os. end. Mar. 1...$151,691,919 $126,004,958 $25,686,961 or 20%
— V. 106, p. 2013.
.
R lts for
esu
1393
THE CHRONICLE
A pr . 5 1919.
I S llffi
t
New York, at 102J4 and interest.— V. 107, p. 21J2.
. . . . .
Directors.—
L ps T ir e & R u b b e r C o .—
The board of directors has been increased from 9 to 11 by the election
t o dp It. Cour and II C Jones.
President Watson is quoted as saying
that tlie^reason*'for* the inwease in the m ^ r s h i p
the fact that the management expected to merge the
lire ^ iuidd
Co. of Pennsylvania, the operating company, and the Lee Rubber s ime
Corn of New York, the holding concern, thereby eliminating tne aupi ea
tion of any accounts and also bringing about a saving in taxpay ng.
V. 108, p . 1169.
L is-ffett & M yers T o b a c c o C o .—
conditions, was acceptable to our boar
being adjusted wo were re
While the details of the transaction weref m i ^
the mattePi and
quested by our GoXfr<",f^Ancd by our Government that approval of this
on Nov. 26 wo were Imormea P-C. our Government, under the clrcum8tie c^ w 0preparId to takeover the ownership of these vessels upon the
n
a8n
terms of the British offer.
rins
.
endeavor to obtain a consummation
Since
received a letter
of tho transaction
■ Anril 1 inform!nor us that thoy could not
Obituary.—
Vice-Prcs. Robert D. Lewis died April 3.— V. 108, p. 1064.
L u d lo w M a n u f a c t u r in g A s s o c ia t e s .—
New Stock.
The stockholders will vote April 8 on a proposal to issue 20,000 shares of
new stock at $100 per share.— V. 108, p^ 385.
‘
A nnual Report.-
,deTheP
posiUonmof,:th^ com panyis v c ^ s a t o f a c t w y a s tho 1iquld assets,
^ ^ ‘oO 0 0 G ^^bf>
O
th*s*u^™pp” o 3dnuUelyS$4ll ! 0 0 0 l,0 0 0 SrepraMnts the pro
ceeds of stidmers o d or lost, in replacement of which other vessels must
Sltimatolv bosemired in order to adequately maintain our services at their
n ro-w ar'stan d ard .It should be further understood that tlio larger part
abovo cash Is In tho possession of tho British companies, and that the
oLnings of tlJSe companies can only bo obtained from them through current
dl Whlhfdefinite figures aro not yet available, tho most recent estimates
indicato that tho earnings for 1918 will be approximately tho same as those
f°Tiie'tonnago o f the International Mercantile Marino Co. fleet, *no$Mtnnn
Its interest in steamers jointly owned, amounts approximately to 984,000
onsn£ o ss d lvid X u bstan tia ily as to flags as folfows: American 113 000
tons; British, 853.000 tons; Belgian, 18,000 tons.— V. 108, p. 883, f 8 f.
Island Oil & Transport Corp.— Organization of Sub
sidiary Co.— Right to Subscribe to Bond Issue— Financing t tan.
Holders of stock (v .t.c .) ef record Apr. 7 1919, are given
the right to subscribe at 92 J ^ % for $4,500,000 7 % and
participating bonds of a now company to bo known as the
Island1Refining C o ., which as a subsidiary enterprise will
engage in tho extraction of fuel oil, gasoline and other prod
ucts of petroleum. (See advertisement on another page.)
Data from Letter of V.-Prcs. Lasher to Holders of v .t.c ., Dated Mar. 29
O ra n n lta H o n — T o a c c o m p lis h t h e s e o b j e c t s t h o I s l a n d R e f in i n g C o r p .
h a s K n o r g a n i z e d in V i r g i n i a w i t h t h e f o l l o w i n g a u t h o r i z e d c a p i t a l I z a t o n .
$ 6 non nno 7% and Participating 10-year gold bonds, to bo dated April 15
$6,000,000 7 % ™ ^ ^ ma£ure £ pril lg 192g.
sun non nno capital stock (in shares o f $ 1 0 0 par value each).
In addition to interest, holders o f the 7% bonds will be entitled to a Pto
rata shore of an annual distribution of 2 0 % o f tho not casings (after de
ducting sinking fund requirements) o f tho corporation for the preceding
The Island Refining Corp. will construct (itself or through
8 ^ d oc2 .
c
T ^
^^^sSor^C^or^^im ther^in^uba^anV^tie'uUnH ^tlio^ul's/adj'acent t^
£& f c
:
4
h e ^ l ° n t ^ ^ n a 8d w W
a
u n
e ^ p M
5 S 8 S 8 ? £ 3 iK
g a S c c u r « t f d — 'T h o b o n d s w i l l b o a d i r e c t f i r s t m o r t g a g e o n t h e A m e r i c a n
n l a n t a n d b v t h e n ° e d g e o f a l l t h o s t o c k o f t h o c o m p a n y o w n i n g t h o MoxlS n p l a n t , a n d b y P n o t le s s t h a n 2 - 3 d s o f t h o s t o c k o f t h e c o m p a n y o w n -
ln ConUo?.-AH Sf the stock o f the Island Refining Corp. is to be acquired
and owned by tho Island Oil & Transport Corp.
«nnctnmHnn
Bond Issue.— For tho purpose of obtaining umds for the constniction,
equipment and operation of tho plants, and for working capital, the Island
Refining Corp. will sell $4,500,000 of its 7 % and Participating bonds.
Right to Subscribe.— Holders of v. t. c. for stock o f tho Island OB & TransDort Corp. of record April 7 1919 may subscribe at 92 H % In tho proportion
of $100 o f bonds for each 50 shares o f stock represented by v . t. c. Denom.
° f Subscription''wwSanto wifi1 be mailed. Fractional warrants will be issued
ln respect of fractions of 50 shares o f stock, good for subscriptions when
tendered in amounts o f $ 1 0 0 or multiples thereof.
Payments for bonds must bo made on or boforo April 15 1919 at tho
office of A. B. Leach & C o., Inc., N . Y .
_ . .
_
A syndicate has been formed which has underwritten the offer of the
bonds, and any bonds not taken by tho shareholders will bo sold to said
^Colcmel'George A. Burrell has boon made President o f tho Refining Corp.
the newly organized company.
mm! Island Oil & Transport Corn, announces That during the month of
ATapeh 6 6 8 841 barrels o f oil were shipped through tho company s lines and
S o r e d on board ta n k e rs.-V . 108, p. 385
1916.
$6,787,117
4,634,713
$2,990,026 $2,433,633
2 , 1 1 1 .8 8 6
2,642,912
i s thosBritish synoieaw.
i
S K fS f S M
with
ln the United States income and
signed, and 'there haw son ll ; ^h
situation. All of these matters
oxcess profits tax laws, anu
of directors should carefully review tho
make It essenttal that "A ,
whether it is now desirable to renew tho
wh° w U h t h o BriUsh syndicate; or whether it might not bo prefera X toconfim io o u r^ o w n S S h W tho various properties, with the view of
1917.
$7,831,509
5,397.876
$2,152,405
1,730,256
$347,114
84,740
a38,392
$321,747
86.807
36,369
$422,148
87.500
27.500
$223,982
$198,571
$307,148
1918.
$9,607,251
6,617.225
Calendar Years—
Preferred dividend ( 7 % ) - - - - - - ------Provision for retirement of stock------
a Provision for retirement of preferred stock, less discount of $5,608
on stock retired during 1918.
_
, 9fiQ
For comparative balance sheet, see V. 108, p. 12by.
M a ritim e T e le g r a p h & T e le p h o n e C o .—
New Stock.—
Common and preferred shareholders of
scares*
nriviWA of subscribing for one new share of a block or d8 .«5U snares,
U
ivir Sin 7% Series “ B” cumulative pref. stock for each 6 shares heId,
ments to be madefn full on subscription or 25% on or before April 1. M ay 1.
JUThe purpose for1which the new stock is being Issued is altogether for new
additions to the plant.— V. 106, p. 1465.
M e x ic a n E a g le O il C o .—
Control.—
. . .
A nres.s dispatch from London on April 3 stated, that arrangements had
becnP
compIeted by the Shell interests for the acquisition of eontroI of this
rom nan^which will remain a separate company. A meeting of the share
holders to authorize new capital for the Shell company to be issued at par
is expected in the near future.— V 108, p. / 8 8 .
M id v a le S te e l & O r d n a n c e C o r p .— Dividend
ESi&as
annual report on a subsequent page.
Reduced.—
V. 105, p. 914.
M id w e s t R e f i n i n g C o .—
Extra Dividend.—
M in es C o . o f A m e r ic a .—
Suit Discontinued .—
S
dividend^ o f" 50 cents per share has been declared on the out
standing capital stock in addition to the regular quarterly of $ 1 . both
payable May 1 to holders of record April 15.— V. 108, p. 977.
V. 108, p .385 .
.
M o t h e r L o d e C o p p e r M in in g C o .—
Injunction Dismissed.
President James J. Godfrey is quoted as saying: The Supreme Court of
the afate of Washington on Mar. 28 rendered a decision reversing and dismilsiM an injunction obtained by an objecting stockholder on Nov 15
io i«
This in effect had enjoined the Mother Lode Copper Mines Co. of
Alaska rTom rar^ylng out the sale of its property to Stcphen reh!President
ef the TCennorott Copper Corp.l. The Mother Lode Coalition Mines Co.
wiiih
fne its articles^>f incorporat on in Delaware immediately, take over the
propertied now owned ancF operated and proceed with their o p era tion .V. 107, p. 2102.
N n kusn
&
S lo c a n C o .—
Guaranteed Bonds.—
Secfreport o fth c Canadian Pacific R y. Co. in full in last week s issue.
V. 108, p. 1280.
N a t i o n a l F u e l C o ., W e s t V ir g in ia .—
Lien Notes.— Imbrie
Offering of First
& Co. are offering S300,000 7% First
Lien gold notes dated Apr. 1 1919, due serially 875,000 each
April 1 1920 to 1923 incl. Int. A. & 0 . Guaranteed p. & l.
bv Davis Elkins. A circular shows:
The romnanv agrees to pay, in so far as it lawfully may, the normal
The company g
i
refund in Pa. and Mass. Callable all
d t^ m o d anS hit4 at any time upon 30 days’ notice. Denom.
2?
The Equitable Trust Co. of New York, trustee.
$ 1 ,0 0 0
» rpt po» notos arc secured by pledge of tne entire authorized
M^rtgSge^bonds Sfthe company, equal to 133% of this issue.
rrhliaa’IniKHtiite a Arst lien upon all the property and assets of the company.
LSSSSI a
g2 SLl’ o ™ to“
wh 0 v S S T h l S S 'b 'S f t”i5 ni'TtBbui5 , " r Rlvervoln of (to
a
1394
THE CHRONICLE
Those coal lands constitute a part o f those sold from the Elkins holdings
J ® E n g l a n d Fuel & Transportation Co., and, under an agreement
oornpanV0 1 0 tir” 6 ° f th° sal° ’ w®
re"toughtTback through M r! Elkfns for^the
w ^ rw l ^ f ,;T £ l ing th? last six months o f 1918, although development
^
work was in progress and much of the coal output was obtained only from
earnings o f the company were 845,734, or at the rate of more
than four times note interest.
Condensed. Balance Sheet Jan. 1 1919, Revised to Include Financing.
Assets.
Liabilities.
Fixed assets.......................$1,254,670 7% First Lien notes........._ $300,000
Current assets__________
58,169 Capital s t o c k ..................
700,000
Deferred charges to exps . _
34,356 Current liabilities.............
40,945
Reserves
1 n o/vi
Total each side------------ $1,347,196 S u r p l u s . " " : : .................
283 348
r ° P li e s a -! Dlf ectorA vTTDa vls Elkins, Pres.; T . Frank Burke, V .-P res•
I
r,l L
L. S. Meredith, Sec. & Treas.; J. B. Hanford, J. L. Keener.
N ow Y o r k T r a n s p o r ta tio n C o .
— Earnings .—
Press reports indicate results as below for the company and its subsidiaries
June 30 Years— 1917-18.
1916-17.
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .3
G r o s s e a r n in g s ___ $ 2 ,6 6 0 ,7 4 7 § 2 ,2 4 3 ,8 1 6
N e t ,a lt e r ex p en ses
6 4 5 ,9 8 7
5 2 2 ,0 3 2
O t h e r i n c o m e _____
1 2 7 ,4 3 3
1 0 2 ,6 8 1
T o ta l I n c o m e ...
§ 7 7 3 ,4 2 0
T o t a l i n c o m e ...........
C h arges & t a x e s ..
D iv id e n d s ( 1 0 % ) .
$ 7 7 3 ,4 2 0
3 8 1 ,2 2 9
2 3 5 ,0 0 0
$ 0 2 4 ,7 1 3
. 2 3 5 ,0 9 7
2 3 5 ,0 0 0
S u r p l u s --------------
§ 1 5 7 ,1 9 1
$ 1 5 4 ,0 6 1
§ 6 2 4 ,7 1 3
G a s & E le c t r ic
Co .—
m><es.—Bonbright & Co., Inc., N. Y., and H. M. Byllesby
& Co., Inc., Chicago, are offering, by advertisement on
another page, at 99)^ and interest, a new issue of $2,500 000
one-year 7% gold notes dated April 1 1919; due April 1 1920,
but callable, all or part, upon 30 days’ notice at any time
prior to Oct. 1 1919 at 100% and int. and thereafter at 100
and interest.
O ffe r in g
o f
One-year 7% gold notes (this i s s u e ) . ^ H ^ o l o o o
2 500 0d0
Three-year 7% notes, due 1921____________ ____ 1,250,000
— ’—
332,500
First Mortgage o% bonds, due 1929..................... 5,000,000 b 2 ,788,000
Divisional bonds on Enid, Muskogee and Sa2,047,500
Divisional prof, stock o f Mus"koge'e"Gas"&"Eiec."Co”. Closed
262,700
a $262,700 pref. stock is resorved to retire by exchange a like amount of
M u?£°?eo Gas & Electric Co. prof, stock, b Not including $475,000 bonds
pledged to secure $332,500 3-year 7% secured notes, due Sept. 1 1921.
e tn o m n e w
been made for the retirement o f the present outstanding
* 1 2,2,00p 6 % debenture bonds, dated Oct. 1 1912 and due Oct. 1 1922.
i
’ -Remaining notes may be issued under restrictions providing
S ?L ea1 ,2!BS: af‘ er Providing for interest on all prior charges, are not less
3
tjuies the annual interest charges upon all notes, incl. those applied
for as well as the interest upon any floating debt. The company will not
nrm wfvnni.?nv mortgages other than purchase money mortgages on the
property or any o f its subsidiaries without equally securing this issue of notes.
^ t i U^ 0Se. f f sue-— The proceeds will provido funds principally for the
f
retirement o f the present issue o f $2,500,000 2-yr. 6 % notes, due June 15 ’ 19.
Additional 1st Mtge. 5% bonds may be issued for not
®*£®?dinf? 75% o f the cost o f extensions and improvements, provided net
earnings aro twice the annual interest charges (V. 104, p. 2558).
Earnings for Calendar Year 1918.
All properties now combined in the system.
Gross e a rn in g s............................... .......... ........... ....
$3 415 559
Net, after taxes and maintenance (but not d'epreciation)""
"
’821 ’,404
Annual charges on; $2,788,000 Oklahoma 5% bonds, due 1929
§139.400; $332,500 Oklahoma 7% notes, duo 1921, $23,275;
$2,047,500 divisional bonds, $109,815; $262,700 divisional
prof, stock, $18,389; total_________________________________
290,879
Balance___________________ ____ __ _ _ _
.
Annual interest on $2,500,000 one-year 7% ¥ o l d 'n o t e s V ." " " “
.
175,000
B a la n c o a v a ila b le fo r d e p r e c ia t io n , a m o r t iz a t io n , d iv s ., & c ._
$355 525
Franchises. The majority o f the properties controlled have been in
successful operation for many years. Franchise rights extend beyond
the maturity o f these notes and are satisfactory.
Equity.— The properties have a present replacement value estimated in
excess o f the total bonds, divisional pref. stock and these notes. The notes
are followed by $1,833,200 pref. 7% cumulative stock and $4,500,000
common stock. There is $262,700 pref. stock reserved for exchange of a
like amount o f outstanding divisional pref. stock.
S6e V ’
104'
p ‘ 2558: V - 106, p - 146S-
P e n n s y lv a n ia C a n a l C o .—Notice
1582
to Bondholders.—
Notwithstanding the publicity given the long standing litigation finally
settled last January, holders o f $60,000 o f the company’s bonds havo failed
to present thetr bonds to collect tho amount o f about 90% o f face value
a:s eiT ^
T tlad £ ? deF £h° decree o f the court. The money has
been paid into the U. S. D strict Court at Philadelphia and the Master
appointed by the court. David Wallerstein, Esq., Land Title Bldg., Phila
o n T b e aforee Juno8! m V - V 3108.
mUSt be prosented to hl™
P e o p le s G a s L ig h t & C o k e C o ., C h ic a g o .—
No Litigation.
Judge Torrlson in the Circuit Court at Chicago has denied this com
pany s petition to dismiss the suit to bring about the dismissal of $ 1 0 ,0 0 0 ,0 0 0
gas rate litigation begun by tho city in the interest o f consumers. Tho
action o f the Court in denying the company’s petition was based on tho
ground of lack of jurisdiction.— V. 108, p. 1170T 679.
P o r t o R ic a n -A m e r ic a n T o b a c c o C o .—Balance
December
31 1918.—
Sheet at
Assets
1918‘
1917‘
L m m u ,Real est.,bldgs.,&o.11,545,640 1,424,009 Capital stock........ 4,958,850 3,632,750
Mach., fixtures, &c.j
Frac. ctf. & scrip re
Good-will, &c........ 206,600 206,600
deem, in cap. stk.
18,018
..
Mfd. stk., sup., &o.\5,180,204 4,280,498 Bills and accounts
Leaf stock............. j
payablo............. 2,706,154 2,334,436
P . R . Leaf Tob. Co. 743,485 765,969 Scrip...................... 445,303 290,690
Stock In other cos.. 726,652 271,653 Provisions for com.,
Cash......................
381,539 327,779
obsolete mach’y
Bills&accts.receiv. 2,040,785 1,031,208
and other funds. 978,284 446,693
Surplus................. 1,718,297 1,603,147
Total.................10,824,906 8,307,716
Total.................10,824,906 8,307,716
— V. 108, p. 1065.
— Production
(in lbs.) —
•
Decrease. I 1919— 3 M o s — 1918
1 2 -4 8 1 • 1° 129,397,733
1
59,888,868
R a ilw a y S te e l S p r in g C o .—
Derrrate
30,491,135
Obituary.—
Vice-Pres. S. T. Fulton died of pneumonia on March 28.— V. 108, p. 978.
(R . J .) R e y n o ld s T o b a c c o C o .—
Report— Status.—
“ fnann^eif.fIw h ra issu?d 5 m 0
r
A
followlnK statement to the stockholders:
.
l i l Ff ctter .°J M ar. 18 1918 we explained that wo could not issue an
nnnnlai!,iS n fii?nt £or 4 10 yoar 1 9 1 7 unti* tho Treasury Department passed
n tG
nSnn S „ petlt 0fn foF an oxcess profits tax adjustment that would place us
Granted * . P f h
l ,h °-ur competitors. That petition has been partially
’ ^.,lt 1,10 matter is still pending and wo cannot publish a statement
mined4110 f gurcs to bo incorporated therein shall have been finally deter„ „ 3 h°
situation will of course, bo reflected in tho 1918 state
ment. In addition application for an equitable and fair 1918 profits tax
tho Revenue Act of Feb. 24 1919 will bo made, and that
app 1leation wi11 have to take tho course o f procedure outlined by the statute.
While, for tho reasons stated, wo aro at present unablo to publish tho
S a v a g e Arm 3 C o r p .
■“ “ “ » «
— Directors.—
Charles W . Cushman, E. M . Willis and Nat. Tyler Jr., Treasurer were
O n e -Y e a r
Interest payable A . & O. at the office o f the trustee. New York Trust Co
S5 (S e^ n J « io h °/* themif0nCy o f t h 0 c",mpany in Chicago. Denom. $1,000
5500 and $100 c*. The company will pay the normal Federal income tax
not in excess of 2 % , which it may lawfully deduct at the source.
Data from L etter o f V.-Pres. J. J. O’ Brien, Dated C hicago, March 29.
^ n i ’a ^ ? rgao ? fe<i
o
i n ° kla- and owns electric and gas utilities,
Br.ltton-, Drumright, El Reno, Enid, Hennessey,
Siofer, Norman, Waukomis and Yukon, and all o f the common stock
(except directors shares) and $1,280,900 o f the $1,543,600 pref. stock
oW .1 ! M V C
0
fi-'V igC® G;is 4 Electric C o., controlling and operating the gas and
,e
and electric utilities in Ft. Gibson and Sapulpa.
/ properties. These include modern and efficient; electric power houses in
various cities with a total installed capacity o f 17,500 h .p .T ran sm ission
bC
^ent y coml?', 'ted qo^nect Norman and El Reno with Oklahoma City
,
1 ransmission lines will also be'constructed
t,0 uKi,efe.r’, SaI)ulPa and Drumright, which will enable the
company to furnish electric service to Boynton, Haskell, Beggs, Mounds
anrtbr ,K h in /C f i „ n d th£ 1 tcr,venin? territory, including the Glenpool
^
"
tA<
et^U
wU,hg i?rLf,,^ids‘ Natural ” as is distributed under long term cone F Reno,^MtSk^ee^andCEnlcf.n^
eS *“ ° kIahoma clty’ Britt™ ’ Yukon.
O n S lflS
*
Authorized. Outstanding.
V Fl°07fUp hl7.?0artiCUlarS’
P h e lp s D o d g e C o r p .
.
— 1918
— V 4 1°08, p 2U705 '1064
S f S f S S f f i S ? S r lo ‘ ° b S S . ’ :“ vth?57,.9j 8 5 7 ! th°
T
Total profit and loss surplus Juno 30 1918, $636,148.— V. 107, p. 700.
O k la h o m a
[V ol . 108.
w - B “ " ls * nd J° h"
Sales.—
S ea rs, R o e b u c k & C o .—
° *® »
C o r p o r a t i o n .—
Acquisition.—
np aii i S p^ny has acquired without additional financing 3,500,000 acres
of oil lands located in Republic of Colombia.— V. 108, p. 1065, 978
S o u t h e r n C a lif o r n i a E d is o n C o .—Offering
of Com. Stk.
n „ ^ SfC
«
s i:£suminS the practice of permitting its patrons and the
public to purchase the common stock of the company and is now offering
°f, . P’ 0 0 0
2
Par,8100, at $89 pershare if m id tafSft
or §90 pershare if paid in monthly installments of $5.— V.108, p. 1 1 5 7 ,1066.
S p o k a n e L ig h t , H e a t
&
P o w e r C o .—
Sale at Auction.—
onJM-fr ^ a iik H .R u clk in in the U. S. District Court at Spokane, Wash.,
on Mar. 22 handed down an order for the sale at public auction of this
Property, which has been operating in tho hands o f a receiver, theupset
price b eing fixed at $250,000. Compare V. 108, p. 6 8 8 .
P
S ta n d a rd
G a s & E le c t r ic C o .—Offering
of Convertible
6% Bonds.—Montgomery & Co., White, Weld & Co., II. M.
liyJlesby & Co., Inc., and Bonbrigkt & Co., Inc., are offorat 96 & int. 81,500,000 Conv. 6 % Sk. Fund gold bonds of
811,800 nni?00;-1 i 92GJ canceled, 84,687,000. Outstand
000; retired and Authoriz«d, 830,000,000; issued,
ing, including bonds now offered, 87,113,000
ten* days’ prior’ to d M ro ?“ Sdem p °tlo r ‘ , , “ n0*lc“ '°
P
tru“ ,ce «
Data from Letter o f V ice-President A rthur S. Huey, Dated March 28
Company.— Incorporated on April 28 1910 and owns bonds, stocks and
other securities of public utility systems, serving 460 communities with a
total population of approximately 2,200,000. situated in Illinois, Iowa
Trtihk Wncij
So. Daky Arte* Okla.. K y., Ala., Colo., M ont
r n f in in f ir h °uSiinii S a
iCf
T h e s 0 companies are under tho manage^
Eyhesby & Co., an organization which has had wide ex
perience in the operation and management of gas and electric properties.
6 % scrip due i923.............
1,649,893
1,649,893 1,447 230
202 663
20-yr. 6% notes, due 1935 15,000,000 6 841,200 . . . . .
6 841 200
Preferred stock................... 30,000,000
J ... . . .
”
11 784 950
Common stock...............
15,000,000
............................” ”
9[343 is o
v i a" d d G as& E lectrlc Co. guarantees, p. & i., .$5,000,000 Mississippi
5
Valley Gas & Electric Coll. Trust 5% bonds, duo May 1 1922, which are
?!$Yw^n£yr’S4 ’& &i009 pr^ ’ st2cM ? nd 52,500,000 common stock o f the
0
Louisville Gas & Electric Co. of Delaware
Security.— 'These bonds are secured or presently will bo secured by the
deposit and pledge of bonds and stocks of tho underlying companies Tho
total par value of the securities pledged and to be pledged is $28,265 300
of which $7,199,000 are bonds, $2,918,100 are pref. stocks and $18 148 200
common stocks, Tho market valdo or this collateral is conservatively
estimated to bo in excess of $2 0 ,0 0 0 ,0 0 0 .
bm
For tho calendar 1918 interest and dividends on the securities deposited
as collateral for these bonds, plus tho incomo from the collateral to bo
pledged, amounted to over $1,300,000.
re uo
Income for Calendar Year 1918.
Gross revenue: Interest on bonds owned, $307,169; divs. on pref.
stocks owned, $372,834; divs. on common stocks owned, $780 304; interest on notes and accounts receivable, $94,489; profits
on sales of securs.(net), $2,419; miscel. receipts, $61,351; total $1,618,567
General expenses and t a x e s ...........................
43|640
Net revenue___________________
Interest charges...........................................780)184
rw.i no?
Bal. for amort, of debt discounts and oxpenso and dividends.. $788,743
Actual net incomo o f tho company for the year, after expenses and taxes,
W ol,o74,yJ7.
clS^
to ^ 'sin king fund "T l1 0 d°ed of trust Provides for semi-annual payments
For complete description of property, &c., comparo V. 107, p. 1750.
See also V. 93 p. 1327; V. 102. p. 350, 1962; V. 103, p. 670; V. 104, p. 2122.
V . 1 U 7 , p. 1 7 5 0 .
S t a n d a r d O il C o . ( o f K a n . ) . —
1918.
Assets—
$
Real estate and
p la n t.............2,781,266
Raw mat I, &C-.2.400.327
361,299
Cash...............
Securities--------- 1,699,825
Accts. receiv’le. 1,527.380
1917.
$
2,306,948
1,663,928
731,841
1,269,035
1,339,138
S t a n d a r d O il C o . o f O h i o . —
1918.
___
1917.
Sheet
D e c .
31.
Liabilities19|7’
Capital s t o c k ...2,000,000 2,000,000
Accts. payable.. 518,243
435,101
D ep reciation ... 556.299
449,476
Tax reserve------1,400,000 1,064,647
Surplus............... 4,295,555 3,361,666
T o t a l-----8,770,097 7,310,890
— V. 108, p. 387.
. ,
B a la n c e
Total...............8,770,097 7,310,890
B a la n c e
Sheet
D e c .
— ’I18'
3 1 .—
‘I17'
Plant. . . . . .11,011,610 10,722,420 Capital stock. 7,000,000 7,000,000
Merchandise . 5,569,128 5,399,002 Accts. payablo 2.092,419 1,755,745
C ash...............
496,656
419.002 Depree. acct. 2,869.725 2,419,729
Accts. rec., &c. 7,391.934 4,212,418 Surplus............ 12,507,184 9,677,368
Total
24,469.328 20,752,842
Total............24,469,328 20.762,842
Note.— No deduction has been mado from above noted surplus for Federal
taxes covering year 1918, and payablo in 1919, which amount to approxi
mately $2,891,142.— V. 108, p. 1171.
For other Investment News, see page 1420.
1395
TH E CHRONICLE
A p e . 5 1 9 1 9 j]
T fy c p o v i-'
a n d
^ p o c u i n c u t s .
UNITED STATES STEEL CORPORATION
i__pOR THE YEAR ENDED DECEMBER 31 1918.
SEVENTEENTH ANNUAL REPORT
COMPARATIVE INCOME ACCOUNT.
Office of United States Steel Corporation,
51 Nexoark Street, Hoboken, New
March
For the Fiscal Years ending December 31 1918 and
25 191J-
•*
••
S ttZ S S S S iZ Z Z Z
oloso of that year. .
Less, Interest on out
standing bonds and
mortgages of the sub
sidiary companies.........
INCOME ACCOUNT FOR THE Y EA R 1918.
Of articles contributing to prosecution
(including an estimate o f §274,277,830 im
s
s
s
^
s
s
1917.
1918.
Earnings— Before charg
ing interest on Bonds
and Mortgages of Sub
$
__
sidiary Companies:
$
78,994,371 04
First Quarter_______ 59,138,031 37
90,592.701 8 8
Second Quarter------- 64,821,521 22
73.007.297 57
Third Quarter--------- 45,211,708 47
61.567.101 04
Fourth Quarter................................ 39,109,843 17
Total for year......... *208.281,104 23 *304.161.471 53
,
ml8UM>1
.
- miQ
Balance o f Earnings in the year 1918.........- ..........
Less, Charges and Allowances for Deprecia
tion applied as follows. viz;T o Depreciation and Extraordinary
8,930,424 33
Balance of Earnlngs.199,350,679 90
Less. Charges and Allow
ances for Depreciation
applied as follows, viz.:
T o Depreciation and Ex
traordinary
Replace
ment Funds and Sinking
F u n d s on Bonds o f Sub
sidiary Companies------ 33,117,398 16
T o Sinking Funds on U .
S Stee. Corporation
B on d s.. — ................... 7,601.425 54
— Decrease.
$
— 19.858.339 67
— 25.771.180 6 6
— 27.795.589 10
— 22.457.257 87
__________
-9 5.88 0.36 7 30
+61,132 83
8,869,291 50
295,292,180 03 — 95,941.500 13
43,296.038 26 — 10,178.640 10
S199,o5U,o«» Jv
7,257,233 41
+344.192 13
Net Income in the 158,631.856 20 244,738,908 36 — 86.107,052 16
year-----------Deduct:
.
Interest on U. S. Steel
Corporation Bonds
21,256.303 17
— 365,186 93
outstanding............... 20.891,116 24
Premium paid on Bonds
33’1
17’338 54 an 7 1 8 8 2 3 7 0
1
6
T o S in k in g Funds on Bonds o
. .
7,601.425
redeemed, viz.:
Corporation.......................................... ......................... 40,718.823 (U
On Subsidiary Com
117,914 50
— 17,779 15
70,135 35
panies’ Bonds-----*158.631,856 20
Net Income in the year 1918
On U. S. Steel Cor
745,933 69
+21,747 56
767,681 25
poration Bonds—
222,618.757 00 — 85,715,833 64
° interest on U. S. Steel Corporation Bonds
B alan ce................ 136.902.923 36
outstanding, viz.:
____$11,952,299 58
Add:Net Balance o f sun
T^n-S
dry charges and credits,
including adjustments
of various accounts------
........._ 8 .9 3 S .8 '.lg l
S20.891.116 24
Premium paid on Bonds redeemed, viz.:
On Subsidiary Companies
g 3;.
Bonds_______________ _
On U. S. Steel Corporation
Bonds................................ .767.681 2o
837 816 60
21,728,932 84
Arid: Net Balance of sundry charges and credits, including
adjustments o f various accounts-------------- - - .........
629,4o3 96
137,532,377 32
Dividends on U. S. Steel
Corporation Stocks, viz.:
Preferred, 7 % ............... 25.219,677 00
Common—
1918, Regular 5% ,
629,453 96
7 1 .1 6 2 .3 5 0 0 0
1,600,807 54
— 971.353158
224,219,564 54 — 86,687.187j22
25,219,677,00
91.494,450 00 — 20^32000^00
41.150.350 32 107,505,437 54 —66,355,087 22
Dlvidendsafor°tho year 1918* on U. S. Steel
Less.Deductlons as follows:
Additional allowance to
Corporation Stocks, v z.:
.................$25,219,677 00
cover amortization of
part cost of facilities
installed for produc
96",382,027 00
tion of articles con
................... +12.215.000 0 0
tributing to prosecu$41,150,350 32
tlon of the w ar..........12.215.uuu uu
.............
Balance
Appropriated onaccount
T ess- Additional allowance to cover amortization o f propor
of expenditures for
tion of cost of facilities Installed for production o f articles
^onstributing to prosecution of tho present war. (This
additional property.
arnount is additional to $40,000,000 deducted for these
new plants and conrr oq() oqo 0 0 — 5 5 ,0 0 0 ,0 0 0 0 0
in oarnlngs currently reported during 1918
struction----------------- ----------------- _ ------- !----- ----------------------------------- ’
f f r 2 ? . 7 ? 5 . 0 ^ ^ V ^ ^ r r i 9 1 7 ) ” - : ...........
Bv Z m Z
^
s2 ,935.350 32 52.605.137 51 -2 3.57 0.08 7 22
8
Surplus Net Income in the year 1918.......................$28,935,350.32
$137,532,377 32
^Balance of E „ n ,o g . after makiB, a l.o -a o ce , for estimated amotmt.of
U N D IV ID E D SURPLUS OF U. S. STEEL CORPORATION AND
Federal income and war excess profits taxes.
UJNU
SUBSIDIARY COMPANIES.
(Since April 1 1901.)
m a in t e n a n c e .
extbaob—
Surplus or Working Capital provided in organization...........$25,000,000
Balance of Surplus accumulated by all
companies from April 1 1901 to Decem
ber 3 1 1917, exclusive o f subsidiary
companies’ inter-company profits in
inventories, per Annual Report] for s 4 0 6 6 6 0 i8 0 3 6 3
lu l
year 1917---------------------- -------------Add, for the following Items, viz.: ^
Adjustment of previous years’ allow
ances for depreciation and for credits
not applicable to 1918 operations.—
Z.Udl.UU » »
Ordinary Main
Surplus at January 1 1918 of sundry sub
tenance and $96,675.859 17 $72,146.194 56 $24,529.664 61 Inc. 34.00
° sidiary companies whoso detailed
Repairs
accounts havo not previously been
E xtraordinary
included in this report...........- - - - - - 4.261.255 5
4.598.968 33
5.955.581 95
1.356.613 62 Dec. 22J8
Surplus Net Income In tho year 1918, as
^
g2
Replacements
*
*
______ 441,888,421 38
above . . . . . ------------------------------------T o ta l-— $101,274.827 50 $78,101.776 51 $23,173,050.99 Inc. 29.67
The expenditures made by aU companies during the year
i J s to? maintenance and renewals including the rehmng
of blast irnaces, and for extraordinary replacements, m
comparison with expenditures for the same purposes during
the preceding yeax. t were “
^
,
Total Undivided Surplus, December 31 1918, exclusive
o f Profits earned by subsidiary companies on inter-comgany^sales of products on hand in Inventories (see “ 0 ^ ^
^ gg ^
1 I3 8
Note.— Surplus o f Subsidiary Companies amounting to $51,i 52.556 50,
. mnresentlng Profits accrued on sales o f materials and products to other
a iwifllirv companies which are on hand in latter’s I n v e n t o r i e s I D c c e m b e r
^ l OUUs deducted from the amount o f Inventories included under Current
in Consolidated General Balance Sheet.
Assets
The entire amount of the foregoing expenditures was
charged to current operating expenses and to depreciation
and replacement funds reserved from earnings
The following table shows the amount of the expendi
J e s made during the year for above purposes on the respeotive groups of operating properties:
1 396
TH E C H R O m n r
Manufacturing Properties—
Total .except Blast Furnace Relining and Renewals
B ast Furnace Relining and Renewals
Coal and Coke Properties.
Iron Ore Properties. .
Transportation Properties—
Railroads______________
Steamships and Docks
Miscellaneous Properties.
68
25
91
83
$3,600,221 17
3,965,632 73
1,085,923 43
905,846 34
50,097 06
486,662 94
31,416 06
$96,675,859 17
T otal.
$76,458,223
2,549,458
9,652,302
2,058,471
$4,598,968 33
[V o l .
$80,058,444
2,549,458
9,956,528
2,184,817
304,225 21
126,345 89
t Re^e
edToew ]^ e^ en §ito^ 0 ffioafS^T?F^eralC
M
coSro1qU m tS° f
^U en
85
25
12
72
$61,719,505
2,108,871
7,341,625
1,823,208
22
84
45
72
4,015,729 79
1.572,586 37
937,262 40
$18,338,939
440,586
2,614,902
361,609
3,338,995 78
1,060,692 68
708,876 82
$101,274,827 50
108.
$78,101,776 51
63
41
67
00
676,734 01
511,893 69
228,385 58
I $23,173,050 99
the character included herein, as see page 10
^
T h e allowances m ade
account of these funds; the income received b y the funds from oth er^ oi ebargC8 tc' current operating expenses for
therefrom and the charges m ade thereto during the year together with
aLso tho transfers and paym ents m ade
ber 31 1918, are shown in the subjoined table.
g
™ th the balances to <*edit of the funds at Decern-
Funds.
Balances
Dec. 31
1917.
Set Aside dur Other Income
ing 1918 from
and
Income and
Credits,
by Charges to Including
Current
Salvage.
Expenses
AP/?onC
d.s.’!:.f!L Sinking Fund 011 U - S- Stcel Corporation
$3,629,549 99 $7,601,425 54
and Extraordinary Replacement'Funds'
including amounts o f samo to bo applied to Sinking
Funds on Bonds of Subsidiary Companies
Dg
Blast Furnace Relining and RenewalFunds” " I " " 151.800.209 55 33,117,398 16
9,205,678 83 5,825,990 26
T o ta l______
$164,635,438 37 $46,544,813 96
Si
“ ”" S"k
v® 1 '”*
Total.
Balances to
Credit of
Funds
Dec. 31
1918.
Payments from
and Charges
to Funds
in 1918.
$11,230,975 53 $7,520,801 64 (a)
542,946 64 185,460,554 35 10,371,411 58
15,031,669 09 2.549,458 25
$542,946 64 $211,723,198 97 $20,441,671 47
$3,710,173 89
175,089,142 77
12,482,210 84
S
$191,281,527 60
...................
...........................$7,520,801 64
.............$2,156,929 95
“ ed^ed Property Account (see page 17j "fo'r'i'n'vMtme'^t inTmBroveme'n't's'aid'eqiii'p'm'eht 4,598,968 33
Amount transferred to Trustees o f Bond Sinking Finnic
d is m a n t le d ^ 0 ^
^
For adjustment o f previous^eara’ a l^ 7 a n c e ^ jo r ^ e p r ^ a t ? o ^ X ^ ™ ^ ]a " ° ^ ° ^ ^ ” ~
year for relinings and renewals at blast furnaces
*
"
...........2,271,411 45
...........“ “
450,478 61
--------—— ----- 10.371 411 na
................................................................................... 2,549,458 25
$20,441,671 47
ml
rn
,
,
TRUSTEES OF BOND SINKING FUNDS.
Installments Received.
Cash
Bonds Redeemed and
Resources
Other Payments.
Provided
Cash
in Hands of
Provided
from
. Resources
Total
Trustees
from
Net Pre
Income Ac
in Hands of
Par Value
Dec. 31
mium Paid
Depreciation
count and
Trustees
of Bonds.
1917.
on Bonds
Funds
General Re
Dec. 31
Redeemed.
sources.
1918.
$666,469 29 $7,520,801 64 $767,681 25 $8,954,952 18
778,796 03j 2,156,929 95 1,177,353 031 4.113.079 01 $7,371,000 00 $707,681 25 $816,270 93
3,222,000 00
68,687 24
822,391 77
$1,445,265 32^9,677,731 50 $1,945.034 28 $13,068,031 19 $10,593,000 0 0
$836,368 49 $1,638,662.70
Funds.
S.V8 : nteel Corporation Bonds.
Subsidiary Companies’ Bonds____I
Total_____
C A PITAL STOCK.
lo w s ^ ^ z !1 m° rtgagos were rotired during: the year as fol:
q.
of outstanding capital stock of the United
btates Steel Corporation on December 31 1918, was the
samo as at the close of tho preceding fiscal year, viz •
Clairton Steel Co. issues, viz.:
Common Stock_____
’’
Preferred Stock
$508,302,50000
............................................................................ 360,281,100 0 0
BO N D E D . DEBEN TU RE AN D M ORTGAGE D E B T.
The total bonded, debenture and mortgage debt o f tho
United States Steel Corporation and Subsidiary Companles outstanding on
.,
a . . . 8 ™ ....................8586.828,878 80
n
J
in n !!3
nfVr
t
ma<,1 (Iuring the year as follows:
°
TTn nn a / °, ~er *°nds surrondered for oxchango:
Union Steel Co. f irst Mortgage and Collateral
Trust Bonds (Issued in exchange for Sharon
Coke Co. Bonds retired)...........
Pittsburgh Bessemer & Lake Erie B r ’ " c 'o"
Consolidated First Mortgago Bonds (Issued
in lieu of P. S. & L. E. R R . Co. Consoli
dated First Mortgage Bonds retired)...........
1 0 0 ,0 0 0 0 0
J 'X 'l i ' ¥ K t ‘ H i; •P„Y-
S 5’000 00
Pittsburgh Bessemer & Laleai e | 6“ ^ " " - ° :
r
5 ® ^ - Greenville Equipment
Less Proportion" account "of "j-J^00,000 00
5,000 00
10,000.00
>“ •»»» oo
583 00000
Un1onnRRk p « 0 'n lrs^ Mortgage B onds.” ! !
U Bonds 4‘ C° ‘ Duf,uesno Equipment Trust
BCment Trust B
o
S
» W &
B/Trustkf!ond * 6 4 4 ^®
Eq ufprnen t
Pittsburgh Shenango & Lake Erie" RR” 6 tT
nnn nn
Subsidiary Companies’ Bonds Issued and de---------- 1
--------livered to Trustees United States Stcel
and Carnegie Pension Fund for perma
nent Pension Fund:
St. Clair Stere T co CF irst'M ortga^ &°„®<}nds $J & ’000 00
American Sheet & Tin P la teth f— w V w
100'000 00
owned
3 5 000 00
0,UUU 0 0
115.000 00
1 1 0 .0 0 0 0 0
240,000 00
5 ’000 00
47,821 00
Bonds redeemed by Trustees of Sinking Funds,
62,179 99
T ? S o O o ? d t * A ™ 0 0 ' ° rA ,;‘ - - Flrst
„ nn
B onds 6 TransferR y. O oV ^ V tM ortgaie 1 2 , 2 0 0 ,0 0 0 0 0
u -®- Steel Corp. 50-Year 5%
SPgageL^ S ' a"
n¥f“i:
8iw dryn
BoQtiy o f "Subsidiary 1' ™ ' 000 08
Companies........................... 3,222,000 00
------------ -— -10,593,000 00
"6 ° ' F ^ tM 'o'r't:
u T & r c ^ r r s e K v j s * 5 -623'000 00
1 ,0 0 ° ’ 0 0 0 0 0
i2 Z °o
oo
7,800,000 00
Ethis
acquirement o f all that
a tm0 U °e
A d fDt
.,pu. , at, date o f
S u n d r y R e a l 'E s U t e t t t g a S ^ T m l d 'n V ' ^ f ~
acquirement of coal p ro p cT ty !!!.^ .
connection with
206,000 00
132,272 50
$594,977,148 39
POtV e d b v t h a ° ;^ ,rst Mort&age Bonds r£ 12’ 143’ 179 00
re
tired by that Company (T . C. I. & RR
Co. s p roportion ).........1 ................................. 13>000 00
_
, . „
-------------------- 12.166.179 00
Bonded. Debenture and Mortgage Debt, Dec. 3 1 1918...$582,820,969 3 9
Net Decrease during tho year 1918.....................................
T h e follow ing is a sum m ary b y general classes of the
Less Redeemed
Total
and Held bu
Including
Trustees of
Bonds in
Sinking Funds. Sinking Funds.
$
U. S. Steel Corp. 50-Year
304.000.
U . S * Steel Corp" 1 0 - 6 0 -Year
5% Bonds---------------------- 200.000.
Total U . S. Steel Corp.
Balance
Outstanding.
S
$
67.425.000 00 236.575.000 00
000 00
21.647.000 00 178.353.000 00
000 00
504,000,000 00 89.072.000 00 414.928.000 00
Subsidiary C o.’s B ond*-Guaranteed by U. S. Steel
122.949,000 00 20.784.000 00 102.165.000 00
Subsidiary C o.’s Bonds—
Not Guaranteed by U. S.
Steel C o r p o r a t io n ...---- 73,597,007 50 8,057,000 00 *65,540,007 60
Dobenturo Scrip, Illinois
13,161 24
13,161 24
Steel Company-------------Total Subsidiary Com
panies’ Bonds-------------- 196,559,168 74 28.841,000 00 167,718,168 74
Total Bonded and DebenSundry Real Estate M tg e s..
700,559,168 74 117,913,000 00 582,646,168 74
174,800 65
174,800 65
Grand Total Bonded, De
benture and Mtge. Debt 700,733,969 39 117,913,000 00 582,820,969 39
* Includes only 52.179% o f the outstanding bonds o f P. B. & L. E. HR.
C o., being the same proportion o f the total bonds as the stock o f P. B . &
L. E. R R . Co. owned by U. S. Steel Corporatlon^bcars to^toe^totaMsuso^of
PRODU CTION OP RA W , SEMI-FINISHED AN D FINISHED PROD1
T T O T S B Y SUBSIDIARY COMPANIES IN THE YEAR
1918 COM PARED W IT H THE YEA R 1917.
Prod u cts.
1918.
T&il*
Ir o n O M i n e d — ''
re
,
Io n s'
T<m s‘
Ran?orl0r RCS ° n ‘
21,574.526 23.806,268
T m u S m S w " " " " - " .................................., i ; | ®
5-fl? ®
GogobicRange........................................................ ... 1 7 9 ’g fo iiSn'qR u
Marquette Range...................................................
dds.d'pi
4 y i,/ou
I\ tX ™
h CoalRefr o n :& R R . C o.'s Mines......... 2,522,536
3,125,998
................................................................................28,332,939 31,781,769
L im esto n e
1397
THE CHRONICLE
A pr . 5 1919
Quarried ............................................................5.141.365
6.494.917
C« s n
eefn-the manufacture o f coke.......................... 25,393,155 24,554,625
For stlkm. gas and all other purposes.................... 6,354,980 6,942,298
............................................................................... 31,748,135 31,496,823
Brought forward_______________________________________ $113,761,874 84
Tennessee Coal, Iron & R R . C o.’s properties------------------- 18,074,218 68
Total expenditures during the year for
stripping and development work at mines
and for additional logging and structural
erection equipment_____________________ $6,408,824 39
Less, Credit for expenditures o f this char
acter absorbed In 1918 in operating
ex* enses................................................... - 6 ' 118'468f ?
>
290,355 71
Total expenditures------------------------------------------------ $132,126,449 23
Less. Written o ff to Depreciation and Replacement Funds
2,271,411 45
Balance o f capital expenditures in the year 1918........ $129,855,037^78
On account o f expenditures'on capital account there were
charged to Income for amortization o f proportion o f cost
of facilities installed for production o f articles contribut
ing to prosecution of tho present war----------------------------- 52,215,000 00
Leaving a net addition to Property Investment Account
for the year for capital expenditures o f------------------- - $77,640,037 78
The total net amount expended since April 1 1901 (the date
o f organization o f United States Steel Corporation) to
January 1 1919, including expenditures by T . C. I. &
R R . C o. from November 1 1907, only, for additional
property and construction, and for net unabsorbed out
lays for stripping and development work at mines, & c..
equaled_______________________________________________ $»ui,zuy,soy
EMPLOYEES AND PAY-ROLLS.
T h e average num ber of em ployees in the service o f all
companies during the year, and the total salaries and wages
paid were as follow s:
Of all companies except of subsidiary railroads
under Federal control----------------- ----------- —
Of subsidiary railroads under Federal control—
Number of Total Salaries
Employees, and Wages.
251,350
17,360
$426,299,290
26,364,234
268,710 $452,663,524
Total.
COMPARISON OF TO TAL NUM BER OF EM PLOYEES AND TOTAL
PAY-ROLL FOR C ALEN DAR YEARS 1918 AND 1917.
1917.
1918.
Number.
Employees of—
Nu™ £r
Ann
198,711
Manufacturing Properties------------------------------199,0^y
26,189
Coal and Coke Properties------------------------------f°,3 7 »
13,198
Iron Ore Properties----------------------------------------12,bl9
26,210
25,055
Transportation Properties------------------------------3,750
Miscellaneous Properties-------------- -------------—
3,629
268,710
268,058
T otal.
Total salaries and i H
wages Pa id .________________$452,663,524 $347,370,400
p H _______
laries
_
Average Salary or Wage per Employee per Day—
'
'
.iloyees,
All employees, exclusive of General Administra
$4 10
$5 33
tive and Selling force____________
Total employees, including General Administra
$4 16
$5 38
tive and Selling force_______________________
C°Tn ^ « f” rffveW
i
OvMS
9,962,403 11,177,247
In B y -P r o d u c t 'o v e n s li:::........................................ 7,795,233 6,284,428
GENERAL.
T h e operations of the subsidiary com panies during 1918
...................................................
17,757,636 17,461,675
as represented b y production and shipm ent of products did
...........................................15.700.561 15,460,638 not on the whole reach the totals for the preceding year,
Spiegel, Ferromanganese and Ferrosllicon----------240,393
192,290 notw ithstanding the dem ands for iron and steeel products
.............................................................................. 15,940,954 15.652,928 were generally constant and large. T h is was due prin
cipally to the very severe w eather conditions during the
Steel Ingot Production—
Bessemer I n g o t s ............- ................................. ■ '" i g ’ QrJi'oi? iq ’« 7 q’ r7 ? first quarter and tho shortage of efficient labor for m ill
Open Hearth Ingots------------------------------------------ 13,9o3,247 13,879,671
operations which prevailed throughout the entire ye a r.
T ota l.....................................................................19.583.493 20,285.061
Precedence was given in m ill operations to the production
Rolled and Other Finished Steel Products for Sale—
Steel Rails (Heavy and Light Tee and Girder)------1 ,471,508 1,594,196 of those classes of steel required essentially for use in prose
Blooms, Billets, Slabs, Shoot and Tinplate B a rs.. 1 ,489,737 1,692,348 cuting the w ar. A n d in these lines of ou tp ut som e rem ark
P lates__________________________________________ 2 ,171,362 1,473,625
Heavy Structural S h a p e s...------- ----------------- - — l ,079,601 1,004,537 able results were show n. T ho production of p lates, largely
Merchant Bars, Hoops, Skelp, Light Shapes, & c. 2 ,159,279 2,650,970 for use in shipbuilding, reached a to ta l of 2 ,1 7 1 ,3 6 2 to n s,
Tubing and Pipe------------1 ,190,594 1,234,129
267,071
209,350
Wire R ods---------------------------------------------------------- .445,567
1,821,985 an increase of 6 9 7 ,7 3 7 tons, or 4 7 . 3 % over the ou tp ut in
Wire and Wire Products------------ . . . . . . . . --------- 1
Sheets (Black and Galvanized) and Tinplates-----1 .356,119 1,740,949 191 7 .
A b o u t 6 5 % of the entire ou tp u t of steel products of
503,380
550,744
Finished Structural Work
...........
145,305
207,846 the subsidiary companies during the year 1918 was supplied
Anglo Splico Bars and All Other Rail Joints--------67,514
91,980
Spikes, Bolts, Nuts and Rivets...............................
141,480
220,291 to G overnm ent D ep artm en ts, including the Federal R ail
A xles____________________________ ______________
110,014 road A dm inistration, and to the allies of the U n ited States
84,331
Steel Car Wheels........................................................
282,226
Sundry Steol and Iron Products----------------------------- 334,356
in the w ar, either b y direct shipm ent to them or to m a n u T o ta l.....................................................................13.849.483 14,942,911
factureers for fabrication b y them for w ar purposes. D u r
67,418
Spelter.................................... - ........... - ..................... —
43,942 ing substantially the entire year the distribution of steel
Sulphate o f Iron— - - - - - - - - — ----,-,------------------7o’ «oo
11,574 products was w ith the concurrence of the ’ m anufacturers
Fertilizer— “ Duplex Basic P h osp h a te....................... nils'022
Hbls.
Universal Portland Cement--------- ----------------------- 7.287,000 10,917.000 controlled b y the U n ited States W a r Industries B o a rd , so
th a t broadly speaking the entire ou tp u t w ent into channels
m ■
'
CAPITA L E X PE N D IT U R ES.
_
_
for use in the prosecution of the w ar.
The expenditures made during the year 1918 by all companics for tho acquisition o f additional property and for •
......
„ g
T h e total production during the year in com parison w ith
additions and extensions to the plants and properties, less U
Bft
credits for property sold, including)set ouHays for strip^
results in 1917 of basic raw materials and of semi-finished
ping and development work at oro mines, equaled tho net
and of rolled steel and other products for sale to custom ers
sum of
____________________ - - - - ------------zo
Less, amount written o ff to Depreciation and Replacement
w as as follow s:
_
„ , ,,
„ , „
Funds for investment cost o f improvements and equip
1918.
1917. J n c.(+ ) or D e c ( — $
ment dismantled and retired--------------------------------------2,271,411 45
Tons.
Tons.
Tons.
P.C.
Balanco of expenditures on capital account during y ca r.$129,855,037 78 Iron Oro Mined...............................28,332,939 31,781,769 — 3,448,830 10.9
The following Is a classification o f the total expenditures by property
Properties exclusive o f Tennessee Coal, Iron & R R . C o ., viz.:
Manufacturing Properties, except Ship
building.........................
..$56,134,496 81
Shipbuilding Plants, including Townslto
for employees and public utilities in
a„
connection therewith_________________ 20,706,345 88
Coal and Coke Properties........................... 18,825,227 17
Iron Ore Properties______________
2,713,166 35
Transportation Properties:
Federal controlled rail
roads............................... $4,528,249 39
Other subsidiary railroads 4,961,968 07
658,608 12
Steamships----------------Cr.
8,831,609 34
Miscellaneous Properties:
Houses for employees and
development o f townsites and public utilities
In connection therewith $4,719,021 77
Natural Gas Properties
and Linos.......................1 'o n I’™ ? ?o
304,797 19
Sundry__________ ______
6,551.029 29
$113,761,874 84
C<For^use1m making coke.............25,393,155 24,554,525
For steam, gas & other purposes 6.354,980 6,942,298
+838,630
— 587,318
3.4
8.5
31,748,135 31,496,823
+251,312
.8
Coke Manufactured.........................17,757,636 17,461,675
+295,961 1.7
Limestone Quarried...................... 5,141,365
6,494,917 — 1,353,552 20.8
Pig Hon, Ferro and Spiegel.............15,940,954 15,652,928
+288,026 1.8
8*H «*6> “ <B” ? !f .er. “ 8 .°.r.°19.583.493 20.285.001
Et t ^ r ? r , a
™
-701.508
3.5
e --S
d -,.-13.849.483 14.042.911 -1.093,428
7.3
Barrels.
Barrels.
Barrels.
Universal Portland Cement........... 7,287,000 10,917,000 — 3,630,000 33.3
U nd er contracts w ith the E m ergency F leet Corporation
there were com pleted and delivered from the shipbuilding
plants of the subsidiary com panies, three 9 ,6 0 0 -to n ocean
going steam ers; and a t the close of the year five additional
steam ers had been launched and were rapidly approaching
final com pletion, and fourteen steam ers were on the ship
w ays in various degrees of construction.
THE CHRONICLE
1398
The shipments of all classes of products during 1918, in
comparison with the shipments during the preceding year,
were as follows:
1918.
Tons.
Domestic Shipments—
Rolled Steel and Other Finished
1917 I n c .{+ ) or Dec.{— )
Tons.
Tons.
P.C.
12,384,169 13,196,910
Pig Iron, Ingots, Spiegel, Ferro
and Scrap_______________
307,482
534,768
1,009,919
Iron Oro, Coal and Coke_
_
999,590
s 192,925
139,998
Total tons all kinds o f materials,
— 812,741
6 .2
— 227,286 42.5
+ 10,329 1 .0
+52,927 37.8
13,89+495 14,871,266 — 976,771 6 .6
7,707,595 10,398,759 — 2,691,164 25.9
1918.
Tons.
Export Shipments—
Rolled Steel and Other Finished
1917. I n c .(+ )o r D c c .(— )
Tons.
P.C.
Tons.
1,740,817
17,120
2,305
Aggregate tonnage o f Rolled Steel
and Other Finished Products
shipped to both Domestic and
2,173,195
19,479
1,911
— 432,378 19.9
— 2,359 12.1
+394 2 0 . 6
1,760,242
PIg*iron, Ingots and Scrap-
2,194,585
— 434,343 19.8
14,124,986 15,370,105 — 1,245,119
8 .1
TOTAL VALUE OF BUSINESS.
(Covering-all of above shipments together with other business not measured
by the ton unit.)
I n c .(+ ) or Dec. (—•).
1918.
1917.
Amount.
P.C.
D om estic.................. 81,125,101,264 §1,026,393,678 +$98,767,586 9.6
E x p o r t-___________
162,867,991
179,488,730 — 16,620,739 9.3
Total____________ $1,288,029,255
$1,205,882,40$
+$82,146,847
6 .8
The prices received for all products for the ontiro year
averaged slightly higher than those received for tho pre
ceding year. This arose from tho fact that the prices re
ceived during the first half of 1917, largely for deliveries
on contracts entered prior to 1917, wore considerably below
the prices which prevailed after the entrance of the United
States into the war. The prices received in 1918 generally
speaking, were, after conferences with representatives of
the iron and steel industry, determined by the United States
W ar Industries Board and approved by the President of the
United States, although considerable tonnage, especially
for the railroads, was delivered on contracts entered early
in$1917, and prior theroto, in many instances at prices con
siderably lower than the maximum established by the
Government.
The tonnage of the unfilled orders of the subsidiary
companies at December 31 1918, was 7,379,152 tons of
rolled steel products, in comparison with a total of 9,381,718
tons at the close of 1917. Because of the action of the United
States Government concerning the disposition and use of
steel products, tliero was naturally a relatively small amount
of forward buying during 1918. Since the signing of the
armistice there has been a steady and good demand for
deliveries of steel on then existing contracts and oi-ders;
also the bookings of new business have been quite up to
what could be expected undor prevailing conditions.
The expenditures made during the year for repairs, main
tenance and general upkeep of the property, in comparison
with the outlays made for similar purposes in 1917, were
as below, tho amounts shown for 1917 having been revised
in order to state the comparison on relatively the same
basis, by excluding tho expenditures on tho four subsidiary
railroads which at January 1 1918, were taken over by tho
United States Railroad Administration.
1918.
Ordinary repairs and
maintenance_____
S96.675.859
Extraordinary replace
ments and general
rehabilitation_____
4,598,968
$101,274,827
1917.
Inc. ( + ) or Dec. (— ).
Amount.
P.C.
$72,146,195 +$24,529,664 34.00
5,955,582
— 1,356,614 22.78
$78,101,777 +$23,173,050 29.67
The aggregate sum of 8140,671,215 was charged to gross
earnings for the year to cover exhaustion of minerals and
deterioration and obsolescence arising from use and wear
and tear of improvements. This amount was 84,613.610
in excess of similar charges in 1917, an increase of 3 .4 % .
There was also charged off to gross earnings and net in
come for the year the sum of 852,215,000 to cover amortiza
tion of a proportion of the cost of facilities installed for pro
duction of articles contributing to the prosecution of tho
present war. This amount is additional to the sum of
829,785,000 provided for similar purpose in 1917. The
total of 882,000,000 thus provided covers tho approximate
amount of expenditures made since April 1917, in excess of
current depreciation charged, for construction or acquire
ment of facilities installed for the purposes specified which
no longer possess any investment value (except salvage),
and also the excess cost of construction or acquirement of
improvements over their estimated investment value for
future use in the business.
[V o l . 108.
During 1918 three general advances were mado in the
wage rates of employees of tho subsidiary manufacturing
and iron mining companies.
On April 16 an advance of
1 5 % and on August 1 an increase of 1 0 % was made in com
mon labor rates, tho rates for other classes of employees being
advanced relatively. On Oct. 1 the plants of the subsidiary
manufacturing companies were placed on the basic 8 hour day
with time and one-half paid for overtime. This was equivalent
to an average increase in wage rates of about 1 0 % , since the
employees generally continued to work tho same number
of hours as previously.
The number of employees during the year in tho service
of the Corporation and the subsidiary companies (including
employees of Federal controlled subsidiary railways), the
total pay roll and average wages paid, in comparison with
similar data for the preceding year, wero as follows:
1918.
L a r g e s t n u m b e r o f e m p lo y e e s
i n a n y o n e m o n t h -----------------2 8 3 ,4 1 4
A v e r a g e n u m b e r o f e m p lo y e e s
during the entire year --------2 6 8 ,7 1 0
T o t a l a m o u n t o f p a y - r o l l s . . . $ 4 5 2 ,6 6 3 ,5 2 4
A v e r a g e s a la r y o r w a g e p e r
e m p lo y e e p e r d a y :
A v e r a g e f o r y e a r ____________
$5 38
M o n th o f D ecem b er 1918-
6 26
1917.
In crea se.
2 7 7 ,5 2 6
2 6 8 ,0 5 8
$ 3 4 7 ,3 7 0 ,4 0 0
5 ,8 8 8
652
$ 1 0 5 ,2 9 3 ,1 2 4
$4 16
4 65
$1 2 2
P.C.
2 .1
.2
3 0 .3
2 9 .3
1 61 3 4 . 6
The total’ charge for the year for taxes, exclusive of Federal
income, war-profits and excess-profits taxes, equaled 823,
367,213, an increase of 84,566,954 over tho chargo for tho
preceding year. A part of the increase for tho year is ac
counted for by payments for war excise taxes, especially on
transportation service. A reservo of 8274,277,835 was
made from the earnings of 1918 for account of Federal in
come, war-profits and excess-profits taxes for that year.
In view of the general uncertainty as to tho degree of appli
cation of certain provisions of the 1918 Incomo Tax law, it
was impossible at the date of closing tho accounts for this
report to determine the exact amount of these taxes which
may become due and payable. It is thought, however,
the amount reserved will bo sufficient to covor tho final
figure, although upon compilation of the tax returns a
subsequent adjustment may be necessary.
