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finatiqat
The.
tillinurct31
INCLUDING
Bank & Quotation Section
Railway Earnings Section
ijaintrie
Railway & Industrial Section
Bankers Convention Section
VOL. 109
Electric Railway Sectiol
State and City Section
SATURDAY. AUGUST 16 1919
The (Chronicle
Clearings at-
PUBLISHED WEEKLY.
1919.
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CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic
7396.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
g;
W=e11;
Front, Pine and Depeymter Sta., New York.
Published every Saturday morning by WILLIAM 13, DANA
COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana,
Vico-President and
Secretary. Addresses of both, Office of the Company.
alSVER1W(1 HOUSE RETURNS.
The following table, made up by telegraph, Ac., indicates that the total bank
clearings of all the clearing houses of the United States for the week.ending to-day
have been $8,123,772,080, against $8,216,748,562 last week and $6,251,565,3
50
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Aug. 16.
1919.
1918.
Per
Per
New York
Chicago
Philadelphia
Boston
Kansas City
81. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,749,013,273
516,026,390
364,197,090
291,971,090
238,153,734
148,582,897
136,088,132
116,597,725
100,401,213
74,237,916
51,482,509
$2,679,483,563
439,127,510
316,702,398
252,031,253
188,108,594
144,815,520
101,184,423
99,912,662
59,699,332
63,076,893
40,657,862
+39.9
+17.5
+15.0
+15.8
+26.6
+2.6
+34.5
+16.7
+68.2
+17.7
+26.6
Eleven cities, 5 days
Other cities, 5 days
$5,786,751,969
961,047,698
$4,384,800,010
726,274,181
+32.0
+32.3
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Springfield, Ill_ _ _
Akron
Fort Wayne
Lexington
Rockford
Youngstown _ _ _ _
Quincy
Decatur
Springfield, 0_ _ _
Canton
Bloomington _ _ _ _
South Bend
Mansfield
Danville
Lima
Owensboro
Lansing
Jacksonville, Ill.._
Ann Arbor
Adrian
TotalMid.West
NO. 2825
IVeek ending August 9.
617,614.508
54,851,037
95,806,599
06,880,569
26,715,125
17,342,000
14,656,500
14,191,265
4,957,257
5,700,000
4,628,304
4,800,000
2,892,635
10,010,000
1,787,961
1,100,000
2,216,301
4,373,552
1,828,224
1,623,116
1,501,829
4,215,434
1,610,484
1,150,000
1,283,051
725,000
1,159,723
730,494
1,400,000
1,040,700
499,871
98,761
999,393,300
1918.
Inc. or
Dec.
1917.
1916.
T;
$
491,125,284 +25.0 .438,170,499 367,203,360
57,627,686 -4.8
39,903,885
29,295,200
81,753,850 +17.2
67,898,302
44,041 049
62,237,613 +55.7
60,310,965
56,011,747
25,014,521
+6.8
23,911,4771
19,189,110
17,345,000 -0.02
13,840,000
10,480,629
11,787,400 +24.3
9,812,300
8,800,300
11,251,565 +26.1
9,444,699
7,545,219
4,524,764 +9.6
5,097,182
3,200,000
5,556,999 +2.6
4,429,654
4,533,772
4,136,698 +11.9
3,082,544
3,180,794
4,247,224 +13.0
2,839,400
1,966,299
2,869,032 +0.8
2,502,728
1,543,478
5,290,000 +89.2
5,412,000
3,337,000
1,466,147 +21.9
1,331,120
1,410,625
800,000 +37.5
530,000
589,932
1,940,381 +14.2
1,640,797
1,133,967
3,482,350 +25.6
2,904,889
2,224,570
1,504,688 +21.5
1,144,084
932,432
1,246,288 +30.3
945,180
707,548
1,008,665 +49.2
1,329,244
925,980
1,466,159 +187.5
3,403,292
2,382,256
1,463,391 +10.0
1,227,076
902,035
1,066,735 +7.9
1,040,189
915,253
1,009,485 +27.1
779,498
591,741
525,240 +27.7
559,268
563,104
720,000 +61.1
600,000
550,000
741,238 -1.4
784,823
324,188
1,050,000 +33.3
1,124,879
848,471
780,328 +33.3
525,145
408,778
299,359 +67.0
365,916
300,000
325,866 -69.7
81,945
63,365
809,664,006 +23.5 712,008,980 576,102,202
San Francisco_ .._ 142,593,646 108,840,207
Los Angeles
47,022,000
27,975,000
Seattle
39,347,901
32,841,621
Portland
27,809,514
21,814,334
Salt Lake City_ _ _
14,208,508
10,981,165
Spokane
10,750,607
6,844,548
Tacoma
4,444,823
4,655,297
Oakland
9,339,704
6,007,507
Sacramento
5,492,919
4,010,081
San Diego
2,000,000
2,283,857
Pasadena
1,510,356
812,445
Stockton
2,693,196
2,132,480
Fresno
3,722,749
2,337,104
San Jose
1,978,717
1,228,023
Yakima
1,236,044
712,046
Reno
400,000
472,500
Long Beach
1,862,700
1,005.722
Total Pacific
316,413,384 234,953,937
d-31.0
+75.2
d-19.8
+27.5
d-29.4
d-57.1
-4.6
+55.5
+37.0
---12.4
+85.9
+26.3
+59.3
+61.1
+73.6
+34.7
94,999,402
62,858,036
25,013,000
23,610,234
22,810,344
13,626,090
13,198,323
12,177.330
11,726,609
8,_00,000
6,500,000
4,541,962
2,969,359
2,130,442
4,998,468
4,508,480
3,320,399
2,618,628
1,842,847
1,990,765
1,048,899
1,038,359
1,812,875
1,379,852
1,671,931
1,070,670
996,520
784,000
558,367
380,028
450,000
409,557
795.918
557,173
194,743,261 142,581,606
Kansas City
265,812,816 204,278,561 +30.1 151,217,516
104,057,081
$6,747,799,667 $5,111,074,191
+32.0 Minneapolis
40,050,511
26,443,646 +51.5
21,662,771
26,859,122
.1,375,972,413
1,140,491,159 +20.6 Omaha
59,814,466
56,440,957 +6.0
30,438,394
24,045,194
St. Paul
18,958,834
+12.5
14,183,316
Total all cities for week
11,478,014
12,098,878
S8,123,772,080 $9,251.565.350 +29.9 Denver
24,920,127
+15.7
21,531,930
14,249,061
12,277,497
St. Joseph
The full details for the week covered by the above will be given next
18,882,071
17,091,669 +10.5
14,886,661
S' turday. Des Moines
10.584,936
We cannot furnish them to-day, clearings being made up by the clearing
11,483,413
+21.2
9,476,968
7,569,587
5,606,481
at noon on Saturday, and hence in the above the last day of the week .has houses Sioux City
10,366,399
7,672,858 +35.1
6,492,461
to be in Wichita
3,678,190
all cases estimated, as we go to press Friday night.
16,138,905
12,331,139 +30.2
7,591,998
5,788,898
Duluth
Detailed figures for the week ending August 9 show:
6,175,093
3,822,110 +61.6
3,799,265
4,807,330
Topeka
4,000,000
4,100,000 -2.4
3,864,527
2,055,674
Lincoln
5.754,967
4,166,071 +38.1
3,605,837
3,105,492
Week ending August 9.
Cedar Rapids _ _ _
2,509,297
2,102,783 +19.4
2,596,685
1,555,084
Clearings:al
Colorado Springs
1,311,887
826,623 +58.7
933,351
768,317
Inc. or
Pueblo
862,534
833,493 +3.5
659,382
472,840
1919.
1918.
Dec.
Fargo
1917.
3,361,556
1916.
1,64'2,177 +43.8
1,526,659
1,532,305
Waterloo
1,918,236
+16.0
1.654,872
2,624,367
1,641,029
$
$
Ilelena
%
$
1,947,746
$
1,763,535 +10.4
1,727,860
Now York
4,757,400,921 3,050,814,456 +55.9 3,485,448,70
1,546,713
Aberdeen
1,675,854
1,190,421 +40.8
Philadelphia _
933,502
411,438,642 351,333,507 +17.1 300,571,2716 2,328.445,489 Fremont
809,899
937,315
210,291,043
+6.4
880,852
614,419
Pittsburgh
125,631,519 115,607,950 +8.7
628,295
66,566,427
822,597
56,460,667 Hastings
806,153 +2.0
442,339
Baltimore
93,675,173
510,128
68,953,912 +35.8
40,724,563
1,283,776
42,483,334 Billings
1,086.973 +18A
1,168,437
36,816,500
718,132
Buffalo
24,130,461 +52.0
19,282,278
16,037,339
Total 0th. West 498,988,400 394,387,107 +20.5
4,994,774
Albany
4,470,611 +11.7
292,083,193 225,147,515
4,563,007
4,387,085
Washington
15,614,212
13,624,712 +14.6
10,298,515
7,856,102 St. Louis
160,427,587 150,318,440 +6.7 125,622,137
Rochester
8,715,858
7,148,696 +21.9
5,609,425
97,657,991
5,087,564 New Orleans.._ _
55,401,958
41,545,618 +33.1
Scranton
3,724,104 +18.3
4,405,207
29,924,778
3,054,501
21,189,530
2,751,250 Louisville
14,500,000
21,035,984 -31.1
Syracuse
3,096,207
3,797,958 +5.0
19,302,522
4,004,695
15,932,460
2,837,5:35
Houston
18,788,887
Reading
13,900,000 +35.2
2,393,270 -0.5
2,381,724
9,600,000
2,216,325
7,137,240
1,959,966
Galveston
10,847,600
Wilmington
3,950,050 +174.6
4,176,965 -4.2
4,000,000
3,000,000
3,285,575
3,982,357
2,703,168 Richmond
52,721,158
Wilkes Barre___..
+12.3
46,946,480
2,223,020
+12.4
2,500,000
26,236,627
1,984,621
15,346,692
1,573,906
Worth
Fort
15,115,756
Wheeling
11.690,979 +29.3
4,876,417
3,380,994 +44.2
10,502,386
3,702,087
7,126,621
2,269,648 Memphis
16,069,262
Trenton
8,952,663 +79.5
2,560,995 +12.3
2,875,051
8,868,366
2,068,731
5,847,503
1,699,847 Atlanta
49,409,458
York
35,240,347 +40.2
1,344,303
1,106,716 +20.6
22,089,307
1,343,717
14,812,084
887,674
Nashville
15,097,109
Erie
15,480,448 -2.5
2,130,877 -3.8
2,050,000
8,579,598
1,769,733
7,271,577
1,268,823 Savannah
7,893,848
Chester
4,871,344 +61.8
2,317,260 -44.3
1,290,793
6,096,715
1,261,975
4,839,988
1,211,156 Norfolk
9,859,761
Lancaster
8,102,218 +21.7
1,231,488 +111.5
2,604,195
5,264,542
1,820,530
3,812,221
1,525,473
Birmingham
____
11,690,604
Altoona
5,452,150 +114.4
969,150
704,286 +37.6
3,170,035
719,497
2,220,776
561,384 Jacksonville
7,956,640
Greensburg
4,110,793 +93.6
760,000
860,760 -11.7
3,382,328
3,164,548
800,000
750,000 Knoxville
3,044,639
Binghamton
2,634,009 +15.6
1,222,700
893,100 +36.8
2,199,057
1,828,600
9:36,300
760,000
Chattanooga _ _ _ _
5,612,640
Montclair
5,006,376 +121
414,329
329,317 +25.9
3,676,312
2,450,069
431.706
393,949 Mobile
2.233,732
+37.8
1,621,078
1,150,000
1,181,442
Total Nilddle_ _ 5,489,977,714 3,667,915,418 +49.7 3,962,464,188 2,694,209,30
Augusta
2,810,652
2
2,661,690 +56.0
2,756,089
1,860,250
Oklahoma
14,709,422
8,327,461 +76.6
8,143,000
Boston
4,559,179
337,034,169 280,795,461 +20.0 211,659,320 158,108,531 Little Rock
6,200,000
4,715.383 +31.5
3,162,110
Providence
1,938,000
10,454,700
10,317,800 +1.3
Charleston
8,530,200
3,544,618
8,149,700
2,816,844 +25.9
2,141,103
Hartford
1,633,138
9,625,279
7,581,759 +27.0
7,894,102
7,091,233 Macon
1,760,000
1,600,000 +10.0
1,393,271
New Haven
3,499,016
5,954,2:35
4,889,631 +21.8
4,495,071
3,960,224 Austin
2,100,000
3,422,768 -38.6
2,340.000
Portland
1,950,000
2,600,000
2,592,788 +0.3
2,296,747
2,216,187 Vicksburg
347,560
299,191 +16.1
275,243
Springfield
232,647
4,190,598
3,854,735 +8.7
3,437,491
4,174,743 Jackson
495,319
446,248 +11.0
Worcester
443,000
383,137
4,417,845
3,499,424 +26.2
3,221,493
10,089,720
3,484,082 Tulsa
+20.5
8,373,748
5,708,201
Tall River
3,140,381
2,493,662
1,921,862 +29.8
Muskogee
1,631,787
2,923,505
1,848,270
+69.3
1,723,242
1,111,621
Now Bedford._.
1,081,058
1,716,177
1,463,429 +17.3
1,466,680
26,134,394
1,343,520 Dallas
15,000,000 +74.2
10,855,105
Lowell
6,292,595
1,090,513
1,321,810 -17.6
1,030,866
972,291 Shreveport
3,123.354
2.018.229 +54.8
1,300.000
Holyoke
800,000
760,000 +5.3
744,098
819,631
Total Southern 530,909,183 432,264,781 +22.6 327,293,453
Bangor
689,473
603,781 +14.2
242,371,092
609,661
595,158
Total all
8,216,748,562 5.857:786,809 +40.3 5,735,610,491 4,075
-,170,187
Total New Eng_ /81 AAA ARA /10 An9 MA A-10 9 947 017 nIn 109 7Ai 570
Outside N.Y.3,459.347.641 2.806.972.303 +23.2 2.248,16f7
5 1 744,830-698
Total all cities, 5 days
All cities, 1 day
610
THE CHRONICLE
[VoL. 109.
national property" and replied that he endorses it,
he did not know that it is part of something called
N.
SITUATIO
L
FINANCIA
THE
the "constitution" of the Russian Soviets; that
ds
The present action of the Railway Brotherhoo
plan, however, goes farther, for it includes all women
performshould be studied in the light of their past
among the public property of the State and all
as
was
ances. Three years ago, while Mr. Wilson
as State wards. This is repulsive to even
out
children
seeking a second term because he had kept us
yet it is best to take the full measure of
of;
think
the
of war and the country was enjoying, through
thing.
hideous
the
imto
war, a prosperity which it would be foolish
plan is technically before Congress,
Plumb
The
psyperil by any change, the Brotherhoods saw a
improbable that it will ever come
utterly
is
it
but
the
chological moment and came forward to make
to which it has gone. We may
pigeonhole
the
of
out
now
most of it. They renewed their demands,
that the Brotherhoods have
also,
,
understand
better
with
taking the form of a, standard eight-hour day
any such thing and do not
getting
of
no
expectation
overAime,
all
pay at the.rate of one-half extra for
foolish as to desire what
so
not
are
they
it;
want
of
instead
pay
the plain meaning of this being more
in the common destructhemselves
involve
would
strutted
chiefs
d
fewer hours. The four Brotherhoo
by means of which they
cover,
a
only
is
This
tion.
emerlarge
the
of
about in Washington, boasting
their owners,
gency fund they had put by for such emergencies, expect to estop returning the roads to
and by so
time
of
and hinting that they were becoming tired of carry- effecting that by further wasting
any sane
upon
union
ing "dynamite" in their pockets, meaning thereby confusing the subject that
national
pledge
the
the strike orders. Mr. Wilson met the men pri- and workable plan of fulfilling
on
another
count
they
vately and confidentially, so far as was disclosed may be prevented; meanwhile,
to be
to the public; the railway executives he met openly, wage advance (which if granted would have
employees
railroad
of
and he constantly urged them to yield. They went extended 'to the whole body
neral
so far as to offer to keep the time of every employee and according to Walker D. Hines, Director-Ge
annual
the
to
millions
on the eight-hour basis, with overtime pro rata, of Railroads, would add 800
and to hold .this money in trust, subject to the de- pay roll of the roads) thus piling the obstructive
cision of an arbitration board to be appointed by deficits still higher.
It happens,just now, as if to add a sort of humor to
Mr. Wilson himself; but the men refused. They were
willing to arbitrate; but they must first have the the situation, that a number of theatres have had to
money in dispute, and after that the arbitration close (in August) because of an actors' strike, and
one amusement company has brought a suit against
could proceed.
So'Mr. Wilson said "the men absolutely refused members.and officers of the Actors' Equity Associato yield" (as they did) and therefore the roads must tion, claiming a half-million damages, and in a fullyield. If they did not, he said, this would follow: page advertisement on Tuesday it warned members
"Cities will be cut off from their food supplies; the of that Association that they are personally liable
whole commerce of the nation will be paralyze-d; before the law. The company cites, of course, the
men of every sort of occupation will be thrown out leading case of the Danbury hatters, in which Mr.
of employment; countless thousands will be brought, Gompers fought so persistently, and also sundry
in a
it may be, to the very point of starvation, and a decisions; it says that a strike which results
of
right
the
that
and
unlawful,
is
contract
of
breach
tragical national calamity be brought on."
to
an
employee
persuades
who
one
against
The falling of the sky had been set for seven in the action
morning of Monday, Sept. 4, but a frightened Con- leave his employer is universally recognized.
Leaving that, however, to stand without comment,
gress had rushed the Adamson bill through and Mr.
Wilson was able to sign it on Sunday morning, let us turn back to 1916. The Sherman Act was then
using for the purpose four pens, which he then in force, which begins by declaring illegal "every
solemnly distributed among the four Chiefs as contract . . . or conspiracy, in restraint of trade or
mementos. The country was thus saved, and the commerce among the several States or with foreign
nations," and declares "every person" engaging in
whole difficulty was settled.
conspiracy guilty of a misdemeanor and liable
such
But much water, and water much disturbed, has
fine or one year's imprisonment, or both.
$5,000
to
since flowed under many bridges, and railroad
to punish through the law some
practicable
not
is
It
bridges have seen their full share of turbulent cureven to indict them; but not
or
of
men,
thousands
rents. The trouble between roads and men has
why was not this provision
and
leaders,
the
to
as
so
been settled several times since by wage advances,
d Chiefs in WashingBrotherhoo
the
against
invoked
In
and now we have the ultimatum once more.
in the same
and
threats
demands
breathing
ton,
come
lieu of more wages, commodity prices must
of
except
because
not,
cowardice?
why
moment;
be
will
down, and pretty speedily, or all the roads
of
restrains
country
the
ion
transportat
the
stop
To
again.
tied up so tightly that they can never stir
ion
that
stop
to
transportat
threat
a
commerce;
its
we
We are the people, say the Brotherhoods, and if
commerce;
and
preparation
restrain
to
threat
a
is
own.
take the roads the people will come into their
Nationalization, democratization, Americanization, threat to do this is essentially "conspiracy," or there
spiritualization, millennialization—call it what you is no meaning in words. What if this had been done,
will and hang it all over with pretty garlands of courage and sense being used instead of a shrinking
rhetoric, the thing is not changed in its essence of time serving? What if the issue raised had been
Bolshevism, to be managed by a Soviet committee. accepted, the bluff "called," the thing brought to its
When Mr. Plumb was asked what he thought of head and fought out, then and there? Does anythe proposition that "all forests, mines, and waters body suppose we would not be in a better position
having a national importance shall be declared now? Put another question for this present time:
AUG. 16 J)1).}THE
CEIR,ONICLE
611
imagine that by some miracle of statute or official month since August 1918, do not furnish
any eviorder commodity prices fell one-half, thus automati- dence of expansion in output. The more
is this true
cally doubling railway wages; does anybody suppose as the per diem production for this
latest month
these employees would subside and stay in subsidence was not only a little under that for June, but
actually
and content; that, having acquired the habit and smaller than for any similar period from February
having been taught the lesson, they would not 1915 to November 1917, inclusive. The
July propresently demand a wage advance, on some pretext duction is announced by cable as 725,497 fine
ounces,
or other, and keep on doing it periodically, so long or a daily average of 23,403 fine ounces, this
contrastas they believed they could get it by the old threat of ing with 736,199 fine ounces and 23,748 fine
ounces
a strike?
last year, 757,890 fine ounces and 24,445 fine ounces
Again and again, we have had, locally and on a two years ago, 761,087 fine ounces and 24,548
fine
small scale, a taste of what a stoppage of transporta- ounces in 1916, and 770,355 fine ounces and
24,850
tion means, and no sane person will speak or think fine ounces in 1915. The seven months' yield,
morelightly of such a calamity as a general or a wide stop- over, at 4,872,981 fine ounces, compares
with
page. But railway employees need food like common 4,992,533 fine ounces in 1918 and is 457,845
fine
persons, and nobody would scream more loudly than ounces less than for the period in 1917 and
519,973
they were the supply interrupted. If they carried fine ounces under that of 1916.
out their threat to tie up the roads, nobody would
sicken of the results sooner than they would; this
The commercial failures statement for the United
means that they have never had any thought of States for July 1919 is another in an extended
series
carrying out their strike threats. It costs them of particularly favorable solvency exhibits.
Almost
nothing to bluster; and since the public, fearing noth- continuously since March of 1918 the
number of
ing so much as inconvenience, has always put up a defaults has shrunk month by month—t
he only
cry to have some sort of arrangement (no matter exception being the failure of March 1919
(with 31
what)made with the malcontents, so that train service days) to show a decrease from February
(with 28
can proceed as usual, the men count upon a fresh days), although the daily average
was smaller.
surrender before every fresh demand. And why Moreover, in each case, beginning with
the March
should they not count thus? If the small child with 1919 statement, the remark "that the aggregat
e was
"temper" once discovers that by casting itself on the the smallest ever recorded for a monthly
period"
floor, with screams and kicks, or (most terrible of has to be repeated. That is the status with
regard
all) with "holding its breath," it can have its way, no to July, with the added satisfactory feature that
the
lesson is ever learned so quickly and effectually, and liabilities are the least•of any month in fully twenty
the weak parent has a course of trouble laid out. years. Referring to the current compilation,
Messrs.
How have we Americans treated these employees, R. G. Dun & Co., whose compilations furnish
the
otherwise than thus? They threaten, and we yield; basis for our conclusions, remark:
"From an econand they keep on doing it, of course. We have laws omic standpoint, the developments of 1919
have upset
stern in terms, but against these spoiled children we many calculations, and though it was said
some time
do not invoke those laws. In each fresh • surrender ago in certain quarters that insolvencies
had then
is wrapped the germ of more surrenders, bound by a probably reached the absolute minimum
, there has
law of human nature to come out at the proper time been an almost unbroken decline this
year in the
to plague us.
commercial mortality. That practically nine months
Railway service is closely analogous to military after the armistice, with the far-reaching
business
service. That men at the front may not desert for readjustments which the changed internati
onal conany cause, but that men engaged in forwarding to ditions have necessitated, commercial failures should
them the things without which they will perish can fall to a total never before recorded, is an economic
desert their posts is a proposition so preposterous and phenomenon that few people, if any, had
counted on;
"impossible" that it is unthinkable. In this line and the exhibit seems all the more notewort
hy when
of argument alone is ground enough for compelling the steady increase in number of new enterpris
es
continuance of railway service, but it need not be is considered."
followed out. For take another direction of thought,
According to the Dun compilations, the total of
and imagine the impossible extreme that rebellious liabilities in all mercantile and industrial lines
in
labor can starve us and that there is no escape, but July 1919 reached but $5,507,010, representing only
we must perish thus. Conceive such an extreme, 452 delinquents, this comparing with $9,789,5
72
why not accept it forthwith and have it over? Why and 786 in the previous year, $17,240,424 and 1,137
prolong existence under durance and threat and fear? in 1917 and $18,934,903 and 1,739 in 1915.
In
A retreating army does not fight; it cannot. We each of the various divisions into which
the inAmericans have surrendered to these threats until we solvency statistics are segregated the number
of
have emboldened the threateners and have largely failures falls very much below 1918, and the liabilidissolved away the substance which makes our own ties, too, show very decided contraction. In
fact,
morale. But Carthage, stripped bare of the power in the trading group all but two of
the fifteen branches
of resistance, rose before the final demands and disclose smaller indebted
ness than a year ago. The
another struggle followed. If we can ever make the aggregate liabilities in the
trading section at $1,880,stand against domination by one class, will there be 664 are the smallest
for July in at least a quarter of
a better time than now?
a century,and but little more than half those of 1918.
In the manufacturing division the total is the lowest
Transvaal gold mining operations, although in for July
since 1899, and about half that of a year
July of heavier aggregate than in any preceding ago.
612
THE CHRONICLE
[VOL. 109.
on the part of the Government were furnished. They
showed that these charges which had been
made against the Government were being discussed with renewed vigor. The parliamentary
correspondent of the London "Times" was quoted as
saying that "during the last week the Cabinet became
thoroughly alarmed over the financial situation, and
it is said that the Prime Minister is personally taking
up the question of retrenchment." The correspondent added that "as an outcome of recent Cabinet
conferences there is reason to believe that the Chancellor of the Exchequer will receive powers, not only
for the control of new expenditures, but•also for the
cutting down of old ones." On Monday word came
from the British capital that "the inauguration of
open air markets is the latest idea by which to
defeat the profiteers," and it was said to have "proved
the
with
common
in
Canada
of
Dominion
The
a
solgreat success." The prices for fruit, vegetables,
satisfactory
extremely
an
makes
States
United
fowl,
fish,etc., were reported to range from 25to50%
various
the
all
in
fact
In
July.
for
showing
vency
branches of business there were only 43 failures during below those charged in the regular shops in the city.
Tuesday morning it was learned through London
the month for $308,483, against 54 for $496,141 last
year, 71 for $928,773 in 1917 and no less than 113 cablegrams that the night before the House of Comfor $2,515,098 in 1916. For the seven months ended mons had passed the second reading of the Governof
July 31 the business defaults were very much fewer ment bill dealing with profiteering, an outline
the
in number than in 1918 but, due to a few failures for which has been given in a preceding paragraph,
amounts above the average among manufacturers, vote being 251 to 8. Although these figures did not
was subthe indebtedness involved was moderately larger. indicate it, the advices stated that "the bill
The comparison is between 427 for $9,625,128 and jected to severe criticisms mainly on the ground
555 for $9,150,835. In 1917, however, the respec- that it would fail to reach the real offenders." At
tive totals were 689 and $11,265,417 and in 1916 any rate it was referred to the committee of the
reached 1,144 and $18,384,039. In the manufac- whole House, "where amendment is expected." Sir
turing division the seven months' aggregate of debts Auckland Geddes, Minister for National Service and
was $6,418,739, against $5,536,954 last year, but in Reconstruction, who has the bill in charge for the
trading lines an excellent exhibit is made, $2,621,854 Government, was quoted in a London cablegram
contrasting with $3,170,177. Brokerage, &c., liabili- Monday evening as having said that "the measure
ties, although at $584,535, much below the average would have a bad effect upon profiteering." He
of Commons
of recent years, were, nevertheless, some $140,000 declared in an address in the House
for
responsible
was
in
g
foodstuffs
that "profiteerin
in excess of a year ago.
Britain."
Great
ion
in
the social unrest and dissatisfact
At Tuesday night's session of the House of ComThe authorities in Great Britain are still busily
engaged with the questions of Governmental expendi- mons further speeches were made in which strong
tures, high prices for food and alleged profiteering. criticisms of the Government's expenditures for
The assertion of J. Austen Chamberlain, Chancellor armament were offered. Winston Churchill, Secof the Exchequer, in the House of Commons a little retary for War, made a general defense of the Govmore than a week ago that the "country was headed ernment's policies and was quoted as saying that he
toward bankruptcy" opened the eyes of many people was "able to promise considerable retrenchment in
outside of Government circles and provoked a great this direction," and that actually "it was beginning
amount of comment in the newspapers. London to regain control of war expenditures." His speech
advices stated that "virtually every newspaper in was said to have conveyed the impression "that the
London has joined a chorus of condemnation of the Government was endeavoring, so far as possible,
national expenditures." About a week ago the text to meet the popular demands for greater economy."
of
of the Government bill "providing for the prosecu- At its session on Wednesday evening the House
an
amendadopted
debate,
heated
"after
tion and for penalties for persons guilty of profiteer- Commons
ing" was made public. It empowers the Board of ment to the Profiteering Bill empowering the Board
Trade "to investigate prices, costs and profits and of Trade, after an investigation, to fix wholesale and
also complaints of unreasonable profits, whether retail prices. The vote was 132 to 95." The amendwholesale or retail." The Board of trade having ment was denounced by Lord Robert Cecil, former
made' its investigations, is authorized "to declare Minister of War Trade; by Sir Donald MacLean, a
what is a reasonable price and to require that the Liberal Member, and was defended by Sir Auckland
article be sold at that price." Those who fail to com- Geddes. Andrew Bonar Law, the Government
power
ply with these requirements may be brought before a spokesman, "made it clear that, despite the
no
was
intention
there
Trade,
of
Board
the
given
court of summary jurisdiction by the Board, "which
may inflict penalties not exceeding a fine of £200 on the part of the Government to deal with profiteering by a general system of fixing prices throughor six months imprisonment."
In a special cablegram from London received here out the country, because such a course would result
on Sunday, long excerpts from the leading papers of in the stoppage of supplies."
that city regarding further charges of extravagance
The showing for the elapsed seven months of the
current calendar year is, of course, extremely favorable in all essential features. The number forced to
the wall during the period at 3,915 was less than in
any year since 1881 and compares with 6,675 in 1918,
8,625 in 1917 and no less than 14,479 in 1915. As
regards liabilities, we must go back to 1906 for a
smaller aggregate than the $74,217,806 now recorded.
The debts in manufacturing lines for the seven months
reach a total of $35,201,327, against $39,556,234 in
1918 and $46,286,492 in 1917; the comparison in
trading branches is between $22,686,437 and $35,912,526 and $43,541,218, and in the brokerage class
$16,330,132 contrasts with $22,114,374 and $22,134,070.
AUG. 16 1919.]
THE CHRONICLE
613
France has taken up the food question with about a department store. Failures to
comply with
the same degree of vigor and thoroughness as Great this requirement "are to be punished
with severe
Britain has done. Food Minister Joseph Noulens fines and imprisonment." Disturba
nces at the
was quoted a week ago in a Paris dispatch as assert- central markets were reported, "which
resulted in
ing that "France's greatest difficulty in solving the the closing of most of the stalls."
This, in turn,
food problem is transportation, both by sea and land." naturally set up congested condition
s at the freight
In dealing with the sale of food from the importer stations where the foodstuff
s are received. As it
or producer to the consumer, the Food Minister was impossible in many instances
to deliver conannounced that he proposed to publish "weekly signments to retailers, the Food
Ministry "ordered
normal price lists, drawn up by mutual agreement that the goods gathered at
the stations shall be sold
between the different parties concerned," and added at once at the Vilgrain food barracks,
which are
that "the first of these lists should appear by the operated by the Government."
Wednesday mornend of this week." According to the cabled advices ong, according to cablegrams from Paris
received
from the French capital "officials of the French here on Thursday, "the central markets
resumed
Food Ministry, in view of the food situation here, their usual aspect with business more
active than
are displaying deep interest in the discussion in the customary, due to exhaustion of retail stocks
and
United States of the question of reducing the price the accumulation of provisions
in the markets."
of wheat by Congressional appropriation." It ap- It seems that a truce was
declared between the
pears that in France the farmers "are guaranteed merchants and consumers through
the intervention
an equivalent of $3 25 a bushel for wheat produced." of Food Minister. Noulens "who
asked the Vigilance
On the other hand, the Government has "subsi- Committee to suspend action until it
was seen whether
dized the millers, making it possible for them to the posting of 'normal prices'
would not produce
sell flour to bakers at rates which permit standardized the desired effect without
provoking retaliatory
bread to be sold to the consumer at about 6 cents measures on the part of
the merchants." Ana pound," a saving to him, it was claimed, of prac- nouncement was made at the
same time of the
tically 4 cents a pound. Unfortunately the Food ending of the merchants' strike, but it
was stated
Minister was compelled to admit that "the reduc- that the shipments of the truck gardener
s were
tion in the cost of bread to the consumer had not still reduced "to the smallest proportions,
in view
resulted in a decrease in the price of other food of the uncertainty as to the fate of perishable
goods."
commodities." Eggs, for instance, were quoted
at $1 20 a dozen and butter at $1 50 a pound. A
All the European advices this week have indicated
prominent French food authority in discussing con- pronounced anxiety on the part of the Allies
over
ditions in his country said that "the high cost of the activities of the Rumanians in Hungary
, and their
living in France is due to substantially the same continued disposition to disregard the
orders of the
causes as in America," but added that "there are Peace Conference authorities. In a Paris
dispatch
certain factors in France and in the rest of Europe a week ago to-day it was said that
Nicholas Misu,
which render the situation much more acute than of the Rumanian peace delegatio
n, had been sumin America." He said also that "the average moned before the Supreme Council
a second time,and
American food cost figure stands at 209, as compared that he had denied that his people
had broken away
with the pre-war figure of 100, whereas in France from the Peace Conference, and that
he had declared
it has now reached 380."
that the situation in Budapest was due to the failure
The statement was made in a Paris cablegram on of Rumanian officers to obey
the orders of the SupTuesday morning that "the Consumers League that reme Council. Although it
was claimed that that
was organized last week in the Montmartre district .body had given this matter
its undivided attention,
of that city, was credited with having brought about it was asserted that "no progress
has been made yet
an average reduction of 20% in the prices of pro- in straightening out the difficulti
es." A week ago
visions. Still larger reductions were said to have Premier Clemenceau received a
communication from
been made in the prices of certain commodities, Archduke Joseph, as head of
the new Hungarian
notably fish and vegetables. An effort was being Government, outlining his
policies, and asking that
made "to establish a central organization to co- "Hungary be allowed to participate
in the peace
ordinate the work of the various leagues and to negotiations in Paris." Among the things
he prosystematize the price supervision over markets, posed to do were "the immediate
execution of
unofficially,exercised by the league represetatives." the original armistice clauses and the
establishment
The following day Henri Giraud, said to be one of of closer relations with the Allies."
He stated also
the most active members of the Eighteenth Mont- that his Government would "call a
properly selected
martre District League, was quoted as having de- Constitutional Assembly to reorganiz
e labor with a
clared that "by the end of the month there will be view to increasing production."
The Supreme
consumers leagues in every ward of the city." He Council was said to be giving
more attention to the
confirmed what Food Minister Noulens had said attitude of the Rumania
ns than to actual conditions
a few days before, namely, that the delays in the in Hungary.
transportation of food "were largely responsible for
Politicians were quoted in a special Berlin cablethe high prices for food." In still other advices gram on Monday
as expressing the opinion that
from Paris received on Wednesday morning it was recent events in
Budapest foreshadowed a plot on
related that the Food Minister had adopted a meas- the part of the
Hapsburgs to restore a dual monarchy.
ure used by Herbert Hoover, which provides for The charge
made last week that the Allies had supthe compulsory tagging or labelling of all mer- ported Archduke
Joseph in his coup d'etat were
chandise, whether sold from a pushcart or in reported
in a Paris cablegram the same day as having
614
THE CHRONICLE
lotJ.
that the
been "denied flatly" by Peace Conference authori- conciliatory nature." It was said also
n
Rumania
the
ted
"instruc
had
Premier
n
Rumania
- ties, "the Americans being indignant over the sugconferte
immedia
an
hold
to
t
Budapes
at
officers
gestion," it was added. Up to that time the Supreme
and to make
Council had not received a reply to the two notes ence with the Allied generals there
A meeting
tions."
complica
avoid
to
effort
which it had dispatched to the Rumanians, "who," every
called
was
Council
Supreme
Inter-Allied
the
it was suggested, "still appear to be in a position to of
Ruthe
consider
to
n
afternoo
ay
Wednesd
defy the Peace Conference with impunity." In hastily
were
es
dispatch
morning
y
Yesterda
replies.
some circles the opinion was expressed that Rumania manian
from Vienna
was seeking to bolt the Allies, in spite of the large said to have been received in Paris
g to leave
preparin
were
ns
Rumania
the
that
credits extended by them and the United States with stating
demands
d
reiterate
the
of
account
"on
t
which to buy food at a time when conditions in their Budapes
ce in
Conferen
Peace
of
the
Council
Supreme
the
of
country were at the worst.
was
situation
an
Hungari
the
h
Althoug
Paris."
the
In a special Paris cablegram Tuesday morning
so
d,
improve
ably
consider
been
have
to
believed
n
America
the
assertion was made that apparently
rewas
it
d,
concerne
were
ns
Rumania
the
as
far
t
somewha
peace delegates had changed their attitude
es. The Paris
in the matter of requiring the Rumanians to evacuate ported to be developing new difficulti
m from that centre
Budapest immediately, as had been ordered by the "Temps", according to a cablegra
full satisfaction
Allies. The dispatch contained a veiled suggestion last evening, had announced "that
of authexercise
to the
that this was the result of "advices from the White is given to Rumania in regard
Supreme
the
made by
House." Members of the American delegation were ority at Budapest, in the reply
The commission
notes."
n
Rumania
the
to
Council
be
not
might
"it
reported to have intimated that
t, it was reported
wise to order the Rumanians out of the city immedi- of four allied generals at Budapes
ce
conferen instructions to
ately, if this would mean turning the city over to "will deliver the peace
ary and military commands
anarchy." The same day the State Department at Rumanian civil, commiss
Rumanian commands will
Washington heard that Count Michael Karolyi, at Budapest, and these
n of these directions."
former Premier of Hungary, had been appointed be charged with the executio
reports from Budapest toward
Minister at Prague. Vienna heard from Bucharest Copenhagen received
the Hungarian Public Prosethat the Rumanian Government had "resolved not the end of the week that
t declaring that legal
to evacuate Rumanian troops from Budapest until cutor had issued a statemen
soon "against all inthe Entente has redeemed the concessions made to proceedings would. be begun
with crimes during the Bela Kun
the Rumanians in 1916 in return for her entrance into dividuals charged
the war." Dispatches from Berlin on Wednesday dictatorship."
stated that Archduke Joseph, "had issued a proclaAccording to all the advices received at the State
mation in which he affirms that there will be no return
Washington this week things have
to the monarchial system in Hungary." In the Department in
with Admiral Kolchak in his brave
same advices it was stated that the new Hungarian been going badly
to set up and maintain a
Government would attempt to negotiate a new loan, and determined effort
Russia, with the hope of
"the Government having been unable to borrow the Government in northern
as well. Some time
1,500,000,000 crowns sought from Austro-Hungarian extending it to other sections
t Wilson left Paris
Presiden
and
bankers." What were characterized as "large, but before Lloyd George
under active diswas
and
raised,
orderly demonstrations" were said to have occurred the question was
ent should be
Governm
that
in Prague on Tuesday. They were "led generally cussion, as to whether
the United
and
Allies
the
by
by the Social Democratic element in protest against given recognition
Great
both
in
element
c
the coup d'etat by which Archduke Joseph became States. The socialisti
such
to
opposed
be
to
said
head of the Hungarian Government." It was even Britain and France was
being
as
credited
was
reported that that element favored "an invasion of a step, while President Wilson
any of the Peace Conference
Hungary at once, with a view to placing Czecho- the most uncertain of
this proposal. It was unto
Slovakia in such a position that she could demand the leaders with respect
that it was at his direcstated,
even
withdrawal of the Government headed by Archduke derstood, and
American Ambassador
Morris,
B.
Roland
Joseph as the price of her ultimate evacuation of the tion that
to Omsk in Russia
Tokio
from
hurried
Japan,
to
city."
Kolchak Governthe
of
status
the
ate
Wednesday afternoon London was said to have to investig
made public
was
nothing
but
went,
He
heard from Paris that the Rumanians had "refused ment.
days ago,
few
a
until
ons
impressi
his
g
regardin
ifo carry out the Allied instructions with regard to
let it be
ton
Washing
in
ent
Departm
State
the
the evacuation of the Hungarian capital," and that when
the poregarded
only
not
Morris
Mr.
that
the Allied officers there had "asked the Peace Con- known
,
y
insecure
distinctl
as
Kolchak
Admiral
of
ference to instruct them how to proceed." It sition
adverse
certain
that
opinion
the
of
was
also
became known through cablegrams from Paris on but
at work which made his task doubly
Thursday morning that finally the Supreme Council influences were
these influences was mentioned
Among
difficult.
of the Peace Conference had received replies to the
propaganda. In cablegrams
Japanese
and
German
note which it had sent some time before to the
morning it was stated that
y
yesterda
London
Rumanians. They were made in behalf of the from
is held that "the general
opinion
the
centre
Rumanian Government by Premier Bratiano. While in that
and his Government
Kolchak
Admiral
of
at the time that the Paris advices were filed for position
ly weakened by the
material
be
to
believed
not
cabling the complete texts of the notes were not is
further opinion was
the
and
,"
advance
k
available, members of the Rumanian delegation at Bolshevi
ed collapse of
unexpect
the
"barring
that
d
expresse
Paris were quoted as saying that they "were of a
AUG. 16 1919.]
THE CHRONICLE
615
Admiral Kolchak, the munitions America is sending let it be known, according to the
dispatch, that
should. arrive in Siberia in time to aid in his re- because "the situation in western Siberia
remains
covery." It became known through a cablegram critical in the extreme, early recognition
of the Omsk
from Tokio that "the Japanese Government, after Government is improbable."
The War Office in
mature deliberation both by the Cabinet and the London heard that "in North Russia Anglo-Russ
ian
Diplomatic Advisory Council, has informed the troops on August 10th attacked the Bolshevist
Government of Admiral Kolchak that Japan is forces on the Dvina with great success." Six
batunable to accede to its request to send several di- tallions were said to have been destroyed, and more
visions of troops to asist Kolchak in the war aginst than 1,000 prisoners, 12 field guns and many small
the Bolshevik."
arms captured.
It would seem that there has been far too much
Last evening Copenhagen received advices from
temporizing on the part of the Allies and the United Helsingfors stating that anti-Bolshevik forces, comStates with this situation in Russia. If Admiral manded by General Judenitch, and who were supKolchak and his Government have deserved support, ported by Esthonians, were making an advance
obviously it should have been given, not only when on Petrograd, which it was hoped would be deit was most needed, but when it would have done the cisive. A Government is said to have been started
greatest good. Some of the information vouchsafed for. Northwest Russia, including Esthonia, with
by the State Department in Washington regarding Reval as the centre. According to the latest adthe position of his Government has been actually vices the Cabinet had only been partially formed,
pathetic. For instance, Wednesday morning a dis- with a man named Lianozow as Premier.
patch from our National Capital stated that "the
position of the anti-Bolshevist army commanded by
The Italian Government, according to a special
Admiral Kolchak is so critical that official Washing- cablegram from Milan, received at the beginning of
ton is now openly apprehensive of the collapse of the week, is making a vigorous campaign against
the entire movement." His forces were said to be gambling. A large number of fashionable casinos
poorly equipped, "while opposed to them is a well in that city alone were said to have been closed and
equipped force of Bolsheviki, led by many former a considerable amount of money seized. The numofficials of the German army." About midweek ber of workers on strike in Italy was further increased
Washington announced that guns, rifles, ammunition by the going out of some 200,000 employees in the
and motor trucks were being "shipped" to Vladi- machine shops. Francesco Nitti, the Italian Prevostok on all vessels leaving the Pacific Coast for that mier, in the course of an interview that became availport. These supplies were being despatched to able here on Monday, "dealt at length with Italy's
Admiral Kolchak. The hope was expressed in Wash- efforts in the war and her ambitions for the future."
ington'advices at that time "that this aid would reach He laid particular stress "upon Italy's desire for closer
the Admiral in time to check the Reds.",
economic relations with the United States." He
According to a dispatch from Copenhagen on declared that "Italy is r pe for development by
Tuesday, rumors had been received there that American business." It was reported from Rome on
Premier Lenine, "intends to retire from the head of Tuesday that the Allied Commission appointed by
the Bolshevik Government." The strikes that were the Supreme Council of the Peace Conference to
reported to be raging everywhere were spoken oras investigate recent disorders at Fiume had concluded
the final reason for his having decided to withdraw.
its work and will suggest a solution of the differences
there of such a nature "as to satisfy France without
London advices have indicated that "General offending the dignity or pride of Italy." Premier
Denikine's advance is continuing along the greater Nitti on Tuesday received Alfred B. Dennis, Amerpart of the southern Russian front against consider- ican Commercial Attache at Rome, and in the course
able Bolshevist resistance," and that "his cavalry of the interview declared that the proposed Italian
pushing out toward the Urbach-Astrakhan Railroad, levy upon invested capital "should not be construed
have effected a junction with the Ural Cossacks, as prejudicial to the American investor in Italian
who form the left wing of the Kolchak army near enterprises." He hastened to add that "the new levy
Lake Elton."
would not apply to funds of foreign investors or to
Tuesday evening Secretary of State Lansing capital actually employed in productive enterprises
."
issued a statement from Washington in which he
Announcement was made in Paris early in the week
said that "authoritative confirmation" had been that General Pershing was planning to leave to-day
received of the previous report that foreign embassies for Rome and that two days later he would spend an
and consulates in Russia had been invaded by the equal time "in inspecting the scenes of the great
Bolsheviki, who recently refused to recognize any Austrian offensive against the Italian line."
At that
diplomatic immunities. On Wednesday the assertion time it was said that the General intends to
return
was made in a Washington dispatch that "aside from to Paris by Aug. 22, and leave for the United States
the shipment of arms, ammunition and subsistence during the first week in September. A cablegram
stores to Admiral Kolchak's forces in Siberia, the from Rome last evening stated that he will be greeted
United States Government will not send military aid upo.n his arrival there by General Lucca, special
in response to the urgent appeal from Admiral Kol- representative of the Minister of War, and
five
chak and the Provisional Government of Northern officers of his general staff. According to the cableRussia." Thursday morning came the announce- gram, he will bring with him the coal which will be
ment from Washington, to which reference has been used in his engine during his trip to Italy, in order
made, of the rushing of arms, ammunition and motor that the present low stocks in that country may
not
vehicles to his assistance. The State Department be further depleted.
616
THE CHRONICLE
Very little of a definite character regarding actual
conditions in Germany has come to hand for several
weeks. On Monday there was a revival of the
rumor that was heard frequently two or three months
ago that the Cabinet was "nearing a crisis." Near
the close of last week the National Assembly reconvened at Weimar "after a short vacation, for
its final work prior to taking its long summer rest."
Taxation measures will be prominent among the
many questions that are to be considered during
the brief session. In a special Berlin cablegram it
was set forth that Germany was planning a big
trade propaganda, and that for a time at least consular and diplomatic offices will be combined.. A
special correspondent of a New York newspaper,
who has been stationed in Coblenz ever since the
American army of occupation arrived there, cabled
his paper on Tuesday that "German interests claim
to have acquired large grants of land in Mexico,
Argentina and Paraguay, which will be colonized
with German emigrants, financed by a semi-official
corporation, and pledged to work for the Fatherland
above personal interests." A strike of bank employees in Hamburg, which began Monday morning, threatened to interfere greatly with business
and to result in sympathetic strikes among other
classes of workers.
At the beginning of the week it became known
definitely through advices from London that Viscount
Grey, formerly Foreign Secretary, had been offered
the Ambassadorship to the United States, and that
he was carefully considering the proposal. His
friends said that, on account of imperfect eyesight,
he felt that he should retire largely, if not altogether,
from public life, but it was stated that Lloyd George
had urged that by accepting the Ambassadorship he
would "be rendering the State a peculiar service."
Andrew Bonar Law announced in the House of Commons on Wednesday that "Viscount Grey had accepted a mission to Washington in connection with
the peace negotiations, pending the appointment next
year of a British Ambassador to Washington."
This means, of course, that he will serve temporarily
although it was made plain by Bonar Law, in reply
to a question in the House of Commons, that the
Government gladly would have appointed him regular
Ambassador if the Viscount could have seen his way
clear to accept this important post. He is regarded
as the foremost spokesman in England of the League
of Nations. The appointment was approved generally by the press of London. Yesterday morning's
advices from that centre stated that Viscount Grey,
with a large staff, was planning to leave for Washington in September.
Matthias Erzberger, Vice-Premier and Minister
of Finance, speaking before the National Assembly
on Wednesday, was quoted as saying that "we must
proceed immediately to create a mercantile fleet
and help Germans abroad with State advances."
He promised that a bill covering these objects would
be presented to the Assembly in a few weeks. Taking up the question of taxation he said that "the
German nation must raise 25,000,000 marks yearly
in taxes in order to regain a healthy condition."
He added that the regular budget would be submitted
on Oct. 1, and observed that "the liquidation of our
war undertakings must be completed as soon as
possible." The Minister also declared that "a big
property tax is the first step on the path of comprehensive financial reform," and asserted also that
"foodstuffs cannot remain unburdened."
Announcement was made in a dispatch from
Berlin Thursday that the afternoon before the new
German Constitution was formally promulgated.
President Ebert has appointed Premier Bauer Imperial Chancellor, and has issued a decree that "all
public officials and all members of the defense forces
shall immediately take the oath under the Constitution." It was made known likewise that thereafter
the National Assembly "will bear the title of the
Reichstag, while the Federal Council—the Bundesrath—will replace the Federal Committee." In a
special Berlin cablegram yesterday morning it was
set forth that inadequate transportation and a
scarcity of coal were retarding reconstruction more
than any other factors. Berlin reported last evening
hat it had received information that the strike situaon in Upper Silesia was very much worse, between
fin 1 95% of all workers being reported on strike.
e avikers here said to include ministers, electrical
r and railwaymen.
[VoL. 109.
The British House of Commons last Friday
adopted the bill providing for a seven-hour work
day in the mines. In spite, however, of further
conferences, it was reported that "the strike of coal
miners in Yorkshire remains unsettled, and the
conditions as a result, are becoming very serious."
The report of the Sankey Coal Commission, which
was submitted last March, recommended seven
hours of work underground for British miners instead of eight, from July of this year until July
1921, when a six-hour day would be adopted "if
the economic position of the industry warranted
it." It was gratifying to learn that work had been
resumed on the tramways in Liverpool. About
midweek the British Coal Controller told the representatives of the striking Yorkshire miners that "it
was impossible to concede their demands," and the
opinion was expressed in a London cablegram early
in the week that "the strike will be fought to a
finish." London sent word on Monday that the
bakers' strike that had been on for some time had
ended. It was said that the men had returned to
work on the promise of the Government not to
penalize them for refusing to work and "to introduce a bill at the earliest possible moment abolishing
night baking."
The most important news regarding the labor
situation in Great Britain came Wednesday morning
in a. cablegram from London, in which it was stated
that the "executives of British labor's Triple Alliance
decided to-day to postpone its 'direct action' referendum on political demands." In the resolution
adopted it was also decided "to postpone the balloting
and to summon a full delegate conference to reconsider the entire question." It was set forth in
the dispatch that told of the event that this decision
was reached largely because of "the changed circumstances since the ballot was decided upon!,
AUG. 16 1919.]
TIIE CHRONICLE
617
The Yorkshire Miners' Council recommended "that 250,000, and advances £11,000,000, against £2,000,work be resumed by the more than 200,000 men who 000. Other debt yielded £1,314,000 against nothing
had been on strike in that district for several weeks." last week. The new funding loan brought in only
The very next day the word came from London that £631,000, as compared with £57,552,000, and Victory
the men had acted favorably on the recommen- bonds only £1,314,000, against £49,664,000 the
predation by deciding to return to work. It was vious week. New issues of Treasury bills
amounted
clearly set forth in London cablegrams on Thursday to £81,244,000. This compares with
£103,414,000
that with fear of "direct action" by the Triple last week, while repayments were £59,631,000.
Alliance gone, the British authorities were of the Hence,the total volume of Treasury bills outstanding
opinion that labor troubles in Great Britain were has been expanded to £771,225,000, contrast
in
with
lessening and that they could "breathe easier." £749,654,000 in the week preceding.
Temporary
George Nicoll Barnes, labor representative in the advances outstanding continue to decline, and
further
War Cabinet, was quoted as saying that "the labor reduction of £21,000,000 was reported, bringing the
situation gradually is becoming more Aormal, and total to £410,577,000.
the nation is to be congratulated on having gone
thus far safely along the troublous road." Premier
There has been no change in official discount rates
Lloyd George was reported "to be particularly
leading European centres, from 5% in London,
at
pleased with the way things are going," and it was
Paris,
Berlin, Vienna and Copenhagen; 532% in
said also that "his promised statement to ParliaSwitzerland;
6% in Sweden, Norway and Petrograd,
ment next Tuesday, defining the Government's trade
and
432%
in
Holland and Spain. In London the
policy, is being awaited with great interest." Some
private
bank
rate was quoted at 338% for
65,000 locomotive engineers and firemen were resixty
days
and
3
9-16@3%%
for ninety days. Money
ported yesterday morning in a London cablegram
on
call
in
London
was
y
i
higher,
being quoted at
to have sent an ultimatum to Sir Auckland Geddes,
33"8%
against
2%
last
week.
British Minister of Reconstruction, demanding a
speedy settlement of their wage dispute.
Another small loss in gold was shown by the Bank
England in its weekly statement, amounting to
of
On Thursday morning it was reported from London
£24,307,
although the total reserve was expanded
that the removal of the remaining restrictions on
£380,000,
because of a contraction in note circulacapital was expected at any time. Naturally the
tion
£405,000.
of
Reductions were shown in all
opinion was expressed that this would facilitate
the
deposit
items,
hence
there was an advance in
export trade. The restrictions referred to have been
proportion
the
of
reserve
to liabilities to 24.20%,
retained in Great• Britain since the signing of the
against
as
21.70%a
week
ago
and 17.50% last year.
Armistice and have been the subject of much disThis is the highest percentage yet recorded this year.
cussion in London banking circles.
Near the close of the week London reported that The lowest thus far in 1919 was 11.00% in the
dealings in the Funding and Victory Loans would week of Jan. 2. Public deposits decreased £480,probably begin about Sept. 1. Trading on the Lon- 000, while other deposits declined no less than
don Stock Exchange at the beginning of the week was £10,687,000, and Government securities £12,285,quiet, largely because of the warning of the Chan- 000. Loans (other securities) registered an excellor of the Exchequer last week that Great Britain pansion of £729,000. The Bank's stock of gold on
was "heading toward bankruptcy." Shipping shares, hand aggregates £88,287,745, which is still far in
however, were active and strong. With the im- excess of the amount held in the corresponding week
proved labor conditions and outlook the stock market of any year since 1913, and compares with £68,generally displayed more activity and strength. 234,116 last year, £53,635,921 in 1917 and £33,Yeaterday, however, there was a disposition to 014,629 in 1914. Reserves total £27,014,000. This
await Lloyd George's statement on the financial compares with £29,993,126 in 1918 and £32,041,226
policy of the Government, which he has promised the year before. Loans now stand at £81,222,000.
to make next Tuesday. Railroad shares were ad- •Last year the total was £100,187,874 and in 1917,
versely affected by the attitude of the engineers £101,975,407. Circulation is £79,723,000, in comparison with only £56,690,990 and £40,044,695
and firemen, noted in a previous paragraph.
one and two years ago respectively. Clearings
British revenues for the week ending Aug. 9 through the London banks for the week totaled
showed a falling off, while the outgo for the week £584,340,000, which compares with. £518,740,000
was slightly expanded. As a result there was a last week and £431,741,000 a year ago. We append
decrease of £238,000 in the Exchequer balance, a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
bringing that account down to £6,110,000, as com1919.
1918.
1917.
1916.
1915.
pared with £6,349,000 the week preceding. ExpenAug. 13.
Aug. 14.
Aug. 15.
Aug. 16.
Aug. 18.
ditures for the week were £18,245,000 (against Circulation
79,723,000 56,690,990 40,044,695 35,705,795 31,957,835
deposits
18,854,000 34,095,776 45,509,651 54,221,928 102,664,486
£30,617,000 for the week ended Aug. 2), while the Public
Other deposits
89,157,000 137,726.266 126,958,632 93,862,127 124,635,900
total outflow, including Treasury bills repaid, repay- Government securs_ 21,390,000 59,702,332 56,541,328 42,188,270 45,615.369
Otner securIties
81,222,000
101,975,407 83,811,349 146,183,559
ments of advances, and other items, was £113,893,_ Reserve notes & coin 27,014,000 100,187,874
29,993,126 32,041,226 40,157,976 53,617,867
Coln and bullion__. 88,287,745 68,234,116 53,635,921 57,413,771 97,125,702
000, in comparison with £234,777,000 last week. Proportion of reserve
24.20%
17.50%
18.58%
27.10%
Receipts from all sources totaled £113,655,000, to liabilities
23.59%
Bank rate
5%
5%
5%
6%
5%
compared with £235,472,000 a week ago. Of this
total,revenues contributed £16,742,000,against £21,The Bank of France in its weekly statements con470,000; savings certificates £1,400,000, against £1,- tinues to report gains in the gold item, the intrease
THE CHRONICLE
618
this week being 4,500,025 francs. This brings the
total gold holdings up to 5,572,148,925 francs, comparing with 5,434,073,882 francs last year and 5,307,252,477 francs the year before; of these amounts
1,978,278,416 francs were held abroad in 1919 and
2,037,108,484 francs in both 1918 and 1917. Advances to the State during the week amounted to
100,000,000 francs. Silver remained the same as the
week previous. Bills discounted increased 20,783,672 francs and general deposits rose 14,027,014
francs. On the other hand, Treasury deposits were
reduced 665,925 francs and advances fell off 9,428,087
francs. Notes in circulation registered a contraction of 106,900,800 francs, bringing the total outstanding down to 35,179,551,800 francs. This compares with 29,408,025,360 francs last year and 20,458,824,865 francs in 1917. On July 30 1914, just
previous to the outbreak of the war, the amount outstanding was only 6,683,184,785 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Aug. 14 1919. Aug. 15 1918. Aug.16 1917.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
Inc. 4,500,025 3,593,870,509 3,396,965,397 3,270,143,992
In France
2,037,108,484
No change 1,978,278,416 2,037,108,484
Abroad
Total
Silver
Bills discounted..
Advances
Note circulation.
Treasury deposits
General deposits
Inc. 4,500,025
No change
Inc. 20,783,672
Dec. 9,428,087
Dec.106,900,800
Deo. 665,925
Inc. 14,027,014
5,572,148,925 5,434,073,882 5,307,252,477
260,390,178
315,627,914
298,000,000
617,770,059
942,934,471
944,193,871
843,446,654 1,129,060,848
1,262,572,000
35,179,551,800 29,408,025,360 20,458,824,865
80,459,136
99,610,416
96,374,970
2,870,160,893 3,685,694,234 2,601,354,455
Further drastic changes were shown in the weekly
statement of the Imperial Bank of Germany, issued
as of July 31, chief among which may be mentioned
an expansion of 2,091,787,000 marks in bills discounted and an increase of 2,191,363,000 marks in
deposits. The gold reserves continue to decline,
coin and bullion 2,406,000 marks and gold 2,409,000
marks. Other reductions were 65,319,000 marks in
securities, 7,692,000 marks in circulation, 111,404,000 marks in liabilities, 6,578,000 marks in advances,
and 20,591,000 marks in treasury certificates. Other
notes increased 691,000 marks and investments
5,403,000 marks. The Bank's stock of gold on hand
continues to shrink, and now totals 1,109,348,000
marks which compares with 2,347,280,000 marks
last year and 2,402,200,000 marks in 1917. Note
circulation aggregates 28,839,556,000 marks. Last
year the total was 12,704,500,000 marks and in 1917
8,852,740,000 marks.
Last week's bank statement of New York Clearing
House members, issued on Saturday, showed a loss
in both aggregate and surplus reserves. There was
a decline in loans of $21,916,000, supposed to be
explained by the liquidatioh in the stock market.
Net demand deposits were reduced $41,204,000, to
$4,051,199,000 (Government deposits of $216,120,000 deducted), although net time deposits expanded
$11,223,000, to $210,139,000. There was a reduction of $20,940,000 in reserves in the Reserve
Bank of member banks, to $566,657,000, an increase
of $3,865,000 in cash in own vaults (members of the
Federal Reserve Bank), to $94,924,000,(not counted
as reserve), a decrease of $1,034,000, to $10,250,000
in reserves in own vaults (State banks and trust com-
[VoL. 109.
panies) and a reduction of $910,000 in reservesin other
depositories (State banks and trust companies) to
$11,728,000. Circulation was reduced $802,000, to
$35,995,000. The contraction in aggregate reserves
amounted to $21,064,000, thus bringing the total to
$588,635,000, which compares with $518,693,000
in the same week of 1918. As reserve requirements
were reduced $5,061,680, the loss in surplus was cut
to $16,002,320, and the total of excess reserves is
now $51,137,570,as against $40,839,620,the amount
on hand a year ago. The figures here given for surplus reserves are on the basis of 13% legal reserves
for member banks of the Federal Reserve system, but
do not include cash in vault held by these banks,
which amounted last Saturday to $94,924,000. The
bank statement will be found in more complete form
on a later page of the Chronicle.
During the last two or three days both call and
time money have been distinctly easier at this
centre. Stock brokers reported that the supply of
call money in the loan department of the Stock
Exchange was considerably in excess of the demand
on both Thursday and Friday. Time money was
quoted at M% lower than in recent weeks. While
the bankers are making freer offerings, apparently
they are not disposed to put out large sums of money
for the longer periods for which it is ordinarily
wanted. The liquidation in stocks that has occurred
during the last week or a little more, and the material
falling off in speculative transactions in stocks this
week, might easily be expected to increase substantially the loanable funds on Stock Exchange collateral. Undoubtedly these developments have had a
distinct bearing upon the local money market.
Then, too, our bankers appear to be holding completely in abeyance the plans that they did have
under contemplation for financing reconstruction
enterprises in Europe. In fact, practically all of the
developments this week have tended to make money
easier here. Several issues of stocks have been
brought out by our bankers, but there has been very
little doing in the sale of new issues of bonds and
short-term notes. The offering of $10,000,000 American Cotton Oil Co. notes by the First National Bank
was practically the only important issue of the kind
that was put on the local market this week. Brown
Bros. & Co. and their associates announced:that about
one-half of the City of Copenhagen bonds had been
sold. The Chilean Government is reported to have
rejected the terms offered by New York bankers
for an issue of bonds.
Referring to money rates in detail, loans on
call for mixed collateral this week covered a range
of 3@6%, as against 3@6% a week ago. Monday there was no range, and 6% was the high, low
and ruling figure for the day. On Tuesday the high
was still at 6%, which was also the renewal basis,
but the low declines to 532%. Wednesday's range
showed a decline to 332@59%, with renewals at
5%. On Thursday rates were still easier, with
332% the minimum, 5% the highest and 4% the
basis at which renewals were negotiated. Call
loans on Friday ranged at 4% the maximum, 33'%
low, and 4% the ruling Tate. As for "all-industrials" on Monday, Tuesday and Wednesday rates
AUG. 161919.]
THE CHRONICLE
619
New York.
ruled at
of 1% higher than for mixed collateral into a comparatively quiet state. Consequently,
loans. Thursday's range was 332@532% And /_34 2,
67- variations in rates have been less frequent and widefor renewals, while on Friday the high was 43/2%, spread, quotations,in fact, ruling between 4 273/ and
with 4% the low and renewals at 43/2%. In time 4 32 for demand bills. On several occasions lately
money the situation remains without important the range has been 10 points or more. As had been
change. Dulness was the market's chief charac- expected, the supply of commercial bills has been
teristic, as despite a slightly easier undertone funds much smaller, the recent severe break having caused
are still in light supply. A few trades for moderate shippers to restrict their offerings, while it has also
amounts were reported for the shorter maturities, probably been responsible for a substantial curtailbut most of the business is still confined to renewals. ment in the volume of exports. This is a state of
Six per cent was again the bid rate for all periods affairs, however, which is regarded as only temporary,
from sixty days to six months on mixed collateral, since, with the autumnal movement of crops in sight
with 63/2@7% quoted for all-industrials. In the and the ever-increasing European demands for both
corresponding week of 1918 time money was quoted raw materials and finished products a perfect avalat 5%@6% for all maturities, ranging from sixty anche of bills is looked for in the next few weeks.
days to six months.
Latest information regarding the attitute of the
Mercantile paper was moderately active and a British Government toward the exchange situation,
fair amount of business was reported with out of serves to confirm the opinion that nothing in the way
town institutions. Rates were firm, with the range of stabilization of rates is under contemplation. It
for sixty and ninety days' endorsed bills receivable is true that with the high prices which must be paid
and six months' names of choice character unchanged for cotton and other essentials, Great Britain is confrom 53i@5M%. Names less well known still siderably harassed, but it is looked upon as the lesser
require 514%.
of two evils, and that as long as sterling is permitted
Banks' and bankers' acceptances were compara- to seek its natural level (now that that level is low),
tively quiet, though with the easing in the call loan American investments will be encouraged and heavy
market, a considerable broadening in operations is importations of luxuries and semi-luxuries from this
looked for. The volume of business transacted country rendered prohibitive. In this way, it is
was not large. Demand loans on bankers' accep- assurried, the situation will gradually right itself,
tances continued to be quoted at 432%. Rates while in the meantime England is well able to make
have ruled without quotable change. Quotations purchases in other countries where sterling is at a
in detail are as follows:
premium. A factor which further complicates the
Spot Delivery
Delivery
situation
is that were her former Allies, including
Sixty
Ninety
Thirty
within
Days.
Days.
Days.
30 Days.
Italy
and
France, to pay their war debts, England
Eligible bills of member banks
434.(4)434 4%04/
1
4 41X664
434 bid
Eligible bills of non-member banks
434041
4 4/
1
40434 434e154 4/
1
4 bid would be able to settle with the United States. That
Ineligible bills
534043( 5340g434 534@434
6
bid
the British authorities are opposed to further borrowNo changes in rates, so far as our knowledge goes, ing here can be stated as a fact, the reason being that
have been made the past week by the Federal Government borrowing tends inevitably to maintain
Reserve banks. Prevailing rates for various classes and frequently to increase inflation. Thus it is that
of paper at the different Reserve banks are shown England would much prefer that purchases from this
country be financed privately, and it is stated on good
in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
authority that quite a considerable volume of business
is being transacted on the basis of private credits.
CLASSES
' a
An interesting report is that the U. S. Steel CorporaOF
•
1
DISCOUNTS AND LOANS.
1 1
43. tion is granting credit to certain of its British custom.
I3
U 4
04 ;
A 351
ers to run as long as eighteen months.
—
—
Discounts—
Within 15 days,incl. member
One factor which is frequently overlooked and yet
banks' collateral notes___.. 4 4 4 434 435 434 434 4 435 435 434 435
16 to 60 days' maturity__ 434 434 434 434 434 434
43/ 5
434 434 5
probably playing an important part in hampering
is
434
61 to 90 days' maturity-- 434 434 434 434 434 434 454 434 5 5 5 5
Agricultural and live-stockthe
negotiations for foreign credits, is the question
paper,91 to 180days incl._ 5 5 5 534 5 5 535 534 534 534 534
534
Secured by U. S. certificates
of interest rates. Complaints are often heard from
of indebtedness—
Within 15 days, including
member banks' collateral
foreign nations seeking accommodations here that
113- notes
4 4 4 4 4 4 34
4 4 34 34
434
Secured by Liberty bonds and
American bankers ask too high interest rates. BankVictory Notes—
Within 15 days, including
themselves declare that this is a condition over
ers
member banks' collateral
notes
4 4 4 4 434 4 43( 4 4 4344 434 which they
have no control, it being largely the result
Secured by U.S. Government
war obligatione16 to 90 days' maturity
434 434 434 434 434 4343434 434 434 434 434 434 of the market's position, and they point out that
Trade Acceptances15 days maturity
4 4 4 435 434 434 434 4 434 435 434 434 when investors are able to obtain high rates on
16 to 90 days' maturity
434 434 434 434 434 4t4 4t< 41.4 41.4 43,0 4“ 43f
the highest grade domestic issues, there is no
I Rates for discounted bankers' acceptances maturing within 15 days, 4%; w thin
16 to 60 days, 434%, and within 61 to 90 days, 435%.
reason for them to purchase foreign Government
Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rates not exceeding obligations,
even of choice character, at distinctly
Interest rate on bonds.
Applies only to member banks' collateral notes; rate of 434% on customers'
lower yields. Many financial authorities hold that in
paper.
Rate of 434% on member banks' collateral notes.
view of the financial position of the United States
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher
than on commercial paper of corresponding maturities.
rates are higher than they should be, but argue that
Ikt Note 3. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day the heavy taxation on capital is mainly responsible
paper of the same Class.
Rates for commodity paper have been merged with those for commercial pape
for this. On the other hand, interest rates prevailing
of corresponding maturities.
in Europe are considered too low from the standpoint
Transactions in sterling exchange have shown a of European financial weakness.
material falling off this week as compared with the
In some quarters bankers are taking the view that
recent past, and the market!appears to have drifted any comprehensive plan for financing Europe is
2
4
620
THE CHRONICLE
[VoL. 109,
likely now to have to await the formal ratification of sixty days at 4 243, ninety days at 4 23, documents
the peace treaty by the United States and other of for payment (sixty days) at 4 23%, and cotton and
the Allied nations; and for the time being the rail- grain for payment at 4 273. Gold engagements for
road nationalization plan, labor unrest and other the week included only $378,500 gold coin for South
important factors in the domestic situation are likely America, $22,350 for Canada and $300,000 in gold
to retard this development. In the present unsettled bars for shipment to London, and $62,000 gold coin,
state of the investment market, even the granting all from the Assay Office here. Consignments from
of independent credits seems to have been temporarily the San Francisco Mint to the Orient this week comhalted, so that the announcement late Thursday prised $6,201,000, all for China, making an aggregate
evening that a meeting had been called in Washington in all of $6,963,850 for the week.
of the Government's financial advisors and members
In the Continental exchanges weakness is still the
of the Cabinet interested in American foreign trade
for the purpose of formulating some plan for the con- predominating feature, and a further break to 9 22
tinuation of Government long term commercial loans for lire checks was recorded. This exceeds by 12
or credits to take effect at the expiration of the ten points the previous low point of 9 10 touched a few
billion dollar fund, aroused no little excitement in months ago. French exchange was also heavy and
the financial district. Whether this new movement toward the end of the week a new low of 7 91 was
will be productive of any better results than previous established for sight bills. Trading as a whole was
attempts is a question which it is too soon to deter- less active and fluctuations neither as widespread
mine. From official statements issued Friday morn- or erratic as during recent weeks. The low levals
ing it was learned that while some effort had been prevailing at nearly all the Continental exchanges
made to bring about the formulation of a definite have undoubtedly produced a restraining effect upon
plan of action, the meeting resolved itself into merely exports and as a result caused some diminution in
an informal discussion of the foreign trade situation the volume of bills offering. In the case of French
as a whole and of the various schemes already pro- and Italian exchange, however, the market was so
posed for the solution of the problem. One decision bare of buyers that even moderate offerings were
which would appear to have been reached was that sufficient to bring about spectacular declines and
Government loans to the Allies could not be allowed whatever business was put through was at enormous
to go on, and that whatever aid was put forth for concessions in rates. Lower cable quotations from
the development of foreign commerce must be by abroad were an important factor in the downward
means of private initiative. A cablegram from movement. Heavy selling of exchange on Rome by
London under date of Aug. 14 announces that finan- several international banks aroused some attention
cial and trade circles at that centre are expecting and it was declared that this was for account of
an announcement by the British Government of a Italian banks, though the report could not be conscheme to assist in the revival of Great Britain's firmed. Speculation in German exchange continues
export trade. It is understood that the proposals and a new low record for reichsmarks was touched,
2 points
will include a guarantee of arrangements for financing namely, 4 873/ for checks—a drop of 923/
former belligerent countries which may be in need for the week. One explanation of the recent heavy
of British goods. Events in this direction are likely selling of German exchange was contained in a
to be closely watched in the next few weeks.
dispatch from Berlin which stated in substance that
Referring to the day-to-day rates, sterling ex- the value of the German mark which has been falling
change on Saturday of last week was slightly easier steadily in neutral countries surrounding Germany,
and demand declined to 4 313/
2@4 32, cable trans- reached its lowest point in Switzerland this week when
4 and sixty days to 4 293@ 30 centimes was quoted, instead of the peace price
feres to 4 323.@4 323
4 29%. On Monday trading was quiet and rates of 125. German financial experts, especially those
again ruled fractionally lower; demand bills ranged who oppose the plans of Matthias Erzberger, Minister
2@4 313
2 of Finance, declare this depreciation to be due to
at 4 313/
%, cable transfers at 4 3231@4 323/
and sixty days 4 293@4 293/
2. Variations in rates the proposal to stamp all banknotes and to eliminate
were not especially significant on Tuesday and the the regulation of foreign bills of exchange, although
rarige was still at 4 31%@4319 for demand, they admit that the precarious labor and political
4 323@4 323A for cable transfers and 4 293'@4 293/
2 situation in Germany is largely responsible. Bankfor sixty days; the undertone was fairly steady, ers here assert that Germans are sending funds in
there having been a decline in the volume of bills large amounts into Switzerland for the purpose of
offering. Wednesday's market was rather more avoiding taxation. Another development which has
active, though under the pressure of an increase in recently come to light concerning trading in Berlin
the supply of bills, rates were easier and demand marks is that Germany has been endeavoring to
declined to 4 313@4 31%, cable transfers to 4 32@ enforce a ruling since the cables were reopened under
4 323
% and sixty days to 4 293@4 293/
2. There which exporters selling raw materials and other goods
was a further easing on Thursday and demand de- would not be able to withdraw the funds received in
clined to 4 30%@4 31, cable transfers to 4 313@ payment therefor before the expiration of a year.
4 313
4 and sixty days to 4 283/
2@4 2931. On That is to say, Germany is trying to exact from exFriday the market ruled weak and touched the low- porters shipping goods into her market, the extension
est point of the week, ranging from 4 273/
2 to 4 29; of a year's credit. As a result, bankers are now
cable transfers at 4 28@4 303. and sixty days at refusing to buy commercial bills on Berlin or other
• 4 25@4 263/
2. Closing quotations were 4 253 for German centres except with the assurance that the
sixty days, 4 27% for demand and 4 283/ for cable funds will be immediately released, and the only
transfers. Commercial sight bills finished at 4 273, effect of the ruling so far has been to operate against
AUG. 16 1919.]
THE CHRONICLE
exports to Germany, the bulk of which are now on
a strictly cash basis. It is asserted that as Germany
is sorely in need of American goods and materials
and American exporters well able to find a market
for these products elsewhere, this ruling will be extremely difficult to enforce. A cablegram from London early this week announced that trading in
German marks had been resumed on the London
market for the first time since the outbreak of hostilities. The initial quotation was 72 marks to the
pound sterling. Austrian kronen moved in sympathy
with marks and also touched a new level, while
Belgian francs were weak and lower.
621
obliged to arrange long-term credits with European,
customers rather than wait for the establishment,
of credits by bankers, though as previously pointed
out, so many obstacles lie in the way of financing
of this character that very little has as yet been accomplished. Hope is still expressed that when the
Senate once more resumes its consideration of either
the Davison or Edge Bill something will actually
be done in the matter.
The official London check rate in Paris closed at
33.45, against 33.70 a week ago. In New York
sight bills on the French centre finished at 7 87,
against 7 77; cable transfers at 785, against 7 71;
commercial sight at 7 89, against 7 75, and comAmong the important news features of the week mercial sixty days at 7 93, against 7 79 the week
was the announcement of the Federal Reserve Board preceding. Belgian francs closed at 8 18 for checks
that a general license has been issued permitting and 8 16 for cable transfers. Last week the close
the exportation from the United States of Russian was 8 07 and 8 05. Closing quotations for German
rubles, provided that notice of such exportations be reichsmarks were 4 90 for checks and 5 00 for
given to the Customs Division of the Treasury De- cable remittances, which compares with 6 00 and
partment and to the Division of Foreign Exchange 61% a week ago. Austrian kronen finished at 2 25
of the Federal Reserve Board. The understanding for checks and 2 373/b for cable transfers, against
is that this ruling does not authorize the importation 2% and 3 00. Exchange on Czecho-Slovakia closed
of rubles into this country, but that it does remove at 5 25@5 45 (unchanged); on Bucharest at 6 80@
all restrictions from the export of coin, bullion and 7 00, against 7 25@7 27, on Poland at 6 40®6 60
currency and from transactions in foreign exchange, (unchanged), and on Finland at 7 00@7 10, against
except in so far as dealings with persons in that part 7 10@7 30 the week previous. Lire finished at
of Russia •now under Bolshevist control are con- 9 16 for bankers' sight bills and 9 14 for cable recerned. Attention is called to the fact that trans- mittances, which compares with 8 98 and 8 96 last
actions with persons dwelling in Hungary have not week. Greek exchange is now quoted at 5 22 for
been authorized. Another important statement was checks and 5 20 for cable transfers, as against 5 20®
that made by Basil P. Blackett of the British Treas- 5 18 a week ago.
ury to the'effect that the Secretary of State for India
Dealings in neutral exchange were again of miniannounces that on and after Tuesday, Aug. 12, mum proportions. Some irregularity was shown,
and until further notice, the deputy master of the though changes in rates were not important. GuildOttawa branch of the Royal Mint has been au- ers were a shade easier. Swiss francs ruled weak,
thorized to sell immediate telegraphic transfers on though some of the Scandinavian exchanges were
India without limit of amount in exchange for gold relatively steady and Spanish pesetas quite firm,
tendered at the Ottawa Mint at the rate of 1 rupee showing a recovery of about 28 points for the week.
for 0.3585 grains of fine gold. The reason for this Stockholm and Christiania remittances, after being
action is found in the increased value of the Indian firmly held, eased off late in the week and closed at
rupee in pounds sterling, caused by the anti-British fractional declines.
Hindoo contingents, largely Bengalese, who are using
Bankers' sight on Amsterdam closed at 37%,
the silver rupee as a political weapon and refusing against 373'; cable transfers at 373, against 37%;
to accept rupee notes or sterling credits in commercial commercial sight at 37 1-16, against 37 7-16 and
transactions, thus causing embarrassment to the commercial sixty days at 36 11-16, against 37 1-16
British authorities who find it difficult to either last week. Swiss francs finished at 5 68 for
purchase silver at present exorbitant quotations or bankers' sight bills and 5 66 for cable remittances,
overcome the Oriental demand for the metal,to which as compared with 5 64 and 5 62 a week ago. Copenthey are most accustomed by ages of usage and hagen checks closed at 21.80, and cable transfers
tradition. In addition to being an official recognition at 22.00, against 21.70 and 21.90. Ghecks on
of the intrinsic worth of the silver content of the Sweden finished at 24.55 and cable transfers at 24.75,
repee, the fixing of the new level is an attempt on the against 24.60 and 24.80, while checks on Norway
part of Great Britain to settle Indian balances in closed at 23.30 and cable transfers at 23.50, against
gold instead of silver, and should, it is argued, result 23.50 and 23.80 in the preceding week. Closing
in the elimination of India as a purchasing factor in rates for Spanish pesetas were 19 10 for checks and
the silver markets and a consequent reduction of the 19 18 for cable remittances. This compares with
world demand for silver.
18 92 and 19 05 last week.
With regard to South American quotations, a
Nothing further has developed in the matter of further slight decline has been noted and the check
adequately arranging to finance our foreign trade rate on Argentina closed at 42 25 and cable transfers
and it is learned that bankers and shippers and at 42 35, against 42 30 and 42 40 last week. For
business interests throughout the country are ex- Brazil the undertone was also easier, with final quopressing some dissatisfaction over the manner in tations at 25% for checks and 253/2 for cable transfers,
which this highly important problem is being hand- in comparison with 273' and 27%
3 a week ago. The
led, and the opinion is gaining ground in some quar- Chilian rate declined to 93/
s, against 10 8 last week,
ters that large industrial companies will ere lone be but Peru is still quoted at 50.125@50.375.
622
THE CHRONICLE
[VoL. 109.
The prediction had a plausible sound; something
of the kind had in fact actually happened after the
long European wars of a century ago. But the expectation overlooked a number of outstanding circumstances peculiar to the present war. The wholly
unprecedented loss of man-power in the destructive
fighting of this war was naturally one of them, and
this had to be considered in the light of the fact that
the engaging of women in intensive physical labor
on the recent scale could not possibly be more than a
temporary emergency expedient. Along with this,
The New York Clearing House banks, in their there had to be considered the equally unparalleled
operations with interior banking institutions, have destruction of property and of the European industrial
gained $5,098,000 net in cash as a result of the cur- plant during the war; the certainty that restoration
rency movements for the week ending Aug. 15. and reconstruction of them would require large emTheir receipts from the interior have aggregated ployment of labor, and the great shortage of all kinds
$9,871,000, while the shipments have reached $4,- of materials and foodstuffs which had resulted from
773,000. Adding the Sub-Treasury and Federal Re- the war, and which would seemingly require imserve operations and the gold exports, which together mediate and very extensive employment of labor to
occasioned a loss of $86,946,000, the combined result make good the necessary supplies.
But the even more important reason for doubt as
of the flow of money into and out of the New York
banks for the week appears to have been a loss of to a "pauperized" labor class after the war lay in
the political power which labor had acquired even
$81,848,000, as follows:
before the war and which it exercised during the
Net Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
war itself, both in England and America. In this
Week ending Aug. 15.
$4,773,000 Gain $5,098,000 respect the present war differed from any previous
$9,871,000
Banks'interior movement
Sub-Treasury and Federal Reserve
24,355,000 111,301,000 Loss 86,940,000 conflict in history.
operations and gold exports
The extent to which the Labor
$34.226.000 8116.074.000 Loss 581.848,000
Total
Party held the balance of power in the British ParliaThe following table indicates the amount of bullion ment, even before the war began, is familiar history.
But the situation was almost identical on the Conin the principal European banks:
tinent; notably so in France and Italy.
Aug. 15 1918.
Aug. 14 1919.
Bank.? of—
• During the war the European Governments dealt
Total.
Silver.
Gold.
Silver.
Total.
Gold.
• with their respective labor organizations almost as
£
68,234,116
88,287,745 68,234,116
England — 88,287,745
France a.._ 143,754,820 11,920,111 155,674,820135,878,615 12,600,00 I 148,478,615 if they were negotiating with a foreign or Allied
098.951 56,456,350117,388,050 6,008,000123.396,050
Germany _ 55,457,400
Russia *__ 129,650,000 12,375,001 142,025,000129,650,000 12,375,111 142,025,000 Power. Even in our own country, whenever the
Aus-Hun.c 10,926,000 2,369,001 13,295,000 11,008,000 2,289,001 13,297,000
Spain
93,928,000 26,048,00 119,976,000 85,747,000 27,021,000112,768,000 Government intervened in labor controversies it was
Italy
32,365,000 2,973,011 35,338,000 38,987,000 3,091,000 42,078,000
600,000 60,243,000 to concede practically all that the unions asked. It
507,001 54,385,000 59,643,000
Netherl'ds 53,878,000
600,000 15,980,000
Net.Bel. h 10,642,000 1,239,111 11,881,000 15,380,000
15,305,000
Switeland 18,725,000 2,690,111 21,415,000 15,305,000
and the
14,312,000 was wholly inevitable that the labor problem
16,023,000
Sweden _
16,023,000 14,312,000
131,000 10,624,000
157,00 10,567,000 10,493,000
Denmark _ 10,410,000
should
war,
the
ending
of
the
6,763,000 labor controversy, after
8,173,000 6,763,000
Ncalvay.._ _ 8,173,000
what
it had
from
shape
Total week 672,219,965 61,276,950733,496,915708,788,781 64,715,000773,503,781 present itself in a different
Prey. week 672,604,721 61,299,800733,904,521 702,353,208 (14,277,100766,630,308
ever had before.
a Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
All this is so manifestly a part of the history of the
* No figures reported since October 29 1917.
for
c Figures for 1918 are those given by "British Board of Trade Journal"
period that it ought scarcely to be necessary to recall
Dec. 7 1917.
it now, except perhaps to remind the American
h Figures for 1918 are those of Aug. 6 1914.
reader that he is dealing with a world-wide problem.
THE REAL LABOR PROBLEM.
The case of the seizure of Russia's Government by
the
high
over
the
In all
cost what we should call in this country an "I. W. W.
turmoil and confusion
of living, the periodical forced advance in wages committee" possibly has its own. bearing on the
and then the still higher cost of living, there is just problem; it has certainly had the effect of upsetting
now this much of reassurance—that even Labor is the mental balance of a few of our own selfbeginning to see the necessary relation between cost styled "radical reformers," who have rushed forth
of labor in production and prices of the articles pro- in support of the new dispensation of Lenine and
duced. Taken by itself, the situation which now Trotzky as the similar parlor economists of 1793
exists pretty much throughout the world with regard came forward to applaud the governmental exploits
to wages, hours and conditions of employment of of Danton and Robespierre.
labor, cannot be described as an unexpected incident
We are inclined, however, to regard the Bolshevik
of the ending of the war. We are aware, in saying achievement in its varying aspects as not in reality
this, that at times during the war the idea of a an aggravating influence on the extravagances of
pauperized European working class competing after organized labor in other countries. The rule of the
the war with American manufacture, and driving proletariat in Russia has been so ghastly a failure
down both American prices and American wages, from the point of view of human happiness and the
was widely entertained in business circles. It was maintenance of civilized standards, so manifest a
based on the presumption that termination of the relapse into social and industrial chaos, that it has
war and of the immense Government purchases of served a useful purpose, even to labor, as an objectmanufactured goods would turn loose great numbers lesson. The mere assertion of the purpose of someof the war-time laborers, at the very moment when thing like Soviet rule in our own railways, put forth
the demobilized armies were returning to civil life.
in the tone and manner of the Russian Soviet leaders,
Far Eastern rates are as follows: Hong Kong, 82M
@83, against 803/
2@80%; Shanghai, 131/@132,
against 125@125M; Yokohama, 503/2@51, against
/s©50%; Manila, 493/
505
2@49%,(unchanged); Singapore, 52%@53, (unchanged); Bombay, 423'@43,
against 39%@4031, and Calcutta (cables) at 40@
4031, (unchanged). The appreciable stiffening of
some of these Far Eastern rates is undoubtedly
caused by the recent developments with regard to
silver.
AUG. 16 1919.]
THE CHRONICLE
623
was enough to call forth an outburst of indignation
It can hardly be doubted that this week's altered
from the American public, so unmistakable that the attitude of the English unions—especially their
authors of the manifesto of two weeks ago have been formal abandonment of the proposed "direct action"
chiefly engaged in repudiating its unmistakable pur- through a general strike—was a consequence of the
pose, ever since they issued it. But the demands of sudden discovery by English labor of what it had
labor, in the matter of higher and higher wages and been doing. Grasping at the shadow, Labor was
of shorter and shorter hours, continue.
losing grasp *on the substance. Conditions in EngNow organized labor has at least the abstract land are in some respects peculiar. But what has
right to ask for whatever it wants. Objection is happened more speedily there—both because of the
properly made, now as at all times, when it threatens greater greed of the unions and because of the highly
the welfare and means of livelihood of the rest of competitive character of British commerce—would
the community in order to obtain special advantages be bound eventually to overtake every other nation
for itself. But there is another objection, which subjected to the same process of profiteering in the
some of the labor leaders are themselves coming to cost of labor. What the application of the process
recognize, both here and in England—namely, that would mean to Germany, in her effort to get on her
when a strike is made for materially higher wages, feet commercially after a disastrous military reverse,
thus increasing the cost of output, or for materially a five-years' exclusion from foreign trade and the
shorter hours, thus decreasing the output of indus- imposition of a war indemnity which can only be
try, labor was clearly accentuating the evils against met through exporting goods at prices which will
which it .was declared to be agitating. It was an attract the foreign markets, it is difficult to imagine.
endless chain of rising costs which could not go on
For ourselves, we cannot escape the belief (to
indefinitely without disastrous consequences.
which some utterances of labor leaders at WashingHitherto, English and American workmen have ton lend confirmation) that Labor itself will perceive
ignored this consideration on the ground that so long the truth of the matter before it is too late. The
as they guarded their own interests, the rest of the • most specious argument and the most ingenious
community could take care of itself. But another array of statistics will hardly convince the people as
side of the matter has now been coming rapidly into a whole that Labor has not been the greatest beneview. In England, where the demands for higher ficiary of all classes from the war, so far as regards
wages have been the most extensive and have been its personal income; for even the "profiteer," to
most readily conceded, it has suddenly been dis- whose exactions the union leaders ascribe all the
covered that the resultant increased costs were high prices, would have to surrender most of their
driving English manufacturers out of the export war profits in war taxes, and the laboring man's
field and were even inviting foreign competitors into war taxes are nominal. But there is one means by
the British market. In the United States, the ques- which Labor can throw away what it has gained,
tion is now taking the form of doubt as to whether and that is by putting an end to its own employthe present volume of production can continue with ment through bringing about a crisis in the industries
higher labor costs.
which support it.
The whole matter sifts down to the question at
what point rising prices, caused by higher cost of HIGH PRICES AND THE VOLUME OF MONEY.
production (in which labor is the largest factor), will
The resolution of Senator Myers of Montana to
result in stopping demand, curtailing business and investigate the relation of
"monetary inflation" to
thereby reducing opportunity of labor to get em- high prices is likely
to precipitate upon the country
ployment. Sooner or later, supposing the process of some of the old
futile discussions over the quantitative
jacking-up of wages to continue, such a point must theory
of money. But this time it will likely be
be reached. It would come in different ways to barren of results. If press reports
of preliminary
different communities. In Russia it came in the statements are true, the
basis of our troubles is
shape of general and almost immediate stoppage of discovered in the fact that we
have twice as much
production, because the fantastically sweeping rise money and twice
as high prices, existing together.
of wages made it impossible to produce at all except That we have been participants
in an "unparalleled
at a loss; and such production as is now going on in war" must at least jar the
complacency of those who
Russia is conducted through the shifting of the loss find volume of money
and prices running in parallel
on to the Government, which in turn shifts it on to lines, one being the cause of the
other. And while
the common people, through meeting the deficits in there is- outstanding a great volume
of Federal Reprogressively depreciating fiat paper money.
serve notes, we also have a tremendous volume of
With England, it has resulted not onlyin the very gold; and have felt equal to the
experiment of
widespread suspension of employment in the coal melting up silver dollars and selling
the bullion
mines, but in a rise in the present selling price of iron, abroad. In 1896 those who believed
in the "unsteel and other commodities which make up the bulk limited coinage" of silver attributed
all our domestic
of England's export trade, so disproportionate to ills to a shortage of money, and
they were not afraid
the rise in other countries that England is blocked of the inflated values in silver
money, using the term
in its first effort at commercial recuperation. Not money in its popular
sense. Now, we have too
only is steel from Pittsburgh and even from the much, and the remedy
is curtailment.
Continent underselling British manufactures in
An examination of a currency based on gold is
England's former avenues of export (including India), important
at all times, and even with our enlarged
but American steel manufactures and American pig gold stock there are reasons
why our Federal Reserve
iron are now being laid down in the British market notes should not attain to
too large a volume—but
itself.
these are aside from a relation to high prices. Sup-
624
THE CHRONICLE
[vol.. 109.
or theoretical
pose we were by some arbitrary act suddenly to the present by arbitrary methods
the Federal
in
good
the
reduce our "circulating medium" half, can anyone legislation might undo all
and conexpansion
that
imagine that would cut wages in half? Would it have Reserve system and nullify
currency."
"emergency
an
any effect upon the Government's wheat guaranty traction provided for in
Reserve
which some estimate will in the end cost the people And by the same reasoning the Federal
that
to
furnish
bound
is
,
a billion dollars? If the railroads are incurring a Board, in its administration
commercial
to
according
billion dollar loss in a year, due largely to a billion "emergency currency"
in readiness to
dollar raise in wages (or thereabous, without suffi- needs, and must hold its gold base
of our money
aspect
ciently compensating rates) is there any mysterious do so, and this'is the important
our Federal
if
further,
alchemy in the volume of money that would cut this situation at this time. And
tried out,
and
deficit in half? Here are two billions that undoubt- Reserve system is now to be tested
discontent,
and
edly enter into the high cost of living, that may have as never before, because of high prices
Congress should
two billions of "inflation" set over against them, and is sufficient as believed, then
of any
enactment
the
in
wise
but with what result? Certainly money goes first be very slow and very
"systhe
Certainly
legislation."
to wage earners. Many are receiving two times the socalled "monetary
of
dreamed
ever
than
enough—more
wages of the ante-war period. If an existent double tem" has gold
purposes
the
to
abeyance
in
held
enactment—if
stock of money were to be halved, and if it were at its
supposable wages would be consequently halved, of the Act.
An unsettling of the medium of exchange and a
would that of itself halve the wheat and corn crops,
or lessen the steel output, or lessen the cumulative consequent unsettling of the stability of business
busiincrease of prices due to each dealer charging a would create a condition which by destroying
as
If,
well.
as
and
prices
values
destroy
might
profit on a profit, to say nothing of "profiteering?" ness
of
terms
in
named
credit-money,
our
Or, contrarily, would the process increase the wheat supposed,
should
business,
with
pace
keep
to
free
is
stable gold,
crop or the steel output?
If wheat and steel and textiles and lumber are the not the monetary policy of a nation be to leave it
reproducts of labor, and labor goes to war and produces to follow the law of its own being? One way to
into
world
business
whole
the
less thereby, and Government comes in and fixes duce prices is to throw
thus
prices, higher than before the war, and also wages; doubt over the money of the country, to impair
to
credits
loan
that
banks
the
of
and by the expansion of bank credit money in the the functioning
the
bankof
basis
the
furnish
loans
form of checks:and drafts by which ninety per cent,say, business, which
word to topple down the
of the business of the country is done,totalling annually check-credit currency—in a
one way to disable
And
heads.
our
upon
hundreds of billions of turnover,would the cutting in house
of supply and delaws
all
aside
throw
to
is
two of the volume of our circulating medium have an business
war waste, and
of
consequences
the
all
deny
mand,
equal effect on the products of labor, or the wages of
discussions of
worm-eaten
old
the
into
again
plunge
labor or the prices of commodities in the open market?
money.
to pay the
How
of
theory
quantitative
the
Or, if we were to part with several hundred millions
ourwithout
impoverishing
debt
war
our
on
interest
of our gold stock, who could measure the effect on
ourto
interest
that
pay
we
(though
taxes
by
selves
prices, if there be a direct relation, so as to know
our
all
policies.
fiscal
try
to
question
a
is
selves)
the amount of arbitrary curtailment to make?
All this bank credit currency is expressed in terms of Heaven knows there were influences enough to
the dollar, and that is a gold dollar. Now let us raise prices—why should not reactionary influences
bring them down? If intervention of Government
suppose another case.