The general increase in values for all commodities, as
well as a somewhat larger quantity of stocks on hand, re
sulted in an increased amount of lock-up in inventories
at December 31 1918, of 872,104,447, in comparison with
the total investment in inventories at close of preceding
year. Compared with December 31 1915, tho total lock-up
in inventories at close of 1918 shows a gross incroase of
8164,929,303, or slightly over 1 0 0 % . On account of this
increase in inventory investment there has been set aside
from earnings of the last three years a special reserve fund
of 851,289,603.
The expenditures made by the Corporation and the sub
sidiary companies during the year for acquisition of addi
tional property, new plants and for extensions and con
struction, including net stripping and development ex
pense at mines, equaled the net sum of 8129,855,038, clas
sified as follows:
T. C . I . & R R . C o . :
Manufacturing properties, except shipbuilding plants________ $ 5 6 , 1 3 4 , 4 9 7
Shipbuilding plants, including townslte for employees and
F o r P r o p e r t ie s o t h e r th a n t h o s e o f
p u b l i c u t i l i t i e s i n c o n n e c t i o n t h e r e w i t h _________________________
C o a l a n d C o k o p r o p e r t i e s _______ ______ _______________ _________________
I r o n O re p r o p e r tie s , in c lu d in g n e t a d d itio n a l e x p e n d itu r e fo r
m i n e s t r i p p i n g a n d d e v e l o p m e n t __________________________________
Transportation properties:
R a i l r o a d s — F e d e r a l c o n t r o l l e d _______________________ $ 4 , 5 2 8 , 2 4 9
“
— O t h e r s ...............................
4 ,9 6 1 ,9 6 8
S t e a m s h i p s ____________________________________________C r .
6 5 8 ,6 0 8
.
M is c e lla n e o u s p r o p e r t ie s :
H o u s e s fo r e m p lo y e e s a n d d e v e lo p m e n t o f
t o w n s i t e s i n c o n n e c t i o n t h e r e w i t h _______________ $ 4 , 7 1 9 , 0 2 2
N a t u r a l G a s p r o p e r t i e s a n d l i n e s __________________ 1 , 5 2 7 , 2 1 0
S u n d r y _____________________________________________________
3 0 4 ,7 9 7
----------------------
For Tennessee Coal, Iron & Railroad C o.’s Extensions-----------
2 0 ,7 0 6 ,3 4 6
1 8 ,8 2 5 ,2 2 7
3 ,0 0 3 ,5 2 2
8 ,8 3 1 ,6 0 9
6 ,5 5 1 ,0 2 9
18,074,219
$132,126,449
Less: Credit for write-off to Depreciation and Replacement
Funds of original cost of Improvements and equipment
dismantled and rotired________________________________
2,271,411
Balance of expenditures for tho year--------------------------$129,855,038
The purposes for which the expenditures for now proper
ties, extensions and construction woro mado are stated in
considerable detail on pages 18 to 23 of this [pamphlet] report.
The greater part of the work covered was undertaken and
prosecuted, notwithstanding the comparatively high cost it in
volved, for the purpose of increasing capacity and utilizing
the existing capacity to its maximum to meet tho domand
for steel for the military and naval roquiroments of tho
United States and its allies, including Government ship
building program. Much work was undertaken on the
special solicitation of the United States. Somo of tho more
important items of additions and improvements on which
expenditures of consequence wero made during the yoar are
the following:
A pr . 5 1919.]
THE CHRONICLE
1399
Construction of modern shipbuilding plants on the Hack ment of pensions to retired employees of the Corporation
ensack River, near Newark, N. J., and on the Chickasaw and its subsidiary companies.
During the year 1918 the Trustees of the Pension Fund
River, near Mobile, Alabama.
By-Product Coke Plants, viz.: At Clairton, Pa., b4U disbursed in pensions to retired employees the sum of $709,
ovens, Lorain, O., 208 ovens, and at Cleveland, O., 180 059 82. Pensions were granted during the year to 214 re
ovens, each plant having also benzol departments. At tiring employees. There were at the close of the year 2,861
Gary, Ind., 140, and at Fairfield, Ala., 154 additional
ovens. At Duluth, Minn., a benzol recovery department. names on the pension rolls.
There was placed in service on the Monongaheia River On January 1 1918 the Government through the United
a fleet of barges and steamers for transporting coal from States Railroad Administration took over the operation and
mines to the by-product coke plant at Clairton, and coke maintenance of the following subsidiary railways of the
from that plant to the furnaces in the Pittsburgh District. Corporation, viz.: Bessemer & Lake Erie R. R., Elgin
A pipe line was constructed from the Clairton coke plant to Joliet & Eastern Ry., Duluth & Iron Range RR. and Dulthe Pittsburgh District steel plants for conveying coke oven
gas to the steel works. An extension of tho Union Rail luth Missabe & Northen Ry. No formal agreement has
road to the Clairton coke plant was also practically com as yet been entered into between the railway companies
pleted McDonald plant of Carnegie Steel Company ,large and the Director-General for the use and control of the
.
„
„„„
At during the year.
taken up, however,
additional expenditures were mado in tho installation ot properties named. There hasofbeen subsidiary companies
merchant bar steel mills, four additional mills having been in the accounts and earnings the
placed in operation during the year. At Homestead works a tentative and estimated amount on account of compen
additions and alterations wore made to the plato mills, sation due from the United States Railroad Administration.
materially increasing their capacity.
. n
Steel Corporation and
At the Gary, Indiana, Plants: By Indiana Steel Com Employees of the United States again in
pany, two new merchant bar mills and a forged steel wheel of the subsidiary companies werefor shares ofJanuary 1919
the privilege of subscribing
the Common
plant were completed; by the American Bridge Company, a offeredof the Corporation, at the price of $92 per share,
specially erected plant for the manufacture of gun forgings Stock
was installed; and by the American Sheet & Tin Plato Com under substantially the same terms and conditions as those
pany substantial progress was made in the construction which attached to previous years’ offerings of stock for
of 24 additional hot mills. #
. ,
At South works of Illinois Steel Company extensive ad subscription. At the date of the writing of this report
been received
ditions increasing the capacity wero made to the slabbing subscriptions have 156,680 shares, from 60,741ofemployees
for an aggregate of
an
in
and plate mills. plant of National, _ , Company was the number of subscribing employees increase 40.4%the
„ .
and 64.2% in
The Christy Park
Tube
materially enlarged and equipment installed for manufac number of shares, in comparison with the subscriptions
ture of torpedo air flask forgings and other war materials.
1918. The usual distribution of special compen
N A t tho Worcester and New Haven plants of American received inemployees under the plan adopted in 1903, was
Steel & Wire Company, largo additional expenditures were sation to
made for increasing the productive capacity of wire rope also made.
Accident Prevention.—The total amount expended by the
and cablo and of wiro for military and naval purposes.
At several plants of American Bridge Company additional Corporation and the subsidiary companies during the year
spocial equipment was installed for producing fabricated for safety work was $1,110,064, in comparison with $998,
* shapes for ships.
.
in the previous year. Compared with results
At the Ensley plant of Tennessee Coal, Iron & Railroad 800 fatal and serious accidents per 100 employees in 1917
showed
Company there were installed an additional 0 . H. furnace the
and converter, also additional triploxing equipment and a decrease of 7.64%; and compared with 1906, a decrease
increased power equipment and facilities; and at the 1 air of 46.1%.
field plant there were installed a 45-inch blooming mill, 1111- Accident Relief.—The total amount disbursed by all the
inch plate mill and a combination structural and bar mill, with companies during 1918 in connection with work accidents
accessory shops, power plant, equipment, &c., also a struc was $3,336,459. Of this sum 87% was paid directly to the
tural shop for fabricating ship material.
Expenditures aggregating $9,578,774 Wore mado at injured employees or their families or in taking care of them.
various places for acquirement of property, development These payments were made either under the Corporation’s
of sites and construction of dwellings for employees, and Voluntary Accident Relief Plan or under the provisions
for installation of public utilities in connection therewith. of tho Workmen’s Compensation Laws of the several States
Nearly 5,000 houses were completed or under erection dur in which the subsidiary companies are operating.
ing the year. Tho outlays for these purposes were largo, The
Sanitation and
but necessary in order to maintain a satisfactory and per Welfare Corporation’s Bureau of Safety, which illustrates
has lately issued its Bulletin No. 7,
manent force of employees.
. . .
•
Work was actively proceeded with during the year in and describes some of the things that are being done by the
the opening and development of tho coal property in Har Corporation and its subsidiary companies to improve con
lan and Letcher Counties, Kentucky, acquired m 1917 ditions under which the employees work and live. A copy
(referred to in 1917 annual report). The coal mining of this Bulletin will be sent to stockholders on request.
plant was completed to the extent that substantial ship
N
ments of coal were made during 1918. During the year A C TIV ITIE S OP THE UINITED STATES STEEL CORPORATION
THE
tho subsidiary companies acquired 117 acres of coking coal It was realized immediately W AR .
following the entrance of the
n tho Connollsville region and 788 acres in tho West Vir
ginia and Kentucky districts; also 14,207 acres of steam United States into the war with Germany that the supply
of steel, both for direct consumption and use at the front
coal in Greene County, Pa.
Tho subsidiary railroad companies acquired during the and for the multitude of industrial activities upon which
year 14 locomotives and 105 cars of various kinds; and 1,041 the production of war
steol cars were purchased by the subsidiary coal and manu paramount importance. materials was dependent, was of
The President of the American
facturing companies for use in transporting coal and coke
Iron and Steel Institute was in writing requested by the
required by the latter.
a
At the close of the year there were unexpended on active Secretary of War and the Secretary of the Navy to form to
mobilize the iron and
authorized appropriations for now extensions and additions committee tocharge of the supplying steel industry and for
take general
of steel
and betterments, including iron ore mining stripping opera war purposes, which was done, and the Unitednecessary
States Steel
tions for 1918, the sum of $115,000,000. It is expected the Corporation in common with other iron and steel producers
greater part of this ■ will be expended during 1919.
During the year 1918 a total of $12,158,947 of bonds, at once placed at the disposal of the Government its full and
in assisting to meet the
mortgages and purchaso money obligations of tho Cor unrestricted services and resources States and its associates
demands
poration and tho subsidiary companies was paid. Of this militarywar. It is of the Unitedefforts of the Government
believed
total $10,593,000 were redeemed through tho sinking funds in thenever to an important the lessened
were
extent
securing the bonds. There were also paid during the year lack of a proper supply of steel. During theor delayed by
entire period
$1,313,395 of mining royalty notes of the subsidiary com following tho declaration of war and until the armistice was
panies issued and substituted for previously existing royalty signed the committee referred to and representatives of
obligations under mining contracts.
Thore were issued during the year $7,800,000 of bonds of the Corporation, together with other iron and steel manu
various subsidiary companies, which wore purchased by the facturers, were in constant touch and association with the
United States Steel Corporation and delivered by it to the various Governmental departments, commissions and agen
cies, and devoted much time
and co-operating
Trustees of the United States Steel and Carnegie Pension with the view of obtaining the in assistingproduction of steel
maximum
Fund, in payment of part of the principal sum of $8,000,000
provided by the Corporation to a permanent Pension Fund and of the various classes of raw materials required for its
of $12,000,000 (tho remaining $4,000,000 having been manufacture. Prior to the entrance of the United States
provided by Mr. Andrew Carnegie through the Carnegie into the war the Corporation had likewise taken a large part
Rolief Fund) the income from which Fund is used in pay in supplying materials to the Allies for their requirements.
140C
THE CHRONICLE
Except for the existence of highly integrated units, with
large capacity for the production and transportation of steel
products, and their perfection of organization, system,
improvements and methods, together with the incidental
working capital which permitted immediate extensions,
additions and diversifications whenever requested or evi
dently desirable, the military necessities of the United
States and its associates in the war could not have been
adequately provided.
In connection with the above statement the following
details are given:
[V ol . 108.
also at the Fairfield works of T. C., I. & R. R. Co., for the
production of fabricated ship work. The Corporation was
the pioneer in work of this kind. Orders were undertaken
for the fabrication of ship steel for 131 hulls. Of these the
steel for 70 complete hulls had been shipped to the close of
the year.
Plate Mills particularly designed for rolling ship plates
were constructed as follows:
Homestead, Pa.
G ary ,In d _____
110-in. Mill]South Chicago, 111.
160-in. Mill IFairfield, Ala.........
90-In. Mill
110-in. Mill
At Shoenberger plant, the 127-inch plate mill was re
habilitated, and at Lorain, O., Works, changes were made
and equipment installed to enable tho large skelp mill to
Tonnage of Steel (All Kinds) Furnished by the Corporation for War Purposes. roll ship plates. These new mills and improvements to
(Includes only tonnage which from available records It Is known was applied existing mills resulted in increasing the productive capacity
for war purposes. Unquestionably a large amount o f tonnage was
of plates approximately 923,000 tons per annum.
In addition shipped to customers and by them used for such
purposes.)
At Gary, Ind., a gun forging plant was built for the pro
Shipped from Shipped from
Total
Aug. 1 1914 April 1 1917 Aug. 1914 duction of rough-turned gun forgings for 155 mm. field guns
and 240 mm. howitzers. Work was commenced on this
Shipped to—
April 1 1917. Dec.31°1918. Dec.31°1918. plant in November 1917, and the first forgings wero made
The United States Government and Tons.
Tons
Tons
on May 6 1918 for the Ordnance Department of tho United
other customers in United S ta te s ... 1,434.530 7,669.910
9,104,440
The Allies (exported)________________ 4,623.110 2 669 840
7
a4n States.
The United States Railroad Adminis^ 00a,84U
New mills for rolling Projectile steel were installed as
tration (during year 1918 only)______________
2,042,070
2,042,070
follows: At Gary, Ind., a 40-inch 2 high blooming mill; at
T ot ..................................................... 6.057,640 12,381,820 18,439,460 Donora, Pa., a 3 high mill; and at a number of plants the
Products Other than Steel—
existing rolling mills were modified, improved and extended
Toluol and Benzol Products (pa«ons)__l 1,802,651 16,067,310 27,869,961
Ammonium Sulphate and Liquor (Los.)
234 016 21,095,638 21,329,654 and special facilities installed to permit them to roll ProSpelter...........................................{Tons)
26,890
jectilo steel. The capacity of the largo new Duluth, Minn.,
13,517
40,407
Cement..................................... (Barrels)
46.725
____
______
556,742
603,467
plant was devoted to tho production of this class of steel.
In order to increase the productive capacity of the prop During the period of tho war the subsidiary companies
erties to meet the greater demands for steel necessitated shipped a total of 1,733,618 gross tons of Projectile steel
the United
by war conditions, both in respect of volume of tonnage to At the South States and its allies.
Illinois Steel
a
and for new or modified forms of steel, also for sundry aux plant, consisting Chicago works of furnaces, was Company to
of largo electric
installed
iliary products and by-products urgently required for war produce high grade 4steel for gun forgings and other special
purposes, there has been appropriated and expended since military purposes. At theso furnaces there was also in
August 1 1914, for additions, extensions and betterments stalled a large amount of auxiliary equipment for casting,
handling the steels produced.
the sum of $302,776,000. This covers expenditures both specially treating and Pa., works, the armor plate depart
At
at and for manufacturing plants and by the raw material ment the Homestead and special equipment and facilities
was
departments—ore, coal, lime-stone and natural gas—also installed to enlarged
manufacture forgings for carriages for 155 mm.
by the subsidiary transportation interests, the major part and 9.5-inch guns. There were shipped during tho period
of whose operations relate to the carriage from mines to of the war 69,795 gross tons of Armor Plato and products*
mills of raw materials for iron and steel making. Large of the Armor Plate Department.
Complete
equipment for
of
outlays were also made for construction of houses and Shell forgingsplants and sizes and types the manufacture at
of various
were constructed
dwellings necessary for employees at various places ad the Homestead and Schoen plants of Carnegie Steel Co.,
jacent to the plants, and for the development of townsites. and the Ellwood and Christy Park plants of National Tubo
The additions and improvements, particularly those made Co., having an annual capacity of about 4,000,000 shells.
since the United States entered the war, have been made An aggregate of 703,827 gross tons of Shell forgings were
the war.
•
at a greatly increased cost compared with what their in shipped during the period ofNational
At Christy Park
was
stallation would have cost under pre-war conditions; but installed equipment plant of production Tubo Co. there sub
for
of torpedo
they were made at the request of representatives of the marine air flasks, steamthe for war vessels, gasand
pipe
bombs',
Government and were required for the pressing necessities trench mortars, and airplane motor cylinder forgings. At
of the war. The following is a condensed summary of these the Ellwood works, facilities and equipment wore provided
for the production of small diameter tubing for torpedo
expenditures:
boat destroyers and for airplanes.
Expended
Excess Cost Expended
Excess Cos
Aug. 1 ’ 14 to over Esli- Apr. YTf to overEstiAt various mills of the American Steel & Wire Co., 375
At " 1
Pril
mated Pre- December 31 mated PrcProperties—
1917.
war Cost.
1918.
war Cost. machines were installed to make special forms of barbed
Manufacturing Plants,
wire for military uses. The several wire rope producing
shipbuilding. $69,675,082 $10,672,374 $127,144,626 $52,571,085 plants of this company were extended and mu ch equipment
Shipbuilding P lants..
________
________
20.963 305 in
Coal Properties...........
3,401,808
502,266
16,723,848
7 655 370 added for the manufacture of wire rope and cable of various
Iron Ore Properties..
706,209
78,784
3.429,239
1 378,149 types, including special forms for submarine nots and mines,
Limestone and Gas
'
Properties................
506,848
88,473
2,241,080
1 021 964 required by the naval and military establishments, the
Emergency Fleet Corporation, other shipbuilders, and
" o “i l „ _______ _
5 -150,102 21,356:533
H - u sl._ 1F a d litifsfo r
>lo
Employees, etc____
76,741
15,191
10,803,274
5,338,449 by other interests engaged on work incident to the war pro
gram.
T o ta ls .....................$100,114,294 $16,507,190 $202,661,905 $86,793,681
several wire plants
The foregoing aggregate expenditures covered a wide to At the springs for Browning special machinery was added
make
and Lewis machine guns; for
range of additions and improvements, all serving to increase pistols; hand grenades; gas masks; artillery casings and
the productive capacity of steel and other products for use draft gear; Liberty Motor springs; stream-line shapes for
in directions contributing to the prosecution of the war. stays for aircraft. Equipment was also added to make
cables for military
Some of the principal extensions made and facilities in- special electrical wires and with auxiliary toluoluses. bonzol
By-Product Coke Plants,
talled for the production of strictly war materials and foi recovery departments, were constructed and and
extensions
war purposes are stated below. In conjunction with the made to existing plants, as stated below. The construction
installations named, there were also necessitated expansions of these plants during the period of the war was undertaken
to meet
in facilities for production of the raw materials required, principally benzol tho requirements of the Government
for toluol,
including their transportation, together with necessary nection with tho and sulphate of ammonia needed in con
manufacture
The
anterior and auxiliary departments such as blast furnaces, also increased the production of of explosives. there plants
coke, of which
was¥a
steel works, rolling mills, power plants, shops, yards, cranes' marked shortage throughout the country. Tho plants
and all other facilities and equipment forming integral parts were as follows:
__
.. New Plants.
of steel manufacturing plants. Tho list follows:
Additions to Plants.
Clairton, Fa___
768 ovens Gary, Ind____
Cleveland, O______ .1 .1
180
154 “
Shipbuilding plants at Kearny, N. J., and on the Chicka Lorain, O______________. 208 "'* Fairfield, Ala____IIIIIIII 140 ovens
saw River, near Mobile, Ala. These plants have a total of At Joliet, 111., Farrell, Pa., and Duluth, Minn, , benzol recovery plants
20 ways, and an annual capacity of 40 completed 10 000 were added to the existing coko plants.
ton ocean-going steamers. Tho plants are fully equipped In
Kentucky, Ala
for the complete construction of steamships. The Kearny bama tho Pennsylvania, West Virginia, tho Corporation’s
and
plant is self-contained in respect of tho construction of all subsidiariesSouthern Illinois coal districts, opening new coal
made large expenditures for
ship parts, and the Chickasaw plant will bo similarly equipped mines and expanding existing operations and mobilizing
except as to supplying engines. After conferences with and handling tho product so as to obtain the maximum
Governmental agencies these plants were conceived and
tho conditions prevailing.
undertaken solely as war measures and to their erection possible output of coal underdevelopment of this kind was
most important single
and the construction of ships the full resources of the United Theopening of new workingsnew Lynch, Harlan Countv, Ky.,
the
at
Statex Steel Corporation have been devoted.
Equipment and facilities wero installed at nine of the at an expenditure of over $4,000,000. Coal was first shipped
output
American Bridge Company’s bridge and structural shops, from these operations on Ootobor 31 1917, and an 1918.
of about 3,500 tons per day was reached by July 1
1
909
7 l2 9 2 ’9 j 0
®1
90 6 897
0 ,1 ,0
2 5 ‘7 4 7 '606
A pr . 5 1919.]
THE CHRONICLE
l i 01
Service^,
In many lines tlio subsidiary companies, at tko request for account of the Naval Overseas TransportSteward s i. o.,
Deck, Engine and
of the War and Navy Departments, undertook special furnished supplies for to supervising nocessary repairsDe
to
research work in their laboratories with the view of de partments in addition
tho vossels.
veloping new forms of materials desired for war purposes, The U. S. Shipping Board was permitted to utilize the
and processes for obtaining quantity production. Some Corporation’s entire fleet on
Lakes
of the directions in which this research work developed Naval Reserves. There werethe Greatop these in training
placed
vessels 590
practical results were the following.
who received instruction
training under
Immediately upon the declaration of war the American Naval Reserves the fleet officers. In tho and of 1917, at the
of
Sheet and Tin Plate Company undertook the study ot tho directionthe U. S. Shipping Board, fall Corporations
request of
chemicals for gas masks and it is understood the Govern fleot organization took charge of the workthe manning and
ment’s first specifications for chemicals were based on data delivering at Montreal and Quebec vesselsofcommandeered
furnished by this company. The chief of the American by the Shipping Board on the Greal Lakes. This work in
Sheet and Tin Plate Company’s Research Laboratory was volved furnishing the hulks (which had been cut in two to
locks) with
transferred to the service of the Government and was placed enable them to pass through the arrangementsprovisions and
fuel and making all necessary
in direct chargo of the designing and manufacturing of all and towing them through the lakes, canals and for handling
rivers to
gas masks and chemicals therefor. Four other employees lower St. Lawrence River ports. An important effortthe
of
of the laboratory also entered the department in charge oi the Corporation’s Great Lakes fleet organization was m
taking an active and leading interest in the mobilization
gas mask manufacture.
.
The American Sheet and Tin Plate Company furnished of its fleet and other vessels by co-operating with the United
Food Administration in
substantially all of the steel sheets required by the War Statescommodities vital for tho the movement of grain and
successful prosecution of the
Department for the manufacture of helmets. The pro other The President of the Pittsburgh Steamship Company
duction of the class of steel used for these helmets presented war. Corporation’s subsidiary) was Chairman of the Mobili
(the
many difficult problems. It had previously been considered zation Committee which handled all ships on the Great
Lakes in tho fall of 1917. This Committee furnished about
impossible to roll steel of the character required for helmets
with ice
into sheets of as light gaugo as this product necessitated. one-half million dollars to keep the channels openlakes the
enable
fleet
After much experimental work it was, however, successfully breakers toquantity the grain. to bring down the
of
accomplished through revising materially the methods of scheduled 1917, at the request of the Navy nnnn,tmont
In October
Department,
there was turned over to it under a leasehold airangemen
rolling previously in use.
The Amorican Bridge Company, at the request of tho the entire warehouse property, including buildings, equip
ment and
of the Corporation,
ranWar Department, undertook to design and fabricate a cisco Bay, docksFrancisco, Cal. This located on ban i Cor
San
special railway mount for naval guns. Three of the com poration removing from the premises necessitated thestocks
pany’s technical experts were sent to France by tho War of products and establishing temporaryits warehouse
warehouse facilities
Department in this connection. Up to the timo of sigmng elsewhere in San Francisco and on the Pacific Coast, in®
of tho armistice 17 gun mounts for this purpose had been Navy Department remodeled the property for use in tne
torpedo boat
completed and shipped by tho company. A number of construction ofconstantly, anddestroyers, on which 1work tne
plant has been
is now, employed. he .Navy
these mounts performed effective servico at tho front.
has
The Research Department of the National Tube Com Department1919. advised that the plant will. be returned in
,
. ,
nanv in co-operation with tho Engineering Division, Army theInfall of 1918, the Corporation entered into a contract
May
Ordnance Department, and the Chemical Warfare Service, with tho United States at the solicitation of the Secretary
conducted extonded experimental work on designs for of War, to construct for the Government a large plant tor
tho complete
Livons gas shells and Stokes mortar shells made from welded of projectiles manufacture of heavy 12 to 18-inch guns, and
for such
The plant was designed to
pipo- also on Livens mortars with the object of decreasing manufacture the guns guns.projectiles complete from tne
and
their weight and increasing their strongth. As a result furnishing of pig iron and steel to the final finished prod
the company was directed on July 15 1918, to proceed with ucts. The contract provided that the Corporation should
tho manufacture of shells of tho design it had submitted. take entire chargo of the designing and construction of tne
to
by the Secretary
Tho first shipment of shells (designed to bo used for phos plant, subjectthat approval of general plansfor only,the exact
and
it
reimbursed
gene gas) was made on July 20 1918 and the entire order was of War,outlavs madeshould befor the work which, in accord
completed by November 15 1918. It is understood tho cost of the offer ofdirectly
Corporation, included
ahells furnished by National Tube Company wore the only ance with the services the its officials, experts, orno compen
sation for
of
its general
ones of this kind delivered in France in time to bo used, organization in supervising the work; nor for interest upon
considerable sums advanced for tho payment of labor, ma
and that they wore satisfactory in ovory particular.
The Corpora^
1 Large quantities of standard forms of material of tho terialatand other construction,expenditures to take charge
tion once
special department
production of tho subsidiary companies wero furnished fbr of the work, organized a a general committee composed of
appointed
war purposes. A great deal of this tonnage was of special ten of its officials, who, assisted by their respective staffs
analysis and shape, or produced under special conditions as to and under tho direction of the Chairman and President of
heat treatment, rolling, finish and assembling. All this tho Corporation, undertook tho general supervision of the
project, all without any chargo for services. There wer®
called for much research work, tho revising of mothods of also detached from the service of tho Corporation and its
manufacture and procedure and close co-operation with subsidiary companies 64 of their administrative officials,
tho various departments and bureaus of tho Government. engineers, and other technical and trained employees ex
In this way results were secured as to quantity production perienced in construction work, whose time was cxcmsiveiy
and according to the Government’s schedulo in a mannor devoted to the work. The site selected for the plant was
on Novillo Island, in tho Ohio River about six miles below
which mot every expectation and desire.
Rapid progress was made in clearing
site,
Upwards of 200 officials and experienced employees of Pittsburgh. plans were prepared, approved, and tothe very
a
tho Corporation and its subsidiary companies wero granted all general worked out in detail; necessary construction
large extent
leaves of absenco during tho war to connect themselves with buddings were erected and some work was done on perma
various Governmental departments, bureaus and commis nent structures. Contracts were placed with machinery
for a large quantity of
sions, including tho Red Cross, Y. M. C. A. and kindrod builders committee of engineersequipment for the plant. A
was sent, abroad to study
associations. Those officials and employees included execu special
tho construction large gun and^projectile plants in^Eng
tives, experienced operating officers, engineers, scientific land, France andofItaly, all with the view of. delivering tb®
and technical men, as well as trained artisans and office Government a plant of the most modern, efficient and eco
employees. In addition many of the leading officials of the nomically operate* type. Shortly after the armistice
Corporation and the subsidiary companies took an active was signed, the War Department requested that tho work
that the oontraet
part from the beginning of the war in serving locally in their be8suspended and later accomplishment, onljbeso eanceled
is now process of
much of
respective communities as members of Draft Boards, Red Thisoperatinginstaff being retained at present as is necessary
Cross, Y. M. C. A., Liberty Loan and Food Committees, thoconsummate settlements with contractors for.such work
to
and othor Governmental and quasi-Governmental agencies. as they have performed under construction contracts. AH
Employees to the number of 34,407, or about one-eighth physical property on the plant site has been surrendered to
the War Department. The Corporation has
advised
of tho total averago number of employees, entered tho by tho Secretary of War .that its conduct of been work of
the
active military and naval service of the United States.
There were turned over to tho Government on requisition organization and construction has been in every way entirely
and for use in tho Army and Navy servico, seven of the ^ F ro T n S e to time, prior to the United States entering the
ocean-going steamers owned by the Corporation; also five war, tho Corporation purchased an aggregate of S84 683 00U
vossols°of its fleet operating on tho Great Lakes, togothor of various loans issued by the Allies and since, AprililJ17,
have been
1 11
with one tug boat. The U. S. Steel Products Company there acquired of purchased an additional $ of5 , the7 ,4UU, a
$99,800,400. A portion
oblige
(a subsidiary of the Corporation) also husbanded fivo vessels total
1402
THE CHRONICLE
tions included in these purchases have matured and been
paid and some have been sold.
J,bo, Corporation and its subsidiary companies have sub
scribed for and purchased United States Liberty Loan
follows-°f
Flrst’ Second, Third and Fourth issues, as
Total amount purchased......................
97 0,-n onn
D naTrtr1nHt 0 f “ P,Qyees to February "l 191 g 'o n 'th e lr 'fu lT y ^ ' J ’
6> G 4 5i0 00
. . Balance held February 1 1919________
« io i m i onn
At February 1 1919 o f the above bonds there were' held for 21 "i0 5 '900
account o f employees partially paid subscriptions........... 24,171,000
amount o f bonds held by the Corporation and
its subsidiaries_______ ______________
gy
134 900
I he Corporation’s original subscriptions to the First
ii^eCOn<^ u I f b erty Loan Bonds wero reduced mapar?mentn a otment by tbe United States Treasury D cThe Corporation and its subsidiaries have in addition
from tune to time subscribed for and purchased U . S. Treas
ury Certificates of a net aggregate amount (not counting
? lo r an S
rg| innn? reil sues) of §35 2,340,500. Of this total,
c V ^ ; i G f r ° ^ 07vVnnn0en uSed, to pay Federal income taxes,
i
leaving SloG ,277,000 on hand at February 1 1919.
[V o l . 108.
tion of this plan to work the same number of hours as there
tofore.
the wage increases to common labor as abovo stated
extended in substantially the same degreo to other classes
oi employees, except to tho highor paid wage earners and
salaried employees. The general avorage increase in the
earnings per employee per day in December 1918, com
pared with the year 1914, was as follows:.
Average fo r—
j ) ec i q i «
A '* employees except Administrative and
’
Selling______________ _ _________
SO 23
"^and 1taWiug0eS *n(dud*ng Administrative
mi
,
---------------------- 6 26
Year 1914.
$2 88
Percentage
o f Incr.
116%
2 97
liie average number of employees in each of tho past five
years and the total payroll of the organization were as
follows:
Average
Number Employees.
,
1914 ..........................
1915 ......................
1916 ..... - ................. J9 } 7 .................................
19i8
In month of Dec. 19181
179,3.53
191,126
252,688
268,058
268,710
______
Total
Pag Poll.
S162.379.907
176,800,864
263,385,502
347,370,400
452,063,524
Average Annual
Earnings per
Employee.
$905
925
1,042
1,296
1,685
1,950
he demands upon the entire personnel of tho organiza-
T M in
iberty Loan Bonds, the Corporation arranged I u f fthe 1* ? ! ? . *of! their respective duties under conditions
i f discharge
conditions
accept subscriptions from its employees payable in “ wmcn.lat times! wero1®1? respective duties underfrom a desire
trying, but Avero assumed
cs ncol' theirSta bne n.ts;. The plan permitted and sufficient to assist in the effort to “ win tho war.” The Board takes
Hi ‘f subscriptions in case for good employees to
cancel
in acknowledging to tho
employees of
reasons they elected to do so, or were unable to complete plesure P °ration and the several officers andcompanies the
y °^
subsidiary
payment follows:
ceived as tor the bonds in full. Subscriptions were re emcient and loyal services rendered by them to tho Cor
andnp m S h e £ h
to
Employees
Third Liberty Loan...........
Fourth Liberty L oan............I
I
T
.
'
poration and to the country.
B y order of the Board ‘ of Directors,
$14,028,900
22,871,600
1111202, 140
ceived to tho number of 74.039 for a totaFof bonds o
Balance_ '
_
amount” ?
Amount
Subscribed.
f
.
'* * * ¥e""~ paldT« T ull ‘band's'to'the
en
6, 084, 500
--------- -
*
00°
’
6,645,000
iFebruar)v nit 1°91Subscrlptions *>r bonds (at par) in iovco
ary i tJIJ.......................................................................$24,171,000
q,,ir < Riborty Loun Bonds, liberally to subscriptions
ibcd
wom!1!i0rr u °yieeSTals0 sl'bseV but as these tho First and
yiA n
*M no.fc mad° through the Corporation and the subsidiary
1C
companies, a statement of tho exact amount cannot be given
i “lsS
condition prevails in respect of subscriptions to
thromrb fhea n F°Ur+ Llb°rty Loan data as nothas been
tL Corporation From such Bonds it entered
t-h
™ 3b
possible to obtain from local sources, Liberty Loan Com
mittees and otherwise, it is known that subscriptions to these
loans wero made by employees otherthanthroughtheiremploymg compmues of at least the sum of 816,250,000.
A n -I0, Corporation and its subsidiary companies between
cJo1?’ and. December 31 1918, subscribed a total of
t/ ’, y;bb2 In various funds for war purposes raised by the
Red Cross United War Work Campaign, Young Men’s
Chnstmn Association, Knights of Columbus and the Salva
tion Army. These subscriptions were made for the purpose
of assisting in furthering tho welfare of the largo number
of^empl°yee3 who had entered tho military and naval
^fbhshments of the United States, and as a necessary means
of protecting tho properties of the Corporation and its sub
sidiaries In addition an extra Red Cross dividend of 1%
on r 'dv^T io ?7 ?t0C!V amountin£ ^ 85,083,025, was paid
, ;, ' t y -7^ l 917v for the purpose of aiding the stockholders
L 2 t!! i1Ilg to m10 Amencan Rod Cross Fund if thev
!
holders for that purpose US0 ofexpressly statedby the wholly
iiolders fnVlhn?' lh e was tho dividend to bo stockoptional with them in accordance with their interests and
patriotic instincts. It is known that a very largo part of
the dividend was contributed to the Red Cross.
TraDi
'^ ary,eoIBPani?s also assisted the Red Cross,
.luV War Work Campaign and kindred associations in
<1ecting subscriptions to war funds by employees, through
accepting orders from tho latter to be paid out of their
salaries and wages. Tho amounts deducted accordingly
nnZ .l fineSfiand W ^ certain subscriptions known to have
named, together with es an4 Paid over to tho organizations
nt lYoTt^/h sum of 82,825,000.
at least theby <!mpl°£oes diroctIy t° theso interests, equaled
During the period of tho European war eight genoral
increases m wago rates were mado. These increases, stated
in follows:
as Percentages on basis of rates paid for common labor, wore
E L B E R T PI. G A R Y , Chairman.
UNITED STATES STEEL CORPORATION AND SURSTDTARV rT>«i
CONDENSED GENERAL PROFIT AND LOSS ACCOUNT
For year ending Dec. 31 1918.
Qr° n n f
Gross SaIes and Eawi'igs (see a proviO p ^ a lilfch V rg es-:k Y .~ .................................................. S1 •
714.312,162 97
Manufacturing and Producing Cost and
Operating Expenses, including ordi
nary maintenance and repairs and
provisional charges by subsidiary
compcimes f ° r depreciation_________ $ 1 2 11 150 063 77
Administrative, Selling and General Ex’ d
ponses, employees’ compensation tincier merit plan and pension payments
(not Including general expenses of
transportation companies).................
29.786 57/S 7.3
Taxes (except as included in following
* ’
Allowance for'MMmated'amou'nt"of Fedoral income, war-profits and excess
profits taxes-------------Commercial Discounts and' Interest 111
Less, Amount included In tho above*' ”r 18 ’228 ’049 36
’
charges for provisional allowances for
depreciation here deducted for purposo of showing the same in separato
item o f charge, as see below________
33 1 1 7 395 4G
1’515.110,651 20
Baianco_________________
Sundry Net Manufacturing and" Operating Gains and Losses, including idio
plant expenses. Royalties received
adjustments in inventory valuations’
Rental's' received.' 111111111111.............
Compensation accrued for use of sub-”
sldiary railroads under Federal con
trol (estimated)...................................
Cumulative Percentage of Increase
t ereentage
compared with rates paid
Date o f Increase—
o f Increase.
in January, 1915.
Feb. 1 1916.
------ 1 0
io
M ay 1 1916.
Dec. i5 ‘ i 9 i ' 6 i : : i : : : : : ................. } o -0
?§ r
M ay 1 1917..............
0
275
Oct. 1 19 1 7 ..........
to
39
Oct.
1 ,abovoarn' ngS
1918 (see explanat’n below)
10
13/
The percentage of incroaso stated for October 1 1918 is
wiat attaching to employees working 10 hours per day.
or those working a longer number of hours the percentage
n L X ’? ii°iWaSF eaY * Tbis basic 8-hour tho adoption in
erYmo ad dpPaidmonts tbe arises from dav, October 1
servl3na tho employees generally continuing after overtimo
service, d n the payment of increased rates for tho adop
.................
5229,201,511 77
0
15,510,511 34
l0 .168,489 19
Total Net Manufacturing, Producing and Operating
precision**0™ deductIng Provisional charges for de
'52.(8,370,000 96
Other Income—
Net Profits of properties owned, but
whose operations (gross revenue, cost
of Product, expenses, &c.) are not
classified in this statement_________
$3.19 199 11
Incomo from sundry investments and
interest on deposits, &c____________
20,957 142 72
_ 21,306,334 83
_
Total.
I.ess the following adjustments and charges "vfz' 7............. 5269,676,335 79
Reserved for amount o f actual cost or
’
”
market value in excess of normal
prices of inventory stocks on hand
A iS ^ ? „y s > n W d s v o r fi:
eilities installed for production of
articles contributing to prosecution
or tlio present war (see also addi
tional allowance for this purpose
charged Balance of Net Income—
see ab ov e)_________
N ot Baianco of Profits earnedby sub
sidiary companies on sales mado
and service rendered account of
materials on hand at closo of year
in purchasing companies’ inven
tories, and which profits havo not
yet been realized in cash from the
standpoint of a combined state
ment o f the business of all companes.........- ............... ...........................
1
23,367,213 57
274 277 £24 sn
49
‘ 20'M 7-000 00
40,000,000 00
1.098,231 56
61,395.231 56
in 1,10 year 1 9 1 8 per tncomo Account,”
$208,281,104 23
LCM ;J /Y fIes* Charges®" Subsidiary Uompaples’'Bond"s'
Mortgages and Purchaso Money Obligations_____
’
8,930,424 33
Balance of Earnings for the year before deducting nro~
visional charges for depreciation.
h pro
$199,350,679 90
p ,'. o,hU gi'f and Allowances for Depreciation'viz':
By Subsidiary Companies...........
$39 1 17 198 in
By U. S. Steel C o r p o r a t i o n ....:::::
7 ,001,425 54
40,718.823 70
Net Income in the year 1918.....................................
j lf)8
631,856 20
TH E CHRONICLE
A m . 5 1 9 1 9 .]
PR OPERTY IN VESTM EN T ACCOUNT DEC. 31 1918.
Balance o f this account as o f Dec. 31 1917, per Annual^ 7 7 3 ,5 6 8 ,4 1 5 88
Sundry Adjustments during' 1918 in the foregoing balance.
1.257,997 90
Net addition to Property Investment Account for the year
for capital expenditures, as see previous page-------------77,349,682 07
Expenditures for Stripping and Development at Mines
and Investment in Structural Erection and Logging
PldJltS) VIZ..
g. _
.
O 'T *77
O
Balance at Dec. 31 1917---------------------- $19,2/^,627 /7
Expended during the year__
1918
_______ S6.408.824 39
Less Charged off in 1918
to operating expenses 6,118,468 6 8
$1,852,176,095 85
Less. Charged off in year 1918 to Depreciation Funds
(account Mineral Depletion)----------------------------------
477,181
0$
$1,851,698,914 27
1403
Net Increase in tho year 1918-------
290,355 71
C O oqita«
R
Balance of Property Investment Account, Dec. 31
007575
1918, per Consolidated General Balanco Sheet--------- $ l, 8 7 1 ,2 0 l,»u/*<o
CONSOLIDATED GENERAL BALANCE SHEET DECEM BER 31 1918.
ASSETS.
Property A ccou nt—
.
„
, _
.
Properties Owned and Operated by the Several Companies
SI.871,261,897 7®
Balance of this account as of Dec. 31 1918, per details on a previous page..............................................................
E eU
............................................................. S191.281.527 50
G e n e r a ^ e p r e c ^ a t l O T ^ p r o p r l a t e d ^ fr o n i ^ I o f
lnTtj ^ ^ B
S
d° , i,*ut not treated as assets, and in cash
E in d i::::::::::::::::::::::::::::::::::::::::::
■•
m
1Q
2 :8 6 3 :1 3 6 2 0
307,324.774.86
$1,563,937,122 89
Advanced M ining Royalties
^
_
S27 ^g2 090 12
7',000'.000 00
20,562,090 12
M ining Royalties— In respect of which non-interest-bearing notes of the subsidiary companies have been Issued— See
C o n tr a -------------------------------------------------------------------------------------------------------------------------------------------------Deferred Charges (Applying to future operations o f the properties):
s 7 5 3 - 2g 4 5
Mine exploration oxponses and other c h a r g e s . . . . . . . . ...................................................- ......... 7 ...............
""
' 998’.120 96
Discount on subsidiary companies bonds sola (N et)................................ ......................................... ...............
................ -.........
33,912,076 17
1,751,649 41
1 nvestm ents
4,947,972 53
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages and Land Sales Contracts--------------
S inking and Reserve Fund Assets
,
jm
Cash f^ o ^ t T o n T r u s t w T r o fd l'll^ S o O O o f Redeemed b on d s? which a r ' e ' n o F t r e a E o d " ~ ” ______
638,662 70
10.710.073 58
1,298.319 20
S i i S ' i m i 'S p S i k ^
viz.:
.
Securities at cost.......................................................................................... - ..............C a sh __________________________________________________________________ ‘
.................$61,322,539 40
5.056.062 39
--------------- -----866,378,601 79
Less Amount of foregoing represented by obligations of Subsidiary Companies issued for
’ capital ...nonHUiiraa made.
: . 1 expenditures mn.no
____________________________________________________ iU,Ky
>)U I m
49,723,126 79
63.370,182 27
C urrent Assets
Reserve and for amount of inventory values representing Profits earned by Subsidairy
Oomoanics on Inter-Company sales of products on hand in Inventories Dec. 31 1918 (See note opposite a n d ^ 753 60Q Q2
table on a previous page)...................................................................................... - .....................................................
113’.810,679 39
Accounts .Receivable............................................................................ ................... .
.
.
3 ,045,076 32
A g ou ti
advYnces'^^^^
Wu> D~epwtmmtf<;r'co'ns:tructfon of Ordnance Plant. . ,4.456.994 33
Duo.from. Ujiitcd^States^Railtroad^,AdndnlstrMon_^.^_^„_~ ~~~ZZZ - - - - - - 277’.745,969 05
S.mdrv Marketable Securities (including U. Sv Liberty Loan Bonds and Treasury C ertificates).......................—
*SB9*807 24
Time Bank Deposits and Secured ^ ® ” *and L o a n s ^ „ „ ^ „ - ^ „ - . . - „ . - ^ - - . ^ - . ^ cjjeck)................................. 173,806,259 41
------------------------- ---------------- LQ.oou.__ ..
l’ime
a ” 6 9 enured Demand Loans
Cash (in hand and on deposit with Banks, Bankets
883,136,081 69
$2,571,617,175 08
LIABILITIES.
Capital Stock of U. S. Steel C o r p o r a t io n Common-------------------- ----------------------------P referred-------------------------------------------------
...$508,302,500 00
I________ 360,281,100 00
$868,583,600 00
434,642 50
Capital Stocks o f Subsidiary Companies Not Held by U. S. Steel C orporation (Par Value) ................................................................ Bonded and Debenture Debt O u tstan din g (For detailed statement see previous p a g e s )0Q
United States Steel Corporation 50-Year5 % B ° n d s - ......................................................................
III11111111Z' 178]353'000 00
------------------- _
United States Steel Corporation 10-60-Year 5% uonus .................................................................. ............... - - $414,928,000 00
«„h«iriKru rvmmanies’ Bonds, guaranteed by U. S. Steel Corporation .................................................................. ....... 1 ftK,553’ l68 74
S
Comnanlos’ Bonds!
guaranteed uy u . S. Steel C orporation.................................................- ........... —
Subsidiary Companies’ Bonds, not guaranieeu by U. o. oueei corpora n o n ...................................................- ............... y -65.55d.lMW*
-------------
1 1
C
582,646,168 74
Companies A uthorized o r Created for Capital Expenditures Made (held
In Trustifysubject^to sale, but not included in assets or liabilities— See previous pages)...............................................$15,658,000 U
U
*
r»ni«<roH r>oq
o f
S u b s i d i a r y
C . 1. I i „ „ r „ m n n n i i ‘ s’ N on-Interest-B earing Notes— Maturing over a period of 39jrears, substituted for previously
S u b o'^sting mining royalty obligations— Guaranteed by U. S. Steel Corporation (Seo Contra)...................- ............... - ...........
Mortgages and Purchase Money O bligations o f Subsidiary Companies—
i^mrtvum^Money"Obligations issued in acquirement o f Fixed Property--------- - - - - Mlninir Royalty Notes (Interest-Bearing— Guaranteed by U. S. Steel Corporation).
33.912.076 17
$174,800 65
95,304 99
381,846 51
Current Liabilities—
___ $68,687,648 15
Pnrrmit, Accounts Payable ana Pay Rolls-------------------------------— - ------------------------------------------------------o«« 078 865 12
a Iprilo/! Taxes not vet duo. Including reservo for estimated Federal taxes.............................................................. ..
0 0 1 0 3 7 0 62
A ™ * d Interest. Unpresented Coupons and Unclaimed D ividends............................................ - .........................
6 304:919 25
Preferred Stock Dividend No. 71. payab o Feb. 2 7 J 9 1 9 ........................ ................................................... ......... ZZIZZ l l f f i s o e 25
nlmimnii hi,nek Dividend No. 58, payable March 29 1919--------------------------------------------------------------------15 226.872 91
Instalments received on Employees Liberty Bond subscriptions................ - ........................... - ................................. ........................... .
Total Capital and Current Liabilities..........................................................................................................................................
Total Surplus, osclusivo o f Profits earned by Subsidiary Companies on Inter-Company sales of products on hand
in Inventories Doc. 31 1918 (see noto below)--------------------------------------------------------------------------------------
397,781,482 33
.$1,884,009,921 89
Sundry Reserve Funds—
,
’
_
.
___ $90,574,562 32
Contingent, Miscellaneous Operating and Other Reserve Funds----------------------------------------------------------19,245,355 39
Insurance Funds............................................ - ............................- ........................................................................................... ........ ...................
Appropriated Surplus to Cover Capital Expenditures (Seo statement on previous page)—
Invested in Property Account— Additions and Construction--------------------------------------------------------------------------Undivided Surplus o f U. S. Steel C orporation and Subsidiary Companies—
651,952 15
109,819,917 71
110,898,914 10
$ 2 5 Q 00 0 0 0 0 0
.
466,888,421 38
$2,571,617,175 08
Note — That part of the Surplus o f Subsidiary Companies representing Profits accrued on sales of m
aterials M d producte to o th ^ subsidiary com
panics and on hand in latter’s inventories in this Balance Sheet, deducted from the amount of Inventories included under Current Assets.
Wo have audited tho above Balance Sheet, and certify that in our opinion it is properl \ drawn up so' as
show tho truo financial position of tho United States Steel Corporation and Subsidiary ompames on ec. •
’
b
New York, March 15 1919.
PRinF, W ATERIIOUSfi & CO.,
Auditors.
1404
THE CHRONICLE
[V o l . 108.
NORFOLK AND W ESTERN R A IL W A Y COMPANY
T W E N T Y -T H I R D A N N U A L R E P O R T — F O R T H E
j
Roanoke, Va., March 2 6 1919.
To the Stockholders of the Norfolk and Western Railway Company.
Y E A R E N D IN G
D E C E M B E R 31 1918.
IN C O M E S T A T E M E N T .
In this statem ent com parison with tho figures of th o'year
Y o u r B oard of Directors subm its the follow ing report 1917 has been facilitated b y re-stating tho latter so as to
for. the year ending D ecem ber 3 1st 1918.
show in a single am ount the incom e accruing to the C o m
In the annual report for the year 1917 you were advised
p any in 1917 from all sources which in 1918 contributed to
that the President of the United S tates, h aving taken pos
the incom e of the U n ited States Railroad A dm inistration
session and assum ed control of system s of transportation
only and were represented in tho C o m p a n y ’s Incom e by its
of the country, your C o m p a n y ’s property h ad , since noon
annual com pensation under its agreement w ith tho Direc
of D ecem ber 2 7th 1 91 7 , been operated under control of the tor-General of Railroads.
Director-G eneral of R ailroads, the separation of accounts as
Inc. ( + ) or
Per
1918.
1917.
Dec. (— ).
Cent.
between the C om pan y and the Federal M an ag em en t having Compensation accrued
In 1918 under Federal
S
%
been m ade effective as of m idnight of D ecem ber 3 1st 1917.
Control, and corres
ponding incomo in
A n A c t of Congress ‘ ‘ to provide for the operation of trans
_ l ? 1? - - - - - - -------.-2 0 ,6 3 4 ,1 4 2 03 24,062.444 74 -3,428,302 71 14.25
portation system s while under Federal C on trol, for the just Deduct Railway War
com pensation of their owners and for other purposes,” was
Tax accruals............. 1,716,000 00 2.J34.440 00 — 118,440 00 19.60
approved M a rc h 21st 1918.
Ro? la j ! ? r - t...............18,918,142 03 21.928,004 74 — 3,009,862 71 13.73
JD
Add Other Income:
A fte r protracted discussion, representatives of the tran s
From
190,095 43
41,969 19
+148,126 24 352.94
portation system s of the country and of the U n ited States From Miscell R en ts..
Lease of R oa d ..
810 00 _
_
+810 00
Railroad A dm inistration cam e to an understanding in Oc From D ividend--------848 6 6
2~,098 67
— 1,250 01 59.56
From Funded Securities
556.316 8 6
700,716 09 — 144,399 23 20.61
tober 1 91 8 , as to the standard clauses of an agreement be From Unfunded Securi
tween the parties pursuant to the Federal Control A c t.
ties and A ccounts..
103,263 45
266,145 62 — 162,882 17 61.20
Based upon the standard clauses, an agreement dated D e From Revenues and
Expenses before Jan
cem ber 27th 191 8 , with the D irector-G eneral of Railroads,
uary 1st 1918--------113,247 6 6 ....... ......... ..
+113,247 6 6
35,577 70
59,946 74
— 24,369 04 40.65
em bracing suitable special provisions, was executed b y your From Miscell. Sources.
C o m p a n y and b y the four subsidiary operating companies
Gross Income...........19,918,301 7922,998,881 05 — 3,080,579 26
13.39
whose roads are included in the N orfolk and W estern Sys
Deductions from Gross Income:
te m , v iz .: the Virginia-Carolina R ailw ay C o m p a n y, the Miscellaneous R en ts..
914 70
929 83
— 15 13 1 63
•
N e w R iver, H olston & W ostern R ailroad C o m p a n y, the Separately Operated
Properties................
500 00 .......................
+500 00
W illiam son & P on d Creek R ailroad C om pan y and the T u g Interest on Funded Debt:
R iver & K en tu ck y Railroad C o m p a n y.
T h e interests of
Mortgage B o n d s... 3,620,010 00 3,620,010 00 . .
Convertible B onds..
51,806 67
52,996 6 6
— 1,189" 09 2.25
the five corporations under the Federal Control A c t were
Equipment Oblig’ns.
284,685 00
326,737 54
— 42.052 54 12.87
thus unified and the relations of the system to the Federal Int. on Unfunded Debt
15,465 6 6
11,301 06
+4,164 60 36.85
140,393 27
40,768 92
+99,624 3 5 244.36
G overnm ent simplified. T h e warehouse properties at L a m Miscell. Deductions..
bert P oint and the business of the Virginia C o m p a n y and
. 4,113,775 30 4,052,744 01
+61,031 29
1.51
of several non-operating railroad companies remain in the
.15,804,526 49 18,946,137 04 — 3,141,610 55 16.58
control of your C o m p a n y.
Preferred Stock.
. 919,692 00
919,677 00
U nder the agreem ent, the Director-G eneral of Railroads,
+ 15.00
acting on behalf of the U n ited States and tho President,
ferred to Profit and
is to p ay to your C om pan y and its four subsidiaries an
Loss...........................14,884.834 49 18,020,400 04 -3,141,625 55 16.14
aggregate annual com pensation of § 2 0 ,7 4 0 ,8 7 8 5 3 , of which
$ 2 0 ,6 3 4 ,1 4 2 03 is the N o rfolk and W estern R ailw ay C o m
P R O F IT A N D LOSS S T A T E M E N T .
p a n y ’s share. T h e annual com pensation is basod chiefly
Inc. ( + ) er
Per
upon the average annual railway operating income of the
1918.
1917.
Credits:
Dec. I— ).
Cent.
contracting companies for tho three years ended June 30tli
Balance January 1st—19,738,316 96 18,425,839 40 +1,312,477 56 7 .12
191 7 , and it is payable in four installm ents for the quarterly Credit Balance from
mcorne - - - - ---1 4
periods ending M arch 3 1 st, Juno 3 0 th , Septem ber 30th Materials and- Supplies ,8 8 4 ,8 3 4 49 18,026,460 04 — 3,141,625 55 17.43
and D ecem ber 3 1st.
Doc. 31 1917-—
Increased a lu e
278,146 00 .......................
+278.146 09
T h e agreement stipulates that the Director-G oneral shall, Profit on V Koad -----and
during Federal con trol, furnish the C om pan y copies of the
Equipment Sold
33,070 27
12,500 00
+20.570 27 164.66
242,904 20
223,128 39
+19.775 81
6 .8 6
operating reports relating to its property. T h e results of Miscellaneous Credits.
these operations do not directly concern your C om pan y
Tota Credits...........35,177,271 92 36,687,927 83 — 1,510,655 91
4+ 2
and do n ot affect its annual com pensation, bu t they are
Charges:
interesting and im portant for tho series of yearly com pari Dividend Appropria
tions of Surplus,
sons and will therefore bo set out in this report and in the
Common Stock----- 8,437,410 50 9,632,619 50 -1,195,209 00 12.41
accom panying tables.
Surplus Appropriated
for Investment in
D uring the early part of 1918 both tho Federal and cor
Physical Property
porate transactions of the system wero conducted b y the Loss on Retired Road ................... 7,251,275 35 — 7.251,275 35 100.00
u
same officers and were recorded in the sam e books of the , J*nd„ Ec>
uipraent-----48,886 90
54,216 70
— 5,329 74
9 83
14.642 47
11,499 32
+3,143 1 5 27.33
accoun t.
L ater in tho year a com plete separation of per Miscellaneous Charges
sonnel and of records was ordered and separate books were
Total Charges......... 8,500,939 93 16,949,610 87 — 8.448,670 94 49.85
opened for Federal transactions and separate officials wero
appointed. T h e character and details of the accounts Balanco Dec. 31........... 26,676,331 99 19,738,316 96 +6,938,015 03 35.15
Note.— On account of the accrued compensation for 191* tho Company
between the C om pan y and tho Director-General of R ail has received to date 85.250,000 0 0 .
roads were n ot fully indicated until tho execution of the
D E T A IL OF D IV ID E N D P A Y M E N T S .
agreement late in D ecem ber. These accounts are some
Per
Outstanding
Amount of
w hat m tn cato and very volum inous and as they cannot bo
No.
Payable.
Stock of Record. Cent.
Stock.
Dividend.
worked ou t in their entirety in tim e for com plete inclusion Adjustment Preferred Stock—
59 M ay 18 1918 April 30 1918. . . 1
322,992,300
3229,92360
in this report, the income statem ent herein presented is to
60 Aug. 19 1918 July 31 19 18...1
22.992.300
229,923 00
61 N ov. 19 1918 Oct. 31 1918.. 1
that extent affected. T h e additional income that is ex
22.992.300
229,923 00
62 Fob. 19 1919 Jan. 31 1919
1
22.992.300
229,923 00
pected to be shown when theso figurings are com pleted will
be included in the results for tho year 1919.
4
$919,692 00
Common Stock:
51 Mar. 19 1918 Fob. 28 1918_ 1M 3120.456,400 32.107,987 00
_
M IL E A G E OF R O A D A N D T R A C K IN O P E R A T IO N .
52 June 19 1918 M ay 31 1918— 1J*
120.477.400
2,108,354 60
53 Sept. 19 1918 Aug. 31 1918_ 1 %
Dec. 31 1913.
_
Dec. 31 1917. Increase.
120.537.400
2,109,404 50
54 Dec. 19 1918 Nov. 30 1918— 1M
, , , _.
Miles.
Miles.
Miles.
120.561.400
2,109,824 50
Main Line___________ ________ _
j 542.9$
1,542.98
t
7
BranchesfOper. as second track— 127.28 ’
127.28
85,435,570 50
{Other branches_______ 403.14
Dividend adjustment on Common Stock issued in exchango
402.21
for Convertible Bonds................................................
---------- 530.42 ---------- 529.49
.93
1,840 00
5? Total miles__________________
2 073.40
2,072.47
.93
Operated under trackage rights. _
’ 13 [93
$8,437,410 50
13.98
C A P IT A L S T O C K .
Total miles of road in operation
2,087.38
2,086.45
.93
Second track_______
556.95
556.95
T ho aggregate am ounts of A d ju stm en t Preferred and
Third track...................IIZ IIIIIZ
3.93
3.93
_
Sidings and yard tracks_ " H I
1,410.08
1,373.27
36.81 C om m on Capital Stock which have been authorized and
Total miles of all tracks in oper.
4,058.34
4,020.60
37.74 issued are as follows:
Average miles o f road operated
-Issued2,083.94
2,085.47 Dec. 1.53
Averago miles o f track operated.
... x
„
Par Value.
Shares.
4.031.56
3,980.93
50.63 Adjustment Preferred Stock_______Authorized.
$23,000,000
323 ,0 0 0 ,0 0 0
230,000
T h e increase in miles of road in operation is as follows
Common Stock..........................
150,000,000
1 2 0 ,576,000 1.205.760
or
western Branch Extension.....................
Total December 31 1918............. $173,000,000 $143 ,576,000 1.435.760
Alma Branch E xtension...
o«
..
Total December 31 1917............. 173,000,000
891
“
-Lewis Creek Branch____________ I I I I I I I I I I H
143 447,000 1,434,470
^.T otal Increase_______
irT'i'o
Increase (all Common Stock) _ ______ ____
$129,000
1,290
Less Money Point Branch— Part leased— Y — ' ' '. 6 1 ' Miles
Less Periwinkle Branch— Part removed............. 2 81
“
I he additional 1 ,29 0 shares of C om m on Stock wore issued
L®ss Blackstone Branch— Removed_______ __
5 52
“
in exchange for $ 1 2 9 ,0 0 0 Convertible B o n d s, surrendered
■j e ® .. V. Southern R R . Conncctlon-Lynchburg
* 3
Belt Lino— R e m o v e d . . . . . . . . . . . .
25
1
1
for conversion, as follow s:
Decrease_____
'
• ——
—
Convertible 10-25-year 4 per cent Gold Bonds of 1907.
9.19
Net.Increaso.
invonR Convert b o 10-20-year 4 por cent Gold Bonds of 1912.
.93 Milos
107,000 Convertible 10-25-yoar 4& por cont Gold Bonds of 1913.
A pr . 5 1919.]
1405
THE CHRONICLE
22 freight locomotives (steam).
Five shares of the Adjustment Preferred Stock in the
22 all-steel passenger cars.
Treasury of the Company were exchanged for securities
5 all-steel passenger and baggage cars.
13 all-steel baggage and express cars.
of the old Norfolk and Western Railroad Company which had
10 all-steel baggage and maU cars.
not been deposited under the plan of reorganization and at 1,000 steel underframe box cars, 80,000 pounds capacity.
188
the close of the year there were in the Treasury 77 shares 1,043 all-steel drop-bottom gondola cars. 115,000 pounds capacity.
wooden hopper cars, 115.000 pounds capacity.
($7,700) of Adjustment Preferred Stock and 16 shares
375 all-steel flat bottom gondola cars, 115,000 pounds capacity.
19 steel underframe cabin cars.
($1,600) of Common Stock.
10 steel underframe refrigerator cars, 70,000 pounds capacity.
Of tho $29,424,000 authorized but unissued Common
1 tool car (built with second-hand material).
10 maintenance o f way camp cars (built with second-hand material).
Stock, $2,359,000 was reserved for the conversion at par
36 maintenance o f way flat cars.
of the Convertible 10-20 year 4 per cent and 10-25 year \
9 maintenance o f way flat cars (built with second-hand material).
per cent. Bonds, including $1,482,000 in the Company’s
6 locomotive cranes.
1 raU loader.
Treasury, as shown under the head of Funded Debt.
1 automobile truck.
Of tho new equipment, 2 freight locomotives, 188 all
FUNDED DEBT.
steel drop bottom gondola cars, 1,043 wooden hopper cars,
Tho aggregate Funded Debt outstanding was as follows: 375 flat bottom gondola cars, 19 steel underframe cabin
Dec. 31 '18. Dec. 31 '17.
Decrease.
cars, 10 steel underframe refrigerator cars, 1 tool car, 10
Mortgage Bonds______- ___________$83,256,500 $83,256,500
maintenance of way camp cars, 45 maintenance of wayConvertible Bonds________________ 2,646,000
2,775,000 $129,000
flat cars and 1 rail loader,were built at your Roanoke Shops.
Equipment Trust Obligations______ 6,000,000
7,000,000
1,000,000
$91,902,500 $93,031,500 $1,129,000 ADDITIONS AND BETTERMENTS TO WAY AND
STRUCTURES.