Let us suppose that we go on issuing Federal Re- would end power operated to raise prices why ought
serve notes until the base in gold becomes too small not non-interference and peace to bring them down
to sustain them in circulation, leading to disturbances as fast as they ought to go in justice to everybody?
of the stability and evenness of trade at home or
THE NEW HARVEST A LESSON IN
abroad. What then occurs? This bank-credit cur"RECONSTRUCTION."
rency in checks and drafts, using the gold dollar as
Opulent summer wanes. The flood of Life has
its common denominator of values, becomes unstable thereby—and to business this credit money touched its full. Forces of growth are reaching
in use stands to actual money in use as nine to one. fruition. The tide of energy ebbs. Days grow
What then might occur to prices? Previously there shorter, yet the long afternoons linger, as if loth to
was no lack of money for the needs of business, depart. Nature has performed her recurring miracle,
for the reason that a sound bank check or credit money and fain would rest. Into the lap of Man has been
expands and contracts according to needs. But poured the wondrous bounty of another harvest.
destroy the intrinsic value of the gold dollar, by In lands remote, in homes of the poor, there will be
changing its coinage say, in other words destroy its bread to eat. Toil has its recompense. Peace has
unchangeableness, or, again, destroy the Federal its plenty. Soon the circle will be complete.
In the trust of the spring-time the sower went
Reserve note's security as laid on a proper redemptive
gold base, and this impairment affects nine to one, forth to the fields. And now the reaper gathers the
actually, and potentially at a greater ratio, the stab- grain into his own care and keeping. Not all is completed. Nature has yet work to do. Hot suns
ility and value of the bank-credit money.
Now an unstable monetary medium is paralyzing mature the sap in the full ear. But the rushing energy
to the stability of trade. Stability affects volume of of eager life is over. He who receives the benefit of
exchange,and volume affects price. So that we reach this magic transformation of earth, must garner his
at once a conclusion that a tampering with the reward, must exchange his wealth, that through all
monetary medium of the United States in a time like the earth may run the blessings of equality and joy.
AUG.
61919.]
THE CHRONICLE
625
Man, however, may rest a little now. Already ha plentitude of power and joy, that he,
this man who
has builded his granaries. Marts of trade. he has cannot make one blade of grass to grow
by his own
erected, await his bidding. Customs of commerce hand, may, by some "Congressional
action" at
and credit may be employed at his will. Thought Washington, after the battle of death
and without
Amy now turn to what he shall get for what he will waiting the full consummation of the
harvest of life,
give. What he has produced, man now distributes, by some arbitrary and artificial
law sent out into
far he would have many grains that he does not grow the far spaces of human environme
nt,lower the "high
as an individual, and the highways of his traffic are cost of living."
filled with the means of his exchange and distribution.
What is the high cost of living but the penalty for
There remains but the joy of living, the fulness of the high cost of war to the human
race? Does
life, the consumption and use of all that nature and nature ever fail as a whole to fulfill her
part in the
man have given.
partnership? Could all the local famines of all time
Surely there is enough for all—if only the avenues equal the universal want of the world of to-day?
of distribution are open and free. Over this primi- When the ways and means of trade are free
do not
tive production of earth man has erected a vast system the waves of production flow over and obliterate
the
of activities, and it is called business. Millions en- bare spaces of sporadic want? If this harvest,
now
gage in the work of the system. It has grown and at its full, did not recur, could all. the laws
of all
shaped itself out of need and want. No one man the legislatures of earth add one cubit
to the real
made it. No one people can control it. No nation reconstruction of that plenty and
prowess which
can operate it. In it Nature and Man work together prevailed "before the war?" Can all the labor
for the good of all—the greatest good to the greatest demands, all the strikes for arbitrary wage-scales,
all
number, when soils are prolific and seas are free. the pernicious meddling of capital
and labor, by
Who shall say what that good may be, unless each means of legislative law add an actual shock
of wheat
man shall direct his own toil to his own ends and aims, to production, or convey one ship-load
of flour to
and shall have the sole say (ownership for life) over starving Europe—or issue one dollar
of credit to pay
the means whereby he may live, that he may enjoy; for the toys made by a blind soldier
who is penniless,
the right sole to his land and home, his strength of or add a single measure of energy to that
self-evolved
body, his ability Sand cultivation of mind, and the vast system called "Business?"
instruments in aid of these he may be able or willing
Law-making must forever remain after-the-fact—
to buy—the tools of his trade, be it what it may, after this ordained harmonious relation
and action
part and parcel, and beneficiary, of the whole. of Man and Nature to people and enjoy the earth.
Liberty and peace—these are sufficient to insure to Though we perhaps do not know the truth of the
every man his share of the bounteous and beneficent theory, is it not by attraction and repulsion of atoms
whole—according as he works in this vineyard and and molecules, that gases, liquids, solids,
and the
storehouse of a world.
good sound earth are made? Is it not by a similar
But men decry this. Divided into nationalties process of the attraction and repulsion of
the wants
they seek to overcome both man and nature in their and needs of free individual men, owning their tools
inter-activities, their ensuing and inevitable relations, and uses and personal aims,that industry
prevails and
and by direction and proscription prescribe the laws commerce proceeds, and that the unified whole
we
of living—invade this "system" self-erected out of call civilization is erected? Where then shall
we
the universal advance—and in the egotism of arti- turn for our lesson in "reconstruction" in this summerficial law would bring about the millenium. Man time of the year; to the committee
rooms at Washwho is his own master becomes the slave of his own ington, or to the harvest fields that wait on
freedom?
conceptions. Sometimes, in his eagerness to accomplish, in his selfishness to secure, in his passion to BLOOD LUST, THE MOB AND THE DEFIANT
dominate and control, he turns these activities of his
STRIKE.
better life upon himself and in war deluges and deciThree forms of violence addressed against persons
mates his fair domain. For a brief time he turns have of late become alarmingly frequent.
back his own progress, interrupts his harmonious
Murders in widely separate sections of the country
partnership relation with nature, and brings famine, are almost daily reported in the papers and are chardisease, penury and woe, into the societies he has acterized by unusual features. Many are committed
organized, and prevents the natural functioning of by very young men and not a few by women, even
the system of commerce, the system of sustenance, killing their own children. Lynching is reported as
he has builded. And then it would seem his mentality some sixty per cent more frequent in 1918 than in
becomes distorted. Baffled by his own folly, thwarted 1917; though the first half of the present year shows
by his own selfish impotency, deluded by his own a better record, there is of late a fresh outbreak.
dreams, he becomes more insistent ta control by the Strikes we have grown accustomed to, but they have
exercise of mere will these universal forces in nature taken on a certain ferocity in the violence of their
demands, which at times assume the form of blackand himself.
Proud in his own conceit, he becomes, strange to mail. They aim almost invariably at making the
maximum of damage to a defenseless community
say, the cringing slave of Government—and professes
their chief weapon.
to believe that, in the waning summer of the year,
Now comes the mob, first in one city, then with
in the first full effort of Man and Nature to repair and increased
violence in another, with every outbreak
reconstruct after the world-war, when the bounty of the sure
incentive of others elsewhere, and everythe harvest is pouring into the streams of distribu- where a growing turbulence, until in Washingto
n we
tion, that the starving mothers and famished children have an outbreak almost in defiance of the nation
everywhere may have bread, typical of life in all its itself, and immediately after in Chicago rioting that
626
THE CHRONICLE
[VOL. 109.
What then is to be done? In what direction and
could not be controlled until martial law was prowhat agencies are we to look for redress?
through
Washington
both
In
in.
called
troops
claimed and
all have their panacea.
critics
The
outbreak,
the
for
occasion
no
was
there
Chicago
and
Force will not do. We have had our supreme
the existing temper required only an excuse, the
readiest incitement lay, as so often, in an attack lesson as to that in the career of Germany. Still
there are those who are looking to some form of
upon the negroes.
The obvious suggestion is that we are sharing a force as the one resort. The Mayor of Seattle is for
form of blood-lust everywhere felt as an effect of the the hour the hero at home, though his recourse was
war. Violence, even where there is no personal in reality to the moral strength of the community,
antagonism, has become a commonplace. Instinc- and we are looking for the military leader abroad who
tive distress at sight of wounds and blood is weak- will give peace to Russia. But if he should arise toened. Common human feelings and normal relations morrow and overthrow the Bolsheviki, Bolshevism
have entirely changed for many. The stream of would not be destroyed. When a plague is spreading
distressing tales of the conduct of American officers you may destroy a centre of it here or there; what is
abroad has become too full to be made light of. The needed is a serum, and new conditions of life with a
validity of the restraints of morality or of conscience, new teaching.
An upheaval of the social order to-day with a reor of early training, has been undermined, if not
swept away, and the hold of religion has gone with it. distribution of wealth would accomplish nothing exThe back water- of all this, splendid as is the record cept disaster. Russia is now experiencing the first
of the army as a whole, cannot but be widely felt at effect, the second will inevitably be a movement
toward the re-establishment of society and of
home.
economic life in a form not widely distinct
It
Recognizing this does not signify pessimism.
that which prevails in civilized communities
from
and
its
cause,
seeking
means facing a condition,
-day.
to
indinot
does
It
with.
dealt
be
to
is
it
how
asking
The impulse to toil, to invent, to save, to compete,
cate that civilization has broken down, or that
Christianity has proved a failure, either because of for the sake of possession has proved one of the most
the fact of the war, or because of its effects, even powerful as well as the most permanent of the imthough their scope may not yet be determined. The pulses that have carried men forward and secured
present outlook is unquestionably bad. With all the conditions of well-being. Spiritual and social attalk of brotherhood and advocacy of world-wide tainment has aimed at guiding this force, often infellowship, individual selfishness was never less re- spiring but never destroying it, only for the hour
strained than it is in profiteering and the rush into arresting it where it had become overweening or
extravagant expenditure; and class antagonism in its injurious to the individual. In fact the only alternadisregard of the rights of others was never less in tive to economic competition based upon the right to
check than it is among those who act in the interest private property as the method the world has known
for creating the bulk of the material of human subof Socialism.
sistence and comfort, is a community in which a
in
the
place
taken
certainly
A great change has
views and habits of Christians. It may properly be superior authority in the State, or the taskmaster,
called a reaction toward the condition of things that as slave-driver, directs and enforces the daily toil.
maintained in England and in this country at the The stage of society in which this latter was possible
close of the eighteenth century, when infidelity and has practically passed and will probably never
immorality ran wild, though we are separated from return.
It is the height of folly, therefore, to advocate any
that still by a long interval. It is easy to claim, as
of reorganization which would diminish the
form
has
some do, that "religion is dead," though that
to individual effort or would reduce or
incentive
assert
writers
been often claimed before. Newspaper
reward, or which would relegate to the
its
impair
find
and
exist,
to
ceased
has
authority
that spiritual
"a striking resemblance between Christianity to-day State the ownership of all or the most important
in its inertness and the dead pagan mythology of the forms of property and give to it the immediate control
first three centuries of the Roman Empire," quoting of its distribution. Such schemes are attractive as
in support De Quincy:"When the pagan religion had quick methods of dealing with existing evils and shortvirtually died out, all secret restraints were breaking cuts to new conditions which shall be ideal, ignoring
up, a general delirium carried, and was felt to carry, the truth which in every generation has to be relicense into all ranks; it was not a negative merely, learned, that above all in the problems of human
but a positive change. A religion had collapsed—that society quick methods and short-cuts are delusive
was negative; a mockery had been drawn into high and wasteful, where to be wasteful is to be derelief—that was positive. It was not that restraints structive.
What is needed is to gather up and renew, out of
were resisted; there were none to resist, they had
past and the things that are to be left behind,
the
still
power
crumbled away spontaneously. What
which have given them their value. There
forces
the
from
as
Terror
and
police;
still
society?
upon
acted
ever the divine restraints of love and pity,honor and will be found to be truths that are eternal, the power
domestic affections. But the conscience spoke no for human and social reconstruction that inheres in
the nobler traits of personal character, unselfishness,
longer through spiritual organs."
There may be those who think that this describes kindliness, honesty and honor, as between man and
conditions to-day, but it is well to remember that man; and these with patience and courage applied to
historic parallels are rarely exact or convincing; and, the direction and the use of the instincts and desires
even if this description were accurate, similar periods planted in the hearts of men which move them to
and some much worse have been closely followed by create the family, the State and the Church will
religious and moral awakenings which have changed make possible the peace, the comfort, the joy and the
the course of history, and have given a new impulse faith that are elements of the Kingdom of God on
earth, as nothing else will.
and created a new type of civilization.
AUG. 16 1919.]
THE CHRONICLE
627
Wealth is not idle because gathered under a single
ANDREW CARNEGIE.
control, but is it misdirected? Is it more for the
Though not American-born, Andrew Carnegie was general welfare and the coming
of the Kingdom of
American-made, and had his life career been written God that property be brought
and kept (were that
as a bit of entertaining fiction, half a century ago, practicable) on an average
than that rich and poor
it would have seemed a bold imaginative flight. The should flourish from generatio
n to generation? Does
common little boy who was proud of his first earn- wealth atone for itself .by good
use? We should not
ings of a dollar and twenty cents a week lived to take too literally the declaratio
n about the camel
treat millions almost as counters, in the unparalleled and the needle's eye, and it
would be alike intersum of the wealth which came to him and has been minable and useless to argue over
such questions.
redistributed by him. Whether he should rank Suffice it that the evidence is
unceasing and cumuamong the "great" men of the age depends on what lative that men who have acquired
wealth view it as
definition of greatness is chosen. He certainly be- as a trust received for mankind.
The list of public
longs among the captains of industry, for his control benefactions, conceived in sympathy
and wrought
there was mighty. He does not stand with Watt, out through practical wisdom in adapting
means to
with the Stephensons, nor with Arkwright, nor with ends, continues without a halt. If
the agitator perBessemer,- nor with Edison; yet he was a unique sists that the rich man is frightene
d here or hopes to
person who thought in large terms, dealt with large straighten out his life-balance
before meeting St.
things, and achieved large results.
Peter at the gate, let it go so; we have neither right
The ranter will call him the child of Fortune and nor ability to judge the motives
of good deeds, and
the product of whatever that is which men call luck. we may better rest satisfied with those
deeds.
Possibly so in some degree; to argue over it would be
In the list of givers, reckoning by the scale of gifts,
unprofitable. One of the steps in progress which Mr. Carnegie
comes very close to the head. He
labor has always ignorantly fought evicted his parents composed for himself this
epitaph: "Here lies a man
from their little Scotch cottage and started them to who knew how to enlist
in his service better men
America, 71 years ago, when the steam engine de- than himself."
We would write under this a very
stroyed their livelihood. If you choose, that was ancient one:"What I gave
I have, what I kept I lost."
luck, wearing a disguise.
At least the first clause fits him, for his gifts of a
Mr. Carnegie had confidence, energy, grit, dogged public nature are summed
up as past 350 millions;
determination. He recognized the knock of Oppor- and if he did not succeed in quite escaping
his own
tunity, and knew when and how to "take Occasion condemnation on him who dies rich we should
note
by the hand." He had the qualities which gather that this huge total is merely what he bestowed
in
wealth, for he gathered it. He had a keen foresight; his lifetime.
he had a tenacity that never let go. No man can
Mr. Carnegie had wealth, and he owned a "castle"
succeed who constantly errs as to what other men in his native land as well as everythin
g here which
will do in a given situation; the war has proven this money can buy. But he was without
airs; he had
as to the men who began it. Andrew Carnegie was the gift of friendship and of sympathy; he deeply
a keen judge of men; he had the gift of intuitively believed in education, for his libraries dot the counattracting and influencing men; he believed in young try; he loved flowers, music, and art.
He believed
men;he had no fear of being overshadowed by anybody. in fraternity and democracy; he was generous
and
The story of his life, full of incident and contrast, appreciative as employer, and steadfast as friend.
has been told anew, this week, in all the press. It
So passes one of the most unique of Americans,
teaches anew that this is the country of equal oppor_ arid even if it be true that the good men
do is oft
tunity. Not that any and every young man can interred with their bones it will not be
so with
gather millions, although some careful thinkers de- Andrew Carnegie; he has builded too well and too
clare that whoever is willing to give everything for wisely to make that possible.
money can get it; not everybody can be of the millionaires, any more than everybody can become PresiCABINET CHANGES IN CANADA.
dent; but for ability, energy, and well-directed effort
Ottawa, Canada, August 15 1919.
the opportunities lie waiting; notwithstanding the
The past week has witnessed significant happenings
turmoil which now disturbs us. Not our stars, but in the Canadian political alignment. Sir Henry
ourselves, make or mar us.
Drayton, Chairman of the Board of Railway ComThe Socialist agitator will declaim afresh against missioners, was taken into the Borden Cabinet as
wealth, as always. Nothing is so dangerous as a Minister of Finance, probably in recognition of the
million of dollars, except two millions-; so declares a crucial relations between the Dominion's solvency
cheap saying, as far from true as the )ther favored and the success of the country's vast commitments
one that if a man has much more than the average in state ownership of more than 14,000 miles of steam
he has robbed somebody. If the agitator happens roads. Sir Henry Drayton drew up a special report
to bo literary he may go back to Goldsmith and recite on Canada's railway situation about two years ago
with unction the couplet that "ill fares the land, to and therein boldly declared for the acquirement of
hastening ills a prey, where wealth accumulates and the Grand Trunk Railway system as an integral of
men decay." Even in a time when ancient founda- the bankrupt Western division (Grand Trunk Pacific)
tions are attacked, it is not clear that men are decay- which involuntarily was taken over by the Dominion.
ing in this country, though wealth does accumulate The Drayton conception of public ownership of
and is hated with undiminishing fiercewss by. those railways is the creation of a "Dominion Railway
whose real grievance is that it seems to them to be in Company" cut off from political jobbery and posthe wrong hands.
sessing virtues inseparable from private management.
628
THE CHRONICLE
Nearly all the organized elements in Canada opposed to the present Unionist Government met at
Ottawa and launched the Liberal Party with a fresh
leader, Hon. W. L. M. King, and a platform manufactured and shipped Eastward by the farmers of
the prairie provinces. That the customs tariff should
be pared down from present proportions so as to
cheapen the "instruments of production" and promote exploitation of lands, mines, forests and fisheries was one principle of the Liberal conference
which, with the new leader, goes before the country
at the next election for public consideration. The
reduction of the tariff on British manufactures,
increase of income taxes, and numerous general
declarations against profiteering and autocratic
"orders-in-council" will provide lively debating
material when the Borden Government chooses to
appeal to the country.
[VOL. 109.
to a considerable extent "fractured" with consequent
lose of liquid material from the oil beds. Oil shale
in New Brunswick is regarded as holding out commercial prospects.
RAILROAD GROSS AND NET EARNINGS FOR
JUNE.
comment at length upon the
to
ary
It is unnecess
t
comparative statemen of earnings of the steam
railroads of the United States as presented in our
compilations to-day for the month of June. The
results last year in that month were so unusual and
abnormal that comparison with the same now makes
a showing which is wholly valueless and utterly
without significance. Stated in brief the comparison reveals a gain of $30,769,974 in gross earnings
accompanied by a reduction of $78,763,342 in expenses, hence producing a gain in net in the large
sum of $109,533,316. If the comparison were a
PROSPECTING FOR OIL IN CANADA.
normal one, the reduction in expenses here disclosed
Ottawa, Canada, August 15 1919.
would be something to rejoice over. It is many a
The Dominion and British Columbia Governments long day since we have had a comparative return
have taken in hand the task of ascertaining the oil of this kind with the expenses registering any deproducing possibilities of Western Canada. Eight crease, and if now it were possible to say that the
parties of geologists are in the field this month country had reached a point where a contraction
covering Alberta and British Columbia from- the in expenses was possible, the railroad problem,
United States border to the Arctic Circle. Private which at the moment is the occasion for so much
investigators, including the Standard Oil Company, solicitude, might be regarded as in the way of being
are spending more than a million dollars in prospect- solved. Of course everyone knows that so far from
ing. Through rail-less and trackless wilderness oil railroad expenses undergoing contraction, the re"rigs" are making their way, sometimes losing their verse is the case.
cargoes in swollen rivers, and waiting patiently until
The reduction in expenses disclosed in the June
new outfits can be dragged perhaps 2,300 miles from exhibit is due entirely to the circumstance that in
the end of steel to the mouth of the Mackenzie River. the expenses last year there was included one item
The Canadian Governments have followed a new of huge magnitude and wholly abnormal in character.
policy of refusing to grant proprietary rights over large It may be recalled that in May of last year William
areas of supposed Oil-bearing lands. Government G. McAdoo, the Director-General of Railroads,
geologists are being utilized to prospect thoroughly announced a big increase in the wages of railroad
and scientifically and to fix the basis for private employees and made the same retroactive back to
exploitation later on. Some private interests, how- Jan. 1. He then directed that the whole of the
ever, are sending out their own parties.
extra compensation for the six months should be
One may appreciate the lively interest of the Can- included in the returns for the month of June: The
adian people in probing oil potentialities at their increase in wages at that stage (subsequently there
own doorstep by the record of oil imports last year, were numerous other increases) it was estimated
amounting to over $43,000,000. Whether this would add somewhere between $300,000,000 and
burden can be offset by domestic production, the $350,000,000 to the annual payrolls of the roads.
Geological Survey at Ottawa offers no promises. On that basis the June expenses last year included
Some of the largest private operators in America, $150,000,000 to $175,000,000, representing the wage
however; have thought it worth while to invest large increases for the six months to June 30. The result
sums on development, asking no special concessions was that with a gain in gross earnings for the month
from any Government and assured of no preferential of $40,002,412 there was an augmentation in extreatment. The late Lord Rhonda was one of those penses of no less than $182,340,983 or over 84%,
whose faith in Canada's oil fields was backed by leaving therefore a diminution in the net of $142,substantial investments; Lady Rhonda is coming to 338,571.
Canada this year with several geologists to direct
The reduction in the expenses for June 1919 as
oil field development.
compared with June of last year follows from that
The Calgary, Alberta, oil fields, made notorious in cause and that cause alone. As a matter of fact
1914 by violent wildcatting, have yet a promising this year's decrease in expenses is only $78,763,342,
basis for future oil flows. Five wells are now pro- whereas the increase last year was $182,340,983.
ducing to the capacity of the stills, about eighty The totals for this year and last as drawn from our
barrels daily. One well gives nearly pure gasoline compilation to-day, are as follows:
and the oil from the others averages sixty per cent.
Inc.(4-)or Dec.(—).
June.
1918.
1019.
Amount.
%
201 Roads
gasoline.
—513 0.22
232,682
232,169
Miles of road
the
that
l
Survey
Geologica
7.83
+30,769,974
$424,035,872 8393,265,808
Gross earnings
It is the opinion of the
433,402,473 —78,763,342 18.17
354,639,131
Eastern provinces of Canada, New Brunswick, Nova Operating expenses
$69,396,741 def$40,136,575 +$109,533,316 Scotia and the Gaspe peninsula of Quebec have been Net earnings
AUG. 16 1919.]
THE CHRONICLE
629
A glance at the foregoing will show how abnormal
PRINCIPAL CHANGES IN GROSS EARNINGS IN
JUNE.
Increases.
Increases.
were results last year. Owing to the inclusion of Southern Pacific (8)
$2,485,883 Southern Railway
$195,864
New York Central
2,466,128 Cleve Cin Chic & St Louis 195,704
the item of extra wages, the railroads in June 1918, Chicago
& North Western 2,281,568 Duluth & Iron Range___
_
186,318
Pennsylvania (3)
2,194,987 Washington
__ _
182,996
Milw & St Paul_ 2,107,002 Wheeling & Southern_
it will be observed, had no net earnings at all, but Chicago
Lake Erie_ _ _
178,690
Chicago R I & Pacific (2) 1,494,212 Cin New Or!
& Tex Pac_
152,217
Burl & Quincy
showed a deficit of over $40,000,000-that is, they Chicago
1,411,163 Alabama Great Southern_
147,758
Great Northern
1,193,376 Carolina Clinch!& Ohio__
147,130
Minn
St
Paul
&
85
M
1,066,101 West Jersey & Sea Shore__
failed to earn bare operating expenses by that amount. Missouri Pacific
138.051
1,057,038 St Joseph & Grand Island
135,605
Michigan Central
1,057,025 Florida East Coast
In contrast with this deficiency last year actual net Texas
135,257
& Pacific
953,578 Yazoo & Mississippi Vail_
134,796
Atch Topeka & 8 Fe (3)
922,174 Wichita Falls & Nor West 123,340
of $69,000,000 the present year marks important Union Pacific (3)
849,605 Vicks Shreve & Pacific_ _ _
113,899
St Louis-San Francisco (3) 844,511 Chicago
& Louisville.. 113,880
improvement, but improvement following entirely Louisville & Nashville.... . 831,126 New Or!Ind
Tex & Mex (3).. 113,221
Chesapeake & Ohio
719,004
Duluth Missabe & North.. 696,576
from the cause already enumerated. Actually this net of Mo
Representing 77 roads
Kan & Tex of Texas.. 615,575
in our compilation_ _$35,024,215
Missouri
Kansas
Texas 551,536
$69,000,000 the present year shows decided shrink- Delaware Lack & &Western
Decreases.
543,830 Norfolk & Western
$1,259,126
Atlantic Coast Line
539,824 Pittsburgh & Lake Erie__ 601,530
age from the figures that used to be recorded not so Northern Pacific
502,999 Buffalo Roch & Pittsb___
545,536
Pere Marquette
491,241 Lehigh Valley
366,703
very long ago. This will appear when we say that Chicago
St Paul M & 0.. 413,171 Bingham & Garfield
225,037
Boston & Maine
381,598 N Y N H & Hartford___
219.613
Baltimore & Ohio
the net of $69,396,741 for June 1919 compares with Colorado
380,364 Chicago & Eastern Illinois 199,468
& Southern (2)_
366,527 Central RR of New Jersey 191,186
Great Western
356,413 El Paso & Southwestern_
no less than $106,181,619 net only two years ago Chicago
189,175
St Louis Southwestern (2) 324,889 Nash Chatt
& St Louls..__
183,987
Denver
Rio Grande_
306,585 Lehigh & New England__
and this latter amount was earned with gross of Seaboard& Air
153,494
Line
300,047 Chicago Ter Haute & S E 128,575
Internal & Great North
283,618 Kansas City Southern_ _ _
no more than $323,163,116. The present year Erie
116,865
(2)
273,427 Kanawha & Michigan_ _ _ _
114,143
Chicago & Alton
259.259
Monongahela Connecting.. 107,988
in June the gross was $424,035,872 or considerably Virginian
233,014 Georgia
107,626
Long
230,756 Spokane Portland & Seattle 104,886
over $100,000,000 more than two years ago and GrandIsland
Trunk Lines in N E 225,445
Western Pacific
209,812
Representing 17 roads
yet it produced only $69,396,741 net, as already Central of Georgia
208,475
in our compilation_ _ _$4,814,938
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however,
stated. From this it is obvious that heavy operating returns
these
do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible
expenses are still a feature in railroad affairs. It In
to
those
given
the statements furnished by the companies themselve
a This is the result for the Pennsylvania RR. tog,ther s.
deserves to be noted that rising expenses were a vania
with the PennsylCampany, and the Pittsburgh Cincinnati, Chicago. & St.
Louis, the
Pennsylvania RR. reporting $566,863 increase, the
Pennsylvania Company
feature in the returns even two years ago, our state- $1,196,68
3 increase and the P. C. C. & St. L. $431,441 increase.
S These figures cover merely the operations of the New York Central
ment for June 1917 having recorded $49,696,242 in itself.
Including the various auxiliary and
roads, like the
Michigan Central, the "Big Four," &c., the controlled
going to form the
crease in gross, or 16.49%, accompanied by an New York Central System the result is a gain whole
of $3,087,615.
PRINCIPAL CHANGES IN NET EARNINGS
augmentation of $39,222,031 in expenses, or 19.82%,
IN JUNE.
Increases.
Increases
leaving therefore only $10,474,211 gain in net, or Pennsylva
nia (3)
a$13,378,633 Maine Central
New York Central
69,889,200 Minneapolis & St Louis_ $456,777
448,404
Southern
(8)....-. 5,564,044 Grand Trunk Western
10.13%. This,it is true,followed heavily augmented Chicago &Pacific
444.754
North Western 4,047,319 Virginian
384,588
Baltimore & Ohio
3,999,296 N Y Chicago & St Louis..
totals of earnings, both gross and net, in 1916, but Erie (2)
371,100
3,804,341
Island
355.737
Chicago Milw & St Paul_ 3,729,461 Long
Chicago & Alton
these latter gains were merely a recovery of ante- Illinois
338,144
Central
3,643,320 Toledo & Ohio Central...
329,862
Chic Rock Isl & Pac (2). 3,341,925
Chic & Eastern Illinois..
306,229
cedent losses. In the following we furnish the June Chicago
Burl & Quincy
Hocking Valley
293,960
N Y N H & Hartford_ _ _ 3,051,243
2,874,814 Chic New On & Tex Pac
259,069
hia & Reading.. 2,695,931 New On Tex
comparisons back to 1906. For 1909, 1910 and Philadelp
& Mex (3).
251.240
Chesapeake & Ohio
2,390,473 Duluth & Iron Range
241,577
Great Northern
1911 we use the Inter-State Commerce totals, but Missouri
2,353,515 Mobile & Ohio
238,698
l'acific
2,356,193
Indiana
Harbor Belt_ _ _ _
226,677
Boston & Maine
2,058,987 West Jersey & Sea Shore
for preceding years we give the results just as regis- St
226,271
Louts San Fran (3)__ _ 1,982,192 Florida
East Coast
207.463
Michigan Central
1,821,462
Rutland
tered by our own tables each year-a portion of the Norfolk & Western
199,805
1,627,305 Na,shv Chatt & St Louis_
187,212
Atlantic Coast Line
1,571,279 N Y Ontario & Western_
railroad mileage of the country being always unrepre- Northern
184.811 •
Pacific
1,517,181 Grand Rapids & Indiana
180.162
Minn St Paul
1,349,981 New Orleans & Northeast
177,813
sented in the totals, owing to the refusal of some of Lehigh Valley & S S M 1,311,735
Dul Sou Shore & Atlan
177,530
Atch Top & Santa Fe (3) 1,304,814 Grand
Trk Lines in N E_
174,012
Union Pacific (3)
the roads in those days to furnish monthly figures Missouri
1,286,947 St Joseph & Grand Island
170,010
Kansas & Texas 1,254,726 Carolina Clinch!& Ohio_
168,913
Clev
Cin
Chic
& St Louis 1.325,437 San Antonio & Aran Pass
for publication.
164,473
Delaware Lack & West
1,160,431 N Y Susq & Western.._
154,557
Central RR of New Jers_ 1,004,172 Central
New England..
143,319
Texas & Pacific
953,749 Duluth & Iron Range..
141,133
Seaboard Air Line
Gross Earnings.
951,004
Western
Pacific
Net Earnings.
138,734
Mo Kan & Texas of Tex_
Year.
950,135 Bangor & Aroostook_ __ _
137,422
Pere Marquette
Year
Year
Inc.
or
871,770 Washington Southern....
Year
Year
Inc. (4-) or
136,896
Yazoo & Mississippi Vali
Given.
Preceding. Decrease(-)
825,631 Cinc Indianap & Louisv_
Given.
Preceding. Decrease(-). Wabash
128,631
784,364 Toledo St Louis & West..
127,898
Duluth Missabe & North
June.
$
$
$
723-,382 Vicksburg Shreve & Pac_
$
$
$
126,656
Chicago Great Western..
1906-- 100,364,722 90,242,513 +10,122,209 31,090,697 27,463,367
721,620 Belt Ry of Chicago
115,761
1907... 132,060.8141114,835,774 +17,225,041 41,021,559 36,317,207 +3.627,330 Denver & Rio Grande_
648,583
1908._.126,818,844 153,806,702-.26,987,858 41,818,184 46,375,275 +4,704,352 Southern Railway
605,148
Represent
ing
105 roads
1009_ 210,356,0641184,047,216 +26,309,748 74,196,190 59,838,655 -4,557,091 Chic St Paul Minn & 0..
562,184
in our compilation3108,767.681
1910_ .... 237,988,124!210.182,484 +27,805,64 77,173,345 74,043,099 +14,357,535 St Louts Southwest'n (2)
537,400
+3,129,346 Western Maryland
Decreases.
1911-_ 231,980,259j238.409.885 -6,519,626 72,794,069 77,237,262
533,542
Bingham
& Garfield___- $169,385
1912..- 243,226,4981228,647,383 +14,579,115 76,223,732 71,689,681 -4,443,183 Colorado & Southern (2)
527,303 Union RR of Pennsyiv__
+4,534,151 Louisville & Nashville
166,580
1913... 259.703,0041242,830,546 +16.873,448 76,093,045
...
525,679
Pittsburg
h
&
Lake Erie_
-138,972 Central of Georgia
137,703
1914._ _ 230,751,8501241,107,727-10,355,877 66,202,410 76,232,017
497,306
1915_ _ _ 248,849,716 247,535,879 +1,313,837 81,649,636 70,880,934 -4,678,524 Internat & Great North_
470,483
Representing 3 roads
1916 _ _ 285,149,7461237,612,967 +47,536.779 97,636,815 69,481,653 +12,167,983 Wheeling & Lake Erie..
473,201
in our compilation__
76,693,703 +20,943,112
$473,668
1917- _ 351,00l,045!301,304,803 +49,696,242 113,816,026 103,341,81
5
+10,474,2
11
a This is the result for the Pennsylvania RR.,together with
1918 --363,165,5281323,163,116 +40,002,412-361560521069
the Pennsyl-142338571 vania Company
1019.- - 424,035,8721393,265,898 +30,769,974 69,396,741 MO 136575
and
the
Pittsburg
h
Cincinnati Chicago & St. Louis, the
+109533316 Pennsylvania RR. reporting $8,131,58
6 increase, the Pennsylvania C0771
parbtvAL1311.881 increase
mely acnoci
Note.-In 1906 the number of roads included for the month of June
was 80; In
gures
cover
the
operations .
0.('&t
c.P.
1907, 84; in 1908 the returns were based on 147,436 miles of road; in 1909,
,N.WVoirnkere
ct.
sTral
itself.
Including
the various auxiliary and controlled
234,183.
roads, like the
In 1910, 204,596; in 1911, 244,685; in 1912, 235,385; in 1913, 230,074; in
1914: Michigan Central, the "Big Four," &c., the result is a gain of $13,399,061.
222,001; in 1915, 240,219; in 1916, 226,752; In 1917, 242,111; In 1918, 220,303;
in
1919, 232,169. We no longer include the Mexican roads or the coal-mlning
operations of the anthracite coal roads In our totals.
For 1909, 1910 and 1911 the figures used are those furnished by the Inter-State
Commerce Commission.
(+)
As far as the separate roads are concerned, the
returns are subject to the same qualifications as the
general total. There is a long list of gains in net
(with scarcely any losses), but they possess no significance whatever for the reason already stated.
In the gross there is a fair number of roads with
decreases, and these presumably reflect contraction
in certain lines of traffic. In the following we show
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,and
in both gross and net.
When the roads are arranged in groups according
to their location there is a repetition of what has
been noted in the general results. Every group last
year with only one exception failed to earn expenses
and showed a deficit; in contrast with such a showing
we have the present year very naturally a consider.able improvement. But the improvement signifies
nothing. Our summary by groups is as follows:
' SUMMARY BY GROUPS
Gross Earnings
1918. Inc.(+)or Dee.(-).
Section or Group.
1919.
JuneGroup 1(8 roads), New England
18,313,381
Group 2 (37 roads), East & Middle
117,429,796
Group 3 (29 roads), Middle West___. 53,279,365
Groups 4 & 5 (36 roads), Southern
54,990,516
Groups 6 & 7 (31 roads), Northwest 93,305,747
Groups 8 & 9 (49 roads), Southwest 63,431,036
Group 10 (11 roads), Pacific Coast... 23,286,031
Total (201 roads)
17,727,642
114,685,270
50,108,498
52,500,557
82,149,418
54,508,597
21,485,916
+585.739
+2,744,526
+3,170,867
+2.489.959
+11,156,329
+8,822,439
+1.800,115
424,035,872 393,265,898 +30,769,974
3.30
2.39
6.33
4.74
13.58
16.15
8.38
7.82
-Mileage1918.
1919.
June-7,329
7,302
Group No. 1
28,634
28,867
2
No.
Group
21,764 21,807
Group No. 3
Groups Nos.4 &5- 38,724 38,786
.Groups Nos.6& 7.. 66,024 66,098
Groups Nos.8 &9.. 54,185 54,703
Group No. 10_ ___ 15,303 15,325
[VOL. 109.
THE CHRONICLE
630
Net Earnings
Inc.(+)or Dec.(-).
1918.
1919.
$
8.
2,170,457 def.3,751,461 +5,921,918
17,267,659 df.16,202,215 +33,469,874
9,874,933 def.3,166,098 +13,041,031
5,943,629 del.5,155,112 +11,098,741
17,324,418 def.7,614,154 +24,938,572
10,989,969 der A,688,693 +15,678,662
441,158 +5,384,518 1,220.54
5,825,676
232,169 232,682 69,396,741 df.40,136,573+ 109,533,316
includes all of the New England States.
I.
NOTE=Group
except that portion west
Group II. includes all of New York and Pennsylvania
and Maryland, and
of Pittsburgh and Buffalo; also all of New Jersey, Delaware
Virginia.
West
of
the extreme northern portion
except the northern
Group III. includes all of Ohio and Indiana; all of Michigan
ia west of Buffalo and
peninsula, and that portion of New York and Pennsylvan
Pittsburgh.
of the Ohio and
Groups IV. and V. combined include the Southern States south
east of the Mississippi River.
Michigan, all of
of
peninsula
Groups VI. and VII. combined include the northern Dakota and North Dakota
Minnesota, Wisconsin, Iowa and Illinois; all of South
Wyoming
Montana,
of
all
also
City;
Kansas
and
Louis
and Missouri north of St.
parallel to the State line
and Nebraska, together with Colorado north of a line
•
Denver.
through
passing
Oklahoma,Arkansas and
Groups VIII.and IX.combined include all of Kansas,
and Kansas City; Colorado south
Indian Territory, Missouri south of St. Louis of
and that portion of
Louisiana;
bulk
the
and
Texas
of
whole
the
Denver,
of
corner of the State through
New Mexico north of a line running from the northwest Paso.
Santa Fe and east of a line running from Santa Fe to El California, Nevada, Utah
Group X. includes all of Washington, Oregon, Idaho,
and Arizona and the western part of New Mexico.
Total
loads in June 1919 against 19,685 in June 1918; at
Kansas City the receipts were 9,709 carloads against
9,315, but at Omaha they were only 8,803 cars
against 9,071 cars. In the South the shipments of
cotton overland in June 1919 were 161,800 bales
against 187,986 'bales in June 1918, 172,468 bales
in 1917 and 149,066 bales in 1916. At the Southern
outports the receipts were 614,841 bales in 1919
against 229,396 bales and 272,427 bales in 1918 and
1917, respectively, as will be seen by the following:
JUNE AND FROM
RECEIPTS OF COTTON AT SOUTHERN PORTS IN1917.
JANUARY 1 TO JUNE 30 1919, 1918 AND
As far as the movement of the leading staples is
concerned, Western roads had the advantage of a
larger grain traffic and Southern roads the benefit
of a larger cotton movement. Receipts of wheat,
corn, oats, barley and rye at the Western primary
markets all ran heavier than in the corresponding
period of 1918. For the four weeks ending June 28
aggregate receipts of the five cereals mentioned were
64,315,000 bushels as against only 41,582,000 bushels in the corresponding four weeks of last year. In
the following we give the details of the Western grain
movement in our usual form:
Since Jan. 1.
June.
Ports.
1919.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
Total
1917.
1919.
1918.
1917.
93,681
856
70,235
7,000
50,246
21,000
5,443
879,398
114,985
790,569
67,629
7,713
488,015
86,230
101,973
537,718
72,822
784,002
35,460
21,437
406,700
41,100
45,908
846,706
61,529
486,633
29,915
24,333
164,674
65,670
39,341
404
2,189
5,112 22,923
639
81,347
186,124
1,329
35,081
105,900
3,035
9,009
177,657
3,738
1918.
149,701 54,551
25.955 . 1,348
151,635 116,265
10,547 3,588
248 1,450
146,016 38,983
53,000 4,000
28,762 1,910
28,572
19,942
463
614,841 229,396 272,427 2,775,312 2,089,163 1,909,205
REPORT OF THE BANK OF FRANCE FOR THE YEAR
1918.
At the general assembly of the stockholders of the Bank of
France held on Jan. 30 1919, M. Georges Pallain, Governor
of the Bank, presented the report of transactions for the
year 1918. The report is a very interesting document, and
has since been issued in pamphlet form. We furnish below
a translation of it.
Since the day when a brutal invasion, surprising our country in the midst
we have always
of its peaceful occupations, forced France to take up arms,
victory.
asserted here, in our annual assemblies, our faith in ultimate
four years of
After
e.
The outcome has justified this unshaken confidenc
of liberty
ideal
the
of
triumph
the
sees
,
victorious
heroic struggle, France,
Her territory
and justice for which she has fought with her valiant allies.
the east,
and
is entirely freed. Her courageous inhabitants In the north
of the inwhose resolute spirit could not be crushed by the cruel hardships
The great
vasion, have again taken their place at the national hearth.
a
wrong of 1871 is atoned for: with an irresistible outburst of feeling which
and
n,
Alsace
half-century of separation has served only to strengthe
country.
mother
to
the
back
come
Lorraine, at last set free, have
To the wonderful soldiers who have saved France and enriched still further
Its heritage of glory, let us make expression of our boundless gratitude.
We
Six hundred members of our staff have fallen on the field of honor.
which they
shall preserve faithfully the memory of the supreme sacrifice
have made for their native land.
ready to
Those whom death has spared will return to us, we are certain,
brought to the
labor at the tasks of peace with the same spirit which they
seeing
of
thought
the
at
joy
our
national defense. Let us express to them
our assistants who,
them with us soon again. Let us hall also the return of
y
remaining at their post.s.in the invaded districts, have constantl given
proof of the highest sense of duty.
we
Is
due,
cannot
of
Victory
artisans
the
to
A part of the homage rendered
forget, to those whose energetic and patient labor has assured tho continuance of the economic life of the country and has furnished our armies With
the materials means for conquering.
effort put
Our preceding reports have shown the extent of the marvelous
to the needs of
forth by the French people in order to adapt their activities
As far as
the war. This effort has been continued without faltering. way.
in every possible
Total of All,
2,589,000 rested with us, we have endeavored to assist
to
anew
1,164,000 7,758,000 18,737,000 23,041,000 12,190,000
look
labor
national
1918
enable
422,000
At this moment when peace is going to
838,000 6,060,000 16,568,000 16,059,000 2,472,000
1918
briefly
toward economic progress, let us glance backward and recall to mind
Jan. 1 to June 28.,
which we have given during these four years of strife to the
Chicago5,257,000 the assistance
the country and to the war treasury.
4,290,000 11,730,000 33,078,000 38,417,000 17,509,000
1919
8,660,000 1,313,000 productive forces of
55,426,000
52,582,000
1,877,000
4,260,000
1918
By taking up more than 3 billions of notes affected by the postponement
Milwaukee3,191,000
g, through special intervention, the liberation
11,824,000
by
facilitatin
and
2,907,000 11,919,000
of maturities
367,000 3,365,000
1919
809,000 8,043,000 13,654,000 5,147,000 1,193,000 of funds engaged on the stock market or in transactions of international
464,000
1918
outbreak of the war. It
Si. Louis
162,000 commerce,the Bank stemmed the crisis at the
572,000
1,462,000 8,114,000 12,274,000 17,264,000
1919
205,000 neglected nothing to promote the re-establishment of the circulation of
532,000
16,838,000
15,354,000
3,016,000
1,455,000
1918
y oitner through
capital and the recovery of business, endeavoring constantl
Toledo2,565,000
730,000
to all legitimate demands.
1,164,000
1919
150,000 discounts or advances to respond
907,000
2,829,000
1,645,000
to about 200
fell
1915
486,000
of
months
1918
Our discount paper, which in the first
s and the predominance
Detroit29,000
1,109,000
millions by reason of the decrease in credit operation
767,000
508,000
9,000
1919
3,000
was 606
3,000
1,423,000
262,000 2,840,000
of cash settlements, has increased by degrees: in 1917 the average
65,000
1918
millions.
Cleveland3,000 millions, in 1918 it amounted to 1,086
6,000
1,508,000
563,000
314,000
notes
on
34,000
postponed
debtors
by
1919
23,000
36,000
At the same time, the repayments made
1,851,000 2,571,000
244,000
314,000
1918
this account down from its maximum of 4,476 millions on Oct. 1
brought
Peoria172,000
3,571,000 7,140,000
on Dec. 24 1918.
534,000 10,579.000
1,770,000
1919
234,000 1914 to 1,028 millions
517,000
which was
668,000 19,693,000 10,267,000
986,000
1918
The advances on obligations, granted with all the liberality the war:
years of
Duluth-.
267,000 2,521,000 7,871,000 prudent,likewise showed a marked increase during the first
14,666,000
1919
86,000 their average passed from 729 millions in 1913 to 1,222 millions in 1916.
890,000
337,000
167,000
1,278,000
1918
a certain reducMinneapolisSince that time the abundance of available funds has caused
8,769,000
21,769,000
12,996,000
4,480,000
34,297,000
1919
these transactions: for the past fiscal year, the average scarcely
26,682,000 12,142,000 20,954,000 15,398,000 4,603,000 tion in
1918
exceeded one billion.
Kansas Citymoments have
4,000
7,848,000
68,000 6,714,000 11,588,000
In the domain of foreign settlements, which at certain
1919
the public authorities
3,182,000 22,370,000 7,183,000
1918
taken so large a place in the thoughts ofcommerce and
Omaha & indianapolis•-•
you know how our activity has been exerted.
4,555,000 23,788,000 16,134,000
1919
the first months of hosAfter having Intervened as purchasers, during
3,205,000 32,142,000 11,859,000
1918
n of their credits
tilities, in order to facilitate for exporters the realizatio
supply the market through our own
Total of Ail25,429,00 abroad, we next contributed largely to
0
54,944,000
111,598,00
0
100,754,00
85,961,000
8,000.000
1919
7 810 00 means. The total of our exchange sales amounts to nearly 15 billion francs.
7,544,000 41,709,000 168,929.000 143,341,000 32,090,000
1918
us
on our own resources and those which our credit has procured for
much levied
ran
also
to
nt
moveme
ck
The Western livesto
as well as on the disposable funds which the Treasury asked us distribute
French commerce.
heavier than in the previous year. At Chicago for to Let
us recall to mind that in 1916 our colleague, M. Ernest Mallet
receipts comprised 24,252 car- Director, as delegate of the French Government, took a most active part
RECEIPTS AT WESTERN PRIMARY MARKETS.
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Four weeks
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
end.June 28. (bats.)
Chicago147,000
849,000 7,958,000 9,740,000 3,435,000
729,000
1919
110,000
124,000 7,433,000 7,991,000 1,073,000
472,000
1918
Milwaukee200,000
2,639,000
3,885,000
646,000
268,000
76,000
1919
108,000
483,000
1,385,000
371,000
98,000
77,000
1918
M. Louis15,000
65,000
2,692,000
2,198,000
486,000
163,000
11)19
13,000
58,000
1,975,000
1,305,000
143,000
176,000
1918
Toledo-.
489,000
67,000
68,000
1919
5,000
6,000
209,000
182,000
37,000
1918
Detroit188,000
124,000
80,000
1919
120,000
170.000
48,000
3,000
1918
Cleveland1919
1,000
6,000
361,000
122,000
16,000
17,000
1918
Peoria21,000
126,000
688,000
65.000 2,041,000
190,000
1919
8,000
37,000
895,000
24,000 2,579,000
93,000
1918
Duluth41,000 1,567,000 1,424,000
1,215,000
1919
36,000
9,000
103,000
1918
Minneapolis782,000
1,080,000 4,358,000
542,000
3,295,000
1919
177,000
773,000
1,493,000
758,000
4,884,000
1918
Kansas City875,000
1,290,000
546,000
6,000
1919
537,000
1,666,000
131,000
1918
Omaha & Indianapolis2,463,000
3,871,000
388,000
1919
1,084,000
1,982,000
452,000
1918
the even month the
AUG. 16 1919.]
THE CHRONICLE
In the labors of the Anglo-French Mission sent to New York to negotiate
a loan of 500 million dollars.
In 1916,a delegation of your Council,including M.Georges Heine, Director, went to London in order to determine there, in agreement with the
Bank of England, the terms of a simultaneous action on the British and
French markets with a view to remedying the crisis in exchange.
Our intervention served, at the height of this crisis, to restrain the advance in neutral exchange and to reduce gradually the premium of exchange
on London and on New York, these figures being of particular interest by
reason of the huge payments which our country has had to make in England
and in the United States.
At present this premium is lees than 3% for the pound sterling and 5%
for the dollar. In the first fortnight of April 1916 it reached,on an average,
more than 13%% for the pound and nearly 16% for the dollar.
A comparison of these figures shows the improvement which has taken
place. It has not been less on the neutral markets where, however, premiums are still quoted ranging from 10 to 14%.
The triumph of our arms is responsible without doubt for much of this
general improvement. But it is due also to the watchful control exercised
by the Commission of Exchanges of the Minister of Finance over the
whole of French settlements abroad, to the supervision of importation, to
the credits opened in neutral countries on the initiative of the Treasury, and
finally and above all to the advances granted to the French Government
by the English and American Treasuries.
No shipment of gold was necessary to support these advances and credits
in the course of the last fiscal year, any more than was the case in 1917
from the time that the United States entered the war on our side.
The levies on our metallic reserve in the course of the war accordingly
have not exceeded the 3,022 millions mentioned in our preceding reports.
Further, it is fitting to call to mind that there is included in this amount the
sum of 1,955 millions representing loans of gold made to England. These
loans are to be repaid as fast as the corresponding credits are settled. A
first repayment of 58 millions has just been made.
Without going over details already known in the matter of these shipments of gold, we shall call to mind only that, during the period of American neutrality they facilitated our loans in the United States, creating
monetary ease there, and made it possible to procure, particularly from
our British allies, more than 9 billions in available exchange funds.
The reduction in our gold reserves was made up, to the extent of 2,400
millions in round figures, by the deposits of the public and a few purchases
made abroad in the first months of'the war.
Including the 1,955 millions lent to England, these reserves amounted at
the end of December to 5,477 millions and a half, against 4,141 millions
on July 30 1914.
It is principally in the assistance which we have lent to the State, in
order to strengthen the treasury of national defense, that our funds have
been engaged.
Our agreements of 1911 provided for an advance to the State of 2,900
millions, which was to enable it to meet the expenses of a general mobilization. It was not known then what enormous financial expenditures the
war would involve. These first resources were exhausted very quickly.
Successive agreements, which Parliatnent regularly approved, have carried to 21 billions the maximum of loans which We are authorized to make
to the Treasury. At the end of the fiscal year its debt amounted to 17,150
millions.
The total of our advances to the State would exceed this last figure
very considerably if repayments, amounting in all to 8,850 millions, had
not been made at different times, chiefly following the large consolidated
loans, and, in the month of August 1918, by the assignment of a credit
of 200 million dollars on the United States Treasury. This credit constitutes a valuable exchange reserve to which we may have recourse in
the future.
The Treasury likewise asked our assistance, through the discount of
French Treasury bonds, in the conversion of advances of the State to
Allied Governments. At the end of the fiscal year the amount of these
discounts reached 3,526 millions.
These exceptional transactions represent assets to 20 billions and a half.
It is now necessary to disengage these funds in the shortest possible
time. The excessive issue of bank notes, the leading item in the list of our
liabilities, weighs heavily on exchange conditions and aggravates the crisis
in prices. It is therefore of Importance to reduce our circulation gradually.
The repayment of the debt of the State to the Bank is the necessary con dition for this, and the only means of re-establishing normal monetary
order.
Your General Council has at no time concealed the dangers arising from
a large and rapid increase in the issue of notes. It has pointed them out
at different times to the public authorities. But in the tragic hours when
the destinies of France were at stake, in the presence of demands which
were justified each time by the imperious needs of national defense, it
could not hesitate to approve, nor could it limit in any way whatsoever
the assistance of the Bank to the war Treasury.
In view of the glorious past of our establishment, its role as a national institution and the services which it was able to render to the country, it
did not hesitate to enter boldly upon its responsibility. As the Senate
was reminded, it made a pact with Victory. This pact, events have
ratified.
We have, furthermore, endeavored to reduce the loans made to the State
through our medium of circulation, encouraging, by every means in our
power, the investment of savings in short-term Treasury securities and
consolidated Rentes; 33 billions and a half of bonds and obligations of
National Defense were disposed of at our windows; the subscriptions to
War Rentos transmitted to the Treasury through us amounted in face
value to more than 25 billions and a half. For the last loan alone we
transmitted 13,400 million subscriptions, or 45% of the total subscription.
Such, to sum up, has been the activity of the Bank of France in its chief
manifestations during the period of the war.
If we are able to-day to view with pride the work accomplished, we
cannot forget that we owe its success to the confidence which the country
has not ceased to show in our institution.
The era of reconstruction and peaceful toil upon which we are now entering has in store for us new and imperious duties; it will be necessary to
discharge gradually the exceptional debts of the war period, to prepare the
way for a return to payments in cash, and at the same time to promote,
by liberal assistance, the recovery of business and give impulse to the
economic reorganization of the country.
This 'will be a long and delicate task. In order that the Bank may undertake it without delay and pursue it in the security of the future, the public
authorities, responding to the unanimous wish of the Chamber of Commerce and various business groups, have renewed its privilege of issue for
25 years, starting from Jan. 11921.
The law of Dec. 20 last, which sanctioned our agreements 'with the State
of Oct. 26 1917, Mar. 11 and July 26 1918, and the new provisions of
Mar. 111918, fixes the terms of this ronerral.
It does not limit itself to assuring the continuance of the privilege of
slue, an essential security for the credit of the note and an indispensable
631
condition for all continuity of action and all initiative. It stipulates that
the new financial resources which it provides shall be applied in large
measure to liberate progressively funds now engaged.
The Government and your Council, at one in thought on this matter,
have wished, as M. Klotz, Minister of Finance, called to mind at the time
of the discussion in Parliament, "to show their firm resolution to neglect
nothing in order to enter again upon a normal state of affairs as soon as
possible."
You know that, according to the terms of the agreement of September 21.
1914, approved by the law of December 26 following, the interest on our
advances to the State is to be raised, one year after the cessation of hostilities, from 1% to 3%. This additional interest is designed to furnish a
reserve fund which, after covering the losses on postponed notes, will be
applied to reduce the debt of the State.
The agreements sanctioned by the law renewing the privilege of issue
provide for the payment to this reserve fund of the amount which the Bank
has promised to pay to the State in lieu of taxes on war profits—an amount
which is levied on the gross proceeds of the advances to the State and the
discount of French Treasury bonds to foreign governments.
These proceeds are first subject to a levy, retroactive to Jan. 1 1918.
amounting to 50% of the interest of 1% on the advances to the State and
85% of the proceeds of the discount of French Treasury bonds to foreign
governments.
For the period from Aug. 1 1914 to Dec. 31 1917, the amount was fixed
at 200 millions.
Since the promulgation of the law of Dec. 20 1918, we have proceeded
to make the prescribed payments. On our balance sheet of Dec. 24, the
reserve fund appears for the first time with an initial amount of 437 millions.
One may judge from this the vast importance of the levies granted on our
unusual proceeds and these are to be continued as long as such proceeds
shall last, consequently much beyond the period for the application of the
war profits tax, limited to one year after the cessation of hostilities.
In agreeing to this extra charge, your Council considered above everything
else the advantage, for the monetary situation and the credit of the note,
of applying the sums liberated in offsetting the volume of paper currency.
The same eagerness to give the fullest assistance to the prosperity and
economic revival of the country, while safeguarding carefully the essential
principles which are the strength of our institution, has inspired all the
other clauses in our agreements with the State.
The regulations with regard to the royalty on the productive circulation
have been modified and made flexible. To the ordinary royalty, which
by the revised scale varies according to the rate of discount, is added henceforth a supplementary tax proportionate to the amount of the proceeds.
These two royalties combined, in the years when our transactions are
remunerative, will yield a higher return than under the former system:
but, on the other hand, they will spare our resources when our proceeds
drop to a level bordering on our expenses.
The stipulation has also been made that, in case the Bank shall apportion a net dividend higher than 240 francs a share, it shall pay to the State
a sum corresponding to the excess thus distributed.
The increased resources procured for the State by the changes in the
royalty regulations as well as by the assignment of a share of the profit in
the case of a high dividend must, according to the terms of article 3 of the
law, be applied to credit operations. The productive forces of the country
are thus given the benefit of the new charges which the Bank has agreed
to meet.
Let us add that a payment of 5 millions has been made to the Treasury,
by way of a second installment, on the amount of old style blue print notes
left in circulation. The remainder will have to be paid Jan. 2 1923.
In the interest of commerce and of the public in general, we have undertaken to extend our system by establishing 12 branch banks, 25 auxiliary
bureaus and 50 connected towns.
This improvement is completed by the discounting and collecting of displaced paper and by the sanction of measures which we had taken of our
own accord since the promulgation of the law of March 13 1917, to extend
the benefit of our discounts in the interest of small and middle-sized commercial and industrial enterprises.
Likewise, the General Council has given the Minister of Finance assurance
that the Bank will endeavor, in as large measure as is consistent with its
role as an institution of issue, to support initiatives aiming to further the
economic expansion of France abroad.
Finally, the free services and the new facilities granted by the Bank in
the course of the last year., with a view to developing settlements by
written orders, both between individuals and between public concerns and
their creditors or debtors, have been definitely strengthened.
These measures contemplate hastening, through the reduction of issues,
the re-establishment of monetary equilibrium.
Certainly the first condition of the return to this equilibrium is the
repayment of the debt of the State, a repayment which itself depends upon
strict economy in public expenses and upon the effort of the country to
furnish the Treasury with sufficient resources. But one cannot underestimate the assistance which a more general practice of modern methods
of payment is capable of bringing to the paper currency.
Substantial progress has already been made in this way. The amount of
clearings and compensations for the last fiscal year has increased considerably. It is important that each one endeavor to develop this progress
further and that each one be impressed still more with the national interest
attached, especially at this time, to economy in the use of bank notes.
Sum of Transactions.
The total of our normal productive transactions in the course of the year
1918 amounted to 29,780 millions, against 19,200 millions in 1917, or an
Increase of 10,580 millions.
The division of normal productive transactions between Paris and the
branch banks was as follows:
Paris
Branch banks
Fr. 8,850,000,000
20,930,000,000
Total
Fr.29,780,000,000
Deposits of collateral, transfers of accounts, clearings and displaced
checks, operations tran.sacted for the account of the National Treasury and
discounts of French Treasury bonds for advances of the State to foreign
governments are not included in these figures.
Transactions for the Account of the Treasury.
The total of operations transacted for the account of the National Treasury were:
Credits
Fr.134,178,200,000
Debits
134,183,400,000
Total
In 1917 it reached the sum of
and in 1916 the sum of
Fr.268,361,600,000
Fr.180,247,600,000
124,188,700.000
632
THE CHRONICLE
[voL. 109.
These figures include deposits and withdrawals on the Treasury accounts,
By the proclamation of the President, dated June 26 1919, all previous
clearings of funds effected by the Bank in Paris and in the departments for proclamations prohibiting the exportation of coin, bullion, or currency, and
the Treasury account, remittances of bills for collection and collections of the power and authority vested in the Secretary of the Treasury, and in:the
orders, issues of Treasury securities and payments of coupons of Treasury Federal Reserve Board, and all orders, rules and regulations issued or presecurities at our windows, and payments by clearings of orders to creditors scribed in connection therewith were revoked and canceled except that
of the State and the departments having accounts open at the Bank. All such proclamations, orders, rules and regulations were continued in force
those transactions of funds have been carried on by the Bank gratuitously. and effect in so far as they were necessary to enable the Secretary of the
Treasury and the Federal Reserve Board effectively to control:
[The remainder of this report will appear another week.—Ed.]
(1) All exportation of coin, bullion, and currency to that part of Russia
now under the control of the so-called Bolshevik Government;
(2) Any and all dealings or exchange transactions in Russian rubles;
(3) Transfer of credit or exchange transactions with that part of Russia
now under the control of the so-called Bolshevik Government;
(4) Any and all transfers of credit or exchange transactions with territories in respect of which such transactions were then permitted only through
CONTINUED OFFERING OF BRITISH TREASURY
the American Relief Administration.
BILLS.
This proclamation did not authorize remittances to enemy territory which
general
The usual offering of ninety-day British Treasury bills were thereafter, as theretofore, permitted only under special orLicenses
license of the War Trade Board. Under the General Enemy Trade
was disposed of this week by J. P. Morgan & Co. on a dis- issued up to the present time by the War Trade Board, however,such trade
count basis of 532%, the rate recently prevailing. The bills is permitted, except in certain specified articles and commodities, with all
persons with whom trade is prohibited by the Trading with the Enemy Act,
are dated Monday, Aug. 11.
except trade with Hungary and that portion of Russia under the control of
the Bolshevik authorities.
On June 30 1919, the Federal Reserve Board announced that remittances
CONTINUED OFFERING OF FRENCH TREASURY
to the countries referred to in the fourth exception mentioned above were
BILLS.
not therefore subject to any restrictions.
The Federal Reserve Board has just announced the issue of a general
The second block of the French Treasury bills which, as
license permitting the exportation from the United States of Russian rubles,
announced by us on Aug. 2, are to be offered in the market provided that notice of such exportations be given to the Customs Division
up to an amount of $50,000,000, as market conditions of the Treasury Department and to the Division of Foreign Exchange of the
Federal Reserve Board. This regulation does not authorize the importajustify and on much the same scheme as the British Treasury tion
into the United States of Russian rubies.
bills, were disposed of by J. P. Morgan & Co. this week.
The present situation is, therefore, that all restrictions have been removed
from
the export of coin, bullion, and currency and from transactions in
The rate on the bills was5%. They are dated Aug. 15.
foreign exchange except as to (1) transactions with or for persons in that part
of Russia now under the control of the so-called Bolshevik Government;
(2) the importation of, or exchange transactions in, Russian rubles.
RUPEE EXCHANGE SALE AUTHORIZED.
It should be noted that the War Trade Board has not authorized transBasil P. Blackett, representative of the British Treasury, actions with or for persons in Hungary.
(ftrrent punts and Piscussions
who recently came to this city, issued the following statement
from the office of J. P. Morgan on Monday, Aug. 11:
ISSUANCE OF GENERAL LICENSE PERMITTING
The Secretary of State for India announces that on and after Tuesday,
• EXPORTATION OF RUSSIAN RUBLES
Aug. 12, until further notice, the Deputy Master of the Ottawa branch
FROM UNITED STATES.
of the Royal Mint, Ottawa, Can., has been authorized to sell on behalf of
the Secretary of State for India, immediate telegraphic transfers on India
The Federal Reserve Board on the 12th inst. announced
without limit of amount in exchange for gold tendered at the Ottawa Mint
a general license would be issued permitting the exportation
at the rate of 1 rupee for 10.3585 grains of fine gold.
The N. Y. Times, Tuesday, regarding the announcement from the United States of Russian rubles. Notice of such
exportation must.be given to the Customs Division of the
said:
•
In explanation of this Mr. Blackett stated that the pound sterling value Treasury Department and to the Division of Foreign Exof the Indian rupee is now is. 10d., as compared with a former value of
The ruling does
is. 8d., and a pre-war value of is. 4d. In money brokerage and exchange change of the Federal Reserve Board.
circles the announcement was received simply as a movement by the British not authorize importation into the United States of RusTreasury to meet in pounds sterling the appreciation of the Indian rupee as sian rubles.
In summarizing the present regulations
bullion because of the recent sharp advance in the price of silver.
It was not expected generally that the announcement foreshadowed any relating to foreign exchange the statement said: "The
heavy shipments of either gold or silver from India to Ottawa or from present situation is, therefore, that all restrictions have
Ottawa to India. In fact, in some quarters it was believed that the in- been removed from the export of coin, bullion, and currency
crease in the value of the rupee in pounds sterling was probably accomplished
to keep that Indian coin in circulation as a coin and to prevent its being and from other transactions in foreign exchange except as
melted down for the actual silver bullion it contains.
to (1) transactions with or for persons in that part of Russia
A statement issued by the Guaranty Trust Co., of this now under the control of the so-called Bolshevik Government;
company, relative to the announcement made by Mr. Black, (2) the importation of or exchange transaction in Russian
said:
rubles." The statement in full follows:
The net effect of this on the silver markets is the elimination of India as a
purchasing factor, and reduces the world demand for silver by an amount
corresponding to India's normal consumption.
The statement further commented as follows:
Large anti-British Hindoo contingents, and notably the Bengalese, are
using the silver rupee as a political weapon—persistently refusing to accept
rupee notes or sterling credits in commercial transactions. This causes
constant embarrassment to the British authorities, who, on the one hand,
find it convenient to purchase the little silver available at the high present
day quotations, and on the other, difficult to overcome the Oriental's demend for the metal with which his prosperity has been linked by ages of
custom and tradition.
The scarcity of silver stocks throughont the world, the decreased production of the white metal and its high market price, have rendered it
difficult, not to say impossible, for Great Britain to settle in silver the balance in favor of India. The only alternative left was to find a new level for
the rupee, and the India government, in further fixing its value, has loaned
to that coin a greater gold purchasing power, hoping thereby to stimulate
India imports and ultimately reversing the trade balance. This is being
done at the 'expense of the India exporter, the price of whose goods are
being automatically marked up, thereby discouraging imports.
The Journal of Commerce on August 12 said:
Exchange dealers interpreted the announcement to mean that the Secretary of State for India had by his action recognized the increased value of
silver in its relation to gold by establishing the rupee at a value equal
to approximately 1 shilling and 10 pence against its old value of 1 shilling
and 8 pence. For 15 years before the war a rupee was valued at 1 shilling
and 4 pence.
The exchange rate authorized by the Secretary of State for India places
the mint value of the rupee at approximately 2 pence over the bullion value
of silver coined in the rupee. Silver bullion was quoted in London
yesterday at 583 ponce per ounce, While the exchange rate established by
the Secretary of State for India fixes the bullion value of the rupee at 59.4
per ounce. Exchange dealers do not believe that the new rate will have
any effect on gold, and saw no connection between the action of the Indian
authorities and the,fact that under existing exchange condition's individuals
in this country are in position to outbid London for Transvaal gold.
By the proclamation of the President, dated June 26 1919, all previous
proclamations prohibiting the exportation of coin, bullion or currency
and the power and authority vested In the Secretary of the Treasury and
In the Federal Reserve Board, and all orders, rules and regulations issued
or prescribed in connection therewith were revoked and cancelled except
that such proclamations, orders, rules and regulations were continued in
force and effect in so far as they were necessary to enable the Secretary of
the Treasury and the Federal Reserve Board effectively to control1. All exportations of coin, bullion and currency to that part of Russia
now under the control of the so-called Bolshevik Government;
2. Any and all dealings or exchange transactions in Russian rubles;
3. Transfer of credit or exchange transactions with that part of Russia
now under the control of the so-called Bolshevik Government;
4. Any and all transfers of credit or exchange transactions with territories in respect of which such transactions were then permitted only
through the American Relief Administration.
This proclamation did not authorize remittances to enemy territory, which
were thereafter, as theretofore, permitted only under special or general
license of the War Trade Board. Under the general enemy trade licenses
issued up to the present time by the War Trade Board, however, such trade
is permitted except in certain specified articles and commodities, with all
persons with whom trade is prohibited by the trading with the enemy Act
except trade with Hungary and that portion of Russia under the control
of the Bolshevik authorities.
On June 30 1919 the Federal Reserve Board announced that remittances
to the countries referred to in the fourth exception mentioned above were
not thereafter subject to any restrictions.
The Federal Reserve Board has just announced the issue of a general
license permitting.the exportation from the United States of Russian rubles,
provided that notice of such exportations be given to the Customs Division
of the Treasury Department and to the Division of Foreign Exchange of
the Federal Reserve Board. This regulation does not authorize the importation into the United States of Russian rubles.
The present situation is, therefore, that all restrictions have been removed
from the export of coin, bullion and currency and from transactions in
foreign exchange except as to (1) transactions with or for persons in that
part of Russia now under the control of the so-called Bolshevik Government; (2) the importation of or exchange transactions in Russian rubles.
It should be noted that the War Trade Board has not authorized transactions with or for persons in Hungary.
PRESENT STATUS OF PROHIBITIONS RELATING TO
FOREIGN EXCHANGE TRANSACTIONS.
J. E. Crane, Acting Director, Division Foreign Exchange, NEW AUSTRALIAN PEACE LOAN OF $25,000,000.
on Aug. 12, issued the following statement showing the
According to special cable advices from London to the
present status of the prohibitions relating to foreign exchange New York "Journal of Commerce" under date of the 8th
nd
torts of coin, bullion and currency.
inst., a £25,000,000 Peace Loan is to be issued in Australia
AUG. 16 1919.]
THE CHRONICLE
633
by the Commonwealth Bank. The new loan will carry
THE RUSSIAN GOVERNMENT AT OMSK.
an interest rate of 5%, but the effective rate, it is stated,
The following very interesting financial fnformation has
will be £5 6s. owing to the interest bonus allowed. Australia
been received by the Russian Embassy from the Ministry
has already issued war loans totalling £187,000,000, the war
of Finance at Omsk.
expenditures of the Commonwealth being estimated at
The monthly revenues for 1919 as compared to the second half of last
£350,000,000. This latter figure, it is thought, will prob- year have increased froth 50,000,000 to 140,000,000 roubles. There has
ably be increased to a total of £450,000,000 when pensions, been received during the first half of this year 843,000,000 roubles, which
consist of:
repatriation and demobilization have been completed.
Second Half
GOVERNMENT DISPOSES OF SUPPLY OF PLATINUM.
Reports Aug. 7 said that approximately 18,000 of the
19,000 troy ounces of platinum, which the Government
announced six weeks ago it would sell, had been disposed of
by the Ordnance Department. The platinum sold was surplus stock of the metal accumulated during the war. The
price realized was the same, it is stated, as that paid by the
Government when it commandeered stocks of the metal,
namely $105.
BUFFALO BANKS BAR CANADIAN MONEY.
On account of the heavy discount of Canadian exchange,
Canadian money is no longer being accepted on an equality
with U. S. money. The following bearing on the subject is
taken from the issue of athe "Evening Post" of this city for
Aug. 12:
Canadian money is as foreign in Buffalo to-day as the coin and paper
of Beluchistan, if that section of the war-ridden world has any such thing
left to export, says the Buffalo "News."
Proclamations have been issued by Buffalo banks, posted in retail stores,
and the windows of the International Railway Company's electric chariots
making the Canadian coinage "foreign money." The banks state that
Canadian money will be accepted only at a discount of about 8%, and the
conductors of the street railway company declare they won't accept it at
all, so construing the orders of discount.
In explanation of the new order, the statement says:
The banks of Buffalo have been compelled by post-war conditions to
follow the long-established custom of other cities in definitely considering
Canadian currency as foreign money.
The bankers feel it is in the best interests of the city that Buffalo practice
in the problem of Canadian exchange be uniform with the rest of the
country.
About a year ago, when the balance of trade turned so that a discount
rate of 2% prevailed, Buffalo. receiving currency at par, became a dumping
ground for Canadian money. It became necessary for the Buffalo banks
to charge the current rate of exchange on Canadian currency. The rate
is now over 5% and other sections of the country find it profitable to send
a large amount of Canadian silver to Buffalo for circulation, where in
deference to Canadian visitors it has been passing at par.
The new schedule applies to amounts of 81 and less in silver. Canadian
funds of larger denominations may be discounted at the current rates.
THE SUBSCRIPTIONS TO GREAT BRITAIN'S VICTORY
LOAN.
In the House of Commons, July 17, the Chancellor of the
Exchequer was asked whether he could state the total
amount of the subscriptions to the Victory Loan, and replied
as follows:
Mr. Chamberlain: I am glad to be able to give the House the approximate
figures of the result of the War loans. As a certain number of applications
have still to be dealt with, some addition will be made to these totals when
the final figures are available.
The total stock or bonds applied for in cash (including Treasury bills) is:
Funding Loan—
Bank issue
£265,000,000
Post Office issue
9,000,000
Victory Bonds—
Bank issue
Post Office issue
£274,000,000
£254,000,000
11,000,000
£265,000,000
making a total applied for in cash or Treasury bills for both loans of £539.000,000.
This figure represents the face value of the stock subscribed for. The
issue prices being 80 and 85 respectively, the cash receivable is, of course,
considerably less—about £450,000,000, to which must be added cash received in respect of War Savings certificates during the period of the loan
amounting to £9,600,000. Over and above these figures stock and bonds
created in respect of conversions are:
Funding Loan------------------------------------------£105,000,000
Victory bonds------------------------------------------ 64,000,000
Total conversion-------------------------------------- L169,000,000
The total loans created (cash and conversions) are £708,000,000.
In view of all the circumstances, this is a very satisfactory result, which
could not have been obtained except by the unflagging efforts of all concerned in the campaign, to whom I again tender my grateful thanks for the
work they have done. But the House will recognize that the financial
situation is still beset with many difficulties, and that great caution is required, both in national finance and private expenditure.
NEW DIRECTORS FOR BANK OF ENGLAND.
Cable advices to the New York "Journal of Commerce"
from London, under date of Aug. 8, announced the election
of two new directors of the Bank of England. They are
Arthur Whitworth, of Forbes, Forbes, Campbell & Co., and
Walter Kennedy Whigham, of Robert Fleming & Co.
They succeed W. Middleton Campbell, recently deceased,
and Vincent Cartwright Vickers, who resigned on account
• ofii11-healtb.
of 1918.
Roubles.
Roubles.
Wine monopoly and excises
326,000,000 68,500,000
Customs duties
98,000,000 53,000,000
Direct taxes
45,000,000
25,000
Postal telegraph receipts
59,000,000
Duties
41,000,000 10,000,000
Railways
244,000,000 130,000,000
Forestry revenues
19,000,000 12,500,000
During the second half of last year the revenue totalled 300,000,000
roubles.
Cash on hand in private credit institutions on Jan. 1 amounted to 33,000,000 roubles; on July 1st 4,102,000,000 roubles. The balances of current
accounts in Government credit institutions on Jan.1 amounted to 130,000,000
roubles; July 1, 435,000,000 roubles, as compared to 34,000,000 on July 1
1918. The balances on current accounts in private banks Jan. 1 amounted
to 328,000,000 roubles; July 1, 41,4000,000, as compared to 217,000,000
on Aug. 1 1918. Deposits in the State savings banks on Jan. 1, 278,000,000;
on July 1, 385,000,000 roubles.
During this year there was received 203 poods of gold as compared to
478 poods received during the entire year of 1918. During this year there
was also received 33 poods of platinum.
During the first four months of this year there was imported from abroad
goods to the amount of 464,000,000 roubles and permitted to be exported
during the same period goods to the amount of 437,000,000 roubles. During the whole of 1918 there was imported from abroad goods to the amount
of 531,000,000 roubles and exported 30,500,000.
In the first half of this year there have been made loans under security of
bonds for 58,000,000 roubles, under security of goods 158,000,000 roubles.
Furthermore, for different purposes loans given by the Government up
to the amount of 666,000,000 roubles, of which to municipalities and Zemstvos 47,000,000 roubles, to railways 181,000,000 roubles, to private industry
334,500,000 roubles, to co-operative societies 43,500,000 roubles; to Cossack
organizations 60,000,000.
There has been extracted from circulation notes of the 20 and 40-rouble
Keronsky issues to the amount of 953,000,000 roubles. These Kerensky
notes from June 16 to July 15 were accepted at the price of 50 kopecks for
a rouble; under conditions that half of the payment be made in cash before
Jan. 1 1920 and the remaining amount considered as a twenty-year loan
without interest.
Beginning July 16, the 20 and 40-roublo notes will be accepted for 25
kopecks cash for a rouble.
Prompt measures are being taken simultaneously aiming at the unification
of monetary tokens and to the extraction from circulation of different kinds
of their surrogates.
THE UNION JOINT STOCK LAND BANK OF
RICHMOND, VA.
A new financial institution has been organized recently
in Richmond, Va., under the title of the Union Joint Stock
Land Bank of Richmond, Va. The new bank is chartered
under the provisions of the Federal Farm Loan Act to make
loans on farm lands in Virginia and North Carolina. Its
capital is $250,000 with a paid-in surplus of $50,000.
At the initial meeting of the stockholders of the new
bank, held on Aug. 6, officers were.elected as follows: Oliver J. Sands, President and director; C. C. Barksdale and
J. Elwood Cox, Vice-Presidents and directors; J. B. Finley,
Secretary and director, and Waller Holladay, Treasurer.
P'EDERAL RESERVE BOARD INFORMS HOUSE COMMITTEE CURRENCY LEGISLATION NOW IS UNNECESSARY—REMEDY FOR PRESENT SITUATION:WORK AND SAVE.
The Federal Reserve Board has placed itself on record
as opposed to legislation providing for the gradual reduction
of the currency in circulation in a statement of its views to
the Senate Committee on Banking and Currency. The
statement of the Federal Reserve Board is in the form of a
letter from Governor W. P. G. Harding. "The Federal
Reserve Board" the letter states "believes that any currency
legislation at this time is unnecessary and undesirable."
"Whether viewed from an economic or financial standpoint"
Mr. Harding argues "the remedy for the present situation
is the same, namely to work and to save; to work regularly
and efficiently in order to produce and distribute the largest
volume of commodities; and to exercise reasonable economies
in order that money, goods, and services may be devoted
primarily to the liquidation of debt and to the satisfaction
of the demand for necessities, rather than to indulgence in
extravagance or the gratification of a desire for luxuries."
The present period of high prices it is pointed out is due
"in part, to a general relaxation of the war-time regime of
personal economy . . . and accrued incomes and increased
wages have led to heavy demands for commodities not of
prime necessity, which have resulted in diverting labor and
materials from essentials to non-essentials." The Board
suggests that in taking up the question of necessity of regu-
634
THE CHRONICLE
lating the volume of currency in circulation "consideration be
given to the various forms of money which make up the sum
total of our volume of currency." It is also contended that
it would be very difficult, if not impossible, to keep in circulation an excessive amount of Federal Reserve Notes.
The letter of Governor Harding in behalf of the Federal
Reserve Board was made public at Washington on Aug. 10.
It was a reply to a letter of the 5th inst.,from Senator George
McLean, Chairman of the Senate Committee on Banking
and Currency, the letter of the latter having been written
during the course of consideration by the Senate Committee
of a resolution introduced in the Seante on July 29 by Senator
Myers, of Montana and which was adopted by the Senate on
Aug. 2. The Myers resolution (Senate 142) said that it
appeared from a communication and tables submitted to
the Senate by Secretary Glass of the Treasury Department
on July 24,(Chronicle, August 2, page 427,) that the amount
of money in circulation in the U. S. is nearly twice what it
was in volume and per capita five years ago; and the Committee on Banking and Currency was therefore requested'
to report to the Senate whether or not it was advisable for
Congress to enact any legislation to provide for a gradual
reduction of the amount of money in circulation. The letter
of Governor Harding reads as follows:
Dear Sin—The Federal Reserve Board acknowledges receipt of your
letter of the 5th instant asking for an expression of its views as to the advisability of legislation providing for the gradual reduction of the currency
in circulation as proposed by Senate Resolution 142.
The Board would suggest that, in determining whether or not legislation
is necessary or desirable to regulate the volume of currency in circulation,
consideration be given to the various forms of money which make up the sum
total of our volume of currency. A distinction should also be drawn between the stock of money in the country and the amount actually in circulation.
With respect to gold coin, gold certificates, standard silver dollars, silver
certificates, subsidiary silver and Treasury notes of 1890, the Board assumes that It is recognized that no legislation is necessary.
The United States notes, or legal tenders, which have remained at the
fixed amount of $346,681,016, since March 311878. have not beea a d istrubing factor since the passage of tne Act of March 14 1900. An adequate
gold reserve of more than 45% is now held against these notes, most of
which are in the form of small bills of $1, $2, and $5 denominations. Notes
of these denominations are needed ih the daily transactions of the public,
and were the United States notes to be retired the issue of an equal volume
of small bills in some other form of currency would be necessary. To
effect the retirement of the United States notes, funds would have to be
withdrawn from the Treasury, to be supplied either by taxation or by the
sale of interest-bearing obligations. The Board does not believe that
any legislation with respect to United States notes is necessary or desirable at this time.
The national bank notes outstanding on Aug. 1 1919, amounted to $658.118,555, a reduction of nearly $60,000,000 since July 11914. The greater
part of these notes is secured by United States 2% bonds, and provision has
already been made in Section 18 of the Federal Reserve Act for their gradual
retirement.
Federal Reserve Bank notes, which are secured by United States obligations and are taxed Just as national bank notes are, have been issued only
to replace in part national bank notes retired, and standard silver dollars
melted or broken up and sold as bullion under authority of the Act of April
23 1918, known as the Putman Act. The issues of these notes has, therefore, brought about no increase in the circulating medium.
The amount of Federal Reserve notes outstanding has increased from
$357,239,000 on April 11917, to $2,504,753,000 on Aug. 1 1919. It appears, therefore, that those who see in the larger volume of circulation in
the United States the prime cause of increased costs of living, and who seek
a remedy by a forced contraction of the currency, must have in mind the
Federal Reserve note and Section 16 of the Federal Reserve Act as amended
June 211917, which provides for its issue and redemption.
In analyzing our present monetary situation, and in considering the
causes which have led to the expansion of credits and note issues during the
war, we should not lose sight of some of the developments of the pre-war
period and of their effect upon credits and prices. Very heavy purchases
of supplies of all kinds were made in this country by European belligerents
during the years 1915 and 1916, payment for which involved the shipment
to us of large amounts of gold. The stock of gold in the United States on
July 1 1914, was $1,890,678,304. This amount increased steadily until
April 1917, the date of our entry into the war, when it reached $3,088,904,808, an increase of about $1,200,000.,./00. Bank deposits likewise
show a large increase, the net deposits of national banks having risen from
$7,495,149,000 on June 30 1914, to $10,489,217,000 on March 5 1917,
while the net deposits of all banks in the United States increased from
$17,066,150,000 in June 1914, to $24,891,218,000 in June 1917.
Net deposits of national banks had further increased up to May 12 1919,
to $11,718,095,000, and those of all banks in June 1918, (the latest date
for welch figures are available) to 326,769,546,000. Shortly after April
6 1917, when the Congress declared war,the Treasury began to sell bonds,
notes and certificates in large amounts, resulting in a net increase in the
public debt to Aug. 1 1919, of $24,518,064,840.
On July 11914, the total stock of money in the United States, exclusive
of that held by the United States Treasury. was $3,419,168368. On April
1 1917, the stock of money, estimated on the same basis, was 84,702,130,941, an increase of $1,282,962,573, of which increase $883,481,028 was in
gold.
On July 11914, there were no Federal Reserve notes in existence, while
on April 1 1917, were outstanding $357,239,000.
The amendment to the Federal Reserve Act approved June 21 1917,
changed substantially the original reserve requirements for member banks
and provided that their entire lawful reserve should be carried with the
Federal Reserve banks. The same amendment authorized the Federal
Reserve banks to exchange Federal Reserve notes for gold. The result
of these two changes in the law was to transfer immediately largo sums
of gold from the vaults of the member and non-member banks and from
general circulation to the Federal Reserve banks, and this has caused a
change in the methods of accounting for gold by the Federal Reserve banks
and Federal Reserve agents.
In order to avoid confusion in determining the volume of money in actual
ulation, it is necessary to distinguish between tables showing the total
[VOL. 109.
stock of money in the country and tables showing the circulation outside
of the Treasury and Federal Reserve agents' vaults, and to limit our view
to amounts held by member and non-member banks and the public, which
are exclusive of amounts on hand at Federal Reserve banks, held by Federal
Reserve agents, and held in the Treasury.
The reserve money held by or for the Federal Reserve banks serves, of
course, as a basis for credit, but it forms no part of the currency in circulation. Upon this basis the amout of money in circulation on July 1 1914
(there being no Federal Reserve banks in operation at that time), was
$3,419,168,368, made up as follows: Gold coin and certificates, $1,649,775,803; silver dollars and silver certificates, including Treasury notes of
1890, $552,203,610; all other currency, $1,217,188,955, being a circulation per capita of $34 53.
The corresponding amounts of money in circulation on April 1 1917,
Dec. 1 1918 and Aug. 1 1919 are shown in the following table:
AMOUNT OF MONEY OUTSIDE THE TREASURY AND FEDERAL
RESERVE BANKS.
April 1 1917. Dec. 11918. Aug. 1 1919.
Gold coin and certificates_ _31,989.152,000 $861,245.000 $728,046,000
Silver dollars and silver certificates (including Treas241,505,000
372,489,000
532,700,000
ty notes of 1890)
357,239,000 2,607,445,000 2,504,753,000
Federal Reserve notes
166,289,000
87,737,000
3,170,000
Federal Reserve Bank notes..
1,218,715,000 1,201,069,000 1,156,297,000
All other currency
84,100,976,000 $5,129,985,000 $4,796,890,000
Total
Amount per capital outside
Treasury and Federal Re45.16
48.13
37.88
serve banks
Assuming that the date, Dec. 1 1918,marks the beginning of the post-war
period, the table shows changes during this period up to Aug. 1 1919, as
follows:
Gold coin and certificates in circulation decreased $133,199,000; silver
dollars and silver certificates, including Treasury notes of 1890, decreased
$130,984,000; Federal Reserve notes decreased $102,692,000, Federal Reserve Bank notes increased $78,552,000, all other currency decreased $44,772,000, being a net decrease in Circulation for the post-war period of
$333,095,000, or $2 97 per capita.
In considering the question of currency in circulation, there should be
taken into account the various factors which have entered into the demand
for currency, among which are the gradual enlargement of payrolls, both
as to the number of workers and amount paid to each; the effect of higher
wages upon deposits in banks, and upon the amounts of money carried by
shopkeepers in their tills, and by individuals in their pockets; the amounts
of money locked up or carried on their persons by workmen who have
been receiving high wages, and who, especially in the case of ignorant
foreigners, are unwilling to deposit their savings in banks or to invest in
Government bonds; the amount of money carried away by workmen returning to their homes in foreign countries, and the fact that the circulating
media of the Philippine Islands, Hawaii, Cuba, Porto Rico, Santo Domingo,
Haiti, Honduras, Panama, and, in part, Mexico, includes United States
paper currency and subsidiary silver. The amounts required in these
countries, most of which are very prosperous, have greatly increased in
the last few years.
The total foreign circulation of United States currency cannot be stated
accurately, but is estimated to be at least $150,000,000.
The difficulty—indeed, the impossibility—of keeping in circulation an excessive voltune of Federal Reserve notes should be understood. The issue of
these notes has been carefully safeguarded by the Federal Reserve Act,
and ample provision has been made for their redemption. Federal Reserve
notes are redeemable in gold; they cannot be forced into circulation in payment of the expenses of Government or for any other purpose, as they can
be issued only in exchange for gold or against a deposit of negotiable paper
growing out of a legitimate commercial transaction plus the required gold
reserve of not less than 40%. Upon payment of commercial paper which
has been deposited to secure Federal Reserve notes there results either an
immediate return of an equal amount of notes to the bank or an automatic
increase in the percentage of gold reserve available for their redemption.
Federal Reserve notes are not legal tender, nor do they count as reserve
money for member banks. The are issued only as a need for them develops, and as they become redundant in any locality they are returned to
the Treasury at Washington or to a Federal Reserve Bank for redemption.
Thus there cannot at any time be more Federal Reserve notes in circulation
than the needs of the country at the present state of prices require, and as
the need abates the volume of notes outstanding will be correspondingly
reduced through redemption. The increased volume of Federal Reserve
notes in circulation during the last three years, in so far as it is not the result
of direct exchanges for gold and gold certificates which have been withdrawn
from circulation, is the effect of advancing wages and prices, and not their
cause.
There has undoubtedly taken place during the last two years a certain
amount of credit expansion which, under the circumstances connected with
our war financing, was inevitable, but this will be corrected as tho securities
issued by the United States Government. for war purposes are gradually
absorbed by Investors. This credit expansion is equal to the difference
between the total of the war expenditures of the Government on the one
hand, and on the other the total amount raised by the Government through
taxation and by the sale of its obligations so far as paid for out of savings.
No reliable estimate can be made of this difference, which must be gradually
absorbed through future savings for the reason that the banks are lending
and will always lend freely on Government bonds as collateral.
The principal cause of the advance of prices before and during the war was
the urgent need of the Governments of the Allied world for goods of all
kinds,for quick delivery in large V01111110, and the competition of this buying
by Governments with purchases by private individuals who failed to contract their expenditures at a rate commensurate with the growing expenditures of these Governments. In the post-war period, through which we are
now passing, the country has experienced rising prices, owing, in part, to a
general relaxation of the war-time regime of personal economy, resulting in
an increased demand for commodities by individuals who restricted their
purchases during the war but who are now buying in competition with export demand. In addition, accrued incomes and increased wages have led
to heavy demands for commodities not of prime necessity, which have
resulted in diverting labor and material from essentials to non-essentials.
The Federal Reserve Board believes that any currency legislation at thi
time is unnecessary and undesirable, and would suggest that whether viewed
from an economic or financial standpoint, the remedy for the present situation is the same, namely to work and to save; to work regularly and effi_
clently in order to produce and distribute the largest possible volume or
commodities; and to exercise reasonable economies in order that money
goods, and services may be devoted primarily to the liquidation of debt and
to the satisfaction of the demand for necessities, rather than to indulgence
in extravagance or the gratification of a desire for luxuries. The war is ovre
AUG. 16 1919.]
THE CHRONICLE
—in a military sense—and while the bills have been settled by loans to,
the Government, these obligations, so far as they are carried by the banks
must be absorbed before the war chapter of the financial history of the
country can be closed.
Very truly yours,
W. P. G. HARDING, Governor.
Hon. George
McLean, Chairman, Committee on Banking and Currency,
United States Senate, Washington, D. C.
P.
635
On•Aug. 13 requests were made for additional appropriations for other Governmental departments which intend to
co-operate in the campaign to bring down prices of necessities. Washington advices of the 13th inst. to the New
York "Sun" with rpgard to these requests said:
Or the requests for addition funds submitted to tho Roue° to-day the Department of Labor asked $475.000 and the Department of Commeree
$410,000.
Secretary of Labor Wilson in making his request did not specifically state
REVERSION TO WAR-TIME METHODS OF CURBING how he proposed to spend it other than for general expenses of the Department "to assist in combating and coping.with the high cost of living."
HIGH COST OF LIVING—CONGRESS GETS
He stated that he proposed to add twenty-four experts, 193 special agents
and numerous clerks to the Department's anti-high cost force, if the apBILLS TO STOP PROFITEERING.
propriation is granted,
In response to recommendations which were made by exceed ton months. with salaries from $4,500 down for periods not to
President Wilson in his address to Congress on Aug. 8 for
Of the Department of Commerce request $100,000 is to demonstrate how
curbing the high cost of living, Congress and various Fed- fish can be cooked cheaply and to colect statistics on sea food under the
direction of the Bureau of Fisheries.
eral departments have during the past week been actively
The Bureau of Census asked $200,000 for the collection of statistics on
preparing for a nationwide campaign against profiteering. raw materials and the Bureau of Standards desires $110,000 to carry on its
work of enforcing "honest weight' laws and introducing standardization
The Department of Justice announced on Aug. 10 that it systems
in industry to bring down the cost of production.
had asked all State Food Administrators who served under
Explanations were made by the various bureau chiefs as to why they
Herbert Hoover to arrange through those persons who were considered the sums mentioned necessary.
"The two vital points in tlfe problem of the high cost of living lie at the
formerly county food administrators for the appointment factory
and in the market," said S. W. Stratton, Director of the Bureau of
of fair price committees, composed of representatives of Standards. "One of the items (that of $50,000) covers standardization in
the
with a view to economy in production and efficiency in proindustries
retailer,
interests—the
the
different
housewife, organized ducers.
The other item (that of $60,000) covers the question of full weight,
labor, the public—to ascertian whether dealers in necessary in
which every consumer is vitally interested. The temptation to short
commodities were making more than a fair margin of profit. weight Is very great when prices are high, and the public is virtually without protection on this score except along the lines of strict enforcement of
The following telegram was sent to all State Food Ad- the
weights and measures laws."
ministrators by the Attorney-General on Aug. 10:
The work of the Census Bureau in connection with the fight against the
In order to secure accurate information relative to charges of profiteering exaggerated costs was thus explained by Samuel L. Rogers:
by dealers in the necessary commodities, it is the desire of the Government
"Information concerning the equipment and production of domestic
to ascertain whether such dealers are making more than a fair margin of manufactures, stocks of products on hand, cost of production per unit and
profit. Will you assist in your States by requesting those persons who prices, is essential to carry the suggestions of the President. The Census
have been County Food Administrators under your jurisdiction to appoint Bureau is equipped to gather this information with the exception of that
fair price committees, including one retailer of groceries, one of dry goods, a concerning costs and prices."
representatives of the producers, of organized labor, of housewives, two
Acting Commissioner Moore of the Bureau of Fisheries said: "I am
or three representatives of the public generally, and also a wholesale dealer submitting a supplemental estimate for conducting and imparting instructions in the best methods of preparing and cooking fish as a contribution
when practicable.
Please request them to pursue approximately the same inquiries with to the concerted efforts now being made to reduce the cost of food and other
reference to food products and ordinary necessities of dry goods and cloth- essential commodities.
"Ono of the sums asked is desired for enabling the bureau to demonstrate
ing that were pursued by your fair price committees under the Food Administration Act. This committee will be an extra legal body without to packers and curers of fish the methods by which species now insufficiently
power to summon witnesses or fix prices. It is requested, however, to utilized or entirely wasted may be made available for food. The bureau
ascertain the cost prices to determine the fair margin of profit, and if retail is now conducting work of this character on the small scale which its meagre
prices are in excess of what the committee regards a fair price, to have appropriations will permit and has developed methods for canning one
published its list of fair prices, reporting to you for review. You are re- abundant species for fish which is now practically wasted or used for ferquested to report to the Department of Justice a general review of the tilizer manufacture. Millions of pounds of this fish are readily obtainable
situation in your State.
on the Pacific coast."
Any evidence of hoarding or other violations of the Food Control Act
Estimates from Chairman Murdonk of the Federal Trade
which may be developed in the work of such committees should be turned
over to the United States Attorney, who will be instructed to employ all Commission for an appropriation for the Trade Commission
his resources as well as those of the Bureau of Investigation ot co-operate of $500,000 was submitted to Congress on Aug. 12 through
with you and your committees in seeking out and punishing all violators Acting Secretary Moyle
of the Treasury. This it is underof the law. There is a pressing necessity for the restoration of normal
conditions and it is believed that through the same organization you had stood was the first of the estimates of sums which the Presias Federal Food Administrator you and your County Administrators, dent said in his message on Aug. 8 ("Chronicle," Aug. 9,
together with their appointees, can render a valuable service to the country,
page 533) would be needed by the various departments in
and your co-operation and theirs without compensation• will be greatly
the work of bringing down the cost of living. The Federal
appreciated.
The widest publicity of this movement and the results obtained by the Trade Commission's request for $500,000 was accompanied
county committees, it is believed, will be an important factor in its success.
by explanation that it was for the following purposes:
Please wire whether the Government can count upon your co-operation.
For all expenses necessary in connection with the collection of informaOn Aug. 13 Attorney-General Palmer in letters to Senator tion as may be directed by the President of the United States or Congress,
Gronna and Representative Haugen, Chairmen of the or within the scope of its powers, regarding the production, ownership,
manufacture, storage, and distribution of foodstuffs or other necessities and
Senate and House Agricultural Committees, asked for ex- the products or by-products arising from or in connection with the manutension of the Food Control Act by an amendment to the facture or preparation thereof, together with figures of cost and wholesale
and retail prices, said amount to remain available until expended.
Act so as to make clothing and containers
of food come
under the head of the articles described in the Act as "necessaries." The amendment offered by Mr. Palmer is given
further below. On Aug. 12 the President through Secretary of the Treasury Glass asked Congress for authority
to use the Secret Service in the campaign against hoarding,
the President requesting at the same time that an additional appropriation of $50,000 be granted by Congress to
the Secret Service to carry on this work. The letter of
Secretary Glass which was addressed to Speaker Gillett
of the House and which it was stated "bore the specific
approval of the President in his handwriting" read as follows:
Among other measures proposed in the Senate during the
past week bearing on the subject of high price§ was a bill
offered on Aug. 11 by Senator Kellogg of Minnesota which
would require all corporations with capital or assets of more
than $10,000,000 which are engaged in inter-State or foreign
commerce to take out Federal licenses. A resolution was
also introduced on Aug. 11 by Senator Myers of Montana
to put an embargo on exports which are considered necessaries. A sub-committee of five was appointed by Chairman
Cummins of the Senate Inter-State Commerce Committee
on Aug. 11 to take up the recommendations made in the
President's address on Aug. 8 to Congress on the cost of
living. Bills were also introduced in both the House and
Senate intended to prevent hoarding and p:ofiteering and
providing penalties therefor. The amendment to the Food
Control Act proposed by Attorney-General Palmer on Aug.
13 and to which we refer above, reads as follows:
The co-operation of the Secret Service has been asked in the campaign
to be waged against food hoarders and profiteers because those Secret
Service agents were employed as the investigating face of the Food Administration during the fiscal years 1918 and 1919 and are therefore especially equipped to render valuable service now.
This aid cannot be extended now because the clause authorizing the
President to direct, without reference to existing limitations, the use of SeBe it enacted by the Senate and House of Representatives of the United
cret Service agents was omitted from the Sundry Civil bill passed recently States of America in Congress assembled, that the first paragraph of the Act
and for the additional reason that the appropriation which sustains the entitled "An Act to provide further for the national security and defense by
field operations of the service is inadequate.
encouraging the production, conserving the supply and controlling the disI therefore bog to amend the estimate of a deficiency in the appropria- tribution of food products and fuel," approved Aug. 10 1917, be and the
tion for the service submitted with my letter of July 28 1919, by increasing same is hereby amended so to read as follows:
the amount asked for to $175,000 and the inclusion of the clause:
That by reason of the existence of a state of war, it is essential to the
"To provide, further, that until June 30 1920, the President is author- national security and defense, for the successful prosecution of the war, and
ized to direct without reference to existing limitations the use of persons for the support and maintenance of the army and navy, to assure an adeemployed hereunder if in his judgment an emergency exists which requires quate supply and equitable distribution and to facilitate the movement of
such action."
foods, feeds, wearing apparel, the containers in which foods, feeds and fertilIt is respectfully urged that this request receive immediate attention izers are sold, fuel including fuel oil and natural gas, and fertilizer and
in order that the services of these agents may become available as soon fertilizer ingredients, tools, utensils, implements, machinery and equipas possible. Respectfully,
ment required for the actual production of foods, feeds and fuel, hereafter
CARTER GLASS.
in this Act called necessaries; to prevent, locally or generally, scarcity,
Approved, Woodrow Wilson.
monopolization,.hearding, injurious speculation, manipulations, and private
636
THE CHRONICLE
controls affecting such supply, distribution and movement; and to establish
and maintain governmental control of such necessaries during the war. For
such purposes the instrumentalities, means, methods, powers, authorities,
duties, obligations and prohibitions hereinafter set forth are created,
established, conferred and prescribed. The President is authorized to
make such regulations and to is.sue such orders as are essential effectively
to carry out the provisions of this Act.
Sec. 2. Tha+v suction 4 of this Act entitled "An Act to provide further for
ch....clonal security and defense by encouraging the production, conserving the supply and controlling the distribution of food products and fuel,"
approved Aug. 10 1917, be and the same is hereby amended so as to read
as follows:
That it is hereby made unlawful for any person wilfully to destroy any
necessaries for the purpose of enhancing the price or restricting the supply
thereof; knowingly to commit, waste or wilfully to permit preventable
deterioration of any necessaries in or in connection with their production,
manufacture, or distribution; to hoard, as defined in Section 6 of this Act
any necessaries; to monopolize or attempt to monopolize, either locally or
generally, any necessaries; to engage in any discriminatory and unfair, or
any deceptive or wasteful practice or device, or to make any unjust or unreasonable rate or charge in handling or dealing in or with any necessaries;
to conspire, combine, agree, or arrange with any other person, (a) to limit
the facilities for transporting, producing, harvesting, manufacturing,
supplying, storing, or dealing in any necessaries; (b) to restrict the supply
of any necessaries; (c) to restrict distribution of any necessaries; (d) to prevent, limit, or lessen the manufacture or production of any necessaries in
order to enhance the price thereof, or (e) to exact excessive prices for any
necessaries; or to aid or abet the doing of any act made unlawful by this
section. Any person violating any provisions of this section upon conviction
thereof shall be fined not exceeding $5,000 or be imprisoned for not more than
two years, or both.
In explanation of the above amendment to the Food Control Act the Attorney-General in his accompanying letter
to the Chairmen of the Agricultural Committees of the House
and Senate said:
The only changes in existing law made by this draft have the effect of
adding "wearing apparel" and "the containers in which foods, feeds and
fertilizers are sold" to the list of articles described in the Act as "necessaries" under Federal regulation, and the attachment of a definite penalty
to sections of the bill that seem now to lack it. It will be extremely helpful in our efforts to reduce the high cost of living if these amendments to
the Food Control Act can be promptly passed.
Speaking to press representatives on Aug. 13 Mr. Palmer
•
was quoted as follows:
If we are going after the food profiteers we should also go after the
profiteer in wearing apparel, which is as essential to the welfare and contentment of the people. There are other matters also needing attention,
but Congress is fully alive to the situation and I am leaving those matters
to Congress.
"Have you any suggestions to make as to rents as another of the important
items involved in the high cost of living problem?" the Attorney-General
was asked.
"Yes, I have thought of that; but the only place in which we can tackle
the rent problem is here in the District of Columbia. The rent question is
one for the State authorities to handle."
Referring to foodstuffs held in storage, Mr. Palmer said he had reports
from the Governors of several of the States.
"Some of these reports as to the amount of goods stored in these States,"
said the Attorney-General, "are perfectly amazing. In some instances
these stocks of goods have been kept in storage longer than the State law
permits. Furthermore, the State authorities in some instances are experiencing difficulty in enforcing their laws because of inter-State complications,
and in such instances they are turning the cases over to the Government.
I have instructed the Federal District Attorneys and other Government
officials to stand close by the Governors and to aid them in every way and
whenever possible."
In answer to a question as to the possibility of all these stored supplies
being released to the public, the Attorney-General pointed out that such
release, if made, will be made along what he termed reasonable lines. He
explained this by saying that if all the reserve food supply was released at
once it might cause a more serious situation next winter, due to the absence
of a reserve supply which might be needed in an emergency.
Mr. Palmer said that with two exceptions all the State food officials who
served during the war have rallied to his support in the present fight and
he expected to have two, who were holding back, lined up in the next few
days. In many States the war-time organizations are already functioning
and the county and town committees have begun operations to assist the
Federal authorities.
HEAD OF PACKING COMPANY CONTENDS LEGISLATION CANNOT EFFECT LOWERING OF
MEAT PRICES.
Louis F.Swift,President of Swift and Company has written
a letter to Clarence Ousley, Acting Secretary of the U. S.
Department of Agriculture, pointing out that the latter's
statement of July 4, explaining the high prices of meats, is
in some respects misleading, and that it does the packing
industry a gross injustice. Mr. Ousley's statement was
given in our issue of July 19, page 232. Mr. Swift's letter
is as follows:
Chicago, July 22 1919.
Hon. Clarence Ousley, Acting Secretary, United States Department of Agriculture, Washington, D. C.
Dear Sir:—Allow me to call your attention to the fact that your statement
of July 4th explaining high prices of meats is in some respects manifestly
misleading, and that it does the packing industry a gross injustice.
Although the packers are not mentioned specifically, the whole statement, issued while an agitation for drastic legislation against the packers
is in progress, gives the definite impression that federal regulation of the
packers is the only solution for high prices. That this interpretation is not
fanciful is evidenced by the write-ups that the statement received in newspapers all over the country. Not content with one issuance of this statement, I find that it has been sent out again, in abbreviated form, for release to newspapers on July 18th.
No criticism can be raised against the following points, quoted directly
from the review,for they are facts known to all those in touch with the meat
trade. Certain words have been underlined by the writer to give added
emphasis:
[Vol,. 109.
1. "Prices of good and choice beef cattle on foot at Chicago have declined
about $4.00 per hundredweight are nearly 25% since March 1, while lower
grade beef cattle have declined as much as 15%."
2. "During the same period wholesale dressed beef prices show on the average approximately a corresponding percentage of decrease, which varies, however, in different cities from about 15% to 30%."
Since these facts by themselves apparently clear the packers from any
responsibility of high prices, the Department of Agriculture has gone out
of its way to find some other method to show that the packers have profiteered. It therefore says that the increased values of hides and byproducts have been an unseen source of profits to the packers.
In making this charge, the Department evidently jumped to certain
conclusions without ascertaining the facts. The actual records of Swift &
Company, for example, show that the charge is utterly without foundation.
With the exception of three weeks in May,Swift & Company has lost money
each week since January on its dressed beef business, after giving full credit
for hides, fats, and by-products---due to the relatively high prices being
paid for live cattle as compared with the prices we have been able to get
for meats and by-products. For ten weeks this loss averaged from $5.00
to $7.00 per head, while for the last four or five weeks the loss has been reduced to about $1.50 per head. We shall be glad to give you every possible
opportunity to check our figures, if you desire.
Higher prices for by-products have merely made the packers' losses
smaller than they would have been. They have also resulted in a smaller
difference between live cattle prices and wholesale prices than would have
otherwise been the case. The values of by-products are taken into account
in the competitive buying of cattle and sale of meats.
From these facts it is perfectly obvious that it was entirely unjust to the
packing industry to insinuate that it is obtaining undue profits because
of the increase in the value of by-products, and we are indeed surprised
that the Department of Agriculture should have so carelessly misrepresented us in such a serious matter.
In the face of these facts, there appears to be no justification for your
sweeping conclusion, "The facts demonstrate clearly the commanding
need for Governmental supervision over the manufacture, sale and distribution of meat products," especially as such a conclusion is bound to be
interpreted as an official endorsement of proposed legislation restricting
the packing industry, and is destined to give the impression that such
legislation can bring about lower meat prices, or higher cattle prices, or
both.
It is generally conceded that expenses have been reduced to a minimum
by the packers, and that since their profits on meats, including the return
from cured hides, refined oils, rendered fats, and other by-products, amount
to only a fraction of a cent per pound, no possible kind of legislation can
have the effect of lowering meat prices as compared with the price of live
stock. It is our view that Government interference can only decrease
efficiency, increase expenses, and thereby cause higher prices of meat as
compared with the prices paid for live stock.
In view of the seriousness of your statement, I wish to ask whether there
is not some way in which this matter can be set right before the public.
I am sending copies of this letter to the President, and also to all Congressmen. Respectfully yoers,
LOUIS F. SWIFT.
GOVERNMENT BRINGS ANTI-TRUST SUIT AGAINST
NINETEEN CEMENT MANUFACTURERS.
It was announced on Aug. 13 by Attorney-General Palmer that a suit in equity against nineteen of the largest
cement manufacturing companies in the East had
been ordered on that date in the name of the Federal Government. The complaint charges combination and conspiracy in restraint of trade. The concerns against which
the suit has been brought are:
Atlas Portland Cement Co., Coplay and Northampton, Penn.; Hudson,
N.Y.
Allentown Portland Cement Co., Evansville, Penn.
Alpha Portland Cement Co., Manheim, W. Va.; Alpha, N. J. Martin's
Creek, Penn.; Cementon, N. Y.
Bath Portland Cement Co., Bath, Penn.
Coplay Cement Mfg. Co., Coplay and Saylors, Penn.
Dexter Portland Cement Co., Nazareth, Penn.
The Edison Portland Cement Co., New Village, N. J.
Giant Portland Cement Co., Egypt, Penn.; Norfolk, Va.
Glens Falls Portland Cement Co., Glens Falls, N. Y.
Hercules Cement Corp., Hercules, Penn.
Knickerbocker Portland Cement Co., Hudson, N. Y.
Lawrence Cement Co., Siegfried, Penn.
Lehigh Portland Cement Co., Ormrod, West Copley, Fogelsville, New
castle, Penn.; Fordwick, W. Va.
Nazareth Portland Cement Co., Bath, Penn.
Penn-Allen Cement Co., Nazareth, Penn.
Pennsylvania Cement Co., Bath, Penn.
Phoenix Portland Cement Co., Nazareth, Penn.
Security Cement and Lime Co., Security, Md.; Berkeley, W. Va.
Vulcanite Portland Cement Co., Vulcanite, N. J.
It is charged that as a result of an alleged conspiracy entered into in 1915 by the above named companies the price
of Portland cement has increased about threefold. This
increase the Government bill contends has indirectly contributed "to the prevailing enormous cost of necessities now
imposing a heavy burden upon the public." The charge
against the cement trust is thus given:
Summarily stated, the said unlawful combination and conspiracy has
resulted, during the period from 1915 to 1919, in greatly restricting the
production of Portland cement by the defendants, in greatly reducing the
amount of such cement subject to future delivery by them at former prices,
and in more than doubling and approximately trebling the prices, exclusive
of freight, received by the defendants and paid by the dealers, contractors
and consumers throughout the Eastern States aforesaid, thus largely contributing to the prevailing enormous cost of necessities now Limposing a
heavy burden on the public.
The announcement made by Attorney-General Palmer
on Aug. 13 of the Government's action was reported in
Washington advices to the New York "Times" as follows:
Attorney-General Palmer this afternoon instructed Joseph L. Bodine,
United States District Attorney at Trenton, N. J., to institute an action
in equity against nineteen of the largestfcement manufacturing concerns
AUG. 16 1919.]
THE CHRONICLE
637
in the East, the Federal complaint, signed by Mr. Palmer, alleging
that
these corporations entered into a conspiracy which has doubled,
if not
trebled, the price of a commodity used in the construction of homes,
office
buildings, factories, bridges, roads, ships, tunnels, and other prime
necessities which in the language of the complaint has largely contributed
"to the
prevailing enormous cost of necessities now imposing a heavy burden
upon
the public.
In making the announcement this afternoon, Attorney-General
Palmer
made it plain that he considered this action one of the
most important
moves made by the Government for the proper control and
remedy of the
present high cost of living problem. It is charged that
these great corporations formed an "unincorporated association" for
the control of the
cement industry in the East, and that this unincorpor
ated organization
maintained offices at 19 West Forty-fourth street, New York
City, from
which central office the activities of the organization,
the Government alleges, are now directed.
as they were found to exceed the actual necessities of specific
construction
work already undertaken or definitely projected, as were found
to duplicate
previous contracts by any other defendant covering the same
construction
work.. Thus many such cancellations of many such contracts
by many of
the defendants were reported to all the defendants.
In consideration of the cancellations of contracts thus
reported by certain defendants, many other defendants made similar cancellatio
ns of their
contracts, both upon their own initiative and upon investigati
on requested
by other defendants.
An effective agreement was brought about among the defendants
whereby
each cancelled a large part of its existing contracts for the future
delivery of
Portland cement at former prices, in consideration of similar
cancellations
by the other defendants, and whereby the aggregate amount
of cement
under contract to be delivered by the defendants in the future,
at prices
specified as of the rates of the contracts, was reduced from
much more than
18,000,000 barrels to about 18,000,000 barrels as of June
1, 1917, about
The charges against the nineteen companies as detailed 14,000,000 barrels as
of June 1, 1918, and about 4,000,000 barrels as of
June 1, 1919. Thus the delivery of a large amount of cement
in the Government's bill of complaint were as follows:
to dealers,
contractors
and consumers at former lower prices was prevented, and the
The defendants created in the latter part of the year 1915
and in the first securing of higher
prices by the defendants was facilitated.
part of the year 1916, and have continued up to the present time,
an inThe defendants made mutual oral agreements to co-operate among
corporated association among themselves, 'with offices formerly
themat Phila- selves, intending
to co-operate in selling Portland cement at uniform and
delphia and now at 19 West Forty-fourth street, New York City.
They Increased prices, as follows:
joined the said association as members and paid its expenses pro
rata, acThey instructed the manager of the said association to take over
cording to the volume of business done by each, and they regularly
from
attended the Alpha Portland
Cement Company the work a preparing and distrimonthly meetings of the association at its offices in the
persons of their buting among
them uniform so-called "freight books." These showed soauthorized officers and representatives. They provided
the association called "freight
rates" to each point of delivery, from a few "basing points"
with a salaried manager and force of clerical assistants and
with a force of adjacent to certain
travelling and investigating engineers.
groups of the defendants' mills. They were to be used
by each defendant in fixing a "delivered price" for any given point
The defendants furnished the manager of the said association
of dewith full in- livery, as follows:
formation as to their respective amounts of production
, and contracts for
As a basic element of the "delivered price," the defendants charged
future delivery, and instructed him to compile and distribute
the
such informa- highest so-called
"mill-price" established and published as effective for the
tion to all the defendants, as specified below. They
also instructed the time being
by any of the three largest and most important defendants,
travelling engineers of the association to make investigati
on at the request the Atlas
Portland Cement Company,the Alpha Portland Cement Company
of individual defendants, concerning the contracts of any defendant
or and the Lehigh Portland
defendants, for future delivery, and to report the facts
Cement Company. At frequent intervals a new
so ascertained to and higher
"mill-price" was established by one or more of those defendants.
all the defendants concerned therein, as specified below.
They also inThe defendants added to such "mill-price" as freight a charge computed
structed the manager of the association to compile, print
and distribute to at the
so-called "freight rate" shown in the said uniform "freight books" as
all the defendants uniform books called "freight books"
to be used by the applicable
defendants in computing uniform prices for any given
on shipments to the given point of delivery from the nearest
point of delivery, as "basing
point" shown in such books.
described below.
The defendants added to such charges, during certain periods, upon
They did all things specified in the two preceding paragraphs
the
with the instruction
of a conunittee of their said association, a fixed additional
purpose and effect of bringing about restriction of the
amount of cement
amount per barrel on all shipments to all points of delivery as covering,
produced, reduction in the amount of cement subject to
upon
future delivery an
average, recent advances in actual freight rates to certain of the points
at former prices for any given point of delivery, and increases of
such prices, of delivery.
as stated below.
The several defendants also reported to the manager of the said associaMany of the larger and more prominent defendants, through
their au- tion,
for monthly communication to all the defendants, the prices made
thorized officers and representatives, repeatedly declared to the
by
other de- each
in each contract for the future delivery of cement; and each defendant
fondants that large production resulted in lower prices and
was detrimental
communicated to other defendants, upon their request, the price at which
to the interests of the cement industry; and that the defendants
so de- it had sold cement
in any given transaction for immediate delivery.
claring would curtail their production by shutting down their
plants from
When any defendant was discovered by other defendants to have deviated
time to time, and by operating such plants at less than full
capacity at from the
delivered prices, fixed as described above, the offenders' represenother times; and that they hoped and expected that other defendants
would
do the same; and the defendants who made such declarations did so curtail tatives were orally remonstrated with by the representatives of the other
defendants, both singly and in groups, and were told that they had
their productions from time to time.
failed to
All the defendants furnished the managers of their said association with co-operate and that they were guilty of bad practice detrimental to the
cement industry.
statements showing their several mill capacities for the production of
PortAn effective agreement was brought about among the defendants whereby.
land cement, and they instructed the said managers to compile and diseach acting in consideration of the action of the others, all adhered
tribute to all defendants tabular statements showing all their several
to a
mill certain fixed "delivered
capacities, and this was done. They also furnished to the
price" for Portland cement for any given point of
said manager delivery,
complete information as to their respective amounts of
based
on
and
including
the
highest
"mill price" published by any
production from time of
the largest and most prominent defendants, with a fixed amount added
to time and instructed him to compile and distribute each
month, to all thereto
as freight; and whereby such "mill price" was successively increased
the defendants, comparative tables of figures showing all
their several from
amounts of production for the elapsed part of the current
about 65c per barrel in 1915 to about $1 85 per barrel at the present
year, and for the
time so as to make uniform and to increase to the extent of the difference
corresponding part of the preceding year. Such tables
were so distributed,
between these two mill prices, the delivered prices of all the defendants for
and showed to all the defendants the comparatively low
amounts of producany given point of delivery.
tion by those defendants who had shut down their mills or
had operated
them at less than full capacity.
Attorney-General Palmer, C. B. Ames, assistant to the
Upon consideration of the comparatively low production
of many de- Attorney-General in charge of anti-trust suits, and Henry
fendants, as shown by the foregoing tables, many
other defendants shut
S. Mitchell, special assistant to Mr. Palmer, signed the
down their mills from time to time and operated
them at less than full
capacity at other times.
Government bill of complaint in addition to Joseph L.
An effective agreement was brought about among the
defendants whereby Bodine, U. S. District Attorney
. Mr. Mitchell will con:
each defendant, in consideration of past or future restriction
.
of production duct
the case as special counsel for the Government.
by other defendants, restricted its annual production to
substantially loss
than the capacity of its mills and in many cases to substantial
ly less than
its former annual production, and whereby the aggregate
production of all GOVERN
OR SMITH ORDERS INQUIRY INTO INthe defendants was restricted to about 30,000,000 barrels
in 1915, about
29,000,000 barrels in 1916, about 29,000,000 barrels
CEASED MILK PRICES AND FOOD HOARDING—
in 1917 and about
23,000,000 barrels in 1918, their aggregate productive
capacity being about
APPOINTMENT OF FAIR PRICE COM50,000,000 barrels.
Many of the larger and more prominent defendants
repeatedly declared
to the other defendants that the delivery of largo amounts
of cement under
contracts for future delivery, at prices specified as
of the dates of the contracts, was a hindrance to the establishment of
higher prices, and was
detrimental to the interests of the cement industry;
and they characterized
contracts of that character providing for the delivery
of larger amounts
of cement than were actually necessary for specific constructio
n work already
undertaken or definitely projected, or duplicating other contracts
made by
other defendants which specified the same construction work,
as "fake"
contracts; and they characterized deliveries under such contracts in
excess
of the actual requirements of specific construction work already
undertaken or definitely projected, as reprehensible. They also declared
that
they would submit to an investigation of their contracts in
behalf of all the
defendants, and that they woula cancel such contracts in so far as
they were
found to provide for the delivery of cement in excess of, or in duplication
of,
the actual requirements of the construction work therein
specified. They
also declared to all the defendants that they expected
that all would do
the same.
"Thereupon the defendants furnished to the manager of the said
association full information as to the details df all contracts
made by each defendant for the future delivery of Portland cement, and
they instructed the
manager of the association to compile and tabulate such
information for
all the defendants, and to furnish copies of such compilation
s and tabulations to them all. Thereafter such information was
furnished and such
compilations and tabulations made and distributed
each month. The
defendants also instructed the travelling engineers of
the said association
to investigate, at the request of any defendant, the
construction work
designated in any such contract and the question
of priority as between
two or more such contracts made by different
defendants designating the
same construction work; and to report, through the
manager of the said
association, the facts discovered in each such
investigation to tho all dofendants therein concerned. The defendants also
reported to the manager
of the said association, and instructed him to communica
te to all the dofendants, all cancellations made by any defendant
of its contracts in so far
MITTEE FOR NEW YORK.
Following conferences in this city on Aug. 13 with District Attorney Swann and Messrs. Glynn and Findlay of
the State Food Cost Investigating Committee appointed
last week, Governor Smith made the following announcement regarding his plans to prosecute profiteering in this
State:
After a conference with the District Attorney and several of
his assistants,
and Commissioners Glynn and Findlay, I have directed District
Attorney
Swann to proceed at once with the presentation to the Grand
Jury of any
legal evidence he may have showing any violations of law connected
in any
way with the recent increase in the price of milk on the part
of the milk
distributors or any other person or persons in league with them
in violating
the law, and if there are any unlawful combinations in existence
having
for their object the hoarding of food for the purpose of increasing
the price,
I have directed the District Attorney to use all the powers
of his office to
bring the offenders to justice.
On Tuesday, Aug. 12, Arthur Williams, Federal Food
Administrator for New York, announced that he had appointed in accordance with instructions sent out by Attorney-General Palmer on Aug. 10 (given elsewhere in these
columns to-day) the following as members of the Fair Price
Committee for this district:
Alfred E. Marling, Tresident Chamber of Commerce, State
of New York.
W.Fellowes Morgan,President Merchants' Association of New
York City.
Oscar S. Straus, ex-Chairman Public Service Commission.
Michael Friedsam, President B. Altman & Co.
Mrs. James Lees Laidlaw, Woman Suffrage Party.
Mrs. Henry Moskowitz, Secretary Reconstruction Commissio
n.
Mrs. Charles C. Rumsey, Chairman Committee on Co-ordinati
on of
638
THE CHRONICLE
[VOL. 109.
The ten cent faro will become universal. The fares upon some subways
Community Councils.
and elevated lines—now charging five cents—will become twenty-five cents.
Mrs. Sara Conboy, Secretary-Treasurer United Textile Workers.
The five cent fare except for very short hauls in cities—is doomed.
Hugh Frayne, American Federation of Labor.
During the next few years commissioners will devote their time to getting
Jonathan C. Day, Commissioner of Markets, New York City.
the companies to give better service and will not bother about fares. Once
Co.
&
H.
Leggett
Theodore F. Whitmarsh, Vice-Prseident Francis
the street railways had a monoply; but this is not true today. The auto
W. Wrightson, assistant to the President Atlantic & Pacific Tea Co.
and jitney have eliminated the monoply. There is no more reason today
Edward H. Flask Jr., President New York Produce Exchange.
why a public utility commission should regulate the price of transportation
Peter H. Alnor, President New York Retail Grocers' Association.
in a city which has jitney service than it should limit the price of theatre
F. C. Henderschott, Executive Secretary.
Voluntary Counsel—Alan Fox of Trowbridge & Fox, and Samuel A. tickets.
One-half of the interurban street car mileage and one quarter of the city
Berger, Deputy Attorney-General.
car mileage will be abandoned. The tracks will be removed and motor
Mayor Hylan on Aug. 13 took steps to aid in the cam- street
bus service will be installed instead. A great proportion of the street
Commispaign against profiteering in sending to Police
railways should never have been built and the quicker we realize it the better
off both the public and the investors will be.
sioner Enright the following letter:
Municipal ownership may come, but let us first give the street railways
I believe one of the quickest ways of obtaining evidence against retail
a chance to save themselves by quitting our persecution of them and by
profiteers is to have an investigation made in each police precinct.
give any other business corporation.
With this end in view, I would suggest that you have the Captains in giving them the same chance that we
only when the same results cannot be
each precinct direct all police under them to thoroughly investigate and Municipal ownership is desirable
ownership.
report all cases of alleged profiteering among retailers, no matter what the secured under private
What the people want from our railroads, street railways, and other pubnature of their business may be, and forward to you a report which can
If a store or restaurant or theatre does not pay,
service.
good
is
lic
utilities
criminal
a
begin
can
that
he
be presented to the District Attorney, so
the only salvation is to improve the service and raise the standard. The
prosecution against any' one who has violated the penal law.
always pay and are always full. These
and
theatres
best stores, restaurants
Very truly yours,
These are the ones that the public like—the prices charged are secondary
JOHN F. HYLAN, Mayor.
importance to the service rendered. It would be the same with street
A statement was issued in this city on Aug. 7 by Assistant In
railways if the public utility commissions would give them a free hand—
U. S. Attorneys Barnes and Mathews announcing their to create such a service. Were I Mayor of a city, I should insist that my
street car service in the world;
plans for prosecuting cases of violation of the Lever Act. city had the finest, swiftest and cleanest
but whether the fare was five or ten cents would not matter.
The statement read as follows:
upon the part of everyone—
view
of
The need of the hour is a new point
This office is in receipt of a telegram from the Attorney-General request- investors, managers, patrons and public officials. The present bad condiunder
proceedings
forfeiture
and
ing it to give right of way to prosecutions
tion of the street railways—like the present high cost of living—is due to the
Sections 6 and 7 of the Lover Act, which forbids hoarding of foods, feeds, fact that everyone is bent on getting something without paying for it.
fuel and fertilizer. These Instructions will be complied with to the limit.
Everyone is thinking only of himself. Too few are trying to render real
Section 6 of the Lever Act provides a punishment of not more than two service. We all are seeking to do as little as we can and get as much as we
corpoor
persons
of
cases
years or a fine ont exceeding $5,000, or both, in
can. We have reached the end of our rope in street railway transportation
rations found guilty of hoarding.
and we soon will reach it along some other lines.The underlying cause of
kit Section 7 provides that the hoarded articles may be seized summarily our troubles today is not financial but rather moral. Only a religious reby the United States Marshal,condemned and sold under order of the court. vival will solve either our transportation or our cost of living problems.
The Act forbids hoarding by householder, consumers or manufacturers,
Wholesale or retail dealers and by speculators. Hoarding by a householder
NG COAL
is the holding or contracting for by him or her of a quantity in excess of his SENATE ADOPTS RESOLUTION AUTHORIZI
or her reasonable requirements for use and consumption by self or dependINVESTIGATION—ATTITUDE OF WHOLE•
ents for a reasonable time.
SALE COAL ASSOCIATION.
Hoarding by a dealer Is the holding or contracting for a quantity in excess
The Senate without debate adopted on Aug. 15 a resoof the reasonable requirements of his business for use or sale by him for a
reasonable time. Hoarding by a speculator is the withholding from the lution offered by Senator Frelinghuysen of New Jersey, callmarket for the purpose of unreasonably increasing the price.
of the present coal shortage and the
This office requests the co-operation of all citizens in obtaining evidence ing for an investigation
of violation of this law. Complaints will be investigated promptly, and prevailing high prices by the Senate Inter-State Commerce
in cases in which the evidence warrants criminal and forfeiture proceedings
Committee. The preceding day Congressman Huddleston
will be instituted promptly and simultaneously. The United States Marof large coal lands, was
shal will make the seizures in this district. Agents of the Department of of Alabama, said to be the owner
Justice and agents of the Department of Agriculture:wlll gather evidence quoted as having declared: "There is neither a car shortage
of violations.
a labor shortage, but there is a shortage of com-
LOUIS F. SWIFT DENIES CHARGES THAT PACKERS
ENJOY SPECIAL RAIL RATES.
Louis F. Swift, President of Swift & Company has issued
a statement in reply to charges filed with the Inter-State
Commerce Commission by the National Wholesale Grocers'
Association and referred to in these columns on July 19,
pages 231 and 232. The Grocers' Association made the
assertion that "the packers have a special expedited service
In the peddler cars and refrigerator ears:" In reply Mr.
Swift says:
I want to emphasize the fact that after investigation I cannot find that
Swift & Co. enjoys one special privilege nor does it participate in one special
'rate which cannot be secured by any other shipper in the United States.
11 Of course, in the proceedings and hearings of the Inter-State Commerce
Commission, all parties will have an opportunity to produce testimony and
show their situation as well as the advantages or disadvantages, if there be
any, to which they are subject, and, upon the testimony, it will be the
duty of the Inter-State Commerce Commission to determine this very
important question. This is the proper procedure and in view of all the
controversy and misunderstanding which exists, I welcome the investigation. We certainly do not wish to have any unfair advantage or discrimination and predict that the finding of the Commission will be that we have
none.
The route cars which we operate are operated under specific railroad
tariffs which have been approved repeatedly by the Inter-State Commerce
Commission which call for a certain guaranteed minimum or penalty in
case of a lightly loaded car. Similar cars may be operated by anyone who
's_willing to agree to this penalty provision.
We have built up over a long period of years a very efficient transportat on departmen which looks after our shipments. It is a part of that
• epartment's duties to follow every shipment of goods to its destination
ad see that there is no unnecessary delay.
I understand that one of the complaints is that we enjoy the benefits of
our refrigerator cars. We do, but the building of these cars was forced on
us by the refusal of the railroads to build them.
Any shipper of goods who cares to tie up his money that way may build
his own cars and have his own transportation department look after them.
I might add that for a number of years our refrigerator cars have been
operated at a loss. We do not benefit by any "unlawful, unreasonable,
unjustly discriminatory rates, rules, mixtures, minima, and other carload
tariffs," and we do not seek special privilege.
The Inter-State Commerce Commission, in a report on private cars issued
July 31 1918 said:
"The system of the use and supply of private cars that now exists cannot
be at once and radically changed without serious consequences to shippers,
carriers and the public."
nor is there
mon humanity and honesty on the part of the coal operators
of the country." On the same day at Washington the Executive Committee of the American Wholesale Coal Association
adopted a resolution which stated: "The coal trade is willing
to present to the proper Government body the cost of doing
business as wholesalers and of producing coal and at the same
time information to determine the investment at replacement cost in working capital, plant and equipment." "Such
information," said the resolution, "is necessary to the determination of a fair return per ton, and the fair return
should be.determined after allowing for costs of selling and
other proper expenses which were not taken care of in the
margin followed by the United States Fuel Administration
during the war."
The American Wholesale Coal Association made known its
views on the question of nationalization of the coal mines in
an official statement issued the latter part of the week
through its Executive Committee at Washington. It reads
as follows:
1—That Government officials should recognize the enormous task that
would be incurred in any nationalization of coal mines or even a renewal of
the Government control of the war times and the inconsiderable results
obtainable therefrom.
2—That the coal trade, both wholesalers, and producers, are willing to
as wholepresent to the proper Government body the cost of doing business
determine
salers, and of producing coal, and at the same time information to
and equipthe investment at replacement cost, in working capital, plant
ment.
3—That the mistake of the war times, the control of one basic industry
should be
to its detriment, without similar control of all basic industries,
avoided. Any reduction in the cost of living to be effective will require
one must
the
a reduction in the return to labor and any program to effect
'
be framed with full realization of the other.
4—There should be a separation of legislation concerning coal if any,from
legislation concerning food and clothing. Coal, as a wasting industry,
requires special treatment.
5—This association stands for clban coal and appeals to producers and
mine workers to co-operate to produce it.
-State Commerce
6—We believe that evidence in the hands of the Inter
and
Commission establishes that the transportation revenue from coal
such charges on
than
larger
are
coal
punitive charges for special service on
other similar commodities and should not be increased.
to-day
7—Coal opens the door to the markets of the world. America
advancecommands the supply available to those markets. The economic
of
handling
American
on
depend
ment and independence of America
a foreign
American coal abroad. Any attempt to use American coal to hold
by
market for foreign merchants and bankers should be opposed
all Americans.
ROGER W. BABSON SEES TEN CENT FARES.
In testifying at Boston, Mass., before Federal Street
Railway Commission, on August 11 and 12, Roger W.
A report was issued by W. T. Tyler, Director of the
Babson expressed the view that the ten cent fare will become
of Operations of the U. S. Railroad Administration,
Division
universal. We quote as follows:
AUG. 16 1919.1
THE CHRONICLE
on Aug. 14 regarding alleged shortage of cars to haul coal,
which read as follows:
The mines have lost 30 to 40% of working time on account of no market,
while the loss on account of car shortage has never reached 5%
and seldom
reached 3%. The fact is that the railroads are much better fixed than they
were for several years preceding the war. We now have more than
4,000
locomotives in good repair, stored and ready for service, whereas at no
time
during the two years preceding the war did any such condition exist.
There
are on the railroads under Federal control 995,851 coal cars, and during
the
week of June 14 1919, the average in bad order was only 9% and to
this 4%
included a large number of light coal cars actually withdrawn from
service
but not taken off the books. While figures on the same basis are not
available for the years preceding the war, there can be no question but
what
the situation in this respect is more favorable now than it was then.
639
of New York City. They have been benefited by the extra
hour of light
and want the law continued. Labor wants the Daylight
Law continued.
So does the employer. The farmer is said to be against
the measure. But
is his voice so strong that Congress, or some therein, will
three times try to
kill a measure that 90% of the people want?
An appeal was sent out on Aug. 5 by Miss Helen Varick
Boswell, President of the Woman's Forum of New York
urging that "every woman who wants the high cost of living
reduced should notify her Congressmen and Senators to
stand by dalight saving."
ORGANIZED RAILROAD LABOR AND THE SIMS BILL—
NATIONAL CONFERENCE CALLED
FOR OCT. 6.
The heads of fifteen labor organizations on Aug.9 issued a
There are approximately 1,000,000 men employed in and around the statement from Washington regarding labor's
stand on the
bituminious and anthracite coal mines. Ever since the. armistice was Sims
bill for Federal ownership and control of the railroads,
signed, thousands of miners have been idle. Unemployment has been
keely felt in Ohio, Indiana, Illinois and in the Southwestern districts. declaring that "in proposing the elimination of capital and
Production of bituminous coal has decreased for the period ending June the tripratite directorate we have
no purpose of intimida28 1919, to 212,000,000 as compared with 234,000,000 for the same period
In 1918, and the production of anthracite coal from 49,000,000 to 38,000,000 tion"; that "we appeal to the statesmanship of America and
to the common sense of American manhood and womanhood."
tons.
This is due to the fact that coal mines have been shut down and thousands On the day following,
Aug. 10, announcement was made
of men have been forced out of employment. The coal operators allege
through the press bureau of the Plumb Plan League, which
that this idleness is caused because there has been no market for coal.
Unemployment in certain sections of Indiana, Illinois and Ohio is such is behind the Sims bill, that a national
conference to conas to create distress and want among a largo number of miners and their sider the
question of railroad ownership and operation will
families.
meet in Washington on Oct. 6 1919. The latter announceThere are approximately the same number of men employed in and around
the coal mines now as there were in 1912. In some sections, due to ideiness, ment was authorized by Chief Justice Walter
Clark of the
Italians and Slays from Europe have returned to their native lands, but
Supreme Court of North Carolina, who was Chairman at
this has been offset by the return of the thousands of men who have served
preliminary meetings of the National Conference on Railroad
in the army and the navy during the war.
Control held at Washington on Aug. 9 and 11, conducted
PRESIDENT WILSON AGAIN VETOES BILL TO REPEAL under auspices of the Plumb Plan League. The Aug. 9
statement of the fifteen labor heads regarding the policy
DAYLIGHT SAVING LA TV.
President 'Wilson vetoed yesterday the bill to repeal the and attitude of organized labor on the Sims bill (outlined in
Daylight Saving Law which Congress had passed as a our last week's issue, page 543 and 544), read as follows:
To prevent any misundertsnading as to the policy of the organized
separate bill after the President had vetoed the Agricultural road
railemployees we
in a definite assertion that we have no desire and
Appropriation Bill because it contained the amendment have had none, to unite
impress upon the public by violence or by threat our
as a rider. The President in returning the bill to the House proposal that the railroads be nationalized under "tripartite control."
Two distinctly separate considerations now confront the
people, the
said that the Daylight Saving Law had been of great service wage
requirements of the railroad employees and the Sims bill.
to the nation's industrial centres and these should be the
In the matter of wages we have submitted an eminently just proposifirst, in the present period of disorganization and dislocation, tion. We have said that if we are to continue to live as Americans should
live and are to care for our families as American families should be
cared
to be regarded in framing any legislation. His letter said: for
the profiteers must be restrained and our wages increased. Every fair
• Regarding the claim which,it is said, has been made by the
coal operators that the coal shortage is due to lack of men
for the mines, Director-General Densmore of the United
States Employment Service on Aug. 14 said:
To the House of Representatives:
I return this bill, H. R. 3854,"An Act for the Repeal of Daylight Saving
Law," without my signature, but do so with the utmost reluctance. I
realize the very considerable, and in some respects very serious, inconvenience to which the Daylight Saving Law subjects the farmers of the country,
to whom we owe the greatest consideration and who have distinguished
themselves during these -recent years of war and want, by patriotic endeavors worthy of all praise. But I have been obliged to balance one set of
disadvantages against another and to venture a judgment as to which were
the most serious for the country. The immediate and pressing need of the
country is production, increased and increasing production in all lines of
Industry. Disorganization and dislocation caused by the war have told
nowhere so heavily as at the industrial centres—in manufacture and in
the many industries to which the country and the whole world must look
to supply needs which cannot be ignored or postponed. It is to these that
the Daylight Saving Law is of most service. It ministers to economy
and to efficiency, and the Interest of the farmer is not in all respects separated from these interests. He needs what the factories produce along with
the rest of the world. Ho is profited by the prosperity which the success
brings about. Ills own life and methods are more easily adjusted, I venture to think, than those of the manufacturer and the merchant.
Those are the considerations which have led me to withhold my signature
from this repeal. I hope that they are considerations which will appeal to
the thoughtful judgment of the House and in the long run to the thoughtful
judgment of the farmers of the country who have always shown
an admirable public spirit.
The Senate on Aug. 1 passed the bill (H. R. 3854) for repeal of the daylight saving law, by a vote of 41 to 12, the
House having passed the same bill on June 18 by a vote of
232 to 122, (noted in "Chronicle, July 19, p. 234). This
action was taken by the Senate after both Houses of Congress
had eliminated from the Agricultural Appropriation Bill,
subsequently signed by the President, the rider providing
for repeal of the daylight saving law. As reported in our
issue of July 19, page 234, the President on July 12, indicated
his opposition to efforts to repeal the daylight saving law by
vetoing the Agricultural Appropriation Bill to which the
daylight saving repeal rider had been attached. In returning
that bill to the House on July 12 President Wilson said:
"The overwhelming testimony which has come to me convinces me that I should not be justified in acquiescing in its
repeal."
The new Agricultural Appropriation Bill, which was
signed by the President on July 25 and the one vetoed by
him on July 12 were precisely the same save that the former
was without the daylight saving repeal rider.
On Aug. 1 Ernest Bohm, Secretary of the Central Federated Union, in a telegram to President Wilson said:
Organized labor wants the Daylight Saving Law continued. I
speak
for 350,000 workers and their kin, a total of more than 1,000,000 residents
minded man and every intelligent housewife will recognize the reasonableness of this request. If Congress and the President cannot meet this
request it is still a living question and we shall have to try to find another
solution.
This, however, bears in no way upon our sponsorship of the Sims bill.
We do hold to our convictions that the railroad employees are in no
mood
to consign themselves finally to the autocratic control of financial
dictators, but in proposing the elimination of capital and the tripartite directorate we have no purpose of intimidation.
We appeal to the statesmanship of America and to the common sense
of American manhood and womanhood
We all are voters and unless
our democracy in government is a faint', our democracy ia industry need
not be. We believe in the native ability of American labor. What se
ask is the Americanization of the railroads.
The statement was signed by:
Warren S. Stone, Grand Chief, Brotherhood of Locomotive Engineers.
W. G. Lee, President, Brotherbood of Rall.vay Trainmen.
L. E. Sileppard. President, Order Railway Conductors.
Timothy Shea, Acting Chief, Brotherhood of Locomotive Firemen
and
Enginemen.
B. M. Jewell, Acting President, Railway Employees Department.
American Federation of Labor.
J. W. Kline, General President, International Brotherhood of Blacksmiths and Helpers of America.
W. H. Johnston. International President, International Association of
Machinists.
Louis Weyand, Acting International President, International Brotherhood of Boilermakers, Iron Ship Builders and Helpers of America.
J. J. Ilynes, international president, Amalgamated Sheet Metal Workers
International Alliance.
James P. Noonan, acting international president, International Brotherhood of Electrical Workers.
Martin F. Ryan, general president, Brotherhood Railway Carmen of
America.
. S. E. Herberling, president. Switchmen's Union of North America.
J. J. Forrester, grand president, Brotherhood of Railway and Steamship
Clerks, Freight Handlers, Express and Station Employees,
E. J. Manion, general president, Order Railway Telegraphers.
A. E. Barker, grand president. United Brotherhood of Maintenance of
Way Employees and Railway Shop Laborers.
The statement issued through the Plumb Plan League on
Aug. 10, said to have been written by Chief Justice Clark,
announcing that a national conference would be held on
Oct. 6, also stated: "We have further decided to appoint
special committees to analyze the several proposals which
have bemi offered for the solution of the railroad problem
and report their findings at that national conference." This
statement was presumably issued in behalf of the conference
held on the preceding day at the instance of the Plumb
Plan League, which was attended by representatives of the
railroad employees' organizations and men prominent in
public affairs. The statement said the preliminary conference supported as principles which should control any
mi =Mt=Mt
640
AIM 111/.
-11111-1111._
THE CHRONICLE
action of the Government with respect to the railroad problem, the following:
1. It is the duty of the Government to provide transportation to the people at cost;
2. Any plan for final solution of the railroad problem must provide for
a share by the workers in the managements, and in profits arising from increased efficiency;
3. Payment to the owners of capital invested in the railroads should not
exceed "the amount actually necessary to secure their investment."
The statement in full, as made public on the 10th inst. by
the Plumb Plan press bureau at Washington, read as
follows:
"As a result of our deliberations upon the existing railroad situation in the
United States and the various suggestions which have been made for dealing
therewith, the conference declares that the following principles should
control the action of the government with respect to this most important
question:
"The Government has resting upon it the duty and obligation to conserve
and further the interest of the people as a body, particularly with respect
to the conditions of their livelihood. Distribution of the products of the
nation's industry and agriculture, is, therefore, not only a proper, but an
imperative function of the Government, which the people have a right to
insist shall be properly fulfilled. It is, therefore, incumbent upon the Government to provide transportation (as the principal factor in distribution)
at actual cost, thus insuring the means whereby the products of one region
may, with only the addition of actual cost of transportation, be brought to
the consumers in another territory.
Efficiency and economy in transportation are obviously the keystone to
the solution of the problem of the high cost of living. Any plan proposed
for the solution of the railroad problem must, therefore, meet the test that
it will provide transportation at actual cost. The existing state of industrial warfare is more costly to the consuming public than to the workers
or to the owners of capital. Any plan for the solution of the railroad problem which seeks the indorsement of the public should provide for a share
by the workers in the management and in the profits arising from increased
efficiency. We therefore welcome any well-considered movement toward
democratization of the railroads as being in the interest not only of the
workers, but even more in the interest of the public.
The rights of private property actually invested in the provision of transportation service for the public must be protected. At the same time it is
Imperative in the interest of economy and efficiency and as a means of
decreasing the inflated cost of living that the return to the owners of capital
invested in the transportation industry shall not exceed the amount actually
necessary to secure their investment and shall not be paid upon fictitious
capitalization. Treatment of the railroads as instruments for financial
exploitation must cease. Public service, not private profit, should be the
animating motive of the Railroad Administration.
Transportation controls the economic and industrial life of the nation.
It is of the utmost importance to industry and agriculture that the railroads
shall be efficiently and economically constructed, maintained, and operated
Not only the cost of living, but the industrial position of America, depends
upon the railroads being conducted with these fundamental principles
In view.
Several plans have been presented to the Congress of the United States
for the future ownership and operation of the railroads. Some of these
plans have been presented by the representatives of railroad security owners
and other property-owning groups. One plan has been presented by the
representatives of the railroad employees. These plans must be tested and
analyzed in the light of the principles already enunciated.
In order that this may be done in the orderly manner which befits a
question of such transcendent importance to the American people, we have
determined to call a national conference to meet in Washington on Monday,
Oct. 6 1919, and we have further decided to appoint special committees
to analyze the several proposals which have been offered for the solution
of the railroad problem and to report their findings at that national conference.
One of these committees will be composed of engineering and technical
experts to report upon the proposals as regards their meeting the test of
economy and efficiency; the second committee will be composed of legal
authorities, to report upon the various legal and constitutional questions
involved, and the third committee will be composed of economic and financial experts, who will report upon the soundness of the various plans from
a financial standpoint.
We urge the American people to consider all the proposals which have been
made for dealing with the railroad situation without prejudice and without
passion and to examine the several proposals which have been outlined
the light of the principles which we have enunciated.
railway labor problem in the present public emergency? Will be in session three days. We crave and will give respectful ear to your counsel,
trusting only that the decisions arrived at shall be just in the twofold interest of the public and labor. On behalf of the committee of the railway
labor organizations.
Following the first day's conference on Aug. 9 an official
statement summarizing the discussions therein was given to
the press, which in part said:
Leaders of national thought gathered in Washington this afternoon in response to an invitation sent out by Glenn E. Plumb, counsel for the organized railway employees of America, and Edward Keating, manager of
the Plumb Plan League, and went into executive conference with labor
leaders for the purpose of considering a course of action and outlining a
program. Judge Walter Clark, Chief Justice of the Supreme Court of
North Carolina, was elected temporary Chairman of the conference. After
remaining in session all afternoon they adjourned until Monday, when a
definite policy will be agreed upon to protect the public's interest in the
solution of the railway porgram. The purpose of the movement is to effect
a clarification of national thought upon the basic principles involved in the
so-called Plumb plan for the nationalization of the railroads under tripartite control with especial reference to the principle loosely known as
"industrial democracy."
The afternoon session of the conference was devoted to a presentation
of the theory of the brotherhoods' railroad plan by Glenn E.Plumb and to
an examination of the evidence in Mr. Plumb's possession showing the
railroad properties of the country have been ruined by the manipulations
of the private owners. This is the new and secret evidence referred to by
Mr. Plumb in his testimony before the House Inter-State Commerce Committee on Thursday morning.
While this conference of liberal thought was called before the mind of
President Wilson became known on the question of a constructive policy
to be pursued toward the present acute state of industrial unrest throughout the country, it falls naturally into line with his desires as since expressed,
and is in this sense an interesting example of America's quickness in action.
President Wilson, in his speech before Congress on Friday afternoon,
said:
"There are many things that ought to be corrected in the relations between capital and labor, in respect of wages and conditions of labor and
other things even more far reaching, and I, for one, am ready to go into
conference about these matters with any group of my fellow-countrymen
who know what they are talking about and are willing to remedy existing
• conditions by frank counsel rather than by violent contest. No remedy
is possible while men are in a temper, and there can be no settlement which
does not have as its motive and standard the general interest. Threats
and undue insistence upon the interest of a single class make settlement
The above statement was approved by a committee including: Governor Allen, of Kansas; former Governor Dunne, of
Illinois; Frederic C. Howe, Commissioner of Immigration,
Port of New York; Basil Manly, former Joint Chairman
of the National War Labor Board; A. B. Garretson., adviser
to the Order of Railway Conductors; J. A. H. Hopkins, of
New Jersey, and Glenn E. Plumb.
Among those attendant at the first day of the preliminary
conference on Aug.9 were: Frank P.Walsh and Basil Manly,
both former Chairman of the National War Labor Board;•
Frederic C. Howe, Commissioner of Immigration at New
York; former Governor E. F. Dunne of Illinois; Governor
Henry J. Allen of Kansas; Judge Walter Clark, Chief Justice
of the North Carolina Supreme Court; Professor Edward F.
Bemist of New York, an economist; J. A. H. Hopkins,
Chairman of the Executive Committee of the Committee of
Forty-eight; Morris L. Cook of Philadelphia, a consulting
engineer, and former Representative Edward Keating, who
is described as the manager of the Plumb Plan League.
These men were called to the conference by the following
form telegram, sent by Mr. Plumb and Mr. Keating:
On the basis of the principle enunciated in President Wilson's message of
May 20 last for "the genuine democratization of industry based upon a
full recognition of the rights of those who work, in whatever rank, to participate in some organic way in every decision which directly affects their
welfare in the part they are to play in industry," will you join conference
in Washington on Saturday Aug. 9, with representatives of the national
and international railway labor organizations for a right solution of the
[VOL. 109.
impossible."
While no definite action toward that end was taken at the afternoon
session of the conference, the question of conferring with President Wilson,
In the spirit of this statement, was discussed. It is unavoidable that a
meeting with the President will be sought at an early date, when the essential principles of the Plumb plan will be presented and the state of facts
outlined which lends such power to the proposal of the Brotherhoods for
the nationalization and democratization of the railroads.
FURTHER TESTIMONY OF AUTHOR OF PLUMB PLAN
BILL, BEFORE HOUSE COMMITTEE.
We gave in our last week's issue pages 545 and 546 in
part the testimony of Warren S. Stone, Grand Chief of the
Brotherhood of Locomotive Engineers, Frank Morrison,
Secretary of the American Federation of Labor and Glenn
E. Plumb, counsel of the Plumb Plan League, before the
House Committee on Inter-State and Foreign Commerce
Committee in behalf of the Sims bill for acquisition and control of the railroads by the Government. Herewith we give
the further testimony of Mr. Plumb at hearings of the
House Committee on Aug. 8 as reported by the N. Y.
"Times:"
Admission that he favored part of the Russian Soviet plan for the nationalization of all natural resources was made upon the stand today before
the House Committee on Inter-state and Foreign Commerce, by Glenn E.
Plumb, author of the "Plumb Plan" for nationalization of the railroads.
Representative Sanders of Indiana, Republican, trapped Mr.Plumb into
this admission. Mr. Sanders read the following:
"All forests, mines, and waters having a national importance shall be
declared national property."
"Do you indorse that?" asked Mr. Sanders.
"Yes," said Mr. Plumb.
"Have you ever read the Russian Soviet Constitution?" asked Mr.
Sanders.
"No."
"Well, I read this paragraph from a photographic copy of that Constitution obtained from the State Department."
Mr.Plumb was on the stand for five hours under a severe cross-examination by members of the committee. At one time Representative Webster
of Washington, Republican, who asserted at the first day of the hearing
that he would not be "coerced" by labor, presented a letter to prove that
such an attempt was actually made. This letter, which Representative
Webster said was "one of scores" he had received, read:
Falls Lodge 512.
"Brotherhood of Railway Carmen of America:
"J. Daniel Webster:
"Greeting: In council assembled, the Brotherhood of Railway Carmen of
America, Falls Lodge 512, do most emphatically proclaim and assert that
under Government control of the railroads that wages have been increased
the work day shortened, and our working conditions improved; that labo;
and the family have had more of the necessities of life.
"Which condition has made it possible for him to become a better citizen,
as from his savings he has become the owner of a home, and the children
have the advantage of a better education.
"Therefore, he who obstructs the Government in this policy of control
or ownership becomes our direct enemy and shall be so posted, and a record
of his action shall be kept for future reference, and it shall be our pledged
policy to remove him from whatever political line of trust the public has
given into his keeping.
"We believe it to be our duty to our God, our country, and to man 'that
labor should have an equality of opportunity.'
"And he who denies to labor the right of a living wage is as groat an enemy
as the alien, the pro-German, and the anarchist.
AUG. 16 1919.]
THE CHRONICLE
641
"And we so strongly affirm this position that he who strives to object or
Again was he asked about the meaning of the man who said to him after
demean labor, or in any political way detract from the quality of labor, shall his St. Louis
speech:
be posted throughout the length and breadth of our fair land as an undesir"By God, if we cannot get something like this plan, there will be a
able. 'He has denied the right of labor to equality.'
revolution."
TONY CASPERIAN.
The explanation Mr. Plumb gave to-day was that by "revolution"
"East 923 Riverside, Spokane."
the man meant "a reconstruction of the industrial situation." Mr. Dewalt
Under exainination Mr. Plumb said he would not endorse such a letter.
put the witness on record as saying that he, as the representative of labor,
"I admit that it is a plain threat," he said.
did not believe in force, but in lawful processes in order to obtain demands.
He altered materially, testimony which he gave yesterday. Then he
"As a representative of labor, you do not believe in any measure of force,
said after a speech he made at St. Louis, a man said to him:
but in confining yourself to legitimate, legal processes?" asked Mr. Dewalt.
"By God, if we can't have this plan there's going to be revolution."
"Absolutely," responded Plumb.
This afternoon the witness said:
"'There's been a great deal of misrepresentation in the newspapers that
"By God, if we can't get something like this there's going to be revolu- a strike was intended in connection with this plan,"
he proceeded. "No
tion."
one has said that. It has been positively denied by Mr. Stone, Mr. MorriMr. Plumb believed the man meant an overturning of the industrial son, and myself. There is a wage discussion going
on, and any mention of
system and that "direct action" would first come by "the use of the
bal- a strike was in connection with that.
lot." "The men will get liberty to live, through the Constitution and
"This is a question of statesmanship. We would be blind to our interests
the
law, but if the powers of reaction prevent that form of expression, then
the if we attempted to bring into this question the method of settling a wage
men will take another way"—the one used "in all history against reaction." dispute." •
To further questions he said:
"You never said anything truer than that," interjected Mr. Dewalt.
"There's not any doubt in my mind that you have any doubt in your
"Nobody ever said anything else," persisted Mr. Plumb, "and when we
mind as to what I mean."
say that if the question is not solved there will be trouble in the country,
He said that he would split revenues under the plan into 70% for oper- we are merely stating that the necessity for finding a solution
is because of
ating expense, 20% for sinking fund and interest charges on bonds, and, the feeling of unrest."
divide the remaining 10% between the Government and the employees
When Mr. Dewalt was finishing his questions, he said he was glad to hear
perhaps half of it going to a 5% rate reduction. He expressed no doubt that violence was not contemplated.
as to the ability to sell $12,000,000,000 of bonds to float his scheme, say"If I thought the men I represented contemplated violence and controlled
ing the bonds would have more security than the Liberty issue,
and in- my activities, I would not be here one minute," exclaimed the witness ,
vestors would "welcome" the chance for safe investment. •
beating the table sharply with his clenched fist.
When Representative Winslow of Massachusetts, Republican, asked
if
THE PLUMB PLAN APPLICABLE TO OTHER INDUSTRIES.
"good will" would be a purchasable asset under the plan, Mr. Plumb
said
Ever since Mr. Plumb took the stand, he has been asked often whether he
that "good will" did not exist in "monopoly and the railroads are monopowould extend his scheme to other industries and resources. Mr. Dewait
lies." Mr. Winslow said accommodating clerks in a store added
to its asked to-day whether such an extension should not cover all
commercial
good-will. But Mr. Plumb would not agree.
enterprises.
Mr. Plumb could see no barrier if it was for the "public
"The clerks are accommodating merely because they want to hold their
benefit."
He
intimated
he
considered
plan
the
would
be a good thing for
jobs," he said. "If there is any good-will it should go to the clerks and
not
to the employers. I would not assume the employer paid them any more the Post Office Department.
"Where would you stop?"
for being accommodating.
"Where grant and privilege stop," he answered, adding: "When you stop
"The realm of business seems the only lino you are not thoroughly
fa- doing business in privileges which individuals can't enjoy."
miliar with," commented Mr. Winslow.
"Then," went on Mr. Dewalt, "every industry that received a grant
Charges wore made by the witness that the Chicago & Alton,
Southern should be governed by these principles; isn't that
the final analysis?"
Pacific, Kansas City, Southern, and "every railroad" under the
laws of
"Yes,
if the word 'grant' is defined correctly."
Illinois, Missouri, Kentucky, Pennsylvania, Louisiana, Mississippi,
Ala"Does
not
that
lead
to
socialism?"
bama, Texas, Colorado, the Dakotas, California, Washington, Oregon,
"Not at all. It preserves for the public grants given to corporations."
and "other States" had violated the law by issuing securities in excess of
Other questions dealt with the composition of the Board of Directors,
their value, lie said there had been but one prosecution. The Alton
he five of whom are appointed by the President, and five
each by "classified"
called the "shining example of scandalous management," saying it had been
and
"official" employees. Representative Montague of Virginia, Demoover-capitalized 100% •
crat,
said
that
it
would
be
human
only
nature
for
either
the "classified" or
"By taking counsel" of the men under him he "democratized" a street
"official" employees to wish to enlarge their numbers on the board.
railway of which he once had "absolute control,' said Mr. Plumb.
"It's
a mistake to view human nature as the capitalists see it, and not as
"You said you had absolute control, you used those Words; how can that
we see it," said the witness.
be democracy?" asked Representative Montague of Virginia, Democrat.
Representative
Merritt, Republican, of Connecticut, expressed belief
"Did you divide the profits?" followed Representative Winslow.
"I raised the wages and I made the men earn them," responded Mr! that a "huge" political machine might be built up by the directors who
represented
the
railway
men on the board. Mr. Plumb doubted this.
Plumb.
"Oh, he'made them earn them': he'made them earn them,'," commented Further question on possible politics in the organization developed that he
believed that there might be an "industrial political policy." Asked if
Representative Montague, laughing.
While the committee was talking about the letter received by Mr. Web- many great railroad executives had not risen from the botton, the attorney
for the railway unions replied:
ster, Mr. Winslow said:
"They did not rise by the selection of their fellow employes, but by the
"You said yesterday that there were different kinds of propaganda, and
most of your proposals came from the heart out of love of humanity, or autocratic selection of the employers, who realized they could extort more
profits
from human effort in that way."
something of that sort. Would you say this was a letter of love?"
Representative Montague said during the civil war officers were selected
"I think any one should have the right to use the ballot to protect their
by
the
privates and "it did not work very well." To this Mr. Plumb
powerless
remove
to
rights; they are
a member of Congress unless public
answered:
sentiment in this district does so," said Mr. Plumb.
"We
some very able officers in the late unpleasantness, and might
had
"But this letter would hold me up to scorn and ridicule outside
of my ,have had more if the privates had been able to select them."
district," insisted Mr. Webster.
The witness did not know that any other laboring class had received a
Mr. Plumb said that "charity" must be shown to writers of such letters
because they had a "bitter road to travel." He admitted he did not indorse wage increase similar to that given to railway men by the Adamson law.
He
said he was not informed on the subject of wages. Representative
such a threat. Mr. Webster asked if Mr. Plumb did not realize that such
a letter written to a judge would be punishable by contempt. Mr. Plumb Montague asked if the Government should pay for double tracks when roads
had
built these tracks out of the surplus earnings.
said
but
this,
with
the present subject was pending legislation and
agreed
"All the money put back in property from public earnings belongs to the
constituents had a right to express their opinion.
public
and should not be included." was the answer.
"There's not a Congress in the world able to patch up the old brokenDuring the day Representative Dewalt said that the "very men for whom
down system; it needed the awakening of the wago-earners to be the vehicle
you
appealing," meaning the 2,020,000 railway workers, owned a large
are
plan,"
bringing
this
in
he said at one time. "The proponents of the
for
part of the stock in the railway systems today. Representative Watson,
plan are weary of industrial strife and want peace."
Republican,
of Pennsylvania, declared he did not believe that the workers
"That's quite commendable," answered Mr. Winslow. "But do you
think your workers have such superior wisdom that they can speak for all would strike as they owned too much property, and were too patriotic.
the people?"
"If we could induce the opponents of the plan to meet us in 100 cities in
debate, we would welcome the chance, and give every advantage and pay THE AUTHOR OF THE PLUMB PLAN SUMMARIZ
ES
all expenses," was the answer.
HIS ALLEGATIONS AGAINST THE RAILROADS.
The income of the Plumb Plan League, the witness said, was "in the
neighborhood of $100,000 or $125,000 annually now," though only orgnaTestifying again before the House Committee on Aug.
'zed in July. He estimated that its income soon would be $500,000, and
12 Mr. Plumb read a prepared statement in which he pracimplied that it might run up to $5,000,000 or 36,000,000. All of it, he
tically summarized all of his previous charges of corruption
said, was coming from brotherhood members.
The 2,000,000 workers, he said, did not know the details of the plan.
and inefficiency against the railroad under private control
"They don't ask to know," said he, "so long as the heads insist that the
and urged that Congress make "a due and thorough inprinciples they stand for are carried out."
"Don't you think the Plumb plan is a Soviet rule instead of Government vestigation of the charges herein set forth, so that the Ameriownership?" asked Mr. Sanders.
can people may know to what extent it is sought to subject
"I don't know what the Soviet plan is, but I know the misconception that
is hurled in the newspapers," said Mr. Plumb. "It seems to be an idea them to exploitation" by the various plans proposed to the
that tho working men go out, grab something and divide it among them- House Committee for solution of the railroad problem
selves. It is inconceivable to believe that this would be done."
"which would make lawful the fixing of rates based on the
"Do you believe that any one would be willing to underwrite your confidence that the bond issue can be subscribed?" was a question by Mr. now unlawful aggregate property investment accounts
Winsolw.
of these systems." The statement in full follows:
"Oh, yes, and it would not need anything like the underwriting required
I have shown by excerpts from reports by the Inter-State Commerce
by the Liberty Bonds."
Commission that the property investment accounts of the railway lines in
He had not consulted the President for two years, said Mr. Plumb, but
all of the transperthtion districts of the United States are wholly unreliable
was "delighted" to find Mr. Wilson's ideas were similar.
and cannot be used as the basis for determining what the public shall pay
"You think the Plumb plan announced the principles of the President?" for service.
queried Mr. Sanders.
I hare shown that in the five railway valuations first completed and
"Just reverse that—I think the President announced the principles of published by
the Inter-State Commerce Commission the actual cost of
thelPlumb plan," replied Mr. Plumb.
reconstruction including the increased value of lands and real estate, is
On the following day Aug. 9, Mr. Plumb, again went but 50% of the aggregate property investment accounts of the five railbefore the House Committee and was reported to have ways so valued.
I charge that the nearly completed survey of the entire transportation
testified on that day as follows:
area of the United States contained in the reports of the Valuation Division
lo."I do not believe the workingmen intend that the Government should of the Inter-State Commerce Commission,
so far as that work has now
be overthrown, because they wish to build their new order upon this Gov- progressed, confirms the results disclosed by the valuation
of these five
ernment."
roads. I charge that the aggregate investment account, as stated by the
642
THE CHRONICLE
[VOL. 109.
determining what the public must pay for the service it sought to secarriers so examined, exceeds the estimated cost of reproduction now by for
through the granting of these privileges.
the same or approximately the same percentage shown in the valuation cure
This demand made upon Congress is the last desperate and suicidal act
of the five railroads, as shown in my testimony.
a feudalism based on privileges. It is the perversion of these privileges
I charge that in such investigations so made by the Valuation Division of of
that has created the machinery for piling up the everincreasing cost of
the Inter-State Commerce Commission, where the cost of reproduction
service. For this perversion the private control of the transportanow approximates in amount the investment account as stated by the car- public
exists. The sole purpose of continuing the pl'esent system
business
tion
the
to
due
is
n
approximatio
this
that
instances
most
in
found
be
rier, it will
is to assist it in constantly increasing the cost of living. This demand alone
fact that vast expenditures have been out of surplus and excessive earnings,
the failure of the system to meet the end for which it was created—
after the payment of ample dividends on the actual investment; that these confesses
service of the public.
surplus earnings have been expended on or plowed into the property in the
To this system of public plunder we utter the word Jericho. It must fall.
such way that the actual cash investment, including these surplus earnAgainst it we raise the voice of our implacable defiance. Under its dominaings, has brought the level of cost of reproduction new up to the property
tion no public servant should ask us to return. We ask instead, as AmeriInvestment account.
can freemen exercising our constitutional rights and privileges, a demoI charge that President Underwood of the Erie Railroad, in an interview
share in the control of the business of transportation to be so conrecently given to the New York "World.," stated that the expense of opera- cratic
as to fulfill its purpose, under a control to be wielded by the public
tion under Government control had been greatly increased by the employ- ducted
by all of the skill and ability at the command not only of the workers
ment for political purposes of unnecessary employees, and that his increase and
of the great body of officials of the railways—the same skill and ability
in payroll expense had been made for the purpose of building a political but
America has always relied, but skill and ability directed solely
machine. I charge that investigation of President Underwood's indict- upon which
service and not to the exploitation of privilege for profit. So
ment will disclose that if there has been wastefulness of money in swelling to public
railway industry will achieve its primal purpose, that is, to
the payrolls, it has been at the instance of railway managements to make directed, the
the cost of living, to make life easier, and to secure to every citizen
the expense account under Government control appear extravagant and reduce
his full enjoyment of the right to live and to possess, that which ho creates.
wasteful.
I charge that at the time the Government took control of the operation of
the railroads they were in such depleted condition as to maintenance and
SENATOR POMERENE STIGMATIZES THE PLUMB
repairs of both roadbed and rolling stock that it has required hundreds of
PLAN BILL FOR GOVERNMENT OWNERmillions of dollars, advanced by the Government, to place them in effective
operating condition. I charge that in the making of such expenditures the
SHIP OF THE RAILROADS.
Street
Wall
of
influence
the
roads, operated and controlled by men under
maintenance
the Plumb Plan Bill for Federal ownerfor
ing
expenditures
unusual
Characteriz
in
sums
vast
directorates, have spent
and:supplies, anticipating the return of the railroads to the private owners; ship of railroads as "the most vicious piece of legislation
that such unusual expenditures have been made for the purpose of placing
that has been presented to Congress since I have been in
these properties in perfect operating condition and furnishing them with
been
having
supplies
such
ahead,
operation
of
the Senate" Senator Pomerene (Democrat) of Ohio replying
supplies for a long period
paid for out of Government money at exorbitant prices.
to a letter on the subject received from a committee of railI charge that the Inter-State Commerce Commission was six years ago
employees from his State declared "I would feel that
road
and
ascertain
to
Act
directed by Congress ih the provisions of the Valuation
report the value of all aids, gifts, and grants made to railway corporations, I was contributihg to the ruin not only of the transportathe value of those grants at the time made, and the value of the portions tion system of the country,but to its financial and industrial
of the grants still in the possession of the carriers at the time of valuation
breakdown if I voted for it." Senator Pomerene holds the
This work has not been done.
I charge that the records disclose that an area of land exceeding 190,000.- Plumb plan "is worse than socialism." His letter to the•
States
000 acres, or 296,875 square miles, has been given by the United
committee setting forth his views on the Plumb Plan Bill
Government and by the various State Governments to our railroads to aid
in ex- was made public at Washington on Aug. 11; it reads in part
exceeds
area
in the construction of our national highways; that this
tent the areas of all of the New England States, New York, Delaware, New as follows:
Jersey, Pennsylvania, Maryland, Ohio, Indiana, and Illinois, and exceeds
In the history of railroad economics, do you know of any country, anythe area of either England, France, Germany, or Austria-Hungary be- where, under which any plan akin to the Plumb plan has been adopted?
fore the war; that of the grants made 113,000,000 acres had been patented
If the Plumb plan is sound economically and is for the interests of "the
and 35,000,000 acres had been forfeited prior to June 30 1910, and that masses" why do you not suggest that similar legislation be adopted whereby
of the remainder the greater part is still available. I charge that the values
all public utilities, including water works, electric light plants, gas and
of the grants so made have either been appropriated to the private property heating plants, be purchased and turned over to their employees and operof the railway promoters or they have been capitalized as a part of the value atives respectively?
of these properties upon which the grantees now demand of this Congress
If it is sound and in the interests of "the masses" why do you not suggest
the right to exact returns from the public.
that all the coal mines, iron and copper mines, be purchased by the GovI charge that during the period from 1900 to 1910 the Chicago, Burling- ernment and turned over to the operatives?
ton & Quincy; the Chicago, Milwaukee & St. Paul; the Chicago North
Why do you not also suggest that all the manufacturing and industrial
Western, the Great Northern, the Illinois Central, and the Southern Pa- plants of the country be purchased with Government funds, or by the iscific Railroads gave away in bonuses to their stockholders more than $250. suance of Government bonds, and turned over to their operatives?
000,000; that the actual dividend disbursements on this excess capital for
Why do you not advise that all the stores be purchased and turned over to
the year 1913 alone amounted to more than $11,000.000.
their operatives?
Eastern
eight
1910,
to
1900
from
period
limited
the
during
that
I charge
Why' do you not recommend that all tho banks of the country be acor
roads alone issued new stock for $101,000,000 less than its market value,
quired by the Government and turned over to their operatives?
gave away this enormous amount in. bonuses to stockholders; that the
Why'do' you not ask, in the interests of "the masses," that the Governdividends paid on these fictions stock issues in 1913 alone amount to over ment purchase all the farms of the country and turn them over to the emBaltithe
this
inflation
in
involved
railroads
the
as
name
I
and
$4,317,000;
ployed on the farms?
more & Ohio, the Boston & Maine, the Delaware & Hudson Company, the
And, lastly, may I suggest that if one man should happen to own two
New York Central & Hudson River Railroad, the New York, New Haven houses, one of which he rents, why do you not ask that the second house
Railroad.
& Hartford, and the Pennsylvania
shall be bought by the Government and turned over to the tenant?
I charge that during the same period eighteen representative railroads
Where is this going to end?
operating in all parts of the United States as a whole gave away stock
Permit me to say the Plumb plan has nothing akin to it outside of Bolbonuses aggregating $450,414,000.
shevist Russia.
I charge that the control of these railroads, which have so increased their
It is worse than socialism. Socialism contemplates the public ownerproperty investment account at the expense of the public and have so ship of property to be controlled and operated by the public for the public.
in
profited by land grants, the value of which is to a large extent reflected
a
part The Plumb plan contemplates the public ownership of the railroads for
their property investment accounts, are now controlled in whole or in
class. They are to be taken over by purchase or condemnation and paid
by the Morgan interests, the Rockefeller interests and the Gould interests; for by the cash or bonds of the whole people, and then turned over to the •
of the
that this control is made manifest by the interlocking directorates
di- National Railways Operating Corporation, whose Board of Directors shall
financial institutions directed by these interests, who, through their
we consist of fifteen men, ten of whom shall be railroad classified and official
that
say
will
I
and
rectorates, control the operations of these railways;
employees. As neither class of these employees will have any stock, their
and
directorates
interlocking
the
showing
charts
have available complete
interests will be the same as against the public. In other words, $20.000,financial interests so represented, which we shall be glad to present to a
000.000 worth of property bought by money belonging to 110,000,000 of
proper investigating body.
people is to be turned over to 2,000,000 railroad,men representing, perI charge that these three interests, situated in New York and operating
haps, including their families, 10,000,000.
the
of
inflation
enormous
this
of
aware
are
necessarily
Street,
through Wall
Mr. Plumb,'in his testimony before the Senate Committee in February,
are
property investment accounts of the railways which they control and
that' the capital invested amounted to $18,000,000,000. In his
assumed
these
of
seeking now to have returned to their possession; that in the attempt
testimony this week before the Inter-State Commerce Committee of the
interests to secure the adoption of any plan whereby the property investHouse he estimates that all the present owners would get for their property
ment accounts of these railways shall be recognized by law as the basis fo would be $13,000,000,000. So, according to his own testimony, Mr.
rate making they are conducting a political conspiracy to procure from this Plumb's' plan, if enacted into law, will substantially confiscate $5,000,Government a validation of all the illegal acts heretofore consummated by
00 .,000 of property belonging to private'owners.
these railroad corporations and to make into a binding obligation upon the
And how Ls he to pay for this property even at this reduced value?
passed
have
highways
public
these
which
through
exploitation
public the
He tells the public that he will by his plan save to the shippers of the
under their direction and control.
country a large expense, in that these bonds can be sold fur 4%•
On behalf of all of the employees of these systems of transportation and
The railroads earned 5.21% during the three years of Government conthe public, we demand that Congress shall make a due and thorough introl. He does not say who is to buy this perhaps $18,000,000,000 worth of
may
people
American
the
that
so
forth,
set
herein
charges
the
of
vestigation
bonds.
know to what extent it is sought to subject them to exploitation under the
May I not remind you that during the last Victory loan, by the best orplans proposed to this Committee of Congress plans which would make
nation-wide campaign, conducted by all the patriotic men, women,
ganized
property
aggregate
now
the
unlawful
on
awful the fixing of rates based
and children of the country, we sold less than $7,000,000,000 of bonds at
systems.
these
of
accounts
nvestment
was back of this cam%,and if, when all the patriotism of the country
I make these charges and this demand with a full sense of the responsi4%,will Mr. Plumb
it was so difficult to sell thew bonds at par for 43
lity which they impose upon me as representative of this great body of paign,
of bonds at 4%7
worth
00
cell $18,000,000,0
to
is
going
he
where
us
tell
during
am
prepared,
I
and
America,
he organized railway employees of
Does it not occur to you when not only the whole nation but the whole
of
one
every
and
each
substantiate
to
invoke,
we
which
he investigation
world is disturbed industrially, economically, and financially, that we had
ese charges.
a
better wait until normal conditions are restored before beginning scheme
Gentlemen of the Committee, the sole end and aim of organized and
revolutionary as that proposed in the Plumb plan, even if it were sound?
ublicly commissioned business is to furnish the community with its prod- so
ownership
urged
Federal
have
people
many
In the past few years a good
ts at constantly reduced relative cost. The vast privileges granted to
of the railroads, the telegraphs and the telephones, and in view
he railroads by the public were accorded to them solely for the purpose and control
recent experiences most of them who have had no selfish purpose to servo
of
could
than
of aiding the public in securing transportation at a cost less
their views.
have been obtained and such grants not been made. These grants were have changed
Government control of these utilities has been so complete that it does not
made for the benefit of the public. They have been perverted to the profit
from actual Government ownership, and there is no such
materially
of private owners. The values of these grants so made have been capi- differ
between the present Government control and operation
talized against the public. They are now urged upon Congress as the basis radical difference
AUG.161919.]THE
CHRONICLE
and that provided for in the Plumb plan as to warrant any one in saying
that while the former has been a failure the latter will be a success?
From the standpoint of operation, every user of the railroads, telegraphs
and the telephones knows that the service has been worse than during private control, excepting only the condition of the railroads during the last
two months of private control which was due to war conditions.
You will remember that the increases in wages during the year 1918
were made retroactive, dating from Jan. 1 1918. Freight rates were advanced 25% and passenger rates much more, the increases to take effect
as of July 1 1918.
Director-General McAdoo in his testimony before the Committee said to
us if the increase of rate had been for the entire year there would have been
a "substantial surplus for the year of at least $100,000,000 to the Government."
For the year 1919, with all wage increases granted in 1918 operating for
the entire twelve months and upon the assumption that the traffic for 1919
is substantially the same as in 1918, and that the cost of fuel and supplies remain the same, it was estimated that there should be a surplus to the Government over and above the standard return of approximately $100.000,000.
Director-General Hines gave substantially the same assurances early in
January of this year.
But'what was the result? 'Senator Cununins, the Chairman of the InterState Committee, speaking in the Senatcron Aug. 5, said: "We lost $240,000,000 the first four or five months of this year (1919) and we are now
losing at the rate of $39,000,000 per month."
Do you believe that under the Plumb plan you can turn this deficit under
Government control either into a surplus for the account of the Government or the public, or into better service for the country?
Since Government control was begun the wages to the employees have
been increased about $1,000,000,000,'and the Director-General on July
31 1919, informed the President that additional increases were demanded
which 'would aggregate, if granted, about $800,000,000 more per year.
I do not believe it can be done except by one increase after another in
transportation rates.
Let me suggest that the people at large have not expressed any desire for
this plan, but members of your brotherhoods (I do not mean the chiefs) have
been in Washington making threats as to what would happen unless this
legislation is enacted. As one Senator. I shall always be open to conviction, but I never yet have yielded to a threat, and I never
Among the threats that have been made are threats of a nationwide
strike. I do not mean to suggest that the Chiefs of the Brotherhoods have
suggested a nation-wide strike, but some members of the Brotherhood have
made the threats here in Washington to Senators. I am sure that you do
not give any countenance to strikes under present conditions.
I believe in the right or the laboring man to use the strike under proper
circumstances, but I do not believe the occasion is here or ever has been here
or ever will be here which will justify a nation-wide strike, with all the
distress that it will bring, not only on the public at large, but upon the
strikers and their families.
The Plumb plan is the most vicious piece of legislation that has been presented to Congress since I have been in the Senate. I would feel that I was
contributing to the ruin not only of the transportation system of the country, but to its financial and industrial breakdown if I voted for it.
Mr. Plumb the other day referred to the Wall Street control of the railways. This was true in the past. It is not true now. Wall Street has
many vicious things to its credit in years gone by, but the captains of
finance have never demanded 820,000,000,000_worth of the people's money
at one time.
I am sure that a sober second thought will persuade you that this bill
ought to be defeated.
FORMER PRESIDENT TAFT DECLARES PLUMB PLAN
"RADICALLY SOCIALISTIC"
The attitude of Congress, as indicated by press accounts
of the hearings before the House Committee given elsewhere
.n Ohs issue and by personal expressions of views by Senators
and Representatives to the press, on the Plum Plan Bill for
nationalization of the railroads is clearly one of disfavor.
Washington dispatches of the 10 inst. to the daily papers
summed up the situation as fodows:
The testimony of Glenn E. Plumb, author of the Plumb plan for the
nationalization of railroads, made a deep impression upon the House
Committee on Interstate and Foreign Commerce, although it °was not
apparent that any converts to the cause of public ownership were made.
Nearly all of the members of the committee, both Republicans and
Democrats; were hostile to any form of Government ownership at the beginning of the testimony of Mr. Plumb and officials of organized labor. So
far as could be observed they were hostile at the end.
Even Representative Sims, of Tennessee, former chairman of the committee and sponsor for the Plumb bill at the request of the railroad brotherhoods, was careful to make it clear to the committee that the fact that he
introduced it did not mean he was for the measure.
The Nebraska railroad brotherhoods indorsing the Plumb bill to Senator
Hitchcock asked him how he stood on this measure. In a telegram given
to the Washington press on Aug. 9, he replied as follows:
"I have your telegram concerning the Plumb bill. In my opinion Congress would not be justified in enacting such radical legislation without a
mandate from the people. The railroad organizations have raised a very
large question, one that should not be passed upon by Congress without
becoming the issue in a general election. I am opposed to the bill."
Ex-President William H. Taft has called the Plumb Plan
Bill "radically socialistic." A statement which he made on
Aug. 10 at Cincinnati was quoted by the Associated Press
on that date as follows:'
''It is radically socialistic and ought to be fought," William II. Taftsaid
643
A statement was issued by Nathan L. Amster, President
of the Citizens' National Railroads League, on Aug. 7 at
Boston in which he stated "the answer of Congress to the
demands of the Brotherhoods should be as unequivocal as
those demands." Mr. Amster's statemer t said isk part:
The situation is most serious. Congress cannot afford to temporize or
to waste time in debate. The threat of direct political action on the part
of those supporting the proposals of the railroad employees should prove a
test of the metal of our representatives in Washington.
Security owners of the railroads might be tempted, at first blush, to
view the Sims bill with favor. It offers a Government bond in place of
securities which, in most cases at present, are paying nothing and the
outlook for which is anything but encouraging. But no patriotic citizen
who has any depth of concern for the preservation of our democracy should
hesitate for a moment in rejecting the demands of the railroad employees
and in scorning their threats.
The time has come for the Congress of the United States to make it
known that it believes the interest of the people it represents must be considered and given first place over the interest of any special group of people.
The answer of Congress to the demands of the Brotherhoods should be as
unequivocal as those demands.
The Inter-State Commerce Commission has found that 1.3% of the socalled stockholders of the railroads controlled more than 50% of the entire
stocks. It is as unreasonable for that small percentage of holders to expect
that the management and control of the railroads shall be handed over to
it, as it is that the management should be handed over to the men employed
in the operation of the railroads.
The first object of railroad transportation must be adequate service to the
public. That being the case, the publuc must have a share in management. The League is sponsor to the plan, which provides for consolidation
of the railroads under the management of a board made up of representatives
of every interest—the public, the shippers, the farmers, the employees and
the security owners.
The difference between the demands of the railroad employees, as enunciated by their leaders and perhaps innocently subscribed to by the rank
and file, and the plan proposed by the Citizens' League is the difference
between autocracy and democracy. The issue is clear and the conclusion
should he easily reached."
L. F. LOREE DENIES CHARGES MADE BY GLENN E.
PLUMB BEFORE HOUSE COMMERCE
COMMITTEE.
L. F. Loree, President of the Delaware and Hudson Co.,
issued a statement on Aug. 13 in which he reviewed the financial operations of his company since 1900. The statement
was called forth by charges made recently in the testimony
of Glenn E. Plumb, counsel of the Plumb Plan League for
Government ownership of the railroads, before the House
Inter-State and Foreign Commerce Committee. Mr. Loree's
statement reads as follows:
In his testimony before the House Interstate Commerce Committee, Mr.
Glenn E. Plumb is quoted as saying:
"I charge that during the limited period from 1900 to 1910 eight Eastern
roads alone issued new stock for $101,000,000, less than its market value,
or gave away this enormous amount in bonuses to stockholders
I name as the railroads involved . . .. the Delaware and Hudson Co. . ."
The records of the Delaware and Hudson Co. show that:
At the beginning of 1900 the authorized and outstanding capital stock
was $35,000,000. In 1904 the company authorized an increase in its capital
stock of $10,000,000., of which $7,000,000 was offered to stockholders of
record March 19 1904, at $135 per share, each stockholder having the right
to subscribe for one (1) share of new stock for every five (5) shares owned.
The balance of $3,000,000 of authorized stock is still unissued.
This $7,000,000 of capital stock was issued to retire $5.000,000 of Near
York and Canada R. R. Co., bonds maturing May 1 1904, to defray the
cost of standard-gauging the Chateaugay and Lake Placid Ry., and to
reimburse the treasury for advances for construction work. At the subscription price, $9,450,000 was realized on its sale.
The average market price of the Delaware and Hudson Co's stock in
March, 1904 was $152 45. The lowest price in that month was $149, on
March 12.
In May 1905 the company authorized an increase in its capital stock of
$5,000,000 for the purpose of exchanging same, prior to April 1 1916, for
Albany and Susquehanna R. R. 34% bonds due in 1946. at the rate of
five (5) shares for each $1,000 bond. There has been exchanged thereunder
$1,778,000 of this issue for $3,556,000 of Albany and Susquehanna bonds,
the balance, $3,222,000 remaining unissued.
In January 1906, the company authorized an increase of $7,000,000 in
its capital stock for the purpose of exchanging same for its issue of $14,000,000 of 4% convertible debentures, due June 15 1916, at the rate of five
(5) shares for each $1,000 debenture. $13,500 of capital stock was issued
under this authority in exchange for $27.000 of these bonds, the balance
of the authorized increase, $6,986,500 still remaining unissued.
Capital stock of the company was retired and cancelled between the
year 1900 and 1910, by the operation of sinking fund as follows:
Shares.
Year.
Par Value.
2,000
1900
$200.000
1,543
1901
154,300
1,386
1902
138,600
1903
1,000
100,000
4,171
1904
417,100
1905
500
50,000
2,285
1906
228,500
of the Plumb plan for the administration of the railroads, in a statement here
Total 12,885
to-night.
$1,288,500
"I very much disapprove of the plan. I am almost certain the RepubliTo those who can intelligently interpret financial transactions, the financcans will oppose the Plumb plan and I hope the Democrats do too. We ing of the Delaware and Hudson Co. through Capital Stock during the
should not let the Soviet system gain even a toehold in America," he said. eleven years 1900-1910, must appear most fortunate.
"I do believe in close suprevision of the railroads of the country, but
such supervision as we have had has been too severe. We should give the
railroads a chance, give them adequate revenues by proper rates so they can A. H. SMITH ON SOLUTION OF NATIONAL RAILROAD
attract the necessary capital for necessary maintenance and improvements.
PROBLEM.
We have not allowed the rates to go up as they should."
Referring to the strikes of railroad shopmen throughout the country and
On Aug. 1 Senator Calder of New York obtained unanimthe demands of other railroad unions for increased wages, Mr. Taft said: ous consent .on the floor of the
Senate to have inserted in
"While I have not gone into the subject with the thoroughness to warrant
a final judgment, I will say that it seems they are asking more than they the "Congressional Record" for the information of the
are entitled to receive."
Senate a letter relative to the solution of the railroad problem
,
644
TITE CHRONICLE
which he had received under date of July 17 from Mr. A. H.
Smith, President of the N. Y. Central lines. Mr. Smith
was Regional Director of the Eastern- Railroads under the
U. S. Railroad Administration from Dec. 1917 until June 1
of this year when his resignation which had been tendered
three days before on May 27 took effect—("Chronicle,'
June 7, page 2294). The letter to Senator Calder giving his
views on the solution of the railroad problem is the first
expression Mr. Smith has made on the subject since his
resignation from the U. S. Railroad Administration. The
suggestions set forth therein are summarized as follows:
1. The prompt return of the railroads to their owners.
2. The continuance of the present rates until changed and adjusted to
meet the largely increased charges.
3. The continuance of the guaranteed return until this is accomplished.
4. The creation of a board or commission which will act as an administrative board, charged with the responsibility to represent the public interest
in respect to the adequacy of facilities and service, and in addition to exercise the functions and powers of the present Inter-State Commerce Commission, except as to accounting, valuation, rates, &c.
The letter of Mr. Smith to Senator Calder as published
in the "Congressional Record" of Aug. 1 reads in full as
follows:
[Vol,. 109.
The cases of the weak and the strong roads,so to speak,should be weighed
out by this commission. If the road is so weak that it can not stand, it
should have special treatment. If it is absolutely necessary to the needs
and comfort of the people they should have some extra allowances locally
or otherwise. The entire rate structure should not be thrown out of proper
position because of some exceptional case any more than any other business
undertaking in our country should be gauged by the exceptions. The question of rates, in which the public are most deeply concerned, because it
affects the cost of living and the amount of business we may do, is a matter
for study by experts. Much has already been accomplished in this direction by the Inter-State Commerce Commission and those drafted into
Government service, and they have shaped up a great amount of valuable
information which is available to any authority that the Government
might designate. Rates established as a war measure and to meet the
changed conditions should be continued as presumptively reasonable. Prewar rates should not be the basis of future rate regulation. I believe that
it is generally admitted that the inter-State commerce law sought to regulate
the railways on a basis of reasonableness and justice. The operation of
that Act, however, has put the burden of proof in all instances on the railroads, and that, it seems to me, is a fundamental violation of justice. As
I see it, what is needed is to bring order out of the confusion of unrestrained
or biased regulation and out of the confusion of conflict of regulation
between the various authorities.
Briefly, the foregoing suggestions contemplate the prompt return of
the railroads; the continuance of the present rates until changed and adjusted to meet the largely increased charges; the continuance of the guaranteed standard return until this is accomplished; the creation of a board or
commission which will act as an administrative board, charged with the
responsibility to represent the public interest in respect to the adequacy
of facilities and. service, and in addition to exercise the functions and
powers of the present Inter-State Commerce Commission, except as to
accounting, valuation, rates, &c.
It is estimated that 12% of the nation's wealth is invested in the country's
transportation systems. It is safe to say that 100% of the public interest
is involved therein. It is one of the great problems that we have before us.
It is of prime importance that it be solved properly. Politics or theories
have no place in its consideration; it is a business of manufacturing transportation. Good machinery should be used, together with good brains
and full effort, to the end that the country and the people will continue to
have what they always have had—the best transportation in the world:
the greatest in volume and heretofore the least in cost.
With assurances of my high esteem, I remain,
Very truly yours,
A. H. SMITH.
Hon. Wm. M. Calder, United States Senate, Washington, D. C.
NEW YORK CENTRAL LINES.
New York, July 17 1919.
My Dear Senator:—When I resigned as Regional Director of the United
States Railroad Administration certain newspapers asked for a statement
of my impressions of Government operation of the railroads and my views
of the railroad problem generally. I have refrained from issuing such a
statement, believing that it would be best to convey any ideas that I have
on the subject to you and the other gentlemen who are working on the
problem. Therefore, if your mind is still open with reference to the solution of the railroad situation, perhaps what I have to say may be acceptable
to you.
The human element in American railroads represents 90% of its effectiveness. The other small percentage of the whole would be useless without
individual vision, effort, and experience. Fixed responsibility really has
seemed to be impossible under Government management. It leads into
such a maze of interests and interferences that the employees do not get
into that state of mind that they do in private operation, and the state of
mind is one of the most important parts of railroad operation. Destroy it
and the effect is manifest all through the rank and file and every part of
the great machine.
TEXT OF THE SIMS BILL FOR THE ACQUISITION
I know that you realize fully that it is a business that must have the
AND OPERATION OF THE RAILROADS.
individual concern of the employee—the engineer at the throttle, the fireman beside him, the conductor, the flagman, the signalman, the section
The
following
is the full text of the Sims bill for the operaforeman, and on up to the officers of the company—they all must have a
fixed responsibility. Most of the work is done beyond the eye of the .tion and acquisition of the railroads of the United States.
officers, because it spreads over a vast territory. The man at midnight It will be noticed that there is a mistake in the numbering
and in the storm must do his duty absolutely and fully, with no one to see
of some of the sections. This mistake appears in the bill
him and no one to direct him. He must have an incentive—not one of
mere salary, but one of pride and hope that he may some time be more itself.
than he is.
A BILL authorizing the acquisition by the United States of private interests
It has been stated, and so far as I know never disputed, that before the
in railroads and transportation properties, and for payment of just
war the American railroads for each dollar paid them rendered considerably
compensation therefor, and providing the means of determining such
greater and substantially better service than the railways of England, France
compensation; creating a corporation for public service, with auor Germany. The European railways, however, do not in any degree
thority to operate the properties so acquired, and authorizing a lease
compare with the American railways in extent. They are short railways
to such corporation of such properties when so acquired, and for other
for the most part, with dense populations, while the American railways
purposes.
are spread over a vast and, in some cases, sparsely Settled territory.
Be it enacted by the Senate and House of Representatives of the United Slates
If we are to become what we are destined to become if we make no mis- of America in Congress assembled, as follows:
takes—a great commercial country, from a foreign as well as a domestic
Article I.
standpoint—we must have sufficient and efficient transportation. Those
Section 1. That for the purpose of this Act the term "transportation
that produce it by providing the capital and labor should be properly
rewarded. The manufacturers and the merchants and the public as a whole properties" is defined to include all of the private rights, titles, property
owe that to them. Ours is a country of great distances, and with that Interests, powers, and privileges existing in any railway, light railway, or
handicap we will not be able to compete successfully with those countries less than standard guage railway, canal, waterway, or inland navigation
with shorter distances unless our transportation system is adequate and facility, harbor, or dock undertaking in the United States and its possesefficient. The American railways require capital properly and liberally sions, together with all rolling stock, plant, appliances, or equipment,
expended to furnish more facilities and modern equipment to offset the whether fixed or movable, that form any part of such properties.
labor and other charges which have been placed upon them. To my mind,
That the term "corporate owners" is hereby defined as including all
it is important, therefore, that a fair return be allowed, so that capital corporations owning or controlling any right, title, or interest in transporwill enter and provide those facilities that will give what the country tation properties as above defined.
That the term "individual owners" is defined as including any associamust have.
Looking backward, it is a little over a year ago when the congestion was tion of individuals not incorporated, any co-partnership, or any individuals
so acute that the people were willing to pay almost anything for trans- owning, controlling, or using any right, title, or interest in transportation
portation if they could have it, and such conditions should be avoided. properties as above defined.