The decrease of $129,000 in the amount of Convertible 103.85 additional miles of track were laid with
Bonds outstanding was due to the conversion into common rails, the total amount of track laid with this weight 100-lb.
of rail
stock of $129,000 of Convertible Bonds as described under being 968.16 miles.
the head of “Capital Stock.”
Tho decrease of $1,000,000 in tho amount of Equipment 206,199 cubic yards of stone were used in standard ballast
Trust obligations resulted from the payment of matured ing on main line.
Passenger stations and freight depots were built or en
Equipment Trust Certificates.
larged at South Norfolk, Petersburg, Saltville and Elkton,
Tho following bonds were held in the Treasury:
Va., Willardville and Walnut Cove, N. C., McComas,
$17,000 Columbus Connecting & Torminal Railroad Company’s First Nolan, Kermit and Kenova, W. Va., and Chillicothe and
Mortgage 6 per cent Bonds.
Ancor, Ohio.
_
$13,000 First Consolidated Mortgage 4 per cent Bonds.
A four-story brick building adjacent to the General Office
$269,000 Convertible 10-20-year 4 per cent Gold Bonds o f 1912.
Building at Roanoke, Va., was purchased and the interior
$1,213,000 Convertible 10-25-year 4 'A per cent Gold Bonds o f 1913.
remodeled for offices, the building being connected with
Under the authority given by the stockholders at their the General Office Building by a bridge.
Annual and Special Meeting, held October 13th 1910, tho A storage house for gasoline was constructed at Crewe,
Board of Directors on September 25th 1918, created an Va., a storehouse for electrical supplies at Bluestone, W. Va.,
issue of Convertible 10-Year 6 per cent Gold Bonds. By and a storehouse for materials at Kimball, W. Va.
oircular, dated November 27th 1918, issued with the assent An express building was erected at Williamson, W . Va.,
of the United States Railroad Administration, tho stock and a mail room at Petersburg, Va. A freight office build
holders were offered the privilege of subscribing at par on ing was constructed at New Boston, Ohio.
or before January 25th 1919, for an amount of bonds equal An Oxweld generator building was erected at Roanoke
to twelve and one-half per cent of their respective holdings Shops, a car repair building at Basic and a signal power
of the Company as registered on its books at the close of house at Atkins, Va. A brick addition was made to the
business December 18th 1918. The aggregate amount of machine shop at Columbus, Ohio.
_
the issuo so offered to the stockholders was $17,945,000, Coaling stations were constructed at Bonsack and Vicker,
of which $17,419,600 was subscribed for. Tho bonds will be Va.
issued under and in accordance with the terms of an inden A reinforced concrete viaduct was constructed jointly
ture, dated January 25th 1919, with the Guaranty Trust with the Chesapeake & Ohio, Southern and tho City of
Company of New York, Trustee. They will bo dated Lynchburg, at Lynchburg, Va., making possible the closing
September 1st 1919, will carry interest from that date, of grade crossings at Seventh Street and Ninth Street and
and will be convertible at any timo during their life into the extension of the passenger station platforms.
common stock at par. An equivalent amount of common The yards at Shomo, Md., and Roanoke and Bristol,VVa.,
stock will be reserved for the conversion of these bonds. aro being enlarged.
In the offer of the bonds to the stockholders, opportunity Stock Pens have been constructed or enlarged at Hagers
was given to make subscriptions in sums of $100 and mul town, Md., Shenandoah, Roanoke and Castlewood, Va.,
tiples thereof, with tho understanding that for amounts Bluefield, W. Va., and Ironton and Macon, Ohio.
less than $1,000 subscribers will receive certificates of com A water filtering plant was installed at Shenandoah, Va.
mon stock at par.
Two 75 II. P. electric pumping plants were installed at
This offer of Convertible Bonds has virtually exhausted Alum Creek for improved water supply at Joyce Avenue
tho authority givon for such issues by the stockholders in Yard, Columbus, Ohio. Seventeen 50,000-gallon water
1910. It being the policy of the Company to provido for its tanks were erected and additional pumping plants werejncapital requirements by means of issues of capital stock or of stalled along the line.
debenture bonds convertible into stock rather than of mort Automatic signals were installed between Dora and Clark,
gage bonds, and it being advisable to secure necessary au Va., on the Bristol Lino and additional signal facilities put
thority for such issues in advanco of actual needs, tho Board in at Roanoke and Glade Spring, Va., and between West
of Directors has voted to submit to tho stockholders at their Vivian and Farm, W. Va., making 253.7 miles of single
April meeting a proposal to increase tho authorized com track and 550.6 miles of double track equipped with^automon stock of tho Company by $100,000,000 to an aggregate matic signals.
,
of $250,000,000, and a further proposal to authorize the Signal blocks were reduced from two miles to one mile
creation and sale from timo to timo of an issuo or issues between Naugatuck and Fort Gay on tho Big Sandy Line.
of bonds of the Company not exceeding $108,431,000 con Additional interlocking was installed at Poe and Roanoke,
vertible into Common Stock at the option of tho holders Va., and at Glen Jean and Valley Crossing, Ohio.
during a term of years; such bonds to bo sold in lieu of com 55.43 miles of fencing were erected.
mon stock at times when market conditions do not favor the 107 feet of wooden trestle were replaced with concrete
sale of stock, in which event the stock required for con structures.
version of the bonds sold is to be reserved for that purpose 217 feet light iron bridges were replaced with concrete
out of tho authorized issue of common stock. Tho ad structures.
ditional $8,431,000 of Convertible Bonds is intended to 264 feet light iron bridges were strengthened by doubling
roplaco a like amount authorized in October 1906, but never with fit iron.
issued and not now practically available.
23 feet light iron bridges were doubled with fit iron and
concrete deck placed thereon.
ROAD AND EQUIPMENT.
5 wooden crib abutments supporting steel bridges were
The additions to cost of road and equipment during the replaced with concrete abutments.
6 highway grade crossings were eliminated: Four by
year were $13,515,117 87.
overhead crossings and two by change of county road.
From tho commencement o f operations October 1st 1896 to
December 31st 1918, the charges to your Company’s
MAINTENANCE EXPENDITURES.
property accounts for Investment in road and equipment
The expenses for Maintenance of Way and Structures
o f which the sum o f 138,150,835 60 was provided by appro-^
’
*582 57 were as follows:
priations from Surplus Income since Juno 30 1907.
Thero were also direct charges to Incomo for Additions and
Betterments before June 30th 1907 aggregating.............
15,473,521 16
Total additions to cost o f road and equipment...........$172,358,103 73
Under Federal Management for 1918.
for 1917.
1918.
s
Under Company Management
„
Inc. ( + ) or
Per
1917.
Dec. (— ).
Cent.
$
s
%
Of these expenditures, your Company provided by ap Total Expenses............. 9,524,658 52 6,176,369 30 +3,348,289 22 54.21
per Milo of
propriations from surplus income and by direct charges to Average Operated......... 4,562 97 2,960 23 +1,602 74 54.14
Road
Average per Mile of
_______ _
incomo as shown abovo tho sum of $53,624,356 76.
2,346 93
+810 75 52.77
Tho mileage of double track lino in operation is unchanged Track O p e ra te d ..... Maintenance1,536 18
The expenses for
of Equipment were as
from the preceding year.
The new equipment received during tho year was as fol follows: Federal Management for 1918. Under Company Management
Under
lows:
for 1917.
.
1918.
$
1917.
$
Inc. ( + ) or
Dec. (— ).
$
Total Maintenance of
Equipment Expenses.21,273,001 80 12,051,912 22 +9,221,089 58
In which are included:
Steam Locomotives (Freight);
Repairs, Retirements
and Depreciation.. 7,794,597 39 3,920,322 94 +3,874,274 45
4,680 76
+4,539 03
Avge. per Locomotive
9,219 79
Avge. per 1,000 Tons
One M ile_________
.66
.32
+ .3 4
Electric Locomotives (Freight):
Repairs, Retirements
+59,098 03
and Depreciation..
254,146 86
195,048 83
+4,924 85
16,254 06
Avge. per Locomotive
21,178 91
Avge. per 1,000 Tons
One M ile.................
.93
1 00
— .07
Steam Locomotives (Passenger):
Repairs, Retirements
+519,269 03
539.964 12
and Depreciation. 1,059,233 15
+3,756 13
4,397 46
Avge. per Locomotive
8,153 59
Avge. per 1,000 Pas
+ 1 01
1 68
sengers Ono M ile ..
2 69
Freight Train Cars:
Repairs, Retirements
and Depreciation. _ 9,801,892 62 5,888,328 99 +3,913,563 63
+74 82
123 49
Avgo. per Freight Car
198 31
Avge. per 1,000 Tons
+ .35
.47
Ono Mile_________
.82
Passenger Train Cars:
Repairs, Retirements
+381,958 61
and Depreciation..
480,695 21
862,653 82
Avge. per Passenger
+673 07
1,005 80
O a r _____________
1,678 87
Avge. per 1,000 Pass
+ .70
2 19
1 49
engers One M ile_
_
Work Equipment:
Repairs, Retirements
+20,596 51
and Depreciation..
191,892 00
171,295 49
Per
Cent.
%
76.5
98.8
97.0
„
106.3
30.3
30.3
7.0
96.2
85.4
60.1
66.5
60.6
74.5
79.5
66.9
47.0
12.0
There were in the shops undergoing and awaiting repairs
at the close of the year, 91 locomotives, or 9.1 per cent
(44 needing only light repairs), 19 passenger cars, or 3.6
per cent, and 085 freight and work equipment cars, or
1.3 per cent.
TRAFFIC AND OPERATING REVENUE COMPARI
SONS.
(Under Federal Management for 1918.
for 1917.)
Under Company Management
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following interesting
changes:
650,168
7.64%
Number of passengers.............
decreased
12.31
Average haul of passengers______ increased
Revenue from passenger fares____ increased $3,214,446 24
0.416
Avgo. rate per passenger per mile.increased
1,394,872
Revenue freight carried_________ decreased
3.39
Average haul of freight__________ increased
Rev. from freight transportation..increased $12,371,224 73
Average rate per ton per milo____increased
0.108
Average tons of revenue freight
per train mile_________________ increased
19.72
Shipments o f coal_______________ decreased
1,480,580
Shipments of coke_______________ increased
16,171
Shipments o f ore_________________increased
150,965
Shipments of pig and bloom iron-decreased
48,266
Shipments of lum ber____________ decreased
620,040
miles 32.53%
45.77%
cents 19.07%
tons 2.89%
miles 1.31%
------ 21.94
cents 23.84?
tons 1.93?
tons 5.10?
tons 0.69?
tons 8.60?
tons 3.27?
tons 22.89?
WESTERN BRANCH.
.
This branch was extended .25 miles and additional tracks
were constructed to provide increased facilities at the Boissevain Operation of the Pocahontas Consolidated Collieries
Company. The total lenth of this branch is 3.54 miles.
ALMA BRANCH.
The extension of Alma Branch to tho New Howard Coal
Company operation, a distance of .96 miles, has been com
pleted. The total length is 3.51 miles.
LEWIS CREEK BRANCH.
The reconstruction and extension of this branch from the
Clinch Valley Line near Putnam, Va., to a point 1.94 miles
beyond Drill P. O., Va., a total length of 8.91 miles, has
been completed, and the branch is now in operation.
ELECTRIFICATION.
Owing to unusual conditions and delay in obtaining
locomotives, work upon the extension of your company’s
electrified system from West Vivian, W. Va., to Farm,
W. Va., 11 miles, and from Tug Fork Junction to Wilcoe,
W. Va., 5 miles, has been suspended. When resumed, about
three months’ active work will be required to complete this
installation. In 1918, electric power was employed for
moving merchandise as well as coal trains over tho main
line through the Pocahontas coal field, and for handling
coal traffic on the Pocahontas and Bluestone Branches.
Tho number of loaded trains moved was about 44 per cent
more than tho number of loaded trains handled by electric
power in 1917.
Fiscal Period Ending—
[Vol . 108
THE CHRONICLE
1406
POCAHONTAS COAL AND COKE COMPANY.
Under the sinking fund provision of the Pocahontas
Coal & Coke Company Purchase Money First Mortgage,
dated December 2nd 1901, the sum of $322,123 92 accrued
from royalties on coal mined during the calendar year 1918.
From the beginning of the operation of the sinking fund in
1906 to December 31st 1918, the accruals from royalties
have aggregated $3,203,886 38 and those from sales of lands
$138,111 97, a total of $3,341,998 35 applicable to the pur
chase and retirement of mortgage bonds.
The surplus earnings of the year 1918, after making pro
vision for largely increased taxes, were insufficient to permit
further payments on account of indebtedness incurred in
previous years to meet fixed charges.
The consolidation of the Company’s properties through
purchases of interior tracts and exchanges of lands with
other companies, and the work of completing titles, sur
veying, monumenting and mapping continue.
REVENUES.
The gross railway operating revenues of the system under
Federal management were $82,004,034 45, an increase over
1917 of $16,093,792 41 or 24.4 per cent. The increase in
operating expenses, which aggregated $61,579,297 48, was,
however, much greater, being $20,417,794 14, or 49.6 per
cent more than in 1917. The net revenue from railway
operations was $20,424,736 97, a decrease of $4,324,001 73,
or 17.5 per cent from that of 1917. The tonnage and
tonnage mileage of revenue freight decreased slightly, but
owing to a much higher average freight rate per ton per
mile, the freight revenue largely increased. The number
of revenue passengers carried decreased, but the mileage
of revenue passengers largely increased and an increase
also in the average revenue per passenger per mile resulted
in a large increase of passenger revenues. The increase in
wages and the greater cost of fuel and materials and supplies
more than offset the larger operating revenues.
The reduced operating revenues in 1918 did not affect
your Company’s income for that year. Out of its guar
anteed annual compensation, $20,634,142 03, increased by
the net income from all other sources, have been paid rail
way war tax accruals, interest on funded debt and the cost
of maintaining the corporate organization, and after pay
ment of the dividend on tho Adjustment Preferred stock
the sum of $14,884,834 49 was transferred to Profit and
Loss, the amount being $3,141,625 55 less than tho cor
responding item in 1917.
.
An adjustment of the Company’s annual compensation
for 1918, by reason of additions and betterments to road
and equipment completed in that year at the Company’s
cost will add to its income and a further credit is expected
to result from the interest on deferred settlements of ac
counts between the Company and the United States Rail
road Administration, some of which accounts aro still un
settled. The net changes in tho revenues resulting from
these considerations and from any increase in war taxes
will not be definitely known for some time and will bo en
tered in the accounts for the year 1919.
RETURN UPON INVESTMENT.
The following table shows for the last eleven and one-half
years the percentage ratio of your Company’s net operating
income to the cost of its investment in road and equipment
and miscellaneous physical property, including in tho said
cost expenditures for additions and betterments charged
directly to income or to reserves created from income before
July 1st 1907, from which date the accounting classifica
tions of the Inter-State Commerce Commission havo re
quired all similar expenditures to bo charged to property
investment accounts. The “net operating incomo” upon
which the percentages are based is tho not income beforo
deducting or adding interest on funded debt, dividends
paid, dividends and interest received and premiums or dis
counts upon sales of the Company’s capital obligations,
and for the year 1918 is based on tho Company’s guaran
teed annual compensation.
Tho table also shows for each of tho fiscal periods the
aggregate amount of interest on funded debt and dividends
paid to bond and stockholders and tho porcontago ratio of
such payments to the total par value of tho Company’s
capital stock and bond issues outstanding, not including
those held in the Company’s treasury.
Return to the Company upon Its Investment. Average Return to Holders of Bonds and Stock.
Per
Aggregate
Aggregate Bonds
Per
Net Operating
Investment
Cent.
Dividends and
and Slocks.
Income.
Cent.
Cost.
Interest Paid.
$9,850,106
$203,502,130 44
June 30 1908______________________________________
10,957,365
206,342,550 93
1909
.........................................................
13,387,993
219,442,903 07
............................................ ............
1910
232,089,234 42
1911
....................................................................................................12,180,685
13,560,383
239,044,275 72
1912
........................................................
249,951,016 57
1913
....................................................................................................14,761,733
14,019,987
265,374,537 65
1914
................................................................................
14,384,034
272,207,786 15
1915
.............................................. ..........
279,607,273 38
24,072,650
1916
........................................................
12,413,005
283,413,955 27
Dec. 31 1916 (6 months)__________________________
294,029,470 75
21,969,044
Dec. 31 1917 (Y ear)......................................................
*19,220,880
307,050,478 11
1918______________________ _______________
62
93
57
00
31
19
31
63
35
08
10
42
4.82
5.31
6.10
5.25
5.67
5.91
5.28
5.28
8.61
4.38
7.47
6.26
$193,113,400
200,399,400
207.731.200
205.731.200
216,760,800
234,779,420
240,623,600
238.995.700
236.759.700
236.061.700
234.948.700
233.944.200
00
00
00
00
00
00
00
00
00
00
00
00
$8,048,450
8,701,502
8,995,760
9,211,672
10,064,692
10,952,031
11,744,726
12,136,754
13,587,319
6,674,379
14,552,040
13,314.029
00
27
43
17
60
66
30
84
44
09
70
17
4.17
4.34
4.33
4.46
4.64
4.66
4.88
5.08
5.74
2.83
6.19
5.69
4.96
6.12
Averago...............................................................................
* For tho year 1918 tho figures of ‘ ‘Net Operating Incomo” aro those of tho Corporate Income corresponding to tho Net Operating Income
previous fiscal periods.
A pr . 5 1919.]
THE CHRONICLE
TAXES.
Under the agreement with the Director-General of Rail
roads the Director-General undertook to pay all taxes law
fully assessed under Federal or any other Governmental
authority during the period of Federal Control, except tho
taxes commonly called “War Taxes” assessed under the
Federal Revenue Act of October 3rd 1917, or any act in
addition thereto or any amendment thereof, which latter
taxes were to bo paid by the corporation. To meet such
War Taxes there was accrued on the Company’s books in
1918 the sum of $1,716,000. In February 1919, Congress
enacted the War Revenue Act of 1918, which provided that
for tho calendar year 1918 five-sixths of the Income Tax and
the entiro Excess Profits Tax and War Profits Tax should
bo paid by the Company, and one-sixth of the Income Tax
by tho Director-General. Owing to the delay in furnishing
forms under this Act, it has not been possible to figuro ac
curately the aggregate taxes upon the properties and income
of the system for 1918, but preliminary figuring indicates
an increase over the preceding year.
RELIEF AND PENSION DEPARTMENT.
At tho end of tho year tho Relief Fund, which during 1918
was under tke Federal Management, had 12,469 members,
equivalent to 41.19 per cent of the total number of em
ployees, an increase in the year in number of mombers of
2,002, and in percentage of members to employees 3.91.
Tho fund paid during the year in death benefits the sum of
$156,742 80, and in sickness and accident benefits the sum
of $232,587 08. In the same period the Federal Manage
ment paid for organization and maintenance expenditures
of tho Relief and Pension Department the sum of $65,
965 90, and tho members of the fund conti’ibuted tho sum
of $337,248 61. Interest on monthly balances of tho fund
paid by the Federal Management amounted to $1,673 00
and interest from investments to $1,207 77. Early in the
year tho accumulated surplus to tho credit of the Relief
Fund permitted tho investment of $57,854 25 in interest
bearing securities. Tho heavy demands upon tho Fund
in tho fall, duo to the serious epidemic of influenza, ex
hausted its cash assets, and to avoid the necessity of selling
the securities temporary advances of $29,230 71 were mado
by tho Federal Management, to be repaid in due course from
members’ contributions.
On December 31st the number of employees on the pen
sion roll was 204. Tho total amount paid in pensions for
the year ending December 31st was $71,332 72.
FEDERAL VALUATION.
Your Company’s share of the work upon tho physical
valuation of its property under Federal Law has progressed
in a manner to keep well ahead of tho work done by the
Government. The total cost to December 31st 1918, was
$413,093.00. It is estimated that the work is about 85 per
cent complote and that the Government’s work on valua
tion of the property is about 75 per cent complote.
UNITED STATES LIBERTY LOAN BONDS.
Eight hundred and sixty-nine thousand dollars of the
United States Third Liberty Loan Bonds were subscribed
and paid for on account of subscriptions made by employees.
This subscription having been made during Federal control
was taken over by the Federal Management, by whom the
bonds will be delivered as payments by employees aro com
pleted.
A subscription was made by your Company on its own
account for $4,500,000 of the Fourth Liberty Loan Bonds,
the amount paid being borrowed from tho Company’s de
positaries at the samo rate of interest as is borne by tho
bonds, tho bonds being deposited as collateral. A sub
scription was also made for a small amount of the Fourth
Liberty Loan Bonds for the employees of the corporation.
Your Company continues to hold bonds of tho First,
Second and Third Liberty Loans for employees in its safe
deposit boxes, coupons being collected and proceeds for
warded currently to employees without expense to them.
THE RAILROAD SITUATION.
While your Company has at all times aimed to protect
the interests of its security holders, the great emergencies
created by the declaration of war with Germany in tho
spring of 1917 havo made co-operation with the Federal
Government its paramount duty. In fulfilling this duty
your Board has approved recommendations of the Federal
management for heavy expenditures upon road and equip
ment, of which $13,515,117 87 was charged to proporty
investment accounts in 1918, leaving to bo expended and
charged thereafter a sum approximating $23,500,000, of
which more than $13,000,000 is for equipment. Your
Company has also subscribed for tho several issues of Lib
erty Loan Bonds and owned on December 31st 1918 an
aggregate of $8,418,750 of these bonds.
In operating tho transportation systems of tho country
tho Railroad Administration soon discovered the restrictive
nature of the regulations to which those systems had long
been subjected through a multiplicity of Stato and Federal
Governmental bodies and also found that the practical
1407
problems of the great business of transportation could not
in the existing emergency be satisfactorily solved without
setting aside many of the theories on which previous railway
regulation was based. It found that increasing costs of
operation must bo met by increased revenues which could
bo had only by advancing passenger and freight rates. This
remedy has been applied under Federal control though not
to an extent sufficient to cover the greater operating costs;
and the grave situation which has been created and which
was aggravated by the abrupt cessation of hostilities in
November 1918, has an important bearing upon the question
of the conditions under which the transportation systems
shall in due course be returned to their owners. This ques
tion is receiving wide-spread attention from Railroad execu
tives and others, and various methods have been suggested
covering such modifications of existing regulatory laws and
practices and the adoption of such a policy as will promote
sound and progressive transportation development, yield
suitable returns upon the capital invested, re-establish the
credit of tho railway companies and enable them to pro
vide the increased facilities that must constantly be fur
nished to serve the rapidly enlarging transportation require
ments of this great country. The welfare of the nation
cannot be promoted by methods and theories which tend
to defeat the prosperity of any important industry.
Participation in the ownership of transportation systems,
directly through individual holdings of stock and bonds, and
indirectly though the holdings of life insurance companies,
savings institutions and other instrumentalities is nation
wide and concerns all classes of American citizens. It is
therefore greatly to be hoped that what has been learned
through tho experience of the last ten years, and particu
larly during tho recent stressful war period, will result in
such wise action by legislative bodies as will ensure due con
sideration of all the interests affected and secure tho widest
and most helpful co-operation.
To these ends your management has actively devoted its
energies. It participated in the preparation of suggestions
for a plan providing for Government regulation of carriers
engaged in inter-State commerce, and it fully concurs in
the specific plan presented and recommended to tho Senate
Committee on Inter-State Commerce early in January
1919, by the Association of Railway Executives representing
92 per cent of the railroad mileage of the country. The
fundamental and essential purpose of that plan is to furnish
to the public safe, efficient and adequate transportation
at the lowest cost consistent with proper service, with due
regard to tho just interests of the owners and employees,
and to ensuro to the Government at all times service ade
quate to its needs even in great national emergencies.
INDUSTRIES.
Among tho new local industries are the following:—
9 manufactories of mineral, metal and other products.
16 manufactories of lumber products.
17 manufactories of farm implements and farm products.
14 coal mines.
At the close of the year there were 174 companies organized
for producing coal and coke on your Company’s lines, with
a total of 284 separate mines, of which 281 were in actual
operation.
. Of the 10,056 coke ovens, 5,856 were in blast.
Of the 18 iron furnaces with a total daily capacity of
3,370 tons of pig, 14 having a total daily capacity of 2,855
tons, were in blast.
CHANGES IN ORGANIZATION.
Effective June 1st 1918, N. D. Maher, formerly Vice
President of tho Company and President from January 1st
1918, was appointed to the position, under the United
States Railroad Administration, of Regional Director of
tho newly-created Pocahontas Region, and thereupon re
signed from tho Presidency of your Company and from
membership in its Board of Directors. To succeed him,
Samuel Rea was elected a member of the Board of Direc
tors, and L. E. Johnson was elected President, the office
of Chairman of the Board previously held by him being
vacated.
A. C. Needles, who had been appointed Federal Manager
of tho property for the United States Railroad Administra
tion, resigned as Vice-President in Charge of Operation,
and T. S. Davant, Vice-President in Charge of Traffic,
resigned to accept the position of Traffic Assistant to the
Regional Director of the Pocahontas Region.
Joseph W. Coxe, formerly Comptroller of your Company,
having been made Federal Auditor, and Joseph B. Lacy,
formerly Treasurer, having been made Federal Treasurer,
J. S. Wynn was elected Comptroller and J. S. Clarke,
Treasurer.
Charlos S. Churchill, formerly Assistant to the President,
and in charge of Federal Valuation work, was elected a
Vice-President of the Company.
Tho certificate of Price, Waterhouse & Co., independent
auditors appointed to audit tho books and accounts of the
Company, is attached to the Balance Sheet.
By order of the Board of Directors,
L. E. JOHNSON, President.
1408
THE CHRONICLE
[Vo l . 108
N O R F O L K A N D W E S T E R N R A IL W A Y C O M P A N Y
CONDENSED GENERAL BALANCE SHEET, DECEMBER
Investments:—
Investment in Road and Equipment:—
Road__________________________________
Equipment_____________________________
General Expenditures__________________
31st
1818.
Comparison with
Dec. 31si 1917.
+$5,782,872 72
+7,929,920 02
— 197,674 87
.$217,505,040 48
. 71.936,668 12
$289,441,708 60
7,626 56
2,703,872 59
Deposits in lieu o f mortgaged property sold.
Miscellaneous Physical Property____________
Investments In Affiliated Companies:—
Stocks_________________________________
Bonds_________________________________
Advances______________________________
— 4,200 80
+ 103,477 42
+ 1,992 93
$1,985,415 37
354,673 50
5,608,548 02
+80,280 53
7,948,636 89
Other Investments:—
Stocks_________________________________
Bonds_________________________________
Miscellaneous_________________________
$4,806 40
10,611,460 37
2,324 99
— *6,210,739 92
— 22,689 63
10,618.591 76
Total Investments.
$310,720,436 40
C urrent' Assets:—
C a s h ..........................................................................................................................................................
$933,860 79
Loans and Bills Receivable______________________________________________________________
10,050 00
Traffic and Car Service Balances Receivable________________________________________________
56,071 80
Net Balances Receivable from Agents and Conductors_______________________________________ 3_______________
Miscellaneous Accounts Receivable:—
Due from U. S. Railroad Administration________________________________ $4,704,578 64
Other Accounts_________________________________________________________
253,813 67
------------------------------------------ 4,958,39231
Material and Supplies______________________________________________________________________________________
Interest and Dividends Receivable__________________________________________________________
13,406 74
Other Current Assets_______________________________________________________________________________________
Total Current Assets.
— 3,280,463
+7,832
— 1,146,900
— 2,010,749
67
09
34
96
+2,704,114 63
— 9,928,612 59
— 91,346 20
— 32,120 72
5,971,781 64
Deferred Assets:—
Working Fund Advances____________________________________________________________________
Norfolk & Western Railway Company and Pocahontas Coal & Coko Company, Joint Purchase
Money Mortgage Bonds------- -------------------------------------------------------------------- --------- --------Other Deferred Assets:—
(U. S. Railroad Administration account Material and Supplies)__________________________
$25,187 64
— 14,898 45
16,652,000 00
— 384,000 00
10,237,384 38
Total Deferred Assets.
+ 10,237,384 3S
26,914,572 02
Unadjusted Debits:—
Rents and Insurance Promiums paid in advance
Other Unadjusted Debits_____________________
Securities Issued or Assumed— Unpledged:—
Par Value o f Holdings at Close o f Year________________________________ $1,521,300 00
$8,412 15
135,444 94
Total Unadjusted Debits___________________ ______ __________ ________________________________________
— 23,887 33
— 531,075 24
143,857 09
$343,750,647 15
* Decrease duetto maturity and collection o f temporary investments made to augment interest yield.
LIABILITIES.
Capital Stock:—
Adjustment Preferred.
Held in Treasury____
• o m m o n ________________
neld in Treasury____
Comparison with
Dec. 31st 1917.
. $23,000,000 00
.
7,700 00
----------------------$120,576,000 00
.
1,600 00
-----------------------
Long Term Debt:—
Mortgage Bonds__________
Reid in Treasury____
120,574,400 00
-----------------------
$83,256,500 00
30,000 00
Convertible Bonds_______
Held In Treasury____
$22,992,300 60 ...........................
...........................................................
$2,646,000 00
1,482,000 00
Equipment Obligations___
neld in Treasury____
$6,000,000 00
$143,566,700 00
$83,226,500 00
— 129,000 06
1,164,000 00
6,000,000 00
Current Liabilities:—
Loans and Bills Payable_______________
•
Traffic and car servico balances payablo.
Audited Accounts and Wages Payable__
Miscellaneous Accounts Payablo________
Interest Matured Unpaid______________
Dividends Matured Unpaid____________
Funded Debt Matured Unpaid_________
Unmatured Dividends D eclared________
Unmatured Interest Accrued___________
Other Current Liabilities_______________
$4,500,000
76,185
48,088
97,535
931,502
11,425
6,000
229,923
791,333
— 1.000.000 00
— 8,000 00
90,390,500 00
00
14
98
96
00
60
00
00
33
Total Current Liabilities___________
Deferred Liabilities:—
Other Deferred Liabilities
Joint Liabilities:—
Norfolk & Western R y. Co. and Pocahontas Coal & Coko Co., Joint Purchase Money Mortgage
Bonds__________________________________________________________________________________
+4,500,000
— 228,020
— 3,937,163
— 427,462
+ 118,811
+ 1,253
6,691,994 01
19,072 50
— 87,111 75
16,652,000 00
— 384,000 00
— 1,547,592 27
— 2,675 00
— 128,318 00
— 22,195 77
— 663,498 83
21,323,852 94
Corporate Surplus:—
Additions to Property through Income and Surplus:—
Road.....................................................................................................................$19,463,057 82
...........................................................
Equipment........................................................................................................... 18,687,777 78 ...........................................................
----------------------$38,150,835 60
Profit and Loss Balance...................................................... ................................... ....................... ........ 26,676,331 99 ______ ________
----------------------64,827,167 59
Total Corporate Surplus.
00
94
90
12
00
60
— 20,478 33
— 149,547 72
Unadjusted Credits:—
Tax Liability...........................................................................................
$1,750,553 36
Premium on Funded Debt_________________________________________________________________
19,275 00
Operating Reserves________________________________________________________________________
279,360 11
Accrued Depreciation— Road_______________________________________________________________
3,421,793 77
Accrued Depreciation— Equipment_________________________________________________________
14,962,559 12
Accrued Depreciation— Miscellaneous Physical Property____________________________________________________
Other Unadjusted Credits______________; ___________________________________________________
_
1,169,671 69
Total Unadjusted Credits.
+$500 00
+ 129,000 00
$343,750,647 15
21,603.213 05
+6.938,015 03
THE CHRONICLE
A pr . 5 1919.]
1409
ELK HORN COAL CORPORATION
INCORPORATED.
. BALANCE SHEET DECEMBER 31 1918.
A ssess.
e
Capital Assets:
Real Estate and Coal Lands-----$16,825,729 85
Less Reserve for Exhaustion
. 389,868 04
$16,435,861 81
Plant and Equipment.---------------------------------------------------------------------$5,280,830 87
Less Reserve for Depreciation............................................. ......................... 680,785 85
4,600,045 02
----------------- $21,035,906 83
Stock of Other Companies:
19,765.47 shares The Consolidation Coal Co
7,879 shares Beaver Creek Consolidated Coal Company
3.055.64 shares Kentucky River Coal Corporation,.Common Stock.. ______________
3,828,814 12
3.055.64 shares Kentucky River Coal Corporation, Preferred Stock._
500 shares York Coal & Coke Company
Assets in Hands of Trustees of Bond Sinking Funds:
(Exclusive of Bonds purchased and held by Trustees of Sinking Funds, which are deducted
from Bonded Debt—Contra Side)
Cash___________________________________________________________________________
$532 65
23,646 63
Accrued _______________________________________________________________________
24,179 28
Deferred Debit Items.----------- ---------------------------------------------------------------------------------136,425 29
Current Assets:
Cash—
In Banks and on Hand---------------------------------------------------------------------------------- $456,893 16
Deposited with Fiscal Agents Account of Bond Interest and Dividends D ue______
19,115 00
Accounts Receivable-------------------------------------------------------------------------------------------981,824 17
Notes Receivable------------------------------------------------------------------------------------------------- 184,979 08
Interest Receivable Accrued--------------------------------------------------------------------------------28,551 27
Balance due on Employees’ Subscriptions to Liberty Loan Bonds........................................
1,335 63
Merchandise Stock on Hand at Cost______________________________ _______________
232,002 84
Materials and Supplies on Hand at Cost____ ________ ________________ _____________
201,913 88
Coal on Hand----------------------------------------------------------------------------------------------------20,416 22
Unexpired Insurance Premiums--------------------------------------- -----------------------------------20,165 80
Treasury Stock (121 shares Preferred, 200 shares Common)____ ___________________
9,224 85
---------------- 2,156,421 90
$27,181,747 42
Liabilities.
Capital Liabilities:
Capital Stock, Common (authorized)___ ____________________ ;...............$22,000,000 00
Reserved for Conversion of Ten-Year Sinking Fund 6% Convertible Gold
Notes ........................................................................................... .................... 10,000,000 00
-------------------------- $ 1 2 ,0 0 0 ,0 0 0 0 0
Capital Stock,Preferred (a&thorized)____________________
6,600,000 00
Ten-Year Sinking Fund 6% Convertible Gold Notes (authorized $9,500,000) duo Decem
ber 1st1925-----------*5,792,000 00
Mineral Fuel Company Thirty-Year 5% Gold Bonds, duo May 1st 1943.. 475,000 00
Less Bonds in hands of Trustee of Sinking Fund______________________
41,000 00
-------------------- 434,000 00
$24,826,000 00
Curront Liabilities:
Unpaid Vouchers and Payrolls______ _______________________ _____________________ $210,546 46
125 00
Dividend Checks Not Presented for Payment_______ ________________ _____________
Notes Payable---------------------------------------------------------------------------------------------------- 430,000 00
Accrued Bond Interest------------------- ------------------------------------------------------- -------------41,799 00
Accrued Sinking Fund------------------------------------------------------1_______________________
23,646 63
706,117 09
Roservo for Federal Income and Excess Profits Taxes
101,301 64
Profit and Loss_______________________________ ____
1,548,328 69
$27,181,747 42
INCOME.
Earnings from All Sources--------------------------------------------------------------------------------------------------------------- $4,951,920 82
Operating Expenses, Taxes, Insurance and Royalties, exclusive of Income and Excess Profits
Taxes _______ _____- ................ .......... .................................................................. ................ ........$2,930,519 29
Depreciation ________________________________________________________________________
184,608 75
Depletion__________________________________________________________________ '_________ 124,142 67
3,239,270 71
Not Earnings from Operations-------------------------------------------------------------------------------------------- $1,712,650 11
Interest on Funded Dobt___________________________________________________________________________
360,703 34
Not Earnings for the Year,.beforo deducting Income and Excess Profits Taxes__________________ 1,351,946 77
Less Reserve for Income and Excess Profits Taxes___________________________________________________
101,301 64
Net Surplus for the Y ear............................................ .................... .............................................................. .. $1,250,645 13
Less Dividends Declared and Paid for the Year 1918:
Common Capital Stock......... .......................- .................................................................................... $719,278 00
Preferred Capital Stock________________________________ _________ ________________ 395,557 50
------------------ 1,114,835 50
Net Surplus for the Year carried to Profit and Loss________ _________________ _____________
$135,809 63
Profit and Loss Account, December 31 1917------------------------------------- ---------- ------------------------ ---------- 1,425,238 61
T otal-------............................................................................................................................................................. $1,561,048 24
Less Adjustments of Earnings of Provious Years............................ ......................................... .......................... ..........
12,719 55
rofit and Loss Account, December 31 1 9 18 ............ .................................................................................................$1,548,328.69
*|This mortgago is now closed issue. Outstanding on March 26 1919, $6,502,000 00.
a
1410
THE CHRONICLE
[Vol . 108.
CITIES SERVICE COMPANY
ANNUAL REPORT TO STOCKHOLDERS—FOR YEAR ENDED DECEMBER 31 1918.
The Ninth Annual Report of Cities Service Company
is submitted herewith for the calendar year 1918, including
the Balanco Sheet of tho Company, comparative statements
of earnings, a combined statement of the assets and liabilities
of all subsidiary companies, a statement of the combined
earnings, and a summary of all securities outstanding, both
those of the Holding Company and of the subsidiaries.
Your Company has continued to grow during the year,
and at the same time to improve its position with regard
both to financial strength and stability of earnings.
In view of the growth of tho capitalization of the Com
pany, your attention is directed to comparisons which may
readily bo made to indicate the efficient results attained by
the use of the new capital. In a broad way, this will be
apparent from a comparison of the 1918 and 1917 ratios
of the combined net earnings from all sources with respect
to the total capitalization and indebtedness outstanding
in the hands of tho public plus the additional investment
represented by the undistributed surplus
TOTAL CAPITALIZATION AND INDEBTEDNESS
Outstanding in the hands o f the Public
AN D COM BINED NET SURPLUS
Cities Servico Company and Subsidiaries.
Subsidiaries:
Jan. 10 1919.
Jan. 10 1918.
♦Current Liabilities_____
$33,953,600 07 $32,916,097 14
Bonds and Funded Notes.
99,213,803 96
102,042,104 99
Preferred Stocks_________
5,975,144 00
6,351,909 00
Minority Common Stocks.
3,969,047 67
3,685,868 67
Cities Service Company:
JCurrent Liabilities_____
441,133 34
680,670 80
Debentures Series A _____
45,018 00
50,917 00
Debentures Series B _____
12,309,200 00
Debentures Series C _____
17,500,000 00
Preferred Stock__________
67,906,731 68
66,494,851 25
Common Stock__________
25,666,372 07
28,488,548 31
Combined Net Surplus____
58,880,552 41
41,196,370 26
Total
$331,887,845 47 $275,880,095 15
* Current Assets Subsidiaries $38,883,151 86 this year; $36,602,333 68
last year.
t Curront Assets Cities Servico Company $23,672,067 18 this year;
$6,164,669 22 last year.
COM BINED STATEM EN T OF EARNINGS
CITIES SERVICE COM PANY AN D SUBSIDIARIES
With Inter-Company Earnings Eliminated.
Calendar Year
Calendar Year
1918.
1917.
Gross Earnings........................................... $92,527,837 94
$69,634,872 45
Operating Expenses, Maintenance and
44,180,840 55
T axes........................................................ 61,099,616 36
Net E a r n in g s .........................................$31,428,221 58
$25,454,031 90
PUBLIC U T ILIT Y OPERATIONS.
The Public Utility Subsidiaries of Cities Service Company
in common with all other public utility companies had dif
ficult conditions to meet during the year on account of
greatly increased operating costs. Labor, fuel and all
materials required by these companies continued at high
prices. This condition, which had arisen in tho previous
year, led to an active campaign for relief throughfincroased
rates.
As the year progressed the seriousness of thefsituation
became increasingly evident to Public Servico.^'Commis
sions and other regulatory authorities,
accordingly
gave more favorable consideration to the problem. In
the majority of cases requests for relief received fair treat
ment at the hands of State and Municipal authorities.
Immediately following tho signing of tho Armistice new
conditions ensued which materially helped tho situation.
During the war period it had been almost impossible to
secure sufficient forces to operate and maintain the proper
ties at a high stato of efficiency. While labor costs have not
decreased, a moro plentiful supply has made it possible^to
secure better results.
On account of the war relatively little now construction
work was inagurated. The first until of tho Acme Power
Plant at Toledo, Ohio, was completed, and tho plant ad
ditions of the Trumbull Public Service Company at Warren,
Ohio, were also completed.
A noteworthy instance of the possibilities of growth^of
public utilities in tho Ohio section is the increase of tho Trum
bull Public Servico Company, where the demand and out
put have both increased more than ten times in five years.
The gross earnings of tho Public Utility Subsidiaries of
Cities Service Company were substantially greater in 1918
than in the preceding year and, in spite of continued in
creases in operating costs, the not earnings from operation
were also improved. Tho increase in these net earnings,
however, was more than offsot by the increase in interest
and amortization charges occasioned by the high cost of
monejr in war times to provide funds for the refunding of
maturing obligations and to finance tho growth of these
companies. As a result, tho earnings accruing to Cities
Service Company from its Public Utility Subsidiaries wore
diminished compared with last year; but the steps taken
toward increasing the rates for servico and tho presont im
proved financial situation givo promise that this condition
will bo corrected in the forthcoming year.
avIi o
GROSS
OF
The combined net earnings for the year just ended were DIVISION OFPUBLIC EARNINGSAND CITIES SERVICE COM PANY
U T IL IT Y
OIL OPERATIONS.
equal to 9.47% upon the total capitalization and indebted
1918.
1917.
1916.
ness outstanding in the hands of tho public plus the com From Public Utilities...........$4,229,563,15 $4,742,651 79 $5,573,116 29
bined net surplus, compared with 9.22% for tho preceding From Oil Operations........... 18,050,504 02 14,509,841 05 4,537,226 61
year.
$22,280,067 17 $19,252,492 84 $10,110,342 90
Compared by this direct unit of measure, the large sums
OIL OPERATIONS.
represented by the excess of earnings above dividend re
quirements and the proceeds of sales of new securities have The earnings of Citios Servico Company from the opera
been invested with satisfactory results to tho stockholders. tions of its subsidiaries in the potroloum industry increased
substantially notwithstanding tho limitations and restric
NEW SECU RITY ISSUES.
tions occasioned by tho war. The policy referred to in tho
During the year tho following additional securities of last Annual Report of conducting an active leasing cam
Cities Service Company became outstanding in the hands paign has been continued, and tho acreage of oil and gas
of the public for tho purposes noted:
leases thus held for futuro development is of great magni
Convcrtiblo Gold Debentures Series B 7 % ___________________ $12,309,200 tude. During the year some of those lands heretofore
Issued to provide for extensions and improvements by sub
classified only as prospective have been partially proved
sidiaries. Original issue, $12,500,000, o f which tho retire
by drilling operations, particularly in the State of Texas.
ment fund had accumulated $190,800 by Jan. 10 1919.
Convertible Gold Debentures Series O 7 % __________________ $17,500,000
For the present, howover, the operations of the Empire
Issued for tho purpose of retiring certain Dills payable, to
Gas & Fuel Company in the Eldorado and Augusta fields in
provide funds for improvements and extensions, and to fur
nish additional cash working capital. Part of this item is
Butler County, Kansas, continuo to bo of tho greatest in
listed in the Balanco Sheet as “ Receivable for Securities
terest. Operations there proceed upon a definite basis of
(Since Received)."
Preferred
_______________________________________________$1,411,880 assured results and tho entiro field has been laid out for
Issued on payments o f employees on contracts for tho pur
development upon a methodical basis.
chase of Cities Service Company stocks, $296,256: in acquir
ing tho Blackwell Oil & Gas Company, $614,000; in connec
To afford some means of comprehending tho groat possi
tion with the acquisition o f securities of tho Western Light &
bilities of tho proved oil lands exceeding 22,000 acres held
$400,000;
under lease by tho Empire Company in Butler County, it
$10,340;
may be stated that tho Cushing Field has produced about
Common Stcok_______________________________________________$2,822,176
15,000 barrels of oil por aero to date; tho Hoaldton Field has
Issued as stock dividends or in connection with the conver
sion o f Warrants and Debentures, $2,413,042, tho remainder
already produced moro than 10,000 barrols por acre, and
becoming outstanding in connection with the acquisition of se
tho Glenn Pool in excess of 12,000. Tho total amount of
curities o f subsidiaries.
oil produced by tho Empire Company in tho Eldorado and
FIN AN CIN G B Y SUBSIDIARIES.
Augusta fields up to the end of tho year was only about
New Bond and Note issues of subsidiary companies sold 1,550 barrels per acre. The results obtained in other Mid
during the year included the following:
Continent areas plainly warrant the expectation of a long
life for the property. No effort is being made, however,
City Light & Water Company (Amarillo, Texas)
One-Year 6% Notes duo Sept. 1 1919..............
$250,000 to attain the maximum possible rate of production, and
Issued to refund a like amount which matured during tho year.
during tho reconstruction period, a conservative course of
Toledo Traction, Light & Power Company
First Lien 7% Bonds, due Jan. 1 1920_____________________ $10,500,000 development will be pursued.
Second Lien 7% Bonds, duo Jan. 1 1921___________________ 1,200,000
Drilling operations in othor sections of the country
Issued to refund maturing bonds to tho amount of $8,699,
000, and to provide for the construction o f a now power
where certain of the subsidiaries own important acre
plant and other improvements.
age have been held to tho minimum on account of tho
Salina (Kansas) Light, Power & Gas Company
First Mortgage 6% Bonds duo May 15th, 1920____________
$490,000 high costs and scarcity of both labor and materials during
Issued to refund an outstanding issue and reimburse tho
the year. Plans have been mado for important develop
treasury o f tho Company for improvements and exten
sions made to tho property.
ment work, chiefly in tho State of Texas, whero numerous
The Richland Company (Mansfield, Ohio)
7% Secured Notes due Feb. 1 1 9 2 0 .., __________ _______
$750,000 leases were obtained some time ago. In tho general section
Issued to finance extensions to plant
known as the Ranger field, covering parts of Comanche,
S tock
P ow er C om pan y,
in t h o c o n v e r s io n o f W a r r a n t s
an d D eb en tu res,
a n d t h o s m a ll r e m a in d e r f o r t h o
a c q u is it io n o f m in o r i t y h o ld in g s o f s e c u r itie s o f s u b s id ia r ie s .
A
p r
1411
THE CHRONICLE
. 5 1 9 1 9 .]
P alo P in to, Stophens and E astlan d C ounties, your sub
sidiaries own valuable oil and gas leases on which drilling
operations are under w ay.
GENERAL.
W elfare work continues an im portant featuro of opera
tions, particularly in the oil fields, where the conditions of
em ploym ent deny to the em ployees the usual facilities of
health and com fort afforded in a tow n or city .
The E m
pire G as & Fuel C o m p a n y, in connection with its operations
in Eldorado and A u gu sta, has built numerous dwellings and
com m unity buildings. T h e C om pan y also m aintains a
well equipped hospital, cares for the health of em ployees
and their families, furnishes the services of physicians and
nurses, and supplies medicines at nom inal cost.
Included
in this welfare work is a continuous stu dy of m eth ods for
the prevention of accidents, and the care of personal in
juries received in the fields.
T h e M ilita ry and N a v a l calls of the country were answered
by 1,671 men or approxim ately 1 0 % of all your forces.
T w en ty-fou r o f t h e m lost their lives in the service, and in honor
of their m em ory their qam es are printed in this [pamphlot]
R eport.
O f those who w ent aw ay about 5 00 have already
returnod to the Organization in accordance w ith the an
nounced policy of your C o m p a n y .
In addition to those
who entered active M ilitary and N a v a l Sorvice, a substan
tial number of tho men in your com panies were loaned to
the G overnm ent as exports in numerous technical depart
m ents. Besides those who entered active war duties, there
wero m any w ho remained a t their work as an act of patrio
tic service in the economic support of the war \vhen their
personal preferences would have taken them directly Ato
the firing line.
It seems highly appropriate in concluding this R eport
respectfully to remind all stockholders of the ready means
they have at hand to assist in the progress of their C o m p a n y.
If tho stockholders leave to the officers and directors the
whole task of broadening the acquaintance of the C om pany
am ong investors, they are losing a great opportunity to
further their own best interests. A b o u t 1 7 ,0 0 0 individuals
are interested in the stocks of Cities Service C o m p a n y . A
very largo additional num ber has invested in its D eben
tures.
T h e active co-operation of m any security holders
has played an im portant part in the success of your C o m
p an y, and the united influence of all would vitally assist
its further progress.
W o acknowledge w ith gratitude, and com m end also to
your appreciation, the spirit of loy alty to the C om pan y
and its subsidiaries consistently m aintained b y the m en
and w om en in the rank and file of the business. Their zeal
has been one of the prim ary factors in producing the results
which are set forth in this R eport.
R espectfully subm itted,
B O A R D OF D IR E C T O R S .
B y H E N R Y L . D O H E R T Y , President.
CITIES SERVICE COM PANY— EARNINGS STATEM EN T.
Year ending
December 31—
Gross
Earnings.
$965,876 11
1911 .....................
1,190,766 80
1912
..........
2,172,411 11
1913
..........
3,934,453 37
1914
..........
1915 ..................... 4,479,800 44
1916
.......... 10,110.342 90
1917
.......... 19,252,492 84
1918
.......... 22,280,067 17
Expenses.
$43,843
77,034
85,347
116,908
172,855
239,389
357,229
521,485
Net
Earnings.
52
$922,032 59
19 1,113,732 61
95 2,087,063 16
29 3,817,545 08
15 4,300,944 29
70 9,870,953 20
09 18,895,263 75
59 21,758,581 58
Interest.
Net to Stock.
$922,032 59
1,113,732 61
"f23,062 " 27 1,964,000 89
420.000 00 3,397,545 08
490.000 00 3,816,944 29
258,960 44 9,611,992 76
2.861 74 18,892,402 01
272,579 52 21,486,002 06
Dividends
Preferred
Slock.
$521,387
605,875
908,777
1,635,993
1,570,005
2,409,690
3,712,695
4,031,274
No. of Times % of Earnings
the Preferred
on Average
Net to
Common Stock
Common Stock . Dividend
and Reserves. Was Earned. Outstanding.
$400,645 50
09
507,856 82
79
60 1,055,223 29
50 1,761,551 58
00 2,246,939 29
92 7,202,301 84
15 15,179,706 86
50 17,451,727 56
1.77
1.84
2.16
2.07
2.43
3.99
5.09
5.32
8.23
9.29
10.71
11.28
15.27
36.74
60.73
61.67
COM BINED STATEM ENT OF ASSETS AND LIABILITIES OF ALL
SUBSIDIARY COM PANIES D ECEM BER 31 1918.
ASSETS.
Capital Assets—
Capital Assets—
Q
Q
Plant and Investment_________________ $359,328,832 82
Plant and Investment------------------------------------------------- nn
Additions to Physical Property (1 918).. 24,099,834 91
99
Employees’ Subscriptions..........- ................ - ........................
----------------------- $383,428,667 73
Capital Stock of Company Owned-----------------------------------4,427,41.) 65
Sinking Fund...........................................................................
1,326.821 01
Convertible Debentures Series B 7% Owned by C om pany..
190,800 00 Current Assets—
Current Assets—
„
„„
Current Accounts Receivable__________ $8,133,836 99
Accounts Receivable____________________ SI,230,086 13
General Ledger Accounts Receivable_
_
4,216,240 46
Bills Receivable___________________________ 1,825,72500
Marketable Securities_________ ____ __
975,417 09
Receivable for Securities (Sinco Received). 14,8 15,508 00
Bills R eceivable.........................................
4,290,294 85
Coupons Receivable________________________
319,75482
Crude and Refined Oil Stock..................
9,211,646 97
1,05750
Interest Receivable_________________________
Stores and Supplies___________________
9,165,933 60
_
2,603,562 70
Cash in Banks of Local Communities_
Cash- ...........................- ............................. 5 ’479’9^
23.672.067 18
286,219 20
Cash in Out-of-Town Depositories______
Other Assets—
----------------------- 38,883,151 8 6
Preferred Dividends Receivable_____________ $1,894,62625
Other Assets—
Surplus Earnings Duo from Subsidiaries_ 13,488,083 04
_
Advances to Parent Company_________ $7,273,337 25
Advances to Subsidiaries____________________ 46,958,25052
Payments Made in Advance (Insurance,
156,34483
Debenture Fund Investments----------------------3,520,443 16
Rentals, E tc .)________________
Payments Mado in Advance------------------------------805,349 42 ^ ^ q(. Bond Discount_______________________
2,879,116 61
Gas Well Drilling Investment (being
amortized)__________________________
998,260 80
Total Assets________________________________________$177,159,475 27
Special Deposits______________________
390,371 54
----------------------- 15,061,529 36
LIABILITIES.
Total Assets_________________________________________ $438,700,16996
Capital Liabilities—
, ,
,
„
Common 1284,885.4831 shares in hands o f public)
LIABILITIES.
Stock 1 40,373.1523 shares owned by Company/
.$32,525,863 54
Capital Liabilities—
Preferred J679,007.3168 shares in hands of public 1
Common Stock (*Inter-Company $50,200,715)___________ $164,322,95900
Stock 1 2 4 ,5 6 9 .6 8 6 8 shares owned by Company / ........... 70.363,700 36
Preferred Stock (♦Inter-Company $739,500)------------------- 16,260,57500
C o n v e r t i b l e D e b e n t u r e s , S e r ie s A 5%
- - - . .....................
45,018 00
Bonds and Funded Notes (*Inter-Company $29,367,400) 137,735,775 00
C o n v e r t i b l e D e b e n t u r e s , ($12,309,200 in h a n d s o f p u b l i c )
12.500.000 00 Current Liabilities—
Series B 7 % ................ 1, . 190.800 owned by Co.
/
Current Accounts Payable____________
$2,762,670 53
C o n v e r t i b l e D e b e n t u r e s , S e r ie s 0 7 % .................................
17.500.000 00
General Ledger Accounts Payable______
2,853,940 02
Current Liabilities—
Bills Payable________
19,666,824 49
Bills Payable account Liberty Bonds........... 3408,860 43
Salaries and Wages____________________
701,695 64
Preferred Stock Warrants..................................
1,15200
Interest Accrued______________________
1,913,678 09
Common Stock W a r r a n t s
_..........................
98900
5,570,223 6 8
Taxes Accrued________________________
Interest a n d D i v i d e n d s Payablo...............- 30,131 91
Reservo for Bad Debts________________
255,384 07
441,133 34
Miscellaneous Accrued Accounts_______
229,183 55
Other Liabilities—
....
__
----------------------- 33,953,600 07
Advances from S u b s i d i a r i e s ---------------------------$7,106,32593
Other Liabilities—
♦Contingent Liability---------------------------------100
Advances from Parent Company________ $47,059,077 94
7,106,326 93
Customers’ D eposits__________________
711,183 94
Surplus Earnings—
Injuries and Damages and other Reserves
827,177 6 6
Debenture Fund-------------------------------------- $390,862 07
----------------------- 48,597,439 54
Contingent Fund-----------------------------------749,240 33
2,138,61900
Dividends Accrued (not declared)___________________________
Stock Surplus----------------------------------------- 2,281,707 03
Surplus Earnings and Reserves______________________________ 35,691,20235
Surplus Reserve-------------------------------------- 5,538,821 36
Surplus__________________________________ 27,716,802 31
36,677,433 10
Total Liabilities.........................................
.$438,700,169 96
* See explanation of “ Inter-Company” in footnote below.
Total Liabilities................................................................ $177,159,475 27
CITIES SERVICE COMPANY.
BALANCE SHEET JAN. 10 1919.
.
ASSETS.
* Guarantee of notes, bonds and stocks as follows: $10,000,000 Consoli
dated Cities Light, Power & Traction Company 5% Gold Bonds, duo 1962
Company 7% Secured Gold Notes, duo Dec. 1 1919; $750,000 Richland
Company 7% Gold Notes, due Feb. 1 1920; and 5% dividends on $1,560,000
St. Joseph Railway, Light, Heat & Power Company Preferred Stock. Tho
full liability of these issuos is shown on tho combined balanco sheet of tho
subsidiary companies.
COM BINED STATEM ENTS OF EARNINGS CITIES SERVICE
COM PANY AN D SUBSIDIARIES, YEAR ENDING
DECEM BER 31 1918.
With Inter-Company Earnings Eliminated.
Gross Earnings........ - - - - - - ................. - - - - - - ........................$92,527,837 94
Operating Expenses, Maintenance and Taxes..................... 61,099,616 36
Net Earnings............................................................................ $31,428,221 58
Interest Charges-----------------------------------------------------------9,291,830 02
Net to Stock.............
$22,136,391 56
Preferred Stock Dividends.......................................................
4,425,338 81
Net to Common Stocks.........................................................$17,711,052 75
SUM M ARY— CAPITAL STOCKS AND FUNDED DEBTS OF SUB
SID IA R Y COMPANIES.
Common Stocks:
Owned directly by Cities Service Company_________________$110,153,19600
♦Inter-company, being securities owned by sub-holding
companies______________________________________________
50,200,71533
Outstanding in hands of the Public________________________
3,969,04767
$164,322,959 00
Preferred Stocks.*
Owned directly by Cities Service Company--------------------- $9,169,166 00
♦Inter-company, being securities owned by sub-holding
com panies______________________________________________
739,50000
Outstanding in hands of the Public______________________
6,351,90900
$16,260,575 00
Bonds and Funded Notes.
Owned directly by Cities Service Company_____________
$4,999,449 00
♦Inter-company, being securities owned by sub-holding
29,367,40000
com panies______________________________________________
Bonds and Funds in Sinking Fund______________________
1,326.821 01
Outstanding In hands of tho Public________________________ 102,042,10499
$137,735,775 00
♦ Tho securities of operating companies which aro owned by sub-holding
companies aro referred to above as inter-company securities. Such sub
holding companies are Toledo Traction, Light & Power Company, Empire
Gas & Fuel Company (Del.), Dominion Gas Company, etc.
THE CHRONICLE
1413
[V o l . 108.
LACKAWANNA STEEL COMPANY
A N D S U B S I D I A R Y C O M P A N IE S
ANNUAL
REPO RT— FOR
THE
F IS C A L Y E A R
City o f Lackaw anna, E rie C o., N . Y .
M arch 5 1919.
To the Stockholders:
T h e begiuning of the year 1918 saw the country still at
w ar, and its industries practically all engaged in the produc
tion of those essentials necessary for its successful prosecu
tion .
T h e Steel In du stry had adapted itself to the situations
im posed b y G overn m en t control an d , in spite of the m any
unsatisfactory condition s, was supplying the needs of our
co u n try , an d , in addition , m uch of the requirements of the
A llies.
W h e n , therefore, the en em y capitu lated, on N o vem b er
1 1th , the very serious condition was encountered of turning
w ar production back into its pre-w ar channels.
Y o u r C o m p a n y found this the more readily accom plished
because of the fa ct that early in the w ar, and before our
entrance into it, a policy had been determined upon of apply
ing its steel to those com m odities which were urgently needed
and for which its mills were suitable, as against entering into
new fields requiring additional equ ipm en t.
T his policy
resulted then in the satisfactory situation at the close of the
w ar, of having no properties designed for purely war w ork,
b u t w ith an im proved plant capable of greater tonnages than
before in its regular lines and at relatively lower costs. Y o u
can look forw ard, therefore, w ith confidence to the future,
and w ith tho assurance th at you r C o m p a n y will hold its
placo through tho period of reconstruction of industry which
faces u s.
C o st of production increased steadily through tho year,
duo to increased cost of materials and increased wages to
you r em ployees— rate increases of 1 5 % being m ade on
A pril 16th ; 1 0 % on A u gu st 1st, and of approxim ately 1 6 %
on O ctober 1st, this last increase bringing tho ra te o f com m on
labor up to 4 2 c . per hour.
I t is interesting to note that the
so-called “ com m on labor” has had its earning power in
creased 1 8 0 % since 191 5 .
It is of interest also to note the
follow ing figures pertaining to tho year 1918:
ENDED
DECEMBER
31
1918.
am ounting to 8 1 2 ,5 4 6 ,9 9 9 7 1 , showed a profit of 8 8 ,3 4 8 ,
3 5 4 5 2 , equivalent to 2 3 .7 9 % on the 8 3 5 ,0 9 7 ,5 0 0 of your
C o m p a n y ’s outstanding stock.
Y o u r C o m p a n y received during 1918 from mines in which
it is interested and from other sources 2 ,4 1 0 ,4 7 3 gross tons
of iron ore, and produced 8 1 0 ,4 8 3 gross tons of coke and
1 ,0 8 5 ,6 2 7 gross tons of pig iron. T h e mines of T h o E lls
w orth Collieries C o ., one of your C o m p a n y ’s subsidiaries,
produced 1 ,6 4 4 ,3 1 8 gross tons of coal and 2 5 8 ,9 2 7 gross tons
of coke in its Coko D e p artm e n t, the latter tonnage of
which is included in the total coko production m entioned
ab ovo, while the Lackaw anna Coal & Coko C o ., another of
your C o m p a n y ’s subsidiaries, produced 3 4 0 ,1 3 3 gross tons
of raw coal and shipped 1 2 5 ,1 3 5 gross tons of raw coal and
1 6 5 ,6 0 8 gross tons of washed coal.
Y o u r C o m p a n y also
produced 1 ,5 6 1 ,7 4 7 gross tons of steol ingots, of which 8 1 ,3 9 9
gross tons were Bessem er and 1 ,4 8 0 ,3 4 8 gross tons open
hearth ingots.
Shipm ents of products for 1918, as reported ab ovo, are
shown in com parison w ith tho four provious years horowith,
all in gross tons:
1918.
227,186
13,119
1917.
310,655
7,828
1916.
302,149
1,748
1915.
276,692
5,327
1914.
176,877
6,384
58,712
144,233
134,952
74,606
135,329
111,370
89.701
142,353
83.981
74,165
111,613
44,809
47,788
85,568
25,941
512.422
423,046
443,247
229,276
102,259
80,283
122,029
90,282
67,487
44,464
7,078
17,631
144,364
94.463
90,461
T o ta l____________ 1,177,985
1.202,494
1,297,825
903,832
579,742
Standard Rails______
Light Rails_________
Anglo Bars, Fittings,
E tc_______________
Structural Shapes___
Plates_______________
Merchant Steel Prod
ucts ______________
Sheet Bars, Slabs, Bill
ets and Blooms____
Pig Iron and Miscel
laneous___________
T h e now bar m ill, known as N o . 10, was not put into
operation until February 5 1 91 9 , duo to tho diversion of its
steel supply to other m ills. N o . 8 B last Furnace was com
pleted and put into operation M a rc h 28 1918; N o . 9 B last
Furnaco was com pleted and p u t into operation July 3 0 1918.