These railroads have stood still in their expansion and development,
That the term "compensation" is hereby defined as being the amount
broadly speaking, for a long time. Economy is going to come in their of money representing the value of the rights, title, or interest of any corexpansion and refinement, and economy Li rates will result, not from porate owner or individual owner in any transportation property as above
radically cutting wage costs, but by giving the railroads and employees defined.
a better machine to work with, more facilities, more yards and shops,
That the term "undertaking" is hereby defined to include any shipping
and other essentials that go to make up a successful transportation in- or other service carried on as ancillary to the principal business of the unstrumentality. Pre-war we had approximately $450,000,000 of equipment dertaking and all rights, powers, authorities, interests, or privileges bestanding idle. Since the signing of the armistice we have seen substantially longing to or enjoyed by its owner in connection therewith, whether said
the same condition repeated. This is a situation that is inevitable and the owner be the United States, the individual, or the corporate owner, and
compensation to the railroad companies must provide for the lean years all property, including cash balances and funds, investments, and all other
which produce such a condition, for the reason that it is impossible to provide interests and rights in, to, and out of the property and obligations and
the facilities as fast as the business demands in periods of abnormal traffic.
things in action in the possession of or belonging to the United States or
In the matter of the return of the railroad to the corporation. My individual or corporate owners in connection with the undertaking, and
opinion is that they should be restored at an early date. It will eliminate all books, accounts, and documents relating thereto.
uncertainty in the state of mind referred to previously, and the morale will
day of
Sec. 2. That on and after the
, there shall be vested
improve. The Government said when the roads were taken over that they In the United States every right, title, interest, and privilege granted by
would be returned in as good condition as when they were taken. That the United States or under the laws of any State or Territory of the United
means not only physically but as nearly as possible mentally, and the States, or its possessions, to any corporate or individual owner of transGovernment can• not afford to do other than to keep its promise. Perhaps portation properties, the acquisition of which is. by the Railways Board of
a law can be written that will cover all the involved questions that exist Appraisement and Extension (the establishment of which is hereinafter
and permit settlement with the restoration. But the situation is very authorized) deemed necessary for a unified national system of post and
complicated, and it may be that the Government will find it advisable to military roads and as a means for the regulation of commerce between the
appoint a commission or board to make the settlement after the return, States, and for affording facilities for locomotion and transport; also, all
in the meantime giving the benefit of private operation to the people—the auxiliary plants or facilities for manufacturing and repairing, purchase and
present'system of compensation being continued as a guaranty pending distribution of stores and supplies in connection with said facilities for
settlement—a limited time to be allowed after the return to effect the locomotion and transport.
settlement and avoid protracted delays. This commission might well be
That the President of the United States is hereby empowered, authorized,
made a permanent feature of our system of railroad regulation and should and directed to issue such orders, through the agencies in this Act probe composed of at least three commissioners and be charged with the vided, as may be necessary to enable him to carry out the purpose of this
responsibility of keeping informed with respect to the transportation necessi- Act, and to authorize and require such officers, agents, or agencies as are
ties of the country generally, and to make representations to the Inter-State by this Act created to perform any or all of the duties imposed upon them
Commerce Commission with respect to the revenues required to provide by the terms of this Act.
the necessary facilities and service and insure proper.
Sec. 3. That there is hereby created a Railways Board of Appraisement
.development of the
transportation system.
and Extension (hereinafter referred to as the Appraisement Board). com-
AUG. 16 1919.]
THE CHRONICLE
'posed of the members of the Inter-State Commerce Commission and three
other members to be selected by the Board of Directors of the National
Railways Operating Corporation, hereinafter created; one from the group
of directors elected by the official employees; one from the group elected
by the classified employees; and one from the group appointed by the
President of the United States.
That the Appraisement Board shall elect its own chairman for such term
as it may determine.
That each member of the Appraisement Board shall receive as compensation for his services $10,000 per, annum in addition to the compensation received as a member of the Inter-State Commerce Commission or as a
director of the National Railways Operating Corporation.
That said Appraisement Board is hereby empowered, authorized, and
directed to investigate, ascertain, and determine the amount of compensation to be paid by the United States to the corporate and individual
owners of the several transportation properties title to which is hereby
vested in the United States, and also to investigate, ascertain, and determine the compensation to be paid to the owners of said properties or
auxiliary plants or facilities for manufacturing or repairing, purchase,
and distribution of stores and supplies which may hereafter be deemed
necessary or expedient in the operation or extension of transportation
properties so acquired by and vested in the United States under the provisions of this Act.
Sec. 4. That in the determination of the amount of compensation to
be paid to the corporate and individual owners of transportation properties
so vested in the United States the Appraisement Board shall ascertain the
value of all the rights, property Interests, powers, authorities, and privileges granted in and acquired under the charters of the several corporate
owners and the laws under which they operate and the grants made to
individual owners owning or operating such properties.
That all values not included in the grants made in the charters of the
corporate owners or the laws under which they operate or in the grants
made to individual owners shall be regarded as values retained by the
public in the public highways of the United States and not subject to compensation.
Sec. 5. That the Appraisement Board is hereby authorized to agree
with each and every corporate or individual owner as to the amount of
compensation to be paid to such owner: Provided, That in such agreed
compensation no amount shall be included as compensation for the values
not included in the grants made in the, charters of such corporate owners
or the grants of rights and privileges made to such individual owners. In
the event of the majority of the Appraisement Board failing to agree as
to the amount of such compensation so to be paid, then the chairman of
the Appraisement Board shall fix such amount, and such finding by the
majority of the Appraisement Board or its chairman as to the amount of
such compensation shall be final and conclusive and binding on all parties,
subject, however, to the right of judicial review hereinafter provided for.
Sec. 6. That in default of acceptance by any corporate owner of the
amount so fixed by the Appraisement Board as the compensation to be
paid to such owner, such owner being duly authorized by proper corporate
action of its board of directors, may perfect an appeal from the whole or
any part of the decisions of the Appraisement Board within sixty days
after the rendering of such decision, and in default of acceptance by any
Individual owner of such decision of the Appraisement Board, such individual owner may perfect a like appeal within like time. Such appeal
shall lie to the Court of Appeals of the District of Columbia. If such
appeal be taken from the entire decision of the Appraisement Board, then
a complete record of the evidence and proceedings shall be recorded and
filed by appellant in the said Court of Appeals of the District of Columbia
within sixty days after the praying and allowance of said appeal. If the
appeal be from only a part of the decision of said Appraisement Board, then
appellant may file a short record presenting only such parts of the record
before the Appraisement Board as bear directly upon the questions raised
on said appeal: Provided, That if the appellant and the said Appraisement
Board do not agree upon the record to be so presented, the Appraisement
Board may file such additional record as it deems necessary.
Any such appeal shall be expedited before the Court of Appeals of the
'District of Columbia, and shall have preference over all other cases pending on the calendar, except criminal cases and cases involving personal
liberty. Upon the final decision of the said appeal in the Court of Appeals
of the District of Columbia, the corporation appellant in that court, upon
being duly authorized by resolution of its board of directors, through its
proper officers, or any individual owner appellant in said court, may appeal
from .the whole or any part of the decision of said court to the Supreme
Court of the United States; and like appeal may be prayed from said docision, or any part thereof, by the Appraisement Board; and upon the
praying of such appeal the clerk of the Court of Appeals of the District
of Columbia shall certify to the Supreme Court of the United States a transcript of the record of the proceedings in said Court of Appeals of the
District of Columbia. The said appeal when pending in the Supreme
Court of the United States, shall take precedence over all other cases pending in said court except criminal cases and cases involving personal liberty.
No bond for costs shall be required of either party to any appeal in either
the Court of Appeals of the District of Columbia or in the Supreme Court
of the United States; but costs shall abide the result of said appeals, and,
If the final decision shall be against the appellant from the decision of the
Appraisement Board, the amount of costs assessed shall be deducted from
the final amount of compensation approved by the final decision of the
court. If the final decision be against the said Appraisement Board, the
final judgment shall award costs to the owner to be paid it in addition to
the final amount of compensation so awarded.
It shall be lawful for the President of the United States to remove any
member of the Appraisement Board for cause.
'The Appraisement Board may appoint and employ such assessors,
surveyors, valuers, clerks, messengers, and other persons required for the
performance of their duties as the Secretary of the Treasury on the recommendation of the chairman may sanction.
There shall be paid to the persons appointed or employed under this
sanction such salary or remuneration as the chairman of said board, by
and with the approval of the Secretary of the Treasury, may determine;
and all such salaries and remuneratious and the expenses of the Appraisoment Board incurred in the execution of their duties shall be paid out of
moneys appropriated therefor by Congress.
Sec. 7. That the Appraisement Board, on beginning its investigation
to ascertain the amount of compensation to be paid to the owners, as hereinabove provided, shall give notice of the beginning of such investigation,
requiring such owner within the time specified in said notice to furnish
to the Appraisement Board a return containing such particulars as the
Appraisement Board may require as to the company's properties, rents,
Interests, or profits which it claims as accorded to it or acquired by it under
its charter and the laws under which it operates, or under the grants made
to individual owners.
That said Appraisement Board may likewise cause the properties of any
owner to be inspected, and may require such owner to produce documents,
records, or any other thing which may be deemed by said Appraisement
615
Board to be necessary for the ascertainment of the amount of compensation to be paid to such owner.
Sec. 8. That it shall be the duty of the Appraisement Board to hold
such inquiries as it considers necessary or desirable for the purposes of this
Act; and when authorized by the chairman of said board, the person appointed to hold any such inquiry may require any person to attend as a
witness and give evidence and produce documents required, on payment
or tender of his reasonable expenses; and if any such person fails without
reasonable excuse to comply with any fo the provisions of any such order,
he shall be liable on summary conviction in any court of competent jurisdiction to a fine not exceeding $1,000, and for a subsequent failure without
reasonable excuse or refusal to comply with the provisions of such order,
upon like conviction, he shall be sentenced to imprisonment for contempt
until he shall have obeyed the order and purged himself of such contempt;
and the person holding the inquiry shall have power to take evidence on
oath, and for that purpose to administer oaths.
That notices of inquiries may be given and published in accordance with
such general or special directions as the chairman may give.
That the Appraisement Board may require a separate assessment of any
element in the determination of the amount of compensation to be paid
to the owners where there is lack of record evidence as to the actual existing
investment. In such separate assessment the Appraisement Board shall
cause estimates to be'made of the actual existing investment by comparison
of the cost of reproduction new of the properties under investigation with
the cost of reproduction less depreciation and the estimated orginal costs
thereof to date. This, with the intent to ascertain how much the owners
have actually contributed in money or its equivalent to the public service'
subject, however, to the legal limitations imposed by law upon the rights,
powers,authorities,interests, and privileges accorded in and acquired under
the charters of the corporation Owners and the grants to individualowners.
Sec. 8. That any capital sum payable under an agreement or award
made by said Appraisement Board to said owner, or under any final judicial review of such award, or for new extensions and capital improvements
directed to be made by such Appraisement Board, shall be discharged in
whole or in part by cash payments, or, If the Secretary of the Treasury so
direct and said owners shall so agree, by the issuance to such owners of
bonds as hereinafter provided of a par value not exceeding in amount the
total amount of such agreement awarded by the Appraisement Board or
by judicial determination.
Sec. 9. That for the purposes of paying such amount of compensation
so determined, the Secretary of the Treasury, with the approval of the
President of the United States, is hereby authorized, from time to time
as required, to issue bonds in such form and subject to such terms of issue,
conversion, redemption, maturities, payment, and rate and time of pay.:
ment of interest as the Secretary of the Treasury may prescribe. The
principal and interest thereof shall be payable in United States gold coin
of the present standard of value; but such bonds shall not bear the circulation privilege.
That there Is hereby created In the Treasury of the United States a
cumulative sinking fund for the retirement of all bonds issued and outstanding under this Act. Said sinking fund and all additions thereto are
hereby appropriated for the payment of such bonds at maturity or for the
redemption or purchase thereof before maturity by the Secretary of the
Treasury at such prices and upon such terms and conditions as may be
prescribed in said bonds. Said sinking fund shall exist until all such bonds
are retired.
There is hereby appropriated out of the operating revenues of the National Railways Operation Corporation, to be paid to the Treasurer of the
United States, the sums provided for in paragraph (c), Section 2, Article
III of this Act, or out of any money in the Treasury not otherwise appropriated, an amount equal to 1% per annum upon the aggregate amount
of bonds outstanding on July 1 of each year: Provided, That the amount
of the annual payment into such sinking fund shall in no year be diminished
because of the retirement of bonds previpsly outstanding. The Secretary of the Treasury shall submit to Congress at the beginning of each
regular session a separate annual report of the action taken by him under
the authority contained in this section.
Sec. 10. That the Appraisement Board may approve and the Federal
Government shall build new extensions and capital improvements, including
'the construction of railroads along such route or routes as the National
Railways Operating Corporation shall designate and locate, with the nec,essary branch lines, feedings, sidings, switchings, and spurs; and may purchase or otherwise acquire by contract or condemnation all real and personal
property necessary to carrying out the purposes of this Act: Provided further,
That the Appraisement Board shall exercise the power of eminent domain
in acquiring property for such use, which use is hereby declared to be a
public use, by proper proceedings in the courts of competent jurisdiction in
the States or possessions of the United States, or in the Federal Courts, in
accordance with the laws now or hereinafter in force. That the Appraisoment Board shall acquire rights of way, terminal grounds, and all other
rights; that it shall purchase or otherwise acquire all necessary equipment
for the construction and operation of such new extensions and capital improvements, and shall provide for the construction of telegraph and telephone lines which the board of directors of the National Railways Operating
Corporation may deem to be necessary or convenient in the construction
and operation of the railways of the United States and its possessions;
and the Appraisement Board shall provide for the construction and extension
of light railways or less than standard-guage railways, bridges, ferries,
harbors, docks or piers, canals, or inland navigation facilities, which it may
deem necessary, and shall classify railroads in such manner as the board
of directors shall deem fit.
That is the intent and purpose of Congress, through this Act, to authorize
the Appraisement Board, and it is hereby fully authorized and empowered
through such officers, agents, or agencies as it may appoint or employ, to
do all necessary acts and things in addition to those specially authorized in
this Act to enable it to accomplish the purposes and objects of this Act.
That the Appraisement Board is authorized, with the approval of the
President of the United States, to withdraw, locate, and dispose of, under
such rules and regulations as it may prescribe, such area or areas of the public domain along the line or lines of proposed new railroads for townsite
Purposes as it may from time to time designate.
Sec. 10. That terminal and station grounds and rights of way through the
lands of the United States and its possessions are hereby granted for the
construction of railroads and telegraph and telephone lines authorized by this
Act; and in all patents for lands thereafter taken up or entered on, located
In the lands of the United States and its possessions, there shall be expressed
that there is reserved to the United States a right of way for the construction
of railroads and telegraph and telephone lines to such extent on either side
of the centre line of any such road and on either side of the center line of
any such telegraph or telephone lines as the Appraisement Board may deem
necessary or advisable; and•the Appraisement Board may, in such manner
as it deems advisable, make reservation of such lands as are or may be useful
for furnishing materials for construction and for stations, terminals, docks,
and for such other purposes in connection with the construction and operation of such railroad lines as it may deem necessary and desirable.
646
THE CHRONICLE
That it is hereby declared that the extension of railroad lines in new territory shall be not only by the expenditure of capital funds by the United
States but also by the exercise of the power of taxation imposed by local
authority upon the territory benefited, whereby such territory shall contribute its portion of the cost of the extensions approximately commensurate
with tho increase in value which the land within that territory may realize
by reason of the building of such extension.
That if a certain region or locality desires an extension of railway facilities
and organizes under local or regional special assessment laws, providing by
local taxation for the cost of construction of the lines desired, the obligation
on the part of the United States to build such extension shall be deemed by
the Appraisement Board to be imperative.
That if a region or locality will organize itself under regional or local
special assessment laws, and, having so organized, will assume that part
of the cost of the construction and equipment of the new extension which
may be apportioned to it by the Appraisement Board, and will provide
such part of the whole cost as may be alloted to it by the Appraisement
Board, then the building of such extension by the United States at the specified sharing of costs shall be deemed by the Appraisement Board to be imperative.
That whenever the Appraisement Board shall deem it requisite to the
public welfare to build an extension through territory which would receive
no benefit therefrom, then, and in that case, the total cost of construction
shall fall upon the public for whose benefit the extension is made.
That it is declared that any expenditure made for extension out of fund
provided by taxation may not be capitalized, nor shall any payments for
extension or improvements made out of operating revenues be capitalized.
That in acquiring the railway properties of the United States and its
possessions the Federal Government shall acquire complete ownership
In these properties and shall finance their acquisition, as herein provided,
by capital expenditures covering all construction and equipment, and including in such financing the requisite amount of capital required as working capital as the same may from time to time be determined by the Appraisement Board.
Sec. 13. That the Appraisement Board shall make to the President annually, and at such other periods as may be required by the President or by
either House of Congress, full and complete reports of all its Acts and doings
and of all moneys received and expended in the construction of new extensions and capital improvements and in the performance of their duties
in connection therewith. The annual reports herein provided for shall be,
by the President, transmitted to Congress.
That any Government employee or official, any member of the Appraisement Board of employees of such board, any director, official employee,
Cor classified employee of the corporation who shall receive any consideration
or benefit, either directly or indirectly, in excess of his wages or remuneration authorized by this Act, out of the operation of said railways or for any
railway undertaking, or by any form of inducement that could influence
official action, shall upon conviction thereof be subject to a penalty of ten
times the value of the consideration so received and to imprisonment for
a term of one to twenty years. the extent of the latter penalty to be imposed
by the jury.
Article II.1
Section 1. That the National Railways Operating Corporation (referred
to herein as the Corporation) is hereby created and constituted as a body
corporate and politic in deed, action and name. The board of directors,
official employees, and classified employees, hereinafter described, shall be
and constitute said Corporation. The purpose of said Corporation shall
be for public service and not for private profit, and for leasing, maintaining,
and operating for public use as a single system all of the railway lines and
transportation property of the United States and its possessions.
That the Corporation shall be created for the term of one hundred years.
That said Corporation may exercise all of the powers hereinafter conferred,
may own and hold all properties, rights, and privileges permitted by this
charter, and in its name may see and be sued.
That the affairs of said Corporation shall be administered by a board of
directors of fifteen members, which shall be selected in the following manner:
Five of the directors shall be elected by the classified employees of the
railway lines and properties of the United States and its possessions below
the grade of appointed officials; five of the directors shall be elected by the
official employees of said lines and properties; and five, of whom one shall
be designated as chairman, shall be appointed by the President of the
United States, by and with the advice and consent of the Senate: not more
than three of said appointees shall belong to one political party.
That the members of each group of five directors shall be elected and
appointed, respectively, for terms of two, four, six, eight, and ten years
each, their terms thereafter overlapping and for ten years each. The elected
directors shall be subject to recall by their electors and the appointed directors to removal by the President for inability or misconduct.
Sec. 2. That the board of directors shall have the power to create all of
the offices in said Corporation by name or classification and to appoint all
officials from chief executive down to the point where employment begins
by classification, or to authorize heads of departments created by said
board of directors to appoint their subordinates down to the point where
employment begins by classification, and to prescribe the conditions of employment and classification of all other employees.
That notwithstanding anything in this Act, any society of workers, all or
some of whose members are wholly or partly employees on the railway lines
or properties of the Federal Government, or in any other manner employed
by the Corporation, or otherwise under this Act, may be registered or
constitute themselves or be a trade-union, and may do anything individually
or in combination which the members of a trade union may lawfully do:
Provided further, That notwithstanding any act, order, or regulation to the
contrary, It shall be lawful for any person employed under this Act to participate in any civil or political action in like manner as if said person were
not employed by said Corporation: Provided further, That no person shall
suffer dismissal or any deprivation of any kind as a consequence of any
political or industrial action not directly forbidden by the terms of his employment.
See. 3. That the board of directors shall, for the purpose of operating and
carrying on the business of said Corporation, divide into operating district
the territory of the United States and its possessions aad shall in each such
district constitute a railway council of members which shall be elected
in the following manner: One-third of the members of the council shall be
elected by the classified employees within their district below the grade of
official employee, one-third of the council shall be elected by the official
employees within said district, and one-third, of whom one shall be designated as chairman, shall be appointed by the board of directors.
That the members of each group of members of district railway councils
shall be elected or appointed, respectively, for terms of one, two, three,
four, and five years each, and thereafter five years each, their terms overlapping. The elected members shall be subject to recall by their electors
and the appointed members to removal by the board of directors for inability or misconduct.
That the board of directors may delegate to any district railway council
uch of their powers under this Act as may conveniently be exercised locallsy.
[vol.. 109.
and the district railway council shall, upon such delegation, have and exercise
within its district all of the powers and duties of the board of directors as
may be delegated to it.
That there shall be paid to the members of the board of directors and
to the members of the district railway councils compensation for their
services as follows:
Sec. 4. That the corporation is hereby empowered, authorized, and
directed, for the period of its existence as herein set forth, to lease, operate,
and maintain as a single system all of the railway lines and transportation
properties of the United States and ita possessions, and to do and perform
every act, thing, or function which the Government of the United States
could do or perform were it exercising the function of operating said railways, subject, however, to the limitations imposed by this Act.
That the directors, officers, and employees of the corporation, concerning
any undertaking of which or of the plant whereof possession is retained
or taken by the appraisement board, shall administer such undertaking—
(1) As to the rates, fares, tolls, dues, and charges to be charged under
the direction of the Inter-State Commerce Commission;
(2) As to the salaries, wages, and remuneration and conditions of employment of persons employed on or in connection with any undertaking of
which possession has been taken;
(3) As to the working or discontinuance of the working of the undertaking, or any part thereof, including directions as to the keeping open of
any station;
(4) For securing that the permanent rolling stock, plant, appliances,
or equipment, whether fixed or moving, are satisfactory in typo or design;
(5) As to the carrying out of alterations, improvements, and additions
for which the Appraisement Board shall provide as necessary for the public
safety, or for the more efficient and economic working of the undertaking;
(6) For the securing of co-operation between undertakings, and for securing the common use of all facilities, terminals, rolling stock, and equipment,
whether fixed or movable;
(7) For securing that manufacturing and repairing facilities and auxiliary
and ancillary services shall be used, and the purpose and distribution of
stores shall be conducted in such manner as may be most conducive to
economy and efficiency;
(8) For working the whole or any part of any railway, light railway or
less than standard gauge railway, canal, waterway, or inland navigation,
harbor or dock undertaking, the acquisition of which is, by the board of
directors deemed expedient for improving facilities for locomotion and
transport, and approved and provided for by the Appraisement Board;
(9) For establishment, maintenance, and working of transport services
by land and water;
(10) For constructing and erecting buildings, plant, machinery, railways.
light railways or less than standard gauge railways, hulks, ships, and other
fixed or movable appliances or works of any description, deemed necessary
by the board of directors, and approved and provided for by the Appraisement Board;
(11) For employing agents, including local authorities, for any purpose
it may think necessary to carry out its duties under this Act, on such
terms as may be mutually agreed, and with authority to co-operate with
and to co-ordinate the services between properties operated by said corporation and similar properties owned or operated by States or sub-division
thereof, on such terms as may be mutually agreed.
That when the board of directors delegates to any local authority or
State or sub-division thereof, and within the jurisdiction thereof, any of
its powers under this section, it shall be lawful for such local authority or
State or sub-division thereof to exercise any or all of the powers of the board
of directors so delegated to it.
Sec. 5. That the corporation is hereby empowered and authorized to
collect from consignors and deliver to consignees at their business or other
addresses within the United States, and its possessions, all goods carried
on the transportation lines of the Federal Government, and for this purpose
It shall be lawful for the board of directors, or any State or sub-division
thereof, or local authority acting on its behalf, to establish stores and depots,
and to employ vehicles, and to use all other necessary means for the collection and delivery of such goods, and for this purpose it shall be the duty
of the corporation to provide such facilities for the conveyance of goods as'
the board of directors may determine to be necessary to enable the corportion to execute the authority imposed on it by this section.
That the board of directors may, deom time to time, make such regulations as it deems necessary for any of the following purposes:
(a) The management of railways and railway undertakings under thie
Act;
(b) The functions, duties, and power of the district railway councils
and other bodies of persons acting in the management and working of railways and undertakings under this Act;
(c) The form of accounts to be kept and the balance sheets to be prepared in respect of railways and undertakings under this Act, subject to the
regulations of the Inter-State Commerce Commission, as provided in the
Act to regulate inter-State commerce; •
(d) Generally any other purpose for which, In the opinion of the board
of directors, regulations are contemplated or required.
Sec. 6. That the corporation shall be subject to the full regulatory
powers of the Federal Government as expressed through the Inter-State
Commerce Act.
That the corporation shall make to the President of tho United States
annually, and at such other periods as may be required by the President
or by either House of Congress, full and complete reports of all its acts and
doings, and of all moneys received and expended in the operation of the
railway lines and properties of the United States, and Its possessions, including all costs upon operation and fixed charges upon tho capital employed, which shall be guaranteed by the Federal Government.
Article M.
Section 1. That the Secretary of the Treasury is hereby authorized,
empowered, and directed to execute and carry into effect with the National Railway Operating Corporation (heroin referred to as the corporation)
a lease of all the railway lines and transportation properties of the United
States, and its possessions, for the term of one hundred years, unless sooner
terminated by Act of Congress, in accordance with the provisions herein
contained.
Sec. 2. That the corporation shall obligate itself in said lease to operate
as a single system the railway lines and transportaiton properties of the
United States and its possessions and to build and operate any extension
of such lines or properties as shall be provided for by the Appraisement
Board.
That the corporation shall be required to utilize said railway lines and
properties and their equipment and the working capital which shall be put
at its command in such manner as to produce the higest possible efficiency
and economy consistent with good service; and that with the working
capital and revenues placed in its hands the corporation shall be obliged—
(a) To pay all expenses for labor and materials incidental to the proper
operation of the railway lines and properties of the United States and its
possessions, and the building and operation of extensions thereof into new
territory;
AuG. 16 1919.1
THE CHRONICLE
(b) To provide such funds for maintenance and renewals of the said
railway lines and properties as shall from time to time be directed by the
Inter-State Commerce Commission;
(c) To pay out the operating income semi-annually to the Treasurer
of the United States the amount found to be due under the provision for
sinking fund and the proportionate amount due on fixed charges upon the
capital employed. The fund thus paid in shall be held by the Treasurer
of the 'United States for disbursement of interest charges out of the fixed
fund as those charges mature, and he shall disburse from the sinking fund
when in his judgment payments for retirement of bonds shall be made.
All operating revenues received by the corporation in any fiscal year in
excess of the amount required to meet the expenditures to be made under
paragraph (a) above and to provide payments with the funds provided
In paragraphs (b) and (c) above are hereby declared to be "net earnings."
The corporation shall retain the amounts prescribed to be expended for
maintenance and renewals and shall at the close of each fiscal year pay
into the Treasury of the United States one-half of the net earnings accrued.
The remaining one half of the net earnings shall be retained by tho corporation as irts corporate funds. The fund from net earnings so paid into the
Treasury of the United States shall be held by the Treasurer for disbursement only upon order of the Appraisement Board (1) to pay for extensions
and betterments, for which such fund shall be used before capital funds
shall become available therefor, and (2) accumulation thereof in excess of
$500,000,000 shall be automatically transferred to the sinking fund.
That the net earnings retained by the corporation as its corporate funds
are hereby declared to be a trust fund, to be declared as a dividend upon
the amounts paid to the labor employed by the corporation, every classified
employee receiving that portion of the dividend accruing to the classified
employee which his annual compensation bears to the total compensation
of all classified employees, and every official employee receiving that
proportion of the dividend accruing to official employees which his annual
compensation bears to the total compensation of all official employees,
but every official employee receiving twice the rate of dividend that is
given to the classified employee.
Sec. 3. That whenever the total amount of the net earnings paid into the
Treasury of the United States shall exceed 5% of the gross operating revenue,
the Interstate Commerce Commission shall thereupon adjust the scale of
rates in such manner as to absorb the sum so paid as accruing to the Treasury, thereby producing a reduction in rates equivalent to said sum, these
rates to be the minimum rates to be charged by the corporation until the
next succedding revision thereof.
Sec. 4. That the board of directors shall create by negotiation with the
employees through their duly elected and authorized representatives not
less than three boards of adjustment, to consist of not less than eight members each, one-half of whom shall be selected by and from the classified
employees coming within the jurisdiction of the boards severally, and the
other half of whom shall be selected by and from the official employees coming within the jurisdiction of such boards severally; that said boards shall
be classified in their jurisdiction over bodies of employees in such manner as
the board of directors, by negotiation with the employees as above provided,
may determine; that said boards shall hear and determine all controversies
growing out of the interpretation of established wage rates and wage awards
and working rules, dicipline cases, and all other disputes arising between
the official employees and the classified employees, when properly submitted. The decisions of such boards shall be final, except that where no
majority decision can be obtained an appeal shall lie to the board of directors.
That the board of directors shall create, by negotiation with the employees
through their duly elected and authorized representatives, a central board
of wages and working conditions, to be composed one-half as selected by
and from the classified employees and one-half as selected by and from the
official employees. It shall be the duty of said board to hear, investigate,
and determine matters presented by official and classified employees respecting the broad questions of salaries, wages, hours, and other conditions
of employment throughout the unified railway system. The decisions
of said board shall be final, except that where no majority decision can be
obtained an appeal shall lie to the board of directors.
That nothing in this section shall be deemed to interfere with the right
of any person employed by the corporation, subject to his contractual
obligations, to dispose of his labor as be wills.
Sec. 5. That the lease to the corporation shall be terminated by Act of
Congress whenever it shall appear upon evidence reviewable in the Federal
courts that the foregoing provisions to be embodied therein shall not have
been well and faithfully carried out.
Sec. 6. That all Acts and parts of Acts in conflict with the provisions of
this Act are hereby repealed.
day
Sec. 7. That this Act shall become effective on and after the
of
647
RATIFICATION OF GERMAN PEACE TREATY BY
BELGIAN DEPUTIES.
The Chamber of Deputies of the Belgian Government
unanimously ratified the German Peace Treaty on Aug. 8.
The Foreign Minister during the discussion of the treaty was
quoted as saying:
The League of Nations falls to offer immediate guarantees and compels
to look to our own defense. That is why we are seeking at Paris a
revision of the treaties of 1839.
I wish to assure uor delegates that the whole nation supports them.
Revision of the treaties will provide the required guarantees.
Me
PRESIDENT WILSON DECLINES TO SUBMIT LETTER
OF AMERICAN PEACE- COMMISSION-ON SHAN:—
TUNG—HAS -NO - KNOWLEDGE - OF—TRE-ATY-BETWEEN GERMANY AND—JAPAN.
hu_Coincident with the making public on Aug. 11 of a letter
from President Wilson to the Senate Foreign Relations Committee (given elsewhere in this issue), a communication from
the President to the Senate was also given to the press. The
latter was in reply to two requests made by the Senate in
resolutions adopted on July 15 and July 17 which called upon
the President to furnish the Senate with "a copy of any
treaty purporting to have been projected between Germany
and Japan" as reported in press dispatches, and any written
protests of members of the American Peace Commission
relative to the final settlement at the Peace Conference of
the Shantung problem. The President told the Senate the
had no official knowledge of the purported German Japanese
treaty, and that he had received written protest from members of the American Peace Commission against the "proposed Shantung settlement," but the protest was received
before the final settlement of the Shantung question and
because of its reference to other Governments he did not
think it proper to make the letter public. The President's
communication was laid before the Senate on Aug. 11. It
reads as follows:
To the Senate:
I have received the resolutions of the Senate, dated July 15 and July 17.
asking:
First, for a copy of any treaty purporting to have been projected between
Germany and Japan, such as was referred to in the press dispatch inclosed,
together with any information in regard to it which may be in possession
of the State Department, or any information concerning any negotiations
between Japan and Germany during the progress of the war. In reply
to this resolution, I have the honor to report that I know of no such negotiations. I had heard the rumors that are referred to but was never able to
satisfy myself that there was any substantial foundation for them.
Second. requesting a copy of any letter or written protest by the members
of the American Peace Commission, or any officials attached thereto.
against the disposition or adjustment which was made in reference to
Shantung, and particularly a copy of a letter written by General Tasker H.
Bliss, member of the Peace Commission, on behalf of himself, Hon. Robert
Lansing, Secretary of State. and Hon. Henry White, members of the
Peace Commission, protesting against the provisions of the treaty with
reference to Shantung.
In reply to'this request, let me say that General Bliss did write me a
letter in which he took very strong grounds against the proposed Shantung
settlement, and that his objections were concurred in by the Secretary of
State and Mr. Henry White. But the letter cannot properly be described
as a protest against the final Shantung decision, because it was written
before that decision had been arrived at, and in response to my request that
my colleagues on the commission apprise me of their judgment in the matter.
The final decision was very materially qualified by the policy which Japan
undertook to pursue with regard to the return of the Shantung Peninsula
in full sovereignty to China.
I would have no hesitation in sending the Senate a copy of General Bliss's
letter, were it not for the fact that it contains references to other Governments, which it was perfectly proper for General Bliss to make in a confidential communication to me, but which I am sure General Bliss would not
wish to have repeated outside our personal and intimate exchange of views.
I have received no written protest from any officials connected with or
attached to the American Peace Commission with regard to this matter.
I am also asked to send you any memorandum or other information with
reference to an attempt of Japan or her Peace Delegates to intimidate the
Chinese Peace Delegates. I am happy to say that I have no such memorandum or information.
WOODROW WILSON
The White House, Aug. 8 1919.
RATIFICATION BY POLISH PARLIAMENT OF GERMAN PEACE TREATY AND TREATY FOR
PROTECTION OF MINORITIES.
The Polish Parliament on July 31 ratified the German
Peace Treaty by a vote of 245 to 41; at the same time it
ratified the treaty which was signed on June 28 at Versailles
by Poland on the one hand and the principal Allied and
Associated Powers, whose purpose was the pledging to the
Allied Powers by Poland of protection for racial minorities
The resolutions to which the President's communication
and the assumption by Poland of certain international econa reply, were introduced in the Senate by Senators
was
omic and financial obligations.
Lodge and Borah. The Lodge resolution calling for a copy
of the German-Japanese treaty was adopted on July 15 as
reported by the Foreign Relations Committee with amendLEAGUE
OF
NATIONS.
SPAIN TO JOIN
ment; the Borah resolution asking for data regarding the
dispatches
from
in
the
of
Madrid
Press
The Associated
negotiations was adopted on July 17 as reported by
Peace
7th inst. reported that the Spanish Parliament had voted to
Relations Committee amended.
Foreign
the
have Spain become a member of the League of Nations.
SWITZERLAND WILL JOIN LEAGUE.
The Federal Council of the Swiss Government on Aug. 8
voted favorably upon the proposition of that country's
joining the League of Nations, the Council agreeing to propose to the Legislative Council the adoption of an additional
article to the Federal Constitution whereby this action would
be made possible.
PRESIDENT WILSON FURNISHES DRAFT OF LEAGUE
OF NATIONS COVENANT PRESENTED BY
AMERICAN COMMISSION.
President Wilson on Aug.8 sent to Senator Lodge, Chairman of the Senate Foreign Relations Committee, the draft
of the covenant for the League of Nations as prepared and
presented by the American Peace Commission to the Peace
Conference at Versailles. The President in so doing corn-
648
THE CHRONICLE
plied with a request embodied in a resolution which had been
adopted by the Foreign Relations Committee. The Committee had a so asked the President for all drafts or forms
presented to or considered by the Peace Conference on the
League of Nations and also for all data from the Peace Conference bearing on the German Peace Treaty. To the former
request the President replied that there were in his possession no formal drafts other than the one presented by the
American Commission; to the latter request the President
said he could not comply because a large portion of the papers
relative to the German treaty were in the possession of the
American delegates now at the Peace Conference, while
some of the papers it had been agreed by the Allied peace
delegates "on the grounds of public policy, it would be unwise to make use of outside the conference." President
Wilson's letter to Senator Lodge, which bore the date of
Aug. 8, was made public on Aug. 11. It read as follows:
The White House,
Washington, Aug. 8 1919.
My Dear Mr. Chairman:—I have at last been able to go personally over
the great mass of papers which remained in my hands at the close of my
stay in Paris, and am disappointed to find that it is in no respect a complete
file, the complete files remaining with the American Commission.
You ask for all drafts or forms presented to or considered by the Peace
Commissioners relating to the League of Nations, and particularly the draft
or form prepared or presented by the commissioners of the United States.
There are no formal drafts in my possession except that presented by the
American Commissioners, and this I take pleasure in enclosing, along with
the formal report of the Commission on the League of Nations.
_ You also ask for all proceedings, arguments, and debates, including a
transcript of the stenographic reports of the Peace Commission relating to
or concerning a League of Nations or the League of Nations finally adopted,
and all data bearing upon or used in connection with the treaty of peace
with Germany now pending. No stenographic reports were taken of the
debates on the League of Nations, and such memoranda as were taken, it
was agreed, should be confidential.
The reason for regarding as confidential intimate exchanges of opinion
with regard to many delicate matters will, of course, occur to you, and I
beg to say that I am following the example of the representatives of the
other Governments in making this explanation.
The various data bearing upon or used in connection with the Treaty of
Peace with Germany are so miscellaneous and enormous in mass that it
would be impossible for me to supply them without bringing from Paris
the whole file of papers of the commission itself, and would include many
memoranda which, it was agreed on grounds of public policy, it would be
unwise to make use of outside the conference.
Very sincerely yours,
WOODROW WILSON.
Hon. Henry Cabot Lodge, Chairman, Committee on Foreign Affairs,
United States Senate.
[voL. 109.
The National Bank of South Africa, R. E. Saunders, New
York Agent, 10 Wall St., announce the opening of 100 new
branches in Africa since Aug. 1st. These new branches arein Cape Province, Transvaal, Natal, Orange Free State,.
Swaziland and at other points. The bank now has over
400 branches; its paid up capital and reserves exceed $20,000,000 and resources exceed $280,000,000.
At a meeting of the directors of the Mercantile Bank of•
the Americas, held on Thursday of this week (Aug. 14),
in addition to the present Vice-Presidents of the institution,
(Frederick Strauss, Albert Bretor and Jason A. Neilson)'
there were elected three additional Vice-Presidents, who will
have the joint title of Vice-President and General Manager,.
namely, L. S. Wyler, Walter M. Van Deusen and William
B. Mitchell.
The International Banking Corporation of New York
announces the opening of a new branch bank in Harbin,
China.
The Italian Discount and Trust Company, on Aug. 14,
announce that hereafter it will make no distinction in its.
loan rates between mixed collateral and industrial collateral.
The Italian Disdount and Trust Company is the fourth
New York banking institution to announce the adoption of
this policy. On the same day the Company authorized the.
immediate payment of a bonus, amounting to ten per cent
of six months salary, to all employees of the institution.
This extra compensation is designed to aid employees in
meeting increased living expenses.
The National Park Bank of New York has issued a booklet
entitled "The Trust Department of The National Park
Bank" which is now ready for distribution. Its purpose is
to outline in simple terms the complete trust facilities.
offered by the institution. The National Park Bank has
for over half a century been closely affiliated with the commercial and financial life of the nation, and on its record
of banking service, now invites trust business of every type.
Albert W. Dimick was elected a director of the Rhode
Island Hospital Trust Co., of Providence at a meeting or
ITEMS ABOUT BANKS, TRUST COMPANIES. &c. the board on Aug. 12.
No bank stocks were sold at the Stock Exchange this week
and only ten shares were sold at auction. There were no • Official announcement was made on August 1 that the
transactions in trust company stocks. A sale of ten shares Alliance Bank of Rochester, N. Y. would increase its capital
of stock of the First National Bank was made at auction at to $1,000,000 and erect a branch building in Lake Avenue,
1026, showing an advance of 126 points over the price paid near Kodak Park, a newly developed business section of
in October 1918, when the last previous public sale was the city. The present capital of the institution is $500,000
made.
with Surplus and Profits of $750,000. The Rapid growth
Shares. BANK—New York.
Low. High. Close. Last previous sale. in the business of the Alliance Bank, and in order to provide
10 First National Bank
1026 1026 1026
Oct. 1918-- 900
for thddemands of its customers, makes, it is said, the increaselin capital desirable. The institution recently joined
The New York Stock Exchange will again be closed in order .the Federal Reserve System in order that its customers
to allow the clerical force of members to catch up on arrears might have the advantages and facilities which such memberof work. This time, however, the request is made that ship furnishes and has also organized a Foreign Trade Deoffices be kept open until 2 o'clock in the afternoon so that partment which is doing a rapidly increasing business.
clerical staffs in those offices may be able to catch up with James G. Cutler is President and Thomas E. Lannin is
work which has accumulated as the result of a long series of Vice President and active Manager of the Bank.
million-share trading days. In making this request the
Governors explained that on recent holidays which were
Frederic B. Washburn, since 1917 President of the Wordeclared for the express purpose of enabling brokers to catch cester (Mass.) Five Cents Savings Bank, has been elected
up with the market, many offices remained closed for the President of the Franklin Savings Bank of Boston to succeed
day, while the houses which were behind did stay open the late Charles H. Baldwin. Mr. Washburn entered the
and do their best to catch up, the offices which were not Worcester Five Cents Savings Bank in 1905 as Assistant
behind were closed and comparisons were impossible. With Treasurer, becoming Treasurer of the institution in 1912 and
all of the members' offices open until 2 o'clock on Saturday its President in 1917. From 1903 to 1905 he was a State
it is expected that this obstacle will be removed and all back Commissioner of Savings Banks. He is President of the
work will be cleared up.
Worcester Morris Plan Co. and a director of several banks.
Four New York Stock Exchange memberships were posted
Warren M. King, formerly Vice-President and Manager
for transfer this week, the consideration being stated at of the Northampton National Bank, Northampton, Mass.
$92,000 for two of them and $90,000 and $91,000 respec- on Auguest 4 was elected President of the institution,succeedtively for the other two.
ing the late Charles N. Clark. Other elections were Chauncey H. Pierce, appointed Vice-President in lieu of Mr. King,
Colonel Charles Elliot Warren, President of the Lincoln Edwin K. Abbott elected Clerk of the Board and William
National Bank of this city, returned to his desk yesterday, Cordes a member of the Finance Committee. Mr. King
after a three months illness following a serious operation entered the service of the Northampton National Bank as
at Roosevelt Hospital. Col. Warren was a reserve officer Cashier in 1899, was made a director in 1902 and Vice-Presiat the outbreak of the war, when he was detailed to the staff dent of the institution in 1907. The capital of the instituof the Chief of Ordnance of the Army. Col. Warren served tion is $200,000.
later as a Governor of the War Credits Board at the Secretary
of War's office in Washington.
Walter C. Nye on July 31 resigned as Cashier of the
•
National Bank of Commerce of Providence, R. I., to become
AUG. 16 1919.]
•
THE CHRONICLE
President of the Citizens Savings Bank, of Prol,idence.
The directors of the National Bank of Commerce have
elected Henry L. Wilcox (present Vice-President) to fill
the vacancy. W. Howard Perry, former teller, has been
appointed an Assistant Cashier.
The directors of the Bank of Commerce of Philadelphia
recently decided to apply for a national charter for the institution and to increase the capital stock from $300,000 to
$500,000. The surplus and undivided profits of the bank
amount to $200,000 and deposits are approximately $2,800,000. During the past three years the resources of the
Bank of Commerce, it is said, have increased 300 per cent.
Nathan T. Folwell is President. The Bank is a member of
the Federal Reserve System.
At a special meeting of the stockholders of the Security
Savings & Commercial Bank of Washington, D. C., on
Aug. 6 the capital of the institution was doubled, raising it
from $100,000 to $200,000. This step was taken so as to
care for the increasing commercial business of the institution.
The new stock, we understand, is to be offered to present
stockholders to the amount of their holdings at $100 per
share, the par value. The present dividend rate is 12%
and it is understood that rate will be maintained upon the
increased capital.
—
Albert G. Towers, Chairman of the Public Service Commission of Maryland, was on August 1 elected President and
a director of the Title Guarantee & Trust Co. of Baltimore.
At the same meeting J. Dukes Downes, State Bank Commissioner, was made Vice-President and George W.Woolford,
President of the Eastern Shore Trust Co., elected a director
to fill a vacancy on the board. The election of Mr. Towers
consummated the purchase of the controlling stock in the
Title Guarantee & Trust Co. and its subsidiary the Mortgage
Guarantee Co., by Mr. Towers and his banking associates,
negotiations for which, we understand, began some months
ago and wore formally brought before the stockholders in
a letter mailed to them early in July. In this letter the terms
of the offer made by those seeking control were given and
the Colonial Trust Co. of Baltimore named as a depository
for the stock. Edgar G. Miller, Jr., whom Mr. Towers
succeeds as Chief Executive and director, had, it is said, long
been seeking an opportunity to retire. He expects to give
up all active business. The capital of the Guarantee &
Trust Co. is $200,000 with surplus and undivided profits
of $251,067.42. The capital of the Mortgage Guarantee
Company is 3200,000—with surplus and undivided profits
of $92,484.72.
Albert C. McCallam, Vice-President and Trustee of. the
Dollar Savings Bank of Pittsburgh, died in that city on Aug.
4 aged 78 years. He was a native of Wheeling, West Va.
As a young man he engaged in the river steamboat business,
but eventually changed to the art business, conducting up
to the time of his death an art firm in Pittsburgh under the
name of J. J. Gillespie & Co.
The Peoples' Savings Bank Co. of Cleveland recently
contracted to purchase the assets of the West Cleveland
Banking Co. together with its branch. It is intended to
operate the two institutions as branches of the Peoples
Savings Bank as soon as the details can be worked out and
the liquidation of the West Cleveland can be effe3ted. The
West Cleveland Banking Co. was founded about 25 years
ago and had a capital of $100,000 with surplus of $25,000 and
ileposits aggregating $1,250,000. The Peoples:, Savings
Bank Co. was organized in 1871. Its capital is $500,000 with
surplus of like amount and deposits aggregating $7,825,000.
George C. Laning, until recently Assistant Cashier of the
Huntington National Bank of Columbus, Ohio, on August 1
entered the service of Field, Richards & Co., bond dealers of
Cincinnati, Cleveland and this city. Mr. Laning will take
charge of the Central Ohio office of the company, which
is located in the New First National Bank Building, Columbus. He had been with the Huntington National for fourteen years.
On July 29 meetings of the directors of the First & Old
Detroit National Bank and the Central Savings Bank, of
Detroit, were held at whieh it was voted that a plan for the
close affiliation in interests and ownership of the two banks
be submitted to the shareholders. Details of the proposed
649
unification are outlined in the following statement issued by
the First & Old Detroit National Bank. The capital of
the Central Savings Bank is $500,000 while that of the First
& Old Detroit National Bank is $5,000,000.
"The plan involves a mutual exchange of holdings of stockholders, and
does not involve any change in the corporate indentity of the Central
Savings Bank, that bank continuing to do business under its state charter
as an independent savings bank.
"It gives the First & Old Detroit National Bank a close working affiliation
with the State Bank and its number of well located branches, the aggregate
deposits of which are upwards of $14,000,000.
"The Central Savings Bank will occupy the major part of the ground
floor of the new 24 story building which the First & Old Detroit National
Bank is to erect on the site of the Pontchartrain hotel.
"The plan provides for the shareholders of both institutions to be identical,
thereby giving the depositors of the savings bank the advantages of the
National Bank facilities.
"The plan contemplates that the Central Savings Bank will increase its
capital to 31,000,000. so that the combined capital, surplus and undivided
profits of the two institutions will be upwards of $10,000.000.
"Such an aggregation of capital and deposits means that the large business of Detroit can be handled here to better advantage than ever before.
"Such an institution so centrally located as this will be in the new building
will be one of Detroit's greatest assets and means much for the development
of this rapidly growing city.
"After the Central Savings Bank has increased its capital by an addition
of $500.000, the plan provides that one-sixth of the shares of the First
& Old Detroit National Bank shall be given to the shareholders of the
Central Savings Bank in exchange for five-sixths of its capital stock, and
when the new certificates are issued of the First & Old Detroit National
Bank they shall have indorsed on the back a statement that each share of
the First & Old Detroit National Bank carries with it a proportionate interest in the Central Savings Bank.
"There will be no change in the management of either bank—the same
board of directors, with possibly the addition of a few members of the board
of the First & Old Detroit National Bank, will manage the affairs of the
Central Savings Bank as heretofore, William P. Holliday remaining President, and Harry J. Fox as Vice-President. Cashier and executive head."
Elmer E. Ford,for the past fourteen years Assistant Cashier of the First & Old Detroit National Bank, Detroit, died
suddenly on July 30 at his summer home at Tawas Beach,
Mich. Prior to his connection with the First & Old Detroit
National Bank, Mr. Ford was for some time a State Bank
Examiner. His early banking experience was gained in a
bank in Kalamazoo, Mich. He was fifty-eight years of age.
The deposits of the Continental and Commercial National
Bank of Chicago are making new: high records. For August
they have had a daily average of about $340,000,000. The
combined deposits of the Continental and Commercial banks
are over $400,000,000.
Stockholders of the Illinois Trust & Savings Bank of Chicago and the Merchants Loan & Trust Co. of that city held
meeting on July 29, in accordance with announcement in
these columns July 5, at which the merger of the two companies was ratified. The title of "North American Trust
Company" was adopted temporarily for the new organization until such time as a permanent name is chosen. The
consolidation of earnings will not begin, we understand, until
September 1, at which time E. D. Hulbert will become President of both institutions and John J. Mitchell, Chairman of
both boards. At the Merchants Loan & Trust Co. meeting
the increasing of the capital stock from $3,000,000 to $5,000-,
000, making it the same amount as the capital of the Illinois
Trust & Savings Bank, was also ratified. We understand
the $2,000,000 of new stock will be sold to the stockholders
at par, $100. As stated before by us the capital of the enlarged bank will be $10,000,000, with surplus and undivided
profits of $20,000,000. Combined resources will amount
to over $300,000,000 and combined deposits to about $205,000,000. The physical properties of the two banks will not
be united until the new bank building to be erected on the
present sites of the Illinois Trust & Savings Bank building
and the Grand Pacific Hotel is completed, which, we understand, will not be for 2 years.
In addition to the above, advices from Chicago state that
on Aug. 12 formal announcement was made that the directors of the Corn Exchange National Bank of Chicago favored
the affiliating of that institution with the North American
Trust Co. A notice to the stockholders of the Corn Exchange National Bank has been issued, calling for a special
meeting on Sept. 10. The statement to the stockholders as
printed in the "Herald and Examiner" of Aug. 13 is as follows:
In order to meet the demands of a constantly increasing business created
by the changing conditions in the commercial world, the directors of the
Corn Exchange National Bank have called a meeting of the stockholders,
to be held on Sept. 10, for the purpose of considering the increase of the
capital stock of the bank from $3.000,000 to $5,000,000.
For many years the directors have felt that the bank should establish a
trust department and a bond department. Such business would be a
source of considerable profit. After careful consideration of the subject.
we believe that this can best be done by affiliation with the new North
American Trust Co. recently formed by the consolidation of the Illinois
Trust & Savings Bank and the Merchants' Loan & Trust Co. These
650
THE CHRONICLE
banks already have a profitable and well-established trust and bond business. Such a union would also be to the advantage of our savings department.
In making such an affiliation the Corn Exchange National Bank would
not in any way lose its identity. On the contrary, it would increase its
prestige as well as derive a benefit from the large commercial business of
the North American Trust Co.
The Corn Exchange National Bank will continue to conduct its business
In its present quarters, under its own name, and with its present officers
and directors. Ernest A. Hamill will act as Chairman of the board of
directors of the Corn Exchange National Bank, while E. D. Hulbert will
act as President of both the bank and trust company.
We are confident that the affiliation will be of great value to the stockholders of both banks.
The Corn Exchange National, we understand, will go into
the merger on the same footing as the Illinois Trust Co. and
the Merchants Loan & Trust Co.
—*--
Mr. Louis Eisendrath of Chicago was recently elected
Second Vice-President of the Franklin Trust & Savings
Bank of that city. Mr. Eisendrath was for many years
President of the firm of Strous, Eisendrath & Co.from which
he retired about four years ago. Mr. Eisendrath is a man
of high standing and well known in financial circles.
[voL. 109.
retain their positions. The First National Bank of Fresno
has a capital of $500,000, surplus and undivided profits of
$635,000, over $6,000,000 in deposits and total resources of
$8,000,000. The branch of the Bank of Italy in Fresno has
resources of $6,000,000. This branch was formed by the
acquisition of the Fresno National Bank and the Peoples'
Savings Bank.
Advices from Toronto state that the DOminion Bank (the
head office of which is in that city) has formed an affiliation
with the new British Overseas Bank, Ltd., an association
of banking institutions comprising the following large British
corporations in addition to the Dominion Bank, which is the
only Canadian bank represented: Union Bank of Scotland,
Ltd.; Williams Deacon's Bank, Ltd.; Anglo-South American
Bank, Ltd.; Glyn, Mills, Currie & Co., Northern Banking
Co: of Belfast, Ltd.; Imperial Ottoman Bank, Ltd., and
1-bares' Bank. The connection thus formed will afford the
Dominion Bank widely extended avenues for the handling
of the .foreign business of its customers. The total assets
of the institutions comprising the British Overseas Bank,
Ltd., are said to be more than $900,000,000.
The Cumberland Valley National Bank of Nashville
recently announced the increasing of its capital stock from
FINANCIAL STATEMENT OF U. S. FEB.28 1919
$300,000 to $500,000 and of its surplus and undivided profits
(Formerly Issued as "Statement of the Public Debt.")
from $125,000 to $225,000. The deposits of the institution
The following statements of the public debt and Treasury
now approximate $5,600,000 and total resources are $9,000,cash holdings of the United States are as officially issued
000. The bank was organized in 1910.
•
as of Feb. 28 1919:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
The consolidation of the National Bank. of Savannah Balance held
by the Treasurer of the United States as per daily
$1,692,006,081 20
Treasury statement for Feb. 28 1919
with the Hibernia Bank of that city, reference to
Deduct—Net excess of disbursements over receipts in February
which was made in these columns July 26, was effected on
45,935,039 24
reports subsequently received
July 28. In order to handle the increased volume of busi$1,646,071,041 96
ness of the Hibernia Bank, a number of the former employees Settlement warrants, matured interest obligations and check
outstanding:
of the National Bank have been taken over and others have
$25,850,680 62
Treasury warrants
been retained at the Broughton Street branch of the Natior a
28,084,937 88
Matured interest obligations*
207,307,127 97
Disbursing officers' checks
.
Bank, which is now being operated as a branch of the Hiber- Balance free of current obligations
1,384,828,295 49
nia with J. W. Durrett, Assistant Cashier, in charge.
$1,646,071,041 96
The physical consolidation of the Valdosta Bank & Trust
Co., Valdosta; Ga., with the Merchants' Bank of Valdosta
under the title of the latter institution (see our issue of
Aug. 2, page 450), was consummated on Aug.9.
The consolidation embracing the Commercial Trust &
Savings Bank, the Canal Bank & Trust Co. and the United
States Trust & Savings Bank of New Orleans (referred to in
these columns in our issues of July 12 and Aug. 9), together
with all their associate interests, formally opened their doors
as the Canal-Commercial Banks, with combined resources
of over $70,000,000. The two new organizations making
up the Canal-Commercial Banks are the Canal-Commercial
Trust & Savings Bank and its affiliated institution, the CanalCommercial National Bank. The first named institution
has a capital of $4,000,000 with surplus and undivided profits
of $2,000,000, while the latter has combined capital, surplus
and undivided profits of $1,400,000.
The National Bank of Commerce—the new Fort Worth
institution referred to in these columns March 29—expects
to open for business Aug. 18 at the corner of Sixth and Main
Streets, that city, with capital of $1,000,000 and surplus
fund of $500,000. The officials of the new bank are: C. J.
Benson, President; C. H. Pattison, A. E. Thomas, J. IT.
Jackson, Geo. A. Lock, Vice-Presidents; J. E. Willis, VicePresident and Cashier; C. E. Gillham and 0. F. Macon.
Assistant Cashiers.
The Guaranty Trust & Savings Bank of Los Angeles, Calif.,
announced the sudden death on July 29 of Vice-President
John F. Andrews.
Announcement was /Sado on July 14 that the Bank of
Italy (head office San Francisco) and purchased control of
the First National Bank of Fresno, Cal. the deal having
been concluded through the Stockholders Auxiliary Corporation, the holding company of the Bank of Italy. The First
National Bank, we understand, is to be continued as an
independent institution. 0. J. Woodward, for many years
its President and the chief banker in the San Joaquin Valley,
will continue in-office and'has been elected Chairman of the
Advisory Board of-the"Bank.of Italy at Fresno; he will also
become a Vice-President-of-the Bank of Italy in which capacity he will have charge-of all branches of that institution in
Central California. E. A.' Walrond, Vice-President and
Roy Pulliam, Cashier—of-the newly acquired bank, will
The unpaid interest due on Liberty Loans is estimated in cases where complete
reports have not been received.
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
$346,681,016 00
United States notes
152,979,025 63
Less gold reserve
$193,701,990 37
Excess of notes over reserve
Obligations that will be retired on presentation:
53,012 50
Old demand notes
National bank notes and Federal Reserve bank notes assumed
42,268,039 50
by the U.S. on deposit of lawful money for their retirement.._
6,844,417 82
Fractional currency
$242,867,460 19
Total
• DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2%, called for redemption
$4,000 00
May 18 1900; Interest ceased Aug. 18 1900
19,950 00
Funded loan of 1891, matured Sept. 2 1891
13,050 00
Loan of 1904, matured Feb. 2 1904
475,850 00
Funded loan of 1907, matured July 2 1907
10,970 00
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861, and other
900,340 26
items of debt matured at various dates subsequent to Jan. 1 1861
2,822,500 00
Certificates of indebtedness at various interest rates, matUred
1,562,360 00
.Loan of 1908-18
$5,809,020 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
—Outstanding Feb. 28 1919—
Amount
Interest
Registered.
Coupon.
Total.
itlefoTti—Payable.
$
1,786,250
599,724,050
2s, Consols of 1930-Q.-J. 646,250,150 507,937,800
14,013,650
118,489,900
45, Loan of 1925__ _Q.-F. 162,315,400 104,476,250
Panama Canal Loan:
9,100
54,631,980 48,945,080
48,954,180
28, Series 1906__Q.-F.
116,880
30,000,000 25,830,520
25,947,400
2s, Series 1908_ _ Q.-F.
50,000,000 43,347,500
6,652,500
50,000,000
38, Series 1911_Q.-M.
28,894,500
6,705,000
22,189,500
28,894,500
35, Convers'n bds Q.-J.
5,678,946,800 5,678,946,800
Var., Ctfs. of Indebt_mat 5,789,554,800
129,583,000
2s, Ctfs. of indebt_J.-J. 129,583,000 129,583,000
3 kis, 1st Lib. L'nJ.-D. 1,989,455,500 268,766,000 1,144,798,100 1,413,564,100
.J.
-D.
568,318,450
22,617,100 167,916,700
190,533,800
4s, 1st L. L. cony_
384,608,600
4)(0, 1st L. L.conv.J.-D. 384,701,600 81,126,000 303,572,600
820,582,750
4s, 2d Lib. Loan_ _M.-N. 3,807,863,600 93,603,450 726,979,300
4 s, 24 L.L.conv_M.-N. 2,924,230,850 422,314,050 2,369,606,200 2,791,920,250
4Xs,3d Lib. Loan.N1.-S. 4,173,143,950 506,066,800 3,501,136,450 4,007,203,250
6,913,235,617
4 qs,4th Lib. Loan_A.-0.a6,958,235,617
699,840
11,349,960
11,349,960 10,650,120
2)is, Pos:Sav. bds_ _J.-J.
(1st to 16th series)
b 4s, War Savings and
1,004,973,264 1,004,973,264
Thrift Stamps_mat.c1,065,014,576
Total
24,218,601,421
of int.-bear. dt_ _28,773,543,933
A ggreg.
_
a This amount represents receipts of the Treasurer of the United States on acFourth
Liberty
Loan
to
Feb.
28.
unt of principal of bonds of the
b The average issue price of War Savings Stamps for the years 1918 and 1919 with
interest at 4% per annum compounded quarterly for the average period to maturity
will amount to $5 on Jan. 1 1923 and Jan. 1 1924, reiipectively. Thrift Stamps
do not bear interest.
c This amount represents receipts of the Treasurer of the United States on account
of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
t RECAPITULATION. V. 1,̀1461 (!;:.
NET DEBT.
GROSS DEBT.
Debt bearing no int__ $242,867,460 19 Gross debt (opposite) $24,467,277,901 90
Deduct—
Debt on which interest
Balance free of cur5,809,020 26
has ceased
rent obligations
1,384,828,295 49
Interest-bearing debt_ _24,218,601,421 45
$23,082,449,606 41
*Net debt
$24,467,277,901 90
Gross debt
The amount of $8,120,664,550 00 has been expended to above date in this and
preceding fiscal years from the proceeds of sales of bonds authorized by law for
purchase of the obligations of foreign Governments. When payments are received
from foreign Governments on account of the principal of their obligations, they must
be applied to the reduction of the interest-bearing debt of the United States.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
July 31 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury
for July 31.
CURRENT ASSETS AND LIABILITIES.
GOLD.
ASSETS.
$
668,055,934 64 Gold cents. outstand.g. 694,323,637 00
1,793,738,044 55 Gold settlement fund,
Fed. Reserve Board..1,404,069,366 60
Gold reserve
152,979,025 63
Avail, gold in gen. fund.. 210,421,949 96
Gold coin
Gold bullion
Total
2,461,793,979 19
2,461,793,979 19
Note.-Reserved against $346,681,016 of U. S. notes and $1,729,558 of Treasury
are
also
Treasury
notes
secured by silver dollars in
notes of 1890 outstanding.
the Treasury.
SILVER DOLLARS.
ASSETS.
LIABILITIES.
Silver certfs. outstand'g $164,258,521 00
227,318,233 00 Treas. notes of 1890 out.
1,729,558 00
Silver dollars
Available silver dollars
In general fund
61,330,154 00
227,318,233 00
Total
227,318,233 00
GENERAL FUND.
ASSETS.
S
LIABILITIES.
Avail. gold (see above).. 210,421,949 96
Treasurer's checks out..
Avail, silver dollars (see
2,32.1,506 67
61,330,154 00 Deposits of Government
above)
15,764,258 00
United States notes_ _
officers:
40,685,805
50
Post
Office Dept
Federal Reserve notes_ _
18,288,326 14
33,933,734 50
Board of trustees,
Fed. Res. bank notes
62,789,206 96
Postal Savings SysNational bank notes
45,537 60
tern (5% reserve) _ _
Certifyd checks on banks
7,501,099 21
10,622,686 72
Subsidiary sliver coin
Comptroller of the
930,470 31
Currency, agent for
Minor coin
16,335,831 07
creditors of insolvSilver bullion
ent banks
Unclassified (unsorted
1,238,475 63
14,053,546 73
currency, &T.)
Postmasters, clerks of
Deposits in Feci'l Land
courts, &a
17,615,174 51
banks
500,000 00 Deposits for:
Redemption of Fed'l
z Deposits in Federal
Reserve banks
Res. notes(5% fd.) 190,939,394 20
144,879,383 27
Deposits in special deRedemption of Fed'I
positaries account of
Res. bank notes
sales of Liberty bonds
(5% fund)
9,367,750 00
Redemption of nat'l
and certfs. of indebt.
bank notes(5% Id.) 16,321,481 59
and Victory notes _ 410,183,000 00
Retirement of addiDeposits in foreign detional circulating
positaries:
To credit Treas. U.S. 22,025,854 95
notes, Act May 30
Deposits in nat'l banks:
1908
253,370 00
To credit Treas. U.S. 40,303,391 79
Exchanges of cur19,170,188 28
To credit other Govrency, coin, Acc
9,089,299 60
ernment officers_ _ _
283,019,766 23
Deposits in Philippine
Treasury:
To credit Treas. U.S.
6,270,658 17
To credit other Gov818,700,336 81
1,555,333 91 •Net balance
ernment officers.. _ _
Total
1,101,720,103 04
Total
1,101,720,103 04
*The amount to the credit of disbursing officers and agencies to-day was $1,820,606,981 76. Book credits for which obligations of foreign Governments are held
by the United States amount to $203,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $34,262,882.
z The available cash in Federal Reserve banks, in accordance with telegraphic
reports received, was $75,953,000. The difference is due to net disbursements
In transit and in process of examination.
IMPORTS AND EXPORTS FOR JUNE.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for June and from
it and previous statements we have prepared the following:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
MERCHANDISE.
Exports.
January
February
March
April
May
June
July
August
September__
October
November _
December _ •
imports.
1918.
1919.
1917.
$504,797
411,362
522,900
500,443
550,925
483.799
507,468
527,162
550,396
501,861
522,236
565,886
$622,553
585,097
603.142
714,500
606,380
918,213
$613,325
467,648
553,986
529,928
549.674
573,467
372,758
488,656
454,507
542,101
487,328
600.100
1919.
$212.993
235,124
267,596
272,957
328,924
293,070
$6.149,245 $6,233.478
Total
1918.
$233,942
207.715
242.162
278.981
322.853
260,350
241.873
273.003
261,669
246,765
251,008
210,887
19IT.
$241,791
199,480
270,257
253.936
280,727
306.623
225,926
267.855
236,197
221.227
220,535
227,911
$3,031,213 $2,952,468
GOLD.
Exports.
1919.
January
February
March
April
May.
Juno
July
August
September _
October
November
December ____
$3,396
3,110
3,803
1,770
1,956
82,973
Total
1918.
Imports.
1917.
$3,746
5,084
2,810
3,560
3,599
2,704
7.200
3.277
2,284
2,178
3,048
1.580
$20,720
22,068
17,920
16,965
57,698
67,164
69.052
46,049
31.333
11.154
7,223
4,538
$41,070
$371,884
1919.
$2,113
3,945
10,481
6,692
1,079
26,134
1918.
1917.
$4,404
2,549
1,912
2,746
6,621
31.892
2,597
1.555
2,611
1.470
1,920
1.766
$58.926
103.766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,906
17,088
$62,043
$552,464
Imports.
Exports.
1919.
January
February
March
April
May
June
July
August
September__ _ _
October
November _
December __
1918.
$19,615
33,100
23.106
25,077
28.598
12,604
Total
Total
Total
651
THE CHRONICLE
AUG. 16 1919.1
1917.
$6,628
6,519
13.432
12,251
46,381
8.566
40,686
20,549
10,340
32,038
7,150
48,306
$5,887
7,694
5,556
4,353
6,272
8.965
5,538
7,504
10,465
6,983
4,789
10.15
$252.846
$84.131
1
1919.
$5.576
6,757i
8,198
7,067;
7,913
7,079
I
,
1918.
1917.
$5,998
4,449
6,963
5,081
7,298
5,351
5,220
7,257
7,172
6,766
5,490
4,330
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
5,796
5,050
9,086
6,155
$71.375
$53,341
EXCESS OF EXPORTS OR IMPORTS.
Merchandise.
1919.
1918.
I
$
1
Jan _ +409.560 +270.855
Feb_ _ +350.973 +203.647
Mar _ +335,546 +280,738
A pill,. +441,543 +221,482
May.. +277,456 +228,072
June _ +625,143 +223.449
+265.590
July
Aug
+251,159
Sept
+288,727
Oct
+2.55.006
+271,228
Nov
Dec_
;
Gold.
1917.
1919.
I
1918.
Sliver.
1919.
1918.
$
S
1
$
+371,531 +1,2831
-658
+268,168
-835 +2,535
+283.729 -8,678
+898
+275.992 -4.922
+814
+268,947
+877 -3.022
+266,844 +56,839 -29,188
+146,332
+4,603
+220,801
+1,722
-327
+218,310
+320,874
+708
+266,79:1
+1,128
+372,189
-186
+14,039
+630
+26.343 +2.070
+14,908 +6,469
+18,010 +7.170
+20,685 +39,083
+5,529 +3,215
+35.466
+13,292
+3,168
+25.272
+1,680
+43,976
,
20,973
+181,471
Totall
+3.118.032+3,281,010
+ Exports. -Imports
Totals for merchandise. gold and silver for twelve months:
•
12
Mos.
(000s
omitted).
Merchandise.
Exports.
Daports.
Excess
Exof
Exports. ports.
Gold.
Silver.
Excess
Exhaof
ports. :Exports ports.
Excess
Imof
ports. Exports
$
I
$
1$131$
3 •
'18-19 7,224,745,3,095,873 4,128,872.116,576: 62,3641 54,212. 01,174
'17-18 5.919,711;2,945,655 2,974,056 190,852,124,4131 66,439 139,181
'16-17 6,290,0482,659,355 3,630,69091,921,977,1764685255 78,279
15-16,4,333,4832,197,884 2,135,599 90,249,494,009 4403761 59,791
'14-152,768,589,1,674,169 1,094,420'146,22.4171,5691 425,345 50,942
54,965
'13-142,364,579,1,893,926 470,653 112,039' 66,539; 45,
t Excess of imports.
78,825222,349
70,328 68,853
35,003 43,276
34,514 25,637
29,110 21,832
30,327 24,638
Similar totals for the six months since Jan. 1 for six
years make the following exhibit:
Merchandise.
Mos.
(0003
omitted).
In_
Exports.
ports.
Exoci.ss
ExExports. ports.
Gold.
Silver.
Excess
ExIm.
of
parts. Exports ports.
ports.
$
3
S
$
$
$
1919 _ 4,049,884 1,610,6642,439,220 97,009 50,445; 46,564 142,104
1918 _ 2,974,2261,541,004 1,428,222 21,503 50,124128,621 93,777
1917 .3,288,028 1,552,8161,735,212 202,534 478,1654175631 38,727
1916 _ 2,480,6211,285,0971,195,524 66,406 186,9794120573 31,042
1915 _ 1,701,808 865,809 835,999 7,583 144,9241137341 24,850
1914 .. 1,016,844. 980,916 65,928 83,974 30,743; 53,231 25,510
.,
1913.1,166,282, 879,587 286,695 63,735 27,910,
1912 _ 1,099,616 884,652 214,964 33,397 25,2641 8,133 33,669
I Excess of imports.
Im-
Excess
of
Exports
$
42,590
35,152
18,152
15,412
15,742
12,590
99,514
58,625
20,575
15,630
9,108
12,920
15,190
25,264 8,405
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 24 1919:
GOLD.
The Bank of England gold reserve against its note issue is £86,198,105,
compared
with last week's return.
as
£352,660
a decrease of
The Ottawa Mint has been authorized by the Indian Government to sell
immediate Telegraphic Transfers upon India to an unlimited amount at
the rate of one rupee for each 9.4168 grains of fine gold deposited. Thus
the gold contents of one sovereign would purchase 12 rupees. In order to
ascertain what it would cost merchants here to purchase such remittances
via Ottawa, the difference between the present exchange and the normal
gold par with the U.S.A. (where gold could be obtained) would have to be
added to ls. 8d. (12 rupees to the Sovereign). At today's U.S.A. exchange
(438) the value would be about Is. 10 1-164. As a sequel to this arrangement the amount of India Council drawings offered for tender here has been
reduced from 100 to 70 lees of rupees.
It is stated that the negotiations between the South African gold producers and the Government have materialized into an arrangement by
which a portion of the output can be shipped abroad, and that a large con-.
signment-some 50,000 ounces-will in consequence be shipped to the
United States of America. The exchange with that country is at the present
time so favorable to such a transaction, that the mineowners will obtain
much more value for their gold than if they were compelled to deliver it to
the Bank of England at its buying price of 77s. 9d. per ounce standard, as
during the war.
During the week gold to the value of $609,000 has been shipped or engaged
for shipment from New York. Of this amount about one-half is for South
America and the remainder for London and Paris.
SILVER
The market has been firm throughout the week. The American exchange
showed great strength, but this has not been the principal cause, as the price
of silver in America has been adjusted almost exactly to its movements.
The chief cause has been a shortage of silver stocks in this country, and the
difficulty of replenishing them, owing to a demand for prompt remittances
to China. In these circumstances, after the 21st Inst., silver for two months
delivery was at a discount compared to that for cash delivery, instead of a
premium as it had previously commanded.
INDIAN CURRENCY RETURNS.
June 30.July 7. July 15.
(In lacs of rupees)
16276 16242 16390
Notes in circulation
4450
4410
4553
Silver Coin and Bullion in India
200
200
200
Silver Coin and Bullion out of India
Bullion
in
India
1769
1774
1779
Gold Coin and
Gold Coln and Bullion out of India
1608
1608
Securities (Indian Government)
1608
Securities (British Government)
8249 8250 8250
[VOL. 109.
THE CHRONICLE
652
The coinage during the week ending 15th. inst. amounted to 153 lacs
of rupees.
The stock in Shanghai on the 19th July consisted of about 17,850,000
ounces in sycee and 12,200,000 dollars, as compared with about 20,400,000
ounces in sycee and 12,200,000 dollars on the 12th inst. The Shanghai
exchange is quoted at 5s. 6d. the tael. Quotations for bar silver per ounce
standard.
2 Mos.
Cash.
Cash.
2 Mos.
54%d.
July 24
547-8d. 544d.
July 18
5434d
54.462d. 54.400d.
July 21
545-16d. Average
5434d
5%
July 22
54%d. 545-16d. Bank rate
Bar gold per oz. standard_ _77s. 9d.
July 23
549-16d. 54%d.
The quotations today for cash and forward delivery are %d. and Md.
respectively above those fixed a week ago.
We have also received this week the circular written under
'date of July 17 1919:
GOLD.
The Bank of England gold reserve against its note issue is £86,550,765
an increase of £26,765 as compared with last week's return. Owing to the
fall in the American exchange there has been a considerable lessening of the
amount of gold released in New York, and only $1,485,000 has been shipped
during the week or engaged for shipment. Of this amount $1,000,000 is
for Spain. The Transvaal gold output for June 1919 amounted to £2,983,515 as compared with /3,079.583 for May 1919 and £3,091,058 for June
1918. Below will be found statistics with regard to India as to the entry
and exit of gold during the half century ending with the financial year
1913-14, calculated as a quinquennial average:
Exports.
Net Imports.
Imports.
£6,038,000
£314,000
£5,724,000
1864-1865 to 1868-1869
3,107,000
179,000
2,928,0001869-1870 to 1873-1874
1,482,000
888,000
594,000
1874-1875 to 1878-1879
3,477,000
8.3,000
2,394,000
1879-1880 to 1883-1884
2,537,000
239,000
1884-1885 to 1888-1889
2,298,000
2,936,000
1,374.000
1,562,000
1889-1890 to 1893-1894
000
3
1,894,000
1894-1895 to 1898-1899
1,510,000
8,666,000
4,544,000
4,122,000
1899-1900 to 1903-1904
11,233,000
5,002,000
6,231,000
1904-1905 to 1908-1909
21,858,000
3,092,000
18,766,000
1909-1910 to 1913-1914
The net total absorption for the above mentioned fifty years amounts to
the large aggregate of £230,645,000. As the production of the world
during the fifty calendar years ending 1913 amounted to £2,125,750,000,
India absorbed over 11% of this total. Although the absorption during
the last quinquennial period is more than three times that during the first
mentioned, it represents an almost similar percentage of the world's production during these five years. This coincidence is remarkable, considering that conditions were quite different, for during the former period
India possessed a free silver mint, whilst during the latter the mint was
closed to free silver coinage, and though British sovereigns were legal tender
they could be melted without illegality. The fact indicates that India's
demand for gold is for the metal itself rather than for its use as a medium
of currency.
SILVER.
The firmness of the China and American exchanges have combined to
hring about a considerable rise in the price of silver; the advance was daily
with the exception of that on the 12th inst. The premium on forward
delivery has been reduced from Md. to Md. Business is fairly active and
the tone is steady.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesJune 22.
June 30.
July 7.
Notes in circulation
16078
16276
16242
Silver coin and bullion in India
4159
4450
4410
Silver coin and bullion out of India
300
200
200
Gold coin and bullion in India
1774
1761
1769
Gold coin and bullion out of India
Securities (Indian Government)
1608
166§
1608
Securities (British Government)
8249
8250
8250
benefited thereby. In the following we give comparisons
with previous months:
Tons.
Tons.
Tons.
July 31 1919_ 5,578,661 July 31 1916._ 9.593.592 June 30 1913_ 5,807,317
June 30 1919.... 4,892,855 June 30.1916_ 9,640,458 May 31 1913_ 6,324,322
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
1919_
1919._
1919_
1919_
1919.1918_
1918_
4,282,310
4,800,685
5,430,572
6,010,787
6,684,268
7,379,152
8,124,663
May 31
April 30
Mar. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oct. 31 1918_
Sept. 30 1918__
Aug. 31 1918_
July 31 1918._
June 30 1918May 31 1918._
April 30 1918__
Mar. 31 1918_
Feb. 28 1918.Jan. 31 1918_
Dec. 31 1917-Nov. 30 1917-Oct. 31 1917Sept. 30 1917_
8,353,298
8,297,905
8,759,042
8,883,801
8,918,866
8,337,623
8,741,882
9,056,404
9,288,453
9.477,853
9,381,718
8,897,106
9,009,675
9.833,477
Oct. 31 1915.Sept. 30 1915__
Aug. 31 1915_
July 31 1915_
June 30 1915_
May 31 1915April 30 1915Mar. 31 1915_
Feb. 28 1915_
Jan. 31 1915_
Dec. 31 1914_
Nov. 30 1914__
Oct. 31 1914__
Sept. 30 1914__
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
1917_10,407,049
1917..10,844,164
1917..11,383,287
1917_11,886,591
1917..12,183,083
1917_11,711,644
1917_11,576,697
1917_11,474,054
1916_11,547,286
1916_11,058,542
1910_10,015,260
1916-- 9,522,584
1916- 9,660,357
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
191619161916-1916._
191619151915_
19141914.1914191419141914.1914_
1914._
1913-1913._
1913-1913_
1913._
1913_
9,937,798 April 30
9,829,551 Mar. 31
9,331,001 Feb. 28
8,568,966 Jan. 31
7,922,767 Dec. 31
7,806,220 Nov. 30
7,189,489 Oct. 31
1913.1913._
1913-1913._
19121912_
1912._
6,978,762
7,468,956
7,656,714
7,827,368
7,932,104
7,852,883
7,594,381
6,165,452 Sept. 30 1912_ 6,551,507
5,317,618 Aug. 31 1912._ 6,163,375
4,908,455 July 31 1912_ 5,957,073
4,928,540 June 30 1912_ 5,807,349
4,678,196 May 31 1912_ 5,750,986
4,264,598 April 30 1912__ 5,664,885
4,162,244 Mar. 31 1912_ 5,304,841
4,255,749 Feb. 29 1912._ 5,454,201
4,345,371 Jan. 31 1912._ 5,379,721
4.248,571 Dec. 31 1911._ 5,084,765
3,836,643 Nov. 30 1911__ 4,141,958
3,324,592 Oct. 31 1911_.: 3,694,327
3,461,097 Sept. 30 1911._ 3,611,315
3,787,667 Aug. 31
4,213,331 July 31
4,158.589 June 30
4,032,857 May 31
3,998,160 April 30
4,277,068 Mar. 31
4,653,825 Fob. 28
5,026,440 Jan. 31
4,613,680 Dec. 31
4,282,108,Nov. 30
4,396,347,0ot. 31
4,513,767 Sept. 30
5,003,785 Aug. 31
5.223,488 July 31
5.399,356 1
1911_
1911._
1911._
1911_
1911._
1911._
1911._
1911._
1910._
1910._
1910._
1910._
1910.1910_
3,695,985
3,584,088
3,361,087
3,113,154
3,218,700
3,447,301
3,400,543
3,110,919
2,674,750
2,760,413
2,871,949
3,148,108
3,537,128
3,970,931
ANTHRACITE COAL SHIPMENTS.-The shipments of
anthracite coal for July 1919, as reported to the Anthracite
Bureau of Information at Philadelphia, Pa., amounted to
6,052,334 tons, exceeding the six-million mark for the first
time since October 1918. The Bureau says:
"Compared with July 1918, when production was abnormally stimulated by war
conditions, the shipments last month showed a decrease of 1,032,441 tons. A large
part of this decrease, however, was in t•-te production of steam sixes from washieries
that are not In operation this year. Wastery production in 1918 averaged 550,000
tons a month, whereas in recent normal years the washery output has amounted to
between 150,000 and 250,000 tons a month. The shipments for the first four months
of the coal year, beginning April 1, amounted to 22,608,555 tons, as compared with
21,146,536 tons for the corresponding period in 1916, an increase of nearly one and
a half million tons."
The shipments by the various carriers in July 1919 and
1918 and for the respective coal years to July 31, were as
follows:
July
1918.
1919.
tons_1,131,451 1,420,624
1,111,420 1,319,731
641,547
544,171
RoadPhiladelphia & Reading
Lehigh Valley
Central RR. of New Jersey
Delaware Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Lehigh & New England
4 Mos. to Coal Year1018.
1919.
4,416,397
5,356,093
4,049,200
5,176,042
2,303,175
2,359,412
980,100 1,034,561
3,682,922
4,095,620
731,385
433,517
663,421
176,524
280,345
2,664,082
1,591,343
2,483,139
656,110
1,032,187
3,191,764
1,929,121
3,037,121
717,326
1,345,574
820,530
504,630
824,242
167,656
351,254
.6,052,334 7,084,775 22,608,555 27,208,073
Total
LAKE SUPERIOR IRON ORE SHIPMENTS.-Shipments of Lake Superior iron ore during the month of July
1919 amounted to 9,173,429 tons, nearly 1,500,000 tons less
than the shipments for July 1918. The movement to Aug. 1
aggregated 25,181,848 tons, comparing with 29,608,933
The mintage during the week ending 7th inst. amounted to 133 lacs of 1919
rupees. The stock in Shanghai on the 12th inst. consisted of about 20,- tons shipped during the corresponding period last year.
The comparative shipments by ports for July 1919, 1918
400,000 ounces in sycee and $12,200,000, as compared with about 22,900,000
ounces in sycee and $12,300,000 on the 5th inst. The Shanghai exchange and 1917 and for the respective seasons to Aug. 1 follow:
is quoted at 5s. 434d. the tad. Quotations for bar silver per oz. standard.
July 11
July 12
July 14
July 15
July 16
Cash.
5334d.
5334d.
53%d.
533-d.
5434d.
Two Mos.
5334d.
5334d.
5334d.
54 1-16d.
54 5-16d.
Cash.
Two Mos,
543
/
8d.
July 17
5434d.
Average
53.729d. 53.937d.
Bank rate
5%
Bar gold, per oz. standard....77s. 9d.
1919.
Escanaba_tons.1,007,036
Marquette._ 443,850
1,176,553
Ashland
2,244,907
Superior
DulZth___ _3,122,098
July
Season to Aug. 1
1919.
1918.
1917,
1918.
1917.
932,274 2,421,563 2,842,877 3,137,571
1,109,511
643,887
891,726 1,684,019 1,269,636
630,341
1,337,047 1,238,326 2,944,845 3,373,115 3,147,794
2,352,679 2,231,502 5,486,468 7,051,244 5,757,584
3,636,948 3,543,873 9,821,130 9,913,087 8,672,767
Two Harbors_1,178,985 1,592,677 1,651,771 3,616,110 4,744,591 4,391,416
The quotations to-day for cash and forward delivery are 1 Md. and id..
respectively, above those fixed a week ago.
Total
9,173,429 10,659,203 10,241,633 25,181,848 29,608,933 20,376,768
litomuterciali andWisceliantrats4.C1ITS
ENGLISH FINANCIAL MARKETS-PER CABLE.
Canadian Bank Clearings.-The clearings for the week
The daily closing quotations for securities, &c., at London,
ending Aug. 7 at Canadian cities, in comparison with the
as reported by cable, have been as follows the past week:
London,
Aug. 9. Aug. 11. Aug. 12. Aug. 13. Aug. 14. Aug.15. same week in 1918, shows an increase in the aggregate of
39.5%.
Week ending Aug. 15Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Silver, per oz
Consols, 214 per cents
d
5814
Holiday
British 5 per cents
Holiday
British 43-4 per cents
Holiday
French Rentes (in Paris)_fr_ ____
French War Loan (In Paris) fr ___
5814
5134
9414
89
61.65
88.7
5814
5134
9434
88
5834
52
9411
884
61
87.70
58%
5234
59
5234
94%
88% .
8814
94%
_
The price of silver in New York on the same day has been:
Silver in N. Y., per oz_cts_111%
1124
.._ _ _
11234
113
11234
11234
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.The United States Steel Corporation on Saturday, Aug. 9
1919, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
July 31 1919, in the amount of 5,578,661 tons, an increase
of 685,806 tons over the aggregate on hand as of June 30
last. The increase in unfilled tonnage in the past two
months aggregates 1,296,351 tons. As compared, however,
with the unfilled orders a year ago at this time, the current
figures record a decline of over 3,300,000 tons. , A further
increase in unfilled tonnage is looked for in August, as steel
buyers, now convinced that prices will go no lower, are no
longer hesitating to place orders for fear of lower prices.
Furthermore, no Federal rail orders were placed in July,
and it is expected that the August tonnage figures will be
1Veek ending August 7.
Clearings atInc. or
1919.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Calgary
Ottawa
Quebec
Victoria
Hamilton
Edmonton
Halifax
Bt. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
°TA*al On narla
$
135,168,135
77,848,380
40,538,833
12,935,704
6,460,216
8,809,248
6,306,432
2,450,740
6,067,557
4,865,810
4,494,301
3,015,864
2,971,494
4,196,210
2,208,559
1,648,128
911,789
875,703
1,123,969
857,002
689,145
547,102
842,189
845,502
969,642
1,730,858
470,417
1918,
Dec.
1917.
1916.
$
$
$
%
77,915,850 +73.5 78,263,060 61,621,428
56,807,914 +37.0 51,029,187 35,312,051
34,711,501 +13.9 32,240,178 43,371,729
15,384,457 -15.9 7,904,553 5,658,449
6,869,807 -6.0 5,904,849 4,352,715
6,066,143 +45.2 5,283,313 4,362,365
4,842,297 +30.2 3,898,295 3,713,904
2,359,439 +38.6 1,608,738 1,635,641
4,421,049 +37.2 3,734,020 2,964,617
2,897,782 +67.9 2,624,492 1,802,649
4,737,611 -5.1 3,183,045 2,469,387
2,781,719 +8.4 2,171,875 2,143,691
2,101,097 +46.2 2,018,638 1,889,005
3,327,395 +26.1 2,437,963 2,364,546
1,826,672 +21.0 1,844,470 1,477,528
951,648
1,385,380 +19.0 1,000,000
742,453
777,557 +17.2 1,015,356
451,796
644,543 +35.8
577,926
753,653
542,437
772,600 +45.4
559,122
804,479 +6.5
442,852
301,421
617,639 +13.2
293,173
586,113
427,092 +28.1
469,458
646,128
730,341 +15.3
477,081
885,642 -4.5
585,058
473,616
619,983 +56.4
492,824
457,480
785,899 +120.2
236,283 +99.1
290 RAO Con 92c '727 111
-L.20 A 91n AAR 1.1.7 IRA RIV7 sign
AUG. 16 1919.]
THE CHRONICLE
653
National Banks.-The following information regarding
Auction Sales.-Among other securities, the following,
national banks is from the office of the Comptroller of the not usually dealt in at the Stock Exchange, were recently sold
Currency, Treasury Department:
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
APPLICATIONS FOR CHARTER.
?or organization of national banks:
Capital.
The American Yougo-Slav National Bank of New York, N. Y.$1,000,000
Correspondent, Ormsby McHarg, 380 Riverside Drive,
New York City.
The First National Bank of Swansea, S. C
25,000
Correspondent,- M. L. Brogden, Swansea.
The First National Bank of Pescadero Calif
25,000
Correspondent, M. J. Bettencourt, half Moon Bay, Calif.
The People's National Bank of Jefferson City, Tenn
25,000
Correspondent, J. R. Renfro, Jefferson City.
The Falls National Bank of Niagara Falls, N. Y
100,060
Correspondent, Alexander Zaleski, Niagara Falls.
The First National Bank of Neponset, Ill
25,000
Correspondent, E. F. Norton, Neponset.
The Falls National Bank of Niagara Falls, N Y
100,000
Correspondent, Alexander Zaleski, Niagara Falls.
The First National Bank of Neponset, Ill
25,000
Correspondent, E. F. Norton, Neponset.
The Wisconsin National Bank of Janesville, Wis
100,000
Correspondent, E. W. Lowell, Janesville.
Beach Haven National Bank, Beach Haven, N J
25,000
Correspondent, Robert F. Engle, Beach Haven.
The Afton National Bank, Afton, N Y
25,000
Correspondent, Harry G. Horton, Afton.
For conversion of State banks:
The Central National Bank & Trust Co. of Kansas City, Mo
200,000
Conversion of the Central Exchange Bank of Kansas City.
Correspondent, Otto W. Croy, Kansas City.
Total
$1,550,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Bassett, Neb
President, J. M. Flannigan; Cashier, V. A. Stockwell.
The Northern National Bank of Great Falls, Mont
President, J. M. Ryan; Cashier, J. P. Hughes.
The Fords National Bank, Fords, N. J
President, Abel Hansen; Cashier, Geo. Wood.
Conversions of State banks:
The National Bank & Trust Co. of Pasadena, Cal
Conversion of the Crown City Trust & Savings Bank, Pasadena. President, J. B. Cou!sten; Cashier, R. C. Davis.
The First National Bank of Roanoke, Ind
Conversion of the State Bank of Roanoke. President, A.
Wasmuth; Cashier, D. A. Wasmuth.
$30,000
100,000
25,000
300,000
30,000
Total
$485,000
CHARTERS EXTENDED.
The City National Bank of San Antonio, Tex. Charter extended until
close of business Aug.
9 1939.
INCREASES OF CAPITAL.
Amount.
The First National Bank of Appleton, Wis. Capital increased
from
to
$50,000
The Mason National Bank, Mason, Tex. Capital increased from
$25,000 to $50,000
25,000
The Union National Bank of Muskegon, Mich. Capital increased
from $100,000 to
The First National Bank of Panama City, Fla. Capital increased
from $100,000 to $125,000
25,000
The First National Bank of Columbia, Ill. Capital increased from
$25_,000 to $50,000
25,000
The F' irst National Bank of El Monte, Calif. Capital increased
from $25,000 to $50,000
25,000
$300,000
$350,000
$400,000
300,000
Total
$450,000
GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy.of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for July 1919 and
1918.
Receipts.
OrdinaryCustoms
Internal revenue:
Income and profits tax
Miscellaneous
Miscellaneous revenue
Total
Panama CanalTolls, &c
July 1919.*
$
20,498,245 83
July 1018.
$
15,837,889 92
44,043,414 30
110,038,601 20
52,821,655 11
497,496,376 62
227,401,016 53
641,257,143 00
379,786 49
619,004 14
12t,g11:2?8
II
Public DebtFirst Liberty bonds
2,656,56900
Second Liberty bonds
062 00
Third Liberty bonds
516,191,10094
Fourth Liberty bonds
1,334 00
Victory notes
423,845,656 58
Certificates of indebtedness
1,374,500,842 87 1,838,763,60000
War Savings and Thrift stamps
5,176,865 12 211,417,042 61
Postal Savings bonds
103,140 00
193,18000
Deposits for retirement of national bank notes and
Federal Reserve bank notes (Acts of July 14
1890 and Dec. 23 1913)
742,614 12
340,660 00
Total
1,804,370,452 67 2,369,569,014 55
Grand total receipts
2,032,152,155 69 3,011,446 151 69
Disbursements.
OrdinaryCheeks & warrants paid (less bals. repaid, &c.).._ 838,092,708 84 1,221,040,639 81
Interest on public debt paid
40,318,394 27
38,741,959 42
Total
878,411,103 11 1,259,782,599 23
SpecialPanama Canal: Checks paid (less balances repaid, &c.)
Purchase of obligations of foreign Governments_ _
Purchase of Federal Farm Loan bonds:
Principal
Accrued interest
Total
212,467 23
97,650,000 00
1,730,671 63
343,485,000 00
3,250,000 00
34,383 58
97,862,467 23
348,500,055 21
Public DebtBonds, interest-hearing notes, and cents. retired_1,486,578,923 58 1,475,077,303 74
One-year Treasury notes redeemed (Sec. 18, Federal Reserve Act, approved Dec. 23 1913)-4,785,000 00
National bank notes and Federal Reserve bank
notes retired (Acts of July 14 1890 and Dec. 23
1913)
2,264,152 50
1,026,070 00
Total
1,488,843,076 08 1,480,888,373 74
Grand total disbursements
2,465,116,646 42 3,039,171,028 18
Excess of total disbursements over total receipts_ 432,964,490 73
77,724,876 49
• Receipts and disbursements for June,reaching the Treasury in July,are included
.
Shares. Stocks.
Shares. Stocks.
204 Rose Sales Co., Inc., com___1$6 lot 10 First Nat. Bank of N.Y
1026
200 Rose Sales Co., Inc., pref____J
10 Spencer & Co., $50 each_$35 per sh. Bonds.
Percent.
10 United Gas & Electric Corp_ _ _ 20 $5,000 Japanese Govt. 4s of 1905_ 7134
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
45 National Shawmut Bank
26234
1 Webster & Atlas Nat. Bank_ _ _22234
87 Mass Cotton Mills
142-14234
Pepperell
Manufacturing..
8
201-20234
89 Dartmouth Mfg., common.. _22534
23 Arlington Mills
140
110
25 Hamilton Woolen
20 Everett Mills
1704
Shares. Stocks.
$ per sh
10 Mill Manufacturing
105
30 Lowell Bleachery rights
1734
100 Fairhaven Mills, common
12034
151 Merrimac Chemical,$50ea.934-95
6 Quincy Mkt.,C.S.ilk W., prof_ 8734
2 University Associates
3234
7 Quincy Mkt.,C.S.& W..com_170
5 Fourth-Atlantic Nat. Dank_ -271
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
5 National Shawmut Bank
10 Manomet Mills
2 U. S. Worsted, 2d pref
1 Dartmouth Mfg., pref
1 Franklin Co., Lewiston
7 Everett Mills
60 New Eng. Equitable Ins
$ per sh. Shares. Stocks.
$ per sh.
26234 72 Knick.-Port. Cement, corn.,
190
$10 each
5
55
15 Quincy Market, C. S. & W.,
common
8534
1703447034
200
2 W. L. Douglas Shoe, pref
98
170 24 Lincoln Manufacturing
15134
51 lot 50 Lowell Bleachery rights
1734
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh
3 Fourth Street Nat. Bank
104 St. Petersburg (Fla.) Golf
320
Develop. Co. and $50,000
9 Tenth Nat. Bank of Philo,
1284
nota of St. Petersburg Golf
25 Corn Exchange Nat. Bank_ __ _38634
Devel. Co. due 1935, with
15 Kensington Nat. Bank,$50 ea..118
accompanying mortgage.... $1.500 4 Northern Trust
500
250 Pa. Garage & Service, $10 each 1
15 Logan Trust
1554
5 Fidelity Trust
510
5 People's Trust, $50 each
40
371
3 Ninth Nat. Bank
10 Mutual Trust,$50 each
4834
39 rights to subscribe to Commer1 Nat. Bank of Chester Valley,
85
cial Trust Co. og $200
Coatesville, $50 each
11534
50 Continental-Equit. T. & T.,
10 Victory Fire Ins., 540 paid
54
9434 10 United Gas & Elec., 1st pref.._ _ 2034
$50 each
15 Middle City Bank,550 each
_ 60
6 United Gas & Elec., 2d pref
5
2 W. F. Kerr Auto Supply, Inc.,
8 United Gas & Elec., common
1
510 each
10
Bonds.
Percent.
145 Bergner & Engel Brew., pref
254 $2,000 Pitts. & Charleroi St. Ry.
141.13ergner & Engel Brew., corn.... 6
1st 55, 1932
594
2 Fire Assn. of Phila., $50 each _320
1,000 Wilkes-Barre & Hazleton
8 Bank of North America
295
KR. ls. coll. .,r. 5s. 1951.. 40
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
•
$1.75 Aug. 28 Holders of rec. July 19a
154 Sept. 2 Holders of rec. July 31a
2
Sept. 2 Holders of rec. July:19a
154 Sept.30 Sept.16 to Sept.30
% Sept.30 Sept. 16 to Sept. 30
234 Oct. 1 Holders of rec. Sept. 2
234 Aug. 20 Holders of rec. Aug. :la
334 Aug. 20 Holders of rec. Aug. :la
14 Sept. 2 Holders of rec. Aug. 230
50c Sept. 1 Holders of rec. Aug. 9a
8734c Sept. 1 Holders of rec. Aug. 9a
*2
Aug. 20 .Aug. 16 to Aug. 19
.24 Sept.20 *Holders of rec. Aug. 28
14 Sept. 2 Holders of rec. Aug. 60
1
Aug. 20 Holders of rec. Aug. 2a
14 Sept. 19 Holders of rec. Aug. 30a
1
Aug. 19 Holders of rec. July 31a
$1
Aug. 25 Aug. 14 to Aug. 19
454 Aug. 20 Holders of rec. Aug. 70
75c. Aug. 30 Holders of rec. Aug. la
154 Aug. 30 Holders of rec. Aug. 140
154 Sept. 1 Holders of rec. Aug. 204
50c. Sept. 11 Holders of rec. Aug. 26a
134 Oct. 1 Holders of rec. Aug. 300
254 Oct. I Holders of rec. Sept. 2a
2
Oct. 1 Holders of rec. Sept. 20
Railroads (Steam).
Alabama Great Southern. preferred_ _
Atch. Topeka dr Santa Fe, corn. (quar.)
tBaltimore & Ohio, preferred
Buffalo & Susquehanna, corn.(guar.)._ _
Common (extra)
Canadian Pacific, common (quar.)
tChic. St. Paul Minn. & Om.,common_
tPreferred
On. N.0.& Texas Pacific, pref.(quar.)
Cleveland & Pittsb., spec. guar.(quar.)
Regular guaranteed (quar.)
Delaware & Bound Brook (quar.)
Delaware dc !Judson Co. (guar.)
Illinois Central (quar.)
New York Ontario & Western
Norfolk dr Western,common (quar.)
Preferred (quar.)
North Pennsylvania (guar.)
Oswego & Syracuse
Pennsylvania ItR.(quar.)
Pittsburgh & West Virginia, pref.(quar.)
Pittsb. Youngst. & .4 shtabula, pref. (qu.).
Reading Co. first preferred (quar.)......_
Southern Pacific (guar.)
Union Pacific, corn. (quar.)
Preferred
Street and Electric Railways.
Central Arkansas Ry. At Light, pf. (qu.) 154 Sept. 2 Holders of rec. Aug. 15a
Cities Service Co., corn.& pref.(mthly)54 Sept. I Holders Of rec. Aug. 15a
Common (payable in common stock_ fl
Sept. I Holders of rec. Aug. 15a
Common and preferred (monthly)__ _ _
54 Oct. I Holders of rec. Sept. 15a
Common (payable in common stock). fl
Oct. I Holders of rec. Sept. 15a
Cities Service. Bankers shares(monthly) 49.1c. Sept. 1 Holders of rec. Aug. 15a
Detroit United Ky.(quar.)
2
Sept. 1 Holders of rec. Aug. 160
Northern Texas Elec. Co., corn. (guar.) 2
Sept. 2 Holders of rec. Aug. 184
Preferred
3
Sept. 2 Holders of rec. Aug. 180
Philadelphia Co.. 5% preferred
$1.25 Sept. 1 Holders of rec. Aug. 9a
Rochester Ry. & Light, preferred (quar.)
154 Sept. 2 Holders of rec. Aug. 25
Preferred, series B (quar.)
134 Sept. 2 Holders of rec. Aug. 25
Trust Companies.
Lawyers Title cfc Trust (guar.)
14 Oct. 1 Sept. 14 to Oct. 1
Miscellaneous.
Acme Tea,first preferred (guar.)
..134 Sept. 1 *Holders of rec. Aug. 20
American Bank Note, pref. (guar.)._
760. Oct. 1 Holders of rec. Sept. 15a
American Chicle, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 20
American Cotton Oil, common (quar.)_ _
1
Sept. 2 Holders of rec. Aug. 15a
American Druggist Syndicate
40c. Sept.15 Holders of rec. July 310
Americai Express (guar.)
*134 Oct. 1 *Holders of rec. Aug. 30
American Gas rtr ElectricCommon (payable in common stock). f23.4 Oct. 1 Holders of reo. June 20
Amer. Hide & Leather, pref. (quar.) _ _ _
14 Oct. 1 Holders of reo. Sept. 13a
Preferred (extra)
2
Oct. 1 Holders of rec. Sept. 130
Amer. Laundry Machinery, corn.(guar.) *1
Sept. 1 *Holders of rec. Aug. 22
American Locomotive, cons. (guar.)
.134 Sept.30 'Holders of rec. Sept. 13
Preferred (guar.)
*14 Sept.30 *Holders of rec. Sept. 13
American Radiator, common (guar.) - 3
Sept.30 Sept.23 to Sept.30
American Smelt. & Refining, corn. (qu.) 1
Sept. 15 Aug. 30 to Sept. 7
Preferred (guar.)
14 Sept. 1 Aug. 16 to Aug. 24
American Sugar Refining, corn. (quar.)_
134 Oct. 2 Holders of rec. Sept. 2a
Common (extra)
54 Oct. 2 Holders of rec. Sept. 20
Preferred (quar.)(No.111)
154 Oct. 2 Holders df rec. Sept. 20
Amer. Sumatra Tobacco, pref.(No. 19). 354 Sept. 1 Holders of rec. Aug. 15a
American Telegraph & Cable (quar.)
'134 Sept. 1 *Holders of rec. Aug. 31
American Tobacco, common (quar.)_
5
Sept. 2 Holders of rec. Aug. 15a
American Window Glass. preferred
_ "354 Sept. 1 'Holders of rec. Aug. 20
Anaconda Copper Mining (quar.)
Aug. 25 Holders of rec. July 190
31
Associated Dry Goods Corp., 1st pf.(qu.) 154 Sept. 2 Holders of rec. July 290
Second preferred (quar.)
154 Sept. 2 Holders of rec. July 29a
Atlantic Refining (guar.)
b
Sept. 15 Holders of rec. Aug. 23a
Atlas Powder, common (guar.)
3
Sept. IC Aug. 31 to Sept. 9
Belding-Paul-Corticelll, Ltd., pref
354 Sept. 15 Holders of rec. Sept. 1
Bethlehem Steel, common (quar.)
14 Oct. 1 Holders of rec. Sept. 15a
Common B (quar.)
134 Oct. 1 Holders of rec. Sept. 150
Non-cumulative preferred (quar.)..
154 Oct. I Holders of roe. Sept. 150
Cumulative convertible preferred (qu.) 2
Oct
1 Holders of rec. Sept. 15a
Borden's Condensed Milk, pref.(guar.). 154 Sept.15 Holders of rec. Aug. 30e
Preferred (quar.)
154 !Deo. 15 Holders of rec. Dee. la
Name of Company.
Per
Whet;
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
14 Aug. 21 Aug. 10 to Aug. 20
British Columbia Fish. & Pack. (quar.)_
Aug. 21 Aug. 10 to Aug. 20
3
British Columbia Packers' Assoc. (qu.)_
2
Sept. 2 Holders of rec. Aug. 21a
Brooklyn Edison (quar.)
Brown Shoe, Inc., common (guar.)
13% Sept. 1 Holders of rec. Aug. 20a
$2
Sept. 13 Holders of rec. Aug. 23
Buckeye Pipe Line (guar.)
13% Aug. 16 Holders of rec. July 31
Canada Cement, preferred (quar.)
1
Sept. 15 Holders of rec. Sept. 1
Canada Steamship Lines,common (guar.)
13% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
13% Oct. 10 Holders of rec. Sept.26
Canadian Car & Foundry, pref. (guar.)._
Pref. (extra, on acct. accumulated dirt.) _ NU Oct. 10 Holders of rec. Sept.26
$1
Sept. 2 Holders of rec. Aug. 22
Cerro de Pasco Copper (guar.)
Cleve. Automatic Machine, corn. (guar.). 75c. Aug. 15 Holders of rec. Aug. 5a
Aug. 20 Holders of rec. Aug. 5a
Colorado Fuel & Iron, corn.(quar.)
2
Aug. 20 Holders of rec. Aug. 5a
Preferred (quar.)
(n) Sept. 1 Holders of rec. Aug. 15
Consolidated Cigar, pref. (No. 1)
Consumers Co., preferred
34 Aug. 20 Holders of rec. Aug. 10a
Aug. 5
Continental Motors Corp., prof. (quar.)
13% Aug. 30
50c. Sept. 15 Holders of rec. Aug. 20
Copper Range Co. (guar.)
Cosden & Co., preferred (quar.)
8%c. Sept. 1 Holders of rec. Aug. 12a
75c. Sept. 15 Aug. 24 to Sept. 15
Crescent Pipe Line (quar.)
Deere & Co., pref.(quar.)
13% Sept. 1 Holders of rec. Aug. 15/I
2
Sept. 15 Holders of rec. Aug. 30a
Diamond Match (quar.)
5
Sept. 1 Holders of rec. July 31a
Eastman Kodak, common (extra)
24 Oct. 1 Holders of rec. Aug. 30
Eastman Kodak, corn. (guar.)
13% Oct. 1 Holders or rec. Aug. 30
Preferred (guar.,
Electric Investment Corp., pref. (quar.) *14 Aug. 22 *Holders of rec. Aug. 12
The. Sept. 11 Holders of rec. Sept. 2
Elk Horn Coal Corp., common (quar.)
75e. Sept. 11 Holders of rec. Sept. 2
Preferred (guar.)
Fat (J. A.) (re Egan, pref. (guar.)
a ni Aug. 20 *Holders of rec. Aug. 14
Aug. 20 *Holders of rec. Aug. 11
Pref. (on account accum. diaideuds)._
”.6 Sept. 15 *Holders of rec. Aug. 25
Federal Min. & Smelt., pref. (guar.) _
14 Sept. 2 Holders of rec. Aug. 15
Federal Utilities, preferred (guar.)
$5
Oct. 15 Aug. 9 to Aug. 14
Foundation Co., common
$1
Aug. 20 Holders of rec. Aug. 110
Freeport Texas Co
General Asphalt, preferred (guar.)
13% Sept. 2 Holders of rec. Aug. 16
2
Sept. 2 Holders of rec. Aug. 21a
General Chemical,common (quar.)
General Cigar, pref. (quar.)
13% Sept. 2 Holders of rec. Aug. 25a
Gillette Safety Razor (quar.)
$2.50 Aug. 30 Holders of rec. July 31
1
Nov. 15 Holders of rec. Nov. 5a
Goodrich (B. F.) Co., common (quar.)
Preferred (quar.)
13% Oct. 1 Holders of rec. Sept. 19a
Sept. 1 Holders of rec. Aug. 15
Goodyear Tire & Rubber, corn. (quar.). 3
14 Aug. 15 Holders of rec. Aug. 12
Great Lakes 7'ransit, preferred (guar.)_
Harbison-Walker Refrac., corn. (guar.). 14 Sept. I Holders of rec. Aug. 20a
Harbison-Walker Refrac., pref. (quar.)_
13% Oct. 20 Holders of rec. Oct. 10a
13% Sept. 1 Holders of rec. Aug. 20a
Hartman Corporation (quar.)
Aug. 30 Holders of rec. Aug. 20a
Hart,Schaffner & Marx,Inc., corn.(qu.) 1
$1
Oct. 1 Holders of rec. Sept. 15a
Haskell & Barker Car (guar.)
Homestake Mining (monthly)
50c. Aug. 25 Holders of rec. Aug. 20a
Independent Brewiv, corn. (guar.)
550c. Sept. 15 *Holders of rec. Aug. 29
Preferred (guar.)
*874c Aug. 3 I *Holders of rec. Aug. 29
Inland Steel (guar.)
*2
Sept. 1 *Holders of rec. Aug. 9
International Harvester, pref. (guard
13% Sept. 2 Holders of rec. Aug. 9a
Sept. 15 Holders of rec. Sept. 2a
Keystone Tire & Rubber, common
115
3
Sept. 1 Holders of rec. Aug. 20
Lake of the Woods, cons.(quar.)
14 Sept. 1 Holders of rec. Aug. 20
Preferred (quar.)
Aug. 30 Holders of rec. July Ma
Lehigh Coal & Navigation (guar.)
$1
3
Sept. 1 Holders of rec. Aug. 15a
Liggett dr Myers Tobacco, corn.(guard_
13% Sept.30 Holders of rec. Aug. 30a
Lindsay Light, preferred (guar.)
50c. Aug. 20 Aug. 9 to Aug. 19
Lit Brothers Corporation
25c. Aug. 20 Aug. 9 to Aug. 19
Extra
*
Sept. 2 *Holders of rec. Aug. 25
Mahont to Investment (guar.)
24 Sept. 2 Holders of rec. Aug. 15
Manati Sugar, common (guar.)
24 Sept. 8 Holders of rec. Aug. 28
Common (extra)
Sept. 8 Holders of rec. Aug. 28
Common (payable in common stock)_ .Th
434c. Sept. 2 Holders of rec. Aug. 22
Manhattan Shirt, common (guar.)
14 Sept. 1 Holders of rec. Aug. 15a
May Department Stores, corn. (guard
•14 Oct. 1 *Holders of rec. Sept. 15
May Department Stores, pref. (quar.)
Michigan Sugar, common (guar.)
24 Sept. dl Holders of rec. Aug.d15a
Preferred (guar.)
Sept.d15 Holders 01 rec. Aug.d3la
1
Middle States 011 Corporationlc. Sept. 1 Holders of rec. Aug. 20a
Monthly (No.23)
lc. Oct. 1 Holders of rec. Sept.20a
Monthly (No. 24)
elOc. Sept. 1 Holders of rec. Aug. 20
Payable in stock
14 Sept. 1 Holders of rec. Aug. 18a
Moline Plow, first preferred (quar.)___ _
14 Sept. 1 Holders of rec. Aug. 18a
Second preferred (guar.)
Montreal Cottons, Ltd., common (guar.)._
13% Sept. 15 Holders of rec. Aug. 31
Preferred (guar.)
13% Sept. 15 Holders of rec. Aug. 31
The. Sept. 1 Holders of rec. Aug. 15a
National Acme (guar.)
National Biscuit, common (guar.)
13( Oct. 15 Holders of rec. Sept. 30a
ln Aug. 30 Holders of rec. Aug. 16a
Preferred (quar.)
14 Sept. 2 Holders of rec. Aug. 22a
National Cloak & Suit, preferred (guar.)._
National Grocer, common (guar.)
*2 . Sept.30 *Holders of rec. Sept. 19
14 Sept.30 Holders of rec. Sept. 12a
National Lead, common (quar.).
Preferred (quar.)
lq Sept. 15 Holders of rec. Aug. 22a
Aug. 15 Holders of rec. Aug. la
National Refining, corn. (payable in stock) 14
National Sugar Refining (guar.)
1% Oct. 2 Holders of rec. Sept. 8
New River Co., preferred (quar.)
13% Aug. 28 Holders of rec. Aug. 16
4
Oct. 15 Holders of rec. Sept.20
New York Transit (guar.)
2
Sept.20 Holders of rec. Sept. 2a
Niles-Belmont-Pond, common (guard
Preferred (guar.)
13% Aug. 20 Holders of rec. Aug 7a
411X
Oct. I *Holders of rec. Sept. 15a
North American Co. (quar.)
Sept. 1 Holders of rec Aug. 15a
Ohio Cities Gas, common (guar.)
$1
43.75c Sept. 15 Holders of rec. Aug. 20
Philadelphia Electric (guar.)
Pittsburgh Brewing, common (guar.)
*50c. Sept. 15 *Holders of rec. Aug. 30
Preferred (guar.)
'373%c Aug. 30 *Holders of rec. Aug. 20
14 Sept. 1 Holders of rec. Aug. 15a
Pittsburgh Steel, pref. (quar.)
14 Aug. 20 Holders of rec. Aug. 7a
Pratt & Whitney Co., preferred (quar.)_
Sept. 3 Holders of rec. Aug. 13a
2
Pressed Steel Car, common (quar.)
. Preferred (guar.)
13% Aug. 26 Holders of rec. Aug. 5a
*3
Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, common (guar.)
113% Nov. 29 *Holders of rec. Nov. 1
Preferred (guar.)
14 Aug. 30 Holders of rec. Aug. la
Quaker Oats, pref. (quar.)
525c. Oct. 1 *Holders of roe. Sept. 15
Sea Motor Car (quar.)
Riordan Pulp & Paper, Ltd., pref.(qu.)13% Sept.30 Holders of rec. Sept.24
Santa Cecilia Sugar Corp., corn.(No. 1) . 14 Nov. 1 Holders of rec. Oct. 25a
Preferred (quar.) (No. 5)
13% Nov. 1 Holders of rec. Oct. 25a
14 Sept. 15 Holders of rec. Aug. 30a
Savage Arms Corp., common (guar.) _
First preferred (quar.)
13% Sept. 15 Holders of rec. Aug. 30a
Second preferred (guar.)
13% Sept. 15 Holders of rec. Aug. 30a
.27c. Oct. 20 *Holders of rec. Sept.30
Shattuck Arizona Copper (quar.)
Southern Pipe Line (quar.)
5
Sept. 2 Holders of rec. Aug. 15
Southwestern Power & Light, pref.(guar.). 13% Sept. 1 Holders of rec. Aug. 20
2
Aug. 30 Holders of rec. Aug. 20a
Standard Milling, common (guar.)
Aug. 30 Holders of rec. Aug. 20a
Common (extra)
2
14 Aug. 30 Holders of rec. Aug. 20a
Preferred (guar.)
23% Sept. 15 Holders of rec. Aug 15
Standard 011 (California) (guar.)
Sept. 15 Aug. 19 to Sept. 18
3
Standard 011 (Indiana) (quar.)
3
Sept. 15 Aug. 19 to Sept. 14
Extra
3
Standard Oil (Kansas) (quar.)
Sept. 15 Holders of rec. Aug. 30a
3
Sept. 15 Holders of rec. Aug. 30a
Extra
*5
Sep.;. 15 *Holders of rec. Aug. 19
Standard Oil of N. J. (guar.)
Standard Oil of New York (guar.)
4
Sept. 15 Holders of rec. Aug.d22a
*3
Standard Oil (Ohio)
Oct.
*1
Extra
Oct.
Standard Parts, preferred (guar.)
13% Oct. 1 Holders of rec. Sept.20a
Steel Products. preferred (guar.)
13% Sept. 1 Holders of rec. Aug. 15a
$1
let. 1 Holders of rec. Sept. 17
Siromberg Carburetor (guar.)
Sept. 2 Holders of rec. Aug. 20
Studebaker Corporation, corn. (guar.)... I
1X Sept. 2 Holders of rec. Aug. 20a
Preferred (quar.)
*4
Oct. 1 *Holders of rec. Sept. 20a
Thompson-Starrett Co., preferred
2
Oct. 1 Holders of rec. Sept. 5a
Underwood Typewriter, corn.(quar.)
Preferred (quar.)
13% Oct. 1 Holders of rec. Sept. 5a
Union Tank Car (guar.)
*13% Sept.25 *Holders of rec. Aug. 29
IX Sept. 15 Holders of rec. Aug. 29a
United Cigar Stores, preferred (guar.). _
United Drug, 2nd pref. (guar.)
13% Sept. 1 Holders of rec. Aug. 15a
Sept.29 Aug. 30 to Sept. 2
U. S. Steel Corp., common (guar.)
1
Aug. 5
13% Aug. 30
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 16a
Virginia-Carolina Chemical, corn.(extra) 2
2
Oct. 2 Hollers df rec. Sept. 13
Wabasso Cotton (quar.)
Wayland Oil & Gas. common (quar.)
10c Sept. 11 Holders of rec. Sept. 2
[VoL. 109.
THE CHRONICLE
654
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Miscellaneous (Concluded)
14
White (J.(1.) Co., preferred (quar.)__
White (J. 0.) Engineering, pref. (quar.) 13%
13%
White (J. C.) Management (quar.)__ _$1
White Motor (quar.)
2
Woolworth (F. W.) Co., corn.(quar.)
Woolworth (F. W.) Co., preferred (guar.)- *1%
Sept. 2 Holders of rec. Aug. 15
Sept. 2 Holders of rec. Aug. 15
Sept. 2 Holders of rec. Aug. 15
Sept. 30 Holders of rec. Sept. 15a
Sept. 1 Holders of rec. Aug. ha
Oct. 1 *Holders of rec. Sept. 10
* 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-dividend on this date and not until further notice.
a Transfer books not closeu for this dividend. b Less British income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. i Payable in Liberty Loan bonds. 1 Red
Cross dividend. m Payable in U. S. Liberty Loan 44% bonds. n At rate of 7%
per annum for the 34 months ending Aug. 31.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending July 9. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
•
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Slated in thousands of dollars-that is, three ciphers 1,0001 omitted.)
Loans,
Reserve
i Net
CLEARING
Net
Time
with
Capital. Profits. Discount, Cash
HOUSE
itt
Legal Demand
DeInvestMEMBERS
(,000 omitted.) Nat'l, June 30 ments, Vault. Deposi- Deposits. posits.
tories.
&c.
Week ending State, June 30
Aug. 9 1919. 1Tr.Cos, June 30
Members of
Fed. Res. Bank
Bk of NY,NBA
Manhattan Co_
Merchants' Nat
Mech & Metals..
Bank of America
National City__
Chemical Nat....
Atlantic Nat.._ _
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Comm
Pacific Bank.._ _
Chath & Phenix
Hanover Nat_
Citizens' Nat.._
Metropolitan___
Corn Exchange_
Imp & Traders..
National Park_
East River Nat
Second
First National...
Irving National
NY County Nat
Continental Bk.
Chase National_
Fifth Avenue__
Comm'l Exch.._
Commonwealth
LincoinNational
Garfield Nat_ _ _
Fitth National..
Seaboard Nat.._
Liberty Nat.._ _
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Trust..
US Mtge & Tr_
Guaranty Trust
Fidelity Trust...
Columbia Trust
Peoples Trust_
New York Trust
Franklin Trust..
Lincoln Trust__
Metropolitan Tr
Nassau N, Akin
Irving Trust....
Farmers L & Tr
Columbia Bank
Average
Average. Average Average Average. Average' Avge.
2,000
2,500
f3,000
6,000
1,500
25,000
3,000
1,000
300
5,000
25,000
500
7,000
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,000
16,000
1,000
1,000
10,000
g500
200
400
1,000
1,000
250
LOW
3,000
1,500
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1,200
3,000
1,000
1,000
2,000
1,000
13,000
5,000
1,000
5,867
7,640
f3,041
12,392
6,937
54,313
9,850
971
125
6,317
26,840
1,164
6,500
18,118
3,275
2,531
8,319
8,164
19,999
606
4,139
33,348
17,553
414
719
18,478
g2,227
886
748
2,118
1,377
398
3,971
4,737
1,388
1,288
2,473
17,766
4,500
29,479
1,300
7,037
1,600
11,009
1,389
729
4,440
1,242
11,428
12,246
732
35,547 2,685 773
53,756
393 5,712
14
61,303
68,756 1,619 9,262
24,000 1,766 1,774
572 3,546
35,179
173,523 5,286 2,657
161,255 9,771 37,267
27,726
-- -34,708 1,040 4,616
523,813 14,065 85,004 *612,341 32,7111 1,422
57,499 7,5411 428
85,279 1,648 8,233
16,062
5071 140
425 2,172
19,490
3,710__437
292
127
4,783
88,1736,144, 4,872
130,156 1,573 11,806
272,395, ,
371,651 2,426 35,622
30 ____
19,6451
20,963 1,088 2,807
93,0211 10,302: 2,762
127,864 6,730 11,220
140,040 4,515 20,608 136,518150
-8ii 973
35,830
9(32 5,129
44,181
27,726
4
50,787 1,958 3,702
132,234 4,071
128,546 5,785 19,190
50 --81
24,444
664 3,168
42,683
162,946 3,119 4,804
208,245 1,713 21,273
8,810
424
50
370 1,072
8,634
16,429634
862 2,373
20,388
147,495
8,174
306,818 1,389 18,581
119,414 1,11) 1,409
122,615 3,706 16,034
12,281
609
200
588 1,570
13,393
7,277
156 1,794
7,681
284,831 12,502 1-Joo
314,977 7,013 42,771
18,860
23,405 1,102 2,614
6,721
982
324
7,993
8,156
415 1,111
8,418
25
19,226
210
19,140 1,277 2,858
34
13,495
392
396 1,841
15,009
8,200
377
248
277 1,073
10,528
52,727 1,500
70
54,809 1,955 7,540
56,960 2,678 1,943
444 7,509
76,384
418
13,568
409
778 1,736
24,129
393
16,889
392
467 2,478
16,469
26,876 5,972
805 4,113
45,658
277,105 10,835
326,575 1,032 29,908
50,866 6,125
729 6,754
66,284
527,503 3,356 56,646 *469,252 32,034
461
11,117
311 1,472
15,675
70,981 6,799
82,089 1,088 9,057
27,686 1,919
946 2,895
30,453
61,245 2,364
523 7,433
93,334
18,399 1,908
456 2,627
25,719
19,029 1,276
476 2,370
21,562
34,135 1,30
647 4,800
48,214
11,446
72
374 1,168
50
16,436
61,056 1,620
57,913 2,215 7,550
123,765 4,236 15,177 *147,054 9,505
433
15,778
642 2,093
17,303
----
207,600 384,151 4,801,408 95,529 558,774 3,028,034 185,603 36,377
Totals, actual condition
Totals, actual condition
Totals, actual co,ndition
Totals, actual colndition
Aug
Aug
July
July
84,795,719
24,817,748
26 4,695,245
19 4,793,568
94,924 566,657
91,059 587,597
97,405538,590
99,684 547,945
3,924,308 193,183 35,995
3,964,751 182,554 36,797
3,881,318 180,184 37,462
3,986,199 167,73 37,772
=--
State Banks. .Vot Me others of Federal Re serve /la aft
852
16,726 2,310
500 1,592
Greenwich
303
650
5,189
250
829
Bowery
24,632 2,499 2,292
N Y Prod Exch. 1,000 1,346
56,138 3,851 2,500
2,000 1,031
State
Average
3,750
4,799
102,685
9,310
17,221
5,049
34
26,413
34,128 15,808
82,811 15,842
5,947
Totals, actual condition Aug 8 103,374 8,703 6,974
Totals, actual co million Aug 2 102,587 9,545 6,166
Totals, actual co ndition July 26 100,446 9,430 6,358
99,726 9.559 7,069
• Totals, actual co ndition July 19
-rNot Mem bers of Federal Re serve Fla uk
Trust Compan
909 3,097
42,575
Title Guar & Tr 5,000 12,464
825 1,555
24,4881
Lawyers T & Tr 4,000 5,417
Average
Nat'l
Bank
eireuUnion.
9,000 17,881
67,083: 1,734
4,652
83,667
83,902
84,806
85,284
16,127 -15,307 -13,702 _11,967 _-----
26,665
15,950
559
369
42,615
928
43,136
829
Totals, actual co ndltion Aug 8 67,080 1,547 5,054
43,750 1,055
Totals, actual condition Aug 2 67,7541 1,739 4,652
41,331
65,372 1,727 4,946
972
Totals, actual co nditlon July 26
42,326 1,133
64,823! 1,677 4,895
Totals, actual coition July 19
tGr'd aggr, avge 220,350 40(3,833 4,971,156 106,573 569.373d4,053,460 202,373 36,377
4-88,531.---1,329 1-10464 +14,233 +5,771 -978
Comparison, prey. week
Gr'd aggr, act'licond'n Aug
Comparison, prey, week
84,966,173105,174 578,385e4,051,199 210,139 35,995
-21,916,+2,831-20,030 -41,204+11223 -802
.2==
Gr'd
Gr'd
Gr'd
Gr'd
aggr,
aggr,
aggr,
aggr,
act'l cond'n
acticond'n
acticond'n
act'l cond'n
Aug
July
July
July
24,988,089 102,343 598,415
264,861,063,103,562 549,894
194,958,117 110,920559,909
12 5,036,825 116,123 559,793
4,092,403 198,916 36,797
4,007,455 194,85837,462
4,113,809 180,83037,772
4,063,560174,20537,834
Includes deposits in foreign branches not included in total footings, as follows:
National City Bank,$106,806,000: Guaranty Trust Co.,$45,402,000; Farmers' Loan
& Trust Co., $37,774,000. Balances carried in banks in foreign countries as reserve
for such deposits were: National City Bank, $31,150,000; Guaranty Trust Co..
$16,812,000: Farmers' Loan & Trust Co., $7,193,000. c Deposits in foreign
branches not included. d U. S. deposits deducted, $220,170,000. e U. S. deposits
deducted, $216,120,000. Bills payable, rediscounts, acceptances and other liabilities,$804,008,000. f As of July 3 1919. g As of July 11919. h A8 of July 101919.
j As of July 24 1919.
655
THE CHRONICLE
AUG. 16 1919.]
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Trust Companies.
State Banks.
Week Ended Aug. 9.
Averages.
Cash
Reserve
in Vault.
Members Federal
• Reserve Bank..
State banks.
Trust companies____
Total Aug. 9-Total Aug. 2-- Total July 26
Total July 19
Reserve
in
Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$ •
558,774,000 558,774,000 516,212,510 42,561,490
351,020
5,947,000 15,257,000 14,905,980
9,310,000
dot.0,250
4,652,000 6,386,000 6,392,250
1,734,000
11,044,000
11,585,000
11,389,000
11,552,000
569,373,000 587,417,000 537,510,740
558,909,000 570,494,000 535,622,840
542,998,000 554,387,000 535,844,290
573,935,000 585,487,000 544,420,010
42,906,260
34,871,160
18,542,710
41,066,990
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank___
State banks.
Trust companies..___
Total Aug. 9____
Total Aug. 2____
Total July 26
'Tnta1 Tii1V 10
8
8,703,000
1,547,000
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
s
$
$
s
556,657,000 556,657,000 515,966,970 50,690,030
6,674,000 15,377,000 15,000,060
316,940
5,054,000 6,601,000 6,470,400
130,600
10,250,000 578,385,000 588,635,000 537,497,430
11,284,000 598,415,000 609,699,000 542,559,110
11,157,000 549,894,000 561,051,000 531,441,590
11.236.000 559.909.000 571.145.000 544.037.790
51,137,570
67,139,890
29,609,410
26_207.210
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member Institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING •
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
•
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by State Banking Department.
Differences from
Aug. 9.
previoPs week.
$814,653,200 Inc. 86,653,100
Loans and investments
137,000
8,579,100 Dec.
Specie
440,700
17,811,700 Inc.
Currency and bank notes
70,424,300 Inc. 6,569,200
Deposial with Federal Reserve Bank of New York
870,694,200 Inc. 20,013,700
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City, exchanges and U.S. deposits 789,044,500 Inc. 8,669,600
153,322,600 Inc. 11,258,300
Reserve on deposits
Percentage of reserve, 21.8%.
RESERVE.
-Trust CompaniesSlate Banks
876,313,100 13.91%
820,502,000 13.42%
Cash in vaults
42,488,300 7.75%
Deposits in banks and trust cos_ _ _ _ 14,019,200 9.18%
$34,521,200 22.60%
Differences from
previous week.
Aug.9
1919.
$
8
$
105,550,000
26,000,000
Capital as of June 30_
175,548,400
45,708,300
Surplus as of June 30_
31,118,400
Loans dr investments_ 639,486,100 Inc. 17,030,800 2,141,705,900 Inc.
172,500
277,600, 12,041,900 Dec.
7,467,300 Dec.
Specie
313,600
21,437,300 Dec.
298,600
26,936,000 Inc.
Currency dr bk. notes
Deposits with the F.
R. Bank of N. Y. 57,512,300 Inc. 3,269.500 216,752,000,Dec. 14,096,700
746,147,400 Inc. 29,707,500 2,212,735,500:Inc. 35,978,200
Deposits
Reserve on deposits.._ 111,532,800 Inc. 3,697,700! 317.382,600 Dec. 8,366,100
0.5%
0.2%
20.6% Inc.
17.8% Dee.
P.C.reserve to dep.
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also arnount of reserve required on net time deposits, which was as follows:
Aug. 9, 35,568,090; Aug. 2, 85431,320; July 26, 85,265,960; July 19, 84,967,160.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Aug. 9, 85,795,490; Aug. 2, 35,476,620; July 26, 85,405,520; July 19, $5,031,900.
Total
Differences from
previous week.
Aug. 9
1919.
8118,801,400 21.60%
Net 1Loans,
Net
Reserve
Capital. Profits. DUCLEARING
with Demon
counts, Cash
NON-MEMBERS
DeLegal
Nat.bks.June30 Invest- in
Week ending Statebks.Jne 30 ments, Vault. Depost- posits.
tortes.
Aug. 9 1919. Tr.cos. June 30 &c.
Members of
Fed'i Res. Bank., $
Battery Park Nat.. 1,500
20i
Mutual Bank
3
New Netherland
W R Grace & Co's
2001
Yorkville Bank..
4001
First Nat, Jere C
1,618
61,819
7,214
47,645
568
6,669
P--
State Banks
Not Members of thei
Fed'i Reserve Bank'
Bank of Wash H
Colonial Bank___
International Bank
North Side, Bklyn
Total
Trust Companies
Not Members of th
Fed'I Reserve Bank
Hamilton Tr, Bkln
Meehan Tr,Bayonl
Total
Grand aggregate_ _
Comparison previ
Gr'd
Gr'd
Gr'd
Gr'd
Average Average Average Average Average Average
$
$
$
$
$
138'
178
228 1,870 11,177
1,538 15,589
351'
165 1,507 10,474
608 11,907
148
6,276
186 1,079
8,152
319
_
3,757 1,032
756
15
954 6,01
_
6,468 5,000
408 1,105
651 11,167
390
897
616
1,324 8,989
3,1
Total
Nati
Net
Bank
De- armposits. largos.
ThIS4
aggr. Aug. 2
aggr, July 19
aggr, July 12
egg'', July 51
100
500
500
00
450 2,802
1.180 12,484
233 5,998
233 5,327
320
1,381
786
459
154
1,100
922
299
2,579
13,235
6,692
4,800
__--
1,35.
2,098 26,611
2,946
2,475
27,306
7101
512
276
304
360
788
664
500
200
1,076
408
387,
323
6,0971 1,076
4,233 4,335
- -___ -
700
1,485 16,937
5,411
____
5,100
8,980105,367
+519
5,352 10,353 c85,181 12,79
+49
+86 +89 +4,507
568
-10
5,100
5,100
5,100
5,000
8,980104,848
8,980104,441
8,980103,019
8,658 103,116
5,26
5,358
5,45
5,589
12,741
12,724
13,049
13,119
578
580
582
5£0
9,457
9,73
9,963
9,692
10,330
80,674
82,650
83,682
82,992
deducted, $2,188,000.
a U. S. deposits
Banks and Trust Companies in New York City.-The
Bills payable, rediscounts, acceptances and other liabilities, $8,907,000.
Excess reserve, 8132,130 increase.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
Boston Clearing House Bank.-We give below a sumthe Clearing House, are as follows:
mary showing the totals for all the items in the Boston
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
Clearing House weekly statement for a series of weeks:
GREATER NEW YORK.
BOSTON CLEARING HOUSE MEMBERS.
Week Ended-
$
$
5,509,784,600
5,571,631,800
5,583,221,600
5,629,541,700
5,649,123,500
5,698,070,800
5,633,730,000
5,596,229,300
5,630,305,500
5.730,276,600
5,694,610,000
5,735,152,000
5,817,606,300
5,830,048.700
5,750,364,000
5,708,665,600
5,877,228,200
5,929.099,200
5,817,958.200
5,732,760,300
5,804,258,400
5,820,469,000
5,804,693,200
5,698,786,600
5,690,625,100
5.785.809.200
4,504,885,000
4,527,389,800
4,566,358,800
4,571,345,100
4,633,702,000
4,733,613,800
4,618,029,500
4,747,993,000
4,722,746,700
4,689,495,300
4,730,482,100
4,773,617,400
4,822,202,600
4,873,611,200
4,861,516,200
4,885,307,200
4,904,243,900
4,880,382,900
4,846,699.100
4,759,196,800
4,860,090,300
4,804,154,700
4,872,061,700
4,810,097,600
4,819,601,900
4,842,504.500
*Total Cash
in Vault.
88888888888§8888888888888S
tInnsq0.0.01-11.0.nqt-.01.11-1.1
Demand
Deposits,
t,cricqmsolomcc,.W.NO..t.W.WIOWW.0..OM
11190MV.0.00,PM=MN.rMeDett.tsM.0COP.O.*WC
C!
.
qC.241q..1.0
t.
.
-Mg
...1"
elgqC.
4.00McCiNVer.<270,0M 0
MM.WN0./010,
MMMNMMMMMMMMMV.COMMMMMMMOI
Feb. 15
Feb 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 23
May 31
June 7
Juno 14
Juno 21
June 28
July 5
July 12
July 19
July 20
Aug. 2
Aue_ g
Loans and
Investments.
Reserve in
Depositaries.
$
628,112,400
625,109,700
643,761,000
647,186,900
658,275,500
692,405,000
627,395,900
682,805,200
651,649,200
672,170,700
682,036,200
665,625,800
677,399,900
671,089,000
689,984,100
676,577,800
691,657,300
671,663,300
679,994,600
665,490,300
684,431,000
649,207,500
688,989,600
658,572,500
674,888,200
896.304.R0(
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Dep.artment, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
•
Aug.9
1919.
Changes from
previous week.
Aug. 2
1919.
July 28
1919.
$
$•
$
$
5,000 4,758,000 4,739,000
4,753,000 Dec.
Circulation
Loans, disc'ts dr investments_ 564,382,000 Inc. 15,599,000 548,783,000 545,546,000
Individual deposits,incl. U.S. 456,015,000 Inc. 7,127,000 448,888,000 447,399,000
112,211,000 Inc. 3,233,000 108,978,000 107,134,000
Due to banks
437,000 12,122,000 11,939,000
11,685,000 Dec.
Time deposits
19,000 20,365,000 18,620,000
20,346,000 Dec.
Exchanges for Clear. House
76,911,000 Inc.. 947,000 75,964,000 74,506,000
Due from other banks
433,000 65,110,000 66,451,000
Cash In bank dr in F. R.Bank 65,543,000 Inc.
Reserve excess in bank and
497000 1R.502 000 19.082_000
1R 011R nnnilpn_
L. Va....v.411 is onarlys Mink
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Aug. 9 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve' system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Aug.9 1919.
Two ciphers (00) omitted. Members of
F.R.Sgsfem
Capital
Surplus and profits
Loans, discrts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Reeve with Fed.Res.Bank
Res've with legal deposit's
Cash in vault.
Total reserve dr cash held_
Reserve required
11,tvasto van
11.
onah In unnIt
Trust
Cos.
829,775,0 $3,000,0
7,784,0
82,154,0
769.396,0 30,150,0
406,0
24,473,0
14,0
105,965,0
263,0
142,463,0
491,811,0 • 20,616,0
5,768,0
640,042,0 20,879,0
54,736,0
13,315,0
68,081,0
50.556,0
17 TO%
n
2,349,0
859,0
3,208,0
3,068,0
1400
Aug. 2
1919.
July 29
1919.
332,775,0
89,449,0
790,028,0
25,724,0
111,177,0
142,600,0
507,546,0
5,726,0
655,872,0
24,320,0
52,801,0
2,707,0
14,155,0
69,663,0
52,459,0
17_204.0
832,775,0
89,449,0
787,194,0
23,506,0
111,249,0
143,430,0
506,987,0
5,568,0
655,985,0
18,696,0
53,585,0
2,753,0
14,244,0
70,582,0
52,700,0
17_RR2.11
Total.
832,775,0
89,938,0
798,546,0
24,879,0
105,979,0
142,726,0
512,427,0
5,768,0
660,921,0
26,247,0
54,730,0
. 2,349,0
14,204,0
71,289,0
53,624,0
17 MR 0
•Cash in vault is not counted as reserve for Federal Reserve bank members.
656
THE CHRONICLE
[VoL. 109.
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement were given in the statement of Dec. 14 1917 published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS AUG. 1 1919.
Increases of 237 millions in the holdings of Treasury certificates and of banks, the New York and Chicago banks reporting an aggregate
increase
about 96 millions in loans and investments, other than government securities under this head of 70.5 millions out of a total of 95.8 millions.
Aggregate holdings of United States war securities and war paper increased
and war paper, are indicated in the Federal Reserve Board's weekly statement of the condition on August 1 of 768 member banks in leading cities. from 3,250.7 to 3,456.7 millions and constitute 23.5% of the total loans
and investments of
reporting banks, as against 22.6% the week before.
The considerable increase in certificate holdings follows the allotment by For the New York all
banks this ratio shows an increase for the week from
the Treasury of 323 millions of tax certificates. These increases are ac- 26.2% to 27.5%.
companied by corresponding gains in government and other demand deGovernment deposits show an increase of 111.9 millions, largely in New
posits.
York City, other demand deposits (net) increased 201.5 millions (115.6
Of the total increase of 237 millions in Treasury certificates on hand millions in New York City) and time deposits went up 9.2 millions. Reserve
shown for all reporting banks, 178.2 millions are reported by members in balances with the Federal Reserve banks were 30.3 millions larger than the
the 12 Federal Reserve bank cities and 115 millions by member banks in week before, while cash in vault fell off 19.3 millions. The bank's borrowNew York City. No appreciable change is shown In the holdings of United ings, as measured by the amounts of collateral notes and customers'
States bonds: Victory notes on hand declined 17.3 millions and war paper, paper cilscounted by them with their Federal Reserve banks, show a decline
14.3 millions. All other loans and investments went up at all classes of for the week of 40.6 millions.
1. Data for all reporting banks in each district. Three ciphers (000 omitted.
Three ciphers (000) omitted.
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago. St.Lotris. Minneap. Kan. City Dallas. San Fran.
Number of reporting banks
U.S. bonds to secure circulation
Other U. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness
46
$14,508
17,569
11,448
57,794
Total U.S. securities
Loans secured by U. S. bonds, &c
All other loans and investments....
Reserve balances with F. R. bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F.R.bank
Bills rediscounted with F. R. bank_
101,319 921,374
70,598 744,639
832,384 4,318,209
76,896 694,692
21,731 114,795
758,118 4,963,709
112,250 323,352
35,183 248,952
28,532 468,497
71.171 154.921
109
$49,360
300,085
136,696
435,233
Total.
88
$41,858
62,576
44,506
88,198
82
$25,845
38,689
14,854
66,195
45
$14,715
27,665
14,826
60,093
100
$20,136
53,820
51,831
199,718
34
$17,156
16,562
12,751
33,626
35
$7,120
10,085
7,146
26,986
76
$14,217
22,275
10,617
30,832
43
$18,727
18,567
4,707
31,300
54
768
$34,605 $289,844
34,097
636,965
10,282
336,513
50,659 1,133,673
116,460 237,138
169,295 109,256
633,359 1,025,839
67,384
90,752
16,625
32,058
648,952 817,122
21,484 292,793
34,755
33,483
154,848
85,987
24.385
15.429
145,583
42,436
399,603
34,855
15,969
327,859
89,968
17,366
88,047
14.424
117,299 325,505
30,475 100,423
319,944 1,519,855
30,936 173,544
12,574
62,134
262,520 1,326,273
112,772 441,274
56,555
19,408
50,251
75,898
6.781
6.027
80,095
25,153
406,444
41,304
8,592
316,111
98,702
23,779
28,171
12.149
51,337
12,730
254,393
20,784
9,430
242,604
57,685
13,309
4,710
470
77,941
17,637
491,079
42,071
14,862
428,685
76,751
17,606
37,235
21.839
73,301
6,841
184,844
20,526
10,293
185,688
30,479
14,594
12,076
2.150
129,643 2,376,995
20,058 1,349,541
569,497 10,955,540
54,840 1,348,584
17,535
336,598
466,998 10,744,639
141,527 1,799,037
8,159
517,149
20,631 1,063,883
6.749
336.295
56
$11,597
34,975
16,849
53,039
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
New York.
Chicago.
All F.R.Bank Mies. P. R. Branch Cities.
Three ciphers (000) omitted.
Aug.1.
Number of reporting banks
U. S. bonds to secure circulation_
Other U. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness
71
$39,663
270,670
118,573
405,212
July 25.
71
$39,163
267,610
124,790
290,159
Aug.!.
44
$1,371
20,814
24,729
108,231
July 25.
Aug.1.
July 25.
44
259
259
$1,370 $104,574 $104,073
23,420 377,819 377,676
24,934 194,839 203,437
99,377 728,150 550,039
Aug.!.
164
$57,435
109,290
76,407
241,826
July 25.
All Other
Reporting Banks.
Aug.1.
July 25.
.
Aug.1.
164
345
346
768
$57,334 $107,835 $108,215 $269,844
109,261 149,856 149,573
636,965
81,565
65,267
68,749
336,513
208,978 163,697 137,668 1,133,673
Total.
July 25.
Jan. 31.
769
772
$269,622 $263,047
636,510
769,727
353,751
896,685 1,514,776
Total U. S. securities
$834,124 $721,722 $155,145 $149,110 $1405382 $1235225 $484,958 $457,138 $486,655 $464,205 $2,376,995 $2,156,568 $2,547,550
Loans secured by U.S. bonds,&e. 697,421 703,757
73,753
72,666 1,089,881 1,100,670 132.909 135,739 126,771 127,355 1,349,541 1,363,764 1,183,245
All other loans and investments 3,000,276 3,857,820 920,187 892,202 7,254,421 7,182,915 1,718,824 1,703,850 1,982,295 1,972,886 10,955,540 10,859,651 10,100,720
Reserve balances with F. R. bank 662,794 611,784 120,850 121,187 1,022,103 981,159 160,268 169,078 166,213 168,044 1,348,584 1,318,281 1,307,454
Cash in vault
103,476 110,245
35,454
37,519 195,800 205,833
57,080
60,579
83,718
89,498
336,598
355,910
353,950
Net demand deposits
4,563,947 4,448,311 885,534 864,434 7,633,113 7,454,762 1,408,155 1,394,614 1,703,371 1,693,680 10,744,639 10,543,056 9,052,408
Time deposits
259,643 256,574 166,845 166,424 748,074 742,086 130,846 530,535 520,117 517,153 1,799,037 1,789,774 1,611,721
Government deposits
238,777 135,009
27,182
30,894 392,423 279,788
64,499
67,399
60,227
57,974
517,149
405,161
693,681
Bills payable with F.R.bank
418,507 438,719
30,880
49,078 740,245 783,957 184,743 178,827 138,895 137,900 1,063,883 1,100,684
838,230
Bills rediscounted with F.R.bank 141,166 138,684
4,285
4,667 260,589 259,314
301,26
30,044
45,580
50,738
336,295
340,096
352,525
Ratio of U.S. war scours. and war
paper, total loans & invest% %
27.5
26.2
19.8
19.8
24.5
23.4
23.3
24.0
19.5
18.8
23.5
22.6
25.1
• Including Liberty bonds.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Aug. 8:
Reduction of about 14 millions in the holdings of war paper and other
discounted bills as against an increase of 18.3 millions in other earning
assets I. indicated in the Federal Reserve Board's weekly bank statement
issued as at close of business on August 8, 1919. The statement introduces a new item "Gold in transit or in custody in foreign countries,"
amounting to 85.3 millions, which represents the amount of gold held for
account of the Federal Re.erve Bank of New York by the Bank of Netherlands and he National Bank of Belgium. This gold was acquired from
the United States Grain Corporation, which in turn received it in part payment for food supplied to the German Government. This gola is to be
deposited within the near future with the Bank of England. After it has
been assayed and its exact value determined, allocation of the amount
among the several Reserve banks will be made and the items will be shown
among the banks' gold reserves under caption "Gold with foreign agencies."
War paper on hand declined 4.1 millions, other discounts-9.8 millions,
while holdings of acceptances went up 6.5 millions and those of Treasury
certificates-largely to secure Federal Reserve bank note circulation11.7 millions. War paper holdings of the Chicago, St. Louis and Minneapolis banks include 135.2 millions discounted for other Federal Reserve
banks, as against 99.3 millions shown the week before, while acceptances
held by the Cleveland and San Francisco banks are inclusivt, of 44.4 millions
(as against 47.3 millions) of acceptances purchased from other Federal
Reserve Banks.
Government deposits show an Increase of 40.3 millions and members'
reserve deposits-an increase of 14.3 millions, partly as the result of the
above described transaction with the Grain Corporation. Net deposits
increased 54.6 millions, while Federal Reserve note circulation went up
25.2 millions. Gold reserves fell off 3.7 millions, larger withdrawals for
export being partly offset through gold deposits by the Treasury. Cash
reserves decreased 4.2 millions. The banks' reserve ratio shows a decline
from 50.5 to 49.4%
Thefiguresfor the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks,together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks. The Federal Reserve Agents'Accounts(third tablefollowing)gives details regarding transactions
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 8 1919
Aug. 8 1919
RESOURCES.
Gold coin and certificates
Gold settlement fund, F.R.Board
Gold with foreign agencies
$
262,745,000
618,636,000
Aug. 11019 July 25 1919. July 18 1919. July 11 1919. July 3 1919. June 27 1919. June 20 1919. Aug. 9 1918
s
283,275,000
841,396.000
$
270,601,000
591,532,000
$
273,810,000
591,190,000
$
279,545,000
554,812,000
$
282,943,000
564,290,000
$
314,135,000
597,046,000
$
332,676,000
581,238,000
$
395,410,000
606,354,000
9,696,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
881,381,000 905,171,000 862,133,000 865,000,000 834,357,000 847,233,000 011,181,000 913,914,000 1,011.460,000
1,034,047,000 1.071,307,000 1,108,051,000 1,134,173,000 1,163,068,000 1,155,278,000 1,113,824,000 1,127,216,000 940,692,000
119,328,000 111,997,000 124,967,000 112,027,000 114,399,000 126,435.000 122,779,000 124,595.000
38,149,000
Total gold reserves
Legal tender notes, silver, &c
2,084,758,000 2,088,475,000 2,005,151,000 2,112,100,000 2,111,824,000 2,128,946,000 2,147,784,000 2,165,725,000 1,990.301,000
67,362,000
67,852,000
65,872,000
65,381,000
68.387,000
66,407,000
68,472,000
54,222,000
68,737,000
2,152,118,000 2,156,327,000 2,161,023,000 2,177,481,000 2,180,211,000 2,195,353,000 2,210.256.000 2,234,459,000 2,044.523,000
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
1,608,583,000 1,612,639,000 1,616,210,000 1,579,728,000 1,684,946,000 1,632,639,000 1,573,483,000 1,621,928,000
225,535,000 235,300,000 251,392,000 248,347,000 251,367,000 262,389,000 244,557.000 215,512,000
381,241.000 374,791,000 375,556,000 372.353,000 360,035,000 330,679,000 304,558,000 274,736,000
761,576,000
570,897,000
208,557,000
2,215,359,000 2,222,730,0011 2,243,158,000 2,200,428,000 2,206,348,000 2.225,707,000 2,122,598,000 2,112,176,000 1,541,030,000
27,095,000
27,094,000
27,084,000
27,086,000
27,131,000
27,130,000
27,130,000
34,931,000
27,133,000
280,000
280,000
286,000
363,000
374,000
335,000
377,000
333,000
229,724,000 217.982,000 212,028,000 209,941,000 206,054,000 200,068,000 204,104,000 201,883,000 *17,404,000
102,000
Total earning assets
2,472,458,000 2,468,086,000 2,482,558,000 2,437,816,000 2,529,907,000 2,453,282,000 2,354,167,000 2,341,523,000 1,593,467,000
Bank premises
11,805,000
11,801,000
11,784,000
11,737,000
11,699,000
11,684,000
11,257,000
11,066,000
Uncollected items and other deductions
from gross deposits
708,043,000 739,617,000 690,495,000 857,194,000 740,994,000 742,527,000 686,063,000 848,157,000 584,758,000
5% redemp. fund agst. F. R. bank notes
10,803,000
10,735,000
10,613,000
10,077,000
9,956,000
9,714.000
10,052,000
735,000
9,053,000
Gold in transit or in custody in foreign •
countries
85,258,000
All other resources
9,816,000
9,386,000
9,898,000
10.100,000
10,300,000
10,334,000
10,551,000
11,410,000
11,192,000
Total resources
5,450,301,000 5,395,952,000 5,366,371,000 5,504,405,000 5,483,197,000 5,423,108,000 5,288,008,000 5,455,450,000 4,234,893,000
LIABILITIES.
Capital paid in
83,807,000
83,532,000
83,317,000
82,958,000
82,811,000
82,851.000
76,876,000
82,764,000
82,756,000
Surplus
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
49.466,000
81.087,000
49,466,000
1,134,000
Government deposits
108,686,000
68,387,000 116,038,000 137,090,000 151,170,000 136,328,000
73.614,000 161.496.000 179,978,000
Due to members, reserve account
1,756,807,000 1,742,478,000 1,718.396,000 1,712,796,000 1,726,329,000 1.687,608,000 1,713,030,000 1,648.630,000 1,400,705,000
Deferred availability items
555,485,000 581,232,000 535,178,000 651,735,000 591,250,000 581,806,000 534,420,000 682,097,000 433,347,000
Other deposits, incl. for. Govt. credits
107,882,000 113,731,000 117,444,000 125,069,000 114,678,000 128,698,000 115,693,000 127,264,000 127,050,000
Total gross deposits
2,528,860,000 2,505,798,000 2,487,056,000 2,626,690,000 2,583,427.000 2,514,530,000 2,436.757,000 2,619,486,000 2,161,080.000
F. R. notes in actual circulation
2,532,057,000 2,506,820,000 2,504,497,000 2,512,048,000 2,638,127,000 2,552,348,000 2,499,180,000 2,488,253,000 1,955,276,000
F. R. bank notes in circulation-net liab. 205,318,000 200,945,000 193,849,000 186,911,000 184,806,000 181,570,000 177,185,000 173,775,000
13,716,000
All other liabilities
19,172,000
47,770,000
16,565,000
10,762,000
12,899,000
14,711,000
42,656,000
26,811,000
41,714,000
Total liabilities
5,450,301.000 5,395,952,000 5,366,371.000 5,504,405,000 5.483,197,000 5323,108,000 5,288,008,000 5,456.450,000 4,234,893,000
•Includes One-Year Treasury Notes.
657
THE CHRONICLE
AUG. 16 1919.]
Aug. 8 1919
Gold reserve against net deposit Sahli_
Gold res. agst. F. II. notes in actual circ'n
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes in
circulation after setting aside 35%
against net deposit liabilities
Aug. 1 1919 July 25 1919. July 18 1919. July 11 1919. July 3 1919. June 27 1919. June 20 1919. Aug. 9 1918
48.5%
47.5%
51.3%
47.2%
47.9%
49.2%
48.9%
49.6%
45.3%
50.3%
47.8%
50.2%
50.1%
49.5%
51.6%
50.3%
59.5%
50.1%
47.9%
48.0%
48.7%
49.3%
48.2%
49.2%
40.9%
50.8%
56.4%
49.4%
50.5%
50.2%
50.9%
49.8%
50.8%
52.1%
52.5%
57.9%
01.4%
61.2%
62.0%
60.5%
61.7%
64.2%
64.9%
76.3%
$
$
$
$
$
S
$
61,406,000
75,449,000
88,278,000
91,115,000
86,021,000
74,344
74,463,000
1,521,353 1,532,918,000 1,528,103,000 1,665,558,000 1,568,510,000 1,484,822,000 1,508,510,000
16,388,000
25,279,000
25,097,000
18,896.000
19,229
16,601,000
18,625,000
$
946,126,000
59.8%
Distribution by Maturities—
$
93,019,000
1-15 (lays bills bought in open market
1,541,882,000
1-15 days bills discounted
23,628,000
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
91,369,000
16-30 days bills bought in open market
53,405,000
16-30 days bills discounted
5,000,000
16-30 (lays U. S. certif. of indebtedness
16-30 (lays municipal warrants
152,212,000
31-60 days bills bought in open market
97,738,000
31-60(lays bills discounted
22,713,000
31-60 (lays U. S. certif. of indebtedness
31-60 days municipal warrants
44,641,000
61-00 days bills bought in open market
127,428,000
61-90 days bills discounted
22,484,000
61-90 days U. S. certif. of indebtedness._
61-90 (lays municipal warrants
Over 00(lays bills bought in open market
13,665,000
Over 90 days bills discounted
155,899,000
Over 90 days certif. of indebtedness
Over 00(lays municipal warrants
Federal Reserve Notes—
2,725,263,000
Outstanding
193,206,000
Held by banks
85,446
88,439
6,015
81,152,000
103,924,000
4,111,000
58,957,000
86,141,000
92,000
58,234,000
47,463,000
1,010,000
69,071,000
108,566,000
13,000
64,136,000
123,334,000
494.000
165,047
11)3,937
28,233
146,190,000
99,788,000
13,801,000
123,987,000
132,437,000
13,981,000
146,607,000
136,509,000
12,486,000
109,976,000
117,978,000
6,212,000
113,389,000
122,083,000
4.092,000
49,954
115.283
36,314
73,751,000
109,773,000
20,103,000
101,131,000
58,502,000
28,936,000
64,079,000
60,365,000
28,922,000
65,611,000
71,579,000
22,234,000
51,584,000
56,531,000
14,040,000
18,927
128,191
21,199,000
157,412,000
22,842,000
150,544,000
26,418,000
145,011,000
28,395,000
152.713,000
31,270,000
160.199,000
1
I
2,085,000
4,000
60,662,000 1 178,593,000
57,993,000 J
750,000
244,000
99,848,000 ) 223,110,000
186,835,000
3,491,000
235,000
56,000
52,820,000 1 164,347,000
54,885,000!
1,669,000
13,036.000
1,000
28,854,000
29,217,000 f
9,409,000
163,271,000
16,000
1
1
2,715,374 2,723,601,600 2,728,902,000 2,760,288,000 2,740,893,000 2,694,640,000 2,693.198,000 2,088,473,000
208,57,4 219,104,000 216,854,000 222,161,000 188,545,000 195,460,000 204,945,000 133 197 000
2,532,057,000
2,506,820 2,504,497,000 2,512,048,000 2,538,127,000 2.552,348,000 2,499,180,000 2,488,253,000 1,955,276,000
1,912,140,000
1,787,679,000
—
Amount chargeable to Fed. Res. agent 3,124,461,000
399,198,000
In hands of Federal Reserve agent
4,864,540 4,829,860,000 4,811,300,000 4,756,900,000 4,686,700,000 4,656,260,000 4,628,520,000 2,832,740,000
1,741,197 1,700,712,000 1,670,622,000 1,626,124,000 1,582,475,000 1,548,848,000 1.510,860.000 439,092,000
Issued to Federal Reserve banks
How Secured—
By gold coin and certificates
By lawful money
By eligible Paper
Gold redemption fund
With Federal Reserve Board
2,715,374 2,723,601.000 2,728.902,000 2,760,289,000 2,740,893,000 2,694,640,000 2,693.198,000 2,088,473,000
In actual circulation
Fed. Re). Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller
Total
2,725,263,000
223,248,000
3,123,343 3,129,148,000 3,140.678.000 3,130,776,000 3,104,225,000 3,107,412,000 3,117,660,000 2,343,648,000
407,939 405,547,000 411,776,000 370,487,000 363,332,000 412,772,000 424.462,000 255,175,000
221,248
223,598,000
221,248,000
231,995,000
228,998,000
219,993,000
218,998,000
212,240,000
1,611,216,000
84,764,000
776,035,000
1,644,067 1,615,550,000 1,594,729.000 1,597,221,000 1,585,615,000 1,580,816,000 1,565,982,000 1,147,781,000
60,296,000
81,024,000
88,817,000
88,576,000
93,817,000
81,549
84,012,000
89,745,000
768,510 801,801,000 820.830,000 842,494,000 832,463,000 812,802.000 821,401,000 668,156,009
2,725,263,000
2,715,374 2,723,601,000 2,728.002,000 2,760,280,000 2,740,893,000 2,894,640.0002.603,198,000 2,088,473,000
2,140,065 2,1717374.000 2,112,717.000 2.210,078,000 2,150,698,000 2,034.467,000 2,010,114.000 1,480,179.000
Eligible per delivered to F. It. agent.... 2,150,291,000
WEEKLY STATEMENT OF RESOURCES AND LIABIBITIES OF EACH OF TIIE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.8 1919.
Two ciphers (00) omitted.
Boston. New
York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City
Dallas. San Fran.
Total.
5
$
9,508,0 13,093,0
5,710,0 38,861,0
$
262,745,0
618,636,0
S
RESOURCES.
4,848,0
Gold coin and certificates
Gold Settlement Fund, F.R.B'd 54,754,0
5
5
$
$
$
5
$
$
$
158,539,0
129,0
558,0 31,211,0 2,308,0 7,828,0 23,601,0 2,760,0 8,359,0
177,225,0 42,600,0 38,858,0 30,060,0 11,641,0 121,951,0 24,175,0 28,923,0 43,978,0
59,602,0
Total gold held by banks
Gold with Federal Reserve agents 56,448,0
20,840,0
Gold redemption fund
335,764,0 43,058,0 70,060,0 32,368,0 19,469,0 145,555,0 26,935,0 37,282,0 44,107,0 15,218,0 51,954,0 881,381,0
285,578,0 74,548,0 116,876,0 26,646,0 45,447,0 248,572,0 51,360,0 35,614,0 35,102,0 16,885,0 90,971,0 1,084,047,0
24,588,0 8,517,0 2,205.0 6,710,0 4,844,0 32,441,0 6,474.0 3,335,0 5,663,0 2,137,0 1,574,0 119,328,0
136,890,0
8,724,0
645,930,0 126,123,0 189,150,0 65,724,0 69,760,0 426,568,0 84,769,0 76,231,0 84,872,0 34.240,0 144,499,0 2,084,756,0
67,362,0
267,0
84,0
214,0 2,049,0
47,589,0
234,0 1,005,0
510,0 1,276,0
874,0 4,536,0
145,614,0
Total reserves
Bills discounted: Secured by Government war obligations (a)_ 128,136,0
8,276,0
All other
Bills bought in open market (b). 26,862,0
641,566,0 180,934,0 100,989,0 77,448,0 79,530,0 186,386,0 59,490,0 29,031,0 41,725,0 34,038,0 49,260,0 1,608,583,0
53,625,0 14,715,0 10,710,0 12,353,0 11,648,0 26,477,0 10,271,0 3,317,0 38,565,0 20,445,0 15,133,0 225,535,0
332,0 87,141,0 381,241,0
106,980,0
2,0
623,0 57,047,0 7,978,0 6,035,0 52,452,0 9,612,0 26,177,0
163,274,0
Total bills on hand
539,0
U. S. Government bonds
18,0
U. S. Government Victory bonds
U. S. certificates of indebtedness 21,536,0
802,171,0 196,272,0 168,746,0 97,779,0 97,213,0 265,315,0 79,373,0 58,525,0 80,292,0 54,865,0 151,534,0 2,215,359,0
27,095,0
116,0 8,867,0 3,966,0 2,633,0
1,257,0 1,385,0 1,093,0 1,234,0
376.0 4,476,0 1,153,0
280,0
205,0
50,0
1,0
6,0
63,191,0 25,862,0 20,475,0 8,495,0 10,979,0 29,612,0 17,068,0 7,027,0 12,489,0 6,300,0 6,690,0 229,724,0
Total earning assets
185,367,0
Bank premises
800,0
Uncollected items and other deductions from gross deposits
62,102,0
5% redemption fund against
Federal Reserve bank notes
1,072,0
Gold in transit or in custody in
Foreign Countries
All other resources
329,0
866,669,0 223,520,0 190,314,0 107,508,0 108,574,0 299,403,0 97,594,0 65,873,0 101,648,0 65,131,0 160,357,0 2,472,458,0
11,805,0
308,0
400,0
401,0
3,994,0
691,0
500,0
875,0
437,0
463,0 2,936,0
Total gold reserves
Legal tender notes, silver, &c
693,519,0 126,357,0 190,155,0 66,234,0 71,036,0 427,442,0 89,305,0 76,315,0 85,086,0 36.289,0 144,766,0 2,152,118,0
159,345,0 60,712,0 54,640,0 58,726,0 29,493,0 88,329,0 51,784,0 13,862,0 65,561,0 30,030,0 33,404,0
2,135,0
85,258,0
2,114,0
1,273,0
1,067,0
877,0
989,0
448,0
087,0
523.0
334,0
1,799,0
1,472,0
658,0
510,0
374,0
93,0
729,0
515,0
460,0
599,0
703,043,0
450,0
10,803,0
807,0
85,258,0
9,816,0
Total resources
395,284,0 1,813,034,0 413,429,0 437,850,0 234,340,0 210,433.0 821,381,0 240,542,0 156,517,0 253,940,0 132,867,0 340,684,0 5,450,301,0
83,807,0
LIABILITIES.
6,935,0
21,535,0 7,653,0 9,260,0 4,224,0 3,319,0 11,328,0 3,945,0 3,023,0 3,806,0 3,297,0 4,982,0
81,087,0
Capital paid in
5,207,0
32,922,0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 4,577,0
492,0 7,661,0 1,831,0 8,201,0 108,686,0
136,0 3,318,0 8,445,0 5,124,0
Surplus
64,660,0 6,333,0 5,518,0
6,967,0
Government deposits
108,466.0 732,343,0 103,028,0 123,639,0 54,635,0 47,227,0 250,635,0 62,752,0 51,841,0 82,965,0 46,939,0 92,287,0 1.756,807,0
Due to members, reserve account 49,407,0 130,086,0 53,420,0 47,537.0 53,268,0 23,132,0 64,728,0 38,988,0 11,139,0 43,713,0 20,122,0 19,045,0 555,485,0
Deferred availability items
48,604,0 7,507,0 6,935,0 4,078,0 3,146,0 11,493,0 4.143,0 2,396,0 4,295,0 2,210,0 6,916,0 107,882,0
6,969,0
All other deposits
170,909,0
Total gross deposits
F. R. notes in actual circulation_ 189,597,0
F. It. bank notes in circulation
21,151,0
—net liability
1,485,0
All other liabilities
966,68:3,0 170,288,0 183,629,0 112,117.0 76,823,0 335,301,0 111.007,0 65,868,0 138,634,0 71,152,0 126,449,0 2,528,860,0
745,723,0 204,697,0 220,064,0 105,897,0 115,613,0 131,735,0 106,004,0 77,972,0 91,646,0 46,929,0 195,180,0 2,532,057,0
39,405,0 24,149,0 17,744,0
6,766,0 1,331,0 1,293,0
7,430,0 10,156,0 30,662,0 16,298,0
699,0
872,0
717,0 2,145,0
6,783,0 14,774,0
551,0 1,123,0
8,633,0
777,0
8,083,0
1,413,0
205,318,0
19,172,0
Total liabilities
:195,284,0 1,813,034,0 413,429,0 437,850,0 234,340,0 210,433,0 321,381,0 240,542,0 156,517,0 253,940,0 132,867,0 340,634,0 5,450,301,0
Memoranda—Contingent liability
Discounted paper rediscounted as endors er on:
85,150,0
5,400,0
24,750,0
55,000,0
with other F. It. banks
Bankers' acceptances sold to
other F. R. banks
(a) Includes bills discounted for
86,150,0
48,150,0 20,000,0 17,000,0
other F. It. banks, viz
(b) Includes bankers' acceptances bought fr om other F. R.banks:
With their endorsement
34,353,0
44,400,C
Without thpir rminnarment_
10.012.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG. 8 1919.
,
Boston. 1 New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frani Total.
Two ciphers (00) omitted.
$
$
$
I
$
$
$
I
$
$
3
$
5
$
$
Federal Reserve notes:
Received from Comptroller___ 354,400,0 1,680,980,0 426,780,0 374,160,0 232,680,0 243,000,0 665,160,0 218,920,0 134,330,0 170,920,0 104,760,0 306,000,0 4,912,140,0
78,825,0
1,787,670,0
60,221,0
37,126,0
78,645,0
39,560,0
61,634,0
182,973,01
178,445,0115,557,0
94,621,0
132,965,0
727,107,0
Returned to Comptroller
Chargeable to F. R. Agent
In hands of F. It. Agent
221,435,0
24,700,0
Issued to F.It. Bank,less amt.
returned to F. It. Agent for
106,735,0
redemption:
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand_
11,448,0
Gold redemption fund
001(1 Set'm't Fund, F. It. I3'(1_ 45,000,0
Eligible paper, rnin'm required 140,287,0
053,873,0 248,335,0258,603,0 138,059,0181,366,0 482,187,01 140,275,0 94,820,0 110,699,0 67,634,0227,175,0 3,124,461.0
133,600,0 30,980,0 25,860,0 27,417.01 60,281,0 26,920,01 18,010,0 14,460,0 12,290,0 16,980,0 7,700,0 399,198,0
1
820,273,0 217,355,0 232,743,0 110,642,01121,035,0 455,267,01122,265,0 30,360,0 98,400,0 50,654,0 219,475,012,725,263,0
196,735,0
Total
Amount of eligible paper deliv163,274,0
ered to F. It. Agent
106,735,0
F. It. notes outstanding
7,138,0
F. It. notes held by bank
1 2,500,0
183,740.0
14,125,0
I
11,838,0 12,659,0 12,751,0 1,646,0 2,947,0 8,108,0, 2,430,0
00,000,0 61;889,01 90,000,0 25,000,0 40,000,0 240,464,0! 48,930,0
634,695,0
,0 133,006,0 75,638,0 206,695,0 70,905,0
1428°L°115.867
'1
820,273,0 217,355,01232,743,0 110,642.0'121,035.0 455,267,01122,265,0
I
802,171,0 159,394,0,167,397,0 94,219,01 00,928,0 265,259.01 74,543,0
820,273,0 217,355,0 232,743,0 110,642,0 121,085,0 455,267,0 122,265,0
74,560,01 12,653,01 12,679,0 4 745 0 4 472 0 23 532 01 16,261,0
F. R. notes in actual circulation.. I go 607 0
745.722.01204.1107.01220 Ora (110.c R717
n 116 nin n 4:31.725.0'106.004.0
9,831,01
223.248,0
13,052,0
1,762,0 2,742,0 2,870,0' 13,563,01 84,764.0
20,800,0 32,360,0 4,184,0!77,408,0 776,035,0
44,746,0 63,307,0 33,769,01128,504,0 1,641,216,0
80,360,0 98,409,0 50,654,0 219,475,0 2,725,263,0
55,057,0 80,292,0 54,865,01142,892,0 2,150,291,0
80,360,0 98,409,0 50,654.0 219,475,0 2,725.263,0
2,388,0 6,763,0 3.725.0! 24,295,01 193,206,0
77.972.0
91.646.0 46.929.0'195,180,0!2,532.057,0
THE CHRONICLE .
658
[VoL 109
6s have made a fractional advance and a few less prominent
issues have resisted the general downward tendency.
United States Bonds.-Sales of Government bonds at
Wall Street, Friday Night, Aug. 15 1919.
Railroad and Miscellaneous Stocks.-In the absence the Board are limited to Liberty Loan issues. For to-day's
of news or developments affecting the security markets, prices of all the different issues and for the week's range see
trading at the Stock Exchange has been chiefly of a profes- fourth page following.
sional or negative character.. Strikes and threats of strike Daily Record of Ltberty Loan Prices. Aug. 9. Ang.11..4ug.12 Aug.13. Aug.14. Aug.15.
seem to have lost much of their former disturbing influence
and the deplorable state of the railways of the country has 334s, 1st Lib. Loan, 1932-47, High 99.94 99.90 99.90 99.92 99.94 99.96
Low 99.70 99.66 99.80 99.80 99.90 99.90
apparently been fully discounted in the market for shares.
Close 99.80 99.96 99.84 99.90 99.90 99.90
Number of bonds sold
414
344
290
414
362
128
The money market, however, has been in a much more
94.20 94.20 94.20 94.10 94.06 94.16
normal condition this wek than for some time past and that 4s, 1st Lib. Loan, 1932-47, High
Low 94.00 94.00 94.04 94.00 93.80 94.10
may account for the fact that of a list of a dozen or more
Close 94.00 94.10 94.20 94.10 94.06 94.16
of bonds sold
19
27
15
78
85
92
leading railway stocks about % have advanced and the 4s,Number
2d Lib. Loan, 1927-42, High 93.18 93.22 93.10 93.20 93.10 93.08
industrial list has made a similar record.
Low 93.04 93.00 93.00 93.00 93.00 93.00
Close 93.18 93.22 93.00 93.00 93.02 93.00
Reports from the iron and steel producing districts show
Number of bonds sold
151
175
131
256
397
183
that the output continues to increase and that orders booked 43(5,
1st Lib. Loan, 1932-47, High 94.20 94.20 94.30 94.30 94.30 94.34
Low 94.00 93.90 93.70 04.12 94.06 94.20
for export during -July amount to about 20% of the entire
Close 94.00 93.90 94.12 94.14 94.30 94.30
export movement in 1918.
Number of bonds sold
38
4
226
68
135
102
The weekly weather report was slightly less discouraging 4345,2d Lib. Loan, 1927-42, High 93.38 93.50 93.40 93.30 93.30 93.30
Low 93.06 93.24 93.20 93.10 93.02 93.18
than of late. Its estimate of the entir ,wheat crop is for
Close 93.32 93.46 93.30 93:22 93.26 93.30
Number of bonds sold
1,092 1,149 1,14,7
921 1,122 1,108
940,000,000 bushels, which, while somewhat smaller than
100.60
earlier estimates, still leaves an enormous supply for the 434s, 2d Lib. Loan, 1932-47, High
Low
--------------------100.60
peoples of Europe after our own needs are provided for.
0
------------------------------2
Number of bonds sold
The week's fluctuations have carried Texas & Pao. over a 434s,
3d
Lib.
Loan,
1928,
High
95.00
95.06
95.00
94.90
95.06
95.08
3 New Haven 3.54, So. Pac.
range of 5 points, St. Paul 4%,
Low 94.78 94.90 94.84 94.80 04.76 94.94
Close 95.00 95.02 94.96 94.86 95.04 95.04
31.4, Union Pac. 3%, and the remainder of active railway
Number of bonds sold
912 1,163 1,884 1,442 1,819 1,412
shares have covered from 1 to 3 points, with the above-men- 4345, 4th Lib. Loan, 1938, High 93.50 93.52 93.44 93.30 93.34
93.30
Low 93.22 93.30 93.20 93.10 93.10 93.16
tioned net results.
Close 93.36 93.40 93.30 93.20 93.30 93.26
Wider ranges have been recorded against the more speculaNumber of bonds ,
.=old
1,943 2,960 3,142 4,092 2,658 3,444
tive stocks as follows: Am. Sum. Tob. 14% points, Am. 43js, victory 1.. L., 1922-23,1110 99.92 99.00 99.55 99.54 99.82 99.88
Low 99.82 99.80 99.78 99.74 99.74 99.76
Tob. 13, Bald. Loc. 113/2, At. Gulf & W.I. 103, Cent Lea.
Close 99.84 99.84 99.78 99.76 99.76 99.72
3 Am. Loc. 91f?, Cruc. Steel 9, U. S. Steel 4, and many
Number of bonds sold
669 1,526 1,548 1,799 1,611 3,048
9%,
334s, Victory L. L., 1922-23, High 99.84 99.90 99.88 09.86 99.86 99.80
other issues in this group from 5 to 83/2.
Low 99.84 99.82 99.80 99.82 99.80 99.70
Close 99.84 99.86 99.80 99.82 99.84 99.80
The following sales have occurred this week of shares not
Number of bonds sold
51
514
574
550 1.740
51.6
represented in our detailed list on the pages which follow:
Foreign
-Sterling
Exchange.
exchange was less active
Range since Jan.!.
Range for Week.
STOCKS.
Sales
this week and rates were about steady at last week's low
for
Week ending Aug. 15.
Highest.
Lowest. I Highest.
Week.
Lowest.
levels until near the close when freer offerings produced a
Par. Shares $ per share. $ per share. $ per share.!$ per share. fresh reaction. In the Continental exchanges sensational
May declines were recorded for francs, lire and
American Express_ _ _100
200 90X Aug 11 93 Aug 12 8234 Apr 103
German marks.
5 60 Aug 9 60 Aug 0 5934 Jul 723-i Feb
Buff Roch & Pittsb_100
201 102 Aug 14 1043 Aug 15 10134 Feb 106
Cuban-Am Sug preL_101
May Neutral exchange was dull and not appreciably changed.
ilaultrrs Oazette.
23 118
100
Detroit Edison
700 100%
Fisher Body pref__ _1 I I
General Chemical_ _ _100 1,00 179%
101 72
Homestake Mining_ A00
4
Internat Nickel preLil
933-i
211 117
Kayser (J) & Co.1st pre
%
Kelly Springfield rights_ 29,621
101
Preferred
500 95
Preferred rights
1,599
2 100
Loose Wiles 1st pref_100
92
N Y Lack & wesL....l0I
201 1183
Sears-Roebuck pref _ _100
100 180
So Porto Rico Sugar_100
100 105
Superior Steel 1st pref 10
United Drug 1st pref sub100 21
scription rec 1st paid_
Un Retail Stores rights 61,500 16
Aug 12 118
Aug 12 10034
Aug 14 180
Aug 14 72
Aug 15 96
Aug 12 117
;
,5
Aug 9
Aug 13 98%
Aug 12 1
Aug 11 100
Aug 14 92
Aug 15 1183,1
Aug 11 180
Aug 13 105
Aug 12 110
Aug 11 91
Aug 14 16334
Aug 14 72
Aug 11 9334
Aug 13 117
34
Aug 14
Aug 14 0034
%
Aug 13
Aug 11 9434
Aug 14 9234
Aug 15 11834
Aug 11 132
Aug 13 9534
Aug 15 21
Aug 1' 19
Aug 15 21
Aug 13 16
Jan 118
Feb 101 X
Feb 197
Aug 100
Au 9734
Aug 117
July 1
Ja 100
Au, 4
Jan 10634
Aug 9234
Aug 120
Jan 81
May 05
Augj 21
Augi 19
May
May
June
Feb
May
Aug
July
June
July
June
Aug
Mar
June
June
Aug
Aug
TRANSACTIONS' AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week Ending
Aug. 15 1919.
Par Value.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Railroad, Stale, Mun.
& Foreign
Bonds.
Bonds.
625,400 $56,007,500
934,960 83,908,000
788,663 72,282,300
943,010 82,784,500
1,018,130 93,042,000
734,580 65,777,000
$927,000
1,170,000
1,152,000
1,495,000
1,743,000
1,610,500
U.S.
Bonds.
3307,000 $5,332,000
404,000 8,376,000
599,000 9,128,000
528,000 9,509,000
409,000 10,011,000
253,500 10,365,000
5,044,643 3453,801,300 $8,097,500 32,500,500 $52,721,700
.Week Ending Aug. 15.
1919.
1918.
Jan. 1 to Aug. 16.
1919.
1918.
187,336,068
5,044,643
1,883,043
85,683,106
Stocks-No. shares_ _ _
$453,801,300 $177,957,050 $17,442,365,730 $7,994,018,565
Par value
$47,200
$14,800
Bank shares, par
Bands.
$635,624,500
Government bonds.. _ _ $52,721,700 $22,429,000 $1,462,330,700
131,148,500
4,579,000
199,732,500
2,500,500
State, mun.,&c.,bonds
170,645,000
4,166,500
340,586,500
8,097,500
RR.and misc. bonds
Total bonds
$63,319,700 $31,174,500 32,002,649,700
$937,418,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Aug. 15 1919.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
I
Philadelphia.
Baltimore.
Shares. BondSales.l Shares. Bond Sales. Shares. Bond Sales.
16,805
20,185
38,758
52,485
29,497
23,470
$30,050
51,500
35,700
27,900
25,950
11,000
181,200
8182,100
3,521
$40,000
0,748
91,100
6,828 . 70,600
9,721
101,600
3,826
79,000
4,952
10,000
34.596
5392,300
9411 $10,000
3,266,
10,000
6,015
46,800
14,303:
19,300
1,770'
10,000
5,5971
42,000
1
31,892 $138,100
State and Railroad Bonds.-Sales of State bonds at
the Board are limited to $1,000 New York 4s 1961 at 983/2.
The market for railway and industrial bonds has been
exceptionally dull and narrow throughout the week. Only
a few issues have been sufficiently active to give any significance to comparative quotations and these have practically all declined. A list of the relatively active bonds
includes Am. Tel. & Tel., Chile Copper, Inter. Mer. Mar.,
Inter. Rap. Trans., U. S. Rubber, U. S. Steei, Wilson &
Co., So. Pac., and Burlingtons.
Inter. Met. 432s led the downward movement with a
drop of over 4 points. On the other hand, New York Cent.
To-day's (Friday's) actual rates for sterling exchange were 4 25©4 2634
for sixty days, 4 2734@4 29 for checks and 4 2834(4 3034 for cables.
Commercial on banks, sight, 4 27©4 2834; sixty days, 4 24@)4 2534;
ninety days, 4 22M(44 24M, and documents for payment (sixty days),
4 233404 25M. Cotton for payment, 4 2634 ©4 28M, and grain for payment, 4 26M ©4 2834.
To-day's (Friday's) actual rates for Paris bankers'francs were 7 93@7 97
for long and 7 89©7 93 for short. Germany bankers' marks are not yet
quoted for long and short bills. Amsterdam bankers' guilders were 36 11-16
for long and 3734 for short.
Exchange at Paris on London, 33.45 fr.; week's range, 33.45 fr. high
and 33.47 fr. low.
' The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Cheques.
Cables.
High for the week
4 2934
4 32
4 3234
Low for the week
4 25
4 2734
4 2834
Paris Bankers' FrancsHigh for the week
7 73
7 67
7 65
Low for the week
7 97
7 89
7 91
Germany Bankers' MarksHigh for the week
6 00
634
Low for the week
4 8734
4 90
Amsterdam Bankers' GuildersHigh for the week
36 11-16
37 3-16
37 5-16
Low for the week
36 11-16
3734
3734
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $42 50 per
$1,000 premium. Cincinnati, par.
Outside Market.-Trading on the "Curb" this week
quieted down somewhat as compared with recent sessions.
Prices moved in aimless fashion through the week, periods
and heaviness being responsible for the irregular
trend. Tire and rubber stocks continue to hold a prominent
place although the listing of Fisk Rubber Co.on the Exchange
this week removes an active feature from the "curb." Colonial Tire after moving up from 403/i to 42 dropped to 37
and closed today at 38%. Intercontinental Rubber sold up
almost six points to 243, but sold finally at 22. N. Y.
Savold Tire advanced from 49 to 51, then weakened to 50.
Ohio Savold after early advance from 30 to 303%, fell to 29
and today sold up to 323.. The close was at 32. Savold
Tire Corp. was erratic; after an early gain of three points
to 62 it sank to 57, then moved up to 63 and reacted finally
to 57. American Ship. and Commerce dropped almost nine
points to 36 and closed today at 38. Columbia Graphophone, new stock, sold for the first time "when issued' up
from 49 to 52 and down finally to 473. Indian Packing
3
rose from 38 to 413% but reacted finally to 37%.
International Products opened the week at 443., advanced to
503%, the final transaction being at 4932. In the oil group
Shell•Transport & Trading was prominent, advancing from
683. to 703' then moving down to 67, with the close today
68. Sinclair Con. Oil was strong, advancing from 513
% to
553 with a final reaction to 533%. Sinclair Gulf Corp. sold
up from 51 to 54% and sold finally at 533'. Brazos Oil
improved from 263 to 29 and closed today at 283. Commonwealth Petroleum advanced from 53% to 60 and ended
the week at 59. International Petroleum gained two points
to 29 and ended the week at 283. Midwest Refining improved from 160 to 171 and reacted finally to 168. Transcontinental Oil was listed on the Exchange this week. Mines
qu:et. Bonds neglected.
A complete record of. "curb" market transactions for the
week will be found on page 668.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
659
THREE PAGES
For record of sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
S per share $ per share
9158
9114 0218 91
82
80
81
81
12
*8
*11
14
.95
97
96
*95
4238
4238 4258 42
54
54
54
*52
2714 2734 2712 28
*22
2334 *2234 24
153 15512 155 155
5614 5714 5718 5778
12
*7
---- ---*123 1512
----- ----92
- . 10-3-4
Thursday
Aug. 14
Friday
Aug. 1.5
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share Shares
$ per share
Railroads
Par
9112 9212
9018 9114 sa34 9112 8,600 Atch Topeka & Santa Fe__100
81
81
.80
81
82
8112
Do pref
700
100
*812 12
*11
13
*812 12
Atlanta Birm & Atlantic_100
9512 9512 9478 95
9418 96
000 Atlantic Coast Line HR.._100
4038 42
4214 4258
401 411
100
6700 Baltimore & Ohio
*52
53
----- -----700
54
53
Do prof
100
2612 2714 2458 26 - 9,800 Brooklyn Rapid Transit_100
2738 28
2112 2234 2078 2078
Certificates of deposit
500
15318 15478 15358 155
15'5'78
. 1-563-4
100
10,900 Canadian Pacific
56
5512 57
57
5534 5614 6,400 Chesapeake & Ohio
100
12
*7
11
*8
____ ____ ______ Chicago & Alton RR
100
*123 151
•1234 1518
___ ----Preferred
100
912 10
- -----------_- 600 Chicago & East Ill tr recta_ ___
Preferredtr recta
_
- --- *918 --61-2 ---- ------1,30
--or4 --9-3-8 --912 --9.1-2 ----912
--- --- - - 0 Chicago Great We8tern100
2512 2538 2538 25
2512 25
25
2438 25
25
2434 2434 1,400
Do prof
100
4314 4234 4312 42
43
4014 42
4214 4134 43
4114 4214 10,900 Chicago Milw & St Paul 100
64
6712 643g 6512 6414 6412 63
6278 6312 64
62
63
9,200
Do prof
100
913
4
9214
92
93
9312 9214 9312 9318 9318 93
92
0178 2,806 Chicago & Northwestern100
12678 12678 *125 128 *125 127 *125 127 *124 127
125 125
300
Do prof
100
2518 2414 2434 2358 2414 6,700 Chic Rock 181 & Pac
25
2453 2534 24,4 25
2412 25
100
7312 73
73
7212 73.4 7314 7314 7314 *72
71
72
72
1,140
100
7% preferred
6012 61
61
6012 6012 5914 60
61
5912 6014 6034 61
100
2,800
6% preferred
- Chic St P Minn & OnIaha_ _100
;:io- 11i- ;i-i- -,i.- ;:ii- -4-/i.- -,-17- -4-i- -:15- -4-6- -,i(i- -4-6- - - -400 Clay CM Chic & St Louis_100
*2
67
71
*67
212 7
23
1
*6634 71
71
*67
71
*66
*
71f
100
23
---------- ---- ---- ____
---- ---- 23
--1,400 Colorado & Southern
100
Do 1st prof
100
Do 2(1. prof
100
r,;- ___:166 Delaware & )fuuson
77
---- *----- 105
,74. 18 .165 1-&-- 10418
isli- 105 '104 1-66- 1051816E1100
___
_ *185 190 .185 190 *185 190
187
186 186
100 Delaware Lack & Western_50
1014 1012 1014 1014 *912 10
918 187914
1014 1012
800 Denver & Rio Grande__100
03a 038
1512 1612 1512 1512 1512 16
1518 16
14
1512 14
1412 0,700
Do pref
100
*97 123
*97 123
0712 *97 123
*95 121
---- ---- *97
Detroit United Ry
100
5
*3
5
*3
*3
5
5
*3
434 434
200 Duluth S S & Atiantic_100
*6
10
*6
10
10
*6
*6
10
*6
10
Preferred
100
1612 1612 16
1614 1614
1578 1614 5,900 Erie
1658
-16- 16-3; 1618 1678
100
2538 2533 2614 25
2614 2612 2514 2614 25
2512 2414 2514 5,200
Do 1st pref
100
*13
19
19
.13
18
19
1834 1834 19
18
1734 1778
700
Do 2d prof
100
8634 88
89
8914 *87
88
8834 89
8714 88
86
8658 7,700 Great Northern prof
100
4238 4314 4312 4414 4338 44
4334 4412 4212 4358 4112 4212 13,200
Iron Ore properties No par
*918 10
*812 11
12
*8
*813 10
*978 10
Gulf Mob & Nor tr ctfs
-100
*35
38
38
38
4212 *38
•35
39 ' 39
42
----------20
-_
Preferred
. 0
100
95
9118 9418 9418 9418
*93
05
05
9512 9512 95
08
500 Illinois Central
100
612 63.1
612 7
7
7
618 612
558 614 7,900 lnterboro Cons Corp_No Par
7
7
21
2112 23
2312 *2234 2312 2212 2358 22
2212 1734 2012 10,100
Do prof
100
6
0
100 Iowa Central
100
-164 -1-6-3-4 ;16- -if- -io- -2-6- ;i6- If1614 1912 ;15T4 164
900 Kansas City Southern
100
50
50
50
*48
51
*50
51
52
*50
53
*49
52
300
Do
pref
100
1012 *912 1212 *912 1112 *9
*9
12
*9
12
-Lake Erie & Western
100
•16
22
*19
*18
22
22
*18
22
23
4118
Preferred
100
4814 5018 4912 50
4913 4912 40
4914 4812 49
-,-liii2 -,i6- -4-A5 Lehigh Valley
50
.
111 113 .111 114 *110 112
11014 11014 *109 112
10812 10812
200 Louisville & Nashville__100
82
*78
.68
84
*81
*80
78
80
80
86
*80
84
100 Manhattan Ry guar
100
1612 18
1712 1712 1712 1734 16
1758 183,&
1712
1558 1534 4,300 Minneap & St L (new)....._100
*85
90
*85
90
MinnStP&SSM
1oo
1334 143
-lira 1E38 -ilia -)5i34 -iiC2 -1-- -iir8 1E1-8
1312 1412 46,700 Missouri Kansas & Texas_100
20
2014 20
21
1814 1814
1814 1812 2,300
1812 1912
Do prof
100
28
2978 2814 291
28
21,300 Missouri Pacific trust ctfs_100
2812 2834 2938 -213-2-g.5-3 2734 28
5012 51
5012 5012 4912 50
5112
50
1 507
2,000
014 51
Do prof trust ctfs
100
812, 812 ----- -----812_
812
812 *8
200 Nat Rya of hlex 2(1 pref
812 *8
100
36
36
3678 36
36
*35
36
36
600 New Orl Tex & Mex v t c_ _100
-7
75- -fil- -"iii- -74 - 731
74
731 7418 7214 7311 '23 73
200 Now York Central
100
•27
28 - -----------_ --------- ---- 2618 2618 ------------100
N Y Chicago & St Louls_100
.61
68
---First preferred
100
-- --- -------------- --- ---- --48 -4-8-- --------100
.4812 49
------------Second preferred
100
31
-55" -3-458
34
32
,4 3334
3218 3118 335
27,200 N Y N II & Hartford„....100
1973 20
20
20
21
21
20
.1912 2012 .20
21
2018 • 800 N Y Ontario & Western_100
1514 15'4 -.__ _ __ __ _
100 Norfolk Southern
100
9973 10012 10018 10034 *100- 1-0-2-- ioi).1-8 1-61-- i66- 1-0-61; i5673 1-667-8 1,800 Norfolk & Western
100
8818 8934 8712 8834 8834 8834 8714 88
8734 88
8612 8753 8,000 Northern Pacific
100
4334 4378 4358 4378 6,700 Pennsylvania
4334 4378 4373 44
4314 4378 4358 44
50
•1412 17
*14
.1412 17
*1414 17
•14
15
18
1414 1414
100 Peoria & Eastern
100
1812 1834 1834 1734 1814
1834 1934 18
1814 19
18
1812 4,400 Pero Marquette v to
100
6112 6112 ---- ---62
62
62
62
62
62
61
61
800
Do prior pref v t c
100
4512 4512
100
Do prof v t c
100
;EF,- -6E- ;Li- -6-6- ;L5- -66Ri
*56
62
Pitts
Cin Chic & St Louis_ _100
6:
-6
3 2 '7'L
-1-4 -3
6-6
3i8
3438 ;1732
-8 -3
34
3418 3458 3334 3478 34
34
3,800 Pittsburgh & West Va____100
82
*80
*7812 80
81
.80
81
82
82
• *80
*7812 80
100
Do prof
100
7812 7934 77/8 7978 78
7934 7918 8012 7818 7912 7814 791 1 28,60Q Reading
50
*35
37
*3512 37
*3512 37
3512 3512 *3412 37
*3434 36
200
Do 1st pref
50
.37
39
39
*3712
39
*37
39
*37
39
*37
.37
40
Do 2d pref
5
2018
1818 19
19
2033 181 187
1814 1918 19
18
1838 15,600 St Louis-San Fran tr ctfs_100
_
2558 2634 ---- ---- 27
*25
28
27
*25
29
400
Preferred A trust etts_1130
1418 1678 *14
17
;-16- -1-9 - *14
.14- 17 17
*15
17
600 St Louis Southwestern__100
*28
34
.29
32
*2758 30
30
29
32
*30
*29
30
300
Do prof
100
918
918 ____ ____
*9
012 *918 012
100 Seaboard Air Line
100
---- ---- -5- 16*18
19
.18
19
100
Do pref
100
-Ria -9i3.165:4 -67-5
; 9512 9678 9518 0618 52,400 Southern Pacific Co
8 6718 9838 -6f3- -9-i- 100
2578 2512 2578 2514 2578 25
2512 2558 2612 25
25
2558 15,600 Southern Railway
100
6314 6314 63
6334 6212 6234 *62
6212 6212 6334 64
6412 1,100
Do prof
100
4853 4712 5038 4512 4734 4434 47
4714 4834 4738 5012 47
39,700 Texas & Pacific
100
20
19
*19
22
*19
19
22
20
*19
19
19
1,000 Third Avenue
100
1912____
..1)
4110
13
___
12
*10
_
*10
12
12
*9
13
Tol St L & W trust receipts__
-_-_- *20
26
*20
25
*20
•19
25
26
.20
26
Preferred certificates dep__
4140
49
*40
49
*40
49
*40
49
Twin City Rapid Transit__100
12334 125
12258 12353 12234 12414 15,600 Union Pacific
124 126
Iiir2 1-2-6- iiii,i 1-26
100
70
70
*70
71
6918 70
70
70
70
70
.70
71
500
Do pref
100
1112 1112 1112 1112 1118 1118
11
12
•11
11
*10
11
800 United Railways Invest
100
22
24
23
2412 2134 24
*2312 2412 *22
24
24
23
700
Do prof
100
978 1012 1011 1078 101s 1038 1014 1012 1014 1014
10
10
4,7(30 Wabash
100
3158 3034 3138 *3014 3112 3,300
31
3012 3112 3034 3158 3034 31
Do pref A
100
2012 2012 2038 2012 *20
23
*20
21
*20
21
500
Do prof II
100
12
-12- -1-2-1
1212 1312 1214 1258 1212 1314
1218
12
1258 19,900 Western Maryland (new)_100
*25
28
26
*22
•22
28 - --------'22
26
*23
26
100
Do 2(1 pre
100
*20(4 22
21
*20
21
21
*20
21
21
21
*2014 22
200 Western Pacific
100
5512 5512 *53
56
*53
56
59
*53
*54
59
*53
56
100
Do pref
100
.912 1012
10
913 912
10
9
10
034 10
10
918
1,100 Wheeling & Lake Erie Ry-100
21
*1712 21
*1712 2112 .18
21
*1812 21
*19
*1712 20
Do pref
100
38
*30
38
.30
38
*30
38--_-- *30
*30
38
Wisconsin Central
100
Industrial & Miscellaneous
4314 4314 49
45
41
49
.44
4334 44
44
*42
44
600 Adams Express
100
4014 3912 4012 37
3914 3512 3634 5,400 Advance Rumely
4212 40
4018 421
40
100
6978 70
6918 6912
69
6912 70
69
70
*68
900
Do prof
100
10212 1043i 101 102
10214 1031 102)8 10558 10112 104
i6i- 1-62-1-8 4,700 Ajax Rubber Inc
50
234
258 3
212 234
23.1
278 3
*258
278 4,100 Alaska Gold Mines
278 3
10
218
218
218
2(8
218
214
1,500 Alaska Juneau Gold Min'g_10
2'8 40
-;1-5r8 -417-8 39
-5oFt '162'8 *38
3912 4114 3934 41
3812 15,000 Allis-Chalmers Mfg
100
*92
93
9112 9112 9212 9212 9212 9212 93
9312 *90
93
400
Do prof
100
102 103
101 10212 10114 10258 10278 10278 10178 102
101 10178 4,300 Amer Agricultural Chem 100
9
48
*98 100 :
312 10
*98 100
40
7
*98 100
*98 101
*98 100
Do pref
100
__-___
46
46
47
*44
----.---- ---2C10 American Bank Note
50
.