A failure of two batteries of coko ovens in July decided
Wages Paid______ _____
$20,503,737 02 your Directors to authorize the construction of sixty S em etTaxes Estimated____________________________________
12,546,999 71
Solvay coke ovens to replace them , and to provide the coko
Dividends Paid_____________________________________________
2,983,28760
required b y tho addition of B last Furnaces 8 and 9 .
T h is
T h e overago num ber of em ployees of Lackaw anna Steel
expenditure was the only im portant ono authorized during
C o m p a n y and its subsidiaries during tho year was 1 2 ,0 1 5 .
the year.
L ab or continued scarce throughout the year, b u t with
D uring tho year 8 2 0 6 ,0 0 0 of Subsidiary C o m p a n y Bonds
you r com p an y responded to tho urge of the G overnm ent loy
were redeemed and canceled, and 8 1 2 4 ,0 0 0 face valuo of your
ally and effectiv ely, and in answer to appeals for subscrip
C o m p a n y ’s Car T ru st Certificates wero redeomod and can
tions for patriotic purposes, tho em ployees responded
celed.
In addition, your C o m p a n y also canceled 8 2 2 0 ,0 0 0
splendidly as is indicated b y tho follow ing:
of its First M ortga ge B onds and 8 5 0 0 of its First Consoli
Average per
Amount.
Employee.
dated M ortga go B onds which it had purchased and held
Second Red Cross War Fund___________________
$55,569 22
$4 62
in its T reasury, m aking 8 3 ,4 7 0 ,0 0 0 of First M ortga go B onds
Third Liberty Loan--------- -------------1,163,600 00
96 85
and 8 3 ,0 0 0 ,5 0 0 of First Consolidated M ortga go B onds can
Fourth Liberty Loan___________________________ 2,560,650 00
213 12
United War Work Campaign___________________
62,248 35
5 18
celed to D ecem ber 31 1918.
War Savings Stamp Sales______________________
245,513 74
20 43
D ividends equal to 83/2 % on your outstanding com m on
T otal......................................................................... $4,087,581 31 $340 20
stock , aggregating 8 2 ,9 8 3 ,2 8 7 5 0 , wero declared and paid
D u rin g tho year 1 ,1 5 3 em ployees entered tho various during tho year, being mado up of four dividends of 1 ^ %
m ilitary branches of tho G overn m en t, which num ber added each, declared on February 2 8 th , M a y 2 3 d , A u gu st 2 2d , and
N o vo m ber 2 9th , respectively, payable at tho end of each
to the 7 3 0 in 191 7 , gives a total of 1 ,8 8 3 .
Unusual caro and attention was paid throughout the year calondar quarter, and on M a y 23d an extra dividond of 2 ) ^ %
to the avoidance of personal injuries, bu t in spite of our payablo on Juno 29 1918.
A ppended hereto are tho Balanco Sheet and P rofit and
best efforts, an increase of 1 .2 % resulted, due to the largo
labor turnover, and the class of labor th at w as, of necessity, Loss and Incom e A ccounts duly certified b y M essrs. P rice,
W aterhouse & C o . W ork in g capital as shown b y tho surplus
em p loyed.
A real disaster to all industry was tho rem arkably severe of current assets over current liabilities (which includes all
winter of 1 9 1 7 -1 9 1 8 , resulting, in January of 1 91 8 , in alm ost tax liabilities) am ounts to 8 2 4 ,5 9 6 ,9 4 2 13, an incroaso of
Included in
com plete cessation of service b y tho railroads, which again 8 4 ,5 1 6 ,5 7 8 8 5 , as against tho year provious.
resulted in shortage of fuel, requiring tho H eatless D a y s of this am ount is 8 5 ,4 5 8 ,0 2 8 6 0 , Cash on H and or in B a n k s, and
tho Fuel A dm in istration , and the partial suspension of your M ark otablo Securities, including Liberty B o n d s, of 8 8 ,3 6 6 ,
C o m p a n y ’s operation from January 18th to 2 2 d , both in 9 4 0 8 1 , a total of cash or its equivalent of 8 1 3 ,8 2 4 9 69 4 1 .
Orders on hand as of D ecem ber 31 1918 wero 3 1 4 ,9 4 8
clusive.
T h e results for tho year in spite of the m a n y difficulties gross tons. O f this tonnage a considerable portion is sus
It is
encountered m u st, on the w holo, bo considered satisfactory. ceptible of cancellation, due to tho ending of tho w ar.
Shipm ents for the year as shown in the tablo below , am ount to bo expected that a period of inactivity m ust olapso before
ing to 1 ,1 7 7 ,9 8 5 gross tons, decreased only 2 .0 4 % , as against sufficient readjustm ent can take placo to bring about a
thoso of 191 7 .
Operations for the year, after the full allow return to normal operations.
Y o u r Directors at their m eeting held Juno 2 7 1918 am onded
ance for depreciation of 8 2 ,7 6 7 ,8 4 2 8 3 and all taxes, includ
ing full provision for Federal Incom e and W a r Profits T a x es, Article I I of tho B y -L a w s, changing tho date of tho annual
A
p r
THE CHRONICLE
. 5 1 9 1 9 .]
meeting of the stockholders from tho second W ed n esday in
M arch to tho fourth W ed n esday in A pril each year.
On Decem ber 31 1918 M r . E . A . S . C larke, your Presi
d ent, resignod to becom e President of tho Consolidated Stool
C orporation, and M r . C . I I . M cC u llo u g h , J r ., was elected
President, and M r . M oses T a y lo r, Chairm an of tho Board
of Directors.
Y o u r B oard of Directors takes more than ordinary pleasure
in acknowledging the splendid support and loy al, efficient
service of tho officors and em ployees of tho C o m p a n y and
its subsdiaries through this very trying period.
B y ordor of the Board of Directors.
c.
1413
L A C K A W A N N A S T E E L C O M P A N Y A N D S U B S ID IA R Y
C O M P A N IE S .
PROFIT AND LOSS ACCOUNT FOR Y E A R EN DIN G DEC. 31 1918.
Gross Sales and Earnings._________
$83,438,135 11
Less— Manufacturing and Producing Costs and Operating
Expenses
-------------58,190,318 15
.,
,
$25,247,816 96
Dividends on Investments, Net Income from property
rented, etc--------------980,891 96
D e d u ct- .
$26,228,708 92
Administrative, Selling and General Expen
ses______________________________________ 237 931 89
Taxes other than Federal Excess Profits and '
'
Incomo Taxes____________________ . . .
1,596 999 71
Commercial Interest and D iscount...!
Def.25ll27 49
-------------------- 2,809,804 11
Net Earnings for year, carried to Income Account_______$23,418,904 81
I I . M c C u l l o u g h , j r .,
President.
PR ICE , WATERHOUSE & CO.,
54
William Street.
N ew York, February 27 1919.
To the Directors o f the Lackawanna Steel Com pnay:
W o have exam ined tho books of tho Lackaw anna Steel
C o m p a n y and its subsidiary companies for tho year ending
D ecem ber 31 1 91 8 , and certify th at the balance sheet at
that date and the relative income account are correctly
prepared therefrom.
W e have satisfied ourselves that during tho year only
actual additions and extensions have been charged to prop
erty account that full provision has been mado for deprecia
tion and extinguishm ent, and th a t the treatm ent of deferred
charges is fair and reasonable.
T h e valuations of tho inventories of stocks on han d, as
certified b y tho responsible officials, h ave boon carefully
and accurately mado a t cost or m ark et, and full provision
has boon mado for bad and doubtful accounts receivable,
and for all ascertainable liabilities, including excess profits
and incomo taxos.
W o have verified tho cash and securities b y actual inspec
tion or b y certificates from tho depositaries and
W o Certify th a t, in our opinion, tho balance sheet is
properly drawn up so as to show tho truo financial position
of tho combined com panies on Decom ber 31 1918, an d the
rolativo incomo account is a fair and correct statem en t of the
net earnings for tho fiscal year ending a t that date.
P R ICE , WATERHOUSE & CO.
L A C K A W A N N A S T E E L C O M P A N Y A N D S U B S ID IA R Y
C O M P A N IE S .
INCOM E ACCOUNT FOR Y E A R E N D IN G DECEM BER 31 1918.
Total net earnings of all properties after deducting all ex
penses, including ordinary repairs and maintenance,
amounting to $8,831,259 03, but not renewal expenditures
and other appropriations for the current year, which are
deducted below______________________________ _
«
.$23,418,904 81
Deduct—
Intrrest on Bonds and other obligations (deducting dis
count on Bonds retired):
Lackawanna Steel Company___________ $923,558 75
Subsidiary Companies_______ _____ _____
173,600 00
Appropriations:
For extinguishment o f mines
and mining investm ents.. $255,548 71
For depreciation and accru
ing renewals____________ 2,767,842 83
$1,097,158 75
3,023,391 54
4,120,550
Profit for the year, before deducting Federal Excess
Profits and Income Taxes_________
#io oqq
Federal Excess Profits and Income Taxes_ 10|950|000 00
_
29
Profit for the year...........................................................$8,348,354152
Surplus January 1 1918..................................... $28,284,025 31
Add— Miscellaneous adjustments thereon..
122,187 38
--------------------- 28,406,212 69
Less— Dividend on Common Stock_______ _____ ________ ^2|983 [287^50
Surplus at December 31 1918_____________________ $33,771,279.71
W e have audited the books and accounts of the L acka
wanna Steel C o m p a n y and its Subsidiary C om panies for4the
dear ending D ecem ber 31 1 91 8 , and we certify th a t the above
Iucom o A ccount correctly sets forth the results of the
operations of the combined companies for the year ending
at that date.
PR ICE , WATERHOUSE & CO.
5 4 W illia m S treet, N e w Y o r k .
February 2 7 1919.
L A C K A W A N N A S T E E L C O M P A N Y A N D S U B S ID IA R Y C O M P A N IE S .
_________________CONSOLIDATED BALANCE SHEET, DECEM BER 31 1918.
ASSETS.
Cost of Property, Real Estate, Buildings, Plant, Machinery, Etc.
As at December 31 1917...............................$72,673,364 93
Not additions during 1918---------------------- 4,207,364 97
_ u ,
,
LIABILITIES.
Capital Stock:
Preferred 7 % Cumulative:
Authorized.......................$10,000,000 00
$76,880,729 90
Less:
Depreciation and depletion reserves... 15,031,702 07
Investments in Oro Companies, E tc., Less Am ortization..
Cash in Hands o f Sinking Fund Trustees and Other Trust
Funds________________________________________________
Curront Assets:
Inventories_____________________________$18,527,143 91
Miscellaneous Accounts Receivable--------826,720 43
Customers’ Accounts (less Reserve)------- 9.791,215 00
Notes Receivable_______________________
289,247 81
C a sh .............................................................. 5,458,028 60
Marketable Securities---------------------------- 4,802,790 81
Liberty Loan Bond&at par.$4,214,150 00
Less— Unpaid thereon
650,000 00
— --------7— ; 3,564,150 0 0
Advances for Liberty Loans, Account o f
Employees___________________________
1,350,566 18
Deferred Charges_______________________________________
.
$61,849,027 83
4,778,761 11
504,493 47
44,609,862 74
194,340 31
Common:
Authorized.......................$60,000,000 00
_ l^s*u® - - - - - - - .....................................................................$35,097,500 00
d
Capital Stock of Subsidiary Companies Not Held by
Lackawanna Steel Company_______ __________________
3 ggy gg
Bonded Debt:
Lackawanna Steel Company:
First Mortgage 5% Convertible Gold
Bonds, due 923...................................$11,530,000 00
First Consolidated Mortgage Gold
Bonds, due 1950—Series A, 5%
Convertible ...................... ................... 6,902.000 00
Car Trust Certificates, due 1919 to 1926
930,000 00
19,362,000 00
Subsidiary Companies Bonds------- -------- $5,215,000 00
________________
Less— Tho Lackawanna Iron & 8 teel Co.
Bonds, formerly assumed by Lacka
wanna Steel Co. and now assumed by
Bethlehem Steel Company_________
1,775,000 00
3,440,000 00
Curront Liabilities:
Current Accounts Payable and Pay-Rolls. $7,141,191 17
Bills Payable___________________________
208 885 51
Estimated Provision for Federal Excess
’
Profits and Income Taxos_________
11,729,253 71
Other Taxes and Interest Accrued______
933,590 22
20,012,920161
Reserve for Contingencies and Miscellaneous Operations..
248,897^64
Surplus:
Balance as at December 31 1917________ $28,284,025 31
Add:
Miscellaneous Adjustments thereon..
1 2 2 187 38
Profits for the year 1918, as per In
como Account................................... 8,348,354 52
n. u j
„
$36,754,567 21
Less— Dividends on Common Stock_
_ 2,983,2^7 50
-
$111,936,485 46
33.771,279 71
$111,936,485 46
W o havo examined tlie books and accounts of the Lackawanna Steel C o m p a n y and its subsidiary companies for the
year ending Decem ber 31 191 8 , and wo cortify th at tho above balance sheet correctly sets forth the financial position of tho
combined companies a t tnat d ate.
1
°
—. . , , .
.
c,
, -vr
v
,
PRICE, WATERHOUSE & CO.
5 4 W illia m Street, N e w Y o r k .
February 27 1 91 9 .
[V ol . 108.
THE CHRONICLE
1414
INTERNATIONAL COTTON MILLS
(M A S S A C H U S E T T S C O R P O R A T IO N )
REPORT TO STOCKHOLDERS—YEAR ENDED DECEMBER 31 1918.
PHYSICAL PROPERTIES OWNED AND
CONTROLLED,
S pind les. L oom s.
P r o p e r t i e s O w n e d in F e e S i m p l e :
S t a r k M i l l s , M a n c h e s t e r , N . IT ................. ...............- ........................2 ’ ? o o
L a G r a n g e M i l l , L a G r a n g e , G a . ....................................................9 .9 8 4
H o g a n s v i l l e M i l l , H o g a n s v i l l o , G a ------------------------------------------ 1 1 ,2 3 2
122
90
P r o p e r tie s C o n tr o lle d :
B a y S ta te C o t t o n C o r p o r a tio n :
W a r n e r M i l l , N e w b u r y p o r t , M a s s — ...................................... 2 1 , 6 2 4
L e R o y M i l l . L o R o y , N . Y ----------------------------- -----------............. 1 0 ,0 8 0
L o w e l l M i l l , L o w e l l , M a s s ------------------ --....................................... Y a en A
C o s m o s C o t t o n C o . , L t d . , Y a r m o u t h , N . S ............................... 1 8 ,4 0 4
I m p e r ia l C o t t o n C o . , L t d . , H a m i l t o n , O n t — ------- ---------- 1 1 ,2 2 0
---------- --
1 9 0 .0 4 0
3 ,2 0 5
Percentage
$ 5 0 0 ,0 0 0
8
3 2 1 ,5 0 0
3 9 0 ,6 0 0
100%
100%
B o s t o n Y a r n C o m p a n y -------------------------
$ 1 0 0 ,0 0 0
8
5 8 .7 5 %
100%
C om m on S tock___________________
C om bined Percentage__________
C o sm o s C o tto n C o ., L t d .:
„„„
$ 6 0 0 ,0 0 0
C a p i t a l S t o c k _________________________
» 2 2 8 ,0 0 0
2 2 8 ,0 0 0
D e b e n t u r e B o n d s 6 % -----------------------»
100%
P re fe rre d S to c k 7 % C u m u la t iv e ..
C om m on S tock ________________________
C om bined Percentage----------------
------------
4 1 .2 5 %
7 8 .4 %
2 1 .6 %
100%
8 4 .2 6 %
9 0 .5 6 %
8 6 .8 8 %
1 5 .7 4 %
9 .4 4 %
1 3 .1 2 %
The Company owns all the outstanding common stock of
the J. Spencer Turner Co. ($175,000), which stock now has
exclusive voting power.
___
It also owns $189,700 of Preferred Stock (out of $915,800).
p The J. Spencer Turner Co., on December 31 1918 had
also outstanding $325,000 6% Debentures.
During the year ended December 31 1918 the following
changes occurred:
I n t e r n a t io n a l C o t t o n M i l l s a c q u i r e d : —
2 8 8 s h a r e s o f I m p e r ia l C o t t o n C o . , L t d . , P r e f e r r e d S t o c k .
1 ,3 5 0
s h a r e s o f I m p e r ia l C o t t o n C o , L t d . , C o m m o n S t o c k .
C o s m o s C o t t o n C o . , L t d . , r e t ir e d a n d c a n c e l e d : —
$ 2 7 ,0 0 0 6 % D e b e n t u r e s .
AUDITOR’S REPORT.
H ERBERT
F. FREN CH
Less: Reserve for Contingencies (deduction from
earnings o f Canadian C om panies)____________________________
472,268 71
P rofit— One yoar ended D ecem ber 31 1918, be,,fore charging N ote Interest deducted below ________________$4,487,914 13
P roportionate am ount o f the above N ot P rofit accrued to
Intertational C otton M ills, and applicable to Interest on
G old N otes, as determined b y its earnings and stock owner
ship in subsidiary com panies_______________________
$4,349,958 15
Less: C oupon Interest at 6 % p . a. on $4,000,000
F ivo-Y oar G old N otes retired Juno 1 1918.
C oupon Interest at 7 % p. a. on $3,000,000
G old N otes due February 1 1920--------------
$73,124 87
____„ „
189,081 50
■ ■■
"
262,20u 67
A m ount o f P rofit accrued to International C otton M ills. . $4,087,751 78
Im perial C otton C o ., L td .:
$ 3 5 0 ,0 0 0
2 5 0 ,0 0 0
899,497 79
Operating P ro fit_________________________________________________ $4,960,182 84
P recentage
Owned by
and
Outstanding. Intern ation al Owned by
P u blic.
P a r Value. Colton M ills .
B a y S ta to C o t t o n C o r p o r a tio n :
F irs t P r e f. S t o c k 7 % C u m u la t i v e - .
S e c o n d P r e f. S to c k 7 % N o n -C u m u
l a t i v e ------------------------------------------------
D eductions:—•
Reservo for D epreciation o f Plant, M achinery
and E quipm ent...................................................
8404,216 05
R edem ption o f Debentures--------------------------------27,000 00
15,045 00
Interest and Premiums on B ond s--------------------Current Interest, D iscount and C om m ission s..
453,236 74
-------------- —
----------
170
STOCKS AND BONDS OF SUBSIDIARY COMPANIES
ISSUED AND OUTSTANDING.
A m ’t Issued
M anufacturing and Trading P rofit_____________ $5,662,917 83
M iscellaneous Incom e and Credits_____________
94,386 17
Interest earned_________________________________
89,097 63
D ividends received on J. Spencer Turner C o.
____„ „ „
Preferred S tock-----------13,279 00
—— $5,859,680
Gross P rofits______________________________
& COM PANY,
N ote.— N o deduction has been made from the above earnings to coyer
Federal or Canadian taxes, but a deduction o f $472,268 71 for contingencies
has been m ade from the earnings o f the Canadian Companies as abovo
indicated. T ho balance o f N et P rofit, $4,087,751 78, is after deducting
from earnings o f Canadian Companies said Reservo fo r Contingencies.
I t is e s t i m a t e d t h a t t h e a b o v e p r o f i t w i l l b o r o d u c e d b y
a p p r o x i m a t e l y $ 2 , 0 0 0 ,0 0 0 .
O f t h e b a l a n c e o f P r o f i t a m o u n t i n g t o $ 4 , 0 8 7 ,7 5 1 7 8 ,
$ 2 , 1 8 9 ,9 8 1 2 4 o f t h a t s u m w a s e a r n e d o r c o l l e c t e d b y t h e
I n t e r n a tio n a l C o t t o n M ills , a s s h o w n b y th e fo llo w in g ta b le ,
w h ic h in c lu d e s d iv id e n d s r e c e iv e d f r o m s u b s id ia r y c o m p a n ie s
t o th e a m o u n t o f $ 8 1 ,7 7 4 .
M anufacturing and Trading P ro fit---------------------------------------------- $2,837,170 32
Interest earned (Subsidiary C om panies)-------------------------------37,020 84
Miscellaneous In com e___________________________________________
72,368 28
80,232 63
Interest oarned__________________________________________________
Gross P rofit___________________ - ___________________________ $3,026,792 07
Deductions:—
Reserve fo r Depreciation o f P lant, M achinery
and E q u ip m e n t___________________________________ $261,109 80
Current Interest, D iscount and Com m issions------ 395,268 66
-----------------656,378 46
Operating P ro fit____________________________________________ $2,370,413 61
C e r t ifie d P u b lic A c c o u n t a n ts .
166 E ssex S treet, B o s to n .
M arch
1 1919.
To the President and Directors o f the International Cotton M ills,
Boston, M ass.:
Dear Sirs. —Having completed our audit of the accounts
for the year ended December 31 1918, we have certified to
the Balance Sheet of the Parent Company, the Bay State
Cotton Corporation and the Boston Yarn Company, re
spectively, as set forth on pages 10-11, 14-15, 16 and 17 [of
pamphlet report]. The earnings for the year, including the
proportion of profits applicable to the company’s invest
ments ki securities of its subsidiary companies, are summarized.in the following table, but wo must point out that in so
far as the separate earnings of each company are concerned,
we have audited only the accounts of the International
Cotton Mills, Bay State Cotton Corporation and the Boston
Y arn ^Company:—
Add— D ividends received upon Securities repre
senting ownership in stocks o f Cosm os C otton
C o ., L td ., and Imperial C otton C o ., L td ______ $56,495 00
D ividends on B oston Yarn C o . S tock_________ 12,000 00
D ividends received on J. Sponcer Turner C o .
Preferred S t o c k ________________________________
13,279 00
-----------------A fter charging cou pon interest paid during the yoar, am ount
ing t o _______ ____ . . . . . _____ . . . ___________ _
81,774 00
$2,452,187 61
262,206 37
There remains a net p rofit from tho operations o f Interna
tional C otton M ills o f ................ — ........................................... 82,189,981 24
N ote.— N o provision has been m ado in tho above statem ent fo r Fedoral
taxes.
I t is e s t i m a t e d t h a t t h e a b o v o p r o f i t w i l l b o r e d u c e d b y
a p p r o x i m a t e l y $ 1 , 1 6 3 ,6 0 0 .
I n o r d e r t h a t t h e o p e r a t i n g r e s u lt s f o r t h o y e a r m a y b e
s h o w n b y q u a r t e r ly p e r io d s , w e s u b m it th o s c h e d u le s h o w n
o n t h o f o l l o w i n g p a g e :—
INTERNATIONAL COTTON MILLS (NOT INCLUDING SUBSIDIARY COMPANIES).
STATEMENT OF OPERATING RESULTS AND INCOME.
.
Quarter
ended
M a r. 31 ’ 18.
M anufacturing and Trading P rofit----------------------------------------------------------------------------.$781,581 30
$781,581 30
Interest earned (Subsidiary C om panies)---------------------------------- -------------------------------7,504 16
3.302
Miscellaneous Incom e-------- --------------- ---------------------------------------------------------- ----------.
3,302 85
.
Interest earned_________________ ______________________________ ____ ____ _— ------------ 26,912 15
Quarter
ended
June 30 ’ 18.
$687,044 44
8,050 00
2,343 27
32,674 07
Quarter
ended
Sept. 3 0 ’ 18.
$736,598 20
10,733 34
63,257 92
11,651,53
Quarter
ended
Dec. 31 ’ 18.
$631,946 38
10,733 34
13,464 24
8,994 88
One Year
ended
Dec. 31 1918.
$2,837,170 32
37,020 84
72,368 28
80,232 63
$819,300 46
$730,111 78
$812,240 99
$665,138 84
$3,026,792 07
D eductions:— J
Reserve for Depreciation o f Plant, M achinery and E quipm ent_____________ .$65,277 45
$65,277 45
Current Interest, Discounts and C om m ission--------------------------------------------------. 240,564 06
$65,277 45
48,804 52
$65,277 45
52,384 65
$65,277 45
53,515 43
$261,109 80
395,268 66
________ - — _______— ___ ______ ___________ _____ .$305,841 51
$305,841 51
$114,081 97
$117,662 10
$118,792 88
$656,378 46
Operating P ro fit______________________________________________ _________________ .$513,458 95
$513,458 95
Add— D ividen ds received upon Securities representing ownership in stocks o f
Canadian C om panies______________________________________________________$21,207 5050
. $21,207
D ividends on B oston Yarn C o. S tock________________________________________
3,000 00
.
.
Dividends received on J. Sponcer Turner C o. Preferred S tock_______________
3,319 75
$616,029 81
$694,578 89
$546,345 96
$2,370,413 61
$6,107 50
3,000 00
3,319 75
$21,807 50
3,000 00
3,319 75
$7,372 50
3,000 00
3,319 75
$56,495 00
12,000 00
13,279 00
T otal D edu ction s
$27,527 25
$12,427 25
$28,127 25
$13,692 25
$81,774 00
$540,986 20
$628,457 06
$722,706 14
$560,038 21
$2,452,187 6 1
Less— C oupon Interest at 6 % p . a. on $4,000,000 F ive-Y ear G old N otes retired
e
June 1 1918, and coupon Interest at 7 % p . a. on $3,000,000 G old N otes due
F eb. 1 1920..............................................................................................................................
P r o f i t . ____________— $457,653 76
83,332 44
73,873 93
52,500 00
52,500 00
262,206 37
.$457,653 76
$554,583 13
$670,206 14
$507,538 21
$2,189,981 24
N ote.— N o provision has been m ade In the above statem ent for Fedoral T axes.
(See abovo.)
1415
THE CHRONICLE
A pr . 5 1919.]
SURPLUS ACCOUNT—ONE YEAR ENDED
DECEMBER 31 1918.
as p e r r e p o r t o f D e c e m b e r 31 1917-------------------------§ ?
A d (f N et Profit— One Year ended D ec. 31 1918 (see a b o v e ), 2,189,981 24
A mm i n s
33,533,639 06
Stock D i v i d e n d s p a i d in 1 9 1 8 ..----------$261,478 00
C om m on Stock Dividends paid in 1 9 1 8 - . - - - . 290,056 00
D onations: R ed C ro s s .- - - - - - - - - - - ,l uo 4 o
D onations. * e
W ar W ork F u n d .. 30,000 00
50,106 45
A djustm ent o f 1917 Federal T axes......................... Knn'nnn nn
Reserve for C ontingencies------------------------------------ 500,000 00
P re fe rre d
1,129,601 53
Surplus as per Balance Sheet (see b elow ).........................$2,404,037 53
Accompanying this report you will find the following state
ments:
Balance Sheet of International Cotton Mills.
Consolidated Balance Sheet of International Cotton Mills,
Bay State Cotton Corporation and Boston Yarn Company.
Balance Sheet of Bay State Cotton Corporation.
Balance Sheet of Boston Yarn Company.
Balance Sheet of Cosmos Cotton Co., Ltd.
Balanco Sheet of Imperial Cotton Co,, Ltd.,
and thero is exhibited a statement of Operating Results and
Accrued Profit setting forth the quarterly results, the total
of which agrees with the figure appearing in our summary
above. This statement includes the Earnings of tho Inter
national Cotton Mills and its Subsidiary Companies, except
as stated in table below.
In so far as our audit of the accounts and the figures in
corporated in any of tho above statements is concerned wo
must point out that it covers only tho books and accounts of
International Cotton Mills, Bay State Cotton Corporation
and Boston Yarn Company, certified statements of the re
maining Subsidiary Companies having been furnished us by
tho officers of your Company.
Respectfully submitted,
H E R B E R T F. F R E N C H & C O M P A N Y ,
B y Herbert F . French,
Certified Public Accountant.
INTERNATIONAL COTTON MILLS.
BALANCE SHEET AS OF DECEMBER 31 1918.
A m ou nt D u e from Subsidiary C om pany:
....
B ay Stato C otton C orporation____________________________
$655,644 03
Real E stato, Buildings, Plant and M achinery:
A m ou nt as per R ep ort o f D ecem ber 31 1917.$4,446,534 55
A dditions to d a te___________________________
459,012 56
-------------------— 4,905,547 11
Securities o f Subsidiary Companies:
B ay Stato C otton C orporation:
3,215 shares 2d Pref. Stock at Par (Entire
$321,500 00
Is s u e )____ ________
3,906 shares Com m on Stock at Par (Entire
I s s u e )____________________________________
390,600 00
B oston Yarn C om pany (Entire Issue):
1,000 shares C om m on S tock , Par $ 100,000
200,000 00
— carried a t_____________
---------------------912,100 00
Securities Representing Ownership in the Following Stocks:
C osm os C otton C o ., L td .:
4,704 shares C apital S tock, Par $470,400—
carried a t_____________________________ - $399,840 00
Im perial C otton C o ., L td .:
2,949 shares Preferred S tock, Par $294,900
— carried a t ____________________________
264,525 00
2,264 shares Com m on S tock, Par $226,400
— carried a t ____________________________
74,050 00
---------------------738,415 00
J . Spencer Turner C o .:
1 ,897 shares Preferred Stock at p a r_________ $189,700 00
175,000 00
E ntiro C om m on Stock at p a r_______________
---------------------364,700 00
M t . V ernon-W oodberry M ills, In c.:
20,000 shares C om m on S tock, Par $2,000,000— carried a t 500,000 00
4,670,813 26
G ood -W ill A ccou n t__________________________________________
$18,360,577 15
LIABILITIES.
N otes P ayable________________________________________________ $2,797,500 00
A ccounts P ayable___________________________________________
362,069 58
A ccrued Interest on T w o-Y ea r G old N otes------------------------87,500 00
T w o-Y ea r 7 % G old N otes due February 1 1920----------------- 3,000,000 00
D uo Bankers o‘n A ccou n t o f A cceptances------ $842,884 46
M a d e b y them under Letters o f C redit, se
cured b y W arehouse Receipts (confirm ed
b y correspon den ce). See C ontra.
D uo C otton Brokers for M erchandise_________
$406,606 70
Stored* in their nam e and secured b y W are
house R eceipts (as certified b y Officials o f
tho C o m p a n y ). See C ontra.
Reserve for Depreciation o f Buildings, M achinery, E tc ____
Reserve fo r Contingencies___________________________________
Surplus....... ...............................
Preferred Stock— 7 % Cum ulative— Issued________________
C om m on Stock— Issued_____________________ $5,000,000 00
Less— H old in T reasury_____________________
167,255 76
----------------------
641,325 80
500,000 00
2 ,4 0 4,03 7 6 3
3,735,400 00
4,832,744 24
$18,360,577 15
ASSETS.
° Cash1 Assets:
.........................•
_.......... $1,998,691 34
438,067 69
J. Spencer* Turner "Co .— A ccount Sales..........
37.8U3 3J
Sundry A ccounts R eceivable---------------M erchandise Inventory:
C otton , Yarn, etc......................$552,659 58
G oods in Process..........................779,796 36
Finished G ood s...............................464,961 nn
Snnnlics
—
—
332*736 00
aupp
..................
2,130,153 89
U . S. Certificates o f Indebtedness600,000 00
Ui s ! Liberty B onds, 4 ^ s . 1938 282,500 00
Canadian V ictory Loan B onds,
25.000 00
5 H s, 1923........
U . S. W ar Savings Stam ps--------836 00
•
908.336 00
Prepaid Insurance and Estima
ted D ividen ds__________________ $80,551 11
Prepaid Interest, e tc ------------------ 29,754 39
-----------------110,305 50
----------------------$5,613,357 75
C otton in Storage W arehouse at
C o s t ............ ...................................$842,884 46
Loss am ount duo Bankers on ac- .
cou nt o f acceptances m ade by
them undor Letters o f Credit
secured b y W arehouse Receipts
(confirm ed b y correspondence) 842,884 4b
C otton in B ond at C ost_________. $406,606 70
Lass am ount duo Brokers for this
M erchandise which is stored in
their name and secured by
W arehouse R eceipts (as certi-
g g j .P
N o provision has been m ade in the above statem ent for Federal Taxes
for the tw elve m onths ended D ecem ber 31 1918. (See abov e.)
Inventory quantities as certified by officers of the Company
as of December 31 1918. The values are stated at cost or
market, whichever was lower.
It is stated that on December 31 1918 there were 2,392
shares of Preferred Stock and 2,360.05 shares of Common
Stock of tho International Cotton Mills Corporation of New
York still outstanding. The Common Stock issued of the
International Cotton Mills of Massachusetts provides a
reserve of certain shares for the exchange of said outstanding
Stock under tho terms of the modified plan. Litigation is
still pending regarding a portion of that outstanding stock.
This Company, as successor to the Consolidated Cotton
Duck Co., is contingently liable as guarantor for $325,000 of
J. Spencer Turner Co. Debentures.
Dividends on Preferred Stock are paid up to the last regu
lar quarterly dividend date (December 1 1918).
Wo have examined the books and accounts of the Interna
tional Cotton Mills for the twelve months ended December 31
1918,.and certify to the foregoing statement as stated.
HERBERT F. FRENCH & COMPANY,
406,606 70
By H ERBERT F. FREN CH ,
Certified Public Accountant.
Boston, Mass., March 1 1919.
INTERNATIONAL COTTON MILLS *(INCLUDING SUBSIDIARY COMPANIES).
STATEMENT OF OPERATING RESULTS AND ACCRUED PROFIT.
„
Quarter
One Year
Quarter
Quarter
Quarter
ended
ended
ended
ended
ended
Mar. 31 1918. June 30 1918. Sept. 30 1918. Dec. 31 1918. Dec. 31 19181
M anufacturing and Trading P rofit...................................................................................$1,772,642 11 $1,516,443 54 S I,398,453 43
M iscellaneous Incom e and Credits---------------------------------------------------------------------14,995 31
5,996 27
56,454 73
Interest oarnod................................. - - .......... - - - - - ..........................................................
27,622 19
35,420 26
13,207 58
Dividends received on J. Spencer Turner C o. Preferred S tock _____ ____ - ______
3,319 75
3,319 75
3,319 75
$975,378
16,939
12,847
3,319
75 $5,662,917 83
86
94,386 17
60
89.097 63
75
13,279 00
Gross P rofit............................................................................................................. $1,818,579 36 $1,561,179 82 $1,471,435 49 $1,008,485 96 $5,859,680 63
Deductions:
. .
„
. . . . .
Reserve for Depreciation o f 1 lant. M achinery and E quipm ent___________
R edem ption o f Debentures (apportion ed)..............................................................
Interest and Premium on B on d s. ...........................................................................
Current Interest, Discounts and Com m issions.....................................................
T otal D edu ction s..................................................................................................
$102,795
6,750
3,975
254,807
62
00
00
37
$368,327 99
$102,795
6,750
3,855
58,863
62
00
00
89
$172,264 51
$102,795
6,750
3,645
69,944
62
00
00
75
$183,135 37
Operating P rofit............................................................................................................ $1,450,251 37 $1,388.915 31 $1,288,300 12
$95,829
6,750
3,570
69,620
19
00
00
73
$175,769 92
$404,216
27,000
15,045
453,236
05
00
00
74
$899,497 79
$832,716 04 $4,960,182 84
Less: Reserve for Contingencies (D eduction from earnings o f Canadian C om panies)______________________________________________________
$472,268 71
B alance-Profit......................................................................................................................................................................................................................................... $4,487,914 13
P roportionate am ount o f P rofit applicable to Interest on G old N otes as determ ined b y its earnings and fto ck ownership In Subsidiary
____________ _____________________ ________________________________________________________________________________________$4,349,958 15
C om panies
D educt,
on interest at 6 % P - a . on $4,000,000 F ive-Y ear G old N otes retired Juno 1 1918 and C oupon Interest at 7 % p. a. on $3,000,000
G old N otes due February 1 1920........................................................................................................................ ..........................................................
262,206 37
A m ount o f P rofit accrued to tho International C otton M lllslapplicable to S tock...................................................................................................$4,087,751 78
N o provision has been m ade in tho abovo statement to cover Federal or Canadian taxes. (See a bov e).
Note.— O f tho accrued profit for the year, amounting to $4,087,751 78, $2,189,981 24 was earned or collected b y the International C otton M ills,
08
8 T h ” abovo statement Includes dividends received on J. Spencer Turner C o. Preferred S tock, bu t does not include any accrued earnings on the
C om m on Stock o f that com pany, all o f which is owned by the International C otton M ills.
* Includes all tho earnings o f International C otton M ills, B ay Stato C otton Corporation, B oston Y arn C om pany, Imperial C otton C o ., L td . and
Cosm os C otton C o ., L td.
1416
THE CHRONICLE
CONDENSED AMALGAMATED BALANCE SHEET AS
' OF DECEMBER 31 1918
C O N S O L ID A T IN G T H E B A L A N C E S IIE E T S OF I N T E R N A T IO N A L
C O T T O N M IL L S . B A Y S T A T E C O T T O N C O R P O R A T IO N ,
BOSTON Y A R N C O M PA N Y .
A SSE T S.
Current Assets:
C a s h ............................................................
52,184,872 57
J. Spencer Turner C o .— A ccoun t Sales..........
438,067 69
Sundry A ccounts R eceiva b le_______________
701,641 98
M erchandise In v en tory.......................
5,138,839 19
Prepaid Insurance and E stim ated D ividends
97,948 03
32,938 07
Prepaid Interest____________________________
$9,515,304 20
C otton in Storage W arehouse at
C o s t.......... ......................................... 5842,884 46
Lcss:Am ount due Bankers on ac
cou n t o f acceptances m ade b y
them under Letters o f Credit
secured b y Warehouse Receipts
(confirm ed b y correspondence) 842,884 46
Real E state, Buildings, Plant and M achinery:
A m ount as per R eport o f D ecem ber 31 1917._$1,568,622 88
A dditions to d a te.......................................... ........
110,035 20
„
,
„
---------------------- 1,678,658108
G ood-W ill A cco u n t___________________________________________
300,000 00
$5,321,151 21
$128,777*55
jo 6 1 / 4 9
1,665 50
655,644 03
374,120 48
-----:------------:— $1,176,825 05
D uo C otton Brokers for M erchandise.............. _ $518,055 92
Less:A m ount due Brokors for this
m erchandise which is stored in
their name and secured b y
W arehouse Receipts (as certi
fied b y officials o f the C o . ) - - . 924,662 62
R eal E state, Buildings, Plant and M achinery:
A m ou nt as per R eport o f D ec. 31 1917____ 56,015,157 43
A dditions to D a te___________________________
569,047 76
--------------------
6,584.205 19
Securities Representing Ownership in Stocks o f Cosm os C ot
ton C o ., L t d ., and Im perial C otton C o ., L td ., Par
$991,700........
738,415 00
5175,000 00
189,700 00
----------------------
M t . V ernon-W oodberry M ills, In c.:
20,000 shares o f C om m on S tock, par $2,000,000_______
364,700 00
500,000 00
4,970,813 26
G ood -W ill A ccou n t__________________________________________
$22,673,437 65
L IA B IL IT IE S .
N otes P ayable...................................................................................... 52.797,500 00
A ccoun ts P ayable___________________________________________
509,640 47
87,600 00
A ccrued Interest on T w o Years G old N otes______ ______
T w o-Y ea r 7 % N otes due February 1 1920_________________
3,000,000 00
M a d e b y them under Letters o f C redit, se
cured b y Warehouse R eceipts (confirm ed
b y correspondence). See Contra.
D u e C otton Brokers for M erchandise_________
_
.
A SSE T S.
Current Assets:
C a sh .
$83,119 27
53,896 57
A ccounts R eceivable_____ ___________
Cosm os C otton C o ., L t d ____________
82 417 28
Im perial C otton C o ., L t d _______________________
83,076 87
In v en tory. .......................
3,008,685 30
Unexpired Insurance____ ______
19,597 17
L IA B IL IT IE S .
A ccounts P ayable.......................................................
A ccrued W ages_________________ .
A ccrued Capital Stock T a x ...................... ...... ” 1
International C otton M ills......................................
B oston Yarn C om pany_______________________
C otton In B ond at C ost___________ $924,662 62
D u e Bankers on A ccoun t o f A cceptances____
S T A T E C O T T O N C O R P O R A T IO N — B A L A N C E
S H E E T D E C E M B E R 31 1918.
..
_ ,,
„
$3,330,792 46
9,270 00
U . S. L iberty B onds, 4 X s , 1928..........................
W ar Savings Stam ps..................................................
2,430 67
----------------------$3,342,493 13
C otton in B ond at C o st.......................................... $518,055 92
Less am ount due Brokers for this M erchandise
which is stored in their name and secured b y
Warehouse Receipts (as certified b y officials
o f the C om p a n y).....................
518,055 92
IT. S. Certificates o f Indebted58,594,307 63
n e s s _____ _________
5600,000 00
U . S. Liberty Bonds— 4 M s, 1938 291,770 00
Canadian V ictory Loan Bonds—
5>is, 1923_______
25,000 00
Term inal Railroad Association o f
St. Louis G old B on d s________
960 00
W ar Savings Stam ps_____________________
3,266 67 .
-----------------920.9&6 67
J. Spencer Turner C o .:
Entire C om m on Stock at p a r_______________
Preferred Stock at p a r______________________
BAY
[Vol . 108
Stored in their name and secured b y W are
house Receipts (as certified b y officials o f
the C om pany). See Contra.
Reserve fo r Depreciation o f P lant..... .......... ............ ............ ........
207,852 40
Reserve fo r C on tin gen cies............................................ ...................
500.000 00
Surplus: Balance January 1 1918...................
$1,060,048 69
A dd:
N et p rofit after providing for Depreciation
o f P l a n t .................................................................. 1,198,687 94
A djustm ent o f reserve for Fed
eral Taxes 1917............................... $400,637 13
Adjustm ent o f reserve for In
ven tory ...................................... 100,000 00
-----------------500,637 13
„
$2,759,373 76
Less:
Reserve for Contingencies____ $500,000 00
D ividends paid on First Pre
ferred S tock ___________________ 35,000 00
-----------------535,000 00
„
, T
J
----------------------$2,224,373 76
Capital Stock Issued:
First Preferred 7 % C um ulative_________________ $500,000 00
321,600 00
Second Preferred 7 % N on-C um ulatlve_________
C om m on Stock-------------------390,600 00
---------------------- 1,212,100100
$5,321,151 21
$842,884 46
$924,662 62
Stored in their name and secured b y W are
house Receipts (as certified b y officials o f
the C om p any). See Contra.
Reservo for Depreciation o f Buildings, M ach in ery, E tc ____
849,178 20
1 ,000,000 00
Reserve for Contingencies___________________________________
Surplus— Balance as per A ccou n ts_________________________
5,361,474 74
First Preferred Stock o f B ay State C otton C orporation—
Outstanding.............................................. .................................... ..
500,000 00
Preferred Stock— 7 % Cum ulative Issued_____________________ 3,735,400 00
C om m on Stock— Issued_____________________ 55,000,000 00
Less— Held in Treasury__________________
167,255 76
----------------------
4,832,744 24
Inventory quantities as certified by officers of tho company
as of December 31 1918.
The values are stated at cost or market, whichever was
lower.
N o provision has been made in tho abovo statement for
Federal Taxes for the twelve months ended December 31
1918.
Dividends on First Preferred Stock aro paid up to tho last
regular semi-annual dividend date (September 1 1918).
W e have examined the books and accounts of the Bay
State Cotton Corporation for tho twelve months ended
December 31 1918, and certify to tho foregoing statement as
stated.
HERBERT F. FREN CH & CO M PAN Y.
B y H E R B E R T F. FR EN C H ,
$22,673,437 65
Certified Public Accountant.
Inventory quantities as certified by officers of the com
pany as of December 31 1918.
The values are stated at cost or market, whichever was
BOSTON YARN COMPANY—BALANCE SHEET
lower.
DECEMBER 31 1918.
It is stated that on December 31 1918 there were 2,392
shares of Preferred Stock and 2,360.05 shares of Common Current Assets:
A SS E T S.
Stock of the International Cotton Mills Corporation of New C a s h ------ . . . ..................................................... $103,061 96
York still outstanding. The Common Stock issued of tlio A ccoun ts R eceivable:—
International Cotton Mills of Massachusetts provides a re
B ay State C otton C orporation....... ..................... 374,120 48
T rade D ebtors................................. ..$ 4 5 8 ,4 2 5 47
serve of certain shares for the exchango of said outstanding
Less: Reserve for Bad D eb ts____
3,977 54
stock under the terms of the modified plan. Litigation is
------------------ 454.447 93
(A ccounts R eceivable Include shipments o f
still pending regarding a portion of that outstanding stock.
$233 14 over 90 days old
Tho International Cotton Mills, as successor to the Con Investm ents— Terminal R R . .)Association o f St.
Louis—
old B ond 5s, 1894.....................
960 00
solidated Cotton Duck Co., is contingently liablo as guaran Unexpired$1,000 GInsurance______ .______________ 983 43
Credit
tor for 8325,000 of J. Spencer Turner Co. Debentures.
-$933,573 80
No provision has been made in the above,statement for
L IA B IL IT IE S .
Federal taxes for the twelve months ended’December 31
1918. (See above.)
A ccounts Payable— Sundry________________________
$167 85
Dividends on tho Preferred Stock of tho International Accrued Taxes— Capital Stock T a x ________________ 342 50 $510 35
Cotton Mills aro paid up to the last regular quarterly divi S ^
....................................................... ........................ 833,063 45
Capital Stock Issued___________________________________________ 100,000 00
dend date (December 1 1918).
Dividends on the First Preferred Stock of the Bay State
$933,573 80
Cotton Corporation are paid up to the last regular semi
annual dividend date (September 1 1918).
No provision has been made in tho abovo statoment for
We havo examined the books and accounts of the Inter Federal taxes for tho twolvo months ondod Decomber 31 1918.
national Cotton Mills, Bay State Cotton Corporation and We have examined tho books and accounts of tho Boston
Boston Yarn Company for the twelve months ended Decem Yarn Company for tho twolvo months ondod December 31
ber 31 1918, and certify to the foregoing statement as stated. 1918, and certifiy to tho foregoing statomenot as stated.
HERBERT F. FRENCH & COMPANY.
HERBERT F. FRENCH & COMPANY,
Boston, M a ss., March 1 1919.
ufij
B y H E R B E R T F. FR EN C H ,
Boston, Mass., March 1 1919.
Certified Public Accountant.
s
By H ERBERT F. FRENCH ,
Boston, Mass., March 1 1919.
Certified Public Accountant.
1117
THE CHRONICLE
A pr . 5 1919.1
COSMOS COTTON CO., LTD.—BALANCE SHEET IMPERIAL COTTON CO., LTD.—BALANCE SHEET
DECEMBER 31 1918.
DECEMBER 31 1918.
1 ,1 1 1 ,5 8 6 0 2
R e a l E s t a t e , M a c h i n e r y , E q u i p m e n t , E t c --------------------------------------
4 8 ,9 0 3 I n
V i c t o r y L o a n B o n d s ----------------------------------------------------P r e p a i d I n s u r a n c e ......................
A c c r u e d I n t e r e s t ------------------------------------------------------------
ASSE TS.
C u rren t A s sets:
. . .
C a s h __________________________________________ _______ ________$ 2 4 , 5 1 1 2 7
J . S p e n c e r T u r n e r C o ----------------------------------------------------5 0 ,1 0 2 3 6
1 .3 8 9 3 5
S u n d r y D e b t o r s ............... ....................- ..............- ....................
I n v e n t o r y __________________________________________________ 5 , ’ S S , o n
U n e x p i r e d I n s u r a n c e _____________________- - - - - - - - 1 ,7 9 1 8 2
C a n a d i a n V i c t o r y L o a n s ----------------------- $ 4 0 , 0 0 0 0 0
C a n a d ia n V ic t o r y L o a n s —
_
E m p l o y e e s ________________ $ 1 3 , 1 3 5 0 0
L ess: P a y m en ts o n a c
c o u n t t o d a t e __________
8 ,1 8 2 9 6
_______ _
--------------------- 4 ,9 5 2 0 4
4 4 ,9 5 2 0 4
C a n a d i a n C u s t o m s _______________________________________
4 ,2 6 6 2 4
$ 2 ,4 0 4 ,1 2 7 0 7
A SSE TS.
'
C u rre n t A sse ts:
C a s h ..................................- - ............................................................
J . S p e n c e r T u r n o r C o ------------------------------------------------
1 0 1 ,7 5 0 0 0
0 . 1 3 3 //
2 ,4 2 0 5 9
ni
$ 1 ,2 8 7 ,9 2 4 0 6
C a n a d i a n C u s t o m s ..............................................................- _______ 4 : 6_1l g g $ 1 [ 2 9 2 , 5 4 1 0 5
R e a l E s t a t e , M a c h i n e r y , B r a n d s , T r a d e - M a r k s , e t c ------------------
$ 1 ,6 7 1 ,0 4 3 4 3
L IA B IL IT IE S .
C u r r e n t L ia b ilitie s :
A c c o u n t s P a y a b l e * . .............- - ...........................................
B a y S t a t e C o t t o n C o r p o r a t i o n ................................ -
- , 0 Q. , ,
a o l i v 98
8 2 ,4 1 7 2 8
^
D e b e n tu r e s O u ts ta n d in g :
F i r s t S e r i e s , d u e A u g u s t 1 1 9 2 2 .................................
S e r i e s “ B , ” d u e M a y 1 1 9 3 2 ....................................-
$ 6 0 ,0 0 0 0 0
1 6 8 ,0 0 0 0 0
qq0 qq
R eserve A ccou n t:
D e p r e c i a t i o n o f P l a n t -----------------------------------------------C o n t i n g e n c i e s ........................................................................ -
$ 1 1 8 ,6 1 9 8 2
4 3 6 ,1 7 0 8 9
S u r p l u s : B a l a n c e J a n u a r y 1 1 9 1 8 ---------------------------A d d : N o t P r o fit a fte r p r o v id in g fo r D e p r e c ia
t io n o f P la n t , R e d e m p t io n o f D e b e n tu r e s
a n d R o s e r v e fo r C o n tin g e n c ie s — o n e y e a r
e n d e d D o c o m b o r 3 1 1 9 1 8 .............................................
L e s s : D iv id e n d s d e c la r e d
C a p it a l S t o c k
6 7 9 ,6 7 5 2 7
9 9 1 ,3 6 8 16
g5
L IA B IL IT IE S .
N o t e s P a y a b l e — B a n k e r s _________________________________$ 2 0 , 0 0 0 0 0
A c c o u n t s P a y a b l e --------------------- ------------------------------- -----------4 7 ,7 1 5 5 4
B a y S t a t e C o t t o n C o r p o r a t i o n _________________________
8 3 ,0 7 6 8 7
$ 1 5 0 ,7 9 2 4 1
R oserve A ccou n ts:
„
D e p r e c i a t i o n o f P l a n t ............................................................. $ 1 9 0 , 3 2 0 1 8
C o n t i n g e n c i e s __________________________________________________ 2 1 0 , 0 0 0 0 0
4 0 0 ,3 2 0 18
10*1009
^
7gQ 71
$ 5 5 4 ,4 6 4 5 3
S u r p l u s : B a l a n c e J a n u a r y 1 1 9 1 8 ------------------------------------------$ 3 5 6 , 5 2 7 7 4
A d d : N e t P r o fit (a ft e r p r o v id in g fo r D e p r e c ia
t io n o f P la n t a n d R e s e r v e fo r C o n t in g e n c ie s )
o n e y e a r e n d e d D e c e m b e r 3 1 1 9 1 8 --------------------- 1 9 8 , 4 0 3 1 0
$ 5 5 4 ,9 3 0 8 4
L e s s : D iv id e n d s p a id o n P r e fe r r e d S t o c k d u r in g
„„
3 7 8 ,1 2 2 9 8
year
o5,uuuuu
5 1 9 ,9 3 0 8 4
$ 9 3 2 ,5 8 7 51
d u r i n g y e a r -------------3 6 ,0 0 0 0 0
— --------------------------
8 9 6 ,5 8 7 51
I s s u e d __________________________________ ___________________
^ ^ e v e i n ^ P e r 'c e r f t * C u m u l a t iv e P r e f e r r e d S t o c k . . $ 3 5 0 ,0 0 0 0 0
C o m m o n S t o c k ______________
2 5 0 ,0 0 0 0 0
6 0 0 ,0 0 0 0 0
6 0 0 ,0 0 0 0 0
$ 1 ,6 7 1 ,0 4 3 4 3
$ 2 ,4 0 4 ,1 2 7 0 7
INTERNATIONAL COTTON MILLS.
SALES
OF
F IN IS H E D
G O O D S — IN
P R O D U C T IO N
P O U N D S.
O F
F IN IS H E D
G O O D S— IN
P O U N D S.
1918.
I n t e r n a t io n a l C o t t o n M ills :
.1 7 .3 5 8 ,0 0 0
S t a r k M i l l s ..........................................................
. 4 ,3 1 9 .0 0 0
L a G r a n g e M i l l s ________________________
. 5 ,0 0 5 .0 0 0
H o g a n s v i l l e M i l l ________________________ ______________
1917.
1 5 ,3 6 4 ,0 0 0
3 ,6 4 2 ,0 0 0
4 ,5 7 0 ,0 0 0
1916.
1 5 ,7 5 4 ,0 0 0
3 ,7 2 1 ,0 0 0
3 ,1 0 5 ,0 0 0
I n te r n a tio n a l C o t t o n M ills :
1918.
S ta rk M il ls ..
............................................... . 1 7 , 2 0 9 , 0 0 0
L a G r a n g e M i l l s ............................................... 4 , 2 3 6 , 0 0 0
H o g a n s v i l l e M i l l ____________ _
_ ____ - 5 , 0 8 4 , 0 0 0
_
1917.
1 5 ,4 5 5 ,0 0 0
3 ,5 9 2 ,0 0 0
4 ,4 0 5 ,0 0 0
19161 4 ,4 6 7 .0 0 0
3 .2 6 5 ,0 0 0
2 ,8 4 3 ,0 0 0
T ota l
2 6 ,6 8 2 ,0 0 0
B a y S t a t e ' O o t t o n C o r p o r a t i o n ...................
2 3 ,5 7 6 ,0 0 0
9 .1 4 1 .0 0 0
3 .6 5 4 .0 0 0
2 .2 1 6 .0 0 0
2 2 ,5 8 0 ,0 0 0
6 .5 8 7 .0 0 0
3 .7 4 0 .0 0 0
2 .1 6 4 .0 0 0
.2 6 ,5 2 9 ,0 0 0
. 8 ,4 0 5 ,0 0 0
. 3 ,7 4 2 ,0 0 0
. 2 ,3 8 5 ,0 0 0
2 3 ,4 5 2 ,0 0 0
9 ,2 2 7 ,0 0 0
3 ,7 4 2 ,0 0 0
2 ,1 5 4 ,0 0 0
2 0 ,5 7 5 ,0 0 0
6 .7 5 4 ,0 0 0
3 ,5 7 9 ,0 0 0
2 ,0 3 5 ,0 0 0
3 8 ,5 8 7 ,0 0 0
3 5 ,0 7 1 ,0 0 0
41
T o t a l ____________________________.4 1 , 0 6 1 , 0 0 0
3 8 ,5 7 5 .0 0 0
3 2 .9 4 3 .0 0 0
C o s m o s C o t t o n C o . , L t d . ----------------------------- o ’ R c q 'R R R
I m p e r i a l C o t t o n C o . , L t d -------------------------- 2 , 4 5 3 , 0 0 0
G ran d
T o t a l .................................................. 4 0 , 8 8 1 . 0 0 0
G ran d
MIDVALE STEEL AND ORDNANCE COMPANY
THIRD ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31ST 1918.
participated, as a stockholder, in the organization of the
Consolidated Steel Corporation, which corporation will here
after handle practically all of our products sold for export.
To the Stockholders:
The year of 1918 will be marked in history as that in which The officers of the Company for some time past have been
the groat World War was brought to a successful conclusion considering the advisability of adopting some method which
by the signing of the armistice on November 11th. This would provide a practical means of communication and
resulted in an immediate relaxation of the great pressure for conference with the employees collectively, on all matters
pertaining to the relations between them and the Company.
delivery of steel products for war purposes.
This radical change in trade conditions has brought with A definite plan of representation of employees, a copy of
it all of the problems which are always incident to a period which is enclosed with this report, was approved by the
of readjustment, the principal of which are, of course, the board of directors, for the company, and by a committee of
adjustment of commodity prices and the wage rates of em workmen elected by all of the employees, and became operat
ive October 1st 1918. We believe that this fuller recognition
ployees.
All business men aro agreed as to the desirability of of the dignity of labor is one of the most important advances
restoring normal conditions as quickly as possible. It is made in recent years in the attempt to solve the vexed
not reasonable to expect that the levol of commodity prices question of the relations between employers and employees,
in effect at the close of hostilities can bo maintained during and we confidently expect that it will serve to promote the
poaco conditions, and that a normal volume of business can mutual understanding which is so vital to the success of any
bo expected on that basis. On tho other hand, as a result large enterprise.
of this epoch-making war, it is probable that there will be a The principal extensions made during the year, were—the
permanent rise in values, so that we should not expect a new Rolled Steel Wheel Plant, the 134-inch Plate Mill, and
return to pre-war levels, either in commodity prices or wage ninety By-Product Coke Ovens, together with By-Product
Recovery Plant, all of which are located at Johnstown.
rates.
As long as business is compelled to carry the burden of Other principal capital expenditures are shown on pages
the Excess Profits Tax, we cannot expect any material ex 18 and 19 [of pamphlet report].
pansion in the nature of new enterprises. Men will not incur At the urgent request of the War Department, wo under
the groat risks inseparable from such undertakings, unless took the erection of a plant for the manufacture of 16-inch
gains commensurate with the risks involved are also possible. Howitzers, on ground purchased by the Government ad
Therefore, we do not anticipate anything in the nature of a jacent to our Nicetown Works. Work on this plant was sus
boom; but, on the other hand, we believe that tho regular pended in December; all of the funds expended having been
every-day needs of the American people, supplemented by provided by the Government, in whom the title is now vested.
such export business as we are able to obtain, will be sufficient Although tho war has profoundly affected living condi
to maintain a healthy trade movement until the country is tions, it has left unimpaired our great natural resources, as
able to work out from under the abnormal tax burden im well as the indomitable energy of the American people, which
are the sources of our industrial prosperity. We, therefore,
posed by the war.
In order to provide for the expansion of our foreign trade, look forward to 1919 hopefully, believing that when business
and to realize the benefits to bo derived from co-operation in has been fully released from the unusual restraints imposed
this trado with other leading steel companies, as permitted upon it by war conditions, the combined common sense of
undor the provisions of tho Webb Act, our company has employers and workmen will promptly adjust our industries
7
West 10th Street,
Wilmington, Delaware.
1418
THE CHRONICLE
[Vol. 108
to a basis which will be in harmony with economic laws, and MIDVALE STEEL & ORDNANCE COMPANY AND
on which we can reasonably expect a fair volume of trade.
SUBSIDIARY COMPANIES.
Respectfully submitted by order of the Board of Directors.
A. C. DINKEY,
WILLIAM E. COREY,
C O N S O L ID A T E D
ST A T E M E N T
E N D E D
President.
Chairman
B y th e
C om pany.
$ 7 5 0 ,0 0 0 0 0
2 ,2 9 4 ,5 5 0 0 0
4 ,0 0 0 ,0 0 0 0 0
6 ,0 0 0 ,0 0 0 0 0
By
E m p lo y e e s .
$ 1 ,4 4 3 ,2 5 0 0 0
1 ,2 0 2 ,5 0 0 0 0
1 ,8 1 2 ,0 0 0 0 0
2 ,2 5 0 ,5 5 0 0 0
T o ta l.
$ 2 ,1 9 3 ,2 5 0
3 ,4 9 7 ,0 5 0
5 ,8 1 2 ,0 0 0
8 ,2 5 0 ,5 5 0
IN C O M E
31
FO R
T H E
Y E A R
1918.
N e t E a r n i n g s f r o m O p e r a t i o n s ( a f t e r d e d u c t i n g a ll E x p e n s e s
in c id e n t t o O p e r a tio n s in c lu d in g t h o s o f o r O r d in a r y R e p a ir s
a n d M a in t e n a n c e a m o u n t in g t o a p p r o x im a t e ly $ 2 0 ,6 0 0 ,0 0 0
a n d f o r F e d e r a l T a x e s ) .....................................................................................$ 5 0 , 5 2 9 , 0 1 2 0 8
O th e r In co m e :
I n c o m e o n S e c u r itie s , C o m m e r c ia l I n t e r e s t a n d D is c o u n t ,
o t c ......................................................................... - .................- .................................. ..
1 ,5 0 7 ,9 2 6 5 6
SUBSCRIPTIONS TO LIBERTY LOANS.
_.
„
F i r s t L o a n . . .................................
S e c o n d L o a n .................................
T h i r d L o a n . . . ...........................
F o u r t h L o a n . . . .......................
OF
D E C E M B E R
00
00
00
00
$ 5 2 ,0 3 6 ,9 3 8 6 4
D ed u c t—
P r o v is io n fo r D e p r e c ia t io n , O b s o le s c e n c o a n d
M i n e E x h a u s t i o n . . ...............................
$ 9 ,9 1 5 ,7 7 6 8 3
T o t a l ............................................ * $ 1 3 , 0 4 4 . 5 5 0 0 0
$ 6 ,7 0 8 ,3 0 0
00
$ 1 9 ,7 5 2 ,8 5 0 0 0 P r o v is io n f o r A m o r t iz a t io n u n d e r F e d e r a l I n
c o m e T a x L a w .....................................
5 ,1 9 3 ,5 6 3 2 3
E m p lo y e e s ’ s u b s c r ip t io n s w e r o u n d e r w r itte n b y th o c o m p a n y a n d p a y
R o n d I n t e r e s t . . . ....................
2 ,8 8 0 ,3 4 1 61
m e n t s w e r e m a d e b y e m p lo y e e s in m o n t h ly in s t a llm e n t s .
G u a r a n te e d D iv id e n d o n C a m b r ia I r o n C o m p a n y S t o c k .................. ...................................
3 3 8 ,7 2 0 0 0
'N o t e . — T h o t o t a l s u b s c r ip t io n s o f t h e C o m p a n y a m o u n t e d t o $ 1 5 ,8 1 9 ,
R e s e r v e fo r A n t ic ip a t e d I n v e n t o r y D e p r e c ia
5 5 0 0 0 . b u t o n th e F ir s t a n d S e c o n d L o a n s o u r a llo t m e n t s w e r o r e d u c e d
t i o n , e t c .............................................................................