4614 50
-----------------Preferred
50
-8.i178 -8-61-2 -iliii.z -iii; *8
4 *85 87
-Tii- "g7-156
0
46
511 8
-8-1;3-4 --5-,1.66 American Beet Sugar
100
*90
04
*91
94
*92
*90
94
94
94
*90
*91 94Do pref
100
110 11134 111 112
114 . 115
11312 116
112 112
11278 11312 5,000 Amer Bosch Magneto...Aro par
---- -- __
ion Am
--perrefle3rrraekdo Shoe & Fdry 100
170
170- iiii100
-H" -ei3- - 1. -es36
25-8 -a- -5-3-,8 -Zi if1 -6.21
5214 22,800 American Can
2 51
100
103 103 - ------ '103 105 *103 105
10414 10414 •103 105
600
100
Do pref
11934 12678 12538 1-32 - 12834 131
12734 13178 42
1514
5 12
18
1114 12_5_ 18 129 117,200 American oar & Foundry_100
11512 11512 115 115
116 116
100
.300
Do prof
5534 5712 5712 5858 .57
5812 -Li- -i956
5614 x
-54- -5-6-- 4,400 American Cotton Oil
NO
91
91
02
92
- _--_ 200
100
Do pref
-16-it 11- -111-4 -1-1-1-2 1118 1118
1113 1214 -His -1-2-1178 1213 5,400 Amer Druggists Syndicate_10
3278 3418 3312 3412 3314 3473 3358 3478 3218 3334 3153 3238 18,000 American Hide & Leather_100
12234 12234 121 12234 12012 12234 123 123
120 12212 119 12018 6,700
100
Do pref
'Bid and asked prices; no sales on thla day. Z EX-rights.
LOSS than 100 shares. a Ex-d1v. and rights.
5 per share
9138 9218
8112 8112
*11
14
9518 0612
4238 4313
5314 5314
2814 2834
*2212 25
15314 157
5573 5612
12
*7
*1234 1512
1018 1018
i151-
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
$ per share
88 Aug 8
81 Aug 9
6 Mar31
9418 Aug 8
4014 Aug15
50 Apr21
1838 Jan27
1938 Mar21
153 Aug12
53$4 Jan21
714 Jan13
101 May 9
812 Aug 8
1412 Aug 5
718 Jan21
2314 Apr16
3412 Feb15
6158 Aug 8
91 Aug 8
125 Aug15
2218 Jan21
6814 Aug 8
5814 Aug 8
6518 May12
32 Feb17
64 Apr 2
1934 Jan22
4814 Jan 3
45 Feb 4
101
Jan20
17212 Mar18
334 Jan 8
613 Feb 3
80 Feb24
234 Febll
538 Apr 8
1518 Jan21
2414 Aug15
1712 Apr 3
8418 Aug 9
3134 Jan 2
714 Feb27
3114 Jan16
9418 Aug14
31.8 Mar24
1113 Mar29
212 Feb13
1634 Jan30
4912 Jan21
7 Feb26
1612 Apr21
48 Aug 8
10812 Aug15
70 lk.lar28
918 Jan21
8512 Aug 7
458 Feb10
812 Jan13
2234 Jan21
4814 Aug 8
512 Feb 6
2834 Apr10
6914 Jan21
25 Apr19
63 Apr15
4214 Apr19
2534 Feb13
1812 Jan21
15 Mar 7
9834 Aug 8
84 Aug 8
434 Aug S
434 Mar26
1218 Jan21
56 Nlar27
39 Apr 7
44 Apr29
32 Aug 8
79 Jan31
7478 Aug 8
35 July22
36 Apr30
1034 Jan21
22 Jan27
1418 Aug13
2812 Feb 4
738 Feb13
1534 Feb 3
9234 Aug S
23 Aug 8
60 Aug 8
2712 Jan21
1318 Jan 4
5 May 1
10 Mar 4
38 Jan16
11918 Aug 8
6918 Augll
714 Jan 9
15
Jan13
734 Jan20
3018 Aug 8
19 Jan23
958 Apr21
23 June19
17 Feb 3
5218 Feb20
734 Mar 5
17 Jan30
3014 Jan22
2958 Apr26
21
Jan21
5612 Jan20
Jan13
66
212 Aug 9
134 Jan 2
30 Jan21
8173 Jan23
9978 Jan29
98 Jan 9
33 Jan25
42 Jan 2
62 Jan 3
8434 Jan13
8412May 7
90 May13
160 Jan 2
4273 Febll
9878 Jan 6
8418 Fob10
Jan18
113
3953 Jan 2
88 Jan 7
1033 Jan24
1318 Jan 4
7114 Jan 2
Ex-dividend.
Highest
,
1
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
$ per share $ per share
5 per share
104 May27
81 Mar 9934 Nov
89 Jan 4
Jan 9212 Nov
80
1512 July24
5 Deel 1012 June
107 May29
8933 Apr, 109 Nov
5514 May27
4812 Dec 62 Nov
5912 May27
53 Apr 6412 Nov
3318 July23
2533 Dec 4814 Jan
2814 July23
17078 July10 135 Mar 17473 -Oct
6812 May17
4934 Jan 6238 Nov
1212 May15
7 Apr 11 Nov
1712 July17
1014 Dec 18 Nov
1312 July23
1712 July24 --E- Jan
9 May
12 July17
6
Apr 11 Nov
3073 May19
1812 Apr 32 Nov
5234 July17
3714 Apr 5414 Sept
76 July17
6614 Apr 8638 Nov
105 May26
8912 Mar 107 Nov
133 Jan 17 125 July 137
Jan
18
3214 July17
Apr 3212 Nov
84 June 6
5634 Jan 88 Nov
73 July17
46
Jan
75 Nov
Jan 7
82
69 Sept 82 Dec
5478June 6
26 Feb 40 Nov
74 July12
5884 May 70 Nov
3184 May 5
18 Apr 2712 Nov
47 Apr 55 Nov
5812 July24
5112 May29
40 Apr 48 Dec
116 May29 10012 Apr 11934 Nov
217 May 7 160 Apr 185 Sept
1512 July14
7 Nov
214 Jan
24 July14
5 Apr 1358 Jan
105 May13
80 Apr 90
Jan
212 Feb
434 Oct
638 July15
812 Nov
1178 July21
48 May
14
Apr 2338 Nov
2014 May19
2318 Jan 3612 Nov
33 July16
2334 July17
1812 Jan 2714 Nov
10058 May27
86
Jan 10612 Nov
2518 Jan 3412 Nov
5234 July10
1278 July25
8 Mar
10 May
27 Mar 3518 Dee
4012 July18
92
104 May16
Jan 10512 Nov
434 Dec
912 Jan
918June 2
1714 Dec 4712 Jan
3114June12
218 Jan
934 July21
512 Nov
1518 Apr 2414 Nov
2514 May19
45
57 May21
Jan 5912 Nov
14 July21
74 Oct 1178 Nov
18 Apr 25
25 May19
Oct
5358 Dec 6518 Nov
6038June 2
12234 May17 110
Jan 12434 Nov
88 Jan25
80 Dec 10018 Dec
712 Apr 1578 Nov
2412 July17
8018 Jan 9712 Nov
0814 May29
1658 July22
433 Jan
634 Nov
2518 July18
1312 Nov
612 Jan
20
Jan 3158 Nov
387s July 9
41
5834June 7
Jan 62 Nov
14 Mar10
1038 Nov
458May
17 Apr 3612 Dec
45 July14
6712 Jan
juuniy
8
333
elo
14 J
6
8458 Nov
1332 Oct 34 Nov
70 Apr 2
55 July 65 Nov
40
5312 July 7
Oct 48 Nov
27 Apr 457 May
4078 July17
2414 July18
1814 Jan
2438 Nov
14 Nov
20 May29
2114 Dec
11212 May19 102
Jan 11214 Nov
9978 May27
8113 Jan 105 Nov
4812 May19
4314 June 5018 Nov
412 Apr
20 July17
678 Nov
2614 Junell
1878 Nov
912May
5212 Apr 64 Nov
6734 July15
49 .May21
30 Apr 50 Nov
70 June 7
2572 June 5812 Nov
2258 Jan 4038 Nov
4434June 9
8412 June 7
Jan 82 Nov
61
7018 Jan 9614 Oct
9358June 6
3812 Feb 4
35 Jan 39 May
3912 May16
35 Mar 40 July
2734 July17
1714 Dec
938 Apr
21
Apr 3312 Nov
37 May 2
19
2338June 9
Oct 25 Nov
3773 June10
28
Oct 4012 Jan
12 July23
7 Apr 12 Nov
2334 July17
1518 Apr 2514 Nov
115 June 2
8012 Jan 110 N6v
2033 Apr 3478 Nov
33 May19
7212 May27
57
Jan 7514 Nov
14 May 2912 Dec
7012 July 2
2558 July23
1214 Dec 2134 Jan
4 June
1312 July29
714 Aug
2512 July25
812 Mar
16 Aug
60 June 3•
32 Dec 6514 Jan
13812May29 10934 Jan 13712 Oct
69
7434 Mar 5
Jan 7634 Nov
434 Jan
1578 July 1
12 June
1012 Apr 20 May
3434 July 1
1338 July23
7 Apr 1134 July
3078 Dec 4412 Jan
38 May19
2512 July 9
1918 Dec 2612 June
1478 July17
10 Dec 1734 Feb
20 Jan 32 Juno
3013 July 9
26 July14
13
Jan 2434 Nov
46
Jan 66 Juno
6112Jan 9
1214 July17
8 Apr
1234 Nov
1713 Apr 26 Nov
2413 July17
2973 Doc 3934 Oct
4178 May16
.
42 Dec 80
64 May23
Jan
11
5873 July 3
2634 Nov
Jan
76 June 9
2573 Jan 6218 Nov
113 July14
49
Jan 7214 Dec
414Jan 15
538 Nov
114 Apr
312 June
314 July14
112 Apr
1734 Jan 37 May
50 July 7
9612June 2
7214 Jan 8612 May
11334 May 1
78
Oct
Jan 106
108 Mar15. 8918 Jan 101 Aug
3112 Mar 3512 May
55 July15
4134 June 4212 Aug
4812June30
9812 July10
48 Nov 84 Feb
95 May29 282 Sept 91's May
126 July24
97 July17 -66-66- July
175 May13 160 Dec 175
Jan
63 July 7
3453 Jan 5034 May
10758Junel6
8914 Jan 99 Dec
6814 Jan 9334 Dec
132 Allg11
119 Julyll 106
Jan 115 Dec
6714 July14
Oct
25 Jan 44
93 Apr 3
78 May 88 Dec
1414 Mar 7
-_ 4318 July31
2218 Sept
117s Jan
13634 July14
50
Jan 9478 Aug
ain;
.
New York Stock Record-Continued-Page 2
660
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. •
Saturday
, Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday
Aug. 14
. Friday
Aug. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
$ per share
$ set share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con) Par $ per share
100 38 Jan21 7612June 6
4912 4912 2,400 American Ice
494 51
5114 5112 54
51
52
51
5012 52
100 5434 Jan20 7614 June 6
900 Do prof
68
6812 68
68
70
*68
71
*68
70
70
70
70
61,700 Amer International Corp 100 5238 Feb 8 11512 Julyll
9418 97
99
9958 98 10058 96
9912 10034 97 10112 97
100 4413 Mar 1 82 July 7
16,100 American Linseed
74
77
Ws 74
7512 7674 7533 7573 7578 7734 75
75
100 85 Mar 1 0838 Apr 15
*92
200 Do pref
9412
94
*9412 9512 94
*9412 96
95
96
95
*93
100 58 Jan21 9712 July14
9212 8658 8834 135,200 American Locomotive
9358 87
8612 8412 8734 8678 9038 90
84
100 100 Jan14 10934 July 2
Do pref
*10513 107 *105 107 *10553 107 *10512 107 *10512 107 *10512 107
6112 10.800 Amer Malt & Grain__No par 5334 July24 63 Aug13
60
6212 60
63
5858 61
5812 5912 59
59
59
Am Smelt Secur pref ser A.100 9212 Febll 9412 Junel2
93
*90
93
*90
93
*90
93
*90
93
*90
93
*90
7778 7753 7858 7473 7735 7434 7533 31,700 Amer Smelting & Refining..100 6213 Feb 6 8934 July16
7773 7873 7614 7858 76
100 103 Feb20 10953 July17
500 Do pref
106 10612 106 106 *102 105
106 106 *106 108
*105 107
100 105 Janll 130 May 5
500 American Snuff
123 12373 *120 124 *118 123
120
120
120 120
*120 123
100 93 July10 99 Jan16
Do preferred
*93 100
*93 100
*93 100
*93 100
*93 100
*93 100
22,100 Am Steel Found tom 8113_3318 3314 May10 47 July 7
41
4212 4133 4238 4213 4333 4034 4212 40
41
41
40
No par 9553 Aug15 0612 Aug14
9612 9558 9535
96
600 Fret temp etfs
__ _____
1-2878 13012 1291_2 13234 131 13314 130 13-012 127 12934 128 13014 10,600 American Sugar Refining_ 100 11114 Jan21 142 July 7
100 11312 Jan 6 119 May24
50 Do pref
*116 118 *116 119 *11612 119 *116 119 §11612 11612 *116 119
100 8034 Aug15 12012June12
803 851 65800 Amer Sumatra Tobacco
9034 9414 851 901
11
9518 9633 9012 963
3
100 93 Jan 6 100 May12
Do preferred
_ ----- -----10_
99 - ---- -----9812 9812 ----- ---9938 *96
*97
59,100 Amer Telephone dr Teleg 100 9634 Aug14 10853 Mar10
10214 10278 10212 10314 10012 10258 97 10118 96•4 9914 9813 101
225 22614 2220 220
1,900 American Tobacco
100 19l73 Feb 4 25573 July25
232 234
227 233 *220 235 *220 235
100 0633 May14 106 Jan 6
400 Do pref (new)
100 100 *100 101
*9934 10112 *100 10012 10012 10012 *100 101
100 4514 Janie 137 July16
113 11578 11012 11212 11014 11478 22,800 Amer Woolen of Mass
110 1151 11118 114
112 115
100 9433 Feb 8 11034June 5
10712 10712 107 107
300 Do pref
_
*108 10912 --------1071
2 10712 *107 109
6112 6013 62
7,000 Amer Writing Paper pret 100 2753 Jan 2 6878 Aug 4
6134 6334 60
60
64
60
*63
6112 62
Jan31 29 July14
4,500 Amer Zinc Lead dr Smelt___25 11
23
2312 234 22
2378 25
25
24
26
2312 2458 25
25 40 Jan21 65 July24
500 Do pref
61
5712 5712 *56
61
5812 59
*57
58
5712 5712 58
6718 36,600 Anaconda Copper Mining _50 564 Feb 6 7773 July16
6613 6778 66
684 6934 6734 6912 6712 6873 6712 69
534 Aug12
Jan 2
1
10
3_
273 312
3
23,200 Assets Realization
313 412
534
212 273
4
3
533
Aug7
54
5538 54
5614 55
3,500 Associated Dry Goods____100 1714 Jan 6 59
5612 5612 56
5634 5714 5612 57
82
100 61 Mar19 82 Aug14
82
82
82
82
500 Do 1st preferred
*75
82
*9978 10013 ---- ____ *75
100 584 Feb 8 8014 May13
Do 2d preferred
80
80
*75
*75
82
*75
82
*75
91
100 68 Jan 2 9614 May 8
200 Associated Oil
904 9018 91
*8912 92
*___- 06
_
___*--- -89
100 92 Feb 8 18812 June 7
150 15273 14512 1494 141 14712 9,000 Atl Quit dr W I SS Line
149 15414 150 152
15314 156
100 64 Jan2) 764 May 8
7412 7412
75
400 Do pref
7312 *73
73
7412 7414 7414 *73
*73
75
107 11114 10512 10835 307,600 Baldwin Locomotive Wks_100 6473 Jan29 12412 July14
10473 108
10514 10834 10512 11338 10934 116
117 11778 3,200 Barrett Co (The)
118 120
100 103 Jan 2 145 July 7
12112 122
123 123
11734 12112 121 124
100 110 Feb10 119 May29
Do preferred
*110 116 *110 115 *110 115 *113 115 *110 114.4 *113 11414
213 May13
114 Jan20
2700 Batoplias Mining
20
11
11
112 134 *112 O
153 134 *112 134
*112 171.
Bethlehem Steel Corp____100 5512 Jan20 10734 July15
86 - ---- -----108533 8533 -__
*84
874 .8312 86 105,300 Do Class B common__100 5533 Jan21 11014 July15
8634 -883-4 84
-(
04 Ili- -8814 iii 8514 88
_ 107 107
100 Do preferred
100 9012 Jan30 108 July21
1,200 Do cum cony 8% pref___ 10153 Jan22 115 June 9
iiii; 1-1-ii -_-_-_-_ ---- iii- 1-1I1-4 ----..: ---.._ 1124 11218 11178 1-1-2
1938 9,500 Booth Fisheries
No par 1814 Jan14 25 July24
1978 2012 1934 -261; 1914 197g -195$ -2-018 1934 204 19
100 97 Apr16 102 Aug 1
30 Brooklyn Edison, Inc
*101 103 *101 103 *101 103 *101 103 1102 102 *101 103
82
82
100 7734 Apr 3 92 May29
01 8 1
85
200 Brooklyn Union Gas
*
86
*82
86
86
*82
*81
. 95
95
----- ---95
100 71 Feb 5 11212 July16
300 Brown Shoe, Inc
--------9533 0834 ---- -- 95
___
0
____ ____ ____ ___
9712 9712 --------200 Do preferred
100 9712 Aug14 101 May14
1412 12
1414 *12
812 Mar22 1518 Augl1
13
5,400 Brunswick Term & Ry See_100
1314 134 1373 1513 1414 1438 *13
140
139
*136
100 1344 Aug 9 166 Apr 23
Burns
140
Bros
1,200
136 13812 139 139
13414 136
13914 143
1212 1238 10,100 Butte Copper & Zinc v t c_5
513 Feb20 1412 Aug 1
1314 1358 134 13/3 1213 13.4 127$ 1318 1212 13
3218 3218 2,300 Butterick
100 16 Jan27 3914 July30
3212 3212 3214 3312 *3218 34
33
33
3212 35
2414 2513 24
2434 6,800 Butte & Superior Mining...10 1673 Febll 3712 Julyll
25
25
2514 2454 2518 2434 25
25
3512 3678 35
3514 7,000 Caddo Central 011 & Ref 100 34 Aug 8 5414 May27
354 36/3 3612 37
3512 3714 3534 37
70
70
6812 69
6914 70
6712 684. 6,800 California Packing____No par 4814 Jan 2 7573 July24
6714 70
71
70
100 2033 Jan 2 5273 July24
35,500 California Petroleum
4838 4414 47
5014 44
47
50
4312 4434 4358 4513 43
84
*8112 84
*81
100 6413 Jan 2 8434 June 9
2,100 DO pref
8212 8312 84
804 8012 8078 8078 81
76
*75
76
79
76
76
76
75
76
78
7412 7412
700 Calumet dr Arizona Mining-10 5634 Mar15 8634 July24
Case (J I) Thresh M pf ott_100 9113 Jan14 10012 June13
_-_
- ---_ -,----....--- - 100 2012 June20 45 July28
55 -3-452 ii; -Ws 3514 -3-i 34 15 *32 -3-5 3:700 Central Foundry
6112
Do preferred
6112
66
2,200
*---66
70
100 27 Apr 5 7414 July28
62
6112
-.-- - - 6134 62
100 5812 Feb 8 11612 July24
9873 10138 10014 10258 9512 10014 9334 9712 106,500 Central Leather
98 10114 9912 103
112 112
200 Do pref
111 111 *109 10912 .110 112
100 10412 Jan 7 114 July16
*110 114
Jan22 6712 Jutyll
14,600 Cerro de Pasco Cop---No par 31
52
5414 51
52
5214 -54
5273 5478 53
5334 531 541
434 4312 ---- ---- ----------------100 Certain-Teed Products-No par 3014 Apr12 5173 July16
Do let preferred
100 8434June21 9012 July23
100 103 Jan18 26734 July 9
232 234
234 234
2500 Chandler Motor Car
234 234 *228 2-33
HUI 21612 232 239
--------400 Chicago Pneumatic Tool 100 68 Apr10 8184 June27
77
78
---------------- 78
78
2312 2334 16,500 Chile Copper
- 2334 2434 2312 24
25 174 Jan21 2914 July21
2353 -2378 2334 2458 2312 244
5 3213 Feb 6 5078 July16
4412 4353 4458 4318 4312 4214 434 6,700 Chino Copper
45
4512 46
4538 44
83
*79
100 Cluett, Peabody dr Co...„100 6033 Feb27 9512 July 2
83
83
83
83
*75
-- ____ -- -- *75
100 10312 Jan 7 108 Jan25
200 Do preferred
10414 10414 __- ___. 10512 10512 *10212 10612 *100 10612 *--- 10734
100 3434 Feb10 56 July14
45
6,000 Colorado Fuel & Iron
4312 44
45
4512 45
44,
4 4534 44
45
46
44
100 3914 Feb 1 65 July 7
5918 5,700 Columbia Gas & Eleo
5914 59
5978 50
5812 5873 59
59/2 5858 59
58
*48
50
50
4312 47
500 Computing-Tab-Recording 100 3734 Jan 4 6334 July14
*48
*4712 50
4714 48
-.- -__
Consolidated Clgar__No par 56 Aug 5 75 June27
60
_ ___
_ _ *57
_ _
60
*100 278 Aug15 8638 JulY11
1 2 -83- -...„. _•._,__ Iiii2 8112 go -8-6 *80 83 2-78 -5
300 Do preferred
07
9612 9434 9513 4,000 Consolidated Gas (N Y) 100 8713 Jan27 10633 July15
98
95
9834 115.4 -111.114 *9514 08
1934 14,700 Cons Inter-State Call Mg10
573 Apr23 2112 July31
1953 2012 1938 2012 1953 1978 19
1912 20
1913
1912 20
100 6512 Feb10 10334 June 7
15,000 Continental Can, Inc
9312 9112 96
85
8534 8434 8678 8553 8612 8734 9412 91
Do preferred
100 10414 Jan 3 110 June17
-i1212 -1314 1232 1212 90,400 ContinentalCandyCorp No par 1233 Aug15 1478 Aug 7
8
i -1112 15j2 1132 131-2 -1-34 i5 • -117Continental Insurance
75
*72
25 58 Jan 3 75 June12
73
*72
*70
75
*72
1172
76
*71
75
75
7913 8173 77
80
7718 7812 58,700 Corn Products Refining _100 46 Jan21 9534 July28
78
8112 7834 8112 7712 80
pref
102 Jan23 10978 July25
10612
106
106
Do
100
*104
108
300
*106 107 *106 107
10734 10734 *106
13314 13734 13234 13634 13638 14134 134 13814 13458 13934 146,040 Crucible Steel of America_100 524 Feb 7 2149 July15
135 137
Jan 2 105 July 3
100 91
-.----------------------------100 Do pref
101 101
•-- __
No par 205$ Jan27 417s July 7
17,200 Cuba Cane Sugar
*33 -3378 3212 3373 3212 3314 3212 3333 3134 3235 3114 33
7812 7833 7812 2,600 Do prof
7914 78
100 6912 Mar 1 874 July 2
7812 7814 79
7812 7812 7734 79
2,900 Cuban-American Sugar.... 100 150 Jan 8 250 Aug15
225 250
210 220
209/8 210
20434 20444 *200 208 *001 215
Deere & Co pref
100 9334 Feb17 103 July28
__ *100 104 *101 105 *100 105 *100 105
____
*100 105
10 1053 Jan31 1614 May12
1314 134 1312 1312 1314 1314 1334 1334 *1314 1312 *1314 1334 1,100 Dome Mines, Ltd
Electric Storage Battery...100 55 Feb 8 9458 July 2
*82
9234 *-- 92
9214 *82
92
94
*82
93 *86
*79
37
38
50 27 Jan23 43 July16
3773 39
391
9,100 Elk Horn Coal Corp
3633 3912 3712 3914 3634 3878 38
50 44 Aug 6 49 July23
44
44
47
4712 .44
100 Do preferred
*44
4712 *44
4712 *44
48
*44
*3012 32
400 Emerson-Brantingham____100 284 Aug 8 43 June27
*3012 32
32 .3012 32
*29
3078 31
31
31
100 94 June13 101 June26
Do preferred
*92
*92
97
97
97
9712 *93
*94
9712 *94
9712 *94
4600 Endicott-John8on
50 80 June30 12112 July31
1063 1077 10358 10412 105 105
106
10812 10812 10518 10834 10
100 1027s July 2 105 July17
10334 10334 ------------ ---- 103 10338 ----- ---500 Do preferred
'la- 1-05 105 10712 104 10814 111012 10812- 10412 10612 105 10734 ,800 Famous Players Lasky No par 10012 Aug 8 123 July17
16
16
13
__ %.___
15
600 Federal Mining & Smelting 100
913 Feb20 2312 July15
•15
17
17
18
*16
17
33
37
2,200 Do preferred
100 33 Jan20 4814 July14
37
*35
37
39
---- ----3753 38
3914 *35
No par 384 Jan 8 0712 June 9
8912 9012 8834 8034 10,700 Fisher Body Corp
864 86 -90
86
85
8014 8234 83
_
45
4678 14,500 Fisk Rubber
' 45 Aug15 4673 Aug15
-TA II- ;i3-I-2 -515-2 -iii; -491-2 -45; -5:1-- -ii; -4-9 - 46 4813 16,800 Freeport Texas Co ____No par 46 Aug15 6433 July14
5,000 Gaston W & W Ine__No par 2513 Jan21 3834 Julyll
31
314 3133 3238 31
3134 3212 3034 314 3012 31
32
84
82
8378 13,100 General Cigar. Inc
100 47 Jan 3 9573 July23
85
8212 8414 824 8634 83
83 8473 82
16433 16438
16114 16212 16273 16278 16214 1624 16411 165 *163 166
100 14412 Feb 3 17373 July10
800 General Electric
100 1184 Jan21 243 June 6
217 21912 19,400 General Motors Corp
219 22134 218 22134 219 22312 221 22412 219 222
914 ---100 82 Jan 6 95 June 3
400 Do pref
9012 9073 9018 9078 9034 9034 *9014 9114 *90
-3,500 Do Debenture stock_ _100 8214 Feb17 9434 Apr14
8618 -87
8612 8634 8612 8612 8612 8658 $84 8634 8612 87
76
7814 74
744 7512 13,100 Goodrich Co (B F)
MO 5612 Jan10 8973 July 9
77
7812 764 7778 76
7814 77
_ *98 103 *101 103 .1024 10212 10212 10212 10212 10212
100 102 Aug 7 10912 Apr 16
300 Do pref
71
100 64 Apr21 80 Jan 3
*67
70
;51-3- 1/2
400 Granby Cons M S & P
72 • *67
6718 6713 7012 7012 *70
4134 4278 2,000 Greene Cananea Copper 100 3878 Apr25 4712 July14
43
43
44
*4312 45
43
4273 43
4212 43
1,500 Gulf States Steel tr ctts 100 4913 Feb 8 81 June 2
___
5913 6038 ------___
59
61
62
60
61
-59
89
884 *87
87
8712
*64
100 5414 Jan 8 9634 July16
600 Hartman Corporation
87
8834 87
88
*83 -87
6078 25,800 Basket & Barker Car_ _No par 40 Feb 6 7138 July14
6233 59
61
6473 6134 6473 60
5734 5934 58
64
6034 62
,.20 4212 Feb 6 6878 July16
614 62
6014 6138 6034 6178 5918 6012 5912 60
22,600 Inspiration Cons Copper..
29
2934 284 29
29
28
28
28
28
2838 2912 29
1,100 Internat Agricul Corp
100 1012 Jan 2 3734 July14
8414 8114 827s 3,400 Do pref
*8212 84
86
8413 8418 83
*83
*80
100 43 Jan 4 9138 July14
85
13012 13314 13013 13234 131 133
132 133
100 11018 Jan21 14958 July 7
13012 13012 13012 13212 3,600 Inter Harvester (new)
Do Preferred, new
100 115 Feb18 120 June23
55i4 -di 3-63- s -ii3-4 58E8 -Eil2 5514 -57,1-4 5178 -56 5114 -11:f3-4 77,800 lot Mercantile Marine 100 2114 Jan31 6734 Julyll
11334 11414 11414 11534 11353 11553 11433 11573 11214 11412 11178 11314 25,900 Do pref
100 9234 Feb10 1284 May28
264 2714 2612 27
2634 2738 2634 27
2612 27
2613 2612 15,600 International Nickel (The)..25 244 Feb 3 3378 June26
57
59
5873 5653 5778 24,300 International Paper
57
5773 5712 5934 57
5973 57
100 3014 Jan 3 71 July17
7634 7634 *75
754 76
*75
76
77
*75
400 Do stamped pref
76
7612 *75
100 62 Jan13 80 July22
23
3212 26
24
3314 31
3238 33
2512 12,300 Jewel Tea, Inc
33
3338 32
100 24 Aug15 48 Mar15
704 72
*70
7644 7534 76
75
*70
78
76
76
4176
500 Do preferred
100 7012 Aug14 . 91 Mar 6
374 37
3812 3812 3712 3712 3612 3634 37
3712 3658 3658 1,400 Jones Bros Tea, Inc
100 31 June26 44 July16
12712 12918 130 13012 128 129
12'7 12712 126 126
127 131
3,400 Kelly-Springticld Tire ¶_25 68 Jan21 13933 July16
*62
__
72
71
66
1,100 Kelsey Wheel, Ino
73
*67
100 39 Jan24 78 July25
374 -674 37 -3./12 3634 37
37114 3614 -3-63-4 36
363s 9.800 Kennecott Copper____No par 294 Feb13 43 July15
37
924 864 004 8312 8612 55,200 Keystone Tire & Rubber „10 7834 Aug 8 12612 July14
81
8438 8333 90
85
&912 89
*155 172 *155
Kresge (S (3) Co
100 10618 Jan20 170 July25
iii14, 86 got2 -31-12 81 -8152 81 -82 7934 81 781s 169
7818 5,200 Lackawanna Steel
100 6212 Jan21 9314 July15
• Bid and asked prices; no sales on this day. § Less than 100 shares
second page preceding.
Ex-rights. a Ex-div. and rights.
z Ex-dividend.
Plai X11 A1CK
Range for Previous
Fear 1918
Lowest
Highest
$ per share $ per share
49 00
1112 Jan
Oc
3834 Jan 61
5112 Sept 6012 Os
27 Jan 4712 Deo
6914 Jan 92 De,
5312 Jan 7134 May
295 Jan 10238 Deo
89
73
103
85
§85
-___
May 96 No
May 9434 Oa
Sept 11014 Not
Oct 107 Del
Aug §85 Atli
_-__ ____ ---•
98 Jan
10814 Mar
6034 Jan
Jan
81
9058 Aug
14012 Jan
9218 Sept
4473 Jan
92 Jan
2014 Apr
11 Dec
3834 Dec
59 Dec
12 Dec
12 May
51 May
3618 Jan
54 Apr
9734 Jan
58 Jan
5613 Jan
85 Jan
9912June
116 May
11412 Dm
145 May
103 Jum
10914 Fel
19834 Del
10012 Del
6078 May
9/134 De.
3938 AM
2138 July
5314 July
27414 Oa
212 Not
1858 Del
63 Del
364 Jai
Oa
71
12014 Fel
6753 Not
10134 M113
110 Deo
10718 Deo
60 -Dec 96 Ma3
5934 Nov 94 May
84 Dec 94 Sea
9612 Jan 10678 Api
21
Jan 2812 Sea
78 -Aug
62 June
95 Jan
613 Jan
108 Feb
518 Dee
712 May
6112 Jan
931-2 Not
74 Not
98 Api
1618 Juno
6112 Oa
1278 Jul
1812 Not
3312 Mal
3612 Jan 50 ilot
12 Jan 2473 Not
36
Jan 7012 De.
61 Dec 71 Ma3
73 Jan 9212 De4
18 Nov 4112 Aa
35 Nov 53 Api
5434 Dec 7338 Fel
10112 Dec 108 Not
2914 Mar 39 Not
30 Oct 4012 Not
8414 July 87 Juno
68114 Jan 10973 Deo
68 June 7034 Juno
1413 Apr 24
Oc
3138 Dec 4714 May
45 . Jan 65 Not
95 Jan 105 Not
3434 Jan 5412 Mal
2834 Mar 4473 DO4
30 Jan 39 July
--- -- -- ---823-4 July 10538 -Not
712 Sept 13 Jun.
6512 Oct 95 Fel
99 July 107 Deo
44 Feb 60 -D-el
2973 Jan 5013 Not
29013 Jan 104 De.
52 Jan 7478Ma3
86
Jan 0134 Jun
2712 Apr 34 Not
7714 Dee 83 Fel
136 Aug 152 Jai
90 June 96 Fel
6 June 15 No,
48 Apr 5514 Oc
22 Jan 3114 No,
37 Mar 4312 Not
-9 Dec 15 Oc
27 Jan 4412 Oc
26 Jan 43 Jun
____•______ __
2534 -Oct -39- -Fel
34
Jan 58 Jun
12734 Jan 15812 Oc
10634 Jan 164 Am
7538 Oct 88 Fel
38 Jan
9558 Dec
74
Jan
3812 Jan
5834 Dec
37 Mar
34
Jan
4113 Dec
10 Jan
38 Jan
Oct
104
107 Oct
Jan
- 21
8333 Jan
27 Jan
2413 Jan
58 Jan
27 Dec
88 Apr
5973 Oc
104 De
88 Oc
5814 No'
11112 Ap
55 De
4914 Jul:
5812 Oc
19 Jun
65 Jun
121 Na
11453 De
33 Oc
12512 Na
35 No.
454 Mal
654 Jal
404 No
9714 Jal
Apr -72 - De
41
2438 July 35 Oc
29 Mar 4114 Na
83 June 105 No
6513 Dec 9153 Ma
For fluctuations in rights see
New York Stock Record-Concluded--Page 3
661
For record of sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday
Aug. 14.
II per share $ per
*50
65
*50
31
313
307
*215 250 *200
.113 115 *113
6534 6712 71
•107 115 *107
230 23112 225
*112
*70
76
*70
64
54
*64
*3012 32
*31
Friday
Aug. 15.
Sales
for
the
Week
STOCKS
NEW YOGK STOCK
EXCHANGE
PER .Nti AMC;
1-,1, WI A ItC.
Range Since Jan. 1
On basis of 100-share lots
Range for Precious
Year 1918
Lowest
Highest
Lowest
Highest
share $ per share 3 per share $ per share S per share Shares Industrial&Misc.(Con.) Par $ per share
$ per share a per share
$ per share
65
60
*50
60
*50
*50
Laclede Gas (St LouLs)___ _100 50 July 8 83
60
*50
60
Jan21
82 July 90 Mar
3012 3012 3018 3031 2,300 Lee Rubber & Tire___No par 21
Jan22 39 July14
31/8 3112 317
3138 31
Apr
12
24 Dec
250 *200 260 *225 24934 *225 250 *225 250
Liggett Sc Myers Tobacco__ 100 201
Apr15 25014 Aug 8 16414 Aug 210 Dec
115 *113 11312 *113 115 *113 11814 113 11312
Do preferred
300
Jan27 115 July16 10012June 110 Nov
100 107
700 Loose Wiles Biscuit tr ctfs_100 4018 Feb17 81 July14
7014 *67
*67
70
*65
71
71
71
*67
1712 Jan 4538 Dec
115 *108 115 *108 115 *108 115 *108 115
Do 2d pref
100 94 Feb 5 120 June20
53 Feb 96 Dec
217 23212 21912 21912 5,450 Lorillard (P)
226 23478 23412 237
235
100 14734 Apr15 245 July23 14412 Aug 200 Mar
115 *112 115 *112 115 *112 115 *112 115
Do preferred
Jan2S 115 July29
100 107
98
Jan 110 Nov
--------70
____ ____ ___ ___ Mackay Companies
76
76
*70
75
100 70
Jan22 797 May27
70 Dec 7812 Feb
Do pref
____
6512 *64
6512 --------200
*64
65
100 z63 June 6 66 Julyll
57
65 May
Jan
3253234
---- 33
3114 321
33
*31
34
25 23 Aug 5 3812 July17
35
1,000 Manhattan Shirt
68 - ----- -----------68
300 marlin-Rockwell v t c_ _No par 6112 July24 8012 Apr30
70
70_
75
Oct 87 Sept
-,i7r2 .4:;1-2 -ii igi4934 4634 48
100 2634 Jan22 61 July28
4 4718 4838 48
4634 4714 9,600 Maxwell Motor, Inc
4212 Nov
2312 Jan
7312 74
7338 7434 7312 7312 7312 74
7214 73
3,000
Do 1st pref
100 5038 Jan22 8412 July28
7338 74
50 Dec 698 Nov
36
3512 3634 38
3512 *35
36
Do 2d pref
100 1914 Jan 2 4612 June 3
3534 3612 2,900
348 3512 35
19 May 3238 Nov
.97 102
100 100
100 10112 100 100
100 100
29712 9712 1,100 May Department Stores 100 60
Jan 4 10978 June28
19 May 3232 Nov
.10812 110 *108 110 *10812 110 *10812 110 *10812 110 *10812 110
Do preferred
100 104
Jan 2 110 May 2
6312 Dec
47
Jan
17634 180
17514 178
17334 17834 17334 176
173 177
17312 178
100 16234 Jan23 20578 June 3
57,900 Mexican Petroleum
Oct
79
Jan 194
.109 112 *109 112 *109 112 *109 112 *107 115 *107 115
Do pref
100 105 Feb 7 112 Aug 6
Jan 107 Dec
87
2734 2734 2714 2734 2734 2734 27
2738 2778 2734 28
2738 2,800 Miami Copper
5 2134 Feb 7 3234 July17
2214 Dec 331 Jan
5212
5118
5018 514 4934 5012 44,700 Midvale Steel & Ordnance 50 4014 Feb 7 6214 July14
5114 5234 5034 513,
508 517
41 Dec 61 May
72
72
7338 7213 7212 71
73
75
72
1,500 Montana Power
100 69 Mar28 83 July29
7238 7334 *73
64 June 8112 Nov
37
3812 37
3718 3758 3718 3758 377 39
3738 23614 3614 3,400 National Acme
50 2912 Jan 2 4312 July12
33 May
2634 Jan
118 118
119 120
11634, 118
Jan 3 13334June12
100 109
700 National Biscuit
90 Aug 11012 Dec
_
*113 123
Do preferred
100 11534 Jan14 2121 Mar14 10614 Sept 114 Mat
- - ___
ii"
iii8
iiis *30 84 *io "84-ill "84-1-4 "ii5r4 -ii- ;116inii National Cloak Sc Sult100 70 Jan22 92 July26 55 Sept 6712 Dec
10718 10718 *107 110 *107 110 *107 110 *107 110
107 107
200
Do preferred
100 10318 Feb26 10814 May26 100
Jan 104 Dec
1834 197
1814 20
1814 18% 1834 1914
*1812 1910
18
181., 4,100 Nat Conduit & Cable_No par
14 Feb 8 2434 July15
2138 July
13 Nov
7
*74
753
8
747
7512 74
74
z75
76
7314 7312 1,900 Nat Enanfg & Stamp'g_ _ _100 4518 Feb 8 888 June 7
5412 May
3714 Jan
*100 103 *100 103 *101 103 *10012 103 *100 103
Do pref
Jan15 104 May27
100 93
88 Nov
9912 Feb
82
80
82
81
80
80
80 -817914 8012 *78
81
3,300 National Lead
Janll
64
100
87 July14
4314 Jan 6934 Dec
*11012 11112 *110 11112 *110 112 *110 112 *110 112 *110 112
Do pref
Jan 3 112 July18
100 107
9934 Mar 10512 May
1838 1838
1834 1834
185 1834 1878 19
18
18
181.,
1838 5,400 Nevada Consol Copper
5 1512 Mar18 217 July17
1612 Dec 2178 May
112 114
115 119
111 112
108 108
1127 114
11112 11112 3,600 New York Air 13rake____100 9114 Feb 3 129 July15
9812 Dec 139 May
6934 6314 6834 6014 633
5614 59
5934 5712 66
607s 6312 21,000 New York Dock
100 1912 Feb 7 7034 July30
1812 Jan
27 May
7012 72
73
71
6712 72
65
65
*65
71
6312 6312 4,300
Do preferred
100 4414 Mar13 75 July29
42
Jan 4812 Dec
*56
59
*56
59
58
5838 5838 58
*57
59
*58
59
200 North American Co
100 47
Janll 67 July28
5712 Nov
3712 Aug
75:14 7612 755 7812 758 78
80
82
80
77
8012 76
4,300 Nova Scotia Steel & Coal_100 46
Jan30 97 June 2
5218 Dec 70 Aug
5234 5414 5312 5412 527 53% 25114 52
5214 5312 5234 543
46,200 Ohio Cities Gas (The)
25 a3534 Feb14 617s July10
Oct
3518 Mar 48
5112 *50
*49
*4912 51
51
51
51
*51
52
62
*50
800 Ohio Fuel Supply
25 43 Jan18 55 July25
40
Oct 4612 Jum
10
1012 10% 1078 1014 1012 1014 1012 10
1010
10
1014 23,000 Oklahoma Prod St Refining_ _5
8 Feb 3 1312 May10
7
7
7
7
738 712
7
7
714
734 *718
1012 May14
712 1,000 Ontario Silver Mining___100
512 Mar18
414 Jan
13 Junt
5334 55
58---58
5614 58
-- 56
2,500 Owens Bottle
5512 56
67
25 46 Mar 3 63 July29
44 Dec 7014 Aug
6712 6714 6714 6712 6778 68 -67
69
*6634 68
67
67
1,300 Pacific Gas & Electric
100 66 Aug 5 7514 July24
•____ 40
375
3978 397 _-_39
39
38
38
500 Pacific Mall SS
3738
5 2912 Feb 8 4238 Julyll
Dec
2312 Jan
40 -De(
33 15
33
33
3358 335
34
38
3334 4012 4,300 Pacific Teleph
Telegi____100 22
Jan21 4012 Aug15
Oct
1814 Dec 27
1051s 1673-8 10458 10734 104 108 10734 11238 109 1123 10812 11114 170,200 Pan-Am Pet ScScTrans
Jan21 11914 July24
50 67
6314 Oct 7214 Oct
____ ___ ____ ___
__ ---_ ___
Do pref
100 117
Jan22 20512 July28
86
Jan 12412 Oct
435 19,200 Penn-Seaboard St'l v t c No par 2712 Apr30 58 July18
4118 453., 4212 4512 43
4412 4312 4638 4234 44
43
44
4634 45
46
*4512 47
45
4514 *43
46
46
4612 1,866 People's G L & C (Chic) 100 4212 Aug 8 57 May26
3958 Jan 61 Nov
:3614 3612 3612 3534 36
36
4,200 Philadelphia Co (Pitteb)___50 30
35
3514 3512 353 353
35
Jan 3 43 Apr 28
21
Apr 3514 Oct
5314 54
5334 543
5438 5438 5534 5112 54
53
525 15,600 Pierce-Arrow M Car _Nopar 3834 Jan22 6658 June 3
52
34
5134 Nov
Jan
10714 10714 ____
_ 10714 10714 .107 109
107 107%
400
Do prof
100 10114 Jan 3 110 May29
8934 Jan , 104 Dec
2078 2112 2114 122114 2152 2078 -2-112 15,100 Pierce Oil Corporation
2118 2132 2112 22
25 16
Jan 2 3114 Apr 17
1918 Oct
15 Sept
68
7012 6912 7118 6814 6938 59
7014 6712 6932 67
5712 19,400 Pittsburgh Coal of Pa
100 45 Feb 3 7438 July29
42
5334 Feb
Jan
96
96
9612 *94
*93
9612
9612 *94
200
Do pref
9612 *9512 961 *93
100 8512 Mar17 98 May28
7934 Jan 86% Dec
97
*95
*9314 9514
*9512 97
200 Pittsburgh Steel pref
97
*95
95
--,- - - 95
100 9012 Jan16 9912 May14
Jar
90 Apr 98
1912 2034 20
1-9
*1812 1912 2,900 Pond Creek Coal
19
20
20
1938 1938 *18
10 1258 Feb 5 22 July29
15 Nov
20 Juno
85
86
8 7 92
1 925
61 8938 8538 8612 19,300 Pressed Steel Car
8718 90
Febll 9312 July14
100 259
73 AU)
5512 Nov
__
_
____ ___- ______
Do pref
100 100 Mar 3 106 July16
93 Apr 100 Aug
;85- ii- -_-_-_- ---- 'T31:1ic____
-o-6s
__ _ _ _ ___ Public Serv Corp of N J100 80 July24 9134Jan 7 85 Oct 10912 Mai
11812 11812 118- 1-1-8-1118
1812 118 1-1-8
2,000 Pullman Company
8 11834 11834 119 120
100 11178 Feb14 13212 July17 10018 Jan 13214 Nov
69
6612 6712 65
701
5512 6358 6414 4,100 Punta Alegre Sugar
64
68
68
68
Apr 4 72 July31
50 51
8712 9214 9112 93
88
95
8712 89
92
9178 9334 92
10,000 Railway Steel Spring
100 6812 Feb10 99 July14
4512 Jan
781-2 -De<
*105 110 *105 110 *109 110
____
_ *104 109
_-_ ___ ___
Do prof
100 104 Feb 4 112 June 3
95
Jan 10512 Dec
2438 2478 24
2434 2418 2412 24% --2412 2338 2438 2312 -233, 5,800 Ray Consolidated Copper _10 19 Mar 4 2712 July17
1914 Dec 2614 May
7
74
75
74
74
7434
7512 7434
74
74
74
72
73
1,300 Remington Typewriter v t c 100 7112 Aug 8 8634 July 3
*95 103
__ __
_- - ---- - -,,- ---- - - __
Do let preferred v t c_100 9612 June28 101 July17
8718 8712 *95-1.19
867 -89
-9038 8638 -8-3.12 86% --8634 90
8738 -14,600 Republic Iron Sc Steel
100 7112 Jan18 10312 July15 x7258 Jan
96 May
•10412 106 *10412 10612 *10412 1061 *141 10
10610
*10412 105 *10412
Do pref
Jan13 10612 July28
100 100
1 Set
49 --------- 4784 4734 48
49
4914 4914
48
600 Republic Motor Truck_No par 4612 Aug 5 6118 July10 ---------------0114 -if% .8912 90
92
0i
8814 9412 *8358 89
1,700 Royal Dutch Co (Am shares)_
7034 Jan21 12012 July22 270 Dec 145
ct
9178 887 9232 8812 003 140,100
8812 9078 90
884 9038 8834 92
Ctfs for New York shares __
84 Aug 8 121 July17 ---- ---- --- -1412 15
1512
_ __
__
*15
1412 1412 ---_
_
600 StJoseph Lead
10 1312 May27 17 July14 ---- ---- --__ --'73 /3
77
*75
*72
7412 /4-12 *73
74
7114, /1-14
75
300 Savage Arms Corp
100 53% Jan 3 9138 July10
5112 Dec 8012 Ma3
2518 2634 2512 2714 2358 2658 2618 2812 26
2752 2514 2612 18,100 Saxon Motor Car Corp
100
614 Mar21 29 Aug 6
18 Nov
34 Aug
_,,_ _
204 204
20414 20414 204 204
*200 298
203 203
400 Sears, Roebuck Sc Co
100 16812 Feb13 218 July16 13334 June 7612 De,
17
*1512 1634 *16
17
' 1712 1712 *16
.15
1612 1512 1512
200 Shattuck Ariz Copper
10 10 Feb19
1914 July25 213 Dec
1814 Fel
5334 5434 54
56
53% 5512 5512 5714 5518 5634 543 5578 126,700 Sinclair Oil Sc Rent_ _No par 331 Jan 2 6934 May 8
2514 Apr 39 Fel
62
6212 6512 62
6012 6234 62
6112 62
64
3,800 Sloss-Sheffield Steel &Iron
6114 62
100 4612 Feb10 77 July 7
39
Jan
7114 Ma3
*88
95
*90
92
*90
95
*88
95
*90
92
*88
95
Do preferred
100 85 Marll 9712 July 8
81
Feb 9314 Jul)
*98 120
*98 120 *11513 120 *115 120 *11512 120
*98 120
So Porto Rico Sugar pref__100 107
Jan27 11512 July24 102
Jan 110 No,
*128 133 *128 135 *128 133 *128 135 *128 135 *128 135
Standard Milling
100 124
Jan14 149
Apr 2
84
Jan 120 De
93
93
*87
*87
93
*89
.85
93
*87
93
*87
90
Do preferred
100 8512 Jan 2 9418 June12
80 June 89
Jai
8012 79
8112 7512 82
78
8234 75
80
79
73
7612 8,900 Stromberg-Carburetor_No par 3634 Jan10 104 July24
104 10612 10212 10612 10212 105%
10812 102 10712 10113 10378 111,000 Studebaker Corp (The)
100 4534 Jan22 12434 June 2
;
337
-727;
Apr
Noi
____
*10112 103 *101 103
_ *10112 103
_--Do pref
_
_ _ _ ___
100 92
Jan22 103 July28
8012 July 100 No,
11018 1-1-2
11012 114
10712 111
105-111 114,
109 109% 106 1187; 7,000 Stutz Motor Car of Am_No par 4214 Feb14 12518 July21
37
Oct 55 De
__
4178 4178 4114 4178 4118 4112 -„,
4018 4012---1,200 Superior Steel Corp'n
_Jan21 547l June 3
100 32
3414 Mar 4538 Ma]
1314 14
1418 1412 1338 1414
1378 1414
1344 1414
1312 -1334
11,100 Tenn Copp & C tr ctfs_No par
1218 Mar17 1714 May 5
1234 Dec 21 Jul)
255 260
255 25712 253 25712 253 258
253 25512 250 253
10,400 Texas Company (The)__ 100 184
Jan 2 292 May 9 1361t Jan 203
Oc
*240 243 *240 245 *240 245 *240 245 *240 245 *240 245
Tidewater 011
Jan 3 250 May12 178
100 207
Jan 20014 De
10214 10414 10312 107
100 105
10212 105
10014 10334 100 102
72,400 Tobacco Products Corp 100 7258 Jan29 115 June30
4812 Mar 8238 De4
*102
111
*105 107 .105 109 *105 107
*105 107
I)o pref
100 99 July21 120 June30 28714 Mar 1047 Del
___ --„
-- ---__
45
461
4518 453 10,000 Transcontinental OIL_ No par 45 Aug14 4614 Aug14
L'
-8
5818 -59
5734 -6.8
5834 -59
58
56 - --------_
1,000 Transue & Williams 8t_No par 3714 Janll 6878 July30
363-4 Oct 42 Mal
179 *160 179 *160 179
---- ----------Underwood Typewriter _100 115
Jan 8 187 May27 100
Apr 112 De
____
80
85
_
85
*83
85
85
*82
90
84
85
400 Union Bag Sc Paper Corp 100 75
Jan 3 100 July10
65
Jan 80 Ma)
1
5312 5114 5334 5118 5134 5114 5114 4,500 United Alloy Steel
52 2 5332 53
53
53
No par 3738 Janll 5833 July28
367k
Oct 4412 Ma)
201 201 .195 206 *100 200 *190 200
200 200
201 201
400 United Cigar Stores
100 10714 Jan 2 22312 Aug 1
8334 Mar 10834 De
160 160
155 155
150 150 *150 160
160 160 *140 157
United
400
Drug
100 9012 Jan 6 17518 July29
9078 De
69
June
52
52
52
62
*5112 5212
52
5178 517
52
5118 5131
1,300
Do 1st preferred
50 50 July18 581 May 9
46
5012 No,
Jan
.140 155 *150 155 *150 155 .150 160
155 155 2155 155
300
Do 2d preferred
Jan28 165 July29
100 91
77 June 851* De
18014 18014 *180 184 *178 184 *175 186
17912 17912 178 180
400 United Fruit
100 157 Feb10 196
9 11614 Jan 16612 De
108 11214 10514 1095,, 10514 10732 225,000 United Retail Stores 1..No par 98 July24 11214 June
10778 10934 10512 10912 10644 111
Aug13 ____ ____ ____ ___.
3414 3638 3378 8412 10,400 U S Cast I Pipe & Fdy__100 14
3678 367 3838 3512 3634 3512 37
36
Jan15 5834 Aug 7
1118 Apr
19 Ma:
70
_ .65
*65
70
6958 7014 ____
*65
7012 ____
400
Do prof
__
100 4212 Jan16 7434 July 7
41 Mar 4734 Eel
.26
27
27
*26
2618 2618 2618 1618
26
2612 *2534 if
500 U S Express
100 1634 Feb 5 3234 May24
1412 Apr
1612 Ma:
8014 8134 7812 8014 78
80
818 7834 8234 7938 81
36,700 U S Food Products Corp .100 66
79
Apr 8 8838 joiy31
133 136
12912 133
134 13512 12912 13612 12712 133
13212 13634 27,400 U S Industrial Alcohol___ _100 9714 Jan22 167 May27 z96 Dee 137 Ma:
*10434 107
*10434 107 *10134 107 *10434 107
10434 10434
100
Do pref
100 9614 Jan 2 111 May23
94
Oct 99 Ma
42
437 45
46
42
42
*42- -4-3 .41
1,600 U 13 Realty & Improvement 100
4314 4234 4234
1714 Jan 3 5078 June 6
8 Mar 26
Oc
123 12478 12138 1247s 35,100 United States Rubber
12514 12712 12314 12734 12234 12538 125 127
100 73
Jan21 13858 June30
51
Jan
8012 De
11212 11212 11218 11312 *112 114
11312 114
114 114 *112 115
900
Do 1st pref
100 109
Jan20 11912 July10 z95
Jan 110 De
6614 6614 56
6412 6534 6414 6414
6878 66
6614 6634 67
2,100 US Smelting Ref Sc M
50 4314 Jan21 73 July17
3211 Apr 5034 Oc
49
50
49
*4812 4912 *4812 4912 *48
48% 4878 437s 4878
400
Do pref
50 45
Jan18 50 Mar 2
4238 Apr 4734 De
10338 1047 103 10514 10258 10412 10314 10528 10114 10378 10138 103 663,400 United States Steel Corp...100 88% Feb10 11512 July14
8612 Mar 11612 Aul
115 115 *115 11514
11514 11514 11512 116 •115 11612 116 116
800
Do pref
100 11318 Feb10 11712 July17 108 Mar 11358 De,
88
8434 8658 831/ 8412 10,100 Utah Copper
8738 8812 8658 8834 8634 8778 87
10 6518 Feb 7 9712 July16
7114 Dec 93
Oc
1612 1658 1678 1678
1612 1612 1612 1612 .16
17__
__
$OO Utah Securities v to
100 13
Jan 2 21% Junell
11 Sept
1634 No,
8214 84
8112 8412 8214 8214 8212 8314 80
8134 8018 -8018 5,500 Virginia-Carolina Chem
333 Jan 6014 No,
100 51
Feb10 9212 July14
114 114
11314 11314 .113 1131 *112 115 *112 115 *112 115
600
Do pref
Jan 7 11534 July 3
100 110
98
Jan 11338 De
------ 60
60
.61
64 - ------------------------200,.
Virginia Iron C Sc C
100 54 Mar31 74 May2i)
50
Jan 7312 Jul:
*55 -64
*52
64
*02
64
*52
0234 62.4 *55
94
63
100 Wells, Fargo Express
100 53 Apr29 79 May23
6334 Sept 8314 Jai
88
*86
*86
8634 8512 8512 8512 8512
500 Western Union Telegraph_100 8438 Mar27 9212 May26
7714 Aug 9552 Ap
114 114 .114 11478.
1
8 .11358 11478 11358 11338 112 112
ii5T4 114
700 Westinghouse Air Brake
_50 9412 Jan15 126 July 7
95 Dec 95 De
5212 54
5334 54
5418 5212 533
5212 5372 53
5212 53
16,300 Westinghouse Elec Sc Mfg_50 4012 Jan21 598 June 9
3812 Jan 4712 Nla:
6212 605 63
61
6014 6134 6114 6314 5914 6134 593 60
12,500 White Motor
50 45
Jan 3 75 July 9
3634 Jan 49 Na
3212 3312 3214 3312 3234 3334 3134 32,s 3138 3212 34,600 'Willys-Overland (The)
3214 33
25 2314 Jan22 4014 June 2
1512 Jan
30 Na
*94
97
95
*95
*9434 97
95
97
97
*95
95
95
1,200
Do pref (new)
100 8734 Jan 7 9814 May 9
75
Jan 8914 No
83
84
8514 8712 86
8812 8918 9034 8512 8812 8512 8712 11,800 Wilson Sc Co. Inc, v to No par 6538 Jan20 10478 July 2
4514 Jaru 7714 De
___
__Do preferred
___
100 9612 Feb17 10412 June16
9012 Septl 9912 De
*128 131 *127 131 *128 130
1212812
-2
27800
Woolworth (F W)
100 120 Feb 7 13638 May19 110 Mar 10812 Oc
116 116 *115__ *115
--- _-__ *115 116 .115 116
__
100
Do prof
100 11438 June26 11712 July25 111
Oct 115 Sep
69
70
7118 70 -io
71
70
71
7212 70
69 -6-938
1,700 Worthington P dr M v t c_ _100 50 Feb13 878 July16
34
Jan 69 Au
.9212 97
*9212 97
*9212 97
.9212 97
.90 A 97
.9212 97
Do pref A
3 Feb 91
100 88
Jan 9 98 Apr 24
85
Al
.76
7912 .76
78
76 1 711
.76
78
*76
77 476
100
77
Do pref 11
100 66
Jan 31 79 June26
7012 Jul
Jan
59
•Bid and asked prices; no sales on this day.
Less than 100 shares. :Ex-rights. a Ex-dly. and rights. xEx-dly. I For fluctuations in rights see p. 658.
---------------- -
-,.-
662
New York Stock Exenange-Bond Rebord, Friday, Weekly and Yearly
Jan. 1909 the lizehange method of quoting bonds was changed and prices are now-"and interesi -except for ifildfelt and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 15
43
,
Price
Friday
Aug. 15
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
U. S. Government.
1952 98.20 99.96
99.96
99.66
Sale
JD
99.90
Loan___1932-47
3348 1st Liberty
1932-47 JD 91.10 Sale 93.80 94.30 310 92.60 96.00
65 1st Liberty Loan
1927-42 MN 93.00 Sale 93.00 93.34 1289 92.10 95.10
43 2d Liberty Loan
4 Ms 1st Liberty Loan.._1932-47 JD 94.30 Sale 93.70 94.30 573 93 70 96.60
1927-42 MN 93.30 Sale 93.02 03.50 6539 92.94 9536
34(s 2d Liberty Loan
2 95.42 100.60
1932-47 JD 100.60 Sale 100.60 100.60
454(s 2d Liberty Loan
1928 MS 95.04 Sale 94.76 95.03 8632 94.70 96.60
438 3d Liberty Loan
1938 AO 93.26 Sale 93.10 93.52 18239 93.06 95.72
it Ms 4th Liberty Loan
99.72 Sale 99.70 99.92 10201 99.70 100.08
43is Victory Lib Loan__ 1922-93
99.80 Sale 99.76 99.90 4295 99.70 100.48
33(s Victory Lib Loan_ 1922-23
9938 Apr '19
977a 993s
1
-.d1930
consol registered
98
99
99 July'19
J
Q
41930
Si consol coupon
10458 10014
10612 106 Aug '19
1925 Q F
48 registered
10414 10614
10612 108 Aug '19
1925 Q F
44 coupon
9814 9814
k1936 Q F -9913 _-__ 9814 Mar'19
Pan Canal 10-30-yr 2s
99 July'18
Pan Canal 10-30-yr 25 reg_1938 Q N 88
8712 91
1961 QM 88 --- 9014 June'19
Panama Canal 35 g
91 Mar'19
91
91
1961 QM ---Registered
100 Feb '15
1914-34 Q F
Philippine Island 45
Foreign Government.
_ 99% July'19
9914 100
A
1910
Amer Foreign Secur 54
9714 Sale 9718 973s 977 95% 9772
Anglo-French 5-yr 5s Eater loan_ A
1 8212 93
84
8978 35 84
Argentine Internal 5s of 1909-9932 Sale 9912
9912 88 9812 10212
Bordeaux (City of) 3-yr 63..1919
7 13572 7212
657s
I 657s 6614 657s
Chinese(Hukuang Ry)55 of 1911
5 9212 100
9612
9314 98
9612
Cuba-External debt 50 of 1904_ 08
1 9014 9334
9214
A 9172 9312 9214
Exter dt 55 of 1914 set A 1949
3 8014 85
827e 8014
81
A 80
1949
External loan 4545
0012 54 9634 99
99
9938 9312
1921
Dominion of Canada g 159
Sale 94
94
9852
9512 37 94
-1926 A
do
do
5 9378 9812
9438
---- 9312 9372
-1931 A
do
do
9232
86
8572 8713 July'19
A 85
Japanese Govt-£loan 4543_1925
8572 8818 July'19
j 85
88 93
1925
Second series 4545
8312 Sale 83
8412 43 83 89
do do "German stamp"_
75 8012
I.-- 75 80 May'19
1931
Sterling loan 49
9912 181 977s 10212
---- -- 9914
1919 rvt
Lyons (City of) 3-yr 65
9912 Sale 9914
9912 40 9812 10212
Marseilles (City of) 3-yr 68_1919 14
7 61
62
7912
2 6114 62 62
Mexico-Exter loan £ 5s of 1899
53 Aug '19
5214 56
61
50
1954
Gold debt 43 of 1904
9578 Sale 9573
9638 "iii 9513 10014
1921
Paris (City of) 5-year 6s_
78 81 July'19
7978 83
Tokyo City be loan of 1912
U K of Gt Brit & Ireland163 9834 1001
2
/
1919 MN 100 Sale 9973 100
3-year 654% notes
9834 346 9734 99,4
1921 MN 9833 Sale 9814
5-year 5;4% notes
9634 335 9513 10134
20-year gold bond 530_1937 FA 9534 Sale 9512
:These are prices on the basis of ibio£
State and City Securities.
9753 .9734 975s
9758
98
5 96
N Y City-43ie Corp stook_1960
Ii 96
9758 9734 9758
98
9758
454s Corporate stock ____1964 08
9752 ____ 977s Aug '19
96 9914
454s Corporate stock __IMO A
10112 10214 1017a
10172
10038 10312
4345 Corporate stock July 1967
13
10112 10214 10134
10012 1027a
1017s
1965
6545 Corporate stock
5 100 10272
10112 10214 10134
10178
1963
4345 Corporate stock
15 9034 9334
.9234
93
93
1959 08
4% Corporate stock
4 9012 9312
9278 9312 927s
927e
1958
4% Corporate stock
9278 _
9012 9332
9333.ug '19
1957
4% Corporate stock
3 903s 9338
9214 93
9213
93
4%Corporate stock reg 1956 rit
10112 10214 1024 10213 10 10012 10272
1957 14
New 430
10112 102 10172 10214 13 40032 1027s
634% Corporate stock...1957
8212..,.. 8314 June'19
8112 8314
1954
354% Corporate stock
9812 99
9812
9812
9312
98
1961
R Y State-4s
9812
99
4
983
July'19
9834
9613
1961
---4s
Improvement
Canal
9812 -- 987a July'19 ---- 9814 9912
1962
Canal Improvement 4s
9634 Apr '19 ---- 9634 9034
..1 9812
1960
Canal Iniprovement 45
108 10834 10812 July'19 ---- 10634 10834
Canal Improvement 4 M s _ 1964
10213 Dec '18
Canal Improvement 4348_1905
10773 10812 10658 Mar'19= 166;
5 idisi
Highway Improv't 45411_1963
10012 June'18
Highway Impror t 454s._1965
787a Dec '18
Virginia funded debt 2-33_1991
66" "Ei 63 Aug '19
66""us;
(Ss deferred Brown Bros Ws__
Railroad.
4 5472 58
5512
5512
61995 Q J 5512 56
Ann Arbor lot g 40
Atchison Topeka & Santa Fe8512
7912 95 77
1995 AO 77 Sale 77
Gen g 4s
78
78 Aug '19 -82
78
1995 AO
Registered
9 72 8034
74 Sale 74
74
61995 Nov
Adjustment gold 43
7312 June'18 -51995 Nov -_- 86
Registered
7212 10 7214 7912
7214
51995 MN 721 70
Stamped
73 July'19 -- 73
7612
1955 JD 7018 71
Cony gold 49
9212
9212 51 9218 10214
9212
10012
JD
1960
Cony 45 issue of 1910
9112 91 July'19 ---- 901a 921,
S 91
East Okla Div let g 45_1928
74 July'19 --- 74
76
Rocky Mtn Div 1st 4s-1965 J J 72 80
7832
7053
7632 81
Trans Con Short L 1st 43:1958 J J 7512 81
80 8312 85 May'19
85 25
Cal-Arix let & ref 430"A"1962 M
95
95 June'19
95
S Fe Pres & Pb 1st g 53-.1942 MS 93 100
8512
79
5 78
Ati Coast L 1st gold 43____61952 M S 75 73 78
4 82 88
8212
8213
1964 JD 80 82
Gen unified 430
9812 June'19
9012 9812
Ala Mid 1st gu gold 53_1928 MN .9713
Bruns & W 1st gu gold 48_1938 J J 8334 881; 78 Oct '18
12972 Aug '15
Charles & Say 1st gold 75_1938 .1 J 1141s
737a 781k
01952 MN 6818 7012 74 Aug '19
L & N coil gold 4s
10512 10714
Pay F & W 1st gold 53___1934 AG 105 106 10513 10512
-- 1934 AO 9812 _ _ _ 105 July'15
1st gold 50
ii
84
J
84
84
Sale
85
8912
1925
Salt & Ohio prior 354s
87 Feb '19 ---- 87
87
61025 Q J
Registered
7038
61948 AO 70 Sale 6918
5 6918 8212
let 50-year gold 4s
69
70 9233 Mar'17 --61948 Q J
Registered.
713,1 Sale 7034
7312 83 7034 80
1933
10-yr cony 450
8212
58 72
75
B 72 Sale 72
Refund & gen 53 Series A.1995
9614
0612
946
9614 Ms
1929 2 2 9612 Sale
Temporary 10-yr as
1922 a
- 112 Jan '12Pitts Juno 1st gold (38
--8218
8218 8713
P Juno & M Div 1st g 3545 1925 MN 8132 87 8212
1 6812 78
6778 6812
6812
PLE&W Va Sys ref 43_1941 MN 65
8012 16 80
8614
Southw Div 1st gold 3346_1925 J J 8018 8112 80
8934 8934
8934 Mar'19
Cent Ohio R late g 4543_1930 MS 8732
9578 July'19
9512 9578
Cl Lor & W con 1st g 53_1933 AO 9558 _
8 9513 July'19
..
9513 96
1936 JD 9512 6
Ohio River RR 1st g 53
914 Mar'19
90 911s
1937 A0 88 91
General gold Se
9912 Mar'18
Pitts Clev & Tol 1st g 6(1_1922 AO 9912 _
- 63 July'19
62 68
Tot& Cin div 1st ref 43 A_1959 J J 5712 8134
99
99
1937 MS --- 97 99 Mar'19
Buffalo R & P gen g 5s
5 8634 8814
87
N 85 87 8634
1957
Control 4 Ms
All & West let g 4s gu- _1998 AO 7414 89 8453 July'19 ---- 8452 8458
Clear & Mah 1st gu g 63_1943 J J 8918_ 1031a Feb '16 ---- 101 June'19
16032
;idi"
i663
Roch & Pitts 1st gold 63...1921 FA
;103 10138 July'19 -- 101 102
1922 JD 1917
Consol let g 133
2 8778 9571
8812
87 8772
1902 AO 86
Canada Sou cons gu A 5s
75 Aug '19 --- 75 82
Car Clinch & Ohio 1st 30-yr 153'38 JD - - 81
9734 Aug '19 - - 9734 10012
Central of Ga let gold 53-0945 FA 6612 _
8 8844 947s
8812
E61"2 8812
1945 MN _
Congo! gold 58
953; 97
9712 36 9638 9914
9632
10-yr temp scour 6s June 1929
Chatt Div pur money g 4s 1951 I- 15 7318 82 7412 May'19 -- 7412 7514
90 May'18
Mao & Nor Div let g 63_1946 J J 92
9728 June'171947 .1 J 90
Mid Ga & Atl Div 53
1946 J J 90 ____ 9134 Jan '19 -- 9134 9134
Mobile Div 1st g 53
_ 90 July'19 ---- 86
90
N 89
Can tRR & B of Oa coil g 55_1937
10014 10 100 105
1987 J J lows 101 100
Canto! N J gen gold 53
61987 02 100 10412 10118 Aug '19 ---- 10032 10112
Registered
2 99 100
100
_1921 J J 9912 10012 100
Am Dock de Imp gu
_ 100 Apr '18
-_
Leh & Hud Riv gen gu 53_1920 J J 9652
_ 10012 Jan '13
N Y & Long Br gen g 44..1941 MS 883s
"Eti 66
Cent Vermont 1st gu g 43_41920 Q F 55 62 69 July'19
9312
89
Chess &0fund & impt 541_1929 33 85 89 1)2 June'19
9512 14 9313 9912
9.312 95
9312
let consol gold tia
1939
N *---- 97 10412 Jan '17
1939
Registered
---
BONDS
N. Y. STOCK EXCFIANGE
Week Ending Aug. 15
E,31
Price
Friday
Aug. 15
Week's
Range or
Last Sate
Rang.
Singe
Jan, 1
Bid
Ask Low
is n
High No.LowHigt
83
Chesapeake & Ohio (Con)7614 Sale 76
1992
7613
General gold 4545
73 78
8634 Mar'17
1992
Registered
7812 Sale 7812
80 -E6 7753"8514
20-year convertible 454s 1930
8432 Sale 8432
8512 102 8414 9138
30-year cony secured 53_1946
75
68
78 July'19 ---- 78
Big Sandy let 4.1
7813
1944
7412 8234 8234 May'19 ---- 8234 8234
Coal River Ry 1st gu 4.3_1945
85 --__ 9634 Feb '16
Craig Valley let g 59
1940
6714 ___
69 June'19
-66""air
1946
Potts Creek Br 1st 4s
76
75
2 7712 June'19
77180
R & A Div 1st con g 4s
1989
695s 7414 71 Oct '17
2d consol gold 43
1989
Greenbrier Ry lit gu g 49_1940
7314 -- 8812 Sept'16
8212
113 Feb '15
Warm Springs V 1st g 53_1941
5313
49 Sale 49
14 49
50
1949
Chic & Alton REt ref g 3s
34
Sale 34
3712 27 34
Railway 1st lien 350
40
1950
Chicago Burlington & Quincy_ 9912 May'19
100
1922
Denver Div 48
9914 9912
71
763
2 99
218
92
7212 7212
7234 16 7
93
1949
Illinois Div 350
3
14
80 8212 82
5 8
82
8578
1949
Illinois Div 4s
9912
9934
4
993
July'19
sinking
Div
Iowa
fund 53_1919
901,2 9934 9912 Aug '19 ---- 99
9934
1919
Sinking fund 4s
Joint bonds. See Great North.
92 03
92
1 92
92
9334
1927
Nebraska Extension 4s
*9073 _ _ _ _ 91 Mar'18
1927
Registered
70
7712 78
10 -fii" 7gira
79
1958
General 4s
27
30
32
41' 25
30
36
Chic & E Ill ref & imp 4s g_1955
22
31
31
31
10 22
3634
12 Ei Mtg dc Tr Co etre of dep98 July'19 :7-3:: _86
:
:2
8
.
9_39
6::
781
.
0
1934
1st consul gold 6s..
75
80 July'19 --- 75 80
78
General consol 1st 5s
1937
80 Aug '19
7534 _
014 7
75
0
88
US Mtg & Tr Co ctfs of
-_ _ 156 78 Aug '19
Guar Tr Co otfs of dep _____
dep.
9734 Feb '13
Purch money 1st coal 53_1942
*6
32 Mar'17
Chic & Ind C Ry let 513...._1936
5712 -Sale 5712
57 -1B-r4
5812
Chicago Great West let 4s....1959
100 100
3 100 10313
100
Chic Ind & Louisv-Ref (30-1947
8534 8414 8534 June'19
---8534 8514
Refunding gold 5s
1947
6618 _
8412 Apr '17
1947
Refunding 4s Series C
63 May'19
66r2
Ind & Louisv 1st 411 4s
1956
--- 7878 79 June'19
7834 81
1956
Chic Ind & Sou 50-yr 4s
--_- 83 8312 July'19
Chic LB & East 1st 43.4s....1969
Chicago Milwaukee & St Paul69
71
71
Gen'i gold 4s Series A....e1989
9252 Feb '16
Registered
41989
---- 6112 64 July'19
"64
-"64
Gen'l gold 3543 Ser B..
01989
75
Sale 75
3 75 84%
:
7712=
General 4345 Series C___ _61989
66
12 66
Sale 00
67
7414
a2014
Gen & ref Ser A 4 Ms
75
73 Sale 73
5 73
Gen ref cony Ser B 58....a2014
8153
7378 51 7132 817s
73 Sale 7214
1932
Convertible 450
7812 7512
75
19 7512 85
77
1925
Permanent 4s
70
707s 7112 Aug '19
1934
25-year debenture 49
-- 9834 9812 June'19 -------- 9
812 9
70
78
I
7
34
Chic & L Sup Div g
92 Oct '10
63- 100
Chic & Mo Riv Div 53_1926
97
-1 -if "6614
99
09
99
1921
Chic & P W lat g 53
10 6813 74
6814 7212 70
70
C M & Puget Sd let gu 43_1949
9914 Aug '19 --- 9914 9978
Dubuque Div let s t 65_1920
9834 99 100 May'19 -_- 100 100
99Fargo & Sou assum g 63_1924
_ 8814 89
89 May'19
Milw & Nor 1st ext 450_1934
---- 8312 8112 Aug '10
99
999634 8897:
8053
Cons extended 4543
1934
1921
Wis & Minn Div g 53
- - 9714 9714 July'19
60'
9978 June'19
Wls Valley Div 1st 65
1920
Chicago & Northwestern Ex
1 89 93
89
93 93
03
1886-1926
44
--- 91
95 Dee '18
1886-1926
Registered
62
1 6734 71
70
6734
0734
1987
General gold 350
7012 Apr '19
69
7013
p1937
Registered
lg."-frit; 75
777s 16 75 823s
1987
General 4s
-,„- 81 8172 Oct '18
1987
Stamped 4s
20 "66 101
97
9812 Sale 90
1987
General 5s stamped
102 109 104 May'19
101% 104
Sinking fund 65
1879-1929
10912 Apr '16
Registered
1879-1929
96's 9753
9934 9714 June'19
6
Sinking fund 5s
1879-1929
*9232
96. Nov'18
Registered
1879-1929
96 103-3-4 98 May'19
98
98
1921
Debenture 53
98 Mar'19
97 98
---- 98
1921
Registered
3 9313 961s
9318
- - 9614 9313
1933
Sinking fund deb 53
100 97 Nov'18
1933
Registered
81
10112 Oct '16
Des Plaines Val let gu 450'47
10634 -- 10713 June'19
1661
;Me
Frem Elk dc Mo V let 6s 1933
6212
88 Jan '17
Man° 13 & N W 1st 33.4s.1941
6212
Milw & S L 1st gu 3543_1941
10012
101 May'19
10034 101
Mil L & West 1st g(33_1921
9672 _ 98 Apr '19
98
99
Ext & imps f gold 5s....1929
10232 joi 104 Apr '19
_ 104 104
Ashland Div 1st g 6s_ _1925
1017s 105 10178
10172 -1 10178 104
Mich Div 1st gold 60_1924
7512 7814
7812 7672 July'19
78
Mil Spar & N W let gu 43.1947
---- 94
98
94 July'19 --- 93
St L Peo & N W 1st gu 53 1948
Chicago Rock 151 & Pao-5 71
7112 74
71
71
7913
1988
Railway general gold 43
-,,... 7212 7853 Mar 19 --- 7632 7633
1988
Registered
6912 50 68
7612
08 Sale 68
Refunding gold 42
1934
7012 7012
7012 Mar'19
1932
20-year debenture 5s
13 0438 79
"Ji" -64" 0138
05
R I Ark & Louis 1st 4543_1934
95 Aug '19 __-- 9412 96
9458 95
1934
Burl0 R & N 1st g 55
923a 0812 9714 Feb '19 __-- 9714 9714
CRIF&NWlstgu5s....1921
89 97 May'18
Cho Okla & 0 gen g 192.._g1919
93 May'18
1952
Consol gold 59
iig" -65 6812 Aug '19
66
7013
Keok & Des Moines 1st 15s 1923
6578 Sale 057s
6578 71
6838
St Paul & K C Sh L 1st 4348'41
104 108 10512 100
1 105 108
1930
Chic St P 14 & Goons 6s
8512 _ 85 June'19
85 85
Cons fle reduced to 33.4s..1930
91
91
91
97
- 95
1030
Debenture 54
1.66t2
---118 Nov'16
1930
North Wisconsin 1st 6s
9232
95 May'18
Superior Short L let 5s g_c1930
63 _ _ 6712 June'19
4i1;
6i
10
Chic T H & So East 1st 58_1960
10313 10512 10312 July'19 ___ 10 4
4
Chic & West Ind gen g 6s__q1932
6112 62
61
5 61
61
65
1952
Consol 50-year 4s
---- 8612 90 May'17
1937
Cm H dc D 2d gold 4343
88 Mar'll
C Find & Ft W let gu 4s g 1923
8712 76 Nov'18
Day & Mott 1st cons 450 1931
4 65
7211
65
0153 6458 66
Cloy Cm Ch & St L gen 4s....1993
7 76
8413
7918 8012 7912
80
20-year deb 43-4s
1931
5 8312 87
8334
8312 8334 8334
General 55 Series B
1993
Ms 7832 8034 May'19
1939
Cairo Div 1st gold 4s
70 June'19 I75
- 0
8334 8
77
114
70
Chi W & M Div 1st g 4a 1991 J J
7134 76
73 Aug '19 ---- 73
71314
St L Div 1st colt tr g 4s
1990 MN -_1940 MS 7312 -- 741a Jan '19 ---- 7453 7453
Spr & Col Div 1st g 4s
84 Nov'16
W W Val Div 1st g 4s
1940 J J 71
-664 9934
101
N 9934 July'19
CI St L & C consol (Is ___ _1920
- 5312 8312
8312 May'19 ------k1936 Q F ---- 90
let gold 45
8812 /day'15
k1936 Q F
Registered
-girs
3 65.3; 9312 May'19
Gin S & CI cons let g 53_1928 J J -631"
1031s 107
104
CCC&I gen cons g 63..1934 J J 1002 ---- 104
94 July'08 Ind B & W 1st pref 4s____1940 AG 7612
41938 Q J
0 Ind & W 1st pref 5s
76i
(
"Er "
Peoria & East 1st cons 45_1940 A0 -airs 57 "5733
22l 297s 26 Aug '19 - 12
31
1990 Apr
Income 4s
86
__ 8012 Aug '10
89
Cleve Short L 1st gu 4%8_1961 AG 85
1 84
8914
85
85
1929 FA 8473
Colorado & Sou 1st g 4s
N 79 -Sale
797a 24 7714 807s
- 70
1935
Refund & Ext 430
0 9834 9034
9912 9918
9912
Ft W & Den C lat g 63_1921 JD 99
--Conn & Pas Rive let g 43-.1943 AG
"6E"Feb ii _--Cuba RR 1st 50-year (Ss g___1952 J J Del Lack & Western7113
7113
3 7112 73
Morris & Ese 1st gu 3343_2000 JD 71
10072 1007s
1921 J J 9912 -- 10078 June'19
N Y Lack & W 'eta('
.9534 101
1923 FA 9712 ---- 9814 June'19
Conhtruction 58
1 9213 92
9358
N ---- 937s 9358
1923
Term & Improvt 43
Warren 1st ref gu g 354s-2000 FA 681a ---- 1021,Feb '08
*No Price Friday;latest this week. a Des Jas, 4 Dee Aprii, a Doe May. •Due June. CDue;July. k Due Aug. • Due Oft. //DID Nov. r Due Deg I 011110n gale
New York Bond Record—Continued—Page 2
Auo. 16 1919.]
BONDS
X.Y. STOCK EXCHANGE
Week ending Aug. 15
ra
t
,..4 .
13
Price
Friday
Aug 15
Wears
Range or
Last Sala
13
.
„,.
-"'
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week ending Ang. 15
1%1
t
4,p
.
663
Price
Friday
Aug. 15
Week's
Range or
Last Sale
Range
Since
Jan. I.
UM me
ZooZ6.
Bid
Ad Low
High No, Low High
Bid
Ask Low
High
Leh V Term Ry let gu 56__1941 A 0 99 10134 9934 June'19
Delaware az Hudson—
--- 97
97
1922
5 06
Registered
let lien equip g 4;46
97
113 Mar'17
1941 A 0
9783 Sale 83
33
1943
10 83 8514
Leh Val RR 10-yr coil 6s_n1928
10112 -gale 10118
let & ref 45
10173
9212 Sale 9212
94
Leh Val Coal Co 1st gu g 58_1933 :11935
9912 100 100 July'19
20-year cony 56
7 904 9534
__
75 76 June'19 ---- 7334 7812
Registered
1946
Alb & Susq cony 46_
1933 J
---- -- 105 Oct '13
i0212
- 104 10234 Apr '19 ---- 10234 10334
let int reduced to 46
Rens, az Saratoga3;1st 76_1921
1933 J J 774 ---Leh & N Y lat guar g 4s_ —1945 M S 7114 8714 70 July'18
Denver dc Rio Grande66 6738 6612
1st eons g 48
6778 21 664 7514
1936
Registered
1945 M S
70 Sale 69
70
4 69
1936
Long lsid 1st cons gold 56_51931 Q J 9138 9438 95 July'19
Como' gold 4146
7612
7712 85 80 May'19 ---- 76
Improvement gold 58— —1928
1st consol gold 46
51931 Q J 8418 ____ 86 Aug'19
80
Sale
5834
58
59
40 45 6012
1st & refunding 56
1955
8 81
General gold 48
79 June'19
1938 J D 75,
77 ---- 8734 Nov'16 ---- _-- _ _ _ _
Rio Or Juno let gu g 5s— -1939
8 9612 86% Mar'19
Ferry gold 4344
193
22 .1
51 D
S 91,
___ 38
6114 Apr '11 -Gold 48
Rio Or Sou 1st gold 4s
1940
7518 85
9914 Oct '06
--- ---- 39 July'17 ---1940
Unified gold 48
Guaranteed
784 7514 May'19
1949 M S 74
65
7134 73 July'19 ---- 6378 7312
Debenture gold 55
Rio Or West 1st gold 4s-1939
78
1934 J D -_
81 June'19
5712 5812 60 Aug '19 ---- 56
-4 76
20-year p m deb 56
Mtge & coil trust 46 A-1949
1937M N 733
7334
60
7334
65
78
82 Dec '16 ---- — - _ _ _ Guar refunding gold 4s
1949 M S -_-- 77
net dc Mack—let lien g 4s-1995
75 Aug'19
65 --- 7513 July'16 ---1995
Registered
1949 M S
Gold 46
95 Jan '11
77 801
; 77 Aug '19 -- 77 8114
NYB&MBletcong 58_1935 A 0
Det Riv Tun Tor Tun 4149_1961
92 Aug'19
9514 _--- 9634 June'18 ---- _- -- _ _ _
Dul MIssabe & Nor gen 59_1941
NY&RBlstgoldS&,.,,.1927M S "id" -ill; 92 Apr '19
9112 93
9334 July'19 --- 924 -95
92
Dul & Iron Range 1st 5s
Nor Sh B 1st con g gu 58_51932 Q J 85
1937
9018 June'19
---- --_- 10512 Mar'08 ---- ___ _ _ _
1937
Registered
87 Aug'19
Louisiana & Ark 1st g 5s
1927 M S 8214
80 83
83 June'19 ---- 83 8412
1937
Louisville & Nashv gen 6s_1
Du!Sou Shore & Atl g 5s
108 Feb '19
19
93
37
061
JD
N
91
98
96 May'19 ---- 9312 96
97 9713 9714 Apr '19
Elgin Joliet & East 1st g 58.-1941,
Gold 5s
98 9978 100 July'19 ---- 9938 1004
1920
Erie 1st consol gold 76
Unified gold 46
1940 J J 83 8378 83
8334
82 ---- 7818 Oct '18 ---1947
N Y & Erie 1st ext g 4s
1940 J J *814
9638 Jan '17
Registered
98 100 9618 June'18 ---- - — _--1919
26 ext gold 56
Collateral trust gold 56
1931 M N 9438 -if 9712 June'19
9112 ---- 931k Jan '18 ---- -- --1923
ard ext gold 4140
9418 July'19
L Cin az Lax gold 434s.,..1931 M N 9212 93
Ms _--- 9912 July'17 ---1920
ath ext gold 56
106 101 Apr '19
N 0 & M 1st gold 6s
1930 J J
3212 __ 9434 Nov'15 ---1928
5th ext gold 45
26 gold 6s
9738 102 100 Jan '19
1930
____ 100 10038 July'18 --,-;‘, ..,,.N Y L E & W 1st g Id 78_1920
Paducah & Mom Div 4s 1946 F A 7818 8914 794 Jan '19
--6114 6134 6114
1996
Erie 1st cons g 4s prior
_ 10114 July'19
6214 "1 6114 -7012
St Louts Div let gold 68_1921 M S 9934
--------84 Dec '16 --t1996
Registered
2d gold 36
55 July'19
1980 M S 53 57
5112 Salo 51
5712
5113 15 51
1st consol gen lien g 45_1996
7578 74
Atl Knox & Cin Div 4s
74
1955 M N
___ 5478 73 June'16 ---1996
Registered
All Knox az Nor 1st g 58..1946 J D 9578 100
95 Nov'18
82
8512 82 Aug'19 ---, 774 66
Penn coil trust gold 45...1951
8
_ 10112 July'19
Hender Bdge lets f g6s...1931 M S 100,
45 4534 4512
4512
50-year cony 46 Ser A-1953
1 4514 52
77 Aug'19
Kentucky Central gold 48.1987 J J
45
40
4512 Aug'19 -ttt 4512 52
1953
do Series B
7718 7878
953*1
Lex & East lst 50-Yr 56 56 1965 A 0 9
95
95
48 Sale 4712
48
119 4634 55
1953
Gen cony 4s Series D
LazN&M&Mlstg4481945 M S 864 10078 864 July'19
90 9234 9234 July'19 ---- 90 9518
1982
Chic & Erie 1st gold 5s
L & N-South M joint 4s_ _1952 .1 J 6712 6738 6738
6738
9138
--- 1064 Jan '17 ---t _ - -- _ - _
Cloy .1, Mahon Vail g 5e-1938
95 Feb '05
Registered
51952 Q J
963s Bale 964
Erie & Jersey 1st s f 6s__ _1955
5 964 161
N Fla S lst gu 56„-1937 F A "go964
95 July'19
9614 _--- 08 May'19 ---- 9578 101
Genesee River let s 16s-1957
N & C Bdge gen gu g 410_1945 J J 85
977s May'16
10812 109 107 July'19 ---- 107 108
Long Dock consol g 6s ...,1935
Pensao & All 1st gu g gs__1921 F A 1007s 101 10158 July'19
94 ---- 103 Jan 'It ---- _-- _ _ ..
Coal az RR 1st cur gu 6s 1922
9612 June'19
& N Ala cons gu g 5s...1936 F A 9614 98
907
8
---10212
Dock & Itnpt 1st eat 54
July'17 ---- ......_ __.
1943
Gen cons gu 50-year 55_1963 A 0 884 89
9213 July'19
8612 --__ 85 Jan '18 ---- ____ __
N Y & Green L gu g 5s
1946
L & Jeff Bdge Co gu g 4s__1945 M S 695g..,, 60 July'18
6414 70
6814 July'19 ---- 68
f81,8
N Y Bawl &W 1st ref 56_1937
Manila RR—Sou lines 4s_ __1936 M N
4514 55 10014 Dee '06 --- __ - - _- —
2d gold 4145
Max Internet 1st cons g 4s__1977 M S ---- 60
1937
77 Mar 10
__ _ 547860 June'18 -General gold 58
1940
Stamped guaranteed
75 Nov'10
1977 M S
8818 ___ 97 Dec '18 ---- - — — — Midlanti
Terminal 1st gold 5s
1943
9113 June'17
Term—let s f g 56_1925 J 0
82 --- 108 Jan '17 ---- ____ ___
Minn St Louis 1st 7s
Mid of N J 1st ext 5s
1940
1927 J D 102 :::: 101 July'19
57
60 60 July'19 ---- 50 72
Wilk dc East 1st gu g 5s_1942
Pacific Ext 1st gold 6s
974 Apr '19
1921 A 0 96 101
'17
----2312Jan
---__ _ - _ _._
1st consol gold 58
Ev & Ind 1st cons gu g 68_1926
7734
7778
1934 M N 773s 75
9514 97 964 July'19 ---, 95 98
444 454 45
Evansv az T H 1st cons 66_1921
1st & refunding gold 4s
46
1949 M
7014 Sale 7014
1 7014 7014
7014
Ref ez ext 50-yr 58 Ser A 1962 Q F 44
let general gold 5s
1942
48
4612 July'19
--------108 Nov'll ---- ---- -Dee M az Ft D lst gu 46 1935 J J
Mt Vernon let gold (is_ _1923
604 Feb '15
------95 June'12 ---- _---Iowa Central 1st gold 5s 193g J D 76'2 80 7813 July'19
Sull Co Branch 1st g 56_1930
—
81 July'19 ---- 803* 85
8012 81
Florida E Coast 1st 434s.,..1959
Refunding gold 4s
1951 M S 43 Sale 43
43
_661_
-92 Aug '10 ---- - - - 8113 Aug'19
Fort St U D Co let g 4146_1941
193
939
8
2 -___ 6012 Juir19 ---- 6618 6613 MStP&SSMconK46111t1111-1
1st cons 5s
Ft Worth az Rio Or lst g 45_1928
9634 July'19
-- 9612
65
78
80 Dec '18 ---1st Chic Term s f 45
Only Hous & Hen 1st 6s...1933
171 88 -- 92 Jan '17
1941
4 66 6678
9534
95 Sale 95
Great Nor C B &Q coil 4s_ _1921
934 June'19
MSSM&Alstg4sintgu_'26 J
Registered.
51921
Mississippi Central 1st 5s
---- ---- 0512 Aug'19 ---,1 9538 9578
1949 J J *8918 90 95 Dec '16
__
8618
83
83
1 83 89
1st & ref 4;46 Series A
Missouri Kansas & Texas:_ 8534 96 June'16 ---1961_
Registered
1961
1st gold 4s
65 6412 Aug'19
1990 J D 64
-87-18 ____ 884 June'19 ---, 88
1933
St Paul M & Man 46
8812
2d gold 4s
3512
g1990 F A 33512 Sale 3512
____ 106 105
10518
1933
2 105 10812
1st consol g 66
240113
2 4
24
5
25
let ext gold 58
1944 M N 4
25
105 --_- 118 Apr '17 --,1933
Registered
45 Aug'19
1st & refunding 4s
2004 M S
9018 93 93
11 93
Reduced to gold 430-1933
93,.