4 ,5 0 0 ,0 0 0 0 0
-------------------------------- 2 2 , 8 2 8 , 4 0 1 6 7
AVERAGE NUMBER OF MEN EMPLOYED AND
EXPENDITURES FOR LABOR.
(E d d y s t o n e R if l e P la n t n o t in c lu d e d )
A l l C o m p a n ie s
O re to F in is h e d P r o d u c t—
1916.
1917.
1918.
----------- $ 3 1 , 5 2 1 , 5 3 1 $ 4 7 , 5 5 5 , 1 9 7 $ 5 9 , 3 0 4 , 7 2 4
A v e r a g e N u m b e r o f E m p l o y e e s _______
3 1 ,0 4 8
3 8 ,3 7 5
3 4 ,4 3 4
A vera g e W ages p er M a n p er Y e a r ..
$ 1 ,0 1 5
$ 1 ,3 0 7
$ 1 ,7 2 2
G ro ss T o n s S te e l P r o d u c ts S h ip p e d ..
1 .5 5 8 ,1 0 8
1 ,6 1 4 ,3 7 3
1 ,4 4 8 ,3 7 4
* W a g e s p e r T o n o f S teel P r o d u c t
S h i p p e d _____________________
_
$18 95
$27 95
$39 44
* T o t a l P a y - R o l l , le s s p o r t i o n e x p e n d e d o n C o n s t r u c t i o n a n d
m e n t s , d iv id e d b y T o n s o f S te e l P r o d u c t s h ip p e d .
Im prove
N e t I n c o m o fo r th e Y e a r 1 9 1 8 a fte r p r o v id in g fo r p r o fit s
a p p l i c a b l e t o M i n o r i t y I n t e r e s t s ......................
$ 2 9 ,2 0 8 ,5 3 6 9 7
S u rp lu s — U n a p p r o p r ia t e d , p e r C e r t ifie d A c c o u n t s , D e c e m
$ 4 1 ,4 6 1 ,5 6 0 9 5
b e r 3 1 1 9 1 7 ............................
D ed u ctS p e c ia l D e p r e c ia t io n w r itte n o f f
P l a n t a m i P r o p e r t y ............... - . $ 4 , 9 5 0 , 0 0 0 0 0
D iv id e n d s d e c la r e d a n d p a id
d u r i n g t h o y e a r .................................1 2 , 0 0 0 , 0 0 0 0 0
----------------------------- 1 6 , 9 5 0 , 0 0 0 0 0
-------------------------------- 2 4 , 5 1 1 , 5 6 0 9 5
S u r p lu s — U n a p p r o p r ia t e d , R a la n c e D e c o m b c r 31 1 9 1 8 , c a r
r i e d t o R a l a n c e S h e e t ___________________________________
$ 5 3 ,7 2 0 ,0 9 7 9 2
STATUS OF CAPITAL STOCK AND BOND ISSUE MIDVALE STEEL & ORDNANCE COMPANY AND
DECEMBER 31ST 1918.
SUBSIDIARY COMPANIES.
,
C A P IT A L S T O C K .
Issu ed
— ........................ ................................................... ........................................$ 1 0 0 , 0 0 0 , 0 0 0 0 0
U n i s s u e d ..................................... ................................................................................... .. * 5 0 , 0 0 0 , 0 0 0 0 0
T O T A L
A u t h o r i z e d ..........................................................................................$ 1 5 0 , 0 0 0 , 0 0 0 0 0
l e " e ° f t h ' S a m o u n t * 2 4 , 4 4 0 , 0 0 0 0 0 is r e s e r v e d f o r R o n d C o n v e r s i o n P r i v i B O N D
C O N S O L ID A T E D
R A LA N C E
r r ^ f Z.0 d ............. ......................... .............. ..................................................................$ 5 0 , 0 0 0 , 0 0 0 0 0
U n i s s u e d ............................................................................................................. ..............
3 , 3 8 ! ,0 0 0 0 0
I P T * 1 - - - . ..................... ............................... - ............................ - ...................... ........... $ 4 6 , 6 1 9 , 0 0 0 0 0
R e d e e m e d ..................................................................... ..............$ 1 , 1 2 0 , 0 0 0 0 0
I n I r e a s u r y ....................................... .. ................ ....................... 1 , 5 6 3 , 0 0 0 0 0
-----------------------------
2 ,6 8 3 ,0 0 0 0 0
O u t s t a n d i n g ............................................... .................................................................... $ 4 3 , 9 3 6 , 0 0 0 0 0
INVENTORY DECEMBER 31ST 1918.
I r o n O r e s _____ _________________________________________________
$ 1 3 1 8 2 *5 5 5 61
P i g I r o n , S c r a p , F e r r o M a n g a n e s e , F e r r o S ilic o n a r id 'S p ie g e l
4 ,’ 3 6 8 ! 3 8 7 0 8
C o a l , C o l t o , F u e l O i l , W o o d a n d C h a r c o a l _____________________
6 3 2 7 3 3 74
T u n g s te n , A lu m in u m , N ic k e l, C h r o m e , T it a n iu m , V a n a
d i u m , S u n d r y A l l o y s a n d A l l o y S c r a p ............................................
1 ,3 4 9 ,8 9 2 8 0
L i m e s t o n e , F l u x e s a n d R e f r a c t o r i e s _______________________________
1 209 859 50
M o l d s , R o l l s , I r o n C a s t i n g s , e t c ________________________________ I I
3 392 6 6 9 25
M a n u fa c t u r in g S u p p lie s , S to r e s a n d S u n d r y I t e m s n o t
’
’
o t h e r w i s e c l a s s i f i e d ____________________________________________________
4 747 5 32 76
S t e e l , N i c k e l a n d C h r o m e V a n a d i u m " i n g o t s _____ '
I"
1 7 1 4 ’9 9 3 2 6
B lo o m s , R ille t s , S la b s , R I o e k s , R o u g h R a r , M ill R a r ,
’
S k e lp a n d F l u e I r o n ________________
9 3 QO 6 7 3 9 5
.. ....................
6 8 2 6 7 6 3 53
F i n i s h e d P r o d u c t s _______ _________ ___________ _I_I
M in i n g S u p p lie s a n d S to r e s f o r O r e , C o a l a n d " S t o n e P r o p e r ’
’
'
AS
A T
D E C E M B E R
31
1918.
P r o p e r t y a n d P la n t (in c lu d in g p r o p e r t y le a s e d u n d e r 9 9 9 y e a r le a s e f r o m C a m b r ia I r o n C o m p a n y a n d im p r o v e
m e n t s t h e r e t o — s e e n o t e b e l o w ) ................................... ..........................$ 1 6 4 , 6 9 5 , 1 4 8 5 9
I n v e s t m e n t s in A s s o c ia t e d
IS S U E .
T w e n t y - Y e a r F iv e P e r C e n t C o n v e r t i b le S in k in g F u n d G o ld R o n d s
P r in c ip a l d u o M a r c h 1 st 1 9 3 6 .
I n te r e s t p a y a b lo M a r c h 1 st a n ti S e p t . 1 s t.
. _
, S u b je c t t o r e d e m p t io n a s p r o v id e d in T r u s t I n d e n t u r e .
SH E E T
ASSETS.
T o ta l
C a p ita l
C o m p a n i e s ..................................................
7 3 3 ,9 2 9 7 6
A s s e t s .................................................. ............................... $ 1 6 5 , 4 2 9 , 0 7 8 3 5
C u rre n t A sse ts:
C a s h i n R a n k s a n d o n H a n d .................................$ 8 , 4 2 6 , 4 8 6 3 2
C u s t o m e r s ’ A c c o u n t s .................................................. 2 1 , 8 4 2 , 9 4 2 0 1
S u n d r y D e b t o r s ..................... .. ............................... ...
1 ,5 0 2 ,4 0 2 2 9
2 ,1 0 3 ,4 3 6 16
A d v a n c o P a y m e n t s o n O r e s , e t c .....................
N o t e s a n d L o a n s R e c e i v a b l e . . ........................ ...
1 7 7 ,6 5 5 7 3
G o v e r n m e n t S e c u r itie s :
U n ite d
S ta tes
L ib e r t y
L oan R on d s and C er
t ific a t e s o f I n d e b t e d
n e s s ..................... ....................$ 2 3 , 9 5 8 , 5 6 8 0 0
H is R r it t a n i c M a j e s t y ’s
G overn m en t
3 ’ Y ear
5 % G o ld N o t e s , d a te d
O c t o b e r 2 1 s t , 1 9 1 6 ____ 1 3 , 2 6 8 , 0 0 0
00
A n g lo -F r e n c h 5 -Y e a r 5 %
E x te rn a l L o a n B o n d s,
d a ted
O ctob er
1 5 th
1 9 1 5 ..........................................
1 8 4 ,2 8 5 2 8
3 7 ,4 1 0 8 5 3 2 8
O t h e r M a r k e t a b l e S e c u r i t i e s ................................. ' l ! l 8 6 , 0 8 1 0 3
I n v e n t o r ie s o f P r o d u c t s , M a te r ia ls a n d
S u p p l i e s ............................................................................ 4 8 , 0 9 9 , 3 1 1 5 7
1 2 0 ,7 4 9 ,1 6 8 3 9
D e fe r r e d C h a rg e s :
A d v a n ce s fo
A d v a n c e s fo ir S t r i p p i n g O r e M i n e s , I n s u r a n c e , e t c .............
_________________________________________________
c
nds
S pi e c i f i c F u n d s ___
4 4 4 ,1 3 3 0 1
$7 777 g g
$ 2 8 6 ,7 1 0 ,1 5 7 6 4
M a t e r ia l in
T r a n s i t _____________________________________________________
6 2 3 ,8 3 1 4 5
T O T A L ' ................................. - ............................................................ - ....................$ 4 8 , 0 9 9 , 3 1 1 5 7
CERTIFICATE OF INDEPENDENT AUDITORS.
N ew York, M arch 17 1919.
To the Board o f Directors,
M idvale Steel and Ordnance Com pany,
N ew York, N . Y .
We have examined tho books and records of Midvale
Steel and Ordnance Company and Subsidiary Companies
and have prepared therefrom the attached Balance Sheet
and Consolidated Income Account.
Property Account additions for the year havo been properly
made and the provision for Depreciation is in our opinion
adequate.
Deferred Charges are all items applicable to future opera
tions.
Cash, Notes and Loans Receivable and Securities have
been verified by inspection or by certificate of the Deposi
taries. Accounts Receivable may ber generally regarded as
good and collectible, possible losses being amply covered by
the General Reserve.
A reasonable reserve has been made for Income and Excess
Profits Taxes, the exact final figures not being ascertainablo,
owing to some uncertainty as to the ultimate interpretation
of tho law.
We certify that in our opinion the attached Balance Sheet
and Income Account correctly disclose tho financial condition
of Midvale Steel & Ordnance Company and Subsidiary Com
panies at December 31 1918 and the result of their operations
for the year ended that date.
A R T H U R
YO U N G
&
C O M P A N Y ,
Certified Public Accountants.
C A P IT A L
A N D
L IA B IL IT IE S .
C a p it a l S t o c k :
A u t h o r i z e d ......................................................................... $ 1 5 0 , 0 0 0 0 0 0 0 0
U n iss u e d :
H e ld f o r C o n v e r s io n o f
R o n d s . . ........................ - . $ 2 4 , 4 4 0 , 0 0 0 0 0
F o r G en eral C orp o ra te
p u r p o s e s . . ........................ 2 5 , 5 6 0 , 0 0 0 0 0
------------------------------5 0 ,0 0 0 ,0 0 0 0 0
C a p it a l S t o c k o f S u b s id ia r y C o m p a n ie s N o t H e ld b y M l d y
v a l e S t e e l & O r d n a n c e C o m p a n y ( P a r V a l u e ) ......................
G u a ra n te e d
1 0 0 ’ 0 0 0 ,0 0 0 0 0
2 ,1 3 3 ,4 5 0 0 0
S to ck :
C a m b r ia I r o n C o m p a n y S to c k
(s e e n o t e
below).....................
8 ,4 6 8 ,0 0 0 1 0 0
B on d e d a n d M o rtg a g e In d eb ted n ess:
M l d v a l o S t e e l Sc O r d n a n c e C o m p a n y 5 %
C o n v e r t ib le
S in k in g
Fund
G o ld
R on d s d u o M a rch 1 1936:
A u t h o r i z e d ..................... ..............................................$ 5 0 , 0 0 0 , 0 0 0 0 0
T css.
i n T r e a s u r y .............................. $ 1 , 5 6 3 , 0 0 0 0 0
1 ,1 2 0 .0 0 0 0 0
R e d e e m e d ..................... ..
U n i s s u e d ...............................
3 ,3 8 1 ,0 0 0 0 0
----------------------------6 ,0 6 4 ,0 0 0 0 0
_ . .
_
,
$ 4 3 ,9 3 6 ,0 0 0 0 0
S u b s i d i a r y C o m p a n i e s ................................................
1 2 ,3 2 8 ,0 0 0
00
----------------------------------
5 6 ,2 6 1 ,0 0 0 0 0
T o t a l C a p i t a l L i a b i l i t i e s ............. .. ................................................... $ 1 6 6 , 8 6 5 , 4 5 0 0 0
C u r r e n t L ia b ilit ie s :
V o u c h e r s a u d it e d a n d u n p a id P a y - r o l l s ..
$ 7 ,0 5 1 ,7 8 0 5 4
D e p o s i t s r e c e i v e d o n C o n t r a c t s ______________
2 ,7 2 5 ,4 4 6
39
A c c r u a ls a n d M is c e lla n e o u s , in c lu d in g
1 9 ,9 3 7 ,5 5 8
17
e s t i m a t e d F e d e r a l T a x e s ....................................
2 9 ,7 1 4 ,7 8 5 10
R eserves:
F o r D e p r e c ia t io n -a n d M in e E x h a u s t io n .
F o r F u r n a c e a n d C o k e O v e n R e n e w a ls
a n d M i s c e l l a n e o u s _________________________
$ 2 7 ,8 9 8 ,6 3 6 2 9
4 ,4 0 3 ,0 6 3
.
•
S u r p lu s — A p p r o p r ia t e d , a p p lic a b le t o M in o r i t y S t o c k I n
te r e s ts . P r e m iu m a n d D is c o u n t o n C a p it a l L ia b ilitie s , e t c .
S u r p l u s — U n a p p r o p r i a t e d ( a f t e r d e d u c t i n g M i d v a l e S t e e l Sc
O r d n a n c e C o m p a n y d i v i d e n d s p a i d , $ 2 4 , 0 0 0 , 0 0 0 ) ................
56
3Q i 099 85
4 ,1 0 8 ,1 2 4 i7 7
5 3 ,7 2 0 ,0 9 7 1 9 2
$ 2 8 6 ,7 1 0 ,1 5 7 6 4
N o t e .— C a m b r i a S t e e l C o m p a n y g u a r a n t e e s a n a n n u a l d i v i d e n d o f f o u r
p e r c e n t o n th o a b o v e -m e n t io n e d C a m b r ia I r o n C o m p a n y s t o c k a s r e n ta l
f o r p r o p e r t y h e ld u n d e r th e 9 9 9 -y e a r le a s e .
1419
THE CHRONICLE
Apr . 5 1919.]
COLUMBIA GAS AND ELECTRIC COMPANY
ANNUAL REPORT—1918.
A new compressor station was erected during the year,
Your Directors present herewith the Annual Report and necessary additions made to existing stations.
covering the operations of your Company for the year 1918.
The Union Gas & Electric Company has met the prob
lems of local utility company service adequately and satis
factorily during the year.
The new electric power plant has been in partial opera
tion since November 1st. Very marked economies in oper
realized throughout
year.
Gross Income includes so much of the earnings of the ating results will be upon both parties in the comingwith the
All requirements
the lease
United Fuel Gas Company as was actually received as Cincinnati Gas & Electric Company have been fulfilled
dividends.
the year.
During the year $120,500 of your Company’s First Mort during Cincinnati Gas & Electric Company during the year
The
gage, Five Per Cent Bonds were issued to cover construction issued and sold $2,225,000 of Six Percent Secured Notes to
expenditures made, and were placed in the Treasury, and
power-house
$876,000 of such bonds were received from The Union Gas cover new Company forexpenditures, as also to reimburse
the Union
expenditures for
and
& Electric Company in reduction of indebtedness of that extensions to the property. It is proposedbettermentsthese
to refund
company for gas furnished; $218,000 of bonds were re notes upon their maturity through the issue and sale of First
deemed and canceled through the Sinking Fund. As will Mortgage Bonds of The Cincinnati Gas & Electric
be noted from the balanco sheet, there aro $1,485,000 of
your Company’s bonds held in the Treasury, at a cost of Company.
In compliance with the
the
Union
$1,174,690.
# Gas & Electric Company provisions ofyear lease, The $596,
during the
deposited
In compliance with the Cincinnati Gas Transportation
Columbia
Company lease, $253,000 First Mortgage Bonds of that 440 cash in the Guarantee Fund, in exchange for Five Per
Gas & Electric Company First Mortage
Company wero redeemed and canceled through payments cent Bonds previously held in the Fund. The available
made by your Company, leaving $3,058,000 bonds out cash in the Fund has been invested in Liberty Loan
standing on December 31st 1918, out of the original issue bonds.
of $5,000,000.
Your Company, through its subsidiary, The Union Gas
& Electric Company, subscribed for $650,000 United States All requirements of your Company’s agreement with the
Government Liberty Loan Bonds of the Third and Fourth Cincinnati, Newport & Covington Light & Traction Com
loan with money available in the Guarantee Fund. The pany have been complied with, and all departments of these
total of Liberty Loan Bonds now held is $1,375,000, on
properly maintained and
account of which there were unpaid installments of $245,000, properties have been street railway employees, operated.
The wages of the
which were
which were not due as of December 31st.
fixed by contract,
very
Thero has been set aside for depreciation for the year, War Labor Board, have beenwith a largely increased by the
coupled
strong recommendation
from surplus, the amount of $652,881 20.
by
Provision has also been made for all State and Federal addressed the the Board to thea officials of the communities
served by Company, that suitable increase be granted
taxes.
such relief has not
Quarterly dividends of One Percent have been regularly in street car fares. While now pending whichbeenisgranted
thus far, negotiations are
it hoped
declared and paid throughout the year.
will load to satisfactory results.
To the Stockholders oj Columbia Gas & Electric Company:
T IIE
U N IO N
GAS
&
E L E C T R IC
C O M P A N Y .
E A R N IN G S .
G r o s s E a r n i n g s w e r e ________________________$ 1 1 , 5 3 8 , 7 7 2 1 1 a n i n c r e a s e o f 6 . 2 3 %
T o t a l G r o s s I n c o m e w a s _________________
7 ,5 4 4 ,8 1 0 3 2 a n in c r e a s e o f 5 .3 0 %
A ft e r d e d u c t in g P r io r F ix e d C h a r g e s o f
3 ,6 3 2 ,2 6 2 5 9
T h e r e w a s a v a ila b le a N e t I n c o m e o f . .
3 ,9 1 2 ,5 4 7 7 3
F o r C o l u m b i a I n t e r e s t C h a r g e s o f --------
7 1 3 ,3 5 0 0 0
S u r p l u s f o r t h e y e a r w a s .................................
3 ,1 9 9 ,1 9 7 7 3 a n in c r e a s e o f 9 .0 6 %
K E N T U C K Y
P R O P E R T IE S .
G AS.
Gas sales of the Columbia Gas & Electric Company dur
ing the yoar were 15,880,527,000 cubit feet, as compared
with sales of 17,466,125,000 cubic feet in 1917. The re
duction in gas consumption was due to the abandonment
of industrial schedules in effect in former years, also to
higher average temperature than during 1917.
G A S O L IN E .
The output of gasoline for the year was 11,997,930 gal
lons, as compared with 11,068,658 gallons in 1917. The
eight gasolino extraction plants have been operated at
matrially increased efficiency, resulting in a considerably
increased output of gasolino from a materially reduced con
sumption of gas. The efficiency attained during 1918 will,
it is believed, bo still further increased as a result of constant
study and experimentation.
U N IT E D
FU E L
GAS
C O M P A N Y .
Gas sales wero 57,035,146,000 cubic feet, as compared
with 00,610,762,000 cubic feet in 1917.
Gas and oil well drilling operations were curtailed during
tho year in every way practicable because of the shortago
and high price of both materials and labor; and conserva
tion of gas was accomplished by the curtailment of indus
trial schedules formerly in operation for wholesale use of
gas. Tho adoption of this policy should prove of great
advantage to the Company in future operations.
The production of oil for the year was 274,910 barrels,
as compared with 189,381 barrels in 1917.
G E N E R A L
The Directors and Officers of your Company and its sub
sidiaries have endeavored faithfully to co-ordinate the opera
tions of the properties to the war program of the Govern
ment throughout the war period. Your officers have con
stantly been at the call of the Government in Washington
and elsewhere and have received expressions of apprecia
tion for services rendered from time to time. One hundred
and ninety four employees have been in the service of the
Army and Navy—of whom two have made the supreme
sacrifice. Upon application, all such former employees
are being restored to active service upon discharge by the
Government.
With regard to future operations, your Directors are
pursuing a policy of conservative optimism. It is expected
that the return of normal conditions will be effected in the
territory in which your companies operate without serious
disturbances or material reductions in revenue. Caution
will be exercised in expenditures and every effort made to
conserve resources and increase efficiency during the re
construction period. Your Directors face the future with
confidence.
By Order of the Board of Directors,
A. B. LEACH, President.
Charleston, W. Va., March 1st 1919.
1420
THE CHRONICLE
OPERATIN G STATISTICS YEARS ENDED DECEM BER 31ST,
Utilities Operating in Cincinnati District:
Gas Department—
1918.
1917.
1916.
_
144,518
Total number o f gas customers_
143,394
139,624
Total number of meters in use___
151,051
149,641
145,511
Total gas sold (thousand cu. f t . ) . . 18,373,720 19,831,565 18,251,852
Electric Department—
Total number o f electric customers
42,844
40,205
34,448
Total number o f meters In use____
43,822
40,749
35,026
Capacity o f motors (II.P .)_______
79,393
63,516
47,867
Capacity o f transformers (K.W.)_45,574
36,622
27,275
Number o f incandescent lamps
(K .W . eq.)__________ _______ I .
52,760
51,262
45,796
Total connected load (K .W .)_____
___,___
120,536
105,729
87,988
K .W .H . sold------------------------------- 120,807,706 98,036,308 82,281.478
Street Railway Department—
Total revenue passengers carried.. 29,918,801 30,749.860 29,814,937
4,218,512
Total car miles__________________
4,620,414
4,583,596
Water Department—
Total number o f water consumers.
3,937
3,863
3,804
Natural Gas and Oil Properties:
United Fuel Gas Company—
Gas sold (thousand cu. ft .)_______ 57,035,146 60,610,762 39,290,446
Oil produced (barrels)___________
274,910
189,381
111,435
Gas Wells owned_________________
656
651
556
Oil Wells owned_________________
142
134
114
Gas Mains owned (miles)________
1,458
1,449
1,345
Gasoline produced (gallons)______ 9,187,311
7,838,397
1,397,885
Columbia Gas & Electric Company—
Gas sold (thousand cu. ft .)_______ 15,880,527 17,466,125 15,841,991
Gas Wells owned_________________
239
225
202
Gas Mains owned (miles)________
298
298
263
Gasoline produced (gallons)______ 2,810,619
3,230,261
1,100.583
C O N S O L ID A T E D IN C O M E ST A T E M E N T — Y E A R E N D E D
DECEM BER 31st 1918 (W ITH COM PARATIVE FIGURES
FOR 1916 AND1917).
„
1918.
1917
1916.
Income—
$
$
$
Gross Earnings----------- 11,538,772
11 10,861,330 69 9,058,251 61
Operating Expenses & Taxes 5,959,132 21 5,640,537 12 4,623,776 05
Net Earnings.................. 5,579,339
90
Other Income.............
1,965,470 42
5,220,793 57
1,944.323 50
4,434,475 56
829,327 74
Total Gross Income................... 7,544,810 32
Deductions—
Accrued Rentals to Cincin
nati G. & E. C o ....... 2,026.094
77
Accrued Rentals to Cinti. Gas
Trans. Co. (Including Sink
ing Fund requirement of
697,780 46
$250,000).................
Accrued Rentals to C. N . &
O. L. & T. C o...............
908,387 36
Accrued Interest of Tho Union
Gas & Electric C o________ __________
7,165,117 07
5,263,803 30
1,972,816 72
1,865,937 21
2,234 66
51,263 86
. 3,632,262 59
3,514,488 64
3,411,044 26
. 3,912,547 73
3,650,628 43
[Vol. 108
COLUMBIA GAS & ELECTRIC COM PANY, THE UNION GAS &
ELECTRIC COM PANY.
CONSOLIDATED BALANCE SHEET DECEM BER 31st 1918.
ASSETS.
Property Account, Comprising Gas Fields, Plants, Fran
chises, Leases and Stock owned of United Fuel Gas Co.
„ (51,000 shares— 5 1 % ).............................................................$64,225,324 02
Guarantee Funds Deposited with Trustees:
C ash.................................................................
$125,409 84
96,875 00
United Kingdom 5)4 % Gold N otes..............
Col. G. & E. Co. 1st Mtgo. 5% Gold Bonds.
606,000 00
State of Ohio non-taxablo municipal securi
t ie s ................................................................. 1,399,496 86
United States Liberty Bonds (all issues)____ 1,199,948 30
3,427,730 00
Other Securities Owned:
Union Light, Heat & Power Co.— 5% Gold Bonds______
34,587 50
Cincinnati Newport & Covington Lt. & Tr. Co.
Preferred Stock (850 shares)________ ___________
85,000 00
First Mortgage 5% Bonds in Treasury ($1,485,000 00 face
am ount)..................................................................................... 1,174,690
5% Gold Debentures in Treasury_________________________
232,831 67
Current and Working Assets:
C ash............ ......
$1,244,750 87
AccountsReceivable_______________________ 1,298,727 53
Material and Supplies............................
555,418 84
Interest and Dividends accrued on Securities
506,514 99
O w ned............. .............................................
3,605,412 23
Deferred Assets:
Prepaid Accounts............................................. $149,983 79
Cincinnati Newport & Covington Lt. & Tr.
Co. account betterments________________
25,490 92
175,474 71
$72,961,050 13
LIABILITIES.
Capital Stock, Col. G. & E. C o___________________________ $50 000,000 00
First Mortgage 5% Gold Bonds, Col. G. & E. C o.................13, 741,500 00
5% Gold Debentures, Col. G. & E. C o ____________________
2, 850,000 00
Outstanding Union G. & E. Co. Common Stock at par_____
5,000 00
Current and Accrued Liabilities:
$309,463 57
Accounts Payablo_______
Accrued Taxes...........................
655,185 72
Accrued Rentals__________________________
806,774 99
Accrued Interest on 1st Mortgage Bonds_
_
291,262 50
Accrued Interest on Debentures___________
65,412 50
.128,099 28
Deferred Liabilities:
Customers’ Deposits_____________________ _____________
181,913 76
Reserves:
Accrued Accounts_________________________
$21,276 01
To Amortize Kentucky Bottermonts_______
130,555 58
For Net Current Assets leased Sept. 1 1906.
336,73143
For Depreciation.................
1,427,005 80
„
,
-------------------- 1,915,568 82
Surplus........................................................................................... 2,138,968 27
1,852,759 04
698,957 33
692,747 34
840,479 93
801,095 85
Fixed Charges, Columbia Gas &
Electtic Co.
Accrued Interest on IstM tge.
5% Gold Bonds o f Col.
G .& E .C o ...........................
582.525 00
Accrued Interest on 5% Gold
Debentures of Col. G. & E.
C o ........................................
130,825 00
Other Accrued Interest of
Col. G. & E. C o.........................................
586.440 59
540,136 31
130,825 00
130,825 00
Total Fixed Chargos...................
713,350 00
717,265 59
695,283 33
Surplus......................................... 3,199,197 73
Dividends Paid........................... 2,000,000 00
2,933,362 84
1,500,000 00
1,157,475 71
S u b m a r in e S ig n a l C o ., B o s t o n .
Assets—
Patents________
Leased apparatus
Factory equipm’t
Cash¬es rec.
Accts. receivable
Liberty bon ds..
Inventory______
24,322 02
B a la n c e
S h eet
.—
1918.
1917
1918
1917.
$
Liabilities—
$
$
$
987,948 1,127,448 Capital sto ck ...1,792,250 1,792,250
63,007
57,746 Accounts payablo 333,970 177,497
112,160
101,475 Patent, &c.. con
34,590
79,406
tingent liabil. 117,200 118,205
443,551
495,907 Reservo for taxes,
600,000
280,000
& c _ _ .............. 195,452
252,327
427,617 310,297 Notes payable.. 230,000 112,000
Total............2,668,872 2,452,279
Total................2,668,872 2,452,279
Pres. Frederic Parker says: “ After charging o ff a conservative amount
for depreciation o f patents wo were able, from tho year's operation, to pay
dividonds aggregating 10% on tho outstanding stock.— V. 106, p. 2349.
S w ift & C o ., C h ic a g o .— S t o c k D i v i d e n d R u m o r D e n i e d .—
President Louis F. Swift on Mar. 31 denied tho report that tho directors
had declared a stock dividond of 33 1-3% .— V. 108, p. 885.
T e x a s G u l f S u lp h u r C o .— P l a n t .—
Tho “ Engineering & Mining Journal” in its issue of Mar. 29 publishes an
illustrated articlo describing tho properties and operations of this company
at Matagorda. Matagorda County, Tex.— V. 107, p. 2104.
U n io n B a g & P a p e r C o r p .— A n n u a l R e p o r t .
Including tho $46,875 received during tho year as an initial dividend of
114% on the stock o f the St. Maurice Paper C o., the company's income
account for tho eleven months ended Dec. 31 1918 compares as follows:
11 Mos. to 12 Mos. to Feb. 1 '16 to
Dec. 31 '18. Jan. 31 '18. Jan. 31 '17.
Income Account—
(In clu d in g S u bsidiaries .)
Not earnings, deducting ordinary re
pairs and maintenance.....................$2,619,173 $3,131,106 $2,832,277
Dividend No. 1, 1)4% , from St. Mau
rice Paper C o____________________
46,875
______
______
Total incomo_____________________ $2,666,048
Less— Provision for depreciation____
$460,711
Interest on bonds__________________
'
187,151
Excess profits and income taxes_____
601,467
Deduct— Propor. o f inc. o f Un. B. &
P. Co. (old co.) Feb. 1 to Oct. 4 ’ 16,
applied in reduc. o f prop’y account
______
$3,131,106
$261,006
211,620
555,764
$2,832,277
$240,199
187,523
821,763
B alan ce............................................... $1,416,719 $2,102,716 $1,582,792
D iv id e n d s...................................... ..(6% )589,075(6% )589,075(3^)350 .000
' do
do
in Liberty bon ds..
______ (4)399,363
______
Surplus.................................... ..........
$827,645 $1,114,278
For comparative balance sheet seo V. 108, p. 1270.
W e s t in g h o u s e A ir B r a k e C o . —
N e w
P re s id e n t
$1,232,792
.—
Vice-Pres. A. L. Humphrey has been elected President to succeed J. F.
Miller, resigned. Mr. Miller will continue as a director and was also made
Vice-Chairman o f the board.— V. 108, p. 1299.
W o r ld F ilm C o r p . —
P la n
A d o p te d
.—
Notice is given of the adoption of the plan for tho readjustment of finances
which contemplates the authorization and issue o f $1,000,000 of 7% Cumu
lative preferred stock and $300,000 7% Non-cumulativo 2d preferred stock,
par $5 each, with the right to each voting trust certificate holder to sub
scribe for tho same. Comparo plan published in full in V. 108, p. 1079,
1065.
$72,961,050 13
WE HEREBY C E R TIF Y that wo have audited tho books of account
and record of the COLUMBIA GAS & ELECTRIC COM PANY,
CHARLESTON, W . VA ., and THE UNION GAS & ELECTRIC COM
PAN Y, C IN C IN N A T I, OHIO, covering a period of six years ended
December 31st 1918, and that, In our opinion, tho foregoing consolidated
Balance Sheet correctly reflects tho financial condition of tho combined
Companies at December 31st 1918, and tho accompanying Consolidated
Income Statement is correct.
(Signed) ERNST & ERNST,
Certified Public Accountants.
Cincinnati, March 1st 1919.
U n it e d S m e ltin g , R e f i n i n g & M in in g C o .
C a l.
- R ep o rt
fo r
yea rs.
(Incl. Custom Ores.)—
1918.
1917.
1916.
1915.
Copper, "
lbs.............. 1 . . 20,359,378 __________ __________ 26,923,674
29,043,242 28,888,093
Lead, lbs......................... 96,567,485 107,519,570 103,855,451 87,102,179
Silver, oz......................... 15,337,465 13,000,187 11.647,205 12,071,863
Gold, oz...............
137,315
109,612
129,273
196,481
Zinc, lbs......................... 18,771,684 53,590.446 64,584,001 34,105,471
Net earns., after repairs $7,249,533 $5,769,391 $9,737,664 $7,579,184
Deprec. & reserve funds 2,474,443
1,571,576
839,200
986.860
Federal taxes & depos.-N ot shown
692,500
1,000.000
888,900
Pref. dividends ( 7 % ) ... 1,702,225
1,702,225
1,702,225
1,702,225
Common dividends (10%) 1,755,575
1,755,575(83^)1,492.239(1 J4)263 336
B a l a n c e , s u r p l u s _______ $ 1 , 3 1 7 , 2 9 0
$ 4 7 ,5 1 5
$ 4 ,7 0 4 ,0 0 0
$ 3 ,7 3 7 ,8 6 3
T h e d i r e c t o r s a l s o r e p o r t : “ T h o e s t i m a t e d e a r n in g s in t h o f i r s t q u a r t e r
o f 1 9 1 9 w ill s h o w a p p r o x im a t e ly $ 1 ,4 4 7 ,6 3 4 (a s c o m p a r e d w it h $ 1 ,4 4 4 ,2 8 8
in t h e f ir s t q u a r t e r o f la s t y e a r ) f r o m w h ic h a r o t o b e d e d u c t e d $ 5 7 0 ,8 4 0
f o r d e p r e c ia t io n , d e p le t io n a n d th r e e m o n t h s ’ p r o p o r t io n o f F e d e ra l ta x e s
o n l a s t y e a r ’s i n c o m o , a n d a f u r t h e r a m o u n t o f $ 2 2 6 , 7 9 4 f o r a d d i t i o n a l
m a r k i n g d o w n o f m e t a l s o n h a n d , i n t r a n s i t , in p r o c e s s a n d i n o r o s t o c k s
t o p r e s e n t m a r k e t p r ic e s ( c o p p e r a t 15 c e n t s p e r l b . a n d le a d a t 5 ) 4 c e n t s
p e r l b . ) , le a v in g a n e s t im a t e d n e t p r o fit o f $ 6 5 0 ,0 0 0 .
T h e e s tim a te d p r o fit
i n t h e f i r s t q u a r t e r is a t t h o r a t o o f 7 % p e r a n n u m o n t h e p r e f . s t o c k p l u s
64 c e n ts p e r s h a ro fo r th o th re e m o n th s o n th o c o m m o n s to c k o r a t th o ra to
o f a b o u t $2 56 p e r s h a ro p e r a n n u m (5 .1 2 % ) o n th o c o m m o n s t o c k .”
N e il W . R i c e h a s b e e n e le c t e d a d ir e c t o r t o fill a v a c a n c y . — V . 1 0 8 , p . 8 5 .
W a r F in a n c e C o r p .—
Is s u a n c e
o f
$200,000,000
B o n d s .
—
S e o p r e c e d i n g p a g e s in t h is is s u e .— V . 1 0 6 , p . 1 5 7 9 .
(S. D .) W a r r e n C o .— O f f e r i n g o f P r e f . S t o c k . — Estabrook
& Co. and Parkinson & Burr aro offering at 99 and div.
$1 ,000 ,00 0 Cumulative 7 % Prior Preference stock, Sories
“ A . ” D ivs. Q .-J. Preferred a & d. Callablo all or part
for sinking fund at 105 and divs.
C p liza (u com l.ofpres, financing)— A th
a ita tion pon p
u orized O tsta d g
. u n in .
P r i o r p r e f e r e n c e s t o c k , * S e r i e s * 'A ” a n d “ B ” ................. $ 4 , 0 0 0 , 0 0 0
P r e f e r r e d s t o c k . C l a s s A ................... ........................................
4 ,0 0 0 ,0 0 0
P r e f e r r e d s t o c k , C l a s s B ............................... ................................. 2 , 0 0 0 , 0 0 0
C o m m o n s t o c k ...............................
3 ,5 0 0 ,0 0 0
$ 2 ,4 6 1 ,3 0 0
2 ,9 0 4 ,8 0 0
8 2 0 ,3 0 0
3 ,4 2 3 ,2 0 0
* Provision is made for tho exchange of the Prior Preference “ B ” stock,
sharo for share, into Prior Preference “ A ” stock.
Company.— Established in 1854 at Westbrook, M o., and owns valuable
real estate and mill properties, at Westbrook, Gardiner and Augusta, M o.;
also over 10,000 acres of woodland. Tho water and hydro-electric plants
owned aggregate 11,500 h. p. Tho mill properties recently appraised at
valuation exceeding $6,000,000. Tho hydraulic and hydro-electric plants
recently appraised at valuation exceeding $2,000,000. Tho company
manufactures book, magazine, high-grade printing papers, including
India and Bible papers.
Notes.— Tho company has outstanding Serial Mortgago notes amounting
ot $1,357,909.
Net Assets.— This item, after this financing and making provisions for
taxes, approximates $380 for each sharo Prior Preference stock outstanding.
Net quick assets aro equivalent to approximately $130 per sharo.
Earnings.— Net earnings applicable to dividonds, after depreciation,
for the ten years ended Dec. 31 1918, averaged $792,485, or 4H times tho
dividend requirements on both series of the Prior Preference stock: and
for tho five years ended Dec. 31 1918, not earnings averaged $880,142 or
over five times theso dividend requirements.— V. 106, p. 2350.
Apr . 5 1919.]
THE CHRONICLE
lm
tories are begging for six months’ time, and it is the same with
the stained glass business. Agricultural and industrial dis
tricts particularly are buying diamonds. B . C . Keith,
Deputy Commissioner of Internal Revenue, announces a
plan whereby the development of the use of industrial alco
'
Friday Night, April 4 1919.
hol may be combined with revenue collection in such a
Trade is gradually increasing, but as a rule it is not so manner as to offset to a large extent tho loss of $500,000,000
largo as it was at this timo last year. The most cheerful in revenue because of prohibition. It is rumored that
business nows is from the Northwest, Southwest and parts Americans are entering steel bars for delivery in England at
of the South. Large sales have been mado of spring goods, 10 shillings (about $2 35) a ton below the home trade control
men’s and women’s wearing apparel, shoes, agricultural prices, and th a t- 10,000 tons have already been secured at
implements and hardware. Tho retail trade has increased this figure by a Welsh tinplate firm. About 100,000 operat
somewhat. Collections are good. Failures continue to be ives are affected by an order to close all mills spinning
extraordinarily small. Those in March were the fewest for American cotton in the region of Manchester, Eng. The
26 years. Wheat exports are large enough to excite com mills are to be closed from April 10 to 28, because of dull
ment, though hereaftor neutral countries buying grain in trade. On the other hand, the eight big mills of the Iron
this country must take corn, rye, barley and tho flour of Works Cotton C o. at Fall River, M ass., will resume full
these grains rather than wheat and wheat flour. B ut during time on the 7th inst. N ew York is alive to its finger-tips.
tho presont week the exports of wheat, including flour, have Hotels and theatres are crowded and it is next to impossible
reached tho equivalent of 7,306,000 bushels. This makes to secure accommodations on sleeping cars. Bigger orders
220,356,000 bushels thus far, or about 27,000,000 bushels for motor-car bodies of special type are reported now than
more during the like period last season. There is improve at the height of the war boom. The weather at times has
ment in textile sales in Eastern centres. A n important been much colder than in March. April 1 saw the tempera
feature this week has been the recovery in sterling exchange. ture down to 19, the lowest on that day for 48 years. A year
Tho demand for automobiles, jewelry and other luxuries is ago it was up to 73 or within 3 degrees of summer heat.
notable. On the other hand, there is a certain caution still On the 2d inst. the whole country was shivering. Heavy
noticeable in many parts of the country. People in not a frost prevailed as far south as Florida. It was 10 degrees at
few sections are restricting their purchases. They look for Greenville, Maine. To-day it is as high here at 57 degrees,
lower prices lator on. Another feature, however, is that food with some rain overnight; and warmer weather is looked for.
prices are still high. The cost of living is still a burden. There has been too much rain of late in Arkansas, Tennessee
In fact, new high levels for prices this season have been and Texas. The cotton planting season is late, but in Ala
mado this week on wheat, flour, corn, live cattle, hogs and bama they are catching up with tractors, one of which will
sheep. Tho price of meat does not go down. Butter and plow five times as much land in a day as a double-horse team.
eggs are still very high. Such things are among the distinct
STOCKS OF M ERCH AND ISE IN NEW Y O R K .
drawbacks of tho times. In fact, prices generally, where they
Apr. 1 1919. Mar. 1 1919. Apr. 1 1918.
Coffee, Brazil................ ;.............bags. 446,483
337,615
1,327,182
have not actually advanced this year, have not declined as
Coffee, Java................
mats.
15,229
5,347
14,301
fast as tho generality of people had expected. The process Coffee, other................
bags. 498,064
442,875
449,741
of deflation after tho war inflation is distinctly slow. Tho Sugar (refiners’ stocks)_________tons. 30,220
55,680
28,659
Hides (not published during w ar).
reason, of course, is that inflation is still present. Some C otton_______________________ bales. 73,643
86,842
145,383
fear that it may be years before tho old pre-war level of Manila hemp________________ bales. ______
96,000
______
bbls.
4,000
5,700
7,900
prices is reached. Pessimists go so far as to assert that it F lour...............
L A R D firmer at 2 9 .5 0 @ 2 9 .6 0 c . for prime W estern,
will never bo reached again. Meanwhile, howevor, the
wintor wheat crop is estimated at as high as 930,000,000 refined to tho Continent 30c.; South America 30 .15c .;
bushels against 558,000,000 bushels last year. And the Brazil in kegs, 31.15c. Futures have advanced in response
spring wheat acreage will be increased. N o doubt, too, to rising prices for hogs and the strength of corn. It is
the corn acreage will be very large. Tho price is certainly stated that all packers have been released from Federal
tempting to farmers, to say nothing of the fact that hog control or the Food Administration license system. On
products are also very high—-another good reason for in advances packers have sold to some extent. Offerings, how
creasing tho corn area. All this ought to make for lower ever, were quickly absorbed. To-day prices eased a little
prices of breadstuffs, lator in the year. A s to iron and steel, but ended higher for the week.
in which prices were recently cut as the trade thought some D A IL Y CLOSING PRICES OF LARD FUTURES IN C H IC A G O .
Wed.
Sat.
Thurs.
Fri.
Mon.
Tues.
what drastically, Railroad Administrator Hines is dissatis
28.67
28.67
Holi 28.80
M ay delivery__ .._cts.27.85
28.30
fied and refuses to pay the schedule agreed upon by the July delivery_ ...........27.42
day
28.10
28.10
28.35
_
27.85
Industrial Board at Washington. Of course this is a case
P O R K higher; mess $51 @ 5 2 , nominal; clear $51 @ $ 5 6 .
of two teams pulling in opposite directions, and it is regret Beef unchanged; mess $ 3 5 @ $ 3 6 ; packet $ 3 8 @ $ 3 9 ; extra
table that there could not be a better co-ordination of the India mess S 6 4 @ $ 6 6 . N o . 1 canned roast beef, $4 50;
two departments. Taking the country as a whole, the feeling N o. 2 $8 75.
Cut meats steady at 29)^@3134jC. for
is hopeful for business, but business men want peace as pickled hams, 10 to 20 lbs., and 2 9 @ 3 0 c . for pickled bellies.
soon as possible.
To-day July pork ended at $45 65. after touching $45 75;
Agriculture is now considered tho most prosperous indus M a y $48 10. Butter, creamery extras, 68@ 68j^c. Cheese
try in the United States. Farm lands in the United States flats 31^>@ 333^c. Eggs, fresh gathered extras, 4 5 c . M eat
are steadily increasing in value. Tho Department of Agri stocks in Chicago decreased 6,771,000 lbs. last month, against
culture reports that the average grade of plow lands was an increase of 7,776,000 last year. Lard decreased 4,3 12,000
worth about $74 31 per acre on March 1 this year, com lbs., while last year they increased 11,199,000 lbs. Short
pared with $63 38 a year ago, $62 17 two years ago and ribs decreased 96,000 lbs", as compared with an increase last
$58 39 three years ago. The greatest percentage of mci’ease year of 3,723,000 lbs. There are only 1,871 bbls. of con
during the last year occurred in tho South Atlantic States, tract pork in store, a gain of 507 bbls. over last month.
in tho Carolinas and Georgia, and extended to Alabama,
C O FFE E in moderate demand and steady on the spot;
Kontucky and Arkansas. Small or no increases were mado N o . 7 Rio, 16^ 0.; N o . 4 Santos, 21@ 2 1J < c.; fair to good
in the Now England States, the Pacific Coast States and Cucuta, 2 0 ^ @ 20^ 0. Futures advanced with sterling ex
Louisiana, Texas, Kansas and M ontana. Material in change up. M any are looking for a better trade with
creases were reported from Nebraska and South Dakota. Europe. A campaign of publicity to increase the con
Iowa’s plowing lands stand first in value, her averago being sumption of coffee in this country will begin on April 21.
$169 per acre, followed by Illinois with $144, California Shorts have covered more freely. Some of them sold on the
with $121 and Indiana with $100. Alabama reports tho recent break in sterling exchango. Baltimore interests have
lowest average at $24 per acre, and Mississippi next at bought freely here. Importers have covered. W all Street
$25 50. Coal producers will not put the prico advance into has been buying M a y .
effect until M a y 1, when an increase of 10 cents a month
April . . . c.14.18@14.20 Aug___c __14.69@ 14.71 D e c ____c.14.15@ 14.16
will begin and continue for five months. The movemont of May______ 15.55(915.65 S e p t ........ 14.48(91.4.50 J a n ............14.15® 14.17
coal and general export freight was virtually stoppod in New J u n e..........15.22(915.25 O c t .......... 14.37(9 14 39 Feb---------- 14.15@14.17
York Harbor to-day because of the action of tho railroad July........... 14.90@14.92 N o v .........14.26@ 14.28 M arch____ 14.18@14.20
S U G A R unchanged at 7.28c. for centrifugal, 96-degrees
tugboat captains and crews in refusing to handle tho barges
of privato owners. Julius H . Barnes, President of the test, Cuban and Porto Rican; granulated 9c. Atlantic port
Grain Corporation of the Food Administration, in a state receipts of raw sugar have increased materially. In fact
ment issued on April 1, said that in primary wheat markets they reached 83,344 tons, against 22,817 in tho previous
grain is soiling at 20 to 40 cents a bushel above Government week and 43,070 last year. Meltings wore 58 ,000 tons, the
prices. Ho intimated that in view of tho expectation of a big same as in the previous week and 9,000 more than in the
crop ho could not understand why any grower should fail to same week last year. Tho total stocks at North Atlantic
tako advantage of these high prices. Commencing next ports are 66,469 tons, against 41,125 in the week previous
week, tho statement added, tho corporation will begin and 22,729 last year. Tho above North Atlantic figures show
buying for shipment to Europe rye, corn and barley flour, that in one sense the trade is waking up. As for refined
reducing its current purchases of wheat flour. Cargoes of sugar, however, the demand is still restricted. Striking
wool worth approximately $ 20,000,000, most of it con features have been lacking in the sugar trade this week.
signed to the U . S. Government, are on the way from South Tho view of some Boston members of the trade is that re
duced production , increased consumption, owing to the
Africa and Australia in ton vessels.
A sign of tho times is that the jewelry trade is booming. onlargecl demand by reasons of relaxation of restrictions,
Tho demand for diamonds is active, with prices 4 0 % to 5 0 % prohibition and reduced crops in the East, all tend to make
above tho 1914 level. Lines like bronze and leather aro for a high lovel of prices for some time to come. They add
having an enormous demand. “ W o are simply deluged with that the world’s production has decreased from 18,000,000
ordors for bronze memorials and factories aro six months tons in 1914 by about 2,300,000 tons, bringing it down to
behind on their orders,” said one large houso. Leather fac 15,700,000 tons in 1919. The productions of 1917 and 1918
%
h t
(fim x m x z x tm l
^imjes0
were practically the same, in spite of an increase in Cuba of
about 420,000 tons, while in 1919, owing to the large re
ductions in Java and India, shows a decline of about 680,000
tons from last year, even though Cuba is expected to pro
duce 300,000 tons more.
O IL S.— Linseed quiet and steady; C ity, raw, car lots,
SI 50; 5-barrel lots, $1 53. Lard prime, edible, $2 40.
Cocoanut, Ceylon, barrels firmer at 1 4 J 4 @ 1 4 H c . Corn
oil, crude wood, 16c. Cod, Newfoundland, $ 1 @ $ 1 10.
Spirits of turpentine, 7 5 @ 7 5 ^ c . Common to good strained
rosin, $11 90.
P E T R O L E U M in good demand and firm; refined in
barrels, cargo, $17 2 5 @ $ 1 8 25; bulk, New York, $9 2 5 @
$10 25; cases, New York, $20 2 5 @ $ 2 1 25. Motor gasoline
in steel barrels, to garages, 2 4 K c .; to consumers, 2 6 K e.
Gas machine, 41 J^c. Operations in fields east of the Rocky
Mountains for March are as follows: Completions, 1,974
against 1,902 in February and 1,982 in the same month last
year; oil wells, 1,324 against 1,328 last month and 1,388 last
year; new daily production 155,491 against 154,962 last
month and 177,308 in the same month last year; rigs up and
wells drilling 6,262 as compared with 6,106 in February
and 4,919 for the same month last year.
Pennsylvania dark $4 00
Cabell....................... 2 77
Crichton__________ 1 75
C orning__________ 2 85
W ooster__________ 2 85
Thrall................ _ . 2 25
Strawn___________ 2 25
De Soto................... 2 15
North Lima______2 88 .
South Lima______$2 38 Illinois, above 30
Indiana__________ 2 28
degrees________ $2 42
Princeton_________ 2 42 Kansas and Okla
Somerset, 32 deg__ 2 60
homa _________ 2 25
Ragland__________ 1 25 Caddo, La., light. 2 25
Electra___________ 2 25 Caddo, La., heavy
75
M o ra n ___________ 2 25 Canada__________ 2 78
Plymouth_________ 2 33 Flealdton_________ 120
Corsicana, heavy. 1 05. Henrietta________ 2 25
TO B A C C O has remained quiet. N o interesting develop
ments have occurred. Prices are firmly maintained by
farmers, but the trouble is that buyers just as firmly main
tain an attitude of aloofness. It is even said that ninetenths of the 1918 crop is still in the hands of farmors. As
for foreign tobacco, that is also quiet, although likewise firm.
It is largely a waiting market for all kinds. W ool has been
active and generally firm on better grades, though medium
and lower descriptions weakened.
C O P P E R has been in fair domand and firm at 1 5 ^ c . for
electrolytic, but to-day there were rumors of offerings at
around 1 5 ^ c . Tin continues quiet and steady at 7 1 @ 7 2 c .
Lead quiet and firm at 5 .2 5 @ 5 .3 0 c . Spelter quiet and firm
at 6.55c.
P IG IR O N is reported rather more active. Business has
not increased greatly. March figures show that pig iron
stocks certainly increased. In April the list of idle furnaces
m ay bo considerably increased. Y e t, inquiries aro said to
be more numerous. It is true, however, that they aro mostly
for small lots. Birmingham is sending cheerful talk. It
reports a fair demand and a better tone. The coke market
is in good shape. M arch production of iron was 3,067,610
tons, against 2,943,347 tons in February.
S T E E L trade is upset by the refusal of Railroad Adminis
trator Hines to pay the prices recently fixed. When this
difficulty will be adjusted is not at all clear. Things looked
more favorable for a time. Chaos would perhaps be a better
description of the situation now. Naturally M r. Hines is
criticised by many of the steel trade. The W ar Depart
ment has sold 50,000 tons of 80-lb. rails at the new price.
Foreign orders, it is stated, have been put through at do
mestic prices. Railroads were expected to buy one-fifth
of the country’s production of steel and one-quarter of its
output of coal. Under the circumstances, what wonder
that the trade hesitatos. When things have clarified at
Washington, possibly there may bo a different story. N ot
a few think, however, that if the steel trade could bo simply
let alone it could work out its own salvation much quicker
than by any other means. M ill operations at Pittsburgh
aro reported smaller. Independents aro running at about
60 to 6 5 % , and the chief steel corporation at something like
75 to 8 0 % . A t the same time, in the Youngstown district
tho outlook is better and the average rate of production is
now said to be about 7 5 % .
COT T ON
Friday Night, A pr. 4 1919.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
78,025 bales, against 87,657 bales last weok and 78,891
bales the previous weok, making tho total receipts since
Aug. 1 1918 4,145,689 bales, against 4,970,464 bales for the
same period of 1917,-8 showing a decrease since Aug. 1 1918
of 824,775 bales.
Receipts at—
[Vol. 108.
THE CHRONICLE
U22
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston_____
Texas C ity___
Port Arthur, &c
New Orleans_
_
M obile_________
Pensacola______
Jacksonville___
Savannah______
B runswick_____
Charleston_____
W ilm ington___
N orfolk________
N ’port News, &c.
New York______
Boston_________
Baltimore______
Philadelphia___
4,871
99
5,889
75
1,488
—
7,916
232
2,800
—
3,845 26,809
—
406
2JKH
225
57835
84
lT m
983
4",459
181
3",650
11
5,728 24,407
220
1,704
2,467
___
197
114
910
2,086
___
353
94
834
4,451
2.239
1,617
692
353
589
413
42
438
341
795
556
Totals this week.
1,844 15,325 10,459
::::
"7 5
"l29
"l02
: : ::
15.920
"ios
‘ 105
2,645 15,505
500
500
529 2,525
282
1,680
702 4,029
” 49
"280
75
9,872 14,605 78,025
The following shows the week’s total receipts, total since
Aug. 1 1918 and stocks to-night, czmpared with last year:
1918-19.
Receipts to
A pril 4.
Stock.
1917-18.
This Since Aug This Since Aug
Week. 1 1918
Week. 1 1917.
Galveston______
Texas C ity_____
Port Arthur____
Aransas Pass, &c.
New Orleans___
M o b ilo _________
Pensacola_______
Jacksonville____
Savannah_______
Brunswick_____
Charleston______
Wilmington_____
N o r fo lk ________
N ’port News, &c.
Now York______
B oston _________
Baltimore_______
Philadelphia___
Totals...............
26,809 1,396,669 13,187 1,470,175
406
62,509
66,948
8,102
53,527
178
20,954
24,407 1,122,667 29,932 1,343,333
1,704 117,569 4,013
90,822
9,812
30,213
105
19,503
38,000
15,505 785,149 15,217 952,229
500
57,180
117,000
2,525 140,544
1,008 190,164
86,021
1,680
88,774 4,544
4,029 243,715 3,898 268,513
2,987
96
5,018
108,834
7,416
280
20,891
1,290
94,973
75
16,687 1,341
73,234
90
67
5,931
1919.
1918.
266,338
14,223
335.983
41,842
414,956
22,790
448,811
16,824
11,600
186,911
250
55.751
56.752
119,303
14",500
284,604
12,500
47,533
40,911
89,661
96,226
11,442
6,025
3,312
146'018
18,046
36,524
8,122
78,025 4,145,689 74,681 4,970,464 1,265,879 1,541,879
In order that comparison may bo made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—
1919.
| 1918.
_
Galveston_
TexasCity,&c.
Now Orleans.
M obilo______
Savannah _
_
Brunswick _.
Charleston,&c
W ilmington..
N orfolk _____
N ’port N.,&c.
All others____
26,809
406
24,407
1.704
15,505
500'
2,525
1,680
4,029,
460,
1,008
4,544
3.898
96
2,698
Total this wk.
78,025
74,681
13,817
178
29,932
4,013
15,127
1916.
1917.
1915.
1914.
70,759
1,647
39,487
3,128
23,088
7,000
3,858
2,309
13,186
5,762
6,925
30,494
1,165
22,820
5,831
22,209
7,284
30,879
6.190
17,960
3,419
11,350
3,000
1,543
4,770
11,537
1,149
1,658
75,372
93,455
177,149
101,022
34,045
400
16,477
824
4,033
1,000
1,933
969
8,407
1,939
1,975
6,868
6,287
1,434
Since Aug. 1. 4.145,689 4,970,46415,915.466 5,892,898 9,214,934 9,710,855
The exports for the weok onding this evening roach a total
of 145,681 bales, of which 93,751 wero to Groat Britain,
_______ to France and 51,930 to other destinations.
Exports for the weok and since Aug. 1 1918 are as follows:
Ep rts
xo
from
—
Galveston..
Texas City.
Pt. Nogalez
NcwOrloans
M obile____
Pensacola..
Savannah..
Brunswick .
Charleston .
Wilmington
Norfolk____
New York.
Boston____
Baltimore..
Philadel’a . .
Washington
San Fran..
W e d g A tl 4 1919. F mA g 1 1918 to A ril 4 1919.
eek n in rp
ro u .
p
Ep rtedto—
xo
Ep rtedto
xo
—
Gea
rt
Gea
rt
B in F n O er. Tta B in F n O
rita . ra ce. th o l. rita . ra ce. llier. Tta
o l.
28,949
18,256 47,205
____
____
566,310
______
121,788
26,775
5 26,825
(J
207,05!:
22,297
10,662
____
____
24,327 46,624
10,662
427,872
07,035
9,922
154,021
44,325
182
______
33,920
282,585
26,314
12,555
19,110
282,483
15,800
23C
164,474
182,466
139,535
1,000
400
22,405
31
50,750
5,576
205,785
200
............
............
2,300
378,771
87,254
____
____
5,068
____
5,068
____
____
____
____
—
____
—
5,638
3,659
Total____ 93,751
5,638
3,659
970,581
15,800
230
800,004
07,035
9,922
470,622
44,325
1,582
22,405
33,957
539,120
32,090
12,555
21,416
378,771
87,254
51,930 145,681 1,045,303
569,269 1,299,037 3,514,269
Tot. ’ 17-18*
15,848 15,848 1,909,854
Tot. ’ 16-17. 45,158 16,844 43,091 105,093 2,211,790
453,029 995,259 3,358,142
718,812 1,500,077 4,436,079
—
• F ig u r e s a d ju s t e d t o m a k e c o m p a r is o n w it h t h is s e a s o n
a p p r o x im a te ly c o r r e t.
In addition to above exports, our telegrams to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
On Shipboard, Not Cleared for—
Great
GerApril 4 at— Britain. France, many.
Galveston___ 22,282
Now Orleans..
5,643
Savannah ___
Charleston____
M obile.............
6,799
N orfolk______
Now York *_
_
2,000
Other ports
1,000
Other
Cont’t.
7,000
7,919
21,500
4,738
6,000
2,000
2,000
2,000
3,000
Total 1919.. 37,724 18,919
Total 1918.. 22,750 30,000
Total 1917.. 28,204 9,364
* Estimated.
37,238
20,562
32,983
Coastwise.
Total.
1,500 52,282
138 18,438
1,800 7,800
800
800
6,799
300
300
6,000
6,000
Leaving
Stocks
214,056
396,518
179,111
54,951
15,991
119,003
90,226
97,604
4,538 98,419 1,167,460
19,367 92,679 1,449,200
9,679 80,230 1,093,352
Speculation in cotton for futuro dolivory has been rather
slow, but prices for all that havo been steadily rising. The
premium on M a y over July has noticeably increased.
Latterly thero has been some tendency for July to increase
its premium over October. Offerings of M a y bore havo been
comparatively light until to-day, when spot poople sold
M a y and bought July. A t tho same timo Liverpool has been
a steady buyer of M a y , July, October and Deoombor. So
have some of tho spot houses. W hile Liverpool straddlers
have been covering M a y hero at rising pricos and increasing
tho premiums, they havo, to all appearances, found it moro or
less difficult to soli out tho long end of tho straddlo in Liver
pool. The markot there has been narrow. Selling now
style contracts short hero with only 10 grades deliverable
under tho new law does not appeal to tho average speculator,
as it might have when anywhero from 21 to 28 grados could
be tendered. In other words, tho now contract is moro of a
purely commercial affair. Out and out speculation does not
dominate trading hero as it used to do. Something like a
new era has opened. Mills can now buy hero and figure with
some degree of certainty as to what thoy aro going to get if
they can take delivery. It looks as though mill trading
A pr .
THE CHRONICLE
5 1 9 1 9 .]
at the New York Cotton Exchange is likely to expand more
and more as time goes on.
Meanwhile there aro growing hopes of an early peace,
no matter how beclouded the situation at Paris may bo and
no matter how threatening the situation in Germany, Hun
gary and Russia may seem. A rift in the rather dubious
outlook was the report on the 2d inst. that tho Bolshevist
Government of Russia bad made distinct and concrete
proposals of peace to the Peaco Conference. If that is so,
it would suggest that economic conditions of the right sort
are beginning to be considered essential evon to the Bolslieviki. Also there are hopes that exports will increase be
fore long. At times they aro not so bad as it is. On dif
ferent days they have ranged from 32,000 bales and odd
up to 38,700 bales. They liavo made bears nervous. There
are growing hopes that the blockade will soon be lifted.
It is believed that before long the South will liavo a chance
to ship out some of its big stocks of low grades to Germany.
Germany will be heartily wolcomo to them, especially at
tho present high prices. Thoy would once have seemed
fabulous. Whether Germany is in shape to buy heavily at
the present time or will deem it worth while to purchase
with a free hand at the existing lovel of prices or will prefer
to play the same waiting game that England is, are ques
tions which time must determine.
Meanwhile the season at the South is late. Tho weather
has been unduly cold and at times too much rain. Temper
atures of 25 to 30 have been not unknown within the last
week in the Eastern belt. And tho campaign for a reduced
acreage continues. Nobody believes that it will bo cut
33 1-3%. But the cost of raising cotton is much higher
than it was before the war. Fertilizers minus German
potash are of course not so good. The production of do
mestic potash is only a tithe of tho importations of German
potash before tho war. Light lands at tho South need potash
in considerable quantities. It is said that the domestic fer
tilizers manufactured nowadays contain little potash and
in not a fow cases none at all. Also, after an exceptionally
mild winter, unusual trouble is feared from boll weevil.