9518
44
4413 44
4413
Trust Co certfs of den
___ 99 1024 May'16 --1933
Registered
32
32
Gen sinking fund 4346__ 1936 J J 32
8318 --- 854 May'19 --- 851Mont ext 1st gold 4s-1937
27 July'19
St Louis Div 1st ref g 4s...2001 A 0
2 -6178
834 —__ 9513 Mar'16 ---1937
Registered
2E- 38
05718
5% secured notes "ext" '16
2
79 --- 81 June'19 -- 81 -31
1940
Pacific ext guar 4s £
Dall & Waco lst gu g 58_1940
"r71
694 Apr '17
_______ 80 Nov'18 ---- _ _
E Minn Nor Div 1st g 46 1948
Kan City & Pao 1st g 48_1990 F A 53
53 Apr '19
---------10014
1922
May'18
--- .._ -Minn Union let g (Is
Mo K & E 1st gu g 58_1942 A 0
404 July'19
1018 ___ 103 July'19 ---- 103 1937
Mont 0 1st gu g 6s
M K & Okla 1st guar 58_1942 M N
70 Apr '19
idis;
107 ---- 13614 May'06 ---- __ _
1937
Registered
649
9
_
818 -73
57
7r:2 5712
M K & T of T lst gu g 58 1942 M $ 4
5712
98
,
8
09
983
4
1937
June'19 ---- 96' 6612
1st quer gold 56
74
51 Dec '16
Sher Sh az So let gu g 58_1942 J D
95 ---- 10934 Aug '16 ---- _
Will az S F 1st gold 56_1938
Texas & Okla 1st gu g 5s__1943 M S _--- 40 50 July'19
53 57
57 July'19 -- -- o-iGreen Bay & W deb ctfs "A"____
Missouri Pacific (reorg Co)104 12
1012 Aug'19 ---Debenture ctts "B"
8534 85 Aug'19
638 1578
1st & refunding 5s Ser A__1965 F A _
7312 7478 75 Aug'19 ____ 75 8212
Gulf & 5I 1st ref &t g 5s__51952
1st & refunding 58 Ser Ba 1923 F A if 9112 9112 Aug '19
___
74
77
Aug'19
Hocking Val 1st cons g 414s 1999
---- 77 83
9312 89
89
1st & refunding Ea Ser 0_1926 F A 89
____
____ 7312 June'18 ----,
Registered
1999
1975 M S 5712 Sale 57
General 46
5818
7518 ......- 7312 Oct '18 ----I _- - - - - - Col & 11 V Ist ext g 4s_ —1948
- 99 98
98
Missouri Pao 1st cons g 66_1920 M N
74
---7614 Apr '19 ---- 7514 7614
1955
Col & Tol 1st ext 46
58 Oct '18
1945 M S 86
40-year gold loan 46
8434 95
85 Dec '18
Houston Belt & Term let 56_1937
3d 76 extended at 4%____1938 M N 7214 ____ 82 Apr '17
--- -8414 ---- 8514 June'19 ----Illinois Central 1st gold 4s_1951
---- 8514 88
100 Feb '13
Boonv St L & 8 1st 55 gu_1951 F A
92 Sept'17 ---1951
Registered
68 June'19
Cent Br U P 1st g 45 ____1948 J D -661;
4 7518 July'19 -- 74
7018 753let gold 3148
1951
ifl
82 July'19
Pao R of Mo 1st ext g 46_1938 F A 8034 _
7118
84
Registered
1951
Nov'15 —.- __---9434 89 May'19
26 extended gold 5e____193g J J 89
____ ---7412 80 June'17 -- --- ...Extended 1st gold 314s___1951
-- 9414 95 Aug'19
StLIrM&Sgencong 54 1931 A 0
1951
---- ---- ---Registered
---- ---- -- -102 July'14
Gen con stamp gu g 58_1931 A 0
80 July'09
1951
1st gold 3s sterling
-'1E1; 79 7534 76
Unified & ref gold 46 _1929 J
1951
Registered
--8078 Oct '17
1929 J .1
Registered
-fir1952 2""
id "fica July.19 --Collateral trust gold 45.._
77 79
7012
71
Riv G Div 1st 46_1933 M N 6978 71
1952
9538 Sept'12 --- — - - -- - Registered
9034
92 July'19
Verdi V I az W let g 56_1926 51
7634 79
784 Aug'19 ----1 7812 8414
1955
1st refunding 46
10013
10214
Mob & Ohio new gold 6s
10214
1927 J
691s
72
71
1952
Purchased lines 3145
Aug'19 ---,I 71
9658 _ _ 984 July'19
1st ext gold 66
75
51927 Q
____ 7238 7236
L N 0& Texas gold 48_1953
7238
3 7238 774
68 July'19
General gold 46
7018 85
1953
714 Apr '19 ...,-, 7118 711s
Registered
S 84
8778 8812
M A
Montgomery Div let g 56_1
938
7F
194
8812
9334
Sale
9334
16-year secured 51se...._1934
9538 22 9334 9714
--_- 85
87 Apr '19
St Louis Div Si
79 ---- 78 Nov'18
Cairo Bridge gold 45.__1950
St L & Cairo guar g 46_ —1
J _--- 78
8012 July'19
27
1 D
931 3
-61 ---- 79 Feb '14 ---- ..--- - - - Litchfield Div 1st gold 38-1951
Nashv Chatt & St L let 5/3_1928 A 0 - 9978 9912 July'19
____ --- 675s July'19 ---- 674 6738
Loutsv Div & Term g 3%6 1953
s 1044 11014 Mar'17
Jasper Branch let g 66.„1923 J J f007___ ____ 83 Aug '12 ---1953
Registered
Nat Rys of Max pr lien 4%6_1957 J J
50 Mar'19
---- -9718
---102
1021
Middle Div reg 56
June'16 -----4978 35 Aug '16
Guaranteed general 45___.1977 A 0
5814 01
5814 Sept'18 --- ..
Omaha Div 1st gold 36._ _1951
J
Nat of Max prior lien 4146-1926
_
9678 Feb '13
6112 65 62 Oct '18 ---- -----..:—
_
St Louis Div & Term g 39_1951
j
let consol4eA
21 Aug '18
704 8314 651s Oct '18 -- .....
1951
Gold 3146
--__ 66
New Orleans Term 1st 45_995531
65 Aug'19
7018
80 June'16 --- __. ---1951
Registered
96 9518
N 0 Tex az Mexico 1st 66
1925 J D 94
_95,8
_ _ ---8112 804 Nov'16 ---- - - - - - - Spring! Div 1st g 3146.__ _1951
57
55
Non-corn income Si A....1935 A 0 55
5518
-7414 ---- 7912 May'19 ---- 793Western Lines 1st g 4s
1951
New York Central RR—
s 7912
02 Nov'10 --1951
Registered
Cony deb 66
1935 1•11 N 9678 Sale 964
97
9534 ---- 11713 May'10 ---Bailey & Car let gs
704
1923
7113
A
1998 F
74,8
Congo] 46 Series A
744
7358 ___ 73 Mar'19 ---- 73
Carb & Shaw 1st gold 40_ _1932
2013 A 0 7658 79
78 Aug'19
Ref & Imp 4144 "A" Riv_
73
941s 97
97 July'19 --- 9418 9934
Chic St L & N 0 gold 5s 1951
New York Cent & Hod
---913
8
9518
Feb '19 --- 954 951s
1951
1 70 Sale 70
Registered
7 .31 j
10
997
7034
Mortgage 3146
6614 ---- 654 July'18 ---Gold 314s
--_
6838 July'19
71
1951
Registered
7931951
4 794 8112 Aug'19
Registered
---- --- - ---Debenture gold 46
---___
8712 8818 July'19 ....— 87 95
Joint 1st ref 55 Series A..1963
Registered
te
79 Nov'18
7414 77
704 Oct '18.— ____ _ _
Memph Div let g 4s
A 6214 Sale 6214
1951
4M
F NN
6238
19
93438
Lake Shore coil g 344......_1
65 77 65 Nov'17 -Registered
1951
63
Registered
54....1
1998 F A 63 7014 63
81 --- 7914 Jan '19 -- 7934 7954
St Louis Sou 1st gu g 46_1931
F A
6318
70
Mich Cent coil gold 3
6318
Ind Ill & Iowa 1st g 46
9318 947-8 81$s July'19 ---- 8014 82
1998 F A
1950
75 Mar'17
Registered
Int & Great Nor 1st g 6s..._1919
9412 Sale 9/14
D 50
.
9412
Battle Cr & Stur lst gu 3s_1989
4 93
90
7918 8112 81 July'19 ---, 8014 82
fames Frank & Clear 1st 46_1959
82 Sale 82
Beech Creek let gu g 45._ 1936 J
82
571 58
Kansas City Sou 1st gold 38_1950
5938
5918
3 5938 6438
1936 J J
9534 Nov'16
2
Rd
eglsa
guterrgeold
d 56
Registered
---- ----78 Oct '09
1936 J
8818 ____ 104 May'16
1950
78
8038 80
Ref & Impt 56
8178
3 80
Apr 1950
1936 3 J
Registered
88
Kansas City Term 1st 46_1960
724 7418 744
7412
4 74
81
Beech Cr Est let g 346_51951 A 0
Lake Erie & West 1st g 56_1937
8313 89 85 July'19 ---- 85
9(1
Cart & Ad let gu g 46. _1981 J D 7534 ____ 49 NO;ii
id gold 56
70
90 804 Feb '17 .-- __ ___
1941
Gouv & Oswe let gu g 5s 1942 J D 9112
8978 65 Aug '19 --- 65
North Ohio 1st guar g 56_1945
1991 M S 774 -- 80 m;y
Moh & Mal lst gu g 4s
7ii
8578
___ 8678 8714 Aug'19.— 8313 92
Leh Tel N V 1st gu g 410_1940
8913 Feb '16
7114
N J Juno R guar 1st 46_1956 F A
__ 924 89 Oct '17 ---- --- -Registered
1940
80 May'17
N Y & Harlem g 3146_2000 P4 N 7118
Lehigh Val (Pa) cons g 40_2003
7212
7212
5 721; 8012
--- 77
9814 9714 Feb '19
N V & Northern let g 56_1923 A 0
rIsmsrai ,one 4144
.
83 864 July'19 ._-- 85
2(1(13.__
90
•No price Friday: latest bid and asked this week. a Due Jan, 8 Due Feb. p Due June, A Due July. s,Due Sept. •Due Oat. a Option sale.
NO. Low High
9818 10214
41 10l1 1027s
974 100
95 -6gi;
86
86
7814 80
8618 864
-fg14
84
7713
77
—
92
94
92
92
904 91
8814
82
108 108
971, 1994
18 83
884
76
10 73
75
"if1-2 100
9318 9434
10312 10512
100 100
7911 7912
100 10114
5418 57
2 74
79
10113 1011*
8078
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1 924 9514
85
,
s 8712
2 6738 73
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10114 10157
2
964 9612
9213 93
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-
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80
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49
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8338 89
9634 9734
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25
42
13 41
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38
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4813
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9078 944
8818 92
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68
8054
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92
99
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58
88
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,
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94
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78
86
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7978 86
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2 624 67
6, 6318 70
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.
_
80
80
---971k 9738
New York Bond Record-Continued-Page 3
664
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 15
z
.3
Price
Friday
Aug. 15
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N Y sTooK EXCHANGE
Week ending Aug. 15
#.11
Price
Friday
Aug 15
•
Week's
Range or
Last Sale
[VOL. 109
co
Range
Since
Jan. 1,
Ask Low
High No. Low High
Bid
Ask Low
Bid
P. C. C. dr St. L (Con.)High No. Low High
N Y Cent & H R RR (Con)9058 ___ 91 Sept'18
7814 Apr '19 --- 78 80
Series F guar cle gold_1953 J
NY & Pu 1st cons gu g 45.1993 A 0
Series 0 4s guar
.537
8 :7.7- 113 May'15
1957 MN 9058 ____ 9053 Aug '19 ---- 884 91
Pine Creek reg guar 05._ _ _1932 J D -1
9158 95
91 Apr '19 ___-; 91
91
9918 July'19
Series I cons gu 445.-1963 FA
R W &0con 1st ext 5s_hl922 A -0 9858 09
10178 101 June'19
101 102
7518 ____ 771 June'12
C St L& P 1st cons g 55-1932 AO
Rutland 1st con g 44s1941 J J
--__ 100 June 17.....
---Peorla & Pekin Un 1st 65 !Z.-1921 Q F
Og & L Cl aria 1st go 45 g J948 J J 60 ____ 8112 July'19
87 Mar'18
26 gold 414s
51921 MN ____
Rut-Canada let gu g 49_1949 J J 8478 ....._ 67 Feb '19
8413 11 iS 90
8312 Sale 83
101 Noy'16
Pere Marquette 1st Ser A 58_1956
St Lawr & Adir let g 58_1998 5 J
6512 70% 6878
6878
1 6814 7214
103 Noy'16
lot Series El 4s
1958
1996 A 0 8718
2c1 gold Os
-i 52 54 55 July'19 ---- 45 55
Philippine Ely lot 30-yr of 45 1937
Utica & Bik ltiv gu g 4s 1922 J 1 96 _-__ 957 Apr '19
99 Jan 18
Pitts Sh & L E 1st g 55
1940 A0 9613 100
Lake Shore gold 345
1997 J D 7012 _-__ 7112 Aug '19
J 94 --_- 974 Dee '17
74
733
8
Noy'19
J
D
6912
let
consol
gold
55
1943
Registered
1997
J
88 -86" -8E3;
8013 Salo 804
81
Reading Co gen gold 4s
1997 J
Debenture gold 4s
1928 M S 8312 8578 86 Aug '19
81
8112 Mar'19
848 15
Registered
1997 J J
25-year gold 4s
1931 M N 8313 84% 845s
8112 i5 81
112 85
113
87 93% Noy'17
Jersey Central coil g 4s
1951 AG - _ 8314 81
Regiiitered
1931 M N
Si
J
Atlantic City guar 4s g
1951 J
Ka A & G R 1st gu c 55_1938 J 1 7014
57
6314 July'19 ---- -66" -6i94% --_ 10112 Dec '15
St Joe & Grand Isl 1st g 46 1947 J J 56
Mahon CI RR 1st 5s
1934 J J
St Louis & San Fran (reorg Co)
Pitts & L Erie 2d g 5s__-a1928 A 0 9218 __ 103 May'17
J 57
64
Sale 57
59
102 57
Prior lien Ser A 4s
1950 J
Pitt5 McK de Y 1st sues-1932 J J 10218 ____ 130% Jan '09
2 7212 79
7278
7212 727
J 72
12314 Mar'12
Prior lion Ser111 55
26 guaranteed 65
1934 J
1950 J
6413 68 8238 71%
9912 Aug '17
Cum adjust Ser A 85--51955 AO 63 Salo 8238
1931 M S
Michigan Central 56
4814, 179 4013 56
4612 Sale 4612
9812 Nov'18
Income Series A Os
61960 Oct
Registered
1931 Q M 9234 _
10318 June'191----I 102 106
____ 80-78 84 Mar'19
82
84
St Louis Sr San Fran gen 6s_1931 J .1
1940 J
45
J
964 9812
9434 July'19
General gold 5s
1931
Registered
1940 J j--------87 Feb '14
3
---- 78 May'18'..-1
---S 701s _-__ 90 June'03
St L & S F RR cons g 46-1996
J L Sr S 1st gold 346
1951
-- 90 May'171---, -----f63; 7414
ii414 7414 Aug '19
Southw Div let g 5s
N
1947 AG
let gold 34s
1952
9912
7 99% 10314
100
0912
N
8014 85
K C Ft S & 3-4 cons g 68_1928
20-year debenture 45 1929 A 0 _-__ 8112 804 July'19
; Salo 6578
67
3 6578 7512
81
81
84
80
K OFt S & M Ely ref g 48_1938 AG 657
N Y Chi & St L let g 45_1937 A 0 ---- 82
"Et;85 Nov'17
8914
2 8818 90
Registered
KC&MR&Blstgu5s_1929 AG 894 -..-- 894
1937 A 0
6714 6714
6712 22 674 74
73%
7378
N 'firs
"fi"
St L S W let g 4s bond ctfa 1989 MN 67
Debenture 4s
1931
61%
60 60 May'19 -I 5714 60
74
8112
7558' 74
20 g 4s Income bond ctfs-p1989 J • 5
3 74
West Shore let 46 guar. 2361 3 J
5918 24 5712 651s
7834
74
1 ---_ 7278 78% July'19
Como! gold 4e
1932 ID
Registered
2361 J
16 5838 64%
Sale
9912 Fen '19
9912 9912
lot terminal & unifying 56_1952 J J
N Y C Lines eq tr 55_1919-22 M N 99'l
5978
9
5°
8
7
1
8
3
3D
J'an°9
14
98's
J
9412
102
July'17
Gray's
Pt
Ter
let
gu
g
Equip trust 448_1919-1925
56-1947
6412 Aug '19 --- -(14-1; 68
73 804
S A & A Pass let go g 45
N T Connect lat gu 445 A 1953 F A 835 857 8412 July'19
.1943 J J 641 67
72
70
7018 June'19 -- 70
Seaboard Air Line g 45
N Y N 11 Sr Hartford1950 AG 68
63
11 67
74
67
67
5612
53
S 5518 ____ 5012 July'19
Gold 4s stamped
Non-cony deben 4s......_ _1947
1950 AG 68
38 45
534
50 51
Adjugtment 5s
Non-cony deben 314s_ _ _ _1917 M S 5013 -- 5012 July'19
01949 FA 45 Sale 45
51
60
Sale 52
52
5018
50
Refunding 45
Non-cony deben 34s_ ._1954 A 0 5018 ____ 50
1959 AG 52
74
80
77% 77 J uno
5418 July'19
4'
52118
9
53 56%
At! Birm 30-yr let g 19_61933 ret S
Non-cony deben 45
1955 J 3 501s 59
76
59%
55 July'19
49
5518 59
Caro Cent lot con g 46_1949 J J 7312 __-- 78 Apr '19 ---- 76
Non-cony deben 45
1956 Al N
2
10014
100
10318
5018
100
34
10014
Apr
'19
-J
J
50%
52
501s
52
J
4914
i
Fla
Cony debenture 3145
Cent
&
Pen
let
1956
eat 69_1923
13 7818 88
79
7812 Sale 7818
let land grant eat g 56..1930 J J 89 ___ 101 Dec
Cony debenture Os
1948 J .1
50 Oct '17
90
9212
Consol gold 55
Cone Ry non-cony 45
1930 F A
1943 J J
°
92
114 °
9114 93
93
21'
9112 Jan '12
Non-cony deben 4s
Ga & Ala Ely 1st con 5s_o1945 J J
1954 J .1 ii 94
Ga Car & No 1st gu g 58_1929 33 0338 ---- 9413 Apr '19,---- 94
Non-cony deben 4s
1955 J J--------60 July'18
95% 9512 9514 May'19'-- 9514 mg
Non-cony deben 4s_..__1955 AO
Seaboard & Roan let 56_1928
5018 July'19
8 Southern Pacific Co49 -E61Non-cony deben 46_--1956 .1 J --_- 50
e :1 8
- 7514 7763'11 Dec
69121 12 6812 79%
Harlem R-Pt Ches let 45_1954 Al N
Gold 4s (Cent Pac coll)__k1949 3D 69 sale 6s12
8
94
0 Feb
Dec '17
B dr N Y Air Lino lot 4s 1955
Registered
/1949 3D
A 7314 8
6_211:8
84%1 56, -E71 58 July'19
58
20-year cony 4s
Cent Now Eng lot gu 46_1961 J
01929 MS 8413 Sale
1024I 468' 993i 115
61MS
20-year cony Se.
Hartford St Ry let 45
1930
1934 ID 10034 Sale 10034
N
106% May'15
7478. 31 74
83
Housatonic R cons g 56_1937
Cent Pac let ref gu g 45.._1949 FA 74 Sale, 74
7812 8712 Sept'10'-...
87 July'll
Naugatuck RR let 4s
1954 Al N
Registered
1949 FA
82141
9 824 -878.3-4
N Y Prov & Boston 4s__ A942 A 0 813_.,,,, 83 Aug '13
Mort guar gold 3145_/1929 SD :82_34 Sale 8234
4 427 54
77
757
4618
75781
1 7512 80
NYW'ches&B let ser I 410'48 J i 4613 Sale 46
Through St L let gu 48_1954 AG
N 93 101 100 Got '18 ---Boston Terminal 1st 4s
G ElkS AM &P 1st 5H1931
---1939 AO
J
85
99
J
____
9634
Jan
'18
907
---J
J
New England cons 5s
2d ()sten 5s guar
1945
1931
95 Nov'18 - -N 92 102
Gila V 0& N 1st gu g 55._1924
Con4o1 45
1945 J 1 ---- ----70
40
40
Ilona F.) & W T lat g 55
Providence Secur deb 45 1957 RI N - _ 4014 40 June'19
1933 MN 8012 ---- 9234 July'19 ---- 925 -615;
j85____ 9978 Deo •13
N 9178 _-_- 100 Oot
Prov & Springfield 1st 58_1922
lot guar 5s red
1933
-67- -634
97 June'19,
El & TO let g 5,s Int gu_1937 J J 0338 100
Providence Term 1st 4s- 1956 Al s 67 ____ 881s Feb '14
9318 94%
9414 June'19'
W & Con East let 446_1943 J
Gen gold 45 int guar__ 1921 AG 93 98
94
-C767;
94
N 94 ---- 94 Mar'19
Sale 65
65
65 -f6N YO&W ref lst g 4s__01992 M
Waco & N W div let g (is '30
_ 70
95
93 Nov'18 -9212 June'12
S _
Reziotored $5,000 only_g1992
A&NWlstgug 56
1941 J J 91
9918
- 10014 Oct '17
General 48
Louisiana West 1st 6s
1921 5
1955 J D 62.12 6634 60 Apr '18 -2 5
6913
67
6578
66
Norfolk Sou let & ref A 56_1961 F A 65
Morgan's La & T let 85_1920 J J 99's 102 No Apr '18 -10218 Oct '18
_ 89 May'19
Non & Sou let gold 55
No of Cal guar g 5.1
1911 Al N 88
1938 AG 9478
---9612 957 July'19 -65-7s -61-11;
10912 June'19
912
9 10
89
10
88
Nor( & West gen gold 6s
Ore & Cal let guar g 5s
1931 Al A
1927 5 J
97%
MN
9712
975
8
____
122
July.19 ---9758
Nov'I.6
Improvement & ext g es 1934 F A 105
So Pan of Cal-Cu g 55
1937
9312 9212 June'19
9213 93
10612i86.6ifi
10312 10612
New Myer let gold 6s
1032 A 0 105
So Pao Coast let gu 45 g 1937 5 .1 91 ---8118 13
80
754 77 July'19 ---- 7612 8034
82
N & W ay let cons g 451996 A 0 80
San Fran Term! lit 48_1950 *0 60
85 July'19'
85
85
Registered
Tex & N 0 con gold 5s_ _1943 J J _9012
1906 A 0 -___ 80 9312 Dec '16
7838 82 77
8
77
8312
7914 -0 'fit; -GDly'l 1st lien & gen g 46_1914 J j 774 7814 744
So Pan RR let ref 45
1955 J 5 ff7j
Sale
91
181 8934 9058
75 181741144 May'19Fb 9
84
8412
10-25-year cony 45
1932 J D 72
Southern-1st cons g 53._....1994
897 19
-00
014 Aug '16
10-20-year cony 46
1932 M S
Registered
1991 5 J
6518 80 -64- -66
Sale 64
100
.loo 19 166- 16112
S
10-25-year cony 445.-1938
Develop & gen 4s Ser A
1956 *0 361
67
63
66
4 64
6334
105 Sale 1043s
10578 37. 101% 11014
10-year cony 85(w
Mob At Ohio coil tr g 4s
1938 M S 66
1929
4 831s 86
---- 8314 83 4
Pocah C & joint 4e
8314
Mem DIY 1st g 44s-56_199e J J 8718 9078 9018 July'19 -- 90% 9114
1941
6918 74
103 Sept'18
7078 1 10 7018 7412
70%
00 & T 1st guar gold 5s_1922 J J
St Louis div let g 45
1951 5
80 July'19
8712 ....... 9278 July'19'---- 92% 93
-f6- 81
Selo V & N E lst gu g 4s_ _1989 M N 7713 81
Ala Gt Sou let cons A 5s 1943 J
8814 June'191-- 8713 884
Northern Pacific prior lien rail
Atl & Char) A List A 414s 1944 J J 8213
9118 9718
913
34 7
9118
4 j
90
67
4
1 -Aug:10
7912 132 77 86
9
way & land grant g 45....._1997 Q 3 77 Sale 77
let 30-year 15s Ser B
1944 J J 6
7914 82
807s July'19
74
74
Registered
1997 Q 1 764 78
Atl dc Deny let g 46
1948 Si
30 56
8178
J
J
8112
57
Mar'16
General lien gold 38
26 4s_
a2047 Q p 56 Sale 56
1948
ii- 75 Fah '17 ---5714 May'19
5714 5712
-Registered
a2047 Q F - - 57
All & Yad lot g guar 45....1949 *0 70 -99 97 Mar'19 -- 97
84 July'19
97
Ref & imp 44e ser A.
2047 J 1 82 81
E T Va & an Div g 58_ -1930 Si 98
80
76 May'19
76
76
St Paul-Duluth Div g 45._1998 3 0 76
Cons lot gold 56
1956 MM 9278 9178 96 July'19 --- 9218 97
- 10158
_94
92
MS
92 July'19
1%
4 maly
0.11
,
58-2
84 104
954
9012
St P dr N P gen gold 6s_ _1923 F A 101 103 100
133 Tenn reorg lien g
52 Jan '19
._ _
---- 10038 100%
52
- 52
Registered certificates .,1023 Q A
Ga Midland 1st Se...,..1948 AG 521 55
J 10012 1004 10034 May'19 -- 10012 101
b :18
9 ---- 97
9813
F D
F 9
76
9
77
8 F
Dseo
St Paul & Duluth let 55_1931 3
Ga Pac Ry let g es
1922
100 (Jot '18 ---100% let cons& gold 46
1968
Knoxy & Ohio let g 05_ 1925 J
3712 Dee '16
Wash Cent let gold la__ _1949 Q Al _-_- 85
Mob dt Bir prior lien g 55 1945
i6/4
70
7
8
°8
112 00
85
5 9
J14,31 :18
11. 3.
Nor Pao Term Co let g 6s_1933 J J 10512 107 107% June'19
Mortgage gold 45
1945 J J 6
7212
9534 July'19 --••
72 7212
J 70
5 7212 79%
Oregon-Wash let dr ref 4s
Rion & Dan deb Sc stmpd_1927 AG 9578 102
1981
8912 69 June'19
N 68
85
85 May'19 -- 85 88
Pacific Coast Co 1st g 5s
1048 J D
Rich At Meek let g 56____1948
_
_
95 10018 Feb '17
9912 Apr '14 -N
Paducah & Ills lots f 4140_ -1955
So Car dr Ga let g 5
1919
10213 June'll
Apr '19 ---- 9578 953^
Virginia Mid Ser D 4-5s 1921 MS 9638
Pennsylvania RR lot g 46_1923 Al N 94 97 95%
7
964 July'19 -Consol gold 56
Series E 58
1919 M 5 9934 103 99 Apr '19 -- 997 9918
1926 5114 9634 100
Q
99.54 _ 9914 Feb '19
--10413 Dec
10412
M
Registered
Beiges F 55
1919
1926
66 8718 June'19
Consol gold 15
General 59
1943 Al N
1938 MN 9414 9612 93 July'19 -8514
8334 Sale 8334
8738 9112 8158 dept'l, -Consol gold 4s
Vs & So'w'n let gu 55_2003 J
1918 Al N ___71 May'19
9618 96% Aug '19
let cons 50-year 56_1958 *0 7014 75
Consol 4145
1960 F A 95
3-:
FA
8992
83 .1:12
8
337931:13:
3
2 898899689911
General 4145
W 0& W let ey gu
1955 J D 827 Sale 8212
8
32
11,
97 9158 9714
95
-firs °
J
8Sale
7513 7512
75
'
'19
7
8 8
rr
General 5s
371'
2 AN4p"
Spokane Internal let g 58_1955
m 12
1968 3
°7
1'1
:Aug '19 2:: 8878 8712
09
4318- 8
09
478 M
juaiy:1
899
75
9112
Alleg Val gen guar g 45___1942
Term Assn of St L 1st g 441.1939 AG 8_61! 9
93
D H RR & B'ge let gu 4s g 1938 F A 8578 ____ 8412 Bootle
y9
9318
let cons gold 54
1894-1944 FA
75
72
72
77
Phtla Bait & W let g 46_1943 M N 84 ____ 8712 Jan '19 --8712 8713
Gan refund s f g Is
1953 J J 71
92
92
7
102 Jan '93
0434 92 June'19
Sodus Bay & Sou 1st g 50_1924 J J
St L M Bridge Ter gu g 56.1930 AG
10 8712 93
4.0
,
164
89
4
112 8809
1
1;
8913
Sunbury & Lewis let g 46_1936 J J 78's
Texas & Pan let gold 56_2000 SD 5
U N J RR & Can gen 413_1941 m 5 94 ____ 92 Dec'17
2n1 gold income 5s_
2000 Mar
Pennsylvania CoLa DIY B L 1st g 56
1931 J J 75 ____ 86 May'lN -93%
9312
97
10612 Nov'04
Guar let gold 414s____1021 J 1 9714 9358 9312
W Min W & N W let gu 561930 PA
92 Apr '19 - - -- 92 .2
9634 98
98 July'19
Reglstered
_1921 J
ro & Ohio Cent lot gu 56_1935 J J 91
:
-11i882 -6
9
857
80,85
:
0:7
18
87 Vet) '17
,2 9
9,8
8737732.6518
3 Jan
rjjeuuyy.
:111 11
Guar 34s coil trust reg A _1937 ret S 7734
87
87
Western Div let g So.
1935 AG
5
8678 78 Jan '19
Guar 345 coil trust ear B 1911 F A 74
78 -ii"
s70
73
73
General gold 53.
1935 3D
8114 July'17
Guar 3%e trust Ws C___1942 J D 754 86
7613
73
Kan & M 1st gu g 45
1990 AG
1 88
8634 Dec '16
92
Guar 3145 trust ctfs D___1941 J 0 7612 88
92
92
26 20-year 5e
1927 J
83'4 804
30
Guar 15-25-year gold 4e...1931 A 0 8531 87 8612 July'19
36
Tot P & W 1st gold 4s
._1917 Si
8514 87
60-year guar 41 etre Ser E 1952 Al N 79 88 8512 Feb '19
Feb '19 •-7513 70%
Tot St L & W pr lien g 3149.1925 J J
8134 8238
5112 53
1858 m85
Cin Leh dr Nor gu 45 g___1942 M N 8214 ____ 821s July'19
e3
18
45
56
50-year gold 4s
1950 AG 53
01 & Mar 1st go g 414s__1935 Al N 89 95 9614 MaY'17
Coll trust 45 g Ser A.,,_._1917 PA
--01k P ge gu
.1912 S 3 91 ___ 9634 May'18
_ -- -id- IS Auz '18 -----_ge
Trim no ctfs of deposit.
Series B---------- 1912 A 0 91 ___ 101 Doc '15
-Tor Ham & Buff let g 46_51946 Jo 7012 85 80 Ayr '17 -- ---9614 Feb '12
D 8013 8618 8014 Dec '18 Int reduced to 314s...1942 A 0
Ulster & Del let cons g 56_1928
70
Serie!,C 3 &is...... _ _ _191s et N 7713 ___ 901s Oct '12
58 Sept'17 -let refonding g 4e,
1952 AG
5318 30
8314 Feb '17
Series 0 3146
1950 F A 77% _
_
Union Pacific let g 4s
1947 Si 85 Sale 8412
Erie & Pitts gu g 314s B 1940 J
80
J
1 774 793 88 Aor '17
8512 Oct '18
Registered
1917 J
28
1
J 84
1 7712 84
412 2
;56781 394
Sale
7914 May'19
Series 0
77s 84
77
7
39
7034 7934
.1940 J
20-year cony 4s.
_1927
Or R & 1 ex let go I( 449_1941 J
3 8434 ____ 87 June'19
77, 813%
87
87
1st & refunding 4s.
02008 let S
36
Ohio Connect let gu 45.. _1943 \I S 874 ____ 831a Apr '19
J
4
102
J
1023
8312 8312
10258
Salo
106
10214
65.192s
le-year perm secured
Pitts Y & Ash 1st cons 5e 1927 \I le 9612 _-__ 93 May'10
7658
76%
5 76% 86
D 7613 78
Ore RR & Nay con g 4s__1916
J 9038 ___ 4834 Apr '17
Tot W V & 0 RI] 445 A__1931
10078 17 100% 10112
Ore Short Line let g es_ __1922 PA 100 10114 1007
92
J
Dec
'17
Series B 4145.
9514 Aug '19 -- 961.1 08%
1 90%
1933
1st(Mani g 51
1946 J 1 9113 98
83s Sept'17
Series0 45
S 8058
8538
6 8312 88
1942
8212 8518 8313
Guar refund 4s_
1929 J
P C & St L gu 44s A1940 A 0 914 9234 9134
J
2 9138 9413
9134
9413 98
Utah & Nor gold 5s
1926 J
Series B guar
9234 Jan '19
194'2 A 0 8834 96
9214 9234
°3
4:
7
3 -AV 8
99
413 F
je
ub
lY:1
1°
8
let extended 4s
1933 J J 8
N 9134 ___ 99 June'17
Series C guar
1942
A 8314 38
8012 Apr '19 ___ 8012 5Q4
Vandalia cone it 4s Ser A____1955
'Series
N 90% 93
90% Sept'18
45 guar__ 1945
Consols 4e Series 131_4_ __1957 MN 7812 __- 801g June'18
Series al 3tis guar gold 1049 P
9012 Sopt'18
-5E- -65Vera Cruz & P let gu 444_1934 J .1 33 -_- 35 May'19
• No Price Friday;latest bid and asked a Due Jan. C Due Feb. g Due June 6 Due July. R Dna Aug. 0 Due Got. p Due Nov. g Due Dee. a Option sale.
- 3
-- --
New York Bond Record —Concluded —Page 4
AUG. 16 1910.1
N
BONDS
Y. STOCK EXCHANGE
Week ending Aug. 15
t
Price
Friday
Aug 15
Week's
Range or
Last Sal*
ta
i4
Range
Since
Jan. 1
Ask Low
Bid
High No. Low High
N
8631 83
15 85
84
8734
Virginian let be socks A_ __1992
9112
89
Sale 89
5 89
81)
1939 MN
Wabash 1st gold 5s.
98
8318
8312
8 83
8318
1039 FA
831s
2d gold 6s
89
90 Aug '18
Debenture series B
1939 .1 .1
9712
975a
fd
it be
July'19
_1921 M
let lien equips
0712 9712
65 Sept'18
6513 — _
1951 .1 J
let hen 50-yr g term 4e
1941 J
91 ---- 8814 Fen '19
J
Dot & Ch Ext let g 5e
-1N14
80
Aug '12
Doe Moines Div let g 48-1939 .1 J ____ 7512
1941 A 0 6112 9712 67 Fob '19
Om Div let g 3 WI
67
67
74 Jan '19
Tol & Ch Div let g 4s
1941 MS
74
74
7218 July'19
SO
72
Wash Tenni let gut 3s.._.1945 FA
7215 7512
82 Aug '18
_
let 40-yr guar 4e
1945 FA 8018
_
58
Salo
1
68
A0
Maryland
58
1952
West
let g 4s
513
63
9714 July'19
9613 97
1937 J J
West N Y & Pa let (I 5s
9678 100
70 Dec '18
Gen gold 48
1913 AO ___ 70
---36 Oct '17
Income be
.91043 Nov
9 -gil; 861
8:3,
8 3411 8312
8312
Western Pao let ser A 58-1949 M
96 July'19
Wheellog & L E let. g 58.._ -1926 A0 9313 95
90
913
Wheel Div let gold 5e._ _1928 J
J 007s 95 100 Feb '17
_
9038 Mar'17
Eitel; & Impt gold be_ __1930 FA
59[2
5912
5613
Aug'19
Refunding 4,se
1 series A __Me MS
5914 61
63
5 5914 6512
63
RR let cOnsol 4e
1949 M S 6012 61
7478 76 June'19
Winetou-Salem 8 B let 4E3_1960• J
75
76
7114 74 July'19
-1
Wie Cent 50-yr 1st gen 4s_ 1949 J
7378 80
73
7514 June'19
Sup & Dui div A term let 4530 MN (18
7214 77
Street Railway
Brooklyn Rapid Trait g 5s_ _1945 A
let refund cony gold 46._ _2002 J
J
3-yr 7% secured notes_h1921 J
Certificates of deposit
Certificates of deposit stinp'd
Bk City let cons 5s__1919-1941
likQCo&Scongug5e..1941
Ilklyn (.2 Co & 9 let ba____19.11
A
Billyn Un El let g 4-58_1950
A
Stamped guar 4-5e
1950
A
Kings County E let g 45 1940
A
1949
Stamped guar 4e
Nassau Bier guar gold 45_1951
A
1927
Chicago Rye let be
Conn By & L let & ref g 4)01951
Stamped guar 434e
1951
Del United let cone g 4 4E1- _1932
Pt Smith I,t & Tr let g 58._ _193e
A
1957
HAW & Manhat be ser A
Adjust income be
1957
1932
N Y & Jersey let Si
A
Interboro-Metrop coil 430_1959
Certificates of deposit
Intel-bow Rap Tran let Se...19613 J
J
Manhat By (N Y) cons g 4E1_1990 AO
Stamped tax-exempt
1090 AO
Manila Else By & Lt f Se. _1953 MIS
Metropolitan Street By—
Bway & 7th Av 1tc g 5s..1943 J
Col & 9th Av let gu g be_ _1993 M S
Lox Av & P F let Kil g 53.-1993 NI S
Met W S El (Chic) let g 4e...193% FA
Milw Elm! By St Lt cone g Se 1929 FA
Refunding & exten 4Be.l931 J
Montreal Tram let & ref 53_1941 J
New On By & Lt gen 4 iis A935 .1
J
N Y MunIcip Ry lets f be A 1969 J
J
J
N Y Rye let It E & ref 45__ _1912 .1
Certificates of deposit
30-year tall Inc
.a.2 AO
_
Cestificates of deposit..
......
Y State Rye let cone 4545 1962
Portland By let & ref 5s _ _ A930 MN
Forth! By Lt & P let ref 58_1942 FA
Portland Gen Bloc let 59_1935 J
J
St Joe By L It & P let g be __1937 NI N
St Paul City Cab cons g 58 1037 • .1
PhIrd Ave let ref 45
1960 .1
a1990 AO
Ad)Income be
.1
Third Ave By let g be
1937
Prl-City By & Lt lets f 58 1923 A 0
J
Uudergr of London 434e____1933
Income 6e.
_____
United Rye Inv 5e Pitteles__1929 MN
flatted Rye St L let g 4e___ _1934
.1
St Louie Transit gu 5e.._ _1924 A0
United Rile San Fr e t 4s__1927 AG
Union Tr(N Y) etre dep___
Equit Tr (N Y) Inter Otte__
Va By & Pow let & ref 55__ _1934
Oas and Electric Light
Atlanta 0 L Co let g Se_ _ _1947
Bklyn Un Gas let cons g 58_1945
Chichi Gas & Flee let&ref Se 1950
Columbia 0 & E let 51
1927
Columbus (lae 1st gold 6e_ _1032
Congo! Gee cony deb 6s___ -1920
Cone Gas EL&P of Salt 5-yr 66'21
Detroit City (las gold Se_1923
Detroit Edison let cull tr 58_1933
61940
let & ref Se ten A
Eq(ILNYlet cons g 150_1932
Gas & Eleo Berg Co c g 56_ .1949
Havana Bloc cone.' g Se... _1952
Hudson Co Gas let g 58_1949
Kan City (Mo) Gas let g Se.1922
Kings Co El I. & P g 56
1937
Purchase money 6e
1907
Convertible deb 136
1925
Ed El Ill Bitn let con g 4e _1939
Lae Gas L of St Lltef & eat be'34
Milwaukee Gas 1, let 4e.„ _1927
Newark Con Gee g Se
1948
Y 0 E I. H & P g &L.-1948
Purchase money g 4e
1949
Ed Bien III let eons g 66 1995
NY&Q El LAP let eon g 56-1930
Pacific 0 & El Co—Cal0 & 19—
Corp unifying & ref 5s _ _1937
Pacific 0 & E gen & ref be 1912
Pao Pow At Lt let at ref 20-Yr
fis Into-national Series _A930
Pat & Passaic 0 di El be__ 1949
Peon Oae & C let cons g 6e_1943
Refunding gold Si
1947
Ch 0-1, A Coke lot go 4 Is 1937
Con()Co of Ch let Ku g 681936
Ind Net Gas & 01130-yr 561939
Mu Fuel One let gu g 5s 1947
Philadelphia Co cony g 58..1922
(It-tutu Gae & El cony a f 98 1929
Syracuee Lighting let s 6...11451
Syracuse Light & Power Ss _1954
Trenton 0 & El let g Se_ .__19411
Union Bier it & P let g 56..1932
Refunding & extension 66_1933
United Fite!(lute 1st r f fle... _1036
Utah Power & 1.t let r._. .1944
Utica Elee I. & P let g be_ 1950
Utica Gee & Flee ref Is.. 1967
Wentehe.ter fir gold h.
1960
0
A
El
A
56
45
767434
____
Sale
45
7612
7714
73
---- 90
71)
7314 76
7412 76
- 5978
lig
130
497a
7414 Salo
_ 80
7412 7478
63557/4 Sale
16
Sale
90
-29
Sale
32
3312
6538 Sale
Sale
67
__ 72
fi
5! 56
56
50
76
21 43
45
45
53
75
7912 21, 75 86
2 26
76
76
79
7214 July'19
7214 78,2
92 Dec '12
_
80 May'18
--_101 May'13
____
7412
7512 11 72
791 1
7412 Aug'19
71,
4 7918
6378 July'19
68
57
62 Jan '19
62
62
50 June'19
50
55
5 7112 81
74
7431
75 July'19
75
88
77 July'19
77
77
7412
7412
71
811
84 Jan '14
5578
5912 103 54
65
10
1612 49 14
1914
90 May'19
90
9012
29
:3312 41 2778 43,
4
10 2931 4114
33
33
3:30 65
65
67
7512
17 6512
67
69
7214
10 69
0914
70
7412
77 Mar'19
77
77
68 July'19
72
60
58
58
58
68
65
65
6218 74
---- 54 Dec '18
___.-- 10012 June'17
8112 Deo '18
8118
_
9712 July'17 -88
61 July'19 ---- 61
67
61
57 July'19 ---- 55
__ 67
63
10
476
41
Sale 40
49
39
4412 July'19 — 7; 4212 45
_ 41
13
6, 1012 1612
1214 Sale 12
2
12
12
13
12
1112 1612
55
551s 55 Aug'19,-52
62
7514 ---- 7514 Ang'19'---- 7514 7514
6538 - . 7514 July'19 -- e212 65
9012 Feb '17 ---91
95 July'17 -_ 9212 10212 Mar'12 --_- -5312
5412
5934
110
3412 Sale 3414
35141 " 25
4212
93 June'19,
01 100
89
03
93,
4
9:378 94
9314 07
73 May'19,
____ 95
73
73
7112 May'19,"," 6712 73
_ 78
764
76
73
76
7612
70
55 Aug '19 ---- 4'312 55
6114 59
60 June'171"--n
---- 50
331.1 3312 :3:338
3(I7
3312
9 22
32 1
3038 3078 31
3012
2 22
3112
31
3038 32
3634
22
__1_ 76,
4 76 July'19 --- 7478 79
63
58
71
68
gil2 sale
_103 Sept'lb
3
87
8812
"gi
95
93 July'19
93
4 93
9018
9014
82
9212
87 June'19
87
174 87
15612 Sale 10018
101
100 105,
4
9612 May'19
9858 101
9(I18 99
0812 _
9034
96,
4
9618 9634
95
94
9612
94 Aug'19
93
94
04 Feu '18
_
100 Feb '13
_
887s 9218 Nov'17
-9232
90 May'll)
-66- 661
8
9118
9212 May'19
9212 9212
90-__ 90 July'19
90
91
9912 -Sale 9912
100
9912 105
98 101
08 Apr '19
98
2 90
8018 80
80
80
7978 84
3 9218
90
9318
9218 9212
97
8812 July'19
8712 90
8714 81)
-- 10412 Apr '17
8112 S7
87
87
87
94
Sale 68
68
6878
63
7114
9112-- 99 Mar'19
98 105
•92
9612 Aug '17
89
9318 ---8978
91
9018 9012
90
84
Sale 8978
Sale 84
90
85
13973 82 Apr '19
100 July'17
9912 June'19
6818
7118 6714
69
86
88 July'19
9478 100 Apr '17
89 Mar'17
..--75 May'19
01 -671.1 93 Aug'19
92
9312 92
92
8612 -- 9712 May'17
70 Nov'18
7012
9838 Oct '17
00 Mar'19
82 July'19
9578 Aug '19
OS
-66
8712 Sale 87
8712
101 June'17
90
0212 90 Feb '19
87
90 May'19
8518 05
84
3 8978
9G18
13 81
88
82
88
9938 101
6711 7712
85
88
76
91
92
76
91
9012
90
82
94
6 85
_.
. .
92
82
98
90
90
90
00
92
BONDS
N. Y. STOCK EXCIIANGE
Week ending Aug. 15
665
Price
Friday
Aug. 15
r
Bid
Miscellaneous
Adams Ex coil tr g 4s
1948
Alaska Gold M deb 1.33 A__ 1925
Cony deb 6e series B
1926
Am SS of NV Va let 5s
1920
Armour & Co let real set 454s'39
Booth Fisheries deb 5 f es__ _192(3 A
Braden Cop M coll tr e f 68_1931
Bush Terminal let 48
1952 A
Consol 58
1955
Buildings Se guar tax ox..1960 A
Chic C & Conn Byes f 5s_ _ _1927 A
Chic Un Stern 1st gu 454s A 1963
Chile Copper 10-yr cony 75_1923 04
Recta (part paid) cony 135 ser A
Coil tr & cony 6s mer A
1932 A
Computing-Tab-Rec s f 63_ _1911
Granby Cone M S & P con lie A 28
fitatnped
1928 04
Great Falls Pow let s f 5s__ .1940 NI
Int Mercer) Marine e f 6s
1941
Montana Power 1st 5s A ___ _1943
Morris & Co lets f 4 54e....1939
Mtge Ronde(N Y)4s eer 2..1966 A
10-20-year 5s series 3
1932
N Y Dock 50-yr let g Is. _ 1951
Niagara Falls Power let 53_1932
Ref & gen as
a 1932 A
Niag Lock & 0 Pow let 5e_ _1954
Nor States Power 25-yr be A 1911 A
Ontario Power N F let 56_1943
Ontario Transmission 5e _ _ _1945 04
Pan-ArnPet&Trlet convas '19-'27
Pub Fiery Corp N J gen 59...1959
Tennessee Cop 1st cony (le_ _1925 NI
Wash Water Power let 5s..1939
Wilson & Co let 29-yr s f 66_1941 A
10-yr cony s f (3s
1928
El
A
0
0
0
A
0
A
0
Ask Low
Range
.
Jots.!.
High No, Low
High
61
59
6212 July'19
20
25
25
25
e- ---1 5
9
6
35
712
29 July'19 ---- 26
21
25
35
971s
84 -Sale 8334 '
'
8412 -:
2
5
1, -89
g02
i:2
4 -i
498
5
7
:
-8
1
____ 95
90 Feb
,
'
51131--:
,
9412 91
93
813 -__ 8018 June'19
8112
4-Sale 81,2
8158
2 7918 83
8812 8878 81
8178
4012 ___ 58 Mar'18 --8378 -Sale 8378
6 iii78 ig
8458
10 10534 128
118 12114 119
120
8318 Sale 8818
8912
10
51
9 :
8978 Sale 89%
8
882
;
1 9
92
982
4
534
10 9
88
Sale 88
88
82
734 9
88
912
97
9934 97 July'19
07
98
9614 May'19
9314 97,2 935/1 Aug'19
297
Sale 97
991, 263 9
95
5834
993
7 10
13 91
91
Sale 91
92
9578
8378 8714 88 July'19
83
8812
83 Apr '14
---- ---94 June'16
69
70
60
95
93
98 July'19
10118 10178 101 18 June'19
9212 Sale 9212
9212
7
8512 Sale 85,2
8512
2
9012 _
_ 9012
9012
_ gq
84 June'17
igi
15512 May'19
:
9
889096
2
91:
2305;
4:
10
9 059 ' ::
03572
1:
3118
87
2
78
7812 23
Sale 78
Sale 9312
94
94 . 5
9078 --__ 9078 July'19
9812 Sale 98
99
3P3 9
970515. !8 1:
98
Sale 9034
0
9895634
99
Manufacturing & Industrial
Am Agile Chem let c 5s____1928 AO 96 100
97 101
9714 Aug'19
Sale 103
Cony deben b
104
:11,:.1 18
0
867
078 1,8
.
:
1214
1924 FA 103
89
89
Am Cot Oil debenture be._ _1931
N 83
89
100 1001s 100 Aug'19
993
Am lIlde & I. let R f g
_ _1919
Sale 87
Art, Sin & It let 20-yr 5e ten A '47 AO 87
87,4
Am Tobacco 40-year g 6s___1944 A 0 11814 ---- 119 June'19
119
75 ---_ 80 July'19
God 49
1951 FA
7212
Sale 8978
.1
90
Am Writ Paper e
89 :93
90
let 8 f 61 ctte of deposit .....
901s July'19
86
980109909:1142:
161Baldw Loco Works let be_1940 MN
w1
:
12
101 July'19
8
11
9
9985: 10
00
10: 197
88
85
Cent Foundry let s f
8712
813
_ _1931 FA
Aug'19
9713 Pale 97%
Cent Leather 20-year g 58_1925
9312
74
Consol Tobacco g 43
8012 7312 Dee '18
1951
10018 10112 100 marig
Corn Prod Ref'g e f g 5s
101
1931
10018
_ 10018 July'19
1st 25-year s f 5a
1934
89
86
89
Moll Sec Con cony let g 58_1927
89
E I du Pont Powder 4
9212 104
9212
9212
_ _1936
88.2 -- 8812 July'19
General Baking let 25-yr 93-1936
8
988
2912 8
998
42:
2
Gen Electric deb g 3%4s._..1942
75
73
A
75
8 7112 77
75
____ 97
Debenture 5e
9612 Aug'19
9612 101
1952
_
-- 96 Nov'18
Ingersoll-Rand let 5s
1935
Int Agric Corp let 20-yr 68..1932
8312 Sale 8312
8412 i;
5, -7612
Int Paper cony e I g 5e
98
98
93
98
1935
____ 8978 8714
let & ref s f cony 58 eer A _1947
4 8514 90
8714
11212 Sale 11212
Liggett & Myers Tobac 75..1944
6 111 13378
11234
15
91
Sale 90's
Se
A
91
1951
7, 1092
11278 Sale 1127a
90 4 19
Lorillard Co (P) 7.
15
312
113
1944
_99
;
92,
91,
8 9138
148 ;0
90
be
A
9
_3
4_
8
9138
1951
Nat F.natn & Starnvg 1st 58_1929
9818 96
I) 96
96
Nat Starch 20-year deb be_ _1930
.1
9312 -- 94 Aug '18
9418 9658 94
National Tube let 59
1942
94
10118 103 10118
N Y Air Brake let cony 138 _ _1928
1011s
0.11
0
Pierce Oil 5-year cony 13e_ _g1920
,10514 120 100 Aug'19 --. 19
:
78 19
45
91'
10138
10 year cony deb 9.
Sale
10418
3)1924
4 11214
10134 101 88,
Sinclair 011 At Refining—
let s f 7s 1920 warrants attach
A
1231 2 Aug '19
9818 15212
do without warrants attach
A
9978 July'19
95 100
11 91
92
01
Standard Milling let 5s
92
95
1930
92
10218 10334 10212
The Texas Co cony deb 63..1931
10.338 40 10012 101
4 85
89
8312
Union Bag & Paper let 66_1930
89
8914
Stamped
87 Dec '18
1930
9434 9438
10 937 943
94
Union Oil Coot Cal lot Se. _1931
94,
8
19, 60
75
US Realty & Tconv deb g 5e 1924
Sale 74
75
7812
12 10234 1047s
10418 Sale 104
U S Rubber 5-year sec 78._ .1923
10418
8634 Sale 86,
let & ref Ss series A
1947
892
4
86
8714
U 8 Smelt Ref & Ni cony 68_1926
A 102
Sale 102
10212
87,
4 10514
9578 Sale 95,8
9518 9812
Va-Caro Chem let 15-yr 56_1923
9578
10212 101 10338 July'19
Cony deb 68
81924
10014 104
15' 9612 9914
West Electric let be Dec__ __1922
9812 9734 '39,2
97
110
Coal, Iron & St
Beth Steel let ext s 15s.....1926
let & ref be guar A
20-yr p m & imp s f 56_19
94
36
2
Buff & Elueq Iron s f 58._ _1932
Debenture 56
a1926
Cahaba C NI Co let gu 68..1922
Colo F& I Co gen s f 56.___1943
Col Indue let & coil 5e gu_1934
Cons Coal of Md Ist&ref 56_1950
Elk Horn Coal cony (Is.
1925
Illinois Steel deb 430.
1910
Indiana Steel let 55.
1952
Jeff h Clear C h I 2d 58._ _ _1926
Lackawanna Steel let g 59 1923
let cone Si series A _ _ _1950
Midvale Stool &0 cony s f 581936
Pleasant Val Cosi let 6 f 58..1928
Poettli Con Collier let s f 58.1957
Repub I & S 10-30-yr 56 s L 1940
St 1.. Rock Mt Or P55 stmp6 _1955
Tenn Coal T & RIt gen be. _1951
U S Steel Corp—)coup_ _ .d1963
e it 10 430-year 581reg
Utah Fuel 1st 9 f
1931
Victor Fuel let P f Sc..
1953
Va Iron Coal & Coke let g be 1919
4' 9512 9712
9613
99,
4
13 87
88
8812
92
8534
80
8578
8913
9312 9312
9312 July'19
91 July'19
91
91
101 Dec '14
4 -gg - 92
9018 92
9012
9012
4, 7312 81
79
6012 79
79
8212 88
90
88 July'19
83
98 Feb '19
95
9834
-84712 -87e7le -8412
30 8234 8638
8514
9578 963 9578
9578
95
9812
96 -—_
9678 98
97 Aug'19
98
96
28
9312 95
9312
86
9312
99
23 88
Sale 88
88
91
83
8012 ----- -8412 87
8714 8812
88 June'19
9314 Sale 9314
9378 12 9212 9614
-___ 80N 8034 Mar'19 ---- 8034 8034
891
93 July'19
9138 93
Sale 100
100
101 "EF, 9938 10112
10014
10014
I 991. 10012
87 -55
70 -75 Mar'19
-•76- 70
8512 4512
84
3 8518 8728
8518
9618
8814
8534
90
El
A
A
0
13
9612
Sale
Sale
9312
Telegraph & Telephone
Am Telep & Tel cull in 4e.. _1929 J
Sale 81
37 81
83
86
83
Convertible 4s
76,
8 80 May'19
1936 M
77
80
20-yr convertible 4 tis
11: 8512 91
1933 MS 8738 90
88
88
J
30-yr temp coil tr be
8614 Sale 8614
8738 148 8614 94
F' A 10034 Sale 100
7-yeer convertible 68
10134 357, 100 10438
Cent Dia Tel let 30-yr Ss..l1)43 S D 9614 97
2 96
06'4
9614
9812
Commercial Cable let g 4s .2397 Q J
66
73 Nov'17
- Reale Prod
2397 Q J
6818 Jan '18
1
3
('umb T & T let & ten 5&..1937
-6138 9212 9212 Aug'19 --_ 9214 94
J
Keystone Telephone let 54...1935 J
9614 98 Apr '16
Mich State Teleph let 56._ 1924 FA
87% 9138 June'19 ---- 90
9212
NYANJ Telephone 55g.. 1920• N
9812 9812
9812 Apr '19
N Y Telep let Sr gene f44141939 Ni N 86
Sale 86
28 86
87
9112
Sale
deben
s f 68 --Feb 1949
30-yr
9314
9938
9934 81 983s 1.011e
-j 9012 9212 9014
Pacific Tel & Tel lot 5s
1937
11 9014 951
9014
South Bell Tel & T let ef 58_1941 .1
87
86
8778
6 86
9312
West Union roll In cur &e
1938 1
871 8212 8834
8878
41, 88,
4 94
Fund & real est g 434s__1950 MN
8718 88
87
87
8512 92
I
Mut Un Tel gu ext bs_ ___1941 MN
-_-- 10112 Sept'17
Northwest Tel gu 430 a_ _1934 J
____ 91 Nov'16 --I
prioo Friday:latest bid and asked. a Due Jan. Due April, 8 Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov
week's
Range or
Lust Sale
q Due Dee. s Option sale,
[VoL. 109.
BOSTON STOCK EXCHANGE-Stock Record
666
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday !Wednesday
Aug. 13.
Aug. 12.
Thursday
Aug. 14.
Friday
Aug. 15.
130 130
130 130
130 130 *128 130
131 *129 131
6612 6612 6612
66
67
66
6618 65
6512 6734 66
*9034 ---- *9034 --91
*9034 ---- *9034 ---- *9034
88
88
*80 -8-8
*80
*80 -88
88
*80
_- 88
12
3234 3314 3214 3214 *3234 3312 3234 3234
46
___ *46 ____ 46
*46145 *____ 145
135 135 *i56- 140 *i56- 140 *155- 1-ZLast Sale .60 July'19
*.60
*60
*.60
- _
*.60
Last Sale 6
July'19
6
6 *_--_
*-_- -6 *___.
Last Sale 18 June'19
20 *___ 20
*____ 20 *___ 20
Last Sale 134 June'19
*132 136 *132 136 *132 136 *132 136
*89__- *86 „-- *85
86
86
86
85
*85
*85
85
70
*70 __-- *70 _--70
•___ 73 *___ 73
73
Last Sale 110 Aug'19
'
7
. 110 *105 no *105 110 *105 110
51
52
53
*51
51
5012 51
*51
53
*51
53
*51
Last Sale 110 June'19
*7213 75
Last Sale 7212 Aug'19
*7213 75 ;7
7i2 75
*7212 75
*7431 75
7434 7434
*7434 75
7312 7312 *7434 75
3114 3214
33
3238 33
33
3334 3334 3112 32
3438 33
Last Sale 9912 Aug'19
*90 100 • *90
9118 *90 100
*100____
Last Sale 101 Apr'18
*100
*100
*92 15
94
04
*92
94
*94
96
95
95
*92
*92
22
*19
Last Sale 23 July'19
*19
21
*19
21
*19
21
94
95
*89
87
95
*85
87
- *88
4234 4234 4118 4118
42
41
43
4112 4113 41
41
43
52
51
*51
52
*59
50
60
50
60
*50
131
65
91
*88
32
*112 2
*712 8
10212 103
125 125
*80
81
*2134 2212
*20
23
1078 1118
12
12
14
14
*512 6
18,1 17
*60
66
150 150
76
75
*3112 32
4412 4612
5,
4 534
25
25
.346
48
634 673
• *9
938
*9714
__
70
7012
63
63
*142 145
5612 5814
---- ----5512 li;
;O-i- ___
*15 ___
39
3934
4778 48
12018 12312
62
6214
*114 134
50
51
271/ 2738
1434 1514
1914 1938
*3312 34
*22
23
*-_- 78
*-- 70
*--- 80
*134 214
83
83
234 234
*•95
Ds
*4412 46
•1512 16
912
*812
.60 .70
75
77
*440 449
1712 1712
*1712 18
5412 5512
*233 3
938 10
1934 21
558 63*
7
712
5
5
112
*1
49
49
*8514 87
36
3612
*458 478
*134 2
6
6
*4
412
334 334
*712 8
978 1053
9
9
75
75
412 434
2512 2534
*1112 • 1214
*19
20
82
*80
10
10
1512 18
*114
112
*234 314
46
46
65
59
*1834 1934
73
73
62
64
*22
23
*312 333
*212 3
*.21 .28
7
712
4
4
314 312
178
178
*3
314
1012 1034
4
4
*312 37s
212 212
26
26
*1
112
&info,
the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Railroads
100
17 Boston & Albany
100
648 Boston Elevated
100
2 Do pref
100
4 Boston Sc Lowell
100
110 Boston & Maine
100
5 Do pref
100
10 Boston & Providence
Boston Suburban Elec_no par
Do pref
no Dar
Bost & Wore Elec pref_no par
Chic June Ry & U Y-__100
100
10 Do pref
100
28 Concord & Mont class 4
100
Connecticut River
100
31 Fitchburg pref
Georgia Ry & Elec stampd.100
Do pref
100
100
25 Maine Central
100
809 N Y NH& Hartford
Northern New Hampshire_100
Norwich dc Worcester pref_100
100
30 Old Colony
Rutland pref
100
6 Vermont & Massachusetts_100
50
153 West End Street
50
60 Do pref
Range for Previous
Year 1918
Range Since Jan. T.
130 Aug 5
84 Aug 8
9012 July29
85 Feb 8
28 Jan30
45 Apr17
135 Aug12
500 Apr28
6 July14
18 Junel3
134 Apr17
84 Feb13
61 Apr30
107 June 5
50 Aug 5
9938 Mar15
70 Mar15
7312 Aug 9
2578 Feb13
88 May10
95 Marll
95 Apr12
18 Apr14
87 Ang15
40 Mar21
4912 Mar13
Lowest
Highest
145 Apr 3
8014 Apr 5
97 Jan28
95 Jan 3
3812 July29
50 Jan27
168
Jan 6
60e July 3
11
Jan14
30 Feb 7
135 Jan 4
90 Junel0
77 Jan 8
115 Apr 9
58
Jan 2
110 June24
7812 July29
83 Jan 6
4034 July29
9912 Aug .6
101 A pr15
105 Jan 3
23 May27
100 Jan18
50 Apr 3
58 Junel3
12212 Apr
37 Jan
9112 Dec
80 July
19
Jan
27 Feb
150 Apr
.50 Dec
1014 Mar
25 July
138 July
8212 Apr
73 Nov
104 Feb
53 Jan
106 Sept
70 • Oct
7712 June
27 Feb
Oct
84
Jan
95
28812 June
Jan
20
80 Aug
Feb
37
Jan
47
Miscellaneous
2 Aug14
.1,405 Amer Pneumatic Service__ 25 55e Jan 2
112 154 *134 2
134 178
178 2
*134 2
914 Aug14
50
212 Apr 8
8
8
*8
10
325 Do pref
9
9
914 914 *834 912
Aug14 10812 May27
100
10078 6,298 Amer Tele')& Teleg
9712 10112 97
9914 9914j7
10234 10312 10018 103
79 Feb15 145 July12
135 135
130 130 *130 135
135 135
267 Amoskeag Manufacturing__
13012 13012
85 Do pref
7812 Jan 9 84 Mar22
81
81
81
81
80
80
*80
81
80
80
2114 22
22
22
22
22
*21
22
40 Anglo- Am Comml Corp_no par 1934 June23 2418 July25
2134 2134
Art Metal Construe Ina__ 10 1712 Jan21 221k May 5
Last Sale
*20
23
*20
23
*20
23
ug'
1118 1112 1112 1134 1158 12
,518 Bigheart Prod & Refg____ 10 10 June18 1312 May19
1112 1134 ---------1
---11
1158 11
11
635 Century Steel of Amer Inc_ 10 11 Aug13 151z Mar17
12
1258 1112 12
1178 11
175 Cuban Portland Cement__ 10 10 Mar26 1834May 6
1412 1412 15
15
*1414 15
1478 147
1433 1438
10
412 Jan 4
673 June19
250 East Boston Land
6
6
*534 612 *534 612
534 534 *534 6
25
8 Jan22 1912 July26
1,160 Eastern SS Lines Inc
16
1634 16
16
1818 1534 16
1612 1612 16
100 39 Aprll 75 July26
65
*55
65
*55
*59
65
60
60 60401 Do prof
59
100 149 Aug 5 172 Jan 2
121 Edison Electric Illum
150 150
149 150
150 150
150 150
149 150
25 5212 Jan21 84 July28
1,519 Fairbanks Company
7414 7558 75
76
77
77
7612 7814 7512 77
50 28 AprIl 38 May17
*32
196 Gorton-Pew Fisheries
32
3214 3212 32
32
32
32
32
25 4114 Aug 4 52 May19
44
45
*4312 I5" 4412 4412 44
4414 43
805 Gray & Davis Inc
4312
Internat
Buttonhole
412 Junc12
S
M.._
10
412 June12
Last
Sale
June'19
,.„...
412
---914 May 6
414 Mar26
252 Internat Portland Cement_ 10
534 --53-4 -*538 --67
4 --512 -11-2
54 573
512 512
Jan 4 28 May 6
50 18
*25
27
*25
27
*25
27
*25
27
*25
InteronatPl"erfoducts
no gar 19 Mar20 49 Aug13
*45
4612 4612 4812 49
49
4712 4712 4612 27D
47
6 Jan 2
93s Feb20
673 7
658 673
673 67s
812 67s 1,115 Island 011 & Trans Corp__ 10
634. 634
Jan15
10
858 Feb10 11
120 Loew's Theatres
*914 938 *914 933
9
914 *9
938
9
938
96
96
97
97
*96
97
*96
97
9634 9634
51 McElwain(W H) 1st pref_100 90 Jan17 99 Mar26
Jan 9
100 70 Aug 8 86
191 Massachusetts Gas Cos
7014 71
72
73
72
71
71
72
70
70
Jan13
100 63 July30 71
63
63
63
63
63
63
6312 6312 63 63141 Do pref
100 130 Feb10 149 June18
143
143 144 *142 144 *142 144 *142 144
13 Mergenthaler Linotype
10 5514 Aug 8 72 July17
_
265 Mexican Investment Inc
_
58
5812 58
68
58
59
60
Do pref
10 30 July 1 3334 Julyll
Sale 30-- Aug
Last60i9
---- ---- ---- ---- ---- ___New England Investment_100 92 May21 9212 May21
Last Sale 92 May'19
-5-113 -01-391
372 New England Telephone__100 90 Jan22 96 mar10
4 -51:4 -613-4 -56- -61-34 oo
9012 90
145 Feb24 188 July17
Pacific Mills
Last Sale 186 July'19
100 93 Jan 6 99 Mar29
-67- -67 - ;6712 Vs:- ;6/ ..63- *97
98
*97
98
50 Plant (Thos G) pref
10 14 Jan 3 16 MaY15
25 Reece Button-Hole
*15 __ __ *15
_ _
15
15
15 __-- 15 ___
4112 4214 4012 4112 40
4053: 9,899 Root & Van Dervoort Class A 35 July 1 43 July10
39
3934 39 -4134
321s Jan23 6412 July14
4814 4814 4834 49
4734 48
*4812 4914 ----650 Stewart Mfg Corporation____
100 115 Jan30 150 May 5
124 128
127 13412 135 137
13234 1-311-21
7,606 Swift & Co
132 137
25 5212 Jan13 08 May 2
6214 6214 *63
64
30 Torrington
65
64
6373 64
212June 2
25 45e May 7
Union Copper L & M
Last Sale li;--Aliglio
134
*114 134 *114 134 *114
Jan13 55 May 6
50-4 5073 5014 51
5114 5012 51 • 1,403 United Shoe Mach Corp.._ 25 44
50
5112 51
Jan25
pref
*2718 2758 *2714 2758 *2712 28
25 2614 Jan 2 31
27
277s
fnsoi 011 Fields_
734 Jan21 18 July 8
15
1512 151s 1558 1512 1578 1514, 1513 -iLis 15-5-8
10 16 May19 2112 July10
196
703
5 NVVea
Dnitd
our
oraf System Inc
1918 1938 19
1938 19
1958 1912 1958 193s 1912 3,45
100 32 Aug15 38 June16
323.1 3234 33
33380 Waltham Watch
*33
34
*3212 35
3312 32
*2212 2313 2212 2212 22
*22
23
2214 1,025 Walworth Manufacturing_ 20 17 Mar24 25 July24
23
23
100 15 Feb14 83 July14
-___ ____
193 Warren Bros
77
79
77
77
7734 *75
77
.
17.
f, a
100 37 Jan 2 7212 m" 2
_
65 Do 1st:
*62
70
69
69
*68
70
70
70
_ _
100 38 Jan23 80 July16
Last Sale 78-July'19
Do 2d pref
*73
80
*73 ---- *__- 80
212 July25
Adventure Consolidated__ 25 .50 Apr22
Last Sale 134 Aug'19
*144 214 *134 214 *134 214
25 6212 Mar22 91 July29
130 Ahmeek
8112 8112
83
82
83
*81
83
80
83
*80
414 Marti
278 278
234 234 *234 314 *234 310 234 Aug 7
234 234
114 July30
25 100 Apr30
Aug'19
*34
1
Last Sale 1
*34 1
*34 1
25 3313 May 1 52 July28
*4412 4512 *4412 4512 *4412 4512 4412 4412 *4412 45
5 1034 Feb28 18 July30
rzo
ue
nz
tlinlng
a Commercial
Alaskaliig°ma
167; ,tr
1512 1512 1514 1512 1512 1512 1512 1512 1514 1512 1,3
*812 9
*812 9
0
7 Apr 9 1012 May12
9
10 Bingham Mines
10
*812 914 *812 914
850 Butte-Balaklava Calmer_ 10 200 Jan30 90e May14
.65
70 *.60 .75 *.60
75 :*.60 .75 *1.60 .75
10 57 Feb10 8614 July24
76
75
7514 7412 75
1,538 Calumet & Arizona
7634 75
77
7633 76
e
Mar14 480 July17
350 M14
435 43522 Calumet & IIcla
440 440 *435 440
445 445 *435 440
1 1214 May 5 2134 Ang15
1934 1934 213
6557
3 Carson Hill Gold
1:4
10
1712 1712 1712 1734 1812 1934 19
54 4 8
25 12 Mar21 20 July28
onptpeenrn
17
17
17
*16
Ce
18
17
17
*16
17
17
Range Co
25 39 Mar 5 62 July28
5512 5612 5514 5512 55
5534 5334 5414 5314
*258 35
Dpaalvyia.Desalty
334 May14
212 3
20
2 Marll
*258 3
*258 3
2,3,
50 Daly-West
*258 3
Copper
10
434 Feb13 1134 July25
973 10
*934 10
10
1038
934 1014
934 10
10
8 Feb28 21 Aug 9
19
1834 1912 18,001 East Butte Copper Min
1914 2014 19
1912 1834 1912 18
634 July26
133 May 9
25
325 Franklin
533 533
512 534 *514 534
578 57s *512 534
912 July28
25
4 May 1
712
71
*7
285 Hancock Consolidated
714 712 *7
712
*834 7
*7
734 May21
512 51214,057 Helvetia
25 200 Feb 20
514 6
718
558 634
5
*412 5
2 July26
Indiana Mining
25 50e Mar 8
Last Sale 178 Aug'19
*1
2
*1
2
*112 2
1 42 Apr16 5534 July28
48
*46
4912 4914 4914 49
4938 48
48275 Island Creek Coal
*47
1 78 Apr12 8812 July30
25 Do pref
*85
8612 8412 86
87
*85
87
*85
87
*85
25 24 Jan 2 41 July29
3412
801 Isle Royale Copper
3618 3412 3412 34
38
*3412 3512 36
35
611i May 9
5
4 Jan17
5
5
*478 5 ifs 1,652 Kerr Lake
5
5
478 47g
412 473
990 Mar 4
23s July31
25
*178 2
2
*178 2
2
125 Keweenaw Copper
2
2
738 July28
Co
25
3
Jan25
Copper
Lake
57
8
6
6
1,270
6
618
*2--5-78
6
512 6
*534
512 July28
*4
412 41
*4
25
2 Apr18
5
5205 La Salle Copper
414 458 .414 5
414 July25
312 4
5
21s Apr23
312 4
*312 4
*312 3341
335 Mason Valley Mine
334 3.i
25
4 Feb 7 10 July28
734 8
734 734380 Mass Consol
778 778
734 778
712 712
2 Jan33 1314 June 2
1012 1018 1014 3,824 Mayflower-Old Colony.._ 25
10
1012 1014 1058 10
1012 11
Feb24 10 July26
Michlgan
*812
9
430
25
212
9
812
812
8
812
8
73
4
733
77
*75
25 4912 Feb 7 83 July28
75
7612
180 Mohawk
77
77
77
7612 7612 75
612 July28
1 Mar 8
25
310 New Aradian Copper
433 434 *414 433 *414 434 *414 458 *414 434
5 1434 Mar 5 2914 July31
2612 2538 2512 2478 25
26
1,890 New Cornelia Copper
27
2612 2634 26
611 May 2 1212 July31
_
5
1112 1112 *1114 1112
*1114 12
1112 12
130 New Idria Quicksilver_
_
Last Sale 1912 Aug'19
878 Febll 2012 May22
New River Company
100
20
20
*19
*19
_- -2-0 - *18
100 5712 Mar 1 80 May23
*8012 82
27812 7812
*80
82
*8012 82
50 Do pref
82
*80
814 Jan15 1312 May12
5
1012 1018 1018 1018 1038
1012 *10
335 Nlpissing Mines
1018 1033 *10
9 Feb20 203s July23
15
1512 1534: 1512 1614 1,694 North Butte
1512 16
16
16
1534 16
134 July30
113
112
25 250 Apr22
112 *114
1
1.4
110 North Lake
112 112
414 July29
3
3 1 *234 27s ;A 178
25 75e Mar15
100 Oilbway Mining
*244 314 *234 3
July28
5212
5
Mar
4512
4514
Dominion
Co
25
301z
4512
46
*45
4512
*45
Old
4612
4512
485
46
25 45 Mar17 73 July28
5834 59
62
*59
61
59
60
260 Osceola
65
61
*64
10 121/1 Feb 8 2112 July25
1812 2012 20
20
1912 1912
365 Pond Creek Coal
1812 19
*19
20
25 62 Mar22 83 July28
72
70
70
6934 6934 68
68
185 Quincy
74
72
73
63
*80
64
40 St Mary's Mineral Land_ 25 40 Mar 4 75 July29
64
*60
64
*60
64
*60
.60
22
2234 2112 2134 21
2214 23
1,040 Seneca Copper Corp___no par 13 Jan22 2612 July29
2212 23
21
414 July30
Vs Mar15
358 33* *312 378 *312 378
724 Shannon
10
334 378
313 358
312June 6
*234 3
*234 273
234 234
110 South Lake
25 40o Jan13
*212 3
3
3
Aug14
50o
Jaull
80
M
&
S
5
.35
.50
.38
Utah
.25
*.20
.25
.25
.35
.40
12,610
South
.25
4 Mar 8 1114 June 5
25
8
8
m 270 Superior
*712 812 *712 812
733 73s *712 8
414 June10
1 Mar28
418
378 4
4
41
3% 4
4
418
4
-1,889Ruperior & Boston Copper 10
514 June 2
*314 312 h 150 Trinity
2 Feb 3
314 314
314 314 *314 3
25
312 312
2310 July29
5 74e Apr 1
178 2
178 2
17s 2
6,585 Tuolumne Copper
178 2
173 2'
333 June 2
5
134 May 9
3
318 *278 318 *3
318
7401Utah-Apex Mining
278 3
315 318
712 Jan18 1234 July29
68Ogi Utah Consolidated
1
1012 1034 *1014 1012 1012 1058 1014 1014 1014 1012
5 July30
4
5
412 518
412 434
1
114 Jan28
418
412 458 24,261 Utah Metal & Tunnel
4
434 July28
25
114 Mar13
*312 4 1 , 20 Victoria
4 . 4
*312 4
*334 4
312 37s
3 July28
212 212
212 212
2
25 500 Jan 9
212 212 *214 234
2141 1 5201 Winona
2612 27
*28
27
*26
27
*24
25
*24
26 1 1 200,Wolverine
25 15 Mar 5 31 July31
I Wyandotte
112
Last Sale 114 Aug'19 I
25 400 Mar13 1% May27
112 *1
*1
112 *1
Bg
•Ida and asked prime. d Ex-dividend and dilate. • Assessment mid. a Epetoek dividend.
-Ilivrishts. $ Ex-dividend. is Half-Dahl.
Highest
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
3512 Dee
80 Feb
125 Nov
85 Jan
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
10012 Nov
11212 Dec
25 Jan
90 Oct
50 July
62 Apr
212 Mar
.40 July
4 Sept 1532 Mar
9034 Aug 10912 Oct
6012 Jan 92 Nov
Jan 82 June
76
11
Feb
e;
x16.- -15-
Dec147
1014 May
1712 May
1112 Nov
534 May
4 Jan
13 Mar
8 Nov
39 Oct 58 Mar
134 Juno 188 Nov
2712 June 6414 Nov
27 Aug 35 • Aug
312 Mar
412 Oct
12 Apr
312 Aug
712 Oct
23 Nov
318 Aug -6
.3;-ife41
734 June 10 May
88 Sept 93 Nov
z7714 Jan 9114 Nov
62 June 71 Nov
107 June 147 Nov
- 8212 July 1001* Oct
130 Feb 160 Nov
91 :Aug 100 Feb
1378 Mar
11
Jan
27
102
45
45c
3812
2434
5
17
9
35
Oct 4112 Nov
Aug 14814 Aug
MI Dec
Jab
Dec 600 Mar
July
481z May
Aug 2612May
9 Nov
Jan
-----Nov
Feb
Dec
25 Sept
1212 Feb
42 Apr
-
12 June
134 Jan
89 Dec 86 Nov
532 Nov
132 Apr
.45 May
.15 July
4012 Dec 54 Feb
Jan
1614 Aug
11
9 Nov 1034 May
.48 Nov
.20 Oct
61 Dec 7312 May
425 Dec 470 Dec
2 -Feb
4 Kin.; 11-1-10-340 Dec 5113 Nov
112 Apr
3 Sept
434 Dec
672 Mar
812 Mar 12 Nov
6 Feb
3 June
434 Dec 1012 Jan
Sep
15o Mar 300
Jan
1
40 July
44711 Dec 70 May
7912 Oct 84 Feb
1912 Jan 29 July
612 Oct
5 Jan
14 May
.80 Sept
834 May
334 Dec
314 Mar
2 Jan
Feb
234 Dec
7
Jan
334 Sept
412 Nov
.65 Mar
414 Oct
.40 June
5012 Dec 6812 May
114 Aug
212 July
•
-634
- Dec
12 Aug
6312 Dec
83,f4 Jan
1012 Dec
.25 Feb
12 June
32 Dec
4612 June
1234 Dec
59 Dec
38 Dec
7 Jan
234 Dec
12 Sept
.10 Dec
4 Feb
114 Aug
212 Sept
.73 Dec
114 May
7 Dec
1 Dec
132 Dec
12 Nov
18 Deo
.40 May
171 Mar
Jan
20
80 Jan
972 Apr
1732 May
.95 Mar
Ps Dec
4512 Jan
85 Jan
2014 Feb
78 May
57 Jan
1534 Dec
534 Jan
2 Jan
.20 Jan
872 Nov
414 Sept
412 Feb
1% Aug
412 Nov
12 Jan
31,4 Apr
3 Jan
2 Jan
36 Jan
11X. Mat
THE CHRONICLE
AUG. 161919.]
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Aug. 9 to Aug. 15, both inclusive:
Bonds.
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale.
Price. Low. High.
Ti S Lib Loan 3%s-1932-47
let Lib Loan 45_1932-47
2d Lib Loan 45-1927-42
let Lib L'n 4345_1932-47
2d Lib L'n 4345_1927-42
3d Lib Loan 414s_..i928
4th Lib Loan 434s_ _1938
Victory 4345_ _ _ _1922-23
Am Agric Chem 5s_ _ _1924
Am Tel & Tel coil 4s_ _1929
1925
Convertible 65
AtiG&WISSL 5s__1959
Chic Juno & U S Y 55_1940 89
K C Mem dr B inc 59..1934 74
1929
Mass Gas 434s
Miss River Power 58_1951 79%
N E Telephone 5s.......1932
1934 80
Now River 55
Punta Alegre Sugar Os 1931 105%
1944
Swift dr Co 1st 58
Western Tel lk Tel 55.. _1932
99.54
93.74
92.74
94.04
92.84
94.64
93.04
99.54
103%
82%
10034
80
89
74
90
7934
88%
80
105
93
88
99.64
93.84
92.84
94.14
93.46
95.02
93.46
99.88
103%
82%
100%
81
89
74
90%
80
88;4
80
110
93%
89
Range since Jan. 1.
Low.
$6,500 98.04 Feb
1,600 91.64 Jan
6,500 92.04 Jan
3,500 93.24 Jan
12,150 92.84 Aug
27,500 94.40 Mar
31,150 93.04 Apr
29,950 99.54 Aug
1,000 100
Jan
4,000 8234 Aug
12,500 100% Aug
13,000 79
Feb
1,000 89
Aug
1,000 71% May
3,000 89% Apr
6,000 77% Jan
2,000 88% Aug
1,000 77
May
14,000 87 May
8,500 93
Aug
5,000 88
Aug
High.
99.68 Mar
95.90 Mar
94.80J une
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
100.04June
110% May
8534 May
103% Mar
84 May
94;4 Jan
July
75
Mar
94
80 May
93% Feb
82 June
11414 July
98% June
Mar
91
Chicago Stock Exchange.-Record of transactions at
Chicago Aug. 9 to Aug. 15 both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Shipbuilding_ _ _ _100
100
Preferred
Armour & Co pref
10034
Booth Fisheries common
(no par) 1934
new
Bunt° Bros
Chic City&CRy pt sh corn
134
Preferred
(5)
7
Chicago Elev Ry prof
Chic Pneumatic Tool_100
Chic Rys part ett "2"
Chicago Title & Trust_100
Consumers Pow pref....100
Continental Motors_ _ _10 1134
Commonwealth-Edison 100 107
Cudahy Pack Co corn_ _100
Deere & Co pref
100
Diamond Match
100 118
Hartman Corporation_ _100
Hart,Schaff&Marx corn 100 8834
Holland-American Sugar_
Hupp Motor
10
Illinois Brick
100
Libby(W 1)
10 2634
Lindsay Light
10 1334
Preferred
10
Middle West Util corn _ _100
Mitchell Motor Co
National Carbon pref.._100
Pub Serv of No 111 com_100
Quaker Oats Co
100
Preferred
100
Reo Motor
(*)
Republic Truck
Sears-Roebuck common 100 204
Stewart-Warner Sp corn 100 1064
Studebaker
100 13634
Swift & Co
5834
Swift International
, 3634
Thompson common
Union Carbide & Car(no par) 81
bon Co
Ward, Montg. & Co pref..
Western Stone
Wilson & Co common__(s)
Preferred
100
BondsBooth Fisheries 5f d 6s 1926
Chicago City Ity 55...1927
Chia City & Con Rys 5s'27
192'7
Chicago Rys 55
Chic Rys 45 series "II" ......
Chicago Telephone 55_1923
Commonw-Edison 5s_1943 9034
Metr W Side El 1st 45_1938
South Side Elev 4345_1924
Swift & Co 1st a 55.... _1944
126
88
100
126
88
10134
Range since Jan. 1.
Low.
7934
105
6
85
9934
93
7434
60
74
47 A
9634
90
5034
73
93
High.
135 100
Feb 135
19 8534 Apr 92
1,520 9834 Aug 105
1934 2034 1,235 18
Feb
5
934 June
1234 1234
134 I%
320
% Jan
8
14
275
634 Mar
20
8
7
5 May
7434
70 6034 Feb
74
50
5
934 934
Apr
36 178
205 205
Feb
8734 8834
89 8634 July
1134 12
11,289
834 Apr
2,139 107
107 108
Aug
105 III
1,510 10034 Feb
235 78
Apr
10234 10334
200 101
115 118
June
88
20 5134 Feb
88
110 68
8834
87
Feb
351 1234 Aug
1634 1834
12
12
50 1134 July
71
71
80 56
Feb
24
2734 9,640 1934 Jan
Aug
1234 1334 1,418 12
9
400
8 June
934
30
Feb
17 24
30
47
49
225 33
Apr
122 122
Apr
50 118
87
87
25 87
Aug
270 270
10 270
July
100 100
75 99
July
30
32
925 2834 May
48
49
150 45 May
202 206
510 16834 Feb
2,370 84
10634 109
Jan
106 107
400 106
Aug
12034 138
33,882 11534 Jan
6634 6034 21,010 4134 Jan
36
38
535 35 Juno
25
15
2
1834
1734
82
1034
212
May
May
Apr
1334
118
123
105
120
97
97
2134
17
75
34
25
1034
40
5534
12234
9534
300
105
3234
61
217
11634
107
14934
65
3934
July
July
Aug
Aug
Aug
July
Aug
June
July
July
July
May
July
Aug
July
July
July
Aug
July
Apr
June
Apr
May
July
Mar
Apr
July
May
May
May
July
July
Aug
May
Apr
June
8234 13,744 56
Jan 8534
107
75 105
July 11234
7
450
4
Jan 1234
9034
835 8234 Aug 104
100
156 95
Feb 104
July
June
Apr
July
July
9334 $10,000 8934
75
12,000 7434
5134 23,000 41
75
13,000 72
4734 5,000 38
9634 1,000 96
9034 6,000 90
5034 4,000 5034
.73
7,000 ' 73
9334 14,000 93
May
Feb
Aug
Jan
Jan
June
Jan
Jan
Fob
Jan
Feb
Aug
Apr
Apr
June
Feb
Aug
Aug
July
Ana
00
95
84
55
81
60
97
9434
5634
7934
9814
(5) No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Aug. 9 to Aug. 15, both inclusive, compiled
from official sales lists:
Stocks-
Friday
Sales
Last 1Week' Range for
ofPrices.
Sale.
Week.
Par. Price. :Low. High. Shares.
Amer Rolling Mill com__25 61
100
Amer Sewer Pipe
Amer Wind Glass Mach 100 116
Preferred
100
Arkansas Nat Gas corn_100 71%
Barnsdall Corporation_ _25 3834
Carbo Hydrogen corn___ _5
2%
3%
Preferred
5
Carnegie Lead & Zinc_ -5
Columbia Gas & Elec. 100
Farmers Deposit Nat Bank -See
Indep Brewing corn
4%
60
934
Preferred
50
Lone Star Gas
100
Mfrs' Light & Heat
50 53
Mariand Petroleum
1
7
Nat Fireproofing cora._ -50 10
Preferred
50 17%
Ohio Fuel Oil
1 2534
Ohio Fuel Supply
25 52
Oklahoma Natural Gas- _25 33%
Pittsb Brewing corn
7
Preferred
50 1534
Pittob Coal common- 100
Preferred
100
Pittsb Jerome Copper_ __A
13o
Pitts!)& Mt Shasta Cop.._I 490
Pittsb Oil & Gas
100 1434
Pittsb Plate Glass com_100
Riverside East Oil corn...5
434
Preferrel
5
Riverside West 011 com _25
Range since Jan. 1.
Low.
62
61
50 44%
203%
20
290 16
114 11834
970 79
92
91;4
80 7734
71%
65
975 53
3731 3934 1,730 32
234 2%
763
2%
3;4 4
1,735
334
5
5
175
634
5834 59
115 39%
Note below
125
3% 4%
1%
100
9
934
534
25 170
187 187
53%
340 48%
63
6%
6% 7% 15,515
9% 10% 1,220
6
17%
17
060 10
260 16
2554
25
1,921 42%
52
50
2,008 28%
324 34
25
7
7
2
200
1434 1534
500 45
71
68
50 8534
96
96
4,500
80
130 140
470 580 15,000 210
825
8
1434 1534
50 116
128 128
780
4
4%
51
860
234
4% 4%
20
9
28
28
667
Sales
Friday
Last Week's Range for
Sale.
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
Apr 64%
Jan 2934
J#n 157
Jan 94%
July 77
Juno 41
Aug
234
4
Aug
Mar
7%
Feb 64%
July
May
July
July
July
June
July
Aug
Apr
July
Jan
7 May
16
May
Jan
Jan 300 May
May
Jan 56
7% July
Aug
Jan 11% May
May
Jan 24
May
Jan 31
Feb 54% July
Jan 38% May
Jan 10% July
Jan 20 June
Feb 73 • July
Feb 98 May
Jan 220 Apr
Jan 65c Aug
Jan 18% Juno
July
Jan 135
Feb
431 Aug
4% July
Jan
May 30 June
Riverside West 011, pest 25
22% 22%
Stand'd Sanitary Mfg p1100
101 101
Union Natural Gas_ _ _ _100 129% 129% 130
34
100 33
33
U S Glass
U II Steel Corp corn__ _100 10234 102% 105
Westinghouse Air Brake-50 114
114 115%
West'house Elec & Mfg_50 53
52% 53%
BondsAmer Sewer Pipe 6s. _1920
Mon Riv Con C & C 6s.'49
Range since Jan. 1.
Low.
200 13%
11 101
80 122
405 30
270 88%
433 93
650 40%
June
Aug
Jan
Feb
Feb
Jan
Jan
High.
24
101
135
40
114%
124%
59%
July
Aug
May
May
July
June
June
$2,000 96
98
98
107%107% 1,000 106
Mar 99
July
May 107% Aug
Note.-Not reported last week, 15 shares Farmers Deposit Nat. Bank at 102.
Baltimore Stock Exchange.-The complete record of the
transactions at the Baltimore Stock Exchange from Aug.9
to Aug. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks--
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
84
100
84
Alabama Co
Feb 98
Aug
10 69
Arundel Sand & Gravel_100
184 3434 Jan 49
July
4334 4534
100
Preterred
100 90
95
July 95 June
95
354
414
10
Atlantic Petroleum
July
Jan
10
2
334 334
1.00 Mar
4.90 July
Celestine Oil voting trust__ 4.10
3.50 4.65 25,015
378 10334 Apr 11134 May
Consol Gas,E L & P__100 107
10634 10734
Consolidation Coal_ -100
8634
85
241 7834 Apr 92 June
5 1034 10
Cosden & Co
1,416
614 Feb 1254 May
1034
Preferred
150
4
5
Jan
5 May
454 454
430 3134 Aug 4034 Feb
Davison Chemical_ _no par 3234 32
33
291 27
Elkhorn Coal Corpn. 50
Mar 43
July
3754 394
40 7234 Jan 101
90
90
Houston Oil prel tr ctts_100
May
554 June
Indiahoma Refining
100
834 July
734 734
17
200 16
Monon Vall Trac, pref _25
July 30
17
Apr
5134 1,420 16
45
Mt V-Woodb Mills v t r 100 48
Jan 5134 Aug
Preferred v t r
Feb 100
100 95
95 100
450 71
Aug
Northern Central
Feb
50 ___
Mar 80
93 71
7134 7114
84
Pennsylv Wat& Power.100
30 7734 Jan 8834 May
84
50 16
16
United Ry 417. Elec
Mar 2054 Jan
615 15
1634
Wash Balt & Annap
187 2434 Mar 2934 June
50 2534 2554 2634
Wayland 011 & Gas
50
5
434 434
354 Feb
434 Aug
BondsAtlanta Consol St 55..1939
Chicago Ry 1st 55._ _ _1927
Consol 0, EL&P 5% notes
6% notes
7% notes
Consol Coal cony 65..1923
Cosden & Co ser A 68_1932
1932
Series B 65
(old co) refund (I5..1926
Davison Sulphur 65
Elkhorn Coal Corp 63_1925
Georgia & Ala cons 55_1945
0-B-S Brew stpd 45..1951
1934
Funding Os
1944
Norfolk St Ry 5s
1942
No Ball Trac 5s
United Ry dr E 4s_ _ _ _1949
1949
Income 48
Funding 55
1936
Wash Bait dt, Annan hs 1941
93
93
74
74
9834 9834
98
98
10154.10154
10034 10054
1003.4 10034 101
10034 10054 101
10134 10154 10134
95
95
9934' 9954
9031 904
2854 2834
30
30
9354 9334
100 100
100
70
70
50
50
6634 6854
80
80
$2,000 93
Aug 9834
1,000 7334 July 7934
7,000 9554 Jan 9934
1,000 97
Mar 9854
1.000 10034 June 10134
1,000 9934 Jan 10034
35,000 8434 Jan 104
34,000 8531 Jan 104
10,000 91
Jan 103
1,000 95
Aug 9634
3,000 98
Feb 9954
1,000 9054 Aug 9534
5,000 2834 Aug 2834
200 20 May 30
4,000 9354 June 100
2,000 100
Apr 10014
1,000 70
Apr 7634
8,000 48
Apr 5534
8,600 6634 Aug 76
5.000 80 May 8334
Feb
Jan
June
Feb
July
July
July
July
July
May
June
Jan
Aug
Aug
Jan
Jan
Jan
Mar
Mar
Jan
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Aug. 9 to Aug. 15, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Salo.
Week.
Par. Price. Low. High. Shares.
2334 23%
10
Alliance Insurance
10
10
934 9%
American Milling
20
44% 4,030
Amer Ship & Commerce.. 38% 37
32% 33%
American Stores_ _ _.no par
1,104
40
54)
Cambria Iron
26
41
Elec Storage Battery__ _100 86% 86% 89% 1,525
81%
79
General Asphalt
340
100
30
30
.Insurance Co of N A _ _ _ _10 30
71
55
57
J G Brill Co
150
100
15
15%
735
Keystone Telephone_ _ _ _50
11,910
Lake Superior Corp _ _100 2234 22% 25
280
50 6834 67% 68%
Lehigh Navigation
Lehigh Valley
454
50 48% 48% 50
50
50
Midvale Steel & Ord__..50 50
50
Minehill & S H
51% 51%
3
50
20
81% 81%
Pennsylvania Salt Mfg_ 50
Pennsylvania
50 4334 43% 44% 2,533
3534 35%
Philadelphia Co (Pills). 50
105
Pref (cumulative 6%)_50 3454 34% 34%
96
25% 25% 3,809
Phila Electric of Pa
25
Phila Rap Tran v t r_ _50 25% 25% 26%
785
Philadelphia Traction_..50 68% 68
108
6834
634 6%
Phlla & Western
634
50
108
27% 27%
Preferred
100
50
Reading
214
50
3% 3%
Tono-Belmont Devel_
405
1
2 15-16 3
Tonopah Mining
1
115
38%
Union Traction
396
50 38% 38
532
68% 69%
United Gas Impt
50 69
U S Steel Corporation_ _100 102% 101% 105% 4,015
50
834 8%
Warwick Iron & Steel_ 10
190 195
80
Wm Cramp dr Sons...100
31% 31%
50
York Railways, pref. 50
Bonds.
S 3d Lib Loan 4348_1928
4th Lib Loan 4348._1938
Victory 434s_ _1922-23
Amer Gas & Elec 55. _2007
2007
small
do
Elec & Peop tr etre 45_1945
1945
small
do
Lake Superior Corp 55.1924 71
Lehigh C & N cons 434s'54
Lehigh Valley coil 65_ _1928
1923
Consol 65
General consol 45...2003
Lehigh Val Coal let 55_1933 100
Penn RR general 5s_1968
P W & B ctfs 4s_ __1921
Phila Electric 1st 55..1966 94%
1966
small
do
1997 80%
Reading gen 45
Spanish-Amer Iron 65_1927
United Rys Invest 55_1926 75
S Steel Corp 2d 58.. _1963
94.80 95.00 5,000
93.00 93.46 163,500
99.84 99.88 26,000
85
85
2,000
8334 84
600
683.4 6854 3,000
70
500
70
6954 74
42,500
95
6,000
95
10234 1024 3.000
10114 10154 2,000
733.4 7334 3,000
100 100
1,000
1,000
9234 9234
9754 9754 5,000
24,000
95
94
200
9634 9654
8054 804 5,000
100 100
6,000
75
7654 88,000
10054 10014 2,000
Range since Jan. 1.
Low.
19
9
37
20%
39
51%
39
25%
1934
8
17
67
48
41
50
80
4334
30
3134
24%
23
66
5%
27
7654
2%
2%
37
67%
88%
8%
75
30
High.
Jan 23% May
May 12% Apr
Aug 44% Aug
Apr 37% July
July 41% Feb
July
Jan 100
Jan 95
July
Jan 34 June
Feb 64% July
Mar 18% July
Jan 25% July
Apr 73
Jan
Aug 60% June
Jan 61% July
Jan 5414 Mar
July 8434 Feb
Aug 48% May
Jan 42% July
Jan 37% Apr
Jan 2634 May
Apr 29% June
Apr 71
Jan
May
May
8
Mar 30 May
Aug 93% June
Jan 3 15-16 May
Jan
4
May
May
Jan 41
July 74% Jan
Feb 115% July
Jan
Apr
9
Feb 209
July
May 3234 May
94.50 Feb
93.00 Apr
99.60June
July
85
83 June
Mar
65
Mar
65
58
Jan
93% June
101% Jan
101% May
7334 Aug
99% July
9234 Aug
Feb
95
93% Apr
9334 May
80% Aug
Aug
100
6234 Jan
100
Mar
96.33 Jan
95.70May
100.04June
Jan
88
88% Jan
71
Jan
75
Jan
74
Aug
95
Aug
102;4 Jan
102% Jan
80% Jan
100% Mar
Jan
98
97% July
96
July
97;4 Jan
86% Jan
102
Aug
78% JulY
100% July
THE CHRONICLE
668
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Aug. 9
to Aug. 15, both inclusive. It covers the week ending Friday
afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Week ending Aug. 15.