And it may turn out, in spite of past experiences, that tho
South may actually reduce the acreage somewhat. In any
case there is no doubt that tho season is lato. Labor is
scarce in parts of the South. On tho 7th inst. eight mills of
the Iron Works Co. of Fall Fiver will resume full time.
On tho other hand, cotton goods aro quiot. Recently tho
British trado in goods has been poor. Lancashire is shut
out of neutral markets like Scandinavia, Holland, Donmark
and Switzerland. Its production has exceeded consump
tion. On April 10 Lancashire mills, it is stated, will close
for two weeks. That is not a very cheering announcement.
Moreover, there is the largo stock of cotton at the South.
That a big supply is being hold back is plain enough from
tho disparity between tho quantity ginned and tho quantity
brought into sight. With tho increase in the visiblo supply,
some figure it at roughly 2,000,000 bales. And tho carry
over into next season is estimated in some quarters at at
least 3,000,000 bales. Exports, after all, aro far below ex
pectations. The hopeful predictions a month ago .have not
been fulfilled. Ocean freights aro still scarce and high. It is
true that the rate from Gulf ports to Liverpool has latterly
been reported down to SI GO per 100 lbs. on British tonnage,
or only 10 cents higher than that on American tonnage.
Even at that it is three or four times higher than the rates
current before tho war.
Some roports from peoplo who have visited many parts of
the South are that the campaign to reduce tho acreage has
failed. Others argue that if tho acreage should bo cut
sharply tho price would advanco correspondingly, and that
this would bring about a big acreago next year and a corres
ponding fall in prices. So that the best policy for tho
South, it is contended, is not greatly to reduce its acreage
this year when the domand may bo abnormally groat to fill
the wants of Europo where supplies in most countries aro
down to tho vanishing point. Moanwhilo domestic spinners
aro not buying heavily. Why should thoy? Their goods
are not selling well. Their dividends are boing cut. A now
session is close at hand. To-day prices declined slightly
though Liverpool bought rather freely and shorts covered
before tho closo. Large spot interests sold May and bought
July. Tho South sold. It has sold porsistontly of lato,
especially on upturns. The weather in tho central bolt was
rainy. Texas had some rain. It needs dry weather for a
time. Thore wero reports of easier spot prices and also
lower basis in Texas. Futures have rocontly advanced so
rapidly that thoy are said to liavo nearly reached the lovol
at which cotton could be tonderod here from the South at a
profit. Spot prices foil 20 points to-day to 28.70c. for midd
ling uplands, showing a riso for tho week of 45 points.
Tho official quotation for middling upland cotton in the
Now York market each day for the past week has been:
1423
FUTURES.—Tho highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
M ar. 29. M ar. 31. A pr. 1. A pr. 2. A pr. 3. A pr. 4.
Week.
O Contract—
ld
April —
Range_____
Closing____ 24.50 — 24.40 — 24.60 — 24.95 — 25.00 — 25.00 — —
May—
Range_____ 24.01— 23.80-.30 24.15-.50 24.50-.75 24.75-.00 24.50- .00 23.80-J00
30
43
Closing____ 24.25-.30 24.20 — 24.40— 24.75 — 24.90 — 24.80 — -------------June—
Range_____
Closing____ 22.50 — 22.50 — 22.65 — 22.90 — 23.20 — 23.80 — —
July—
Range......... 22.00-.20 21 65- 50 22 20- 70 22 45- 90 22 70-.30 22.75-.15 21.65-/30
Closing____ 22.20 — 22.25 — 22.41-.45 22.65 — 22.96-.97 23.00-.20 —
August—
20.90 —
Range......... 20.90 —
Closing____ 20.90 — 20.95 — 21.30 — 21.40 — 21.65 — 21.75 — --- --- --September—
20.35-a62
21.62 — —
Range......... 20.35 — 20.40 — 20.60 — —
Closing____ 20.40 — 20.45 — 20.80 — 21.00 — 21.25 — 21.35 — --- — --October—
Range......... 20.30-.40 19.80-.25 20.41-.68 20.51-.95 20.90-.05 20.65-.90 19.80-005
Closing____ 20.15 — 20.19-.25 20.41 — 20.63 — 20.95 — 20.90 — —
November—
Range_____
Closing____ 19.65 — 19.69 — 19.70 — 19.90 — 20.15 — 20.00 — -------- ----December—
19.55-Z57
Range_____ 19.85-.91 19.55 — 20.06-.19 20.28 — 20.57 — —
—
Closing____ 19.75-.80 19.90 — 19.95-.00 20.14-.34 20.50 — 20.54 —
January—
19.80-.50
Range_____ --- --- --- 19.80 — 20.14 — 20.14-.50 -------------- —
Closing____ 19.65-.75 19.60 — 20.14 — 20.50 — 19.25 — 19.50 — --- --- --February—
Range_____
Closing____ 19.55 — 19.50 — 19.60 — 19.80 — 19.00 — 19.50 —
New Contract.
M ay—
24.46-100
Range......... 24.52-.83 24.46-.20 25.00-.49 25.44-.77 25.80-.00 25.52-.94 —
Closing____ 24.77-.SC 25.06-.08 25.33-.35 25.63-.65 25.85-.88 25.70-.72
July—
Range-------- 22.32-.56 21.99-.80 22.55-.05 22.90-.25 23.30-.55 23.10-.55 21.99-/55
Closing____ 22.46-.49 22.66-.68 22.73-.78 23.12-.17 23.45-.47 23.38-.40 --------------August—
Range_____ 21.10 — 21.18-.22 _________ _________ 22.30-.40 _________ 21.10-140
Closing____ 21.25 — 21.40 — 21.45 — 21.75 — 22.10-.40 22.20 — —
September—
--- --- --- 21.14 — —
21.14-.10
22.10 — —
Range_____ —
Closing____ 20.65 — 20.85 — 20.80 — 21.10 — 21.60 — 21.90 — —
Range.........
Closing____
November—
Range.........
Closing____
December—
Range_____
Closing____
January—
20.53.-73 20.00-.85 20.60-.09 20.94-.30 21.23-.55 21.05-.42 20.00-a55
20.58-.60 20.68-.69 20.77-.78 21.06-.10 21.33-.36 21.20-.34 —
20.45 — 20.53 — 20.60 — 20.90 — 21.15 — 21.14 — —
20.20-.37 19.70-.36 20.20-.62 20.45-.8C 20.75- .09 20.58-.95 19.70-a09
20.20-.24 20.27-.30 20.30-.33 20.63-.64 20.85-.87 20.84-.87 —
19.63-z86
20.06-.20 19.63-.15 20.10-.38 20.35-.70 20.65-.86 20.53-.76
Closing____ 20.05-.08 20.10 — 20.12-.15 20.46 — 20.75-.78 20.76 —
February—
Range_____
Closing____ 19.95 — 20.00 — 20.00 — 20.35 — 20.65 — 20.65 —
—
20.15 —
—
_________ — — --- 20.15 — — — --- —
20.35-.55 20.15-.55
—
20.00-.15 20.40 — 20.55-.65 20.55 — —
Closing____ —
l 26c.
) 25c.
/2 3 c .
i 22c.
a 21c. z 20c.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week: _________ ______________________
Closing Quotations fo r M iddling Cotton on—
Week ending
A pril 4.
Monday. Tuesday. Wed'day. Thursd'y. Friday.
G a lv e s to n _____
New Orleans___
M o b ile _________
Savannah _____
Charleston_____
W ilm ington____
N o r fo lk _____
Baltimore
P hiladelph ia___
A ugusta______
M em phis_____
D a lla s _______
H ouston______
Little R o c k ____
26.25
26.25
25.75
27.00
25.25
25.00
27.00
28.50
25.75
26.75
25.65
26-50
26.00 I
25.25
25.25
27.00
26.00
25.75
25.00
27.50
28.85
25.88
26.50
25.00
25.65
26.00
25.75
25.25
25.75
27.00
26.00
25.50
25.00
27.00
28.55
25.75
26.75
25.20
25.65
26.25
26.25
25.50
25.50
26.25
26.00
25.00
27.50
28.90
25.88
26.50
25.30
25.90
26.00
26.50
25.75
25.50
26.25
26.00
25.00
25.00
27.50
28.95
26.12
26.50
25.70
26.00
26.00
26.25
25.50
25.50
25.25
26.00
25.00
27.50
29.15
26.12
26.50
25.80
26.00
26.00
NEW ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
Saturday, M onday, Tuesday, Wed'day, Thursd’y, Friday,
M a r. 29. M a r. 31. A p ril 1. A p ril 2. A p ril 3. A p ril 4.
Old Contract—
23.50 —
J u l y ___________ 22.30 —
19.50 —
D e c e m b e r_____ 19.10 —
New Contract—
24.30 —
23.70-.72
2 2.1 0 -1 4
2 0 .0 9 -.lt
19.74-.80
January________ 19.47 —
Tone—
Steady
O p tio n s _____ Steady
2 3 .7 0 -0 3
22.56 —
19.60—80
19.30 —
23.95
24.68
19.95
19.65
—
—
—
—
23.75-.00
22.50-.55
19.95 —
19.65 —-
24.47 —
23.87 —22.19-.22
20.22 —
19.8 5-9 0
19.57 —
24.73 —
24.33-.35
22.56-.59
20.55-.57
20.20-.30
20.02 —
25.23 —
24.63 —
22.88-.91
20.85—89
2 0.5 3 -5 8
20.20—25
24.87 —
2 4.4 5 -4 6
22.72-.74
20.73-.76
20.15-.45
2 0 .0 5 -.il
Steady
Steady
Steady
Steady
Quiet
Steady
Steady
Steady
23.65-.90
22.25-.40
19.50 —
19.20 —
23.62
22.25
19.50
19.20
24.43 —
23.83-.S5
22.14-.18
2 0 .10-.13
19.81-.82
19.54 —
Quiet
Steady
—
—
—
—
MARKET AND SALES AT NEW YORK.
Tho total sales of cotton on the spot each day during the
week at Now York are indicated in the following statement.
For tho convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
March 29 to April 4—
S at. M on . T u e s . W ed . T liu r s . Frl.
M iddling uplands........................ 28.25 28.30 28.60 28.65 28.90 28.70
NEW YORK QUOTATIONS FOR 32 YEARS.
TheA quotations +for r.nnf QO upland at New „ 1York on
middling
a
*
1
r
.
L
...............O 1______
1919-C..........28.70
1918.............. 36.00
1917.............. 20.15
1916...............11.95
1915.................9.90
1914...............13.50
1913...............12.60
1912...............11.00
1911.c ------ .1 4 .5 0
1910--------- .14.80
1909---------- .10.00
1908........... .10.50
1907............ 1 1.00
1906............ . 11.65
1905............ . 8.15
1904........... .1 5 .4 6
190 3 .c . ____10.25
1 9 0 2 ... ____9.19
1 9 0 1 ...
1 9 0 0 ... ____9.69
1 8 9 9 ...
1 8 9 8 ... ____ 6.19
1 8 9 7 ... ____ 7.38
1 8 9 6 ... ------ 7.88
189 5 .c ............ 6.38
1894------------ 7.75
1893.............. 8.44
1892.............. 6.69
1891.................9.00
1890...............11.44
1889...............10.25
1888.............. 9.81
Spot
Market
Closed.
Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday . .
F riday..........
T o t a l____
Quiet,
Quiet,
Quiet.
Quiet,
Quiet,
Quiet,
u n ch a n g e d ..
5 pts. a d v ___
30 pts. a d v ..
5 pts. a d v ___
25 pts. a d v ..
20 pts. dec . .
SALES.
Futures
Closed.
Spot.
Steady-------------Steady'________•
Barely s te a d y ..
—
V ery stea d y___
Steady_________
—
____
Contract Total.
r,800
—
1,800
l",800
____
1.800
14 2 4
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete fiures for to-night
(Friday), wo add the item of exports from the United States,
including in it the exports of Friday only.
A p ril 4—
Stock at L iverpool________ b ales.
S tock at L o n d o n ________________
StocK at M anchester____________
1919.
495,000
13,000
73,000
1918.
467,000
21,000
55,000
1917.
690,000
24.000
55.000
T otal Great B ritain___________
Stock at H am burg_______________
S tock at B re m e n ________________
S tock at H avre__________________
Stock at M a rseilles______________
Stock at B a r ce lo n a _____________
S tock at G e n o a _________________
Stock at T rieste_________________
581,000
______
______
153,000
6,000
91,000
105,000
______
543,000
769,000 1,003,000
*1,000
*1,000
*1,000
*1,000
339.000
319.000
6,000
13.000
104.000
83.000
28,000
119.000
*1,000
*1,000
T otal Continental stock s_____
355,000
160,000
135,000
1,000
20,000
4,000
1916.
859,000
55.000
89.000
480,000
537,000
T otal E uropean stock s_______
936,000
703.000 1,249,000
India cotton afloat for E u rop e
12,000
32.000
99,000
A m er. cotton afloat for E u r o p e .. 320 ,i89
160.000
222,885
E g y p'ut ra1 il.& c.,a flo a t fo rE1 1 u
47,000
l t.B 1 z • •IUllUUV
011
A u r’o
J1
tI
80.000
42,000
S tock In Alexandria, E g y p t _____ 393,000
338.000
147,000
S tock in B om b a y, In d ia _________ 912,1,00 *570,000
_
_
820,000
Stock in U . S. p orts..................... ..1 ,2 6 5 ,8 7 9 1,541,879 1,173,582
Stock in U. S. nter or tow ns_____ 1,506,474 1,270,758 1,061,285
U . 8 . exports to-d a y -------------------10,662
1,500
1,540,000
65,000
320,824
32,000
100,000
1,087,000
1,338,659
1,060,178
66,416
T otal visible su p p ly----------------- 5,403,204 4,697,137 4,814,725 5,610,077
O f the abov e, totals o f American and other descriptions are as follows:
Am erican—
L iverpool s tock ....... .............bales. 325,000
290,000
580,000
643,000
M anchester s tock .............................
43,000
26,000
49,000
65,000
Continental s to c k ------------320,000 *139,000
429,000 *448,000
Am erican afloat for E urope.......... 320,189
160,000
222,885 320,824
U . S. port stock s.......... ....................1,265,879 1,541,879 1,173,582 1,338,659
U S. interior stock s------------------ .1,5 0 6 ,4 74 1,270,758 1,061,258 1.060,178
U . S. exports to -d a y _______.1 .1 1
10,662
1,500
66,416
T otal A m erican............................3,791,204 3,429,137 3,515,725 3,942,077
East Indian, Brazil, & c.—
L iverpool s to c k __________________ 170,000
177.000
110,000
216,000
L ondon s to c k ____________________
13,000
21,000
24.000
55.000
M anchester stock ________________
30,000
29.000
6.000
24.000
Continental s to c k ________________
35,000
*21,000
*51,000
*89,000
India afloat for E urope__________
12,000
32.000
99.000
65.000
E g y p t, Brazd, & c., a floa t............
47,000
80.000
42.000
32.000
Stock in Alexandria, E g y p t_____ 393,000
338.000
147,000
100,000
Stock in B om b a y, In d ia _________ 912,000 *570,000
820,000 1,087,000
T otal East India, & c................ .1 ,6 1 2 ,0 00 1,268,000 1.299,000 1,668,000
T ota l A m erican..........................3,791,204 3,429,137 3,515,725 3,942,077
T otal visiblo s u p p l y . . . ............5.403,204 4,697,137 4,814,725 5,610,077
M iddlin g uplans, L ive rp ool.......... 15.24d.
24.95d. 12.69d.
762d.
M id d lin g upland. N ow Y ork ____ 28.70d.
35.35c.
20.55c.
12.00c.
E g y p t, good sakel, Liverpool____ 30.08d.
32.8U1. 28.35d.
15.02d.
Peruvian, rough good , L iverp ool. 30.00d.
39.00d. 18.75d.
13.00d.
B roach, fine. L iverpool..............
15.60d.
22.90d. 12.20d.
7.40d.
T innevelly, good , L iverpool-------- 15.85d.
23.15d. 12.38d.
7.52d.
* E stim ated.
Continental imports for past week have been 43,000 bales.
The above figures for 1919 show a decrease from last week
of 63,744 bales, a gain of 706,067 bales over 1918, an excess
of 588,479 bales over 1917 and a loss of 206,873 bales from
1916.
AT THE INTERIOR TOWNS the movement—that is,
tho receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to April 4 1919.
T un.
o rs
Receipts.
Week.
Montgomery _
Selma_______
Ark., Helena..
Little R ock..
Pino B lu ff...
Gn., Albany___
Athens_______
Atlanta______
Augusta_____
Columbus____
Macon_______
Rome________
La., Shrevepon
Miss.,Columbus
Clarksdale_
_
Greenwood___
Meridian____
Season.
98
4,431
424
59,429
489
56,491
249
30,212
3,342 144,291
2.2G 1 118,02?
9?
10,144
91{ 113,211
3,976 109,885
4.29C 353,738
175
50,998
2,350 173,311
800
43,249
014 113.27S
O
S
18.12C
1,771 121,521
1,00C 122.47S
437
30,099
17C
38,406
558
31,424
400
37,967
4,047 423,516
1,749
35,114
202
0,233
2,191 113,841
ShipWeek.
Stocks
A p r.
4
.
3,308
r 25>)21
1,082 19,407
ior 5,981
2,88? 44.24C
1.21C 52,411
8?
4,445
2,698: 39,462
4,558 20,592
5,145184,296
75 30,525
3,091 41,484
1,051 14,006
200: 52,305
237 4.037
4,403 44.168
1,106 44,300
459 15,221
57
Movement to April 5 1918.
Receipts.
Week.
32
180
5?
13S
3,937
l,00t
15
86?
5,834
3,635
150
2,334
522
906
2C
40C
1,706
753
Season.
Ship-
Ht h
lL
lt
Week.
Stocks
A p r.
5.
4
301
47,764
33,864
39,879
215,51?
133,452
12,294
117,148
302,826
417,574
34,986
155,106
52,527
192,095
9,844
103,294
123,121
33,190
1,359 8,054
213
831
227 14,004
9,842 53,603
1,515 59,200
50
1,800
2,260 31,751
o.i ir 50,027
8,595136.053
7,922
2,201 22,969
1.25C 11,792
755 33,987
48
1,292
900 34,636
1,159 40,302
804 10,401
Vicksburg____
603 9,872
573
29,175
849 7,833
Yazoo City___
513 16,000
100
37,808
186 15,418
M o., St. Louis.
4,205 25,199 30,700 1,000,445 35,606 18,006
N .C .,G r’nsboro
1,558 9,260
400
47,552
400 9,500
Raleigh______
250
128
385
9,852
400
331
O ., Cincinnati.
1,691 22,500
1,427 106,046 3,400 24,240
Okla., Ardmore
13,750
Chlckasha___
600
43,110
1,100 7,038
500
50,236
512 7,000
Hugo________
14
26,978
l 083
43
Oklahoma . .
34,690
5,500
S.C.,Greenville
1,680
68,223
1,396 23,589 4,707 110,678 3,237 24,670
Greenwood___
297
13,659
297 10,059
13,206
440 5,900
Tenn.,Memphis 15,507 739,717 19,560377,956 39,822 1,090,359 28,971 372,405
Nashville____
1.268
1,108
1 701
132
Tex., Abilene..
100
7,333
100
647
26,990
678
Brenham____
93
10,493
133 5,460
74
20,934
60
806
Clarksville___
286
40,893
855 7,487
40
52,566
4 5,317
Dallas_______
467
78,029
1,451 16,098
1,000 123,705
1,862 15,000
Honey Grove.
457
25,118
684 4,575
302
60,133
233 7,394
Houston_____ 21,344 1,502,927 22,800 278,794 10,215 1,808,907 14,020 201,366
Paris________
1,520 101,979
1,510 14,725
368 102,376
430 14,987
San Antonio..
529
38,365
1,514| 3,153
—
29,616
30
Total, 41 towns 75,600'5,170,245 90,2091500474 120,249 6,903,309 133,087il270758
The above totals show that the interior stocks have de
during the week 14,669 bales and are to-night 235,716
bales more than at the same time last year. Tho receipts at
all towns have been 44,649 bales less than tho same week
last year.
creased
[V ol . 108.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
.
.
------- 1918-19------A p ril 4—
Since
Shipped—
Week.
A u g. 1.
Via St. L ouis______________________ 4,265
421,591
Via M ounds, & c__________________ 8,747
360,371
Via R ock Island_________________
823
21,762
Via L o u isv ille_____________________ 2,204
90,553
Via C in c in n a ti____________________2,141
50,703
128
Via Virginia points_______________
95,025
Via other routes, & c______________20,467
575,623
..38,775 1,615,628
Deduct Shipments—
Overland to N. Y ., B oston, & c._. .
45,084
355
Between interior tow ns___
43,917
..
416
173.237
.. 1,989
T otal to bo deducted____________ 2,760
.. 2,760
54,013 2,142,335
2,698
3,382
al8,721
24,801
262,238
.36,015 1,353,390
* Including
Canada.
282,972
77,986
a539,666
900,624
29.212 1,241,711
a Revised.
The foregoing shows the week’s net overland movement
has been 36,015 bales, against 29,212 bales for tho weok last
year, and that for the season to date tho aggregate net over
land exhibits an increase over a year ago of 111,679 bales.
In Sight and Spinners'
Takings.
R eceipts at ports to Apr. 4 _______
N et overland to A pr. 4 ____________
South’n consum ption to Apr. 4 _ a .
1918-19Since
A u g. 1.
4,145,689
1,353,390
2,515,000
-1917-18Since
A u g. 1.
4,970,464
1,241,711
2,903,000
Week.
78,025
36,015
60,000
Week.
74,681
29,212
85,000
T otal m arketed...............................174,040
Interior stocks in excess___________*14,669
8,014,079 188,893
809,858 *12,838
Cam o into sight during week____159,371
T otal in sight Apr. 4 ___________________
----8,823,937
N orth, spin n.’s’ takings to Apr. 4 . 26,925
1,540,159
* Decrease during week,
available.
9,115,175
916,266
176,055
______ 10,031,441
79,735
1,836,066
a These figures aro consum ption; takings not
Movement into sight in previous years:
W eekBales. ............... . . 1—
_____ ,ISince Aug. _
Bales.
1917— April 6 ...........................176,656 1916-17— April 6 ................ 10,958,030
1916— April 7 ...........................180,982 1915-10— April 7 ................ 10,245,978
1915— April 9 . ........................230,11811914-15— April 9 .
.13,184.929
WEATHER REPORTS BY TELEGRAPH.—1 elegraphic
T
reports to us this evening from the South indicato that while
the precipitation has been moderate to light on tho whole
where rain has fallen during the weok, rain in tho Southwest
has further delayed crop preparations which in somo locali
ties of Texas are said to be extremely lato. Roports from
eastern sections aro more favorablo, howevor, and in Ala
bama farm work is catching up rapidly.
Galveston, Tex.—The weather still continues unfavorable
for crop preparations which in somo localities aro extremely
late. It is generally understood that the use of fertilizer
will be considerably reduced. It has rained on throo days
during the week, to the extent of one inch and fifteen hun
dredths. • Tho thermometer has ranged from 58 to 72,
averaging 65.
Abilene, Tex.—Rain on two days of the week. Tho rain
fall has been one inch and sixteen hundredths. Highest
thermometer 86, lowest 46, average 56.
Brenham, Tex.-— It has rained on one day during tho week
to tho extent of fifty-eight hundredths of an inch. Tho ther
mometer has averaged 63, the highest being 70 and tho
lowest 56.
Brownsville, Tex.—We have had rain on two days during
the past weok, to the oxtont of one inch and twenty-six
hundredths. The thormoinotor has avoraged 72, ranging
from 58 to 86.
Cuero, Tex.—It has rained on ono day during the week,
to the extent of forty-oight hundredths of an inch. Tho
thermometer has ranged from 52 to 82, averaging 67.
Dallas, Tex.—Rain on four days of the week. Tho rainfall
has been ono inch and ninoty hundredths. Average ther
mometer 59, highest 68, lowest 50.
Henrietta, Tex.-—It has rained on two days during the
week, to the extent of ninoty hundredths of an inch. The
thermomoter averaged 54, tho highest being 64 and the
lowest 43.
Huntsville, Tex.—We havo had rain on two days during
tho past week, to the extent of ono inch . Tho thermomotor
has averaged 62, ranging from 50 to 74.
Kerrville, Tex.—Rain on two days of tho weok. The
rainfall has been ninety-fivo hundredths of an inch. Highest
thormometer 73, lowest 46, average 60.
Lampassas, Tex.—It has rained on two days during the
week, to the extent of one inch and sixteen hundredths.
Tho thermometer averaged 58, the highest being 75 and the
lowest 42.
Longview, Tex.-—Wo havo had rain on two days during
the past week, to tho extent of ninety hundredths of an inch.
Tho thermomoter avoraged 60, ranging from 45 to 75.
Luling, Tex.—It has rained on two days during tho week,
to the extent of two inches and fifty-five hundredths. The
thermometer has ranged from 55 to 73, averaging 64.
Nacogdoches, Tex.—Rain on two days of tho week. The
rainfall has been ono inch and five hundredths. Average
thermometer 62, highest 78, lowost 44.
Palestine, Tex.—It has rained on four days during the
week, to the extent of ono inch and fifty-two hundredths.
1435
THE CHRONICLE
A pr . 5 1919.]
The thermometer averaged 62, the highest being 76 and
^ Qar7s°STex'— Wo have had rain on two days during the
p
past week, to the extent of eighty-six hundredths of an inch.
The thermometer averaged 62, ranging from 45 to 78.
San Antonio, Tex.— I t has rained on three days during
the weok, to the extent of one inch and fifty-two hundredths.
The thormometer has ranged from 52 to 80, averaging 66.
New Orleans, L a . - It has rained on one day during the
week to the extent of one inch and seventy hundredths.
The thormometer has averaged 62.
Shreveport, L a — Ram on one day of the week. Ih e rain
fall has Leri one inch and nine hundredths. Average therm°Vicksbitrg’ S s . —It has rained during the w e^ . to the
,
extent of sixty-seven hundredths of an inch. Ihe ther
m a e ? averaged 57, the highest being 73 and the lowest
37 Mobile, Ala.'—Weather very favorable. Farm work is
catching up rapidly and planting is commencing. We have
had rain on one day during the past week, to the extent
of forty-three hundredths of an inch. The thermometer
has averaged 57, ranging from 42 to 78. . . . .
i
Selma, A la.— I t has rained on one day during the week,
to the extent of five hundredths of an inch. The ther
mometer has ranged from 30 to 75, averaging 51.
.
Savannah, Ga.—Rain on one day of the week. The rain
fall has been one hundredth of an inch. Average thermome
terCharleston, S. C.— Dry 39. the week. The thermometer
56, highest 74, lowest all
„
,
has avoragod 57, the highest being 76 and the lowest 38.
Charlotte, N . C.— We have had no ram during thc> past
weok. The thormometer averaged 48, ranging from 30 to 67.
Memphis, Tenn.—l t has rained on two days during tne
weok, to the extent of four hundredths of an inch. Ihe
thermometer has ranged from 40 to 68, averaging oo.
Total bales.
S A V A N N A H — T o Liverpool— M arch 31— Patrician. 7 ,3 5 1 - .April 2— W estm ead, 14,946----- - „ - - - - ................................................ fi'r m
T o G h ent— M arch 29— M ontara. 6 ,0 3 6 ......................................... ..
T o Genoa— April 2— N icolo I I ., 1 8 . 2 9 1 - - - - - - - - - - - - - -------------- 18.291
B R U N S W IC K — T o Liverpool— April 3— N ubian, l 0 ^
— - - - - - - 10,662
S A N F R A N C IS C O — T o J a p a n — M arch 24— T en y o M aru, 1,034
S E A T T L lf— T « ? J ^ a S - ^ l ^ c h l2’l — ^ ^ s b o ”M aru ,"86 6 rrrM a rd i 22
— Suwa M aru . 4 ,8 3 8 ................. - .............................................. ........
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows: M exico. Total.
Japan.
Grt. Britain. Belg’m.
N ew Y o r k ___ ____ 5,068
2S Q49
VJclI VLolUU«---N ew Orleans. ____ 26,775
" 6",036
Savannah____ ____ 22,297
B ru n sw ick ___ ____ 10,662
San Francisco
S e a ttle ............
1917-18.
1918-19.
Week.
Visible supply M arch 28.............. 5,466,948
Visible supply A ug. 1 - - - - - -----159',37l
American in sight to April 4 -----650.000
B om bay receipts to April • — —
?
Other India ship'ts to Apr 3 _ .
612',665
Alexandria receipts to April
61,000
Other supply to April 2 * ..............
5,689,319
Total su p p ly-----------Deduct—
5,'403,204
Visible supply April 4-
Season.
3 ,627",450
8,823.-937
1,726.000
12,000
644.000
153.000
4,702,514
176,6.55
20,000
2,000
17,000
7,000
| Season.
2,814,776
10.031,441
1,212,000
64,000
701,000
140,000
14,386,387 4,924.569 14,963,217
5,403,204 4,697,137
286.115 8.983.183
189.115 6.982.183
97,000 2,001,000
T otal takings to April 4 .a .
Week.
4,697,137
a T.i?.yANTDRIA
RECEIPTS AND SHIPMENTS
Alexandria, Egypt,
March 12.
1918-19.
1916-17.
1917-18,
Italy.
18',256
50
18,291
" 3 .659
5.638
36,547
50
9,297
5,068
47,205
26,825
46,624
10,662
3,659
5,638
145,681
lowing statement of the week’s sales, stocks, &c., at that port:
'
M a r. 14. M a r. 21. M a r. 28.
13,000
19.000 19,000
13.000
Sales o f the w eek. — ........................
O f which speculators to o k ----------------O f which exporters t o o k ............
-l V nnn
12.000
15.000
Sales, Am erican--------------------------igu u u
8,000
Actual export----------------------------Vnnfin
55.000
64.000
59,000
F orw ard ed............................- ..........
471.000
498.000
T otal stock .....................
491,000
303.000
O f which A m erican.................... 301,U U 310.000
U
37.000
68.000
49,000
T o ta l imports o f the week..............
27.000
51,000
O f which A m e rica n ----------------46,000
131.000
A m ou nt afloa t------------------------------ 154.00U 150.000
100.000
118.000
O f which A m e rica n ----------------- 12b ,000
,
A p ril 4.
000
26,i
21,000
4Y.666
495.000
325.000
61,000
53,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices or
spot cotton have been as follows:
u a . ed esd y h rsd y
Stu a. M d y. T esd y W n a . T u a .
a rd y on a
So
pt.
Market,
12:15
P. M.
Sales - -
Quiet.
HOLIDAY
F tu
u res.
Quiet.
More
demand.
Good
business
doing.
15.88
15.97
15.68
2,000
15.80
Market
opened
4,000
10,000
3,000
Steady Irregular
Steady
Quiet
pts. dec. to
7 pts.dec.to 19 @30 pts. unch.to .
9 pts. adv advance. 4 pts. adv.,30 pts. adv,
Quiet | Steady
Steady
Quiet
15@19 pts. 28 @36 pts. unch. to ;21@23 pts.
advance. 7 pts. adv.' advance
decline.
Market,
4
P. M.
♦Spot trading value.
Friday.
Moderate
demand.
1,524
5,000
Steady at
8@11 pts.
advance.
Very st’dy,
20 @33
pts. adv.
.
The prices of futures at Liverpool for each day are given
below:
227.432 10,266,080
193.432 8,129,080
34,000 2.144,000
— M l n®arrogate amounts taken b y
o
ind r which
9 and 7,363,080 in 1917-18. o f which
Am erican, ft Estim ated.
6,036
T o ta l............ ____ 93,751
Mld.Upl’ds
C o t t o n T a k in g s .
W eek a n d S e a s o n .
5,638
T o t a l................ ..................... .....................................................- .............145.681
FrI.
Thurs.
W ed.
Tues.
Mon.
Sat.
4
4
12
4
12K
4
12K
12 K
12H| 12X 12 K 6
p. m. p. m. p. m.
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
K
April 4.
Emery.Contract
March - ..........
A p r il.............
New Contract.
M a y ________
June........ .......
July ...............
s
.
d ' d 16.80 d d d d d d d d d
. . d . . . . . . . . .
Holiday
16.47 16.69
16.04 15.95 16.13 16.23 16.33 16.24 16.34 16.45
14.78 14.88 14.83 14.95 15.06 15.09 15.39
14.50 14.46 14.67
15.02
14.27 14.15 14.38 14.51 14.62 14.58 14.67 14.76il4.77 14.69
113.98 13.86 14.08 14.19 14.30 14.24 14.39 14.47 |14.45 14.35
13.88 1 1.02 13.93 14.08 14.14 14.15
13 70 13.56 13.77
13.99
il3i40 13.26 13.47 13.58 13.66 13.58 13.73 13.79 .13.75
breadstuffs
Friday Night, April
4 1919.
Flour has been quiet much of the time I ^ j c e s t h e i r
are an obstacle to business. Mills are firm but selling their
Since
Since
Since
Meanwhile, however, receipts here
Week. A u g. 1. Week. A u g. 1. Week. A u g. 1. flour is another matter.
Export (.bales)—
What is more, the stocks here are small.
155,783 are only moderate.
175,878 6,255 139,826
T o Liverpool — - ............
109,836 Also bakers are buying small lots on a pretty good scale.
87,156 4,152 153,995
T o Manchester
822 97.927
54,008
Mills claim that the cost of produc
T o Continent and Ind la. 1,044 92,081
105.215 Jobbing trado is slow.
33,075
22,543
T o Am erica--------------------tion is higher, owing to the higher premiums on cash wheat.
822 468,761
Some think that the case is not quite so
T otal mrnorts............— 1,044 388,190 10,4071370,372
mills stand 1
fc
A
" The, statement shows that the receipts for the week ending would make out. None the less, intimated thatelflocal buy
the
however, is
Mar. i ‘ were 99,811 cantars and the foreign shipments On hereother hand, able to getitflour on resales at something
2
ers
have been
were 1,044 bales.
under mill prices. They get the advantage of the general
M A N C H E S T E R MARKET.—Our report received by dSlness of business in flour at this time.
An interesting
cable to-night from Manchester states that the market shows aierv has been, “Will the Washington authorities pay
improved tone. India is speculating in dhooties. We S K ^notations” ? The mills have been selling to the
SVeTrices for to-day below and leave those for previous Government at prices much below what they have been
weeks of this and last year for compairson.____________ _ charging the domestic trade. Neutrals will not be allowed
to buy flour or wheat on futures in this country. They can
1919.
buv corn, rye or barley or the flour of these grains. Last
Cot'n week the production at Minneapolis increased 70,610 barrels.
8)4 16*. Shirt
8 > 16*. Shirt Cot'n
4
ings, Common Mid.
32* Cop
ings, Common Mid.
32* Cov
Uvl'* Millers there now report a better demand, w M epre^U ons
to finest.
Twist.
Uvl's
to finest.
Twist.
d.
d. s. d.
s-9< 23.09 nro board of S3 per itbushel for wheat. Ine Lrovernmeno
1 d. T xt w ik will buy, is stated, rye, flour, com flour and
B. d. d.
d. s. d.
Feb. d.
18 4)4@ 25
40
30 X 20 3 @29 0 17.05 38 X
7 28X
40)4 18 4)4 @25 9 23.01
17 6 @27 0 16.82 38 %
29
14 27
40)4 18 4)4 @25 9 23.15 b w Y e K p fie E r e Pfast decreasing.
0 17.68 38 M
s
Last week the falling
29X 18 6 @25
21 27 X
40) 4 18 4)4@ 26 9 23.81
18 0 @26 0 17.18 39 X
29
28 27
off in the visible supply in the United States was no less
Mar
18 4)4@ 26 9 23.59
16.24 40
41) 4
28 X 16 9 @24 6 15.36 41
than 9,400,000 bushels, following a decrease in
7 26X
43 18 4)4 @26 9 23.63
28 H 16 9 @24 0 15.32 41
14 26
18 4)4 @26 9 24.10 week of 9 636,000, or in two weeks rougldy, 19,000,000
43
27 16 6 @23 6
21 25
18 4)4 @26 9 24.32
15.78 41K
44)4
26 X 16 6 @23 0
bushels, as against a decrease for
bushels
28 24H
Apr.
15.24 42)4 @ 45)4 1910)4 @28 1)4 24.95 vear of 2,369,000 bushels, i. e., about 16,700,00U Dusneis
16 6 @23 0
@ 27
4 25
£ s than ii the same fortnight this year. Plainly America
SHIPPING NEWS. Shipments in detail:
is doing something towards feeding Europe. 'bushels'
visible supply in this country now is 92,546,000 bushels,
s .o e s however, against only 5,381,000 bushels a year ago. dem ent
Liverpool— M arch 2 8 -C u s t o d ia n , 10,618— 0„
Curtis & Co of Chicago estimate the prospective crop of
GALi X f ^ h ^ D t e c S V e r c r .9 . 4 8 6 - - - April 1 -N a p c r ia n .
against
y M arch 28— Victoria do Larrinaga, 5,455............ 5.455 winter wheat this year at 930,000,000 bushels
558 000 000 bushels a year ago. They tbmk the total wheat
acreage’this year will be 15,000,000 acres larger-than that
26JS
§
Receipts (cantars) —
Since A u k . 1 ---------.-----------
99,841
4,533,053
90,627
4,929,729
1
81,279
4,577.484
1426
THE CHRONICLE
of last year. M r . Julius H . Barnes, President of the Grain
Corporation of the Food Administration, predicts lower
pricos. In an interview, M r . Barnes, who has been selected
to handle the Government guaranty of the 1919 wheat crop
price, says that the Government intends to do everything
in its power to reduce wheat prices to the Government buying
level, which must be reached within ninety days when the
new crop begins to move. H e says that the strength in
wheat prices now is duo to insufficient farm deliveries and
that the Grain Corporation in the past two weeks has resold
from its holdings practically forty million bushels. He says
that neutral Governments have been notified that we are
unable to furnish any more wheat or flour to them and that
while they are free to buy other grains in our market they
must send their ships to other sources of supply for wheat.
In the United Kingdom cold weather has retarded spring
cultivation. There are also some complaints regarding
winter wheat. In France the season is late. Rains have
delayed spring plowing and sowing. The autumn-sown
crops, however, look well. The official acreage of winter
cereals has been reduced 484,000 acres. The condition is
reported to be slightly better than last year. In Italy the
weather is favorable and crops are growing well. Cold
weather has had a tendency to check the growth of wheat.
B ut on the whole the outlook is good and conditions are
gradually improving. In Spain the condition of all crops
is favorable. Supplies, however, are very small and the
market for wheat rules strong. In N orth Africa the con
ditions are described as fair, but the acreage is reported to be
smaller than last year. Old supplies of wheat are very
liberal. In Australia the weather continues favorable.
Recently rains have fallen, and these have put the land in
excellent condition for plowing for the new wheat crop.
Preparation of lands is now going on. There are no indi
cations that a large area will be seeded, however, for farmers
are very much dissatisfied with prices. They are now de
manding a guarantee of 5s. 6d. per bushel. Clearances have
been large and a fair portion of these is destined for India.
In India the prospects for the harvesting are generally favor
able. B ut on the unirrigated wheat land of the Punjab
ram is still urgently needed. On the whole, the out-turn
this year is expected to be short owing to the big reduction
in the acreage. It has been officially indicated that the
yield of wheat in the Central Provinces will be 9 2 % of nor
m al. Five additional Australian cargoes of wheat have
been taken to relieve the shortage. The “ Modern Miller”
said to-day: “ There are scattered reports of deterioration
in several of the winter wheat States. The plant generally
is in most promising condition with less winter kill in the
Southwest than ever before. The condition is placed at
92 to 95 in the various States. Seeding of spring wheat in
winter belt is active and acreage will be large. Farmers are
selling com more freely on the advance in values.”
D A IL Y CLOSING PRICES OP W H EAT IN NEW YORK.
-T .
.
Sat. Mon. Tues. Wed. Thurs. Fri.
N o. 2 red— .................................cts.237*4 237*4 237*4 237*4 237*4 237*4
No. 1 spring...................................... 240*! 240*! 240*! 240*! 240*! 240*!
Indian corn has advanced sharply. In fact, new high
levels have been reached. Country offerings have been
moderate. The head of the Grain Corporation here says
that neutral Governments have been notified that we are
unable to furnish any more wheat or flour to them. They
are free to buy other grains in our markets. Also beginning
next week the Grain Corporation will buy for shipmont in
relief to liberated countries in Europe flour of rye, corn and
barley and thereby reduce its current purchases of wheat.
March shorts in corn had a thrilling experience. On March
31 the March option ran up 17M cents, reaching $1 77, their
highest price on record for contracts. This was due to
covering by belated shorts. The previous high record was
$1 6 7 % for October on Aug. 21 1918. The “ high” on cash
corn was $2 36 at the W est in 1917. Shorts have been
nervous over the fact that there is no accumulation at
terminal points. Indeed the visible supply last week fell off
285.000 bushels and is now down to 2,5 14,0 00 , against
19.016.000 bushels a year ago. Last year there was an
increase for the same week of 2,9 30,0 00 bushels. Evidently
trading on the short side of corn just now looks to many like
skating on very thin ice. They are afraid that other months
will repeat the March pyrotechnics. They think that thero
is little chance of supplies accumulating. There is cer
tainly not as long as hog prices continue at anything like
their present high level. They are considered so much
above the level of cash corn that for this reason alone an
operator is apt to think twice before ho sells corn short
nowadays. The opinion of some is that there is little or no
surplus corn in the United States. America indeed may have
to import corn. A t any rate some suggest this idea. M ean
while Argentine corn has been available at times for April
shipment at $1 33 c. i. f. N ew York. The demand for
corn in Argentina is improving. But loadings are only fair
as Argentine port conditions are not altogether satisfactory.
Clearances indeed from that country are disappointing. A t
times of late there have been reports of further troubles in
Argentina. Argentine farmers for instance are demanding
what they call better protection for the Government. They
say that prices are too low. They threaten to reduce them
acreage.
On the other hand, at times, however, there have been
reports of larger country acceptances. The Eastern cash
demand has been light. Argentine corn does not seem to
[V ol . 108.
be snapped up as readily as it was recently. In fact, at
times it has met with a very slight demand. The Chicago
market was closed on April 1 for the annual election. Clemont Curtis & Co. of Chicago say that 6 2 % of their corre
spondents report sufficient corn on the farm for feeding
purposes up to the new crop. The shortage is in those
btates where the crop was poor last season. The season is
generally advanced in the Central and Southwestern States,
While in the Eastern cotton States it is backward, on account
ot lack of rain. To-day prices after declining advanced and
they ended 1 5 % c . higher for the week on July. Country
offerings^ were rather large but at high prices. Secretary
M au ff of the Chicago Board of Trade has asked members for
statements showing their customers’ open accounts in M a y
corn of over 25,000 bushels each at last Tuesday’s close.
I he management of the Board is keeping close watch on
speculation, lest it get out of hand. In Argentina the
weather has been good and rapid progress is being made in
the picking of the new corn crop.
D A IL Y CLOSING PRICES OF CORN IN NEW YORK.
TT q
S r.
x SoL Mon. Tues. Wed. Thurs. Fri.
N o. 3 yellow...............................cts.172** 177** 177** 182** 178*4 179**
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
M ay delivery In elevator.........cts.l47*4 i f f '
July delivery in elevator...............137*! 139**
September delivery in elevator____130?* 133
UolU 157*4
? 5 5 **1 6 8 ’
day 145*!
1 4 5 if l f o
7 137 1 3 8 *| 1 4 4 * 4
Oats advanced in sympathy with corn. Also tho North
western markets have shown not a little strength. The
Western cash demand at times has been better. Winnipeg
prices have risen. Both Minneapolis and Winnipeg reported
a pretty good cash business. Certainly it has been better
nru n J^ was recently- There has been less pressure to sell.
I he Government is going to buy other grain besides wheat.
And othor grain, including rye, for instance, has beon rapidly
advancing. On the 1st inst. there was an advance in rye
at Minneapolis of 3 % c . and at Duluth 4 Me. Ryo has been
good export demand from Scandinavian countries.
I he Government is going to buy rye and barley flour instead
of wheat flour for export to Europe. In fact tho idea in the
trade is that rye and barley will bo bought freely as well as
oats, now that the Government has announced its intention
to restrict its buying of wheat and wheat flour on tho ground
that this country cannot afford to ship further unrestricted
quantities of wheat or wheat flour. Latterly rye and barley
have continued rapidly to rise in valuo. Receipts have been
small a,nd there is comment on the fact that cash prices have
been significantly firm. On the other hand, although the
visible supply m this country decreased last week 2,4 73,0 00
®'gai,ns1 an increase for the same week last year of
t
1,089,000 ^ushels, the total is still 22,882,000 bushels,
against 18,098,000 bushels a year ago. Seeding is progress
ing rapidly. Premiums at times have declined slightly.
To-day prices reacted but soon advanced. July is 5c. higher
than a week ago. M a y rye ends at 1.76 for M a y and 1.71 M
for July.
,
D A IL Y CLOSING PRICES OF OATS IN NEW v ORK.
_
Sat.
Mon.
Tues.
Wed.
Thurs’
N o .iw w f e ” ” : " 0
.*!:74- / ^
75W I 6
7 6 & 76
767 r
76
f ri
jf*
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
,,
, ,,
,
,
Sat. Mon. Tues. Wed. Thurs Fri
M ay delivery in elevator........cts. 63*4 64*4 ~ “
July delivery In elevator_______
62*4 6 3 !
Sentember delivery in elevator____5 9 j
'
The following are closing quotations:
Spring patents______ $11 60
W inter stra ig h ts______ 11 25
Kansas straights_____ 11 75
Rye flo u r _____________ 8 50
Corn goods, 100 lbs.—
White gran___________ $ 4 00
Yellow gran_________ 400
Corn flour_____________ 390
FLOUR.
Barley goods— Portage barley:
No. I....................................... $5 75
Nos. 2, 3 and4,pearl........... 5 00
Nos. 2-0 and 3-0...........5 25@ 5 90
Nos. 4-0 and5-0__________ 6 05
Oats goods— Carload, spot doliv ery ....................................... 7 55
GRAIN.
W heat- *
Oats—
No. 2 red............................ $2 37*4
Standard.......................... 77® 7 7 *4
No. 1 spring...................
2 40*4
No. 2 white.....................
77*4^
Corn—
No. 3 white___________ 70*4 @77
No. 2 yellow .............
181*4 _ No. 4 white.......................76@76*4
No. 3 yellow ...................... 1 78*4 Barloy—
Rye—
Feeding............................. 113@11B
No. 2 ...................................l 85
M alting...................
120@122
The statements of the movement of broadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Wostern
lake and river ports for the week ending last Saturday and
since A u g. 1 for each of the last three years have been:
R tsa—
eceip t
Chicago.........
Minneapolis .
Duluth______
Milwaukee . .
Toledo______
Detroit._____
St. Louis____
Peoria*______
Kansas City.
Omaha______
Indianapolis .
Tot. wk. 1919
Samo wk. ’ 18
Same wk. ’ 17
|
Fu
lo r.
Wheat.
6«*.1961fts. hush. 6016s.
211,000
215.000
1,744,000
14.000
7,000
58.000
6,000
84.000
81.000
3,000
386.000
330.000
440.000
Ots. B rlep Rye.
a
Crn
o .
a .
b sh 56 lb b sh 32 lb b sh S s b s .G lb.
u . s. u . s. u A lb uh O s
962.000
116.000
110,000
15.000
364.000
3.000
281.000
85.000
7.000
36.000
15.000
475.000
326.000
325.000
589.000
322.000
2.792.000
1.483.000
6.896.000
3.286.000
8.734.000
4.173.000
989.000
713.000
380.000 1,025,000
2,000
16.000
261.000
353.000
86,000
34,000
720.000
162.000
249.000
434.000
279.000
14.000
18.000
402.000
703.000
42,000
158.000
3.000
1.000
3.602.000 2.139.000 1,309,000
8.801.000 1.848.000
446.000
6,207,000 1.260.000
311.000
Since Aug. 1
1918 -19 ... 11.128.000369.833.000 149.366.000215.777.000 00.490,00034,498,000
1 917 -18 ... 11,327,000;144,657,000 167.508.000
...
239,342,000
42,402,00020,830,000
1 9 16 -17 ... 13.076.000282.847.000 155
‘ ■■,076,000202,847.0007’0,891,000118,387,000
■
THE CHRONICLE
A pr . 5 1919.]
g . Total receipts of flour and grain at the seaboard ports for
,$
the week ended M ar. 29 1919 follow:______________________ ___
1437
THE DRY GOODS TRADE
New York, Friday Night, April 4 1919.
Although general activity has not as yet developed in
markets for dry goods, conditions are steadily returning to
B u s h e ls .
B u s h els
B u s h e ls .
B u s h e ls .
B u s h e ls .
B a r r e ls .
normal and many of tho uncertainties as regards tho future
15,000
199,000
254,000
1.240.000
6,000
269.000
Now York—
aro being overcomo with increased confidence on the part
969.000
28,000
Portland, Me
209.000
2,000
48,000
1.174.000
20.000
40.000
Philadelphia.
of both merchants and manufacturers. The latter are
527.000
94,000
186,000
72,000
646.000
93.000
B a ltim o re . . .
doing everything possible to bring about a return of confi
83.000
Newp’t News
51,000
62,000
65,000
98.000
dence, and their efforts to stimulate trado and keep up
New Orleans*
4,000
2,000
3,000
Galveston production are meeting with success. The market for
19,000
19,666
115.000
27.000
M ontreal-.
1,065,000
109.000
textiles has experienced an almost complete revision in
St. John—
19,000
389.000
25.000
Boston-----prices from the high levels which prevailed last winter
751,000
775.000 5,665,000
164,000
577,000 314,000
when tho Government fixed prices were in operation. The
Tot. wk. 1919
8.177,000
38,408,000 3,242,000 19,027,000 4,812,000 0,565,000
SinceJan.1’ 19
68,000 reductions in many cases have been very drastic. W hen
554.000
393,000
1,602,000; 1,785,000
123,000
Weok 1918.
considering the cost of raw material and producing costs,
8,753,000 5,393,000 21,698,000 2,418,000 1,932,000
8
BlncoJan.l’ 1 1 6,532,000)
* Receipts do not include grain passing through New Orleans t o r foreign ports many merchants feel that they aro confrrontod with a much
better buying basis. There aro a few interests who are
on through bills of lading.
Tho exports from the several seaboard ports for the weok still inclined to hold off for lower quotations, but these of
ending M ar. 29 are shown in tho annexed statement:
course, aro in the minority. Tho trade, taken as a whole,
is moving slowly in covering future requirements, and the
B a r le y .
R ye.
F lo u r .
C orn.
W h ea t.
bulk of the business passing at present consists of nearby
B u s h els .
shipment. N ot only is the conservative attitude of mer
B u s h e ls . B a r r e ls . B u s h e ls . B u s h els .
B u s h e ls .
52,221
60, 70,222
608,601
Now York------------chants responsible for this moderate buying, but manufac
............j 28,000
969.000
Portland, Mo-------turers are likewise reluctant about booking large orders
............| 5,000 470,000
125.000
Boston------------------........... 108,000
Philadelphia--------- 1,602,000
for deferred delivery at prevailing prices owing to the un
111,000 17,000 227,666 238,000
936.000
Baltimore________
certainty as regards future costs of production and the course
............| 83,000
Newport News-----'6",666
5,000 50,000
of raw material markets. Tho price of raw cotton has been
Now Orleans......... ............ 109,000
St. John, N . B ____ 1,065,000
advancing rapidly of late, while the start of the new crop
52,221
706,000 238,000
5,305,604 116,060 470,222
is none too favorable as the weather has been wet and un
Total week.
56,852 569,003 131,307 654,643 166,348 265,082 171,000
Week 1918.
seasonably cold. Furthermore there appears to be con
The destination of these oxports for tho weok and sineo certed action on tho part of Southern planters to cut the
acreage in order to sustain values. Opinions in regard to
tho future, however, aro very optimistic. This was con
C orn .
W h ea t.
F lo u r .
firmed during tho week by the large attendance at the carpet
E x p o rts f o r W e e k l
S in ce
W eek
S in c e
auctions. Offerings woro readily absorbed and prices well
W eek
S in ce
W eek
a n d S in c e
J u ly 1
M a r . 29
J u ly 1
M a r . 29
J u ly 1
M a r . 29
J u ly 1 to—
maintained. In fact prices for all classes of textiles rule
1918.
1919.
1918.
1919.
1918.
1919.
steady, and when buyers are convinced that mills will not
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B a r r e ls .
B a r r e ls .
offor further concessions they are willing to make pur
111,000 1,937,181
United Kingdom. 239.686 3,987,239 1,940,893 40,960,337
2,195,037
chases. Production is increasing, and mills are gradually
Continent_______ 186.847 5,621,761 3,304,711 53,748,559
88,711
307,592
Improvement has been
So. & Cent. Amcr 27,000
184,758 rosuming full time schedules.
5,000
40
651,101
West Indies------- 16,689
noted in the export division of tho market. China has
1,600
Brlt.No.Am.Cols.
............
3,538
made additional purchases of sheetings, and the inquiry
129,857
______
Other countries..
for various cotton fabrics from South and Central America
116,060 4,410,831
Total.................. 470,222 10,697,550 5,305,604 94,708.930 569,003 10,847,864
is increasing with larger sales reported by many interests.
66,852 49,444,654
Total 1917-18____ 131,307 4,874,860
The world’s shipments of wheat and corn for tho week A number of representatives of houses doing export busi
ending M a r. 29 1919 and since July 1 1918 and 1.317 are ness have recently returned from abroad, and while they are
optimistic as regards trade with European countries, finan
cial conditions abroad are none too favorable, and they claim
C orn .
the only way to increase trade will be to establish credits.
W h ea t.
D O M E S T IC C O T T O N G O O D S — A steady business is
a 1917-18.
1918-19.
a 1917-18.
1918-19.
E x p o rts .
passing in markets for staple cottons and further steps have
S in c e
S in ce
S in c e
W eek
W eek
S in c e
been taken by mills to bring about a return of normal condi
J u ly 1.
J u ly 1.
J u ly 1.
J u ly 1.
M a r . 29.
M a r . 29.
tions by reducing prices. The most important develop
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
7,794,000 19,292,000 ment of the past weok has been the revision in prices for
North Amcr- 5,323,000 214,441,000 210,183,000
napped fabrics and tickings by a prominent manufacturer.
Russia..........
Danube------Eight-ounce tickings were placed on a basis of 27 cents, and
887,000 23,394,000 10,135,000
577,000 65.880.000 22.044.000
Argentina . .
staples and domets at 16 cents for light and 17 cents for
2,810,000 39.540.000 32.263.000
Australia—
5.623.000 12.770.000
darks. Jobbers have been showing more interest m fabrics
97,000 3,214,000 2,833,000
132,000 2.951.000 2,535,000
Oth.countr’s
and reductions in prices on tickings and domets is reported
984,000 34,402,000 38,260,000
1 8,848,000 328,435,000 279,795,000
to have resulted in very favorable orders and also in the
T o ta l____
belief that prices would soon be advanced. Business in
a Roviscd.
.
The quantities of wheat and com afloat for Europe are sheetings has been moro active, though manufacturers havo
Trade in fin
omitted for the present, as no figures are available since been showing more competition for orders.
ished fabrics is improving slowly, and as a result converters
thoso for 1916.
.
. . . . . . .
Tho visible supply of gram, comprising the stooks in and finishers have been showing moro interest in offerings
granary at principal points of accumulation at lake and of graygoods. Sheetings havo been in moderate inquiry
from tho ordinary trade, but bagging interests are credited
seaboard‘ ports M ar. 29 1919, was as follows:
GRAIN STOCKS.
with larger purchases, especially for six-yard fabrics. Users
C orn .
B a rley
W h ea t.
Oats.
R ye.
of light-weight bag goods were reported as trying to place
bush
b u sh .
bush.
bush.
United States—
007 non
49.000 3,659,000 1,086,000 1,556,000 orders for long-term deliveries, but mills were reluctant about
New York......................3.827.000
207.000
Boston........................... 1.818,000
accepting such business at prevailing quotations. A fair
690.000
128*,666
660,000
474.000
Philadelphia.................. „ ??5,000
trado has been consummated in print cloths but tho firmer
744.000
124.000
690.000
833,000
Baltimore..........................2,119,000
702.000
88,000
tono on the part of mill agents prevented some buyers from
Newport News................
ooVnnn
88,000
68.000
691.000
New Orleans__________ 2,822,000
13.000 making purchases who expected to obtain last week s prices.
5,000
1,000
Galveston........................ C44.000
36.000
71.000 7.384.000
11,000
Buffalo.............................. 7 .|95,000
W O O L E N G O O D S .— The volumo of business in woolens
5,000
24.000
148.000
487.000
and worsteds continues to gain, though trade as yet is far
77.000
47.000
167.000
Detroit...........................
ofSrmn
2.704.000 from favorable.
449.000 4.100.000 2.493.000
In tho men’s wear trade fabrics that have
Chicago.......................... 1l ’oto’SSn
85.000
731.000 1.262.000 2.893.000
Milwaukee____________
been opened have sold very well, and many lines have been
811,000
197.000 3.079.000
Duluth............................24,534,000
1.351.000 withdrawn from sale, while slight advances havo been made
23",666 1.272.000 5.243.000
Minneapolis___________ 20,478,000
44,000
204.000
322.000
99.000
St. Louis........................
106,000
on others from initial quotations. Business in dross goods
382.000 1.363.000
136.000
Kansas City___________ 5,789,000
52.000
has been rather limited and there is some inclination on the
160.000
Peoria________________
_____
385.000
4,000
206,000
Indianapolis___________
237,000
161,000 part of buyers to proceed as prices are not considered very
388.000
91,000
672,000
Omaha........................... 3,580,000
attractive. Retailers havo been moderate buyers, but in
Total Mar. 29 1 9 1 9 ... 92,546,000 2,514,000 22 882,000 15.193.000 11,798,000
quiry from garment makers has not developed to any extent.
Total Mar. 22 1919...101,946,000 2,799,000 25 355.000 15.135.000 9,137,000
A"much better business is reported in knit goods.
Total Mar. 30 1 9 1 8 ... 5,381,000 19,016,000 18 098.000 1.085.000 5,709,000
331.000 1.693.000 4,720,000
Total Mar. 31 1 9 1 7 ... 39,318,000 11,974,000 34
“ F O R E IG N D R Y G O O D S .— Business in linen fabrics con
N o t e . — Bonded grain not included above: Oats, Duluth , 3,000 bushels: total
bushels: total tinues inactive, with little indication of any improvement
3.000, against 32,000 bushels in 1918: and barley, Duluth, 78.000
78.000, against 36,000 in 1918.
within the near future. There is a general feeling that a
lowering of values is the only thing that will stimulate trade.
5,000
659,000
Montreal1 - .................. 6,068,000
0
89,000
911.000
Ft W illiam & Pt.Arthur.30,826,000
............ 4,043,000
Foreign manufacturers who are here endeavoring to push
Other Canadian................ 8,259,000
............
778,000
their fabrics aro reported disappointed over the smallness of
659.000
89.000 5,732,000
5.000
Total Mar. 29 1919now business. Demand for unions has improved, as, owing
45.15.3.000
652.000
5.000
100,000 5,861,000
43.666.000
Total Mar. 22 1919.
to tho lower prices for cotton goods, there has been a slight
69.000
1.000
36.000 8,393,000
8,514,000
Total Mar. 30 191886.000 shading in prices for such fabrics. Irish linen manufactur
26,000
41.000 18,640,000
32.810.000
Total Mar. 31 1917.
Summary—
ers are still pushing their publicity campaign in this coun
92.546.000 2,514,000 22,882,000 15,103,000 11,798,000
American-----------------5,000
659,000 try and aro said to be extending it to Canada. According to
45.153.000
89.000 5,732,000
Canadian-----------------reports, about one million yards of airplane linen held by
Total Mar. 29 1919- .137,699,000 2,603,000 28,614,000 15.198.000 12,457,000
Burlaps
Total Mar. 22 1919- .145,512,000 2,899,000 31,216,000 15.140.000 9,789,000 this Government will bo sold in the near future.
Total Mar. 30 1918- . 13,895,000 19,052,000 26,491,000 1.086.000 5,778,000
. 72,128,000 12,015,000 52,971,000 1.719.000 4,806,000 remain quiet at unchanged prices.
F lo u r .
W h ea t.
Total Mar. 31 1917-
O a ts .
B a r le y .
R ye.
14:38
THE CHRONICLE
llx e
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing tho
month s bond sales in detail. It will bo given later.
© lir c r n ic lc
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For Six Months.............................................................
................. * J qo
European Subscription (including postage)..................." .................. 1 3 qo
European Subscription six months (including postage)...” ” ........... 7 50
Annual Subscription in London (including postage).................... £ 2 14s.
Six Months Subscription in London (including postage)...................I £ 1 n 8.
‘
Canadian Subscription (including postage)......................................... $ 1 1 go
Subscription includes follo w in g Supplem ents —
B ank and Quotation (monthly) I R ailway and I ndustrial (twice yearly)
R ailway E arnings (monthly)
E lectric R ailway (twice yearly)
State and City (semi-annually) |B ankers’ Convention (yearly)
T e r m s o f A d v e r tis in g — P er In c h S p a c e
Transient matter per inch spaco (14 agato linos).......................
$ 4 20
(■ Two Months
(8 times).............22 00
Standing Business Cards > K
0 t nths
^ °h3
!o 00
L TwolveMonths (52 times).......................... 87 00
Chicago Office—39 South La Salle Street, Tolophono Majestic7396.
L ondon Office—Edwards & Smith, 1 Drapers’ Gardons, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t, P in o and D c p c y ste r S ts., N ew Y o r k .
jit a t e
a n d
C ity
^ c y a r tu m it
M U N IC I P A L BOND SALES I N M A R C H
Since the beginning of the year municipal bond sales
have steadily increased and for the month of March the
amount actually offered and sold aggregates $43,748,409.
In February the total was $27,679,023, and in January $22,
982,754. The largest issue during the month of March was
by the City of Philadelphia, P a ., which disposed of $8,000,
000 4 ^ % 30-year tax-free general bonds on M ar. 3 to a
syndicate composed of Drexel & C o., Blake Bros. & C o., and
the Guaranty Trust Co. The price paid was 100.61, a
basis of 4 .4 6 3 % interest. Cleveland, Ohio, placed the next
largest amount consisting of seven (7) issues of 5 % street
and deficiency bonds aggregating $4,452,000, sold at prices
ranging from 100.33 to 102.91. Other large issues disposed
of last month were:
Place—
Amt. Sold.
Cleveland School District, Ohio (5s)_ _____ ______ $1,500,000
_
Cook Co. Forest Preserve District, III. (4H s)________ 1,000,000
Idaho (4?48)---------------------------------1 200 000
Twin Falls Highway District, Ida. (5 ^ s )------" " " I 1,250.000
Woonsocket, R. I. (5s)------- ----------------------- ----------800,000
South Dakota (5s)------------------------------3 nno 000
Syracuse, N. Y. (4 K s).......................I _ 111111111111 ”
450 000
St. Louis Co. Ind. School District No. 21, Minn. (6s).
500^000
Price.
101.075
99.61
100.287
____
100.90
The Canadian municipal bond market continues steady.
During March $8,345,887 were sold which compares with
$8,216,374 in February and $6,872,367 in January. The
largest Canadian issue in March was put out by the Province
of British Columbia. The amount was $3,000,000 of 5\is
and they were sold at 99.32. Other important Canadian
issues disposed of during March were:
Place—
Amt Sold
Edmonton, Alta. (5s & 6 s )..............................................S I.133.000
Hamilton, Ont__________
K17 non
200,’000
London, Ont.................................- I I I I I I I I I I I .............
Manitoba, Provinco of (5J^s)_____________
1,580 000
Quebec Roman Catholic School Com., Que. (5Msj
400,000
St. Boniface, M an_________________________________
464,373
Price.
101.54'
101.04
101.21
Short term securities issued in March aggregated $56,
730,000. This includes $51,200,000 revenuo bills and bonds,
tax notes and corporate stock notes just out by the City of
New York. The following shows the various forms of
obligations issued in March for the last 5 years.
1919.
1918.
1917.
1910.
1915.
Perm’t loans (U. S.). 43,748,4°9 2.8,370,235 34,878.852 32,779,315 07,939,805
*Temp y loans (U.S.)*50,730,000*39,770,552 *10,530,144 *50,810,159 *20,218,039
......
300 000
Gen.fcl.bds. (Baito.)
..........
..........
Bonds U.S. posses’s.
None
None
915,000
None
None
Can d’an l’ns (perm.) 8.500.887 4,700,739tl52,344,834 z77,703,593 35,830,420
Total.................... 108,979,290 72,853,520 234,008,830 101,353,007 130,294,270
. t„I1„cl'I<®
n ’ 3
securities issued by New York City in March, $51,200,000
in 1919, $29,451,000 in 1918, $33,500,000 in 1917, $37,015,500 in 1910, S14.957.884
III 11)15.
t Includes §150,000,000 Dominion Government bonds.
x Including §75,000,000 Dominion Government loan arranged for In U. S.
The number of municipalities emitting permanent bonds
and the number of separate issues made during March 1919
were 152 and 288, respectively. This contrasts with 119
and 153 for Feburary 1919 and 305 and 369 for March 1918.
For comparative purposes we add the following table,
showing the output of long-term issues for March and the
three months for a series of years:
Month of
For the
March.
Three Mos.
1919..............$43,748,409 $104,510,180 1905___
1918............. 28,370,235
70,800,589 1904___
1917............. 34,878,852
100,895,003 1903___
1910
. 32,779,315
120,003,238 1902___
1915..............107,939,805
144,859,202 1901___
1914............. 43,340,491
105,702,752 1900___
1913............. 14,541,020
72,013,540 1899___
1912............. 21,138,209
75.034,179 1898___
1911
. 22,800,190
123,403,019 1897___
1910..............109,093,390 1104,017,321 1890___
1909............. 32,080,227
79,940,440 1895___
1908............. 18,912,083
90,709,225 1894___
1907............. 10,020,197
58,320.003 1893___
1900............. 20,332,012
57,030,249 1892___
t Includes $27,000,000 bonds of New York State.
x Includes $50,000,000 bonds of New York City.
Month of
March.
9,084,040
...
...
...
...
4,219,027
4,915,355
5,080,424
0,994,240
[V ol . 108.
For the
Three Mos.
$35,727,800
40,518,040
30,170,708
31,519,530
23,894,354
34,492,400
18,021,580
23,705,733
35,571,002
15,150,208
21,020,942
2,418,813
17,504,423
22,204,431
NEWS ITEMS
B o liv ia ( R e p u b l ic o f ) . — B onds Offered by B a n k ers.— I n
Bank ant* Quotation” Supplement issued with the
Chronicle ^ to-day, W . G . Souders & Co. of Chicago are
offering to investors through a page advertisement, $2,400,
000 6 % gold loan of 1917. Price 96 and interest.
D e la w a r e . — Legislature A d jo u r n s . — Delaware’s 97th Gen
eral Assembly closed March 28 noon, when both branches
adjourned sine die.
I n d i a n a . — L egislature A d jo u r n s — Southworth Bill D efea ted .
W ith the close of Indiana’s seventy-first Legislative Gen
eral Assembly on March 10, tho Southworth Senate bill,
which proposed making all municipal and highway bonds
(and the coupons of them) issued in Indiana after July 8
next payablo at financial institutions in Indianapolis, was
killed in the House. The bill had passed the Senate on
March 4 by a vote of 30 to 8 after Lieut.-G ov. Bush had
spoken in its favor.
“ Biwe Sky'\ M ea su r e P assed by H o u s e . — B y a vote of 87
to 0 the Indiana House passed the “ blue sky” measure pro
hibiting exploitation of fraudulent securities.
N ew H am p h ire.— Legislature A d jo u r n s . — On M ar. 28
the Legislature after a 3 months’ session adjourned sine
die. In lus address of prorogation G ov. John H . Bartlett
justified tho increase in tho State tax, saying it was demanded
by necessary improvements that were postponed during the
war. The tax for the present fiscal year is $800,000, but
for the year ending Aug. 1 1920, will be, it is stated, $1,800 ,
0 0 0 and for the following year $1,500,000.
O k la h o m a . — Legisla ture A d jo u r n s . — The Legislature ad
journed sine dio on March 29.
R h o d e I s la n d . — Senate A l s o P a sses R esolution Seeking
Test o f N a tio n a l Proh ibition A m e n d m e n t. — On April 3 the
Senate passed- the resolution (adopted by the House on
March 12) seeking an immediate decision by tho U . S.
Supreme Court of tho constitionality of tho Federal prohibiton amendment— V . 108, p. 1309.
S e a t tle , W a s h . — C ity A s s u m e s Control o f Local Pow er
P la n t. — W ith the conveyance of all street railway property
of the Puget Sound Traction, Light & Power Co. within tho
city limits, the operation of tho city’s railway linos was as
sumed by the city at 11 p. m . Apr. 1 1919. Delivery of
$15,000,000 5 % utility bonds of the City of Seattle, it is
stated, has been made to the company. Those bonds will
bo a charge upon the gross earnings of tho ontiro railway
system in tho city superior to all charges except intorest and
amortization of some $650,000 of prior bonds of a like
character.
T exas.
Blue Sky
Bill P a ssed . — Both branches of tho
Legislature have adopted the Senato “ blue sky” bill and tho
measure is now beforo tho Governor. Tho bill makes the
Bank Commissioner, Secretary of tho State and Stato Auditor
a commission to administer the law. Beforo any ono may
offer securities of any kind for salo, or advertiso them, he
must apply for approval from the commission, and must
filo a list of assets and liabilities with the commission.
1 lie commission will have full power to grant permission
for the sale of offering of any such securities.
W e s t V ir g in ia .
D ebt Bill Finally Signed— F in a l D ecisio n s
as to M eth o d o f P a ym en t.— On Tuesday of this week the
Legislature of W est Virginia passed tho so-called Virginia
Debt Settlement Bill. The bill was immediately signed by
Governor John J. Cornwell. While tho general terms of the
settlement have been given, it may bo well, in view of tho
passage of the A ct, to briefly indicate them. These terms
as proposed by Randolph H . Harrison of tho Virginia Debt
Commission, were that W est Virginia pay Virginia $1,062 ,? 6 7
1
?oo^cnAV‘ t^ interest and $13,500,000 in 3 ^ % bonds,
less $1,133,500 in bonds to bo hold in tho W est Virginia
Treasury against certain certificates of indebtedness which
have been lost and never have been presented. Tho 3 \A%
bonds aro dated Jan. 1 1919, and a sinking fund is provided
by which one-twentieth of theso bonds is retired annually
Tho judgment rendered by tho Supreme Court against W est
Virginia was for the sum of $12,393,929 50, with interest
thereon from July 1 1915 until paid at the rate of 5 % per
annum, with each party to pay one-half of tho costs. Total
interest and principal Jan. 1 1919 were:
July 1 1915. principal...............................
« io oqt 0 9 0 5 D
Interest, July 1 1915 to Jan. 1 1919...............I I I I I I I I I I I I . 2 ’,168!i)87 66
Total Interest and principal, Jan. 1
1 9 1 9 .............................$14,562,867
16
An amendment to tho original bill, known as the Harmer
amendment, was carried through in tho final passage of tho
measure. This provides that the Commonwealth of Virginia.
w 81iaU.rn, I? 3 a'ld ,,fil0 ,w
a
Ath f h0 Board of Bubllc Works of tho State of
West Virginia a full and itemized statement or list of tho Virginia deferred
certificates which have been deposited with tho Commonwealth of Virginia,
or subject to her control, upon passago of this Act.
W o understand that this proviso applies to tho delivery
of $12,366,500 of bonds to Virginia, in settlement of tho
balance of the judgment, and requires the filing of a list of
tho Virginia deferred certificates which havo been deposited
only as a condition to be complied with beforo tho bonds
shall be delivered.
A pr . 5 1919.]
TH E
C H R O N IC L E
The total amount of certificates issued by Virginia on
account of West Virginia’s obligation on the ante-bellum
debt of the old undivided Commonwealth of Virginia is
818,227,153 GO. Of this 82,745,462 01 is held by the pres
ent State of Virginia and represents bonds which were dis
allowed by the Supremo Court. The sum of 815,481,691 59
is outstanding in the hands of tho public. Of this amount,
according to the latest returns, approximately 814,350,000
have been deposited with Messrs. Brown Brothers & Co.
Tho doposits follow:
P r i n c ip a l,
P r i n c ip a l,
P r i n c ip a l,
P r in c ip a l,
In terest
In terest
In terest
In terest
1 8 7 1 .............................. - ..................................$ 1 1 ,7 8 5 ,2 3 9 2 3
1 8 7 9 ...................................................................
4 5 6 ,1 2 0 2 9
1 8 8 2 . .................................................................
8 2 6 ,8 5 2 8 7
1 8 9 2 ..................................................................
2 7 7 ,1 7 5 7 0
---------------------------- $ 1 3 ,3 4 5 ,3 8 8 0 9
S c r i p , 1 8 7 1 ______________________________
$ 5 2 ,9 1 2 0 0
S c r i p , 1 8 7 9 ______________________________
4 5 ,0 2 6 8 2
S c r i p , 1 8 8 2 ______________________________
5 9 5 ,1 9 1 2 0
S c r i p , 1 8 9 2 ______________________________
2 9 6 ,4 2 6 8 4
---------------------------9 8 9 ,5 5 6 8 6
$ 1 4 ,3 3 4 ,9 4 4 9 5
S t e r lin g S c r i p , 1 8 7 1 ....................................................
S t e r l in g S c r i p , 1 8 7 9 _______________________________
S t e r lin g S c r i p , 1 8 8 2 _______________________________
£ 2 ,2 9 3 .6 .8
1 ,0 5 1 . 3 . 4
2 8 0 .0 . 0
----------------------------
£ 3 ,6 2 4 .9 .1 2
—On March 31 tho
extra sossion of the West Virginia Legislature came to an end.
Special Session o f Legislature E n ds.
BONDS CALLS AND REDEMPTIONS
B r o o k fie ld , M o . — Bond Call. — Water-main-extension
bonds Nos. 1 to 7, inch, dated Oct. 29 1908, in denoms of
8500 each, and bearing 5% interest, havo been called for pay
ment April 29 1919.
G a d s d e n , A l a . — Bonds to Be Redeemed. —Tho city of
Gadsden will redeem 830,000 of the outstanding waterworks
bonds. These bonds will not be duo until Oct. 1 1938, but
tho city will save 86,000 by the redemption of 830,000 of
tho issue of 8100,000, according to estimates made by tho
City Clork.
M u lt n o m a h C o u n t y (P . O . P o r t la n d ), O r e .— W arrant
Call.—County Treasurer John M. Lowis calls for pavmont
at his offico, county warrants of classos “58,” “59” and
“47-B” (tho samo having been drawn upon tho gonoral fund
and that were presented and endorsed: “Not paid for want
of funds” from Jan. 17 1919 to Feb. 1 1919, incl.). Inter
est on these warrants coased on Feb. 20 1919.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AKRON, Summit C ou n ty, O h io — BONDS A U T H O R IZ E D . —Tho
City Council passed an ordinance March 10 authorizing $113,500 5%
coupon street-improvement (city’s share) bonds. Denom. $1,000. Dato
Aprd 1 1919. Principal and semi-annual interest payablo at tho National
Park Bank, Now York. Duo yearly on April 1 as follows: $5,000 1920 to
1926, inclusive, and $6,000 1927 to 1939, inclusive.
ALBERT
LEA,
F reeborn
C o u n ty ,
M in n .—
BOND OFFERING.—
Further details aro at hand relative to the offering on April 8 o f tho $50,000
5% construction bonds— V. 108, p. 1309. Proposals for these bonds will
he received until 7.30 p. m. on that day by C. J. Dudley, City Clerk.
Denom. $1,000. Dato April 1 1919. Prin. and seml-ann. int. (A. & O.),
payable at tho Northwestern Trust C o.. St. Paul. Due yearly on
April 1 from 1924 to 1946 incl. An unconditional certified check for 20%
of tho amount o f bonds bid for, payablo to tho City Treasurer, recpiircd.
All proceedings pertaining to tho issuance o f said bonds have been and will
bo conducted under tho supervision of M ooro, Oppenheimer & Peterson,
attorneys o f St. Paul whoso legal opiliion will bo furnished to tho pur
chaser without charge.
A L L E G H E N Y C O U N T Y ( P . O . P i t t s b u r g h ) , P a .— BOND OFFER
IN G . — Additional information is at hand relativo to tho offering on Apr. 14
of tho $1,500,000 4 H % tax-free coupon (with privilego o f registration)
“ Series 19" road bonds— V. 108, p. 1309. Proposals for those bonds will
bo recoived until 11a. in. on that date by John P. M ooro, County Con
troller. Donom. $1,000. Date Mar. 1 1919. Scmi-ann. int. (M . & S.)
payablo at tho County Controller s offico. Duo $250,000 on Mar. 1 in
oach of tiio following years: 1929, 1934, 1939, 1944 and 1949. Bids must
bo upon special blanks furnished by tho above Controller, and a certified
chock on a national bank or trust company, for 2 % o f amount o f bonds bid
for, payablo to “ The County Commissioners o f Allegheny County,” is
required. Tho official circular states that thero is no litigation pending
or threatening concerning tho validity o f these bonds.
A L L E N T O W N , L e h i g h C oun ty, P a . — BOND OFFERING. — An Issue
of $180,000 4^2 % coupon tax-free 'City Improvement Loan of 1919”
bonds is being offered by O. D. Strauss, Acting M ayor, who will receive
bids until 9:30 a. m. Apr. 23. Denom. $300. Dato M ay 1 1919. Int.
M . & N. Duo $30,000 on May 1 in oach o f tho following years: 19241
1929, 1934, 1939, 1944 and 1949.
Cert, check for 5% o f amount of bid.
payablo to the “ City of Allentown, required.
A L L I A N C E . S t a r k C o u n t y , O h i o . — BOND OFFERING.— Sealed bids
will be received until 12 m. April 21 by Charles O. Silver, City Auditor, for
the following 5% bonds, it is stated:
$85,500 1094-year (average) water bonds.
38,800 9 1-16-year (average) street bonds.
14,500 6-year (averago) police and firo bonds.
5,900 3 1-3-ycar (average) funding bonds.
Interest semi-annual. Certified check for 3% required.
A M A R I L L O I N D E P E N D E N T S C H O O L D I S T R I C T (P . O . A m a r illo ),
P o t t e r C o u n t y , Tex. — BONDS VOTED.— It is stated that a proposition
submitted to tho voters at an election held March 29 providing for the
issuance of $300,000 road bonds carried by a voto o f 276 “ for” to 31
“ against.”
A M H E R S T , L o r a in C o u n t y , O h i o .—
BOND E LEC TIO N PROPOSED.
— According to local papers, a special election may be held April 21 to voto
»n tho question of issuing approximately $18,500 street-improvement bonds.
ASHTABULA COUN TY
(P . O . A s h t a b u l a ) , O h io .—
BOND OFFER
IN G . — An issuo of $130,000 5% road bonds is being offered by the Board of
County Commissioners (B. K . Brainard, Clerk), who will receive bids
until 1 p. m. April 14. Auth. Sec. 6929, Gen. Code. Denom. $500.
Date April 1 1919. Int. A. & O. Duo yearly on Oct. 1 as follows: $14,000,
1920 to 1927 incl., and $23,000. 1928. Cert, check for $500, payablo to
tho County Treasurer, required. Bonds to bo delivered and paid for
within 10 days from dato of award. Purchaser to pay accrued interest.
A T T L E B O R O , B r i s t o l C o u n t y , M a s s . — L O A N OFFERING.— ' he
T
City Treasurer, it is stated, will receive proposals until 10 a. m. Apr. 8 for
tho purchase on a discount basis o f a temporary loan o f $50,000, issued in
anticipation o f revenue, dated April 9 1 9 1 9 and maturing N ov. 10 1919.
f A U G L A I Z E C O U N T Y ( P . O . W a p a k o n o t a ) , O h i o . — BOND S A L E .—
Tho $142,000 paving bonds authorized March 11 (V. 108, p. 1310), havo
been purchased by tho State Industrial Commission of Ohio at par and
Interest.
1429
BANCROFT SCHOOL D IST R IC T (P. O. B a n croft), K ingsbury
C ou n ty, So. Dak.— BONDS VOTED.— At a recent election the issuance
of $15,000 school bonds was favorably voted.
BARTHOLOMEW COUNTY (P. O. C olum bus), Ind .— BONDS
AWARDED I N PART.— Of the three issues of 4J^% highway-improve
ment bonds, aggregating $31,746, offered on March 22 (V. 108, p. 1087)
the $11,400 Clay Township bonds were awarded to Fenelon Taylor at par.
Denom. S570. Date March 22 1919. Int. M . & N. Due .$570 each six
months from M ay 15 1920 to Nov. 15 1929, inclusive.
BATTLE CREEK SCHOOL D IST R IC T (P. O. B attle Creek), C al
h ou n C ou n ty , M ich.— BOND SALE.— The $300,000 5% tax-free school
bonds (part of an issue of $500,000 mentioned in V. 108, p. 1193) have
been purchased by William It. Compton & C o., & E. H. Rollins & Sons,
both o f New York. Denom. SI ,000. Date Apr. 1 1919. Prin. and
semi-ann. interest (A. & O .), payable at the District Treasurer’s office,
or in New York. Due $20,000 yearly on Apr. 1 from 1920 to 1934, incl.
,
, ,
.
Financial Statement.
Assessed valuation, 1918.................................................................. $44,000,000
rotal bonded debt, this issue only............................ ..................
300,000
Net bonded debt less than !%• of the assessed valuation.
I opulation o f city, 1910 census, 25,267; present- estimate, population of
School District, 57.509.
BEAR CREEK DRAINAGE D IST R IC T NO. 1, H ayw ood and Fay
ette C oun ties, T e n n .— BOND SALE.— Recently Caldwell & Co. of
Nashville purchased $36,000 6% tax-free bonds. Denom. S500. Date
n'iVTi 1 o , t ‘ Brin, and annual interest payable at the Third National
B
nnV,L<nd r Dur° S2.000 yearly on July 1 from 1924 to 1935, incl.,
and $4,000 yearly on July 1 from 1936 to 1938, incl.
„ BEAUFORT COUNTY (P. O. W ash in gton ), N. C.— BOND ELECi IOj . An election is to be held April 29, when, it is reported, a propo
\
sition to issue $1,000,000 road bonds will bo voted upon.
BENTON COUNTY ROAD IMPROVEMENT D IST R IC T NO. 2
(P. O. Siloam Springs), A rk.— DESCRIPTION OF BOAT
DS.— The $600,
000 6% 2-20-year serial road bonds awarded on M ar. 10 to James Gould
of Pino Bluff at par— V. 108, p. 1193— are in denom. o f $1,000 and dated
Apr. 1 1919. Int. F. & A .
BETHLEHEM, N ortham pton C ou n ty , P a.— BOND SALE.— The
$1,700,000 413% 5-29-year (opt.) gold tax-free coupon waterworks bonds
offered on Mar. 19 (V. 108, p. 895) were awarded to Coffin & Co. o f New
York at par and interest, we are advised.
BLACKW ELL SCHOOL D ISTR IC T (P. O. B lackw ell), Kay C oun ty,
ELECTION PROPOSED.— Reports state that this district
will hold an election in the near future to vote on a proposition toi ssue
$10,000 school bonds.
BLOOM TOW NSHIP RURAL SCHOOL DISTR IC T (P. O. Bloomdale), W ood C ou n ty, O h io.— BOND ELECTION.— A special election will
bo held April 8, when the people will voto on the issuance of $30,000 highschool bonds.
BOLIVAR COUNTY (P. O. C leveland), Miss.— BOND SALE.—
Tho Kauffman Smith-Emert Investment Co. o f St. Louis has purchased
and are now offering to investors at a price to yield 5.40% an issue o f
$75,000 594 % tax-free Shaw Separate Road District bonds. Date Feb. 1
1919. Int. F. & A. payable In New York City. Due yearly on Feb. 1
from 1920 to 1939, incl.
_ .
Financial Statement.
Estimated actual value taxable property___________________ . $5,000,000
Assessed valuation taxable property, 1918___________________ 2,402,742
Total bonded debt, including this issue_______________________
100,000
Present estimated population, 6,000.
BOSTON, Mass.— BONDS AUTHORIZED.— Without debate and
without division, the Massachusetts Senate passed to be engrossed a bill
authorizing the city of Boston to borrow S5,000,000 for improvements in
tho north end. This bill, it is said, was opposed by the Boston Finance
Commission and advocated by tho City Planning Board. The bill is
effective only until Jan. 31 1922, and applies, therefore, only to the term
of Mayor Peters.
BRADENTOWN, Manatee C ou n ty, Fla.— BOND SALE.— John
Nuveen & Co. of Chicago have purchased an issue of $12,000 6% bonds,
it Is reported.
BRAINTREE, N orfolk C ou n ty , Mass.— LOAN OFFERING.— Accordlng to newspaper reports, the City Treasurer will receive proposals until
3 p. m. Apr. 7 for a temporary loan of $100,000, issued in anticipation of
revenue, dated not later than Apr. 11, and maturing as follows: $25,000.
Oct. 27 1919: $25,000, N ov. 3 1919; $25,000, N ov. 10 1919, and $25,000,
N ov. 17 1919.
BROADW ATER COUNTY (P. O. T ow n sen d), M ont.— BOND OFFERio,, ATTFurther details are at hand relative to the offering on April 8 o f the
SM
O.pOO 10-20-year (opt.) tax-free coupon bridge bonds at not exceeding
6% interest— V. 108, p. 1193. Proposals for these bonds will be received
until 2 p. m. on that day by Alice Crittenden, County Clerk. Denom.
$1,000. Date May 1 1919. Int. payable at the offico o f the County
Treasurer. Cert, check for $1,000, payable to the County Treasurer,
required. Bonded debt (including this issue) Mar. 26 1919, $162,000.
Sinking fund, $7,469. Assessed value, $5,200,000.
BROOKINGS SCHOOL D ISTR IC T (P. O. B rookings), B rookings
C oun ty, So. Dak.— BOND OFFERING.— Reports state that proposals
will bo received until April 11 by P. J. Erie, Secretary Board of Education,
for $170,000 5% 10-20-year (optional) school bonds.
BUFFALO, N. Y .— BIDS.— Following Isalist o f bids submitted on tho
$225,090 water-refunding, $12,000 voting machine, and $40,000 grade
crossing 4H % tax-free bonds, awarded to the Buffalo Trust Co. on Mar. 27
— V . 108, p. 1310*
“
$ 2 2 5 ,0 0 0
issu e.
$ 1 2 ,0 0 0
issu e.
$ 4 0 ,0 0 0
iss u e .
Buffalo Trust C o_____________________ .10L9655
1 0 1 .9 6 5 5
1 0 0 .5 7 8 2
1 0 0 .5 7 8 2
It. II. Fiero & C o _________ ______ ____.100.786
_
1 0 0 .7 8 6
Harris.Forbes & C o__________________.1 0 0 .1 9 1
100.191
1 0 0 .1 9 1
E. II. Rollins & Sons_________________101.179
. 1 0 1 .1 7 9
Kean, Taylor & Co. (all or none)______.1 0 0 .3 0
100.30
1 0 0 .3 0
1 0 0 .3 0
Itemick, Ilodges & C o________________100.553
. 1 0 0 .5 5 3
Bank of Buffalo.........................................100.44
1 0 0 .4 4
1 0 0 .0 4
1 0 0 .0 4
Fidelity Trust C o . . . ..............................100.76
.1 0 0 .7 6
1 0 0 .0 6
1 0 0 .0 6
Sherwood & Merrifield________________.100.14
1 0 0 .1 4
1 0 0 .1 4
1 0 0 .1 4
Sherwood & Merrifield________________.1 0 0 .5 9
100.59
Calvin Truesdale____________________ .1 0 0 .9 5 f o r $ 5 0 ,0 0 0 .
100.951
Tho National City C o________________.2 7 8 ,1 0 5 2 3 f o r t o t a l issue.
278,105
BOND SALE.— During March tho following two issues of bonds aggre
gating $7,538 51 were issued:
Name of Purchaser— Amount. Purpose.
Date.
Int.
Due.
Water Sinking F un d..$3,500 00 water
Mar. 11919 4% Mar. 11944
Bailey Ave. Sewer S. F.4,038 51 local impt. Mar. 15 1919 4% Mar. 15 1920
ADD CHELSEA MASS T E M PORARY LOAN--------------- ----------------- —
Ocher bidders, both of Boston, were:
„
_
Discount.
Premium.
S. N. Bond & C o.............................................................. 5.00%
$7 00
Curtis & Sanger____________________________________5.05%
____
BUNCOMBE COUNTY (P. O. A sheville), No. C aro.— BOND SALE.—
On March 31 the $175,000 1-30-year serial coupon road and bridge bonds
dated April 1 1919 (V. 108, P.-1088), were awarded to E. H. Rollins & Sons
for $177,487 25, equal to 101.421 for 5K s. Other bidders were:
Interest Rate and Bid.
. „ T
^
„
5%
5H %
5H %
A. B. Leach & C o--------- ------------- --------- S175.245 00
............. ..
Provident Sav. Bank & Trust C o ..
________
________ $180.390 00
Stifol, Nicolaus & C o...................... $173,502 00
177,677 00
.............
F. C. Iloehler & C o.............................................
175,206 00
179,185 00
Stacy & Braun__________________
________
175,033 00
________
John Nuveen & C o_______________ ________
________
179,760 00
Harris, Forbes & C o____________
_ _____
_
177,068 50
Wm. R. Compton C o....................... 175,525 00
176,604 75
181,160 75
Weil, Roth & C o...................................................
175,700 00
180,355 00
It. M . Grant & C o______________
_______ _
________
178,027 50
I’ rudden & C o........................................................
175,052 60
...............
Sidney Spitzer & C o..................................... ................................
176,820 00
J. O. Mayer & C o........................... 172,375 00
176,715 00
180,180 00
TH E
1430
B R O O K F I E L D S C H O O L D I S T R I C T (P . O .
C o u n t y , M o . — BOND SA LE .— An issue o f $75,000
B r o o k fie ld ),
L in n
5% 5-20-year (opt.)
school bonds 1ms been taken up by local banks. It is stated.
B U E N A V I S T A C O U N T Y ( P . O . S t o r m L a k e ) , I o w a .— BONDS
D E F E A T E D . — On Mar. 25 a proposition providing for tho issuanco of
$25,000 bonds was defeated.
C A N T O N , S t a r k C o u n t y , O h i o . — BONDS PROPOSED.— It is reported
that tho Water Commission will recommend that tho City Council au
thorize $1,275,000 water-improvement bonds.
C A R T E R C O U N T Y ( P . O . A r d m o r e ) , O k l a . — D E SC R IPTIO N OF
BONDS. —-The $50,000 20-year funding bonds awarded on March 5 to
Robinson & Taylor o f Oklahoma City at 100.50 (V. 108, p. 1310) are in
denom. o f $1,000 and bear interest at rate o f 6% .
CASPER, N atrona C ou n ty , W yo.— BONDS VOTED.— Tho following
6% bonds aggregating $369,000 carried by a vote of 180 to 35 at the elec
tion held March 29 (V. 108, p. 1088);
$260,000 15-30-ycar (opt.) water-works bonds.
60.000 10-20-year (opt.) sewer obnds.
49.000 15-30-year (opt.) fire dept, building bonds.
Date o f sale not yet determined.
CELINA, Mercer C ou n ty, O h io.— BOND SA LE .— Tho $20,000 5 )4%
refunding bonds offered Jan. 14— V. 107, p. 2391—have been purchased
by tho Stato Industrial Commission of Ohio. Duo $1,000 yearly from
1927 to 1946, incl.
CENTRAL H IG H W A Y D ISTR IC T (P. O. Ilo ), Lewis C ou n ty , Ida.—
BOND OFFERING.— Proposals will be received until 2 p. m. M ay 3 by
G. Orr McMinimy, District Attorney, for $100,000 coupon bonds at not
exceeding 6% interest. Denom. $1.060. Dato Mar. 1 1919. Prin. and
semi-ann. int. (J. & J.) payable at tho offico o f tho Central Highway Dis
trict or the Chase National Bank ,N. Y . Duo $15,000 Mar. 1 1929, and
$15,000 each year thereafter, optional after 10 years. Cert, check on one
of the banks In Ilo, Vollmer, or Lewiston, for 5% , required. Delivery of
bonds will bo made at tho Ilo Stato Bank, with draft attached to be col
lected at tho point designated by the purchaser, said buyer to pay all
charges o f oxchange, insurance, postage or express, &c. Bonds may bo
registered as to principal at tho time o f issue. Official circular states that
this issuo and previous issues o f bonds have never been contested nor has
there been any default or compromise o f payment in any municipal obliga
tions, either by tho district Itself, or'municipal corporations, or school
districts within tho district and that thero is no controversy or litiga
tion ponding or threatened, affecting tho boundaries o f said municipality
or the title o f its present officers or their respective offices, or tho validity
o f tho bonds.
CHELSEA, S uffolk C oun ty, Mass.— TE M PO RAR Y L O A N .— 'Tho tem
porary loan of $360,000 issued in anticipation of taxes, dated April 2 1919
and maturing April 2 1920, offered on April 1— V. 108, p. 1310— has been
awarded to Blake Bros. & Co. of Boston on a 4.78% discount basis, plus a
premium of $11.00.
CHICAGO, C ook C oun ty, 111.— BONDS VOTED.— On April 1 tho
propositions to issuo the $9,500,000 funding and $1,200,000 viaduct 4%
bonds, mentioned in V. 108, p. 1194, carried, it is reported.
CHRISTIAN COUNTY (P. O. Ozark), Mo.— BOND OFFERING.—
Proposals will bo received until 12 m. April 25 by J. N. Chaffin, County
Treasurer, for tho $90,000 5)4% 10-ycar serial coupon court-house bonds,
authorized by a vote of 1,659 to 559 at tho election held March 15— V. 108,
. 1088. Denom. $500. Dato M ay 1 1919. Int. J. & J., payable at
zark. Certified check for 5% , payablo to tho abovo County Treasurer,
required.
CLAY COUNTY (P. O. M oorhead), M inn.— BONDS A U TH O R IZ E D
— Reports stato that on March 19 tho County Board adopted a resolution
providing for tho issuanco of $125,000 road bonds.
CLEARW ATER H IG H W A Y DISTR IC T (P. O. Lew iston), Nez
Perce C oun ty, Idaho.— CORRECTION.— Of the $113,000 6% highway
bonds offered on March 13 $112,000 (not $113,000. as first reported in
V. 108, p. 1310) was awarded to Sweet, Causey, Foster & Co. of Denver
for $114,000, equal to 101.785.
S
C L IN T O N
SCHOOL
T O W N S H IP ,
P u tn a m
C o u n ty ,
I n d .—
BOND
SA L E . — On March 28 the $7,500 5% refunding bonds— V. 108, p. 991—
were awarded to the Fletcher-American National Bank of Indianapolis
for $7,520, equal to 100.266. Tho purchaser is also to furnish tho bond .
Duo $375 each six months from Jan. 1 1920 to July 1 1921, incl.
C O L U M B U S , F r a n k l i n C o u n t y , O h i o . — BOND SA LE . — During the
three months ending March 31 1919, tho following bonds, aggregating
$470,500, were purchased by tho Sinking Fund Trustees at par:
N am e or Purpose o f Bonds. Am ount
Date.
Street cleaning____________ $50,000 Jan. 13 1919
Flood protection___________ 175,000 Mar. 11919
Garbagodisposal___________ 45,000 Alar. 5 1919
Sower anil drainage-------------- 18,000 Alar. 1 1919
Street improvement No. 1 3 .- 40,000 Alar. 1 1919
Bridge and viaduct N o. 3 ----- 2,000 Alar. 1 1919
Public Impt. (city’s share)
N o. 35................................. 50,000
Juno 15 1916
Street cleaning equipment—
500 Alar. 15 1919
Lighting plant extension N o.8 20,000 April 11916
do
do
do
N o.9 5,000
Oct. 28 1918
Sew er.............................
25,000 Alar. 25 1918
Franklin Park sewer exten .. 10,000 Alar. 10 1919
N . High St. widening No. 5 -- 10,000 Juno 27 1918
Grade crossing No. 3----------- 10,000 Aug. 20 1912
Water plant extension N o. 7 . 10,000 N ov. 15 1917
COLUM BUS
SCH O OL
D IS T R IC T
(P .
O.
Interest.
Due.
Financial Statement.
Assessed valuation 1918____________________________________ $28,052,415
True value (estimated)______________________________________ 50,000,000
Total bonded indebtedness (Including this issuo)____________
388,500
It is stated that tho county has no floating or bonded indebtedness and
is on a cash basis.
Population, 1910 Census, 19,674; 1918 (estimated), 26,000.
DURANT
SCHOOL
D IS T R IC T
(P . O . D u r a n t ) , B r y a n t C o u n t y ,
O l d a . — BONDS VOTED.— By a vote of 678 to 57 tho proposition to issuo
$120,000 5% 5, 10, 15, 20 and 25-year high school bonds carried, it is
stated, at the election held Alar. 25 (V. 180, p. 1194).
EAST YO U N G ST O W N
S C H O O L D IS T R IC T
(P . O . E a s t Y o u n g s
t o w n ) , M a h o n i n g C o u n t y , O h i o . — BOND OFFERING.— J. W. Powers,
Clerk Board of Education, will receive bids until 8 p. m. April 18 for
$175,000 5)4% school bonds. Auth., Secs. 7625-7628, Gen. Code. De
nom. $1,000. Date April 1 1919. Int. A. & O. Duo yearly on April 1
as follows: $5,000 1920 to 1929, inclusive; $10,000 1930 to 1940, inclusive;
and $15,000 1941. Certified chock for $8,750, payablo to tho above Clerk,
required. Purchaser to pay accrued interest.
E A U C L A I R E , E a u C la ir e C o u n t y , W i s . — BOND OFFERING.— Pro
posals will bo received until April 8 by tho City Clerk for $10,000 4M %
municipal fuel plant bonds. Denom. $1,000. Dato Alay 1 1919. Int.
semi-ann. (J. & J.) payablo at Eau Claire, Chicago or New York, at option
of holder. Cert, check for 2% required. Official advertisement states
that there has never been any default or compromise in tho payment of
any of tho municipality’s obligations or any previous issues of bonds con
tested, and that thero is no controversy or litigation pending or threatened
concerning tho validity of these bonds, tho corporato existence or boundaries
of the municipality or tho titlo of the present officers to their respective
offices.
Financial Statement.
Total bonded debt (including this issuo)______________________ $331,500
Water debt (included)________________________________________
64,000
Sinking fund/General________________________________ $58,189
\Water__________________________________ 9,141
Assessed value, real and personal (equalized), 1917------------------- 12,675,330
Actual values (approximately)________________________________19,000,000
City owned property valued at_______________________________ 1,000,000
P o p u l a t i o n ( U . S . C e n s u s 1 9 1 0 )." 18’ 3 1 0 ; 1 9 1 9 ( e s t . ) , 2 0 , 0 0 0 .
EDG ER TO N , Williams C ounty, O hio.— BOND OFFERING.— P r o
p o s a ls w ill b o r e c e iv e d u n t il 12 m . A p r il 11 b y E . A I . G a b r ie l , V illa g o C l e r k ,
f o r $ 2 0 ,0 0 0 5 % s t r e e t i m p t . ( v i l l a g e ’s p o r t i o n ) b o n d s .
D en om . $500.
D a to A la r c h 1 1 91 9.
I n t. A I. & S .
D u o $ 5 0 0 e a c h s ix m o n t h s f r o m S e p t . 1
1 9 1 9 t o A l a r c h 1 1 9 3 9 i n c l.
C e r t, c h e c k fo r 2 ) 4 % o f a m o u n t o f b o n d s b id
f o r , p a y a b l o t o t h o V illa g e T r e a s u r e r , r e q u i r e d .
B o n d s t o b o d e l iv e r e d
a n d p a id f o r w it h in 10 d a y s f r o m d a t o o f a w a r d .
P u rch a ser to p a y a ccru ed
in te re s t.
B o n d e d d e b t , t h is is s u o o n l y .
A s s e s s e d v a l u a t i o n , $ 1 ,0 5 0 , 0 0 0 .
T a x ra te (p e r $ 1 ,0 0 0 ), $ 1 5 .
ELDORADO SPR IN G S, Special Rond District, Cedar C ounty,
Mo.— BONDS VOTED.— T h o i s s u a n c o o f $ 1 5 0 ,0 0 0
b o n d s c a r r ie d a t a r e c e n t e l e c t i o n , i t is r e p o r t e d .
road
im p r o v e m e n t
ELMIRA H E IG H T S, Chemung C ounty, N. Y .— BOND OFFERING.
— According to reports 'A. G. Bresslet, Villago Treasurer, will receive pro
posals for $44,000 5% 1-11-year serial paving bonds until 8 p. m. Apr. 7.
Int. semi-ann. Cert, check for 10% required.
ENTERPRISE, W allowa C ounty, Ore.— BONDS VOTED.— By a voto
of nearly 10 to 1 a proposition to issuo $25,000 paving bonds carried at a
recent election, it is stated.
ERIE, Erie C ounty, Pa.— NO BIDS RECEIVED.— N o b i d s w e r e r e
c e i v e d f o r t h o $ 4 0 1 ,1 0 0 4 % t a x - f r e o c o u p o n ( w i t h p r i v il e g e o f r e g i s t r a t i o n )
b o n d s , o ffe r e d o n A la r . 2 5 (V . 108 , p . 1 0 8 8 ).
D u e $ 1 1 ,0 0 0 , 1 9 3 2 a n d $ 2 0 ,
0 0 0 y e a r ly f r o m 1933 t o 1 9 4 7 , in c l.
ESSEX CO U N T Y (P. O. Salem), Mass.— NOTE S ALE — Tho $150,000
4)4 % hospital loan renewal notes, dated April 1 1919 and maturing April 1
1920, for which all bids were rejected on Alarch 17 (V. 108, p. 1194) have
been awarded to S. N. Bond & C o., Boston, at par.
FALLS C O U N T Y (P. O. Marlin), T ex.— BOND OFFERING.— S e a le d
b i d s w ill b e r e c e iv e d u n t il 1 0 a . m . M ay 1 b y E . A I . D o d s o n , C o u n t y J u d g e ,
Mar. 1 1920
Part yearly
Alar. 1 1922
Alar. 1 1929
Mar. 1 1929
Mar. 1 1929
f o r $ 1 5 0 ,0 0 0 5 % t a x - f r e o c o u p o n 1 0 - 3 0 - y e a r ( o p t ; ) J u s t i c e P r e c i n c t N o . 5
bon d s.
D e n o m . $ 1 ,0 0 0 .
D a t e A p r i l 15 1 9 1 9 .
I n t . A . & O ., p a y a b le a t
th o N a t io n a l C it y B a n k , N o w Y o r k .
C e r t ifie d c h e c k fo r $ 2 ,5 0 0 , p a y a b lo
t o t h e a b o v o C o u n t y J u d g o , r e q u ir e d .
4)4%
5%
4)4%
5%
5%
5%
5%
4%
4)4%
Sept. 1 1931
Mar. 1 1921
Sopt. 1 1936
Sopt. 1 1922
Sept. 1 1938
Alar. 1 1938
Sept. 1 1948
Sopt. 1 1952
Serially
re g is te re d
C o lu m b u s ),
P la t te
C O R S I C A S C H O O L D I S T R I C T (P . O . C o r s ic a ), D o u g la s C o u n t y ,
S o . D a k . — BOND OFFERING.— Proposals will bo received until Apr. 25
by tho Clerk Board o f Education, for tho $18,000 6% 20-year school bonds,
authorized by a vote o f 101 to 7 at tho election held Alar. 25.— V. 108.
p. 1194.
(P . O . N e w n a n ) , G a .—
for $80,000 4-19-year serial street bonds, at not exceeding 5 % . Int.
semi-annually. Cert, check for 2% required.
D O U G L A S C O U N T Y (P . O . R o s e b u r g ) , O re.— BOND SA LE.— O n
March 7 an issuo of $111,000 4)4 % highway bonds was awarded to Morris
Bros., Inc., of Portland at 95.12. Denom. $500 and $1,000. Dato Oct.
1 1917. Prin. and semi-annual int. (A. & O.) payable at the Fiscal Agency
of the State of Oregon in New York City, N. Y . Duo $55,500 Oct. 1 1927
and 1928.
5%
411%
5%
5%
5%
5%
C o u n t y , N e b . — BONDS PROPOSED.— It is reported that tho Board of
Education plans to issuo $70,000 school bonds.
C O O K C O U N T Y (P . O . C h i c a g o ) , I I I.— BONDS VOTED. — It is re
ported that tho proposition to issuo $600,000 poor-house-building bonds—
V. 108, p. 896—carried at the election held April 1.
COW ETA COUNTY
[V ol . 108.
C H R O N IC L E
BOND E LECTION .— A
proposition to issue $500,000 4)4% road and bridge bonds will bo voted
upon April 24, according to newspaper reports. Denon. $1,000.
Dato
July 1 1919.
C U T B A N K , T e t o n C o u n t y , M o n t . — BOND ELEC TION . — A propo
sition to issuo $48,000 sewer bonds will bo voted upon at an election April 15,
it is reported.
DALLAS
COUNTY
LEVEE
D IS T R IC T
NO.
3,
T e x .—
DALLAS
COUNTY
LEVEE
D IS T R IC T
NO.
6,
T
BONDS TO
BE OFFERED SHORTLY. — Wo aro advised that an issuo of $160,000 6%
bonds will shortly be offered for sale. Int. semi-ann.
e x .— BONDS TO
FANNIN CO U N T Y ROAD D IST R IC T NO. 12, T ex.— BONDS
REGISTERED.— Tho Stato Comptroller registered on Alarch 28 an issuo
of $40,006 5% 10-40-year road bonds.
FANNIN C O U N T Y ROAD D IST R IC T NO. 23, T ex.— BONDS REGIS
TERED.— O n A l a r c h 2 8 a n is s u o o f $ 7 0 ,0 0 0 5 % 1 0 - 4 0 - y e a r r o a d b o n d s w a s
w it h
th o
S ta to C o m p t r o lle r .
FANNIN CO U N T Y ROAD D IST R ICT NO. 25, T ex.— BONDS REGIS
TERED.— T h e State Comptroller registered on Alarch 2 8 an issuo of $ 4 0 ,0 0 0
5% 10-40-year road bonds.
FANNIN CO U N T Y ROAD D IST R ICT NO. 2G, T ex.— BONDS REGIS
TERED.— The Stato Comptroller on March 28 registered an issuo of $30,000
5% 10-40-ycar road bonds.
FO RT PAYN E, De K alb C ounty, A la.— BOND SALE.— It is stated
that Mallory & Alallory of Solma liavo purchased an issuo of $14,000 5%
20-year electric-light and town hall bonds at par.
FRAZEE, Becker C ounty, M inn.— DESCRIPTION OF BONDS.—
T h o $ 2 0 ,0 0 0 w a t e r - w o r k s -s y s t e m b o n d s r e c e n t l y v o t e d — V . 1 0 8 , p . 1 1 9 4 —
b e a r I n t e r e s t a t a r a t e o f 5 % a n d a r o in d o n o m . o f $ 1 , 0 0 0 .
I n t . p a y a b lo
a t F razee.
D u o $ 1 0 ,0 0 0 in 10 y e a r s a n d $ 1 0 ,0 0 0 in 2 0 y e a r s .
B onded
d e b t ( e x c lu d in g t h is Issu o) A l a r c h 2 9 1 9 1 9 , $ 4 , 0 0 0 .
F l o a t i n g d e b t ( a d d ’l ) ,
$ 8 ,0 0 0 .
T o t a l d e b t , $ 1 2 ,0 0 0 .
A s s e s s e d v a l u a t i o n 1 9 1 8 , $ 2 1 0 ,0 0 0 .
U. C.
W o o d is V i l la g e C l e r k .
FREMONT, Sandusky C ounty. O hio.— BOND ELECTION.— L o c a l
n o w s p a p e r s r e p o r t t h a t o n A l a r . 18 t n o C o u n c i l p a s s e d a n o r d i n a n c o c a l li n g
f o r t h o v o t i n g o n a $ 9 5 ,0 0 0 w a t e r - w o r k s b o n d i s s u o a t t h o p r i m a r y o l e c t i o n
in A u g u s t .
FRESNO, Fresno C ounty, C alif.— BONDS VOTED.— Newspapers
stato that a proposition to Issuo $200,000 North District sanitary-sewer
bonds carried by a voto of 485 to 3.
GENESEE CO U N T Y (P. O. F lin t), M ich.— BONDS OFFERED BY
BANKERS.— K e a n e , H lg b ie & C o . , o f D e t r o i t , a r o o f f e r i n g t o i n v e s t o r s
a t a p r i c e t o y i e ld 4 . 7 0 % i n t . $ 2 0 0 ,0 0 0 4 ) 4 % t a x - f r e o r o a d b o n d s .
D enom .
$ 1 ,0 0 0 .
D a t e A l a r . 15 1 9 1 9 .
l ’ r ln . a n d s e m i- a n n . i n t . ( A t . & S . ) , p a y
a b le .a t th e F a rm e r s ’ L o a n & T r u s t C o ., N e w Y o r k .
D u o $ 2 5 ,0 0 0 y e a r l y
o n A l a r . 15 f r o m 1 9 3 0 t o 1 9 3 7 , i n c l .
T h e s e b o n d s a re b e lio v e d t o b o p a r t
o f a n is s u e o f $ 5 0 0 ,0 0 0 r o a d b o n d s , m e n t io n e d in V . 1 0 8 , p . 5 9 7 .
BE OFFERED SHORTLY. — An issuo o f $220,000 6% impt. bonds will
shortly be offered for salo, we aro advised. Int. semi-ann.
D A R I E N , F a ir f ie ld C o u n t y , C o n n . — BONDS AU T H O R IZ E D . — It is
stated that this city is authorized to issuo $100,000 sidewalk and bridge
bonds, through a bill introduced in tho Connecticut Sonato.
Financial Statement.
Assessed valuation__________________________________________ $98,421,230
D A Y T O N B O R O U G H S C H O O L D I S T R I C T (P . O . D a y t o n ) , A r m
s t r o n g C o u n t y , P a . — BOND OFFERING.— Proposals will bo received
1 ,2 6 0 ,6 5 0
T o t a l b o n d e d d e b t ( i n c l u d i n g t ills i s s u e ) -----------------------------------------P o p u l a t i o n (1 9 1 0 c e n s u s ) , 6 4 , 5 5 5 ; p r e s e n t e s t im a t e d , 1 2 0 ,0 0 0 .
until 12 m. April 10 by C. H. Winslow, Secretary, for $10,000 5% coupon
school bonds. Denom. $500. Date April 1 1919. Interest semi-annual.
Duo April 1 1949, callable ono year from date, at option o f School Board.
D E A R B O R N , W a y n e C o u n t y , M ich.— BOND ELECTION .— A special
election will be held April 17 to voto on tho proposition to issue $247,000
sewer bonds, it is stated.
D E N V E R , C o l o . — BOND ELECTION . — According to local nowspapers,
a proposition to issuo $3,000,000 city-hall and court-houso bonds will be
submitted to tho voters on Alay 20.
D E P E W , E r ie C o u n t y , N . Y . — BOND OFFERING.— Proposals will bo
received until 8 p. m. Apr. 7, it is reported, by John Graney, Villago Clerk,
G R A Y S H ARBOR C O U N T Y (P. O. Monteanno), W ash .— BOND
ELECTION.— O n A p r . 1 5 , i t is r e p o r t e d , a p r o p o s i t i o n t o is s u e $ 4 0 0 ,0 0 0
r o a d b o n d s w ill b o v o t e d u p o n .
GREENLEE C O U N T Y (P. O. C lifton), Ariz .— BOND OFFERING.—
S e a le d b i d s w ill b o r e c e iv e d u n t il J u n o 2 b y t h o C le r k B o a r d o f C o u n t y
S u p e r v is o r s f o r t h o $ 2 0 0 ,0 0 0 0 % 1 0 - 2 0 - y e a r r o a d b o n d s a u t h o r i z e d b y a v o t o
o f 3 7 6 t o 5 6 a t t h o e l e c t i o n h o ld A l a r c h 2 2 — V . 1 0 8 , p . 1 0 8 8 .
D u o Juno 1
1 9 3 9 , a n d s u b j e c t t o c a ll J u n o 1 1 9 2 9 .
HALE C O U N TY (P. O. Plainview), Tex.— NO ACTION YET TAKEN.
— No action has yet been taken looking tow m l tho holding of an election
to vote on the question of issuing $500,000 road bonds.
’
A pr .
5 1 9 1 9 .]
TH E
C H R O N IC L E
H A M I L T O N , B u t l e r C o u n t y , O h i o . — BOND SALE.— The $80,000
5% 5-14-year serial coupon streot-impt. bonds authorized o n Fob. 5
(V. 108, p. 890) have been purchased by the State Industrial Commission,
it is reported.
H A M I L T O N C O U N T Y ( P . O . J a s p e r ) , F l a . — BOND SALE.— It is re
ported that the $400,000 5% coupon road and bridge bonds offered on
Mar. 10 (V. 108, p. 897) have been awarded to Atlantic National Bank of
Jacksonville at par and int. Duo in 30 years, subject to call in 6 years
at 102 or in 12 years at 101.
H A M I L T O N C O U N T Y ( P . O . N o b l c s v i l l e ) , I n d . — BOND SALE.—
The $12,400 and 83,200 4 'A% 10-year highway-impt. bonds offered on
Mar. 28— V. 108, p. 1088—have beon awarded to Ramsey & Joseph at par.
H A N C O C K C O U N T Y (P. O . G r e e n f i e l d ) , I n d . — NO SALE.— No sale
was made, it is reported, of the 812,400 4 A % Vernon Twp. highway Inapt,
bonds offered on March 25— V. 108, p. 1195.
H A R B O R C R E E K T O W N S H I P (P . O . H a r b o r C r e e k ), E r ie C o u n t y ,
P a . — BOND SALE.— The $27,500 tax-free refunding bonds, which wero
offered without success on Feb. 12 (V. 108, p. 798) have been purchased by
Miller & Briggs of Philadelphia. Denom. $100. Date Feb. 1 1919.
Int. F. & A. Duo Feb. 1 as follows: 86,000, 1924; $6,100, 1926: $5,600,
1928: $5,000, 1930: and $4,900, 1932.
H A Z L E T O N , L u z e r n e C o u n t y , P a . — BOND SALE.— The $60,000
4 A % coupon tax-free paving and sewer bonds, offered on Apr. 1 (V. 108,
p . 1089), wero awarded to Frazier & Co. o f Pniladelpliia for $60,025
(100.041) and interest. Duo yearly from 1924 to 1949. incl.
H E R K I M E R C O U N T Y ( P . O . H e r k i m e r ) , N . Y .— BOND SALE.— On
Mar. 28 the 8150,000 5% county bonds— V. 108, p. 1195— were awarded
to Sherwood & Merrifield, N. Y ., at 105.26. Denom. $1,000. Date
Mar. 1 1919. Int. semi-ann. (M . & S.) Due $5,000 yearly on Mar. 1
from 1920 to 1919 incl. The following brokers, all of New York, also sub
mitted bids: Geo. B. Gibbons & Co., B. J. Van Ingen & C o., Harris,
Forbes & Co., Win. R . Compton Co. and National City Co.
Financial Statement.
Assessed valuation---------------------------------------------------------------- $41,303,302
Net bonded debt-----------------------------------------------------------------792,000
Net debt is loss than 2% o f the assessed valuation. Population, 1910
Census, 56,356: at present (estimated), 65,000.
H E R 1 N G T O N , D i c k i n s o n C o u n t y , K a n s . — BOND SALE.— On Aug.
3 1918 the First National Bank of lleriugton was awarded $1,173 01 5 A %
1-10-year serial sewer bonds.
H I L L C O U N T Y ( P . O . H i l l s b o r o ) , T e x . — BONDS VOTED— On
March 22, it is reported, the voters authorized the issuance of $250,000
Hubbard Road District No. 3 bonds by a voto of 339 to 36.
H I L L C O U N T Y ( P . O . H i l l s b o r o ) , T e x . — BONDS VOTED.— By a
vote of 70 to 2 a proposition to issue $50,000 road bonds carried at an elec
tion held Mar. 29 .it is reported.
H O B O K E N , H u d s o n C o u n t y , N . J . — NOTES AUTHORIZED.— On
Apr. 1 the City Council passed ordinances authorizing the issuance of
898,625 and $42,17.') street improvement notes at not exceeding 6% int.
l ’rin. and interest, payable In gold at the City Treasurer’s office. Notes
are to maturo not inoro than 6 years from their date. Daniel A. Hag
gerty Is City Clerk.
H O U S T O N , H a r r i s C o u n t y , T e x . — BOND ELECTION.— It Is reported
that a proposition to issue $800,000 school bonds will be submitted to a
voto o f the pcoplo on May 24.
I D A H O F A L L S , B o n n e v i l l e C o u n t y , I d a . — BOND ELECTION.—
On Juno 10, it is stated, an election will bo held to voto on the issuance of
$35,000 municipal water and light plant improvement bonds.
I N D I A N A P O L I S S C H O O L D I S T R I C T (P . O . I n d i a n a p o li s ) , M a r io n
C o u n t y , I n d . — BOND OFFERING.— Additional information is at hand
rclativo to the offering on April 17 o f the $200,000 4 A % 20-year coupon
school bonds— V. 108, p. 1312. Proposals for these bonds will bo received
until 3 p. m. on that day by the Board of School Commissioners (Geo. C.
Hitt, Business Director). Denom. $1,000. Date April 1 1919. Prin.
and semi-ann. int. (A. & O.) payable at the Fletcher American Nat. Bank,
Indianapolis. Cert, check on a responsible local bank or trust company
for 3% of amount of bonds bid for, payable to the said Board, required.
Bonds to be delivered April 25 at the offico of the above Board of School
Commissioners. All bids must bo on blank forms and submitted in en
velopes furnished by the above Business Director upon application.
I T H A C A , B r o o m e C o u n t y , N . Y . — BOND SALE.— On Apr. 2 the
$100,000 4 H % 8 M-year (aver.) improvement bonds— V. 108, p. 1195—
wero awarded to Sherwood & Merrifield, New York, at par and interest.
Dato Jan. 1 1919. Int. J. & J.
J A C K S B O R O IN D E P E N D E N T S C H O O L D IS T R I C T (P . O . J a ck sb o r o ) , J a c k C o u n t y , T e x . — BOND SALE.— Tills district sold to the
Stato of Texas at par and int. an issue of $6,000 5% school bonds during
March.
JA N E S V IL L E , R o c k
C o u n t y , , W ise.— BOND OFFERING.— It is
stated, that Georgo Mucnchow, City Treasurer, will receivo bids until
2 p. m. April 10 for $70,000 5% 4 -year (aver.) bridge bonds. Int. semiann. Cert, check for 5% required.
J E F F E R S O N C O U N T Y ( P . O . F a y e t t e ) , M i s s . — BOND OFFERING.
— O. S. Gillis, Clerk of Circuit Court, will receive bids until April 8 for
$270,000 6% road bonds, it is stated.
J E F F E R S O N D A V I S P A R I S H ( P . O . J e n n i n g s ) , L a . — BOND SALE.
— On Mar. 13 the $150,000 5% 2 0 -year serial road bonds— V. 108, p. 897—
wero awarded Jointly to the Commercial Bank
1 rust Co. and the Whitney
Central National Bank, both of Now Orleans, at par. Denom. $1,000.
Dato Mar. 1 1919. Int. M . & S.
J O H N S O N A N D H IL L C O U N T IE S C O M M O N S C H O O L D IS T R IC T
N O . 1 9 , T ex.— BOND S A L E — An Issu e o f S5f,000 5% s c h o o l b o n d s was
p u r c h a s e d a t p a r a n d In te re st b y th o S ta to o f T e x a s d u r in g th e m o n t h o f
M arch .
J O H N S O N B U R G , E l k C o u n t y , Pa.— BOND SALE.— Tho $55,000
6% 1-30-year (opt.) tax-free coupon water bonds, for which all bids were
rejected on Mar. 19— V. 108, p. 1195— have been purchased by local
investors. Duo Apr. 1 1949.
J O L IE T
SCHOOL
D IS T R IC T
(P . O . J o lie t ),
W ill C o u n t y ,
111.—
BONDS VOTED.— On March 22, according to local papers, tho peoplo
voted in favor of tho Issuance of $400,000 school bonds, tho proposition
carrying by a voto o f 384 “ for" to 170 "against.
Due yearly on July 1
as follows: $10,000 1923, and S30.000 1924 to 1936, inclusive.
K A R N E S C O U N T Y ( P . O . K a r n e s C i t y ) , T ex.— BOND ELECTION.—
An election will bo hold May 3 to voto on a proposition to issue 81,000,000
5)4% road in»Pt. bonds.
K A U F M A N C O U N T Y L E V E E D I S T R I C T N O . 6 , T ex.— BONDS TO
BE OFFERED SHORTLY.— Wo liavo been advised that an issue of 350,000
G% bonds will shortly bo offered for sale. Int. semi-ann.
K I N G C O U N T Y S C H O O L D I S T R I C T N O . 1 7 4 , W a s h .— BOND
OFFERING.— Proposals will bo received until 11 a. m. April 15 by Win, A.
Gaines, County Treasurer (P. o . Seattle), for $30,000 coupon school
bonds at not exceeding 6% interest. Denom. $500. Int. annually pay
able at tho office of tho County Treasurer or at the fiscal agency of tho State
of Washington in Now York City, N. Y. Duo In 20 years, subject to
call in 3 years or any interest-paying date thereafter. Cert, check or
draft for 1% payable to tho above Treasurer, required. Bonds will bo
ready for delivery on May 1 1919.
K I N G S T O N , R o s s C o u n t y , O h i o . — J30j
VD OFFERING.— An issue
o f $5,302 25 6% special assessment street improvement bonds is being
offered by A . L. Hatcher, Village Clerk, who will receive bids for them
until 12 m. April 14. Auth., Sec. 3914, Gen. Code. Denom. 9 for $500
and 1 for $802 25. Dato April 1 1919. Interest semi-annual. Duo 8500
yearly on Fob. 1 from 1920 to 1928, inclusive, and $802 25 Feb. 1 1929.
Certified chock on a solvent bank in Ohio for 5% o f amount of bid, payable
t o tho Village Treasurer, required.
Bonds to bo delivered and paid for
within ten days from dato of award. Purchaser to pay accrued interest.
K I S S I M M E E , P a r k C o u n t y , F l a . — BOND OFFERING.— Reports stato
that proposals will bo received until <:30 p. m. April 18 by J. R. Gilbert,
City Clerk, for $97,500 6% 14 1-3-ycar (average) bulkhead bonds.
1431
LANCASTER COUNTY (P. O. L in coln ), Neb.— BONDS NOT SOLD
— We are advised that the S54.561 71 5H % Paving District No. 7 and
843,842 44 Paving Dist. No. 8 bonds offered on Mar. 31— V. 108, p. 1089—
still remain unsold but the county is still open for offers at private sale.
LANCASTER SCHOOL DISTR IC T (P. O. Lancaster), K ittson
C oun ty, M inn.— BOND SALE.— An issue of $50,000 6% 15-year school
bonds has been sold, according to reports, to the Northwestern Trust Co.
of St. Paul.
LARAMIE COUNTY (P. O. C heyenne), W yo.— BOND ELECTION.__
At an election to be held April 22 a proposition to issue 875,000 road bonds
will be submitted to the voters, it is reported.
LAREDO, W ebb C ou n ty, T ex.— BONDS VOTED.— By a vote of 106
to 5 tho question of issuing $125,000 5% 20-40-year (opt.) sewer bonds,
carried at an election held Mar. 27.
’
LAUDERDALE COUNTY ROAD D ISTRICT NO. 2 (P. O. M eridian),
Miss.— BOND SALE.— According to reports, $20,000 road bonds have
been disposed of at 107.50 to J. A. & II. E. Pigford, of Russell Station.
AnLI V.RE?,f i ^ n ^ T Y . (f - ° - Laurens), So. Caro.— BOND SALE.—
A
An Issue of SloO.OOO road bonds has been disposed of, it is stated.
nnL i ) n f™ ? X SP| C,[AL ,TA5? .SCHOOL DISTR IC T NO. 7, Fla.—
v
BOND OFFERING.— . roposals will be received until 11 a. m. April 7 by
P
««°nnoP £ n on d enfc’ B£ ar? ,of Fublic Instruction (P. O. Fort Myers), for
«
Certified^checky for l300°requkcd.
° m ' S500‘ Interest scmi-a“
l.
LOCKNEY, Floyd C oun ty, Tex.— BONDS REGISTERED__We are
advised that the Stato Comptroller registered an issue of $5 000 5% 2 0 - 10 year road bonds on March 26.
/0 zu iu
LOGAN COUNTY SCHOOL DISTR IC T NO. 1, C olo.— BOND SATE
— An issue of $28,700 6% school building bonds was recentlv awarded to
Bosworth, Chanute & Co. of Denver. Denoms. $1,000, $500 and $ 1 0 0
Date March 15 1919. Prin. and semi-ann. int. payable at Kountze Bros'
of N. Y . Duo March 15 1949, optional March 15 1934.
’
Financial Statement.
jti sop non
Actual valuation (est)__________________________________
Assessed valuation, 1918________________________________ i"i7 2 ’062
Total bonded debt, this issue only_____________________ I I I I I I ’ 28|700
LORAIN, Lorain C ou n ty, O h io.— BOND SALE.— The Sinking Fund
Trustees have purchased the $56,000 5% park and playground bonds
authorized Feb. 3— V. 108, p. 700. Denom. $1,000. Date Jan. 15 1 9 1 9
Prin and semi-ann. int. (M . & S.) payable at the office of the Sinking
f r o m 1 1 9 2 8 St o Cl O S O ^ n c l 8 6 ,0 0 ° S e p t ’ 1 5 1 9 2 7 a u d 8 5 ,0 0 0 y c a r l y o n S e P fc- 1 5
BOND OFFERING.— Additional information is at hand relative to the
oftcring on April 16 of the 851,000 5% coupon firo alarm and police-signalsystem bonds— V. 108, p. 1312. Proposals for these bonds will be received
until 12 m. on that day by Chas. L. Patterson, City Auditor. Auth
Sec. 3939, Gen. Code. Denom. $1,000. Date Jan. 15 1919. Prin. and
semi-ann. int. (M . & S.) payable at the offico of the Sinking Fund Trustees
Due yearly on Sept. 15 as follows: $6,000, 1927; and $5,000, 1928 to 1936
incl. Cert, check on any local bank or on any national bank for 2% of
amount of bonds bid for, payable to the City Treasurer, required. PurB o K k d ,h b ,* prii 1
Assoss.
LUBBOCK COUNTY COMMON SCHOOL DISTR IC T NO. 19, T „ .
— BOA I) SALE.'— An issue o f $8,000 5% school bond was taken by the
Stato of lexas at par and interest during March.
LUCAS, R ichlan d C ou n ty, O h io.— BONDS AUTHORIZED__On
Feb. 17 tho Village Council passed an ordinance authorizing tho issuance
of 88,000 6% clectric-lighting-s>stem bonds. Denom. $100. Date May 1
1919- Interest semi-annual. Payable yearly at the Farmers & Merchants
1923* and, $ 000 1M4>U W $5° ° 192° ’ S1,00° 1921 ■ 31-500 1922. $2,000
I3U
O S:
MADISON, Lake C ou n ty, So. Dak.— BOND ELECTION PROPOSED
— A proposition providing for tho issuance of S125.000 citv electric-lightplant bonds, will bo voted upon at an election to be held in the near future
it is reported.
*
MADISON, Dane C ou n ty, W ise.— BOND OFFERING.— Reports state
that proposals will bo received until 3 p. m. April 11 by O. S. Norsman
City Clerk, for $110,000 10-year (average) school and $40,000 1-20-year
serial water 5% bonds. Interest annual. Certified check for S500 re
quired .
MADISON COUNTY (P. O. Danielsville), G a.— BOND ELECTION
PROPOSED.— Newspapers state that resolutions calling for an election to
voto on a proposition to issuo $400,000 road bonds were introduced and
unanimously adopted.
MADISON COUNTY (P. O. A nderson), Ind .— BOND OFFERING__
S. L- Van l’etten. County Treasurer, will receive proposals until 10 a. m.
April 15 for tho following 6 issues o f \ X % gravel road impt. bonds aggre
A
gating $99,200:
$13,600 Joseph n . Glass No. 2 Pipecreek Twp. bonds. Denom. $680
Duo $680 each six months from M ay 15 1920 to Nov. 15 1929 incl
5,600 Wm. S. Wise Jackson Twp. bonds. Denoni. 8280. Duo $280
each six months from May 15 1920 to Nov. 15 1929 incl.
20.000 Alfred Ellison “ Scries A " Anderson Twp. bonds. Denom. 81,000.
Due $1,000 each six months from May 15 1920 to Nov. 15 1929 incl.
20.000 Alfred Ellison "Series B " Anderson Twp. bonds. Denom. $1 000
Due $1,000 each six months from M ay 15 1920 to Nov. 15 1929 incl
20.000 Alfred Ellison “ Series C ” Anderson Twp. bonds. Denom. $1 000*
Duo $1,000 each six months from May 15 1920 to Nov. 15 lqaq’incl'
20.000 Alfred Ellison “ Series D ” Anderson Twp. bonds. Denom $1 000*
Due $1,000 each six months from May 15 1920 to N ov. 15 1929 ini
Int. M . & N. Purchaser to pay accrued interest.
MARION COUNTY (P. O. Indianapolis), In d .— PURCHASER OF
BONDS.— The $51,000 4 H % 6-year (aver.) road bonds, which were
reported sold in V. 108, p. 700, wero purchased by the J. F. Wild State
Bank of Indianapolis, at par and interest. Denom. $1,275. Date Jan. 31
1919. Int. M . & N. Duo S2.550 each six months from M ay 15 1920 to
Nov. 15 1929, incl.
MARSHALLTOWN, Marshall C ounty, Iowa.— BONDS DEFEATED.
— On Mar. 29 a proposition to issue S400.000 electric-light bonds was
defeated by a vote of 893 “ for” to 964 “ against.”
M ARTINSBURG SCHOOL DISTR IC T (P. O. M artinsburg), Berke
ley C ou n ty , W. Va.— BONDS VOTED.— At a recent election a proposition
providing for tho issuance o f $75,000 school bonds carried, according to
newspaper reports, by an overwhelming majority.
MAYSVILLE SCHOOL DISTRICT (P. O. Maysville), C arvin
C oun ty, Okla.— BOND ELECTION PROPOSED.— It is stated that a
proposition to issue $8,000 school bonds will bo voted upon shortly.
MEADVILLE, Crawford C oun ty, Pa.— BONDS AUTHORIZED.—
OFFERING.— An issuo of $40,000 4 M % 15-30-years (opt.) coupon taxfree improvement bonds was recently authorized. Denom. $500. Prin.
and semi-ann. int. (J. & J.) payable at the office of the City Treasurer.
Wo have been advised that these bonds will probably bo offered in tho
near futuro.
MEDFORD, Middlesex C ou n ty, Mass.— LOAN OFFERING.— It is
reported that the C.ty Treasurer w.ll receive bids until Apr. 8 for the
purchase at discount of a temporary loan of 8100,000, issued in anticipa
tion of revenuo, dated Apr.l 8 1919, and ruatur.ng $50,000 Dec. 19 1919.
and $60,000 Jan. 15 1920.
MIAMI COUNTY (P. O. P eru), Ind.— ROND SALE.— On Feb. 25
tho $15,200 4M % 1-10-yr. serial highway impt. bonds— V. 108, p. 798—
were awarded to L. Wolf of Wabash at par. Denom. $760. Dato Feb 25
1919. Int. M . & N.
MIAMI COUNTY (P. O. T roy ), O h io.— BONDS AWARDED IN
PART.— Of tho twelve issues of 5% coupon road-improvement bonds,
aggregating 371,800, offered on March 31 (V. 108, p. 1312), the following
threo Issues, aggregating $21,800, were awarded to the Piqua National
Bank, Piqua, at par and interest:
$7,600 Alcony-Conover Road No. 26 “ Series A ” (county’s portion) bonds.
Denoms. 16 for S100 and 4 for $300. Due $400 each six months
from Oct. 1 1919 to April 1 1927. inclusive, $300 each six months
from Oct. 1 1927 to April 1 1929. inclusive.
1432
.
THE CHRONICLE
[V ol . 108
NILES, Berrien C ounty, M ich. — BOND ELECTION. — At tho
annual election Apr. 7 a proposition providing for a $6,600 5% reservoir
bond issue will be submitted to the voters.
NORTHEASTERN CAROLINA ROAD D ISTR IC T (P. O. H ert
ford ), Perquimans C oun ty, No. Caro.— BOND OFFERING.— Sealed
bids will bo received until 12 m. April 9 by Chas. Whedbeo, Chairman
Board of Road Commissioners, for $500,000 6% road bonds. Denom. to
suit purchaser.
Prin. and semi-ann. int. payable at such place as may
be agreed upon. Due $20,000 yearly. Cert, check for $500, payablo t(.
M O N T E R E Y C O U N T Y R E C L A M A T IO N D I S T R I C T N O . 1665, C a lif.
— BOND SALE.— The $60,000 6% bonds offered on March 24— V. 108, the Northeastern Carolina Board Commission, required.
p. 1195— have been awarded to Monterey County Bank of Salinas for
NORTHERN ROAD IMPROVEMENT DISTR IC T (P. O. Stuttgart)
$61,776, equal to 102.96, a basis of 5.74% . Denom. $1,000.
Date Arkansas C ounty, Ark.— BOND OFFERING.— Sealed bids will bo r
Jan. 1 1919. Int. J. & J. Due 1938.
ceived until April 17 by W. \V. Fuess, Secretary Board of Road Com
missioners, for SI,000,000 5 H % 1-20-year serial bonds, it is stated.
M O R G A N C O U N T Y ( P . O . M a r t i n s v i l l e ) , I n d . — NO BIDS RE
CEIVED.— No bids were received for the $16,600 4 H % Jackson Twp.
NORTH UNIT IR R IG A TIO N D ISTR IC T (P. O. Madras), Jeffer
highway-improvement bonds, offered on Apr. i — V. 108, p. 1313. Duo son C ounty, Ore.— BONDS VOTED.— The proposition to issuo $5,000,000
$830 each six months from M ay 15 1920 to N ov. 15 1929, incl.
irrigation bonds carried by a vote of 236 to 100 at the election held March
17 (V. 108, p. 1090).
M O R G A N C O U N T Y ( P . O. M c C o n n e l l s v i l l e ) , O h i o . — BOND SALE.—
On Mar. 29 the $60,000 5% highway bonds— V. 108, p. 1195— wero awarded
OCONTO FALLS, O con to C oun ty, W is.— BOND OFFERING.— It is
to Silverman-Huyck & Co. of Cincinnati at 100.01 and int. Denom. $500. reported that an issuo of $20,000 sewer bonds is being offered by tho Village
Date April 1 1919. Int. A . & O. Due part yearly from 1923 to 1929 incl. Board of Trustees, who will receive bids until Apr. 7.
M T . I R O N I N D E P E N D E N T S C H O O L D I S T R I C T N O . 21 (P . O .
OLEAN, Cattaraugus C ou n ty, N. Y .— BOND OFFERING.— Proposals
M t . I r o n ) , S t . L o u i s C o u n t y , M i n n . — BOND SALE.— The $500,000 6 % ’ will be received until 8 p. m. Apr. 15 by tho City Council (R . G. Parsch,
1-10-year serial school bonds mentioned in V. 108, p. 398, have been pur City Clerk) for $52,650 5% coupon street-impt. bonds. Denom. 9 for
chased, it is stated, by the Minnesota Loan & Trust Co. and tho Wells- $850 and 45 for $1,000. Date Mar. 1 1919. Semi-ann. int. (M . & S )
Dickey Co. of Minneapolis, jointly, at 100.90.
payable at the First National Bank, Olean, or in Now York exchange.
Due $5,850 yearly on Mar. 1 from 1920 to 1928, incl. Cert, check for 5%
M U S K E G O N , M u s k e g o n C o u n t y , M i c h . — BOND SALE.— The $230,
000 5% funding bonds, bids for which wero rejected on Mar. 17 through a of amount of bid required. Bonded debt $463,282 50. Street-impt.
misunderstanding (V. 108, p. 1313), wero awarded to John Nuveen & Co. bonds (incl. this issue) $254,905 97. Temporary debt $3,056 18. A s
of Chicago for $231,161, equal to 100.504. Duo yearly on Apr. 1 as fol sessed valuation $11,224,148.
lows: $50,000 1924 and $10,000 1925 to 1942 incl.
OMAHA, Douglas C oun ty, Neb.— BONDS PROPOSED.— It is stated
that tho city contemplates tho issuance of $100,000 bonds.
N E W F L O R E N C E S P E C I A L R O A D D I S T R I C T , M o .— BOND SALE.
— On March 22 tho Mortgage Trust Co. o f St. Louis was awarded at 98'
O TTAW A COUNTY (P. O. Port C lin ton ), O h io.— BOND OFFERING.
and interest an issuo of $26,750 5% road bonds. Denom. $500. Date — Proposals will bo received until 12 m. April 7 by D. L. Mackey, County
April 1 1919. Int. A. & O. Duo yearly on April 1 from 1920 to 1934 incl. Auditor, for $8,000 5H % coupon bridgo bonds. Auth. Secs. 2421 and
2450, Gen. Codo. Denom. $500. Dato April 7 1919. Semi-ann. int.
N E W P O R T , C a m p b e l l C o u n t y , K y . — BOND SALE.— On April 1 the
$40,000 5% 20-year coupon street impt. bonds, dated Apr 1 1 1919— V. (A. & O.) payablo at tho County Treasurer’s office. Duo $1,000 each six
108, p. 1196— wero awarded to the Provident Savings Bank & Trust Co. months from April 7 1920 to April 7 1922 incl., $500, Oct. 7 1922 to 1923,
and $1,000, April 7 1923 and 1924. Cert, check for $500 required. Bonds
o f C n c nnati at 101.61. Other bidders wero:
to bo delivered to purchaser at Port Clinton. Purchaser to pay accrued int.
S e a s o n g o o d & M a y e r , C l n . $ 4 0 ,6 2 5 5 5 National City C o., Chicago-$40,332
PARKER COUNTY (P. O. W eath erford), T ex.— BONDS DEFEATED
W . R . C o m p t o n C o . , C i n . 4 0 , 5 3 3 7 5 Weil, Roth & C o., Cin____ 40,200
Newport Nat. Bank, Now— On March 8 the voters, it is stated, defeated tho proposition to Issuo
A . E . A u b & C o . . C i n e . 4 0 ,4 8 0 0 0
port ___________________ 40,150
A m . N a t . B a n k , N e w p o r t . 4 0 ,3 6 0 00
$400,000 road bonds (V. 108, p. 597). The vote is reported as 1,456 "fo r "
to 763 “ against” , a two-thirds majority being necessary to carry.
N E W P O R T , N e w p o r t C o u n t y , R . I . — BIDS.— O t h e r b i d d e r s f o r t h o
$ 6 0 ,0 0 0 n o t e s is s u e d In a n t i c i p a t i o n o f t a x e s , d a t e d A p r . 1 1 9 1 9 a n d m a t u r
PATTON, Cambria C ou n ty, Pa.— BOND SALE.— On March 3 tho
i n g S e p t . 3 1 9 1 9 , w h ic h w e r e a w a r d e d o n M a r . 2 7 t o S a l o m o n B r o s . &
$60,000 5% 1-30-year serial water-works bonds (V. 108, p. 898) wero
H u t z le r o n a 4 . 3 9 % d i s c o u n t b a s is ( V . 1 0 8 , p . 1 3 1 3 ), w e r o a s f o l l o w s :
awarded to M . M . Freeman & Co. of Philadelphia for $60,318, equal to
Bidder—
Discount.
Premium.
100.53. Denom. $1,000. Dato Jan. 1 1919. Int. J. & J. Duo $2,000
S . N . B o n d & C o ....................................................................................4 . 4 7 %
$130
yearly on Jan. 1 from 1920 to 1949 incl. A bid of par was submitted by
A q u i d n e c k N a t io n a l B a n k __________________________________4 . 4 7 %
-------tho Patton Water Co.
___
,
,
.
-------B l a k o B r o s . & C o ___________________________________________ 4 . 4 0 %
This sale was inadvertently reported in V. 108, p. 996, under tho caption
"Patton, Cambria County, Ohio.”
N E W P O R T N E W S , W a r w i c k C o u n t y , V a .— NOTE S A L E . — T h o
$ 2 0 0 ,0 0 0 2 - y e a r s t r e e t i m p r o v e m e n t a n d s e w e r c o n s t r u c t i o n n o t e s o f f e r e d
PAULDING COUNTY (P. O. P auld ing), O h io.— BOND SALE.— Tho
o n M a r c h 31 (V . 1 0 8 , p . 1 3 1 3 ) w e re a w a r d e d o n t h a t d a y t o H o r n b lo w c r &
State Industrial Commission has purchased at par, it is reported, tho $100,
W e e k s o f N . Y . fo r 6s.
D e n o m . $ 1 ,0 0 0 .
D a te A p ril 1 19 1 9 .
P r in . a n d
000 5% 2-11-year serial ditch bonds offered on Feb. 21—-V. 108, p. 701.
s e m i- a n n . i n t . ( A . & O .) p a y a b l e a t N e w p o r t N e w s .
PAYETTE-OREGON SLOPE IR R IG A TIO N D ISTR IC T (P. O.
N E W Y O R K C I T Y , N . Y . — TEMPORARY LOANS.— ' h e f o l l o w i n g
T
O n tario), Malheur C ou n ty, Ore.— BOND SALE.— Tho $40,000 6%
s h o r t - t e r m s e c u r it ie s , c o n s i s t i n g o f r e v e n u e b o n d s a n d b i ll s , t a x n o t e s a n d
coupon improvement bonds offered on March 24 (V. 108, p. 996) have
c o r p o r a t e s t o c k n o t e s , a g g r e g a t i n g $ 5 1 ,2 0 0 ,0 0 0 , w e r e i s s u e d d u r i n g M a r c h :
been awarded to Carsten & Earles, Inc., of Seattle. Denom. $100 and
$500. Dato Jan. 1 1919. Int. J. & J. Duo yearly from 1925 to 1937,incl.
R e v e n u e B i l l s , 1919, A g g r e g a t i n g $31,000,000.
Date Sold.
Maturity.
Interest Rate.
Amount.
P ITTSBU RGH , Pa.— BOND SALE.— It is reported that tho $1,134,000
M ar . 3 7 4 'A % tax-free coupon (with privilege of registration) funding bonds offered
June 10 1919
$1,000,000
4 'A %
Mar. 7 on April l— V. 108, p. 1090— havo been awarded to tho Mellon National
Juno 21 1919
1 7 5 .0 0 0
4A %
Mar. 7 Bank of Pittsburgh at 100.645. Duo $37,800 yearly on Jan. 1 from 1920
Aug. 20 1919
1 7 5 .0 0 0
4 Yx%
Mar. 7 to 1949 inclusivo.
Sept. 22 1919
1 5 0 .0 0 0
4M %
Mar. 10
A u g .20 1919
1 7 5 .0 0 0
4M %
P O R T O F A S T O R I A ( P . O . A s t o r i a ) , C l a t s o p C o u n t y , O re.— BOND
Mar. 10
Sept. 22 1919
1 5 0 .0 0 0
4'A %
Mar. 10 OFFERING.— R. R. Bartlett, Manager o f the Port Commission, will
July 21 1919
1 7 5 .0 0 0
4 HVo
Mar. 12 rccoivo bids until 9:30 a. m. April 28, it Is reported, for $300,000 5%
June 30 1919
4.35%
100.000
Mar. 14 10 1-6-year (averago) improvement bonds. Interest somi-annual. Certi
July 14 1919
4.35%
5 0 0 .0 0 0
Mar. 14 fied check for 5% required.
Juno 2 1919
4.35%
1,000,000
In addition to tho sale of tho $500,000 5% improvement bonds, $200,000
Mar. 14
June 2 1919
4.35%
100.000
Mar. 14 bonds were awarded on that day to the above company at tho same price.
July 15 1919
4.35%
1 . 2 5 0 .0 0 0
Mar. 14
June 41919
4.35%
PORT OF SEATTLE (P. O. Seattle), K ing C ou n ty, W ash.— BOND
2 .5 0 0 .0 0 0
Mar. 14 SALE.— On March 31 tho $500,000 5% 1-42-year serial gold improvement
June 18 1919
4.35%
2,000,000
Mar. 14 bonds dated April 1 1919— V. 108, p. 1314— were awarded to tho National
July 15 1919
4.35%
5 0 ,0 0 0
Mar. 14 City Co. at 99.83 and interest.
Juno 11 1919
4.35%
2 ,0 0 0 ,0 0 0
Mar. 14
Juno 3 1919
4.35%
2 5 0 ,0 0 0
POSEY COUNTY (P. O. Mt. V ern on ), In d .— BONDS NOT SOLD.—
Mar. 17
July 10 1919
4.55%
4 .0 0 0 . 000
Mar. 17 No sale was made of the two issues ot 4 A % highway improvement bonds,
Aug. 8 1919
4.55%
2.000. 000
Mar. 17 aggregating $22,540, offered on April 2 (V. 108, p. 1196).
Sept. 12 1919
4.55%
3 .0 0 0 . 000
Mar. 17
Oct. 3 1919
4.55%
PUTNAM COUNTY SPECIAL ROAD AND BRIDGE D ISTR IC T
2.000. 000
Mar. 17 NO. 4, Fla.— BOND OFFERING.— Proposals will bo received until April 21
Aug. 15 1919
4.35%
1 .2 5 0 .0 0 0
Mar. 28 (to be opened 10 a. m. April 22 unless a subsequent dato shall be mutually
Oct. 3 1919
4.55%
3 ,0 0 0 ,0 0 0
Mar. 31 agreed upon) by R. J. Hancock, Clerk Board of County Commissioners
Oct. 6 1919
4.55%
(P. O. Palatka), for $160,000 6% 4-23-year serial bonds. Denom. $1,000.
Special R evenue B onds, 1919, A ggregating $250,000.
Mar. 18 Date April 1 1919. Prin. and semi-ann. Int. payablo at tho Hanover Nat.
On or after Jan. 2 1920
$250,000
*3A%
Bank, N. Y . Due as follows: $3,000 1923 and 1924: $5,000 1925 to 1928
Tax Notes , A ggregating $400,000.
incl.; $6,000 1929 to 1931 incl.: $7,000 1932; $8,000 1933 to 1938 incl.;
Mar. 4 $10,000 1939 to 1943 inch, and $11,000 1944. Cert. Iccck for $5,000,
On or after Jan. 2 1920
$150,000
*3A%
Mar. 18 payablo to A. M . Steen, Chairman Board of County Commissioners, re
On or after Jan. 2 1920
*3 y A
250,000
quired. The above bonds haye been validated by a decree of the Circuit
Corporate S tock Notes, A ggregating $19,550,000.
Court and will be certified by tho East Florida Savings & Trust Co., Pa
Various M unicipal Purposes.
latka. John O. Thomson of N. Y . is legal attornoy.
Mar. 3
On demand
♦3 a %
$350,000
RED LAKE COUNTY (P. O. Red Lake Falls), M inn.— BOND SALE.
On demand
Mar. 7
*3 a %
1,800,000
Mar. 14 — The $50,000 5% funding road and bridge bonds offered on Feb. 4 (V.
On demand
900,000
*3A%
Mar. 17 108, p. 498) were awarded on that day to Kalman, Matteson & Wood of
Juno 17 1919
4.40%
150,000
Mar. 18 St. Paul for $51,151, equal to 102.30. Denom. $1,000. Date Feb. 1 1919.
On demand
*3A%
250,000
Mar. 19 Int. F. & A. Due Feb. 1 1939.
July 14 1919
4.35%
50,000
Mar. 21
June 12 1919
4.55%
2,300,000
ROC
ES
. Y .— NOTE OFFERING.— City Comptrollro I I . D .
Mar. 27 Quinby Hwill T E R , N proposals until 2:30 p. m. April 10 for tho following
On demand
250,000
*3 A %
receive
Water.
threo issues of notes, aggregating $800,000:
Mar. 14
On demand
$500,000
*3A%
revenue notes,
1919.
Mar. 17 $700,000 sewage-disposalpayablo two months from April 14 April 14 1919.
June 17 1919
4.40%
250,000
50.000
notes payablo eight months from
On demand
Mar. 18
50,000
*3 a %
50.000 water-impt. notes payablo eight months from April 14 1919.
On demand
Mar. 18
*3 A %
1 0 0 ,0 0 0
Notes will be deliverable April
Union Trust C o., of
Mar. 21 Now York, and will bo payablo at 14 at the Centralabovo trust company.
June 12 1919
4.55%
2 0 0 ,0 0 0
'
maturity at tho
Mar. 27 Bids must state rate of interest, denominations desired, and to whom (not
On demand
*3 A %
250,000
Rapid Transit.
bearer) notes will bo made payablo.
On demand
Mar. 3
♦4%
$300,000
ROCKDALE ROAD D IST R IC T NO. 10, Milam C ou n ty, Tex.—
On demand
Mar. 3 BOND SALE.— According to reports, tho Rockdale State Bank or Rockdale
*4%
2 0 0 ,0 0 0
On demand
Mar. 3 has purchased $134,000 4% road bonds at par.
*4%
150,000
On demand
Mar. 7
*4%
2 0 0 ,0 0 0
RUSK COUNTY (P. O. H en derson ), T ex.— BONDS VOTED.— On
Mar. 12
On demand
*4%
1,250,000
Mar. 12 March 29 a proposition to issue $500,000 road bonds was favorably voted
On demand
♦4%
1,750,000
On demand
Mar. 12 it is stated.
*4%
1 ,0 0 0 ,0 0 0
Mar. 14
On demand
*49?
4,350,000
ST. CHARLES PARISH ROAD DISTR IC T NO. 23 (P. O. Hahn
On demand
Mar. 14 ville), La__ BOND ELECTI ON.— Tho question of issuing $40,000 5%
250,000
Mar. 17 20-year road bonds will bo, it is reported, submitted to tho voters on April
Juno 17 1919
*Ta o %
1 0 0 ,0 0 0
Mar. 18 23. At this election it will also bo determined whether tho taxpayers of
On demand
*4%
350,000
On demand
Mar. 18 of the district will ratify tho bond Issue of $110,000 authorized and issued
*4%
150,000
Mar. 18 by the police jury in behalf of Road District No. 3 on July 15 1914, In
On demand
*4%
250,000
Mar. 27 conformity with the result of a special election hold in this road district on
On demand
*4%
250,000
Dock.
Mar. 18 July 14 1914.
On demand
$ 1 0 0 ,0 0 0
*3K %
ST. JOSEPH COUNTY (P. O. South B end), Ind.— BOND OFFER
Mar. 21
Juno 12 1919
4.55%
500,000
Mar. 27 ING.— Edward F. Keller, County Treasurer, will receive proposals until
On demand
1 .0 0 0 ,0 0 0
*3A %
11:30 a. m. Apr. 17 for tho following two issues of 4 A % highway-impt.
bonds, aggregating $92,000:
^
, ,
♦Purchased by tho City Sinking Fund at par.
$16,000 J. II. Chandler et al. Penn Twp. bonds. Duo $2,300 each six
NILES, T rum bull C ou n ty , O h io.— BOND OFFERING.— Proposals
months from M ay 15 1920 to Nov. 15 1929 incl.
will bo received until 2 p. m. April 29 by Homer Thomas, City Auditor,
46,000 Henry Beehler et al. Penn Twp. bonds. Due $2,300 each six
for tho $107,000
% (special assessment) sewer bonds recently authorized
months from M ay 15 1920 to Nov. 15 1929 incl.
— V. 108, p. 1313. Auth. Sec. 3914, Gen. Codo. Denom. $500. Date
Denom. $460. Date Apr. 15 1919. Int. M . & N.
April 1 1919. Int. semi-ann. Duo yearly on April 1 as follows: $10,500,
ST. PAUL, M inn.— BOND SALE.— Tho $600,000 4 A % 30-year tax1921 to 1929 Incl., and $12,500, 1930. Cert, check for 1% of tho amount
o f bonds bid for, payablo to tho City Treasurer, required. Bonds to be free coupon (with privilege of registration) school bonds, dated April 1
delivered and paid for within 10 days from date o f award. Purchaser to 1919, offered on April 2 (V. 108, p. 1196), wero purchased on that day by
the City Sinking Fund at par.
pay accrued interest.
$6,600 Alcony-Conover Road No. 26 "Series B " (township's portion).
Denoms. 6 for $400 and 14 for S300. Duo $400 each six months
from Oct. 1 1919 to April 1 1922. inclusive, and $300 each six
months from Oct. 1 1922 to April 1 1929, inclusive.
7,600 Alcony-Conover Road N o. 26 “ Series C ” (assessment) bonds.
Denoms. 16 for 8400 and 4 for $300. Duo $400 each six months
from Oct. 1 1919 to April 1 1927, inclusive, and $300 each six
months from Oct. 1 1927 to April 1 1929, inclusivo.
THE CHRONICLE
A pr . 5 1919.]
S A L T L A K E C I T Y , S a l t L a k e C o u n t y , U t a h . — BOND SALE.— On
April 3 the following six issues o f 5% .bonds aggregating $1,000,000 (V.
108, p.1314), were awarded to the National City Co. and Redmond & Co.
$540,000
10-20-year (op t.) water bonds.
14.000 10-20-year (op t.) water bonds.
196.000 10-20-year (op t.) sewer bonds.
100.000 1-20-year serial paving bonds.
100.000 1-20-year serial bath-house bonds.
60.000 12 1-3-yoar (average) park bonds.
S A N A N G E L O , T o m G r e e n C o u n t y , T e x . — BONDS
VOTED.— At the
SANGAMON COUNTY (P. O. Springfield), 111.— BOND' SALE.—
The $500,000 5% 1-10-year serial road bonds offered on March 24— V. 108,
p. 1196— have been awarded to Elston & Co. o f Chicago on the condition
that the county may take the money for the bonds only as it is needed.
SCOTT COUNTY (P. O. Scottsburg), Ind.— NO BIDS RECEIVED.—
N o bids were received for tho $106,630 24 5% drainage bonds offered on
Mar. 26 (V. 108, p. 1196), it is reported. It is further stated that the bonds
will bo reoffered shortly.
SCOTT COUNTY (P. O. Huntsville), Minn.— BOND SALE.— On
Feb. 15 an issue of $70,000 5% funding bonds was awarded to the First
National Bank of Shakopco and tho Peoples State Bank o f Jordan, jointly,
for $70,960 (101.371) and interest. Denom. $1,000. Date Jan. 1 1919.
Int. J. & J. Duo yearly from 1921 to 1929. inclusive.
SCOTT COUNTY (P. O. Huntsville), Tenn.— DESCRIPTION OF
BONDS.— The $300,000 5)4% 10-30-year serial road bonds awarded on
March 8 to Caldwell & Co. of Nashville at 100.05— V. 108, p. 1314— are in
denom. of $1,000 and are dated March 1 1919. Int. M . & S.
SEASIDE HEIGHTS, Ocean County, N. J .— BOND SALE.— On
March 31 an issue o f $25,000 6% boardwalk bonds was awarded to Cut
w ater* Wells o f Jersey City at 100.10. Denom. $625. Date April 11919.
Int. A. & O. Due $625 yearly on April 1 from 1919 to 1958 Incl.
SHELBY COUNTY (P. O. Memphis), Tenn .— PURCHASER OF
BONDS.— The $375,000 coupon auditorium and market-houso bonds,
offered on March 25 (V. 108, p. 1314), were awarded to I. B. Tigrett & Co.,
of Jackson and tho Guaranty Bank & Trust Co., o f Memphis, jointly, for
$379,002 50 (101.067) and interest (not to the Guaranty Trust & Savings
Bank of Memphis, as reported in V. 108, P. 1314). Denom. $1,000.
Dato Jan. 1 1919. Principal and semi-annual interest (J. & J.) payable
at the office of tho County Treasurer, or at U. S. Mtge. & Trust C o., of
New York, at holder’s option. Duo Jan. 1 1949.
Financial Statement.
Real value of taxable property (estimated).............................. $275,000,000
Assessed valuation for taxation____________________________ 109,236,390
Total debt (this issue included)-................................................
2,952,000
Population, estimated, 250,000; 1910 census, 191,439.
SHELBY SCHOOL DISTRICT (P. O. Shelby), Toole County, Mont.
— BOND ELECTION.— An election is to be held to-day (April 5), when a
proposition to issue $13,800 school bonds will be submitted to the voters.
SOUTH PORTLAND, Cumberland County, Me.— BOND OFFERING.
— Bids will bo received until 7:30 p. m. Apr. 18 for $24,500 5% bonds,
it is reported. Date May 1 1919. Duo May 1 1939.
LOAN OFFERING.— It is also reported that bids are being received for
a temporary loan of $65,000, due Oct. 1 1919.
■
SPARTANBURG COUNTY (P. O. Spartanburg), So. CaroJ-BOlVDS
AWARDED IN PART.— Ot tho $630,000 4)4% highway bond* offered on
March 19 (V. 108, p. 1091), $130,500 was awarded on that day to tho
Security Trust Co. o f Spartanburg at par and interest. Denom. $1,000
and $500. Dato M ay 1 1917. Int. J. & J. Due yearly from 1922 to
1937 incl.
SPRINGFIELD, Clark County, Ohio.— BOND SALE.— On Feb. 27
$10,100 (city’s share) and $13,778 (special assessment) 5% local-improve
ment bonds were awarded to the Sinking Fund Trustees at par and accrued
int. Denoms. $500 and $2,755 60. Date Mar. 1 1919. Int. M . & S.
Due serially on Mar. 1 and Sept. 1 from 1919 to 1928 incl.
STAR CITY SCHOOL DISTRICT (P. O. Star City), Lincoln
County, Ark.— BOND SALE.— M . W . Elkinsjof Sheridan has purchased
$25,000 6% school bonds, it is stated.
STRUTHERS, Mahoning County, Ohio.— BOND SALE.— On Mar.
19 tho $4,080 6% coupon sewer bonds (V. 108, p. 1091) wero awarded to
Seasongood & Mayer of Cincinnati at 104.56. Denom. $510. Due $510
yearly on Apr. 1 from 1924 to 1931, incl.
STURGIS SCHOOL DISTRICT (P. O. Sturgis), Union County,
Ky.— BONDS AUTHORIZED.— The School Board on Mar. 6 passed a
resolution providing for the issuance of $30,000 high-school-building bonds,
it is stated.
SUSSEX COUNTY (P. O. Georgetown), Del.— BONDS AUTHORIXED.— At a meeting of tho State Highway Commission with tho County
Commissioners April 1, it was decided to issue $500,000 highway-construc
tion bonds, it is reported.
TAUNTON, Bristol County, Mass.— LOAN OFFERING.— 'The City
Treasurer will receive bids until 6 p. m. April 8, it is reported, for a tem
porary loan of $200,000, issued in anticipation of taxes, dated April.8 1919
and maturing Nov. 18 1919.
TEANECK TOWNSHIP SCHOOL DISTRICT (P. O. Englewood),
Bergen County, N. J .— BOND SALE.— On Mar. 28 tho $65,000 5% cou
pon (with privilege o f registration) school bonds (V. 108, p. 1091) wero
awarded to the National City Co., N. Y ., for $65,395 85 (100.609) and int.
Duo $3,000 yearly on Apr. 1 from 1920 to 1934 incl., and $4,000 yearly on
Apr. 1 from 1935 to 1939 incl. Other bidders wero:
People’s Trust & Guaranty C o., Hackensack.......................... $65,331 50
B. J. Van Ingen & C o., Now York.............. ................................. 65,110 50
Now Jersey Fidelity & Plate Glass Insurance Co____________ 65,013 65
Geo. B. Gibbons & C o., Now York.............................................. 65,091 00
TEXAS (State of).— BOND SALE.— Tho following 5% bonds aggregat
ing $54,900 were purchased at par and interest by tho State Board of
Education for the Permanent School Fund:
Dist. & N o.—
Common County School District
Amount.
A t a s c o s a 2 ------------------------------------ $ 1 ,8 0 0
A t a s c o s a 3 3 ________________________2 ,0 0 0
C h e r o k e e 8 8 ______________________ 1 ,2 0 0
D e l t a 4 ...............
3 ,0 0 0
D e l t a 9 ...............
3 ,0 0 0
D e l t a 1 4 ................................................. 1 ,2 0 0
D e l t a 1 6 .................................................... 2 ,0 0 0
D e l t a 1 7 .................................................... 4 ,6 0 0
D e l t a 2 3 ................................................. 1 ,8 0 0
D e l t a 3 0 ................................................. 2 ,4 0 0
D e l t a 3 5 ................................................. 1 ,8 0 0
D e l t a 3 7 ......................... - ..................... 1 ,2 0 0
H a r r is 2 3 ..................................
3 ,5 0 0
Dist. & N o.—
Amount.
Kaufman 8 .................................... $1,200
Lubbock 6 -------------------------------- 4,500
Lubbock 14..............................
1,500
Lubbock 15.............
2,000
M otley 14...................................... 2,000
Robertson 31.............................. 2,500
Runnels 49------------------------------ 2,000
Terry 16.......................................... 2,500
Wharton 6 ...................................... 2,200
Wharton 6 .................. - ............. 3,000
Wheeler 6 ........................................ 2,000
TOLEDO, Lucas C oun ty, O h io.— BOND OFFERING.— P r o p o s a l s
w ill b o r e c e iv e d u n t il 12 m . A p r . 2 2 ( b y J a m e s S . M a r t i n , D i r e c t o r o f
F i n a n c e ) f o r t h o $ 2 0 0 ,0 0 0 5 % s t r e e t im p r o v e m e n t ( c i t y ’s p o r t i o n ) b o n d s ,
m e n t io n e d in V . 1 0 8 , P- 2 9 4 .
D e n o m . $ 1 ,0 0 0 .
D a te F eb . 1 1919.
In t.
F. & A.
D u o F e b . 1 1934.
C e r t, c h e c k fo r 2 % o f a m o u n t o f b o n d s b id
f o r , p a y a b le t o t h o C o m m i s s io n e r o f t h e T r e a s u r y , r e q u i r e d .
P u rch a ser
t o p a y a c c r u e d in t e r e s t .
TOLEDO SCHOOL DISTRICT (P. O. T oledo), Lucas C oun ty,
O h io .— BOND SALE.— O n M a r c h 3 1 t h e $ 5 0 0 ,0 0 0 5 % a n d $ 5 0 0 ,0 0 0 5)4%
s c h o o l b o n d s (V. 1 0 8 . p . 1 3 1 4 ) w e r o a w a r d e d t o S t a c y & B r a u n o f T o l e d o
a t 1 0 2 .9 7 3 , a b a s is o f 4 . 8 7 2 % .
D e n o m . $ 1 ,0 0 0 .
D a te M a rch 1 1919.
I’ r in . a n d s e m i- a n n . in t . a t t h e U . S . M t g e . & T r u s t C o . , N . Y .
D ue
y e a r l y M a r c h 1 f r o m 1 9 2 0 t o 1 9 5 9 , in c l.
TULSA SCHOOL DISTRICT (P. O. T ulsa), T ulsa C oun ty, O kla.—
BOND OFFERING.— P r o p o s a l s w ill b o r e c e iv e d u n t il 12 m . A p r . 11 b y t h o
B o a r d o f E d u c a t io n ( R a y S . F e llo w s S e c y . ) f o r $ 1 ,0 0 0 ,0 0 0 s c h o o l b u i l d in g
bon d s!
D e n o m . $ 1 ,0 0 0 .
P r m . a n d s e m i- a n n . in t e r e s t p a y a b l e a t t h o
O k la h o m a F is c a l A g e n c y , N e w Y o r k .
D u o $ 2 5 0 ,0 0 0 5 y e a r s a f t e r d a t o ,
a n d $ 5 0 ,0 0 0 in 6 t o 2 0 y e a r s , i n c l . , f r o m d a t e .
B id s a r e r e q u e s t e d o n b o n d s
b o a r i n g \ yt a n d 5 % in t e r e s t .
C e r t i f i e d c h e c k f o r $ 5 ,0 0 0 is r e q u i r e d , i f
1433
$250,000 or a less amount of bonds is bid for, and $210,000 check, if a larger
amount is bid for. Purchaser to pay accrued Interest. Tho official cir
cular states that there has never been any litigation pending or threatening
concerning these bonds, and that the district has never failed to pay the
interest and principal of any o f its obligations. Total bonded debt (In
cluding this issue) $2,216,000. Certificate or warrant indebtedness,
$60,000. Sinking fund, $300,000. Assessed valuation, 1918, $49,000,000.
Total valuation (est.), $60,000,000. Assets (not including water-works
and sinking fund), $2,195,719. Total tax rate (per $1,000) $43.40.
Population (1910), 18.190; at present (est.), 85,000.
UNION SPRINGS, B ullock C oun ty, Ala.— BOND SALE.— Accord
ing to reports $10,000 5)4 % 10-year water, light and fire dept, bonds have
been disposed of.
W ALKER COUNTY (P. O. Jasper), A la.— BOND OFFERING.—
E. W . Long, Chairman of the Highway Commissioners, will receive bids
until April 12, it is stated, for $50,000 5 % 30-year road bonds.
WARREN COUNTY (P. O. W illiam sport), In d .—BOND OFFERING.
— Proposals will be received until 2 p. m. Apr. 14 by J. F. Hildcnbrand,
County Treasurer, for the following 4)4% tax-free coupon gravel road im
provement bonds:
.
$9,838 Pine Twp. bonds. Denom. $491 90. Due $491 90 each six months
from M ay 15 1920 to Nov. 15 1929 incl.
,
.
5,640 Mound Twp. bonds. Denom. $282. Due $282 each six months
from M ay 15 1920 to Nov. 15 1929 incl.
Interest M . & N.
W ARREN, Trum bull C oun ty, O h io.— BOND OFFERING.— Proposals
will be received until 12 m. M ay 3 by Geo. T . Hecklinger, City Auditor,
for $11,000 6% coupon paving (city’s share) bonds. Auth. Sec. 3939
Gen. Code. Denom. $500. Date Apr. 15 1919. Prin. and semi-ann.
int. payable at the office of tho Sinking Fund Trustee. Due yearly on
Apr. 15 as follows: $3,000, 1922; $4,000, 1923 and 1924. Cert, check for
$500, payable to tho City Treasurer, required. Bonds to be delivered and
paid for within 5 days from date of award. Purchaser to pay accrued
interest.
W ASHINGTON. Fayette C oun ty, O h io.— BONDS AUTHORIZED.—
On March 17 the City Council authorized the issuance of $10,000 5 K %
coupon water-plant and lighting-plant bonds. Denom. $500. Date
Mav 1 1919. Prin. and semi-ann. int. (M . & N.) payable at the City
Auditor’s office. Due $500 yearly on M ay 1 from 1920 to 1939. Incl.
W ATERTOW N SCHOOL DISTRICT (P. O. W atertow n), C od in g ton
C ou n ty, So. Dak.— BONDS VOTED.—At a recent election the people
voted the issuance of $300,000 school bonds by a majority of 2H to 1, it is
W AXAHACHIE, Ellis C oun ty, T ex.— BOND SALE.— 'The W m . R .
Compton Co. of St. Louis have purchased, it is stated, the $60,000 paving,
water-extension and sewer mains bonds recently authorized.— V . 108, p.
399.
WEEHAWKEN TOW NSHIP (P. O. W eehaw ken), H udson C ou n ty,
N. J .— BONDS OFFERED.— It is reported that Thomas Carroll, Township
Clerk, will receive bids until 9 p. m. Apr. 17 for $54,000 5% 1-25-year
serial park bonds. Int. semi-ann. Cert, check for 2% required.
W HARTON COUNTY COMMON SCHOOL D ISTR IC T NO. 25,
T ex.— BOND SALE.— The State of Texas was awarded at par and interest
during March the $9,000 5% 10-20-year school bonds (V. 108, p. 499).
W ORCESTER, W orcester C oun ty, Mass.— TEMPORARY LOAN.—
A temporary loan of $100,000. issued in anticipation of revenue, dated
April 3 1919, and maturing Nov. 5 1919, has been awarded, it is stated, to
Salomon Bros. & Hutzler, of Boston, on a 4.33% discount basis.
YELLOWSTONE COUNTY (P. O. B illings), M ont.— BOND SALE.—
The three issues of 6% 5-20-year (opt.) bridge and fair ground bonds
aggregating $125,000 offered on Mar. 31 (V. 108, p. 997) were awarded on
that date to tho Minnesota Loan & Trust Col of Minneapolis for $129,221,
equal to 103.36. Other bidders were:
^
.
Name of Bidder—
Premium
Bankers Trust Savings Bank, Minneapolis_____________________ $3,236 00
Spitzer, Rorick & Co., Toledo.......................... — ........... - ........... 1.966 99
Union National Bank, Seattle-------------------------------------------------- 2,812 §9
E. H . Rollins & Co., Denver.......................................................... 3,512 50
Sidle Simons, Pels & Co., Denver--------------------------------------------- 2,150 99
Weil Roth & Co., Cincinnati.........................- ......... - ..................... 2,875 00
W . L. Slayton, Toledo.........- .............................................................. 3,590 00
A. E. Aub & Co., Cincinnati-------------------------------------------------- 3,975 00
Stern Bros. & Co., Kansas City------------------------------------------------ 3,920 00
Merchants Loan C o., Billings_________________________________ 3,8/5 yu
Benwell Philips Este, Denver_________________________________ 3.462 50
Ferris & Hardgrove, Spokane--------------------------------------------------- 3.478 00
Harris Trust & Savings Bank, Chicago______________________ _ 4,012 00
YOAKUM, Lavaca C oun ty. T ex.— BOND SALE.— According to a re
port from Yoakum, the 850,000 5% 20-40-year hospital bonds which were
registered with the State Comptroller Nov. 25 (V. 107, p. 2308), have been
awarded to three local banks at par and int., the Yoakum National Bank
and the Yoakum State Bank each taking $20,000 and the Farmers’ & Mer
chants’ State Bank $10,000.
YOUNGSTOW N, M ahoning C oun ty, O h io.— BONDS AUTHO
RIZED.— The City Council recently passed ordinances authorizing the
issuance of tho following bonds:
$11,500 fire-department bonds.
.
,
„
...
^ .
15,000 5% coupon street-improvement bonds. Denom. $1,000._Date
June 16 1919. Prin. and semi-ann. int. payable at the office of
the Sinking Fund Trustees. Due $3,000 yearly on Oct. 1 from
1920 to 1924. Incl.
CANADA, its Provinces and M unicipalities.
B R I D G E W A T E R , N . S . — DEBENTURES PROPOSED.— According to
newspaper reports an issue of $50,000 street-improvement debentures is
under consideration.
CARLETON
C O U N T Y , O n t . — DEBENTURES PROPOSED.— It is
reported that this county will make application to the Provincial Legislature
for permission to issue $100,000 bridge debentures without the assent of
the electors.
F I T Z R O Y T O W N S H I P ( P . O . K i n b u r n ) , O n t . — DEBENTURE SALE.
On March 29 the $7,000 6% 20-year site-purchasing and school-building
debentures— V. 108, p. 1092— wero awarded to R. O. Matthews & Co. of
Toronto for $7,228, equal to 103.257. Due 1939.
K E N O R A , O n t .— DEBENTURE SALE.— C. IT. Burgess & Co. of
Toronto recently purchased, it is reported, $10,474 6% 30-installment
debentures.
DEBENTURES VOTED—-DEBENTURE OFFERING— On Mar. 24 the
by-law to issue $17,000 6% street-impt. and public-impt, debentures men
tioned in V. 108. p. 1198, carried by a vote or 161 "for to 28 ‘ against.
Duo Mar. 31 1939.
. ,
.
It is further stated that proposals for these debentures will be received
until May 15.
K E R R O B E R T , Saak.— DEBENTURE SALE.— An issue of $5,128 21
debentures was recently purchased by Nay & James, Regina, it Is reported.
F I E L D I N G , Sask.— DEBENTURE SALE.— W . L. M cKinnon & C o..
Regina, recently purchased $750 debentures o f this village, it is stated.
L O N D O N , O n t . — DEBENTURES PROPOSED.— It is reported that tho
city will apply to the Provincial Legislature for authority to issue $200,000
building debentures without the consent of tho voters.
M I M I C O , O n t .— DEBENTURES AUTHORIZED.— On March 10, it Is
reported, the City Council passed a by-law authorizing $5,000 fire apparatus
purchasing debentures.
M O O S E J A W , Sask .— DEBENTURE ELECTION PROPOSED.— An
election may be held Apr. 16 to vote on a by-law providing for the issuance
of 8200,000 electrical-system-extension debentures, it is reported.
O T T A W A , O n t .— DEBENTURES PROPOSED.— The city will ask
permission from the Provincial Legislature to issue debentures amounting
to $921,000 without the consent of the ratepayers, it is reported.
P O R T A R T H U R , O n t . — DEBENTURE SALE.— It is reported that
Wood. Gundy & Co. of Toronto wero recently awarded $71,700 6% 10-yrfire-apparatus purchasing debentures at 101.675.
1434:
THE CHRONICLE
SAINTE CLAIRE, Que.— DEBENTURE SALE.— During March an
issue or $20,000 6% filtration-plant debentures was purchased by the
Royal Securities Corp., Ltd., at par. Date Apr. 1 1919. Due Apr. 1 1949.
SASKATCHEWAN SCHOOL DISTRICTS, Sask_ DEBENTURES
_
AUTHORIZED.— The following is a list o f authorizations granted by the
Local Government Board from Feb. 22 to March 8 1919: Avonlea Village,
$2,500 20-year not exceeding 7% ; LeRoss, $2,000 10-year 8% Installment:
Sussex, $700 10-year not exceeding 8% annuity: Dinsmoro, $10,000 10-year
not exceeding 8% annuity; Wliiteshoro, $2,500 10-year not exceeding
8% annuity.
°
SASKATCHEWAN SCHOOL DISTRICTS, Sask.— DEBENTURES
AUTHORIZED.— According to the “ Monetary Times” of Toronto the
following is a list of authorizations granted by the Local Government Board
from Mar. 8 to Mar. 15 1919:
Rosthern— $35,000 25-years not ex. 8% annuity.
♦Buffalo Hill— $2,200 10-years not ex. 8% installment.
Dickson— $1,000 10-years not ex. 8% installment.
♦Being included in next sale held by the Local Government Board.
DEBENTURE SALE.— The following is a list o f debentures reported
sold from Mar. 8 to Mar. 15 1919:
Foxdale— $200: Allan, Gordon & Gordon, Regina.
Spondon— $2,900: Waterman, Waterbury Manufacturing C o., Regina.
Monmouth— $700; Nay & James, Regina.
Paragon— $500; W ood, Gundy & Co., Saskatoon.
SM1™ ’ £ A L LS, O n t.— DESCRIPTION OF DEBENTURES.— BIDS.
— The $10,203 09 6% 20-installment local-impt. debentures which were
awarded Mar. 24 to Aemilius Jarvis & Co. of Toronto at 103.03 (V. 108.
[V ol .
108
p. 1316) are described as follows: Date Apr. 1 1919. Int. annually (Apr.),
Other bidders for these debentures wero:
J. F. Stewart & C o...........$10,459 90 It. O. Matthews & C o___ $10,419 03
Canada Bond Corporation 10,454 80 It. C. M onk...............
10,417 35
Brent, Noxon & C o........... 10,346 55 A. E. Amos & C o________ 10,397 00
W. L. McKinnon & C o_ 10,346 14 Sterling Bank of Canada. 10,320 00
_
C. II. Burgess & C o........... 10,439 80 Geo. Stimson & C o______ 10,311 25
Wood, Gundy & C o........... 10,426 00 Mackay-M ackay............... 10,302 00
S T R A T F O R D , O n t . — DEBENTURE SALE.— A . E. Ames & Co. of
Toronto recently purchased an issue o f $20,500 5 K % 10-year hospital
debentures.
S W IF T
CURRENT
SCHOOL
D I S T R I C T , S a s k .— DEBENTURE
SALE.— It is reported that $50,000 school bonds have been sold to local
purchasers.
T R A IL ,
B.
C .— DEBENTURES AUTHORIZED.— 'The Provincial
Government has approved of the issuance of $56,500 7% 20-year sower
debentures, it is stated.
W A L K E R V I L L E , O n t . — BIDS REJECTED.— All bids received for the
$30,000 6M % 15-installment Walker Road paving and $15,000 6% coupon
(with privilege of registration) 10-installment Canadian Patriotic Fund
debentures, offered on Mar. 31 (V. 108, p. 1316), were rejected, owing to
the fact that the Council decided to reduce the interest rate of the $30,000
issue from 6>$% to 6% .
— DEBENTURE SALE.— Newspapers report that the
$60,000 6% 1-30-year school debentures offered on Mar. 28 (V. 108, p.
1198) were awarded to Brent, Noxon & C o., Toronto, at 104.345, together
with the printing of the debentures.
FINANCIAL
NEW
A n Mt a I s r neCma y
tla tic uul nua c o pn
The Trustees, in conformity with the Charter of the Company, submit the following statement^of its affairs*on the
31s< of December, 1918.
Premiums on Marine and Inland Transportation Insurance from the 1st January. 1918. to
the 31st December, 1918...................................
Sfl 684 rqi '>
'5
Premium.! on Policies not terminated 1st January, 1918......... --1111111111111111111111
L072,’550.96
Total Premiums............................................................................................... 87,757,442.51
Premiums marked off as terminated from 1st January, 1918, to 31st December, 1918.......... 80,75^508 18
Intereston tho investments of the Companyrecelved during the year 8418 106 66
Interest on Deposits in Banks, Trust Companies, etc____
120 010 84
Rent received less Taxes and Expenses--------- ------- ---------- 1.1 .1 97!634!51 $ 635.752.01
Losses paid during the year.................................................
—
84 105 073 64
Less: Salvages.......................... $239" 186251 ’
’
‘
lie-insurances........................1,947,733.0882,186,919.59
81,919,054.05
Re-insurance Premiums and Returns of Premiums.............. ...
$T 750~937~6T
Expenses, including compensation of officers and clerks, taxes, stationery"
’
’
’
advertisements, etc.................................................................................s 996,019.98
- A
dividend of Interest of Six per cent, on the outstanding certificates of profits will bo paid to the
holdera thereof, or their legal representatives, on and after Tuesday tho fourth of Februuv next.
r i^ o ^ ,? \ fer5lncate:3.or^tlei s<iue ? f
will be redeemed and paid to the hohl'rs thereof, or
their legal representatives, on and after Tuesday tho fourth of February next, from which A te all Interest
thereon will cease. The certificates to be produced at the tlmt of payment and canceled*
„„,u ™ d*yirCJ ot K
Td
I
0rt?nf,‘oe pSi ,.ent- 1 declared on the earned premiums of the Compan^for tho year
3
ending 31st December, 1918, which are entitled to participate In dividend, for which, upon application,
certificates will be issued on and after Tuesday the sixth of May next
By order of the Board.
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
EDMUND L. BAYLIES,
PHILIP A. S. FRANKLIN.
DALLAS B. PRATT.
JOHN N. BEACH,
HERBERT L. GRIGGS
JOHN J. RIKER,
NICHOLAS BIDDLE,
SAMUEL T. HUBBARD,
JUSTUS RUPERTI
JAMES BROWN,
WILLIAM H. LEFFERTS,
WILLIAM JAY SCHIEFFELIN.
JOHN CLAFLIN,
CHARLES D. LEVERICH.
_______
SAMUEL SLOAN.
GEORGE C. CLARK,
HENRY FORBESMcCREERY, WILLIAM SLOANE,
J. WILLIAM CLARK,
NICHOLAS F. PALMER.
LOUIS STERN,
FREDERIC A. DAI,LETT,
WALTER WOOD PARSONS. WILLIAM A. STREET,
CLEVELAND II. DODGE,
CHARLES A. PEABODY.
GEORGE E. TURNURE,
CORNELIUS ELDERT,
WILLIAM R. PETERS.
GEORGE C. VAN TUYL. Jr.
G . S T A N T O N FLOYD-JONE3. JAMES H. POST,
RICHARD H. WILLIAMS.
CHARLES M. PRATT.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 24 Vice-President.
WILLIAM D. WINTER, 3rd Vice-President.
ASSETS.
LI ABILITIES.
United States and State of New York
Estimated Losses and Losses Unset
Bonds--------------------- -------------_s 3,463,000.00
tled In process of Adjustment....... $ 4.557,029.00
Stock of the City of New York and
Premiums on Untermlnatcd Risks... 1.000,934.33
Stocks of Trust Companies & Banks 1,385,500.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads_____ 3,069,879.85
Unpaid...............
316,702.75
Other Securities........... ................... .
285,410.00 Return Premiums Unpaid................
129 017 66
Special Deposits in Banks and Trust
Taxes Unpaid ...............................
400,000.00
Companies ____________________
1 ,000,000.00 Re-Insurance Premiums on Termi
Real Estate cor. Wall Street, William
nated Risks...............................
288,503.92
Street and Exchange Place......... 3,900,000.00 Claims not Settled, Including ComReal Estate on Staten Island (held
peasation, etc....... .............
139,296.10
under provisions of Chapter 481,
Certificates of Profits Ordered Re
Laws of 1887)...............................
75,000.00
deemed, Withheld for Unpaid Pre
Premium Notes.... .......................... .
663.439.52
miums.............................. ...........
22,592.54
Bills Receivable................................
716,783.30 Income Tax Withheld at tho Source..
3.739.93
Cash in hands of European Bankers
Certificates of Profits Outstanding.. . 6,140,100.00
to pay losses under policies payable
in foreign countries....... ..... ........ .
_
286,904.00 Balance............................................ 3,825,570.11
Cash In Bank and in Office............... 1,972.809.61
Statutory Deposit with the State of
Queensland, Australia____ ___________ 4,765.00
816,823,491.34
S16.823.491.34
Balance brought down.............................
Accrued Interest on the 31st day of December, 1918, amounted to......
Rents due and accrued on tho 31st day of December, 1918, amounted to...............................
23 106 40
Re-insurance due or accrued. In compauies authorized In New York, on"the ‘.31st'"day" o"f
' '
December, 1918, amounted to......... .....................
,150 1st 31
Note: The Insurance Department has estimated the value of the Real"Estate"on'st'a'ten"fsiand
’
in excess of the Book Value given above, at__ .
63 700 O
O
uho Insurance Department’s valuation of Stocks, Bonds and other" Securities "exceeds" the
’
Company’s valuation by.................................................... ......... ....................... ............ 2,411,384 11
On the basis of these Increased valuations tho balance would be........... ............................... "86.881.835.38
LOAN S.
$ 8 6 6 ,0 0 0
SCHOOL
D IS T R IC T
OF T H E C IT Y OF
BETH LEH EM ,
4 y 2%
PA.
BONDS
NOTICE TO BOND BUYERS.
Sealed proposals endorsed "Bid for Bonds”
will be received by the Finance Coinmitteoiof
the School District of Bethlehem, Pennsylvania
until 6:00 o'clock P. M . the 14th day of April,
1919, for the purchaso of eight hundred and
sixty-six thousand ($866,000) dollars of bonds
of the School District of the City of Bethlehem,
Pennsylvania, known as "Series of 1919" in
denominations to suit tho buyer or buyers, bear
ing interest at tho rate of four and one-half per
cent per annum, payable semi-annually, at the
office of the Treasurer of the said School District
in tho City of Bethlehem, Pennsylvania, on tho
first days of October and April of each year,
said bonds being dated April 1st, 1919, and
maturing as follows: Twenty-six thousand ($26.
000) dollars on the first day of April, 1928.
forty thousand ($40,000) dollars on the first day
of April, 1929, and forty thousand ($40,000)
dollars on the first day of April of each successive
year thereafter to tho first day of April, 1949.
inclusive.
These bonds are exempt from all taxes which
may be levied or assessed thereon by the Common
wealth of Pennsylvania and all existing Federal
Income tax. No bid will be considered unless
accompanied by a certified check drawn to the
order of the School District of the City of Bethiehem, Pa., for two per cent, of tho amount of
said bid. Deposits of successful bidders will be
applied in partial payment of the purchase of
the bid, if accepted, and contract completed by
bidder. If bids are accepted and bidders fail
to complete contract then tho amounts of cer
tified checks will bo forfeited. Checks accom
panying bids not accepted will bo returned to
the bidder within forty-eight hours after* the
opening of the bids. No allowance for interest
will bo mado on advanced deposits. All bids
shall provido for tho payment of accrued interest
from the date of the bond, April 1, 1919. to!the
dato of delivery thereof, said bonds being sold
subject to delivery. Tho Financo Committee
reserves tho right to reject any or all bids.
Legality of issue of all proceedings in connection
therewith to bo approved by Roberts, Mont
gomery and McKeenan, Esqs., of Phila., Pa.
For further Information address
ROBERT M . BIRD,
Chairman, Finance Committee.
H. J. IIARTZOG, Solicitor,
Wilbur Trust Co. Bldg.,
Bethlehem (South Side), Pa.
F . W M .
K R A F T ,
L a w y e r
Specializing In Examination A Preparation
C o u n t y , M u n ic ip a l a n d C o r p o r a t io n
B o n d s , W a r r a n ts a n d S e c u r itie s e n d
P r o c e e d in g s A u t h o r iz in g S am e.
Roonu 517-520, 111 W. Monroe Sta.
Hariri* Trust Building
C H IC A G O , IL L IN O IS
MELLON NATIONAL BANK
FEDDE
&
PASLEY
P IT T S B U R G H
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS MARCH 4, 1919
RESOURCES
Loans and Discounts__________________________________________ $46,760,62068
United States Obligations____________________________________ 33,332,25593
Other Bonds and Investments----------------- -------------- --------- _ 28,233,714 73
Overdrafts.................— _______ _________________ _____ ______
48
Casii and due from Banks__________________________________
22.268,585 21
„
,
LIABILITIES
$13° ’ 695’ 182 03
Surplus and Undivided Profits..................................... _..........
4,533,807 79
Reserves
------- - - - - - - ........... - ......... - ..................................... ..
2,656,364 89
Borrowed from Federal Reserve Bank_______________________
8,300,00000
5,120,000 00
Circulating Notes.......................
^
(Individuals...........................................$61,030,985 45
Deposits] Banks...................................................... 36,311,935 52
(Government........................................... 6,632.088 38 103.975,009 35
$130,595,182 03
C e r t f f t c t i ^ p u b lic g c c o u n t a n t s
55 L iberty S t.,
G E O R G E
W .
New Y ork
M Y E R ,
J R .
C e r tifie d P u b lic A c c o u n t a n t
60 WALL ST.. NEW YORK
A udita, In vestigation s,
E sta te A cco u n tin g ,
In oorn e T a x R e tu r n s.
Telephone Honors
@FedFRASER