Stocks-
Range since Jan. 1.
Low.
1
2% July
Acme Coal_r
2% 2% 22,000
234
Aetna Explosives _ r(no par) 10%
634 Jan
9% 10% 17,000
June
56
Air Reduction r__(no par)
300 51
54
Aug
Allied Packers_r
5614 61
19,200 56
(t) 57
134
Apr
1
1
Amer Chem Prod_r
1% 1%
600
Am Ship & Commerce r (f) 38
Aug
44% 49,500 36
36
2% Jan
Amer Writ Paper com_ _100 1434 1334 15
2,600
May
Anglo-Am Com'lCorp pf(t) 21% 2014 21%
700 18
Austin,Nichols & Co,Inc(t)
Aug
38
32
6,800 32
Bethlehem Motor r(no par) 28
30
July
5,200 25
28
9
8% June
Brit-Am Chem Corp__ _10
8% 914 7,500
2334 4,800 20% Aug
Brit-Am Tob ordlnary.._£1 22% 22
Ordinary bearer
£1 23
July
23% 6,200 20
22
4%
Feb
25
2
4% 5
Car Ltg & Power
10,500
Chalmers Mot Corp.-- r(t)
8% 9% 4,400
9
434 Mar
Feb
44% 45% 4,600 35
Cities Serv Bankers shs (t)
Colonial Tire &Rub_r--(t) 38% 37
42
9,100 13% June
CclumblaGrapb Mfg,w 1(t) 4714 47% 52
12,600 47% Aug
134
Cu Mor Chemical _ _ --100
% July
% 1% 5,400
Dafoe-Eustice Co Inc (t) 13% 1234 1434 23,200 12% Aug
10 23
Delatour Boverage_r
21
24
21,400 18% July
9
Excello Tire & Rubber_ _10
8% June
8% 934 9,200
Farrell(Wm)& Son,Inc(t) 56
55
5814 8,400 54 June
25
Apr
40
1 Fisk Rubber Co_r
38,000 29
47
General Asphalt com r 100 75
Jan
75
82
5,800 39
Godchaux Sug, com-r (t)
30
30
200 2814 July
First preferred _r_ _ _100 96
July
400 95
96
96
1 15-16
9-16 Apr
Grape Ola common
600
% 15-16
1 1 7-16 1% 1 7-16 700 1 1-16 Apr
Preferred
43.4 Mar
Hall Switch St Signal_ r _100
200
8
8
Jan
3
Havana Tobacco, pf.r.100
14
14
• 300
6 May
934
Heyden Chemical r(no par)
9% 10% 106,000
Hupp Motor Car Corp-10 1234 12% 13% 13,500
434 Jan
Imp Tob of G B & I_ _£1
500 1434 Feb
21
23
Indian Packing Corp r (t) 3734 37% 41% 27,100 33
July
Intercontinental Rubb_100 22
18% *24% 10,000 1074 Jan
InternatProducts r (no par)
44% 50% 2,700 30% July
Iron Products Corp_r (tl 52
64
1,600 50 June
52
Kelly-Springf Tire,2d pf100 106% 102 10634
Aug
1,700 102
Knickerbocker Motors r 10
714 Aug
8
7% 9
4,600
Libby,McNeill& Libby r 10 28
Jan
26
27
1,500 19
Lima L000m corn-v....100 88
80
04
3,150 2734 Feb
Jan
Marconi Wirel Tel of Am_5
4
5% 5% 9,500
5%
Morris (Philip) dr Co-r_JO
13
13% 6,000
Feb
7
Motor Appliance Corp.r _10 15
14% 15% 8,900 14% Aug
July
Mullins Body Corp- -(t)
3514 36
1,800 30
Nat Analine Ch corn r100 47
45 *52
8,000 24 Mar
634 Feb
Nat Fireproofing com-r_50
600
934 9%
Preferred_r
50
16% 17
200 1314 Jan
Jan
National Ice & Coal_ r_100 72% 7314 75
1,400 47
Aug
N Y Savold Tire r (no par) 50
1,300 48
50
51
Jan
56
N Y Shipbuilding_(no par)
54
700 25
4% *4
4% 5,600
2% Jan
Nor Am Pulp & P
)
29
20 32
Ohio Savold Tire_r
3234 4,600 28 June
Aug
Otis Steel com_r_ (no par) 37
36% 39
11,000 36
Overland Tire_r .
10 17
1,600 1634 Aug
1614 17
Pacific Bevel Corp_r_ _50
May
1,500 63
63
6434
Parish & Bingham Corp r(t)
37
4,100 3714 Aug
35
28
Parry (Martin)Cor_r -(t)
1,900 28 June
3114
Perfection Tire & Rubb_r1 1 7-16
% Feb
1%
134 340,000
Pressman Tire & Rubb_ _10 11
10
11% 6,000
Aug
9
Pyrene Mfgr
15
10 15
Aug
200 12
15
Republic Rubber r (no par;
6
Aug
6% 7% 4,300
Root & Van Dervoort r 100 40% 3934 41
Aug
3,000 37
25 57
Savold Tire Corp
57
63
Apr
11,500 24
Shell Transp & Trad_r _ £2 68
67
Aug
70% 21,100 66
Stand Gas & El, com.r_ _50 29
Aug
29
200 25
29
Standard Mot Constr-r10
100
9
9
6;4 May
Submarine Boat v t c (t) 16% 15% 1614 11,700 10
Feb
634 July
Sweets Co of America r 10 1234
5,400
1214 13•
Swift International_r_ ..15
1,400 40% Jan
59
60
Tobacco Products ExP (t) 35
.35
32,500 25 June
38
Todd Shipyards Corp..(t)
Feb
*140 158
1,600 102
Union Carbide & Carb r (t)
80
1,000 60% Feb
8234
5% July
United Eyeglass Shops _ r5
6
6% 1,300
United Profit Sharing _25c
7-16 Jan
2% 3
15,600
10
2%
2
U El Steamship
Mar
214 2% 22,900
Waltham Watch,com.r.100 38
36
38
700 3514 May
100 .79
Warren Bros_r
79
1,500 42% May
70
4%
5
4% 6,000
Wayne Coal
4
334 May
Weber & Hellbr com-r-(t) 20% 19% 20%
700 1534 June
WelchGrapeJuiceCo-w-(t)
Aug
5234 5514 7,300 51
4%
Wright-Martin Aire_ r _ -(t)
4% 5
Feb
3
7,000
RightsStandard 011 of N J_
U S Rubber_r
Wilson & Co.r
--12--
Former Standard 011
Subsidiaries
Buckeye Pipe Line. r _ _ _ _50
Ohio 011..r
25
Prairie Oil & Gas_r_ _100 700
Prairie Pipe Line _r _ _ _.100
Standard 011 of N J-r-100 8690
Preferred_r w 1
100 11114
Standard Oil of N Y..4•100 395
Vacuum 011_r
100
12
12
3
13
1,700
13% 10,200
334 3,000
1034 Aug
12
Aug
3
Aug
High.
3% July
12% July
.65 May
67% July
134 July
44% Aug
18
July
25
July
38
Aug
31% July
1134 July
2714 May
May
28
5% July
1534 May
46% July
45
July
52
Aug
1% Aug
14% Aug
25
Aug
1434 July
62 June
5534 July
July
95
July
35
.98
July
15-16 Aug
1 7-16 Aug
10% July
25
July
10% Aug
1434 July
25
Aug
5034 July
35 May
50% Aug
69
July
108
June
10% July
34% Apr
Aug
94
64 July
16
July
15% Aug
4134 July
53
July
12% May
24 May
8134 June
60 May
78
July
7% Apr
34
July
46
July
17
Aug
69
May
4134 July
3434 July
1% Apr
27
Aug
20 June
July
11
43
July
77% Aug
76% 'July
44% May
11
July
20% July
1534 JUbt
65% Mar
40% July
158
Aug
86
July
8
July
3% July
5% Jan
,16yi may
86
July
634 July
26
July
61
Aug
7
May
19
July
1334 Aug
334 Aug
•
99
375
695
285
y690
111
394
440
09
385
700
285
718
113
400
440
10
56
25
10
181
10,625
161
50
91
Mar 104
315
Jan 404
630
Jan 800
263
Mar 317
668
Apr 798
1103-4 Aug 118
310
Jan 430
395
Jan 490
July
Apr
May
May
July
July
July
May
[Vol.. 109.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week;
Other 011 Stocks Par. Price. Low. High. Shares.
10
Ajax 011_r_w 1
1
Allied Oil _r
Amalgamated Royalty_r_l
Atlantic Potroleum-r_ _5
Barnett Oil & Gas_r
1
5
Boone Oil.r
Boston-Mex Petrol
1
Boston-Wyoming 011_r.._1
Brazos 011 Corp r (no Dar)
Burknett Van Cleave 011-5
Can-AmerO&O.r
1
Commonwealth Petrol.(t)
Continental Refg
10
Costien & Co.
Elk Basin Petroleum_r__ 5
Ertel 011.r
5
Esmeralda 011 Corp_r__ _1
Federal Oil Corp.r
5
Glenrook 011 Corp-r_ _10
Globe Oil
1
Gulfey-Gillespie 011-r_ (t)
Harvey Cruder •
1
Hercules Petrol Class A r 10
Home Oil& Refg _r ___ _10
Home Petrol of Denver _10c
Houston 011,com_r___ _100
1
Hudson 011.r
Indlahoma Ref Co_r_ ..5
Internat Petroleum_r_ £1
Invincible 011.r
ao
Island 011 & Transp_r 10
Lance Creek Royalties_r-1
Little Sioux 011.r
1
Livingston 011 Corp_r_ _1
Mariand Petroleum_r_ _1
Merritt Oil Corp_ r
10
Metropolitan Petroleum 25
Mexican-Panuco
Middle States 011 Corp_r_l
Midwest Refining.r
50
Midwest-Texas
Morton Pet of Me_r
1
National 011.r
10
Northwest 011.r
1
Ohlo-Ranger.r
1
Omar 011 & Gas. corn_ ....I
Osage Nation 011 Synd_r_l
Pennok 011_r
10
Pennsylvania Gasoline.. _ _1
Phillips Petrol com-r --(t)
Preferred
100
Pittsb-Texas 0 & 0.,...5
Producers & Ref_r
10
Queen 011.r
1
Ranger 011_r
1
Red Rock 011 dt Gas-r_100
Rickard Texas Co.,
5
10o
Rock 011.r
Ryan Petroleum.r
1
Salt Crk Producers., _ _25
5
Sapulpa Refining _r
Savoy 011
5
Seaboard Oil & Gas_ r_ _5
SeQuoyah 011 & Ref
1
Simms Petroleum r(no par)
Sinclair Cons 011_r
-(t)
Sinclair Gulf Corp_r---(t)
Southwest 011_r
1
Southwest Prod & Ref _r_ _5
Spencer Petrol Corp _ _ _10
Stanton 011_1'
1
Texan(' Oil & Ref _r
1
Texas Nat Petrol_r
1
Texas Prod & Refg_r__..5
Texas-Ranger Prod& It r 1
Texas Steer 011.r
1
Tex-Ken 011 Corp.,
5
Texon 011 & Land.r
1
Trinity Oil Corp_r
1
1Transcontinental 011 r-(t)
United TeX Petrol_r
Vacuum Oil & Gas
Valverde 011 Prop_(*)
Victoria Oil_r
10
Vulcan 011.r
5
Wayland Oil & Gas, com_5
West States0& Land _r_ _1
White Eagle Oil & Ref r(t)
Range since Jan. 1.
Low.
300 10% Aug
10%
1034 1034
15-16 13-16 15-16 37,400
% July
1%
1% 14 19,700
134 June
334 34 1,500
234x,
3-16
34 3-16 9,500
Aug
29,700
814
3
Mar
7% 9
414
4% 4% 7,000
4% July
700
530 780 146,000 18o
Jan
13,400 26
29
28% 26
Aug
1%
3,500
1% 2
n
uu
134 JA
36
54 24,000
59
9,100 37
53% 60
Mar
8% 914 7,500
Aug
8
10
1014 14,500
1014
6% Jan
8% 2,800
8%
8
Jan
6
15,300
834 10
9%
64 June
190 56,000
16c
15o
Jan
4o
2%
10,700
2% 3
Jan
2
4% 5% 22,800
5
3% Mar
1%
1% 1% 3,000 15-16 Feb
21% 4,800 20
20
20
Aug
1
1% 18,500
134
% July
900 10
2034 21
Mar
18% 17% 19% 7,300 10Feb
300 34c 11,000
330
0o Aug3
125 125
100 75
Jan
1% 8,500 650 Feb
1
154
7% 5,800
7
5% June
29
4,300 1654 Jan
28% 27
34% 34
35% 10,100 34
Aug
6% 6% 35,500
6%
4,500
6%
34 Jj
ualny
% 1
3-41
1
4,995
% Aug
3
2% 334 7,100
144 June
6% 7
3,000
6%
5% June
23% 7,000 20
2214 21
234 Aug
2% 2% 5,400
234
1,700 1034 May
16% 17
17
3%
3% 3% 89,500
134 May
162 171
5,927 124
168
Jan
6,000
% 1
34 Aug
3
3% 7,500
3%
Mar
1
300
3% 3%
6,000 43
55o 580
500
g
6(i A
F b
114 13,000
1
June
1
650 77e 37,000 220
670
Jan
1% 1% 11,000
1%
1% Aug
1414 7,600 1134 Feb
13
500 550 17,500 3-16 Apr
500
5934 60% 5,900 15
60
Augt
8
Aug
19;i
118 118
118
50
lig 12% 20,900
12
8,4 Feb
7
8% 12,300
8
7
Aug
8o
90
90
5,000
34Aug
80
% 8,400
%
630 70e
700
1,000 57o JuneJuly
4,600
15
18
17
60o 650 17,400 420
Ma
arr
M
6
5
45-4 534 49,600
2g Apr
56
50
56
28,000 38
Mar
7%
734 7% 3,400
10
9
10
1,000
4,600
634 7
6
673A A
jju
aag
nn
9-16
15 9-16 6,100
34 Jan
30% 30% 32% 3,125 30% July
53% 52% 55% 48,700 44% May
53% 51% 54% 36,500 22
Ja
ul
133) JAu
Jan
250 27o
260
3,300 220 July
3
334 3,000
3%
16% 8,400
16% 15
1% '234 299,000
134
34 Mar
11-16 13-16 3,500 lle
Jan
34
34
% 3,400
14 Aug
714
7
8
9,700
7 May
434
3%
3%
2,500
2
Apr
34
14
44 2,800
% July
13%
5% 6% 13,200
334 July
5-16 14 27,700
36
1%
194
1%
136 47,000
4 A
uu
ng
e
4334 4634 31,800 43
Aug
11-16 650
3-4 77,900 500 June
3-16 34 11,700
sA, July
14
634 834
500
6 June
2
234 8,000
2%
2 June
13
1334 8,000 1134 July
4
4% 3,000
3% Jan
314 5% 4,900
314
3% Aug
24
23
21
16,000 . 2034 Aug
Mining Stocks260 270
270
Adelphla M & Mr
1
% 11-16
Alaska-lirlt Col Metals 1
5-16 11-16
Alaska Mines Cori)
1
34
1%
1%
114
Amer fond Min Corp w 1_1
America Mines.r
1
3.4
A
3.4
7-16
7-16 34
Arizona Sliver_r
1
334c 4%o
Atlanta Mines
1 314o
500 *48c 60c
Belcher-Divide_ r
290
Belcher Extension_ r
28e 390
7-16 11-16
Big Ledge Copper Co...--5
80
8c
flo
Booth_ r
1
700 830
Bolden & Montana Dev_.5 78o
Butte & N Y Copper
1
3-4
%
37c 300
Caledonia Mining
1 390
Calumet & Jerome Cop_ r.1
54
34
1 11-10 14
Canada Copper Co Ltd5
1% 1 1-16 1 7-16
Candalaria Silver_r
1
5e
6o
Cash Boy
1 5%c
174 1 3-16 1 5-16
Consol Aria Smelt
5
2%
2% 314
reason Con Gold M & M I
Divide Extension.,
2% 3%
1 2 13-16
El Salvador Sjiver M. I
3
3%
1%
1% 1%
Eureka Croesus Min Co r 1
134
1%
114
Forty-nine Mining_ r
4% 4%
Gadsden _r
5
3%
3
334
Golden Gate Explor'n_r _5
16c 180
Goldfield Cons'd
10 18o
18c
190
Goldfield Devolop't _r _ _10c 18o
4%c 430
Goldfield Merger_r
1
480
40c 52c
Gold Zone Divide_r
1
85o 93c
Grand Pacific Copper_ _ _ _1 880
3
4%
3
Hamilton M & SA'
1
llo
12c
120
Hasbrouck Divide.,
1
634 5g
Hecla Mining
25e
434 4%
Howe Sound Co
1
31c
310 310
1
Sins Butler_r
lie
lie
lie
1
Jumbo Extension
531
5
Kerr Lake
5
22o 27c
Knox Divider
10o 240
La Rose Mines Ltd
34
5
34
42o 54o
Liberty Silver_r
1 450
1
Louisiana Cons'd
%
54
34
310 350
32c
MacNamara Crescent..r ..1
650 73c
MacNamara Mining._r _ _1 670
Magma Chief..r
%
%
9c
90
Marsh Nlinlng_r
1
3% 3%
Mason Valley
5
434 4%
1
Mother Lode new_r
1' 3% 434
Nat Tin Corp_r
50c
10
10%
5 10%
NiPlasing Mines
230 270
1
Nixon Nevada
314
:3
3%
Onondago Mines Corp_ r_ I
4.100
41,200
7,900
3,775
2,300
2,300
4,800
37,600
35,800
17,950
3,000
28,300
100
13,900
13,400
1,200
51,100
6,000
5,600
12,400
60,800
1,2(10
7,850
12,600
5,200
14,800
3,900
30,700
2,000
39,200
34,150
1,500
7,900
2,250
1,200
4,200
2,000
2,000
43,800
1,800
18,800
5,000
29,300
50,000
43,500
2,000
200
7,290
4,900
2,40(1
11,800
2,100
High.
1034
Aug
134 June
2% Apr
414 July
5-16 Jan
16% May
4% Aug
78c Aug
32% July
234 July
14 May
63 June
.16A June
1234 May
119.4 May
July
11
330 May
Apr
4
834 Apr
I% July
2534 July
1% Aug
23% July
40,4 May
40c Aug
14434 May
5% Apr
8% July
35% July
July
39
914 Mar
234 May
Aug
1
4% July
7% July
May
35
4.3{, Mar
1734 July
3% Aug
196
May
1,4 May
554 Apr
Apr
7
750 Apr
294 may
80c Aug
234 May
1754 Apr
July
1
Aug
62
Aug
119
1334 June
934 June
Jan
300
234 May
700 Aug
2434 June
Apr
2
7% May
6534 July
94 May
Apr
14
894 July
94 May
3434 July
6454 July
6434 May
85e June
7
May
1634 Aug
.234 May
1% June
134 May
834 June
6 June
134 May
634 Aug
1
May
134 Aug
49% June
34 Aug
g June
954 Apr
Apr
6
13% Aug
July
5
10% May
26
July
80 May
340 Apr
2
310 May
June
5-16 Aug 15-16 June
144 June
May
1
A May 1 9-16 Feb
134 May
34 July
30 June 6140 Mar
840 July
7-16 June
280 Aug
440 July
A Mar 15-16 Jan
80 June 36o
Apr
42o Feb 93e July
A Apr
g May
27c
Jan 43c June
A Aug
A Jan
1 5-16 Jan
234 Feb
Jan 2 3-16 June
520
150 Feb
159.4c Mar
1
Fob 1 e-'.e Jan
234 Aug
534 Jan
24 July
334 July
574 May
154 Mar
131 Feb
254 May
1
June
134 July
3
Feb
636 Feb
234 Feb
414 May
11c July 24c
Jan
lie June 200 July
40 May
80 Mar
40o Aug 134
Apr
85e July
July
1
410
Jan
434 Aug
lie Jtme 47o
Apr
4 1-16 Jan
654 June
534 May
334 Mar
300 Apr 440 Feb
10o Apr
160 Mar
414 July
May
6
15o June 370 July
9.4 May
15o Apr
Aug 580
Jan
420
34 Apr
1-16 Apr
240 June
49e July
134 May
340 Mar
220 Feb
34 May
Feb
10e May
3o
2
Apr
43.4 July
50 July
3540 Mar
A Mar
434 May
15
May
894 Jan
170 Apr 48o
Jan
3
Jan
33-4 May
THE CHRONICLE
AUG. 16 1919.1
Safes
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par Price. Low. High. Shares.
5
294
Bay Hercules Min_r
Rex Consolidated Min_ _1
1
%
Roper-Group M Co
1
St Croix Con Mines
1
San Toy Mining
Seneca Copp Corp_(no par)
1
'A
Seven Metals Min..r
1
1
Silver Dollar M.r
1
1
Silver King of Arizona
16c
1
Silver King Divider
1
Silver Pick Cons'd_r
South Am Gold & Plat r 10 1034
Standard Silver-Lead.. -1
Stewart
1
1
Success
1
Sutherland Divider
3%
Tonopah Belmont Dov_r 1
6c
Tonopah Divide_r
1
234
Tonopah Extension
1 4 9-10
United Eastern
United Mines of Mexico_ _5
U S Continental Mines_r 1 15%c
Unity Gold Mines
5
Utah Metals
38c
1
Victory Divide_r
Washington Gold Quartz.1 820
West End Consolidated-5 1 7-16
White Caps Extension 10c
190
waits cape mining__10e
%
Wilson Silver Mines_r_ _ _1
5
Yukon Gold Mines
BondsAm T & T 6%notes r-1924
Anaconda Cop Min Ss r'29
Beth Steel serial 7s_r_1923
Canada(Dom of) 5348_1921
1929
534s.r
Clev CM Ch & St L 6s w 1'29
1921
interboro R T a
Laclede Gas L col 7s 1929
Russian Govt 644s_r_1919
1921
534s r
Southern Ity 6% notes 1922
Swedish Govt Os J'ne 15'39
Chnif mnr1,1
(Mut /If A 1,4 ca.9(1
234
234
18e
170
% I%
%
1
100 100
2234
21
%
34
1
IA
15-16 1
18c
14c
7e
63-4
934 1034
A
N,
240 25c
534c 534c
140
15c
394
33-4
/
5c 6%0
55
2% 2 11-16
434 4 11-16
3
234
13c 15%c
53/s 6
434
5/3s
39c
33c
81c 830
134
134
4c
4c
17c 22c
%
%
134
234
99%
99
10134
9994 995/g
97
9634
9734
979-4
8494
8434
9934
45
45
46
9394
98
9734
9934
01114
'let
9934
99
10134
9994
9734
979-4
86
9934
51
43
9894
9834
Range since Jan. 1.
Low.
6,000
1% Jan
5,000
90 June
19,300
% Aug
6,200 9-16 June
21,300
7c
Jan
1,500 1394 Feb
53,700
% Aug
1,300
1
May
28,000 13-32 Feb
34,700 13a
Aug
1,500
4c
Apr
7,000
934 Aug
1,100
A Jan
14,000 I4o Mar
1,000
4c
Jan
9,000 14c Aug
600 2 9-16 Jan
8,700 5340 Mar
4,320
194 Jan
4,450 3 3-16 Jan
1,000
234 Aug
20,700
6o
Jan
300
434 Mar
13,600
431 Aug
20,300 33a
Aug
5,200 7Ic
Apr
3,800
1
Mar
1,000
2a
Jan
17,200 100
Jan
2,100 %
Aug
4,100
134 Aug
$24,000 9834 Jan
5,000 9734 Feb
4,000 10034 Jan
69,000 99/3s July
30,000 9674 Aug
80,000 9734 Aug
33,000 8334 May
20,000 99
July
160,000 45
Aug
13,000 46
Aug
2,000 9894 Aug
205,000 9734 Aug
Oft 1/. Ian AM
10034
100
10294
9934
973.4
98
9234
101
72
72
9934
10034
May
May
May
July
July
Aug
Feb
Mar
Feb
Fel
Mal
Jun(
•Odd lots. t No par value. I Listed as a prospect. 1 Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. w When issued. z Ex-dividend. y Ex-rights. a Ex-stock dividend.
I Dollars per 1,000 lire. flat.
CURRENT
NOTICES
-Remick, Hodges & Co.'s annual reprint of tho official list of legally
authorized investments for savings banks and trust companies in the State
of Now York, for July 11910, is announced for distribution. The official
list usually made public in January was delayed this year, owing to the
difficulties experienced by the Banking Department in complying with the
1918 amendment to the Banking Law requiring the obtaining of data
regarding small communities in adjoining States. As the Department does
not have copies of the list available for general distribution, Remick, Hodges
& Co. have made a practice of supplying copies to investors. The list of
bonds is accompanied by copies of the laws limiting the investments of
savings banks and trustees in Now York State.
-Clark, Kendall & Co., Inc., announces that on Aug. 1 It succeeded the
co-partnership of Clark, Kendall & Co., retaining the offices, organization
and records of the former firm at 5th and Stark Sts., Portland, Oro., for
the business of dealing in Governmetn, municipal and corporation bonds.
The officers of the now company are Walter Kendall, President; Edgar C.
Riche, Vice-President; It. M. Dooly Jr., Secretary-Treasurer; Alan Green,
Assistant Secretary.
-The National Bank of Commerce in Now York has been appointed
Registrar for the common and preferred stock of the Mullins Body Corporation. The amount of stock outstanding is: Preferred stock, 10,000
shares of the par value of $100; common stock. 70.000 shares of no par value.
-Columbia Trust Co. has been appointed Dividend Disbursing Agent
for Consolidated Cigar Corporation and Standard Supply & Equipment Co.
-The Guaranty Trust Co. of Now York has been appointed Registrar of
the preferred and connnon stock of the Astoria Mahogany Co., Inc.
New York City Banks and Trust Companies.
Banks-N Y Bid
America *__ _ _ 580
Amer Exch- _ 270
135
Atlantic
Battery Park- 215
425
Bowery*
Broadway Cen 140
Bronx Bore*. 125
Bronx Nat.- 150
Bryant Park* 145
Butch & I)rov 28
Cent Mere-- 160
500
Chase
Chat & Phen_ 310
Chelsea Exch* 120
Chemical ____ 655
Citizens
240
City
437
Coal & Iron_ 235
Colonial *___ _ 400
Columbia*___ 175
Commerce ___ 230
Comm'l Ex*_ 395
Commonwealth •_.. _ 220
Continental*. 115
Corn Ezell*. _ 415
Cosmop'tan*„ 95
Cuba (Ilk of). 177
East River__ 150
Europe
110
Fifth Avenue* 1800
Fifth
220
First
t 1026
Garfield
205
Gotham
190
Greenwich *__ 380
Hanover
795
Harriman
:350
Imp & Trad.._ 580
All prices now dollars per share.
Banks
Bid
Ask
Trust Co's
Bid
Ask
tIrving (trust
New York
____
certificates) 330 340 Bankers Trust 450 453
_ Liberty
645 655 Central Union 453 465
225 ,ILincoln
260 290 Columbia._ _ _ 370 380
____Akdanhattan *_ 220 230 Commercial _
140
150
150 ,,Mech & Met_ 405 415 Empire
295 305
140 :IMerchants___ 220 240 Equitable Tr. 445 455
160 dMetropolitan* 190 200 Farm L & Tr.. 440 450
425
155 '1131utual*
Fidelity
220 230
215 HS
. Fulton
33 :New Neth*
245 255
145 Guaranty Tr.. 393 405
170 New York Co 135
520 New York__ _ 450 470 Hudson
145
135
150
315 . Pacific *
Irving Trust..(See Irving
750 765
135 Park
INat Bank
Prod Exch*_ 400
iLaw Tit & Tr 125
135
285 300 Lincoln Trust 175
2-50 Public
185
445 Seaboard ____ 550
Mercantile Tr 235
450
- Metropolitan_ 355 365
240 Second
150 160 Mutual(West____ State*
115
130
185 2:3d Ward*
chester)_ _ _ _ 105
125
195 N Y Life Ins
240 Union Exch... 135
410 United States'1165 175
& Trust-- 785 800
275
N Y Trust.._ 625 6:35
Wash II'ts*
230 %Veatch Ave*. 170
Scandinavian 400 425
300 325 Title Go & Tr 405 415
130 Yorkville *
U S Mtg & Tr 440 450
425
Brooklyn
100
UnIte(1 States 885 910
155 Westchester _ _ 130 140
182 Coney Island* 140
200 215
____ First
165
130 Greenpoint___ 150
Brooklyn
110
120 I Brooklyn Tr_ 495 510
900 Hillside*
70
80 Franklin
235 Homestead*
230 240
80
85 Hamilton Mechanics'*
260 270
2o
_i. Kings County 650 700
210 Montauk *I._ 200 Nassau
Manufacturers 165
130 People's
National City 115
285 300
810 North Sides
195 205 Queens Co___ 70
80
145
370 People's
135
600
Ask
210
',Banks marked with a (*) are State banks. t Sale at auction or at Stock Ex
change this week. I Includes one-half share Irving Trust_„Co, 8 New stock.
I Ex-rights.
New York City Realty and Surety Companies.
High.
394 July
230 July
194 Aug
Aug
1
12c May
20
May
% tJuly
134 June
134 May
37c Mar
Apr
14c
143-4 June
X. May
34c May
Jan
7e
47c
Apr
4 May
•12o Apr
334 May
594 Mar
33-4 June
190 May
8
June
534 Aug
530 June
940 Mar
3
May
Apr
70
Apr
35a
194 June
234 Aug
669
All prices now dollars per share.
Alliance R'lty
Amer Surety_
Bond & M G.
City Investing
Preferred__
Bid
60
72
243
35
75
Ask
70
75
248
40
85
Bid
Lawyers Mtge 130
Mtge Bond_ _ 93
Nat Surety__ 240
N Y Title &
Mortgage__ 122
Bid
Ask I
140 IRealty Assoc
97 I (Brooklyn). 105
243 U S Casualty _ 185
U S Title Guar 50
127 West & Bronx
•
Title & M G 150
Ask
115
200
65
170
Quotations for Sundry Securities
All bond prices arc "and interest" except where marked "f."
Standard 011 Stocks Per Shorts
Ask.
Pal Bid
22
AngieAmerican 011 new. £1 21
1001370 1390
Atlantic Refilling
100 480 500
Borne-Serymser Co
Buckeye Pipe Line Co... 50 *100 102
Chesebrough Mfg new
100 '290 310
Continental 011
100 550 575
50 .34 36
Crescent Pipe Line Co
Cumberland Pipe Line_ _100 170 180
Eureka Pipe Line Co_ _..100 162 165
Galena-Signal Oil corn.. 100 100 104
100 115 130
Preferred old
105 110
Preferred new
100 182 137
Illinois Pipe Line
50•100 102
Indiana Pipe Line Co_
International Petroleum- £1 *271 2812
National Transit Co_ .._12.50 *28 29
183 183
New York Transit Co.._1
Northern Pipe Line Co. 100 108 112
Ohio 011 Co
25 *300 370
Penn-Mex Fuel Co
125 69577
08
Prairie 011 & Gas
280 285
1
Prairie Pipe Line
100 355 375
Solar Refining
Southern Pipe Line Co_100 164 1163
South Penn 011
100 315 320
Southwest Pa Pipe Llnee_100 100 102
Standard 011 (California).1002292 29'3
Standard 011 (Indiana).. _1002730 740
Standard 011 (Kaneas)-100 570 590
Standard Oil (Kentucky)100 460 470
Standard 011 (Nebraska).100 520 550
Standard Oil of New Jer-100IMO 700
100 111 11112
Preferred tel
Standard 011 of New Y'k.100 392 397
Standard 011 (Ohio)
510395
Swan & Finch
1259155 130
Union Tank Car Co
11100
°°
99 5
100 430 435
Vacuum 011
10 *43 48
Washington 011
RR. Equipments-PerCt.Basis.
6.00 5.60
Baltimore & Ohio 434s
Buff Roch & Pittsburgh 434s 5.80 5.50
5.80 5.50
Equipment 4s
5.80 5.50
Equipment 65
6.10 5.70
Canadian Pacific 434s
Caro Clinchfield & Ohio 55... 6.50 5.75
Central of Georgia 434s
6.50 5.75
Chesapeake & Ohio
5.95 5.50
5.9.5 5.50
Equipment Is
7.50 6.00
Chicago & Alton 434s
7.50 6 00
Equipment 5s
7.00 6.00
Chicago & Eastern Ill 534s
6.50 5 00
Chia Ind & LOUIFIV 494s
Chic St Louis & N 0 5s____. 6 00 5.50
5.75 5.25
Chicago & N W 434s
6.40 5.90
Chicago R I & Pao 434s
6.40 5.90
Equipment 5s
6.50 6 00
Colorado & Southern 5s__
6.50 6.00
Erie 56
6.50 6.00
Equipment 494a
6.00 5.50
Hocking Valley 412a
6.00 5.50
Equipment Is
5.75 5.40
Illinois Central 6s
5.75 5.40
Equipment 434s
6 50 5.90
Kanawha & Michigan 434s_
5.75 5.35
Louisville 32 Nashville 5s
6.00 5.75
Michigan Central 5a
6.00 5.75
Equipment Os
Minn St P&SSM 434s_ ._ 6.00 6.50
Missouri Kansas & Team Sc. 7.25i 6.00
7.00 6.00
Missouri Pacific 5s
6.35 5.80
Mobile & Ohio 55
6.35 5.30
Equipment 434s
5.90 5.70
Now York Central Lines 55_
5 90 5.70
Equipment 434s
6.00 5.75
N Y Central RR 4125
6.50 5.85
N Y Ontario & West 434s
5.70 5.25
Norfolk & Western 434s
5.65 5.25
Pennsylvania RR 434s
5.65 5.25
Equipment 4s
St Louis Iron Mt & Sou 5s_ _ 7.00 6.00
St Louis & San Francisco 5s. 7.00 6.00
650 6.00
Ordnance Stocks-Per Aare.
Seaboard Air Line 5s
6.50 6.00
Aetna Explosives pre_ _ _100 63 70
Equipment 434s
2
4 Southern Pacific Co 434s... 5.75 5.40
American & British Mfg_100
6.00 5.65
Preferred
100 43 44 Southern Railway 434s
Atlas Powder common...100 139 145
6.00 5.65
Equipment 5s
100 89121 9012 Toledo & Ohio Central 48._
6.50 5.80
Preferred
Babcock & Wilcox
100 123 125
Bliss (E W)Co common- 60'325 375
Preferred
50• 60 75
Tobacco Stocks-Par St are.
Ask.
Canada Fdys & Forgings_100 190 200
Par
Carbon Stool common
American Cigar common_100 120 130
100 110 115
Preferred
1at preferred
100 100 110
100 90 94
2d preferred
100 75 85 Amer Machine & Fdry_100 80 95
British-Amer Tobao ord__£1 .22 23
Colt's Patent Fire Arms
Ordinary, bearer
Mfg....
25 •50 53
£1 *23 24
duPont(E I) de Nemoure
Conley Foll
100 205 220
100 315 320 Johnson Tin Foil & Met.100 80 100
& Co common
90
93
100
MacAndrews & Forbes_ _100 160 170
Debenture stock
Eastern Steel
_100 88 93
Preferred
100 95 100
Empire Steel & Iron com _100 28 33 Reynolds (R J) Tobacco..100 500 600
Preferred
100 450 550
100 70 75
B common stock
Hercules Powder corn_ _100 210 220
100 110 113
Preferred
Preferred
100 106 110
93 100
A dividend scrip
Niles-Bement-Pond cum_100 120 125
98 100
B dividend writ)
100 9612100
Preferred
Young (J 5) Co
100 120 140
260
280
Phelps-Dodge Corp
100
Preferred
100 98 105
Scovill Manufacturing...100 405 420
Thomas Iron
so •25 30
Winchester Co com
100 375 425
SLort Term Notes-Per Ces8
1st preferred
100 93 96.55 Amer Cot Oil 55 1919_13I&S 9978100
65 70
100 10014
2nd preferred
7% notes Sept 1919
Woodward Iron
100 59 63
Amer Tel & Tel the 1924_ F&A 9914 9912
___ 85 Canadian Par fis 1924.M&S 2 9978 10018
Preferred
Del & Hudson 58 1920_ _F&A 9914 9913
Public Utilities
Fed Sugar Rfg 5e 1920__J&J 99 100
Amer Gas at Elea com__ _ 50•124 123 General Elms 6s 1920_ _ _ _J&J 10018 10012
42
*41
Preferred
6% notes (2-yr) 1919.J&D 10014 10012
231 233 Great North Ss 1920_ __M&S 9834 9918
Amer Lt & Trao corn__
9312 97
Preferred
K C Term Ry 434s 1921_J&J 9612 93
60 65
Amer Power & Lt corn_..1
5s Nov 15 1923_M&N 15 993410014
69 72
Liggett&-MyersTobils'21J&D 99781001s
Preferred
.1
10 N Y Cent 5s 1919__M&S 15 997s 100
Amer Publlo Utilities com100
Preferred
100 32 40 Penn Co 4345 1921.. _MD 15 9712 9778
Carolina Pow&Light corn 100 37 41 Pub Ser Corp NJ 7s '22.M&S 9512 0614
Cities Service Co corn_ _ _100 435 433 Southern Ry ear 1922_ _ _ M&S 9712 9812
Preferred
100 7614 7534 Swift&Co 681921_ _ _ F.ScA 15 9958 9978
Colorado l'ower COM_ - --100 23 25 Utah Sec Corp Os'22.M&S 15 89 91
Preferred
100 97 102
Com'w'th Pow Ry & Lt 100 25 27
Industrial
Preferred
100 57 /59
Eloo Bond dc Share pref. _100 092 95
and Miscellaneous
12
Federal Light & Traction.100 10
100 220 227
American Brass
American Chicle corn_
Preferred
100 97 100
100 50 54
Great West Pow 45s 1946_J&J 85 88
100 82 86
Preferred
15
M1881881ppl Riv Pow com _100 12
American Hardware_ _ _100 160 105
Amer Typefounders com_100 45 43
Preferred
100 53 58
Preferred
First Mtge 5s 1951_ _ _Ma 75 80
100 88 93
Borden's Cond Milk com_100 105 107
Northern Ohio Else Corp-(t).022 24
Preferred
Preferred
100 98 100
100 67 70
25•1500 1700
North'n States Pow corn. 100 67 70 Carib Syndicate I.td
Preferred
100 130 140
100 90 92 Celluloid Company
North Texas Eleo Co cons 100 54 58 Column% Graphoph Mfg (t).475 485
Preferred
Preferred
100 94 95
10C 75 79
4
Paciflo Gas & Eleelst pref 10G 8712 8912 Havana Tobacco Co......100
5
12
15
Puget Sd Tr L & P corn.
100 14
Preferred
16
1st g 58 June 1 11t22 J-D 154
Preferred
100 r9 61
17 Intercontinen Bubb com_100 2112 2212
Republic lty & Light__ _100 13
Preferred
ed
_
100 50 54 Internet Flanking Co_ _ _ _100 160
South Calif Edison corn_ _100 88 90 International Salt
100 4934 5112
Preferred
A-0 71
let gold 5s 1951
100 100 104
7212
*30 32 International Silver pref _100 92 96
Standard Gas & El (Del)*44 46
Preferred
Lehigh Valley Coal Sales_ 50 .90 95
5
6 Otis Elevator common_ 10C 115 113
Tennessee Ry L & P corn_l
19
Preferred
Preferred
100 15
100 86 90
2
3 Royal Baking Pow corn_ _10() 135
Gas & Eleo CorD-100
20 25
1
Preferred
lit preferred
100 97 100
5
8 Singer Manufacturing.._ _100 200 205
2d preferred
1
45 43 Singer Mfg Ltd
United Lt & Rye oom_ _1
Ll d334 414
let preferred
100 72 75 Texas Pao Coal & Oil_ _ _ _100 1775 1325
ViPhonseChurehKerr&Co 100 58 62
Western Power oommon_100 24 26
77
Preferred
Preferred__
100 30 85
100 7.5
•Per share. to Basis. 4 Purchaser also pays accrued dividend. e New stock
'Flat price. n Nominal. z Ex-dividend. y Ex-rights. (t) Without par value.
670
THE CHRONICLE
[VOL. 109.
inxtestment anti gailimut Intelligente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan 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. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
!Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Alabama & Vicksb_ June
227.154 158.372 1,331.733 1,083.550
Ann Arbor
1st wk Aug
73,118 2,372,218 1.918,844
84,578
Atch Topeka & S Fe June
13679380 12926579 78,416,846 72,422,360
Gulf Colo & S Fe_ June
1.530.033 1,418,267 8,856.832 8,873.412
Panhandle & S Fe June
506.688 449,081 2,501,288 2.851,654
Atlanta firm & Atl_ June
401.058 307,624 2,403,257 2.004.768
Atlanta & West Pt.. June
200,229 203,388 1,335,347 1,104.953
Atlantic City
June
394,948 394,990 1,925,885 1.500,853
Atlantic Coast Line_ June
4,903,597 4,363,773 32,858,908 26,226,235
Baltimore & Ohio June
15233 216 14852852 79,759,851 68,991,616
B & 0 Ch Term June
175,465 173.680
821.775
796,656
Bangor & Aroostook June
373,399 361,443 2,611,728 2,233,051
Bellefonte Central May
7,149
7,320
32,960
36,985
Belt Ry of Chicago.. June
319.266 352,949 1,588,073 1.824,342
Bessemer & L Erie June
1,368,752 1,323,763 5,688,416 4,987,911
Bingham & Garfield June
74,795 299,832
583,295 1,597,913
Birmingham South.. June
38,648 123.893
304,739
708,870
Boston & Maine
June
6,120,307 5,738,709 32,045,780 30,140.135
Buff Roch & Pittsb_ 1st wk Aug 274,095 453,886 7,979,769 10,995,870
Buffalo & Susq
June
178,499 177,462 1,006,750 1,079,002
Canadian Nat Rye_ 1st wk Aug 1,811,263 1,546,287 49,478,250 43,723,816
Can Pac Lines in Me June
136,902 128,632 1,572,098 1,316,703
Canadian Pacific_ _ _ 1st wk Aug 3,442,000 2,882,000 92,527,000 85,015,000
Caro Clinch & Ohio_ June
487,640 340,510 2,764,767 2,056.680
Central of Georgia June
1.730,100 1,521,628 10,104,559 9.551.095
Central RR of N J_ June
3.555,594 3.746.780 20,197,406 19,086.173
Cent New England.. June
483,023 559,435 3,057,399 2,763,010
Central Vermont
June
507,854 463,429 2,629,911 2,332,945
Charleston & W Car June
180,090 212,214 1.478,481 1,320,551
Ches & Ohio Lines June
6.711,914 5,992,909 34,778,132 30.040,973
Chicago & Alton...._ June
2,188,103 1,928,845 12,080,990 10,118,750
Chic Burl & Quincy June
12219535 10808372 68,485,084 62,097,596
Chicago & East III June
2.003,521 2,202,990 11,510,525 11,250,236
Chicago Great West June
1.785,432 1,429,020 9.812,065 8,410,490
Chic Ind & Louisv June
1,081,445 967,565 5,604,327 4,573,207
Chicago Junction June
310.094 298,061 1,688,745 1,549,371
Chic Mil w & St Paul June
12883 510 10776508 69,093.453 55.916,757
Chic & North West.. June
12480376 10198808 62,550,323 51.859,519
Chic Peoria & St L.. June
131,898 163,957
768,749 1,038.031
Chic R I & Pacific June
8,787,315 7,291,040 49,082,858 43.830,982
Chic R I & Gulf June
347.162 349,225 2,176,504 2.124,956
Chic St P M & Om_ June
2,285,647 1,872,477 12,640.379 10,652.859
Chic Terre H & S E_ June
291,829 420,404 1,847,296 1.993,359
Cinc Ind Sr Western June
248,045 225,176 1,381,004 1,450,299
Cin N 0& Tex Pac_ June
1,380,962 1,288,745 8,303,699 6.604.118
Colo & Southern.._ 1st wk Aug 497,964 399,636 14,289,033 11,003.810
Pt W & Den City_ June
843,422 520,837 4,989,915 3,511,951
Trin & Brazos Val June
86,211
70.078
587,564
544,870
Colo & Wyoming__ _ June
92,641
95,864
569,387
540,992
Cuba Railroad
May
1,282,646 1,186,421 6,172,343 6,030,563
Delaware & Hudson June
2.875,039 2,949,859 15,938,986 15,153,911
Del Lack & West_ _ _ June
6,230.382 5,686,552 34,162,323 29,848,437
Deny & Rio Grande June
2,569,432 2,262,846 14,098,587 13,519,245
Denver & Salt Lake June
304,405 241,645 1,202;984
877,257
Detroit & Mackinac June
136,489 134,823
719,953
711,254
Detroit Tol & front_ June
269.601 268,023 1,716,587 1,209,080
Dot & Tol Shore L June
210.075 145,287 1.120,911
946,618
Dul & Iron Range_ June
1,287,086 1,100,769 3.339.757 2,806,854
Pul Missabe & Nor_ June
3,209,797 2,513,221 8,300,020 5,591,885
Pul Sou Shore & Atl 4th wkJuly 201,988 174,909 2,601,666 2,430.177
Duluth Winn & Pac June
129,356 141,349
964,484
848,927
East St Louis Conn_ June
94,951
86,779
557,456
490,611
Flgin Joliet & East.. June
1,462,385 1,561,738 10,254,004 8,061,735
El Paso & So West June
1,005,583 1,194,757 6,239,429 7,311,963
Erie Railroad
June
7,531,199 7,223,978 41,831,624 36,088,083
Chicago & Erie June
808,418 842,211 4,952,460 4,538,314
Florida East Coast.. June
734,142 598,885 5,390,728 5.030,537
Fonda Johns & Glov June
108,330
579,818
93.608
518,989
Ft Smith & Western June
109,381
703,831
86.838
598.126
Galveston Wharf
June
77,240
73,947
403,623
519,366
Georgia Railroad.. June
397,202 504,828 2,954,220 2.742,676
Georgia & Florida June
67,243
62,072
468,555
461,987
(rd Trk L in New E June
362,617 137,173 2,130,206
998,857
Grand Trunk Syst 4th wkJuly 2,417.076 1,994,902 35,602,988 29,306,117
Ord Trunk West_ June
1,955,494 1,911,790 10,232,842 7,975,770
Great North System June
8,931,273 7.737,898 47.272,184 39,057,426
Gulf Mobile & Nor_ June
223,777 179,917 1,244,001 1.118.494
Gulf & Ship Island.. June
204,016 209,840 1,130.675 1,215,805
Hocking
June
1,188,960 1,106,436 4,528,293 5.178.056
Illinois Central _.... June
8,579,160 8,628,308 50,353,827 47.521,120
Internat & Grt Nor_ June
1,251,252 967,634 6,757,763 6,234,561
Kan City Mex & Or June
80,287
545,973
77,027
570,754
K CiMex & 0of Tex June
82,126
81,943
486,545
580,836
Kansas City South_ June
1,060,754 1.177,621 6,957,182 7,216,263
Texark & Ft Sm. June
130.316
88,798
670,884
579,369
Kansas City Term.._ June
108,243 107,593
625,598
575,882
Lehigh & Hud River June
212,543 200,282 1,184,405 1,029.226
Lehigh & New Eng June
309,659 461,153 1,591,508 1,752,602
Lehigh Valley
June
5,484,901 5,851,604 29,325,282 27,195,520
Los Aug & Salt Lake June
1,446,690 1,182,760 8,386,095 6,559,555
Louisiana & Arkan_ June
146,539 127,065 1,015,988
850,013
Louisiana Ry & Nay June
279,087 197.606 1,682.460 1,381,518
Louisville & Nashv_ June
8,441,162 7.610,036 50,459,171 42,994,793
Louisv Hend & St L June
239,560 237,364 1,433,646 1,259,192
Maine Central
June
1,439,469 1,341,404 8,156,465 7,068,157
Midland Terminal May
71,706
319,086
Midland Valley
June
324,200 257,066 1,874,545 1,598,487
Mineral Range
4th wkJuly
16,079
42,891
467,100
634,017
Minneap & St Louis June
1,160,653 912,847 6,021,753 5,365,418
Minn St P & S S M. June
3,535,373 2,469,272 18,979,823 13,537.688
Mississippi Central_ June
76,684 105,624
474,911
570.737
Missouri Kan & Tex June
2,803,978 2,252,441 15,609,924 14,192,319
Mo K & T Ry of Tex June
2,031,913 1,416,338 11,371,309 8,749,769
Mo & North Arkan_ June
112,671 111,974
703.348
682,823
Mo Okla & Gulf.... June
107,328 127,105
610,441
860,046
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
Missouri Paciflc____ June
7,373,211 6,311,172 42.039,700 40.098.953
Monongahela
June
275,936 285,836 1,575.784 1.348,318
Monongahela Conn_ June
98,485 206,473
832.668 1.057,204
Montour
June
519,501
559.143
113.543 110.855
Nashv Chatt Sc St L June
1.460,369 1,644,357 9,061,398 9.054.654
Nevada-Cal-Oregon 4th wkJuly
139.571
160,064
6,166
7,686
Nevada Northern_ _ June
145,462 201,499
820,259 1,212,985
Newburgh & Sou Sh June
525,597
136,364 108,667
841,164
New Or! Great Nor.. June
173,107 178,202 1,054,885 1,007,588
New Orl Sc Nor East June
554,680 481,147 3,095,768 2,876,993
N 0 Texas & Mex_ _ June
144,974 150,209
889,148 1,047,946
Beaum S L& W June
743.078
604,314
80,845 104,894
St L Browns Sc M June
425,952 283,447 2,460,168 1,810,590
New York Central.._ June
26340826 23874698 141813609 122729354
Ind Harbor Belt_ June
532.420 503.615 3,001,705 2,450,629
Lake Erie & West June
747,741 729.002 4,429,7924.084,315
Michigan Central June
6,395,813 5,338.788 35,083,567 29,356,569
Cie,/ 00 & St L. June
6,040,730 5,845,026 32,304,999 29,301,567
Cincinnati North_ June
245,739 224,490 1,409,470 1,166,097
Pitts & Lake Erie June
2,077,859 2,679,389 13,558,112 13,980,010
Tol Sr Ohio Cent_ June
846,699 831,062 3,970,4571 4,009,038
Kanawha & Mich June
429,321 543,464 1,975,871 2,361,361
N Y Chic Sc St Louis June
1,792,578 1,837,300 11,830.523 9.008.351
NYNH& Hartf June
8,964,900 9,184,513 47,535,174 44,533,000
N Y Oat & Western June
947.793 1,030,606 4,610,066 4,776,097
N Y Susq Sc West.._ June
309,538 297,367 1,834.823 1,848,691
Norfolk Sr Western_ June
5,467,401 6,726,527 35,358,796 34,969,428
Norfolk Southern June
461,265 495,954 2,981,226 2.636.355
Northern Alabama.. June
563,838
558,791
84,411
79,345
North Pacific
June
8,045,787 7.542.787 45,570,224 42,023,234
Minn Sr Internat. June
537,164
542,550
94,002
86,276
Northwest'n Pacific June
612,902 538,576 2,741,499 2,400,215
Oahu Ry Sc Land Co May
563,028
578,208
124,651 115,550
Pacific Coast
June
325,019 239,266 2,406,077 2,713,739
Pennsylvania RR June
31129 117 30562 254 174626 274 152123345
Bait ()hes & Atl _ _ June
481.336
655,638
138,853 114,614
Cumberland Vail. June
459,418 443,988 2,641,772 2,259,956
Long Island
June
2,520,876 2,290.119 11,409,563 9,379,786
Mary Del Sc Va June
108,822
355,663
560,026
77,121
N Y Philo, Sc Nor.. June
631,308 632,729 3,692,713 3,068,346
Tol Peor & West.. June
698,601
144,862 116,806
705,564
W Jersey & Seash June
1,056,492 918,441 4,947,149 3.974,575
Pennsylvania Co__ _ June
9,235,511 8,038,828 47,620,355 37,743,307
Grand Rap Sc Ind June
657,673 624,100 3,535,766 3,129,087
Pitts C 0 Sc St L.. June
7,753,967 7,322,526 43,643,413 37,150.968
Peoria Sc Pekin Un_ June
613,307
586,778
93,887
95,139
Pere Marquette
June
2,843,381 2,352,140 15,638.076 12,193,644
Perkiomen
June
422.919
511,192
93,031 107,513
Phila Beth Sc N E_.. June
722,505
56.444 134,380
413,489
Phila & Reading.._ _ June
6,989.861 7,068,635 33,649,604 35,572,543
Pittsb & Shawmut_ _ June
617.831
89,179 124,587
535,973
Pitts Shaw & North June
661,291
82,007 108,327
488,117
Pittsb Sr West Va.. June
856,715
642,190
113,031 162,129
Port Reading
June
203,992 244,870 1,259,590 1,046,720
Quincy Om Sc K C.._ June
476,404
504,022
72,107
85,251
Rich Fred Sr Potom_ June
696,724 642,089 3,989,783 2,844,885
Wash Southern June
519,382 336,385 2,386,528 1,581,605
Rutland
June
407,932 372,338 2,201,432 2,099.757
St Jos Sc Grand Isl'd June
334,543 198,938 1,396,789 1,291,731
St Louis-San Fran June
6,260,189 5,513,107 35.480,667 30,161.168
Ft W Sc Rio Gran.. June
520,074
126,904
668,086
81,952
St L-S F of Texas June
721,479
91.149
143,727
657,350
St Louis Southwest_ June
1,055,318 834,301 6,128,745 6,185,564
St L SW of Texas June
564,170 460,297 2,925,294 3,158,773
St Louis Transfer June
488,632
73,451
471,397
79,852
San Ant Sc AranPass June
325,048 261,388 1,940,858 1,908,809
Seaborad Air Line June
3,356,089 3,056,042 20,449,364 17,437,962
South Buffalo
June
760,426
57,994 118,956
554,526
Southern Pacific_ Juno
13955118 12065005 76,001,927 66,900,146
Arizona Eastern_ June
314,390 255.093 1,875,671 2,179,564
Galv IIarris Sc S .15 June
1,820,464 1,511,156 10,112,155 9,940,671
Hoes Sc Tex Cent_ June
739,712 645,290 4,103,179 4,135,966
Hous E Sc W Tex_ June
976,203
180,846 139,518 1,100,791
Louisiana West'n June
358,382 320,023 1,969,408 2,014.678
Morg La Sr Texas June
661,249 593,582 3,644,659 3,796,253
Texas & New Orb. June
667,453 582,063 3,740,160 3,527,303
Southern Railway_ _ June
9,869,257 9,673.393 59,052,113 54,134,611
Ala Great South June
871,577 723,819 4,947,457 3,904,445
Mobile Sc Ohio
June
1,159,741 1,158,527 7,136,696 6,685,585
Georgia Sou & Fla June
308,457 282,485 2,130,119 1,684,797
South Ry in Miss_ June
623,299
126,090
818,040
88,933
Internat'l.
Spokane
June
468,308
94,823
465,129
75,146
Spok Portl Sc Seattle June
.
609,834 714,720 3,378,203 3,805,946
Staten Island R T_ June
763,126
210,244 191,294 1.073,279
Ala
Sc
Tenn
Georgia 1st wk Aug
1,701
72,303
68,713
2,907
Tennessee Central.... June
189,163 254,554 1,241,859 1,236,347
Term RRAssnofStL June
291,109 313,147 1,768,520 1,745,399
St L Mer Bridge T June
211,624 299,283 1,299.336 1,607,972
Texas Sc Pacific.... 4th wk July 949,159 725,077 19,268,024 13,915,574
Toledo St 14& West_ June
599,358 637,788 3,452,878 3,562,917
Ulster Sc Delaware_ June
414,258
83,245
461,718
88,688
Union Pacific
June
8,246,299 7.618,718 49,452,256 40,028,600
Oregon Short Line June
3,052,168 2,782,515 17,055,942 15,155,306
Ore-Wash RR &N June
2,285.108 2,332,736 12,765,152 11.628,747
Union RR (Penn).. June
669,072 657,895 3,757,636 2,849,609
Utah
June
602,278
515,843
86,865 105,067
Vicks Shreve Sc Pac_ June
269,061 155,163 1,532,702 1,171,509
Virginian RR
June.
1.136,424 903,409 5,109,859 5,067,655
Wabash RR
June
4,009,782 3,919,635 22,730,851 19,860,029
Western Maryland_ June
1,125,802 1,208,348 6,763,162 6,630,967
Western Pacific_
June
1,135,845 926,032 5,358,385 4,982,277
Western Ry of Ala_ _ June
178,942 206,173 1,302,075 1.135,485
Wheel Sc Lake Erie.. June
1,368,986 1,190,296 5,686,277 5,532,739
Wich Falls Sc N W.. June
188,196
928,513
64,856
471.973
Yazoo Sc Miss Valley June
1.737,320 1,602,524 11,035,257 9,754,221
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
$
8d week May (12 roads)____ 7,361.232
4th week May (12 roads)...... 10,811,279
let week June (14 roads)___ 6,850,498
2d week June (14 roads)..... 7,354,587
3d week June 1.4 roads)____
7,051,650
4th week June 14 roads)____ 9,255,407
let week July 12 roads)____ 6,660,394
2d week July i13 roads)____ 8,288,192
3d week July 14 roads).,... 7,858,562
4th week July 11 roads)_-_- 11,297,624
1st week Aug
7 roads) _ _ _ _ 6.117.767
We no longer include Mexican roads in
Previous
Year.
Increase or
Decrease.
$
6,811.778
9,505,652
6.635,242
6,983.931
7,007,844
9,310,234
6,254,110
7,447,070
6,844.374
9,571,417
5.385.520
any of our
i
+549,454 8.06
+1,305,627 13.74
+215,256 3.24
+370.656 5.31
+43,806 0.62
-54/827 0.59
+406,284 6.46
+841,122 11.29
+1,014,188 14.81
+1,726,207 18.03
4-752.217 14.02
totals.
%
Current
Previous
Increase or
Year.
Year.
Decrease.
%'
.
Prev.Yr.
$
$
$
230.015 498.289.366 362.509,561 +135769.795 37.45
232.378 487.140,781 357,772,850 +129367.931 36.16
230,576 484.824,750 377,867,933 +106956.817 28.30
232,259 438.602.283 356,438.875 +82,163,408 23.06
232,399 438.365,327 335,607,571 +102757756 30.62
233,199 395.552,020 284.131,201 +111420.81939.22
233,266 351,048,747 289,392,150 +61,656,597 21.31
225,631 375.772,750 365,096.335 +10,676,415 2.90
233,251 388,697,891 370,710,999 +17.986,895 4.85
234,339 413,190,468 8.0. 8.1 ._ +35,132,305 9.29
920 ARP
.!' 5 . 202 9R5 AAR 4.no 7110 074 7.R2
*Monthly Summaries.
.Yr.
Mileage. Carr.
August
230.743
Septernber 232.186
October
230.184
November.._232.274
December 232,774
January
232,655
February
232,957
March
226.086
April
232.708
May
233.931
Juno9:12 1 11(1
AUG. 16 1919.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
,of August. The table covers 7 roads and shows 14.02%
increase in the aggregate over the same week last year.
First Week of August.
1919.
I
1918.
Increase. Decrease.
$
84,578
Ann Arbor
73,118
Buffalo Rochester & Pittsburgh
274,095
453.886
Canadian National Railways___ 1.811,263 1.546.287
Canadian Pacific
3.442.000 2,882,000
Colorado & Southern
497,964
399,636
6.166
Nevada-California-Oregon
7.686
Tennessee Alabama & Georgia
1.701
2,907
264.976
560.000
98,328
Total (7 roads)
Net increase (14.02%)
934,764
752.247
6,117.767 5,365,520
11.460
179.791
1,520
1,206
182,517
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the June figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplementforfull details regarding the June resultsfor all the separate
companies.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
671
h Subsidiary companies only. j Lewiston Augusta & WaterviUe Street By.
earnings, expenses, &c.. not included in 1919. k Includes Tennessee By.,
Light & Power Co., the Nashville Ry. & Light Co., the Tennessee Power
Co. and the Chattanooga By. & Light Co. 1 Includes both elevated and
subway lines. 3 Of Abington and Rockland (Mass.).
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Braz Tr,L&P Co, Ltd__Junec9,369,000 c9,087,000 c4,877,000 c4.783,000
Jan 1 to June 30
c53,963,000c49,693,000c28,350,000c24,702,000
Providence Telep Co_ b _June 243,725
191,484
44,917
76,395
Jan 1 to June 30
1,222,186 1,132,341
228,898
281,829
South'n Bell T&T Co_ b_June 919,411
719,544
180,745
192,851
Jan 1 to June 30
5,058,614 4,345,476 1,096,802 1,266,964
b Net earnings here given are before deducting taxes.
c Given in nalireis.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
Companies.
June '19
'18
12 mos '19
'18
Chattanooga By & June '19
Light Co
'18
12 mos '19
'18
Consumers
June '19
Power Co
'18
12 mos '19
'18
Cumberland
June '19
County Power &
'18
Light Co
12 mos '19
'18
East St Louis &
June '19
Suburban Co System '18
12 mos '19
'18
Havana Elec Light June '19
& Power Co
'18
6 mos '19
'18
Huntington DeJune'19
velopment & Gas Co '18
12 mos '19
'18
Kansas Gas &
June '19
Electric Co
'18
12 mos '19
'18
Keystone TeleJuly '19
phone Co
'18
7 mos '19
'18
Nashville Ry &
June '19
Light Co
'18
12 mos '19
'18
Pacific Power &
June '19
Light Co
'18
12 mos '19
'18
Pensacola Elec Co June '19
'18
12 mos '19
'18
Portland Gas &
June '19
Coke Co
'18
12 mos '19
'18
Portland Ry,
June '19
Light & Power Co
'18
12 mos '19
'18
Republic By &
June '19
Light Co
'18
6 mos '19
'18
Tennessee
June '19
Power Co
'18
12 mos '19
'18
Tennessee Ry.
June '19
Light & Power Co
'18
12 mos '19
'18
BaNeocrtrlitYCO
84,769
73,723
980,653
910,855
156,597
149,073
1,869,400
1,552,084
615,419
536,256
7,451,957
6,072,647
221,793
278.214
3,004,447
3,141,634
322,638
318,857
4,370,095
3,863,918
745,078
666,817
4,321,893
3,920,085
60,231
76,840
978,288
855,368
179.295
150,552
2,407.806
1.857,842
133,471
129.652
921,391
936.961
256,521
238,570
3,132,328
2,566,877
180.997
154.740
1.975.710
1.769.855
44,152
42,733
558,924
417,518
176.246
145.423
2.024,955
1.540.601
725,633
632,552
8,279,444
6,818,090
471,764
449,166
3,006,037
2,807,909
153,567
193,822
2,344,746
2,036,987
494,128
525,836
6,450,438
5,551,567
32,687
29,873
345,295
371,355
38.547
29,070
412,542
197,867
204,896
267.496
2,907,720
2.565,508
65,316
102,876
893,543
982,879
59,556
75,389
871,033
1,053,018
365,462
364,192
2,166,100
2,135,758
24,046
35,855
447,599
417,072
49,453
51,953
755,254
565.816
37.701
47.448
295,290
391.194
60,082
83,966
883,949
920,874
95.566
78,882
910.573
905.383
10,393
16,533
124,482
157,929
80,839
66,415
870.456
701,613
273.476
240,994
2,724,942
2,636,522
123.036
133,132
815,154
764,789
60,303
97,607
893,132
758,416
162,141
213,310
2,226,431
1.907,479
20,547
12,140
19,502
10,371
243,822
101,473
234.007
137.348
20,943
17.604
22,396
6,674
268,214
144,328
349,333 def151,466
119,993
84,903
110,181
157,315
1,465,566 1,442,154
1,125,261 1,440.247
56,030
9,286
72,311
30,565
767,464
126,079
847,632
135,247
68,844
def9,288
67,915
7,474
827,019
44,014
801,618
251,400
137,912 x234,969
160,929 x220,256
912,366 x1,31.3,528
967,158 z1,248,950
17,225
6,821
16,071
19,784
193,006
254,593
195,017
222.055
39.056
x10,418
31.635
20.318
449.305 x324.424
328.922
236.894
29.779
7,922
29.177
18.271
204,723
90.567
200.744
190,450
39,281
20,801
40,527
43,439
475,416
408.533
489,555
431.319
45.866
x50,323
41.518
37.364
538.682 x381.688
457.278
448.105
8,380
2,013
9,061
9,472
93,291
31,191
82,750
75,179
28,907
x51,940
29,191
37,224
352.280 x518.184
348,344
353,269
191,125
82,351
187.746
53,248
2,262,643
462,299
2,155,699
480,823
114,448
x31,902
106,275
x35,251
683,803 x202,093
612,024 z203.313
53,965
6,338
52,346
45,261
640,412
252,720
630,730
127,686
140,757
21,384
140,472
72,838
1,668.861
557,570
1,654,373
253,106
$
$
$
$
123,891 133,049
Adirondack El Pow Co June
854,470
807,944
215,972 259.059 1,372,919 1,352,912
Alabama Power Co__ June
1224,129 1019,920 6,448,193 5,381,503
hAmer Pow & Lt Co_ May
21.891 20.097
Atlantic Shore Ry--- July
98,601
93.029
192.792 156,937
Aurora Elgin & Chic_ April
756,377
594.018
Bangor By & Electric June
84,769 73,723
498,693
441,121
Baton Rouge Elec Co June
29,498 23,273
126,244
172,549
Blackstone V G & El_ June
201,721 204,147 1,214,240 1,131,251
bBrazilian Trac,L & P June
f9369000f9087000 f53963,000f49693,000
Brock & Plym St Ry_ May
12,366
8.692
38,931
53,186
gBklyn Rap Tran Sys April
2978,358 2571,061 11,041,103 9,705,535
Cape Breton Elec Co_ June
46,529 40.098
233,929
277,413
Cent Miss V El Prop_ May
32,982 26,771
132,289
164,734
Chattanooga By & Lt June
156,597 149,073
864,827
890,330
Cities Service Co__ June
1601.017 1808,929 10,762,818 11,476,250
Cleve Painesv & East May
54,064 46,227
206,023
243,511
Colorado Power Co.._ April
95.672 106,934
419,838
389,889
°Columbia Gag & Elec May
918,256 877.375 5,298,330 5,314,281
Columbus (Ga) El Co June
104.852 95.152
592,028
610.516
Com'w'th P, By & Lt June
1992,372 1831,428 12,319,675 10,338,998
Connecticut Pow Co.. June
96,005 75,967
461,626
597,297
Consum Pow (Mich)_ June
615,419 536,256 3,897,392 3,053,539
221,793 278,214 1,244,238 1,466,691
j_Cumb Co(Me)P&L June
200,133 173,606 1,411,791 1,121,327
Dayton Power & Lt__ June
gDetroit Edison
1185,753 1011,620 7;837,060 6,692,833
June
aDetrolt United Lines May
2003,332 1599,400 9,169,098 7,398.004
Duluth-Superior Trac July
988,658
168,208 141,996 1,101,972
322,638 318,857 2,070,149 1,915,940
East St Louis & Sub June
Eastern Texas Elec June
110,620 102,081
538.122
650,804
81,003 63,489
Edison El of Brock'n_ June
529,381
380.858
20,295 16,941
/Elm Light & Pow Co June
132,109
100,056
gEl Paso Electric Co.. June
123,870 96,236
750,871
630,244
63,243 63,319
Fall River Gas Works June
337,422
341,243
303,040 272,395 1,614,758 1,457,250
Federal Light & Trac_ May
90,675 94,708
Ft Worth Pow & Lt May
512,886
537,560
255,778 230,753 1,469.883 1,237,197
Galv-Hous Elec Co June
400,428 341.937 2,478.496 2,096,327
g Great West Pow Sys June
129,829 109,515
Harrisburg Railways.. May
646,939
506,198
745,078 666,817 4,321,893 3,920,085
Havana El Ry, L & P June
29,389 25,436
Haverhill Gas Lt Co.. June
177,246
159,914
68,045 64,540
Honolulu R T & Land June
370,692
348,658
31,552 31,310
Houghton Co El L Co June
209,468
204,824
22,706 25.680
Houghton Co Trac Co June
148,911
164,605
516,722 419,752 2.021,637 1,652,031
b Hudson & Manhat_ April
1341,228 1150,237 8,256,098 7,094140
b Illinois Traction.. June
4019,001 3524,432 19,341,036 17,539,101
I Interboro Rap Tran, May
Jacksonville Trac Co_ June
81,207 60,984
509.015
428,985
Kansas Gas & Elec Co June
179,295 150.552 1.328.184 1,043,934
Keokuk Electric Co June
26,548 23,151
150,760
125,653
18,700 16.157
Key West Electric Co June
112,989
87,605
Lake Shore Elec Ry May
218,575 161,528 .963,769
772.169
17.786 16,267
Long Island Electric_ April
63,812
61,199
Louisville
_ May
364,925 326,156 1,668,028 1,465,289
Railway..Corp.. June
Lowell Electric
72,367 64,239
484,661
388,773
Manhat Bdge 3c Line April
13,530 11,867
50,447
45,158
1120,942 946,311 7,071,301 6,637,423
a Milw El Ry & Lt Co June
Mississippi Riv P Co_ June
192,146 182,590 1,111,850 1,092,995
Nashville Ry & Light June
256,521 238,570 1,577,844 1,311,731
297,766 258,467 1,816,937 1,534,239
New England Power_ Juno
NewpN&H Ry,G&E June
259,448 196,481 1,321,845
944,849
477,525 470,851 2,582,162 2,572,168
New York Dock Co June
47,557 37.698
N Y & Long Island.... April
125,228
165,410
April
Shore
12,442 11,755
NY & North
45,752
40,523
April
86,194 75,468
N Y & Queens Co
319,990
274,925
1090,708 983,452 4,052,405 3,661,872
New York Railways.. April
April
Northampton Trac
20,120 17,678
83.732
70,688
746,220 593,513 4,312,935 3,468,309
Northern Ohio Elec June
z After allowing for other income received.
282,415 259.163 1,558,569 1,560,931
North Texas Electric_ June
9.578
Ocean Electric(L I) April
7,567
25,042
31,162
Gross
Net
Fixed Chgs. Balance,
180,997 154.740
Pacific Power & Light June
880,827
997,601
Earnings. Earnings. cst Taxes. Surilus.
44,152 42,733
Pensacola Electric Co June
225,754
278,628
2909,271 21588,15 11.126,351 9.814,092
Phila Rapid Transit.. April
June '19 1,992,372
812,906
64,826 54,465
June
679,584
133,322
Phila & Western
283,669 Commonwealth
343,248
Power, By &
'18 1,831,428
786,456
176,246 145.423 1.047,531
623,427
163,029
Portland Gas & Coke June
820,037
Light Co
12 mos '19 23,904,157 9,758,860 7,986,433 1,772,427
725,633 632,552 4,269,955 3,657,639
Port(Ore)Ity,L&PC0 June
'18 20,789,999 8,401,985 6.987,565 1,414,420
471,764 449.166 3,006,037 2,807,909
Republic Ry & Lt Co_ June
42,662 33.739
Richmond Lt & RR April
158,918
127.406 Harrisburg RailMay :19
129,829
50,395
35,696
14.699
346,325 409,047 1,973,291 2,548,398
St L Rocky Mt & Pac June
ways Co
109,515
40,750
34,872
5,878
62,209 55,718
Santiago El Lt & Tr_ June
365,713
325,078
5 mos '19
646,939
259,396
179,142
80,254
118,664 96,677
Savannah Electric Co June
555,228
673,225
'18
506,196
178,375
168,375
10,000
67,547 66,860
Second Avenue (Roe) April
246,621
234,119 Phila & Western
June '19
64,826
19,862 17,670
26,060
Southern Boulevard_ April
14,087
11,973
72,838
64,371
RR Co
'18
54,465
954,590 777,871 4,874,110 4,098,549
Southern Cal Edison_ June
22,895
14,140
8,755
1? mos '19
678,730
25,941 20,778
262,476
Staten Isld Midland_ April
169,097
92,138
93,379
78.601
'18
590,301
97,926 83,135
Tampa Electric Co June
264,868
165,872
98,996
613,813
517,280
153,567 193,822 1,122,280 1,014,68C
Tennessee Power_
June
494.128 525,836 3,150,588 2,846,71C
k Tenn Ry,Lt & P-Co June
249.788 221,583 1,381,040 1,247.18t
Texas Power & Lt Co MAY
1003,512 870,856 5,343,071 4,844,89
Third Avenue System_ June
48,672 41.447
DDEB&11 RR_ April
185,226
148,97E
151.699 139,618
42dStM&StNARy April
557,847
tila9.10C
Union Ry Co(NYC) April
236,874 215,045
868,556
809,127
Yonkers Railroad April
77,951 66,244
250,971
Financial Reports.-An index to annual reports of steam
283,873
NY City Inter By.. April
62,253 56,724
229,695
219.64C
Belt Line Railway.. ADO
51,864 53,331
190,796
196.131 railroads, street railway and miscellaneous companies which
Third Avenue
Apfil
335,814 315,814 1,295,903 1,262,490
Twin City Rap Trail_ June
924,855 808.432 5,342,681 4,847,579 have been published during the preceding month will be given
Virginia Ry & Power_ June
755,786 690,380 4,392,517 3.873,200 on the last Saturday of each month. This
index will not
Wash Balt & Annan_ _ May
188.320 212,639
971,897
956.70.
Westchester Electric_ April
50,709 43,625
166,699 include reports in the issue of the "Chronicle" in which it is
186,924
Youngstown & Ohio_ May
38.033 33.533
185.208
161.93C
_ _ _ published. The latest
index will be found in the issue of
a Includes Milwaukee Light heat & Traction Co. b Includes all sources.
f Earnings given in mllreis. g Includes constituent or subsidiary companies. July 26. The next will appear in that of August 30.
FINANCIAL REPORTS
672
EvoL. 109.
THE CHRONICLE
Minneapolis & St. Louis RR.
(Report for the Fiscal Year ending Dec. 31 1918.)
Chairman Charles Hayden, New York, April 24 1919,
wrote in substance:
There was laid in the main line of the Colorado & Southern, 9.55 miles of
new 85-1b. rail, replacing lighter or wornout rail; 4.95 miles of 40-1b. rail in
narrow-gauge main lines was replaced with 52 and 56-1b. relay rail. On
the Fort Worth & Denver, 7.70 miles of new 85-1b. rail was laid in the main.
line, replacing worn-out 75-lb. rail. Authority was given for the application of 20,000 rail anchors on the Colorado & Southern, and an equal number on the Fort Worth & Denver, and for 168,380 tie plates on the Colorado
& Southern and 175.000 on the Fort Worth & Denver. Cross-tie renewals
on the Colorado & Southern were 385,037, on the Fort Worth & Denver
111,729, and on the Wichita Valley Lines, 46,852. Five miles of main
track on the Colorado & Southern were ballasted with volcanic cinders and
6.2 miles on the Wichita Valley Lines with locomotive cinders.
No permanent bridge renewals were made on the Colorado & Southern!
On the Fort Worth & Denver,680 ft. of wooden trestles have been replaced
with 602 ft. of permanent bridges, and six wooden boxes or pile trestles have
been replaced with reinforced concrete. On the Wichita Valley Lines,42 ft.
of wooden trestles were replaced with reinforced concrete pipe.
Oil.-The oil development in Texas made it necessary to put in tracks for
the Powers Oil & Refining Co.and the Electra Refining Co. at Electra,and
for Sunshine State Oil Co.and Wichita Valley Refining Co. at Wichita Falls.
Abandoned Lines-Rolling Stock.-The program of taking up the track
from abandoned lines in unproductive territory has been continued throughout the year. [On Dec. 31 1918 the main line owned aggregated 1,799.85
miles; branches and spurs,128.01; total owned, 1,927.86 miles, less 231.01
miles not operated; operated under lease or contract, 134.26 miles; total
operated, 1,831.11 miles.]
Rolling Stock.-The Colorado & Southern built at its own shops in Denver,
ninety 80,000-1b. capacity box cars with steel centre sills, eighty-nine 80,000lb. capacity coal cars with steel centre sills, nine 80,000-1b. capacity stock
cars with steel centre sills, and one 80,000-1b. capacity steel flat car. Fifteen box cars were equipped with steel centre sills; 101 narrow-gauge
40,000-1b. capacity, wooden coal cars were sold. Three narrow-gauge locomotives were dismantled, and one narrow-gauge locomotive was sold.
Drought.-The long-continued drought throughout Texas territory was
not broken until March 1919. Copious rains have fallen since then, and
the crop prospects for the coming year are most favorable.
CORPORATE AND FF;DERAI: COMBINED INCOME ACCOUNT FOR
CALENDAR YEARS.
-Colo. & Soit. Ry. Co.- -Ft. W. & Dena. Cy.
Operating Revenues1917.
1918.
1918.
1917.
Freight
$10,114.942 38,278,757 $5,611,412 $4,444,135
Passenger
1,913,524
1,987,611
2,019,673
1,743,8i1
Mail,. express, &c
774,383
351,319
813,073
358,917
The company has not yet signed the contract with the Government because they believe that the so-called "standard return" does not adequately
compensate the company for the use of its property. This amount, the
average net railway income for the three-year period terminated June 30
1917, $2,639,857, is sufficient to pay the fixed charges, the maturing installments of equipment trusts, interest on the unfunded debt, the expense
of the corporate organization and to leave a margin of $210,000; but does
not provide for making the necessary additions and betterments.
ROLLING STOCK OWNED-BRIDGES, BALLAST, RAILS. DEC. 31.
-Locomotives- Passenger -1-Freight Equip.- Work
No.
Tractive Power, Equip.
No. Cap.(tons).Equip.
219
6,434,390 lbs.
145
8,668
293,525
357
1918
229
6,555,770 lbs.
142
8,809
313,405
372
1917
232
6,646,439 lbs.
144
7.475
233,000
344
1916
223
6,112,470 lbs.
139
7,183
218,705
309
1915
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agriculture. Animals. Mines.
Forests. Manufac.
Miscel.
850,489
1,894.595 320,570 2,071,769 294,698 613.794
1918
1,706,310 261,019 2,301,134 398,135 938,156 1,002,890
1917
1,883,950 293,803 2,112,774 354,595 899,624
957,650
1916
2,060,363 271,890 1,690,244 350,169 789,711
787,301
1915
STATISTICS FOR CALENDAR YEARS.
Years ending1918.
1917.
1916.
1915.
Average miles operated..
1,647
1,647
1,647
1,646
No. passengers carried__ 2,017,547 2,217,112 2,457,856
2,543,180
Pass. carried one mile_ _ _ 80,234,262 88,013,326 92,842.539 91,707,405
Rate per pass. per mile.. 2.554 cts. 2.218 cts. 2.133 cts. 2.072 cts.
Revenue freight tons_ __ 6,045,915 6,607,644 6,602,405
5,949,668
Rev.fr't carr. 1 m.(000) 1,021,838
1,119,921
1,060,813
979,958
Rate per ton per mile__ 0.913 cts. 0.744 cts. 0.790 cts. 0.799 cts.
Earns.per pass.train mile
$1.16
$1.06
$1.01
$1.02
Earns, per fr't train mile
$3.51
$3.00
2.91
$2.63
$7,304
Gross earns, per mile__ _
$6.683
$1,677
$6;267
COMBINED FEDERAL AND CORPORATE INCOME ACCOUNT FOR
CALENDAR YEARS.
1918.
1917.
1916.
1915.
Earnings$
$
Total oper. revenues...$12,947,688
1,952,182
Passenger
2,049.093
1,980,351
1,899,865 Maint. of way & struc__
Freight
9,326,192 8.332,446
8,377,174
7,828,515 Maintenance of equip't_ $1,483.217
2,899,036
Mail, express, &c
653,015
720,435
637,698
590,829 Traffic
99,141
Transportation
4,539,092
Total oper. revenue
12.028.300 11.005,063 10,995,223 10,319,210 General
441,664
ExpensesMiscellaneous
60,749
Maintenance of way,&c. 2,128,724
1,535,250
1,269,091
1,146,254
•
Maint. of equipment
2,989,574
1,270,519
1,641,245
1,373,961
Operating expenses.._. $9,522,898
3,880,973 3,859,813
Transportation expenses 5,792,794 4,575,866
$3,424,789
Traffic expenses
150,891
215,074
213,672
211,857 Net revenue
609,035
332,718
272,482
259,074 Tax accruals, &c
General, &c
283,367
508,243
437,325
671,592
542,801
Taxes
Operating
income...__
32,815,754
Total exp. and taxes.._ 12,066,293 8,411,992 7,796,591
7,288,284 Hire of equipment
$660,149
3,198,632 3,030,925 Dividend
Net operating revenue
def.37,993
2,593.071
income
638,706
45,462 Income from
11.169
Interest on bonds
63
504,663
4,144
78,461
4,144
24,144 Miscellaneousfunded see.. 1,012,236
Divs. on stock owned...._
31,252
261,536
163,023
65,314
Net rent, lease of r'd, &c.
227.687
Total net income
DeductInterest on funded debt.. 2,059,542
25,971
Int., disc't & exchange....
Miscellaneous charges
289,501
Hire of equip., balance_ Cr.268,748
2,834,618
3,279,259
3,131,783
2,063.789
949
126,239
Cr.7,410
2,092,504
34,142
145,547
256,948
2,143,803
81,488
420,035
42,659
2,183,567 2,529,141
2,687,985
Total fixed, &c., chgs- 2,106,266
Balance, sur. or def_def.1,878,579 sur.651,051 sur.750,118 sur.443,798
-v. 108. P. 268.
Colorado & Southern Railway Co.
(20th Annual Report-Year ended Dec. 31 1918.)
Pres. Charles E. Perkins says in substance:
Federal Compensation.-During the entire year the railroads of the several
companies (except The Denver & Interurban RR. Co.) have been in the
possession of the U. S. Government. The agreements duly executed by the
Director-General and by the President of your companies on Oct. 10 1918,
fixed the annual compensation [during the period of Government operation]
at the average annual operating incomes of the companies for the three-year
period ended June 30 1917, as follows: Colorado & Southern Ry. Co.,
$2,481,212; Fort Worth & Denver City Ry. Co.,$1,891,386; Wichita Valley
By. Co., $352,367.
Changes (-I- Increase;- Decrease) in Oper. Results under Federal Control.
Operating Revenues.
Operating Expenses.
+$2,725,594 or 40.107
+$1,981,023 or 18.06
C. & S. RR
+2,009,914 or 49.84
+1,403,479 or 21.44
F. W.& D. C. RR
+127,580 or 22.94
-97,037 or 10.35%
W. V. RR
Operating Income.
Net Operating Revenue.
-$778.101 or 21.65
-$744,571 or 17.86
0. & S. RR
-453,287 or 22.10
-606,436 or 24.12
F. W.& I). C. RR
-232,589 or 72.11
-224,617 or 58.90%
W. V. BR
Compared with the "test period," the operating income of the C. & .
RR.increased $278,665,or 10.98%, but for the F.W.& D.C. RR.decreased
$276,903, or 14.77%, and W. V. PCR. decreased $314,932, or 77.78%.
1917.
Percentages of Oper. Revenues Required for Oper. Exp.- 1918.
61.98%
73.55%
C. & S RR
76.007
61.60
F. W. & D. C. RR
81.35
59.32 0
W. V. RR
Note.-For proper comparison the corporate expenditures°for expenses
and the accruals for taxes have been included in the foregoing figures.
Denver c% Interurban RR.-The property of this subsidiary was placed in
the hands of a receiver on June 12 1918 by the Federal Court in Colorado,
upon proceedings instituted by Guaranty Trust Co. of N. Y., trustee in the
first mortgage.
This road, operating some 44 miles by electricity, partly over the main
line of The Colorado & Southern, was constructed in 1907 to permit of frequent passenger service between Denver and Boulder, Colo., and adjacent
coal-mining camps in Northern Colorado. Owing to the decrease in operating revenues and increases in expenses and taxes brought about partially
by war conditions, this company could not meet its obligations.
The company has during the year arranged for a sale of its street-car line
In Fort Collins, Coll., to the City of Fort Collins.
Trinity & Brazos Valley Ry.-Your company's claims against The Chicag;o
Rock Island & Pacific Ry. Co. in connection with a one-half ownership in
The Trinity & Brazos, were settled by decree'of the U. S. District Court for
Northern Illinois on Dec. 23 1918. Through this settlement your company
collected 60°1 of one-half of the total cost of the 13razos*Line, and The
Chicago Rock
'Island Sc Pacific By. Co. becomes the owner of one-half of
the entire capital stock and one-half of the funded debt. Your company
suffered a net loss of $1,510,728 in this settlement, of which $60,667 has
been charged (V. 108, p. 380, 1611; V. 103, P. 2429) to appropriations herotofore made and the balance to profit and lass.
The Trinity & Brazos Valley Ry. Co. and its receiver entered into an
agreement with the Director-General of Railroads on Jan. 23 1919,providing
for the taking over of the property by the Federal Government as of Aug. 1
191 8. The agreement is in standard, form, except as regards compensation,
which is fixed at $100,000 for the full period of Federal control.
Funded Debt.-During the year there have been retired: F. W. & D. 0.
Ry.deferred rentals under equipment leases, $112,000,and 0. EL & C. C. D.
By. Co. 1st M. bonds, through sinking fund, $13,000.
Improvements.-The U. S. RR. Administration has been encouraged to
continue the making of physical improvements, under the plan adopted
several years ago. The changes in road and equipment accounts of the
several companies, including leased lines, aggregated (net) for C. & S.
credit, $182,097; P. W. & D. C. debit, $148,738; W. V. debit, 39,479;
D. & I. credit. $24.559.
Gross income
DeductHire of equipment
Rents, &c
Interest on funded debt..
Miscellaneous
Invest, in phys. prop
First pref. dividend..._
Second pref. dividend_ Balance surplus
$10,966,664 $7,950,342 $6,516,863
$1,021,815
$550,412
$792,875
1,880,993
1,741,867
1,127,333
53,934
131,729
89,399
3,372,309
3,144,590 2,015,834
322,464
278,796
214,106
67,965
30,487
35,551
$6,797,304 $6,042,549 $4,032,634
$4,169,360 31,907,793 52,514,229
575,505
310,219
463,368
$3,593,855 $1 597,574. $2,050,861
$70,219
1.115,383
$326,948
840,507
381,383
31,636
5,562
144.941
84,852
1061
$4,997,943 $5,030,905 $1,829,444 $2,489,741
$692,159
173,400
2,160,018
61,155
$116,329
169,227
2,162,826
89,067
$1,231,211
$1,813,456
$47,714
$31,509
9,367
5,087
539,756
545,034
122.814
123,448
25R,243
250,723
(1)340,000 (4)340,0001x(8)639,152x(8) 639,152
(4)340,000 (4)340,0001
$212,398
$804,288
x This is the dividend. on Common stock, practically all owned by Colo
rado & Southern Ry. Co.
The Income account furnished by the Federal Auditor shows railway
operating revenues, $12,947,688; gross income, $3,790,448; net income,
$3.016,052; compensation under agreement,$3,016,052; net Federal surplus,
$534,840 for the Colorado & Southern Ry., and $7,950342, 51,988.082,
$1,845,599 and $1,891,386, respectively, for the Fort (Worth & Denver
City By., leaving a net Federal deficit of $45,786.
-Wichita Val. Ry.1918.
1917.
1917.
1918.
$
$
Oper. Income$
Net revenue from
$
Freight
559,078
627,658 railway °peens_ 156,731
381,348
Passenger
219,562
233,459 By. tax acor., &o.
66,766
58,794
Mall, express, dtc_
76,314
61,754
Oper. income__
89,965
322,554
Tot. over. rev_ _ 840,394
937,431 Non oper.income.
20,163
21,977
Oper. ExpensesMaint. of way &
Gross income__ 110,128
344,531
structures
184,029
176,072 Hire of equip., &o_
46,508
69,524
Maint. of equip't. 111,941
66,057 Rent for leased rds 203,393
203,303
Transportation _ _
369,340
299,027 Int.on funded debt
38,450
38,450
18,352
General, tko
14,928
Net rev. from
381,348 Net income__ df.178,222
By.operations 156,731
33,164
CORPORATE INCOME IN 1918 ON BASIS OF STANDARD RETURN.
C.& S.R.F.W.&D.C.Ry. W. V. Ry.
Standard return
$2.481,212 $1,891,386
$352,367
Rents,dividends and interest received_ 1,215,569
117,037
14,182
Total income
$3,696,781 $2,008,423
$366,549
Interest charges (see above)
2,160,108
539,756
38.450
Dividends (see above)
680,000
639,152
Rents,amort.,oper.exp.& tax accruals 146,153
106,210
216,307
Miscellaneous charges
*216,260
*206,876
*10,064
Additions and betterments
258,243
Balance to profit and loss
$896,371
$258,185
$101,729
* Includes "lap-over" items credited and charged by Federal Administen.
The income account of the Wichita Valley By., furnished by the Federal
Auditor, shows railway operating revenues, $840,394; gross income, $132,702; net income, $72,416; compensation under agreement, $352,367; net
Federal deficit, $279,951.
The Denver & Interurban, operated independently by a receiver,shows for
1918 operating revenue, $224,288; net after taxes ($11i400). $12,338.
Deductions: Rents, $12,150; interest on funded debt, $64,740; interest on
unfunded debt, $28,216; balance, deficit, $92.768.
BALANCE SHEET DEC. 31 1918 (Compare V. 106, P. 2221).
AssetsCol. & S.Ry. F.W.eeD.C. Den. & Int. Wich.V. Rfl
Invest. in road & equip-$77,271.241 $25,119,401 $1,329,973 $1,880,421
30,084
Dep.in lieu of mtg. prop.
17,025
194,796
Misc. physical property..
4,660
Invest. in affil. cos
y19,516,012
493,082
Other investments
1,268,210
725,929
412,939
76,811
Cash
12,168
446
675,978
19,764
Ssce, ial deposits
Traffic, &c., bal. receiv_
4,750
3,777
Miscellaneous accounts_ 4,271,709
33,625
2,681
Int. & divs. receivable.,_
4,177
249,349
Material and supplies_
39,074
5,773,201
Deferred assets
700
6,316,434
830,402
39,387
Unadjusted debits
509
247.865
1.410
dig
Total
$110,459,368 $32,229,170 $1,467,674 $2,712,711
AUG. 161919.]
THE CHRONICLE
673
LiabilitiesCoL&S.Ry. F.W.&D.C. Den.&Int. Wich.V.Ry.
United States Rubber Company, New York.
Capital stock
$9,243,800
$101,500 $1,020,000
31,000,000
Common stock
(Statement for Half-Year Ended June 30 1919.)
Preferred stock
17,000,000
Accompanying the announcement of the proposed increase
Funded debt
x49,574,900 8,904,000
769,000
1,079,000
Non-negotiable debt to
in the capitalstock referred to last week and further mentioned
299,918
affiliated companies
659,583
in the news columns on a following page, Chairman Samuel
Audited acc'ts & wages
1.,552
26,052
payable
86,896
648 P. Colt reports as follows for the half-year ended June 30
11,241
Miscellaneous accounts_
21,363
47,660 1919 (compare V. 109, p. 585):
3,208
142.409
19,680
Interest matured unpaid
19,225
84
Divs., &c., mat'd, unp'd
514,190
The fixed properties of the company appear in the balance sheet at cost,
318,305
48,589
Unmat'd in,&c., accr_
549,678
46,822 which is beheved to represent conservative valuations, and, as indicated
2,025
184,876
Dividends declared
therein, adequate reserve has been made for depreciation of property and
1,858,433
Deferred liabilities
3,888,296
344,679 plants. The rubber plantations which are included in the item of property
1,751,374
Accrued deprec'n, &c
3,745.443
213,863 and plants, are carried at cost, viz.: $10,000,000, although capitalized under
55,655
Add'ns to prop. through
the name of "United States Rubber Plantations, Incorporated," (N. Y.)
income and surplus__..
187,836 6,676,344
8,006 at $30,000,000 and believed to be worth the latter figure or more; $28,Appropriated surplus_ __
500,000
033,300 par value of the Plantation stock owned by the company is carried
3,223,281 deb.838,498
Profit and loss
3,309,201
242,906 at said cost of $10,000.000.
Total
$110,459,368 $32,229,170 $1,467,674 $2,712,711
x Excluding $5,421,446 held by company itself unpledged, viz.: 1st M.
bonds, $2,000, and refunding and Extension Mtge. bonus, $5,419,447.
y The securities owned or controlled by Colorado & Southern Ry. include:
(a) stocks aggregating $5,955,176, namely, Colorado RR., $2,233,100;
Colorado Springs & Cripple Creek District By.,Common, $1,199,100,
Preferred, $800,000 (all owned or controlled by C. & S. Ry.); Ft.'Worth &
Denver City By., $9,361,016; Wichita Valley By., $1,019,100; other companies, $217,000. (b) Bonds aggregating $11,332,327, namely, Colorado
& Southern By. 1st M., $2,000; Refunding and Extension Mtge., $5,419,447; Colorado RR.,32,233,000; Denver & Interurban RR., 31,250,000 (all);
Colorado Springs & Cripple Creek District By., 1st M., $9,000; Wichita
Valley By., $769,000 (all); Wichita Falls & Oklahoma Ry., $257,000 (all);
Wichita Valley RR.,$744,000 (all); Abilene & Northern By., $516,000 (all);
Stamford & Northwestern By., $1,872,880 (all); and Ft. Worth & Denver
Terminal By., $428.000.-V. 109 p. 577.
Continental Candy Co. New York.
(Statement to the New York Stock Exchange).
The statement made to the New York Stock Exchange,
in connection with the listing of 500,000 shares of Capital
stock, no par value, will be found on subsequent page under
the heading "Reports and Documents."
United Light & Railways Co.
(Report for the Fiscal Year ending Dec. 311918, &c.)
The remarks of President Frank T. Hulswit, together
with the income account, profit and loss account and balance sheet for the calendar year 1918 were published at
length in V. 109, p. 587.
Accompanying the annual report the directors submit
th following statement of operations for the 12 months
period ended June 30 1919, showing the progress the company has made since Jan. 1 1919.
COMPARATIVE CONSOL. EARNINGS STATEMENT UNITED LT. &
RYS. CO. AND SUB. COS., 12 MONTHS ENDED JUNE 30TH.
1919.
Increase.
1918.
Gross earnings, all sources
$9,816,278 $8,466,982 $1,349,296
Operating expenses (incl. maintenance,
general, income & excess prof. taxes) 6,891.364
5,796,072
1,095,292
Net earnings
$2,924,914 $2,670,910
$254,004
Interest on bonds and notes, subsidiary
companies, due public
$724,748
$713,731
$11,017
Dividends and earnings on Pref. stocks,
subsidiary companies, due public..
170,796
170,909
Dec.113
9,170
Profit due minority stockholders
8.981
189
Balance
$2,020,200 $1,777,289
$242,910
Int. on First & Refunding 5% bonds,
United Light & Railways Co
438,462
435,035
3,426
$1,581,738 $1,342,254
Balance
$239,484
Int. on 6% Five-Year Bond-Secured
90,000
Gold Notes, United Light & Rys. Co.
111.947 Dec.21,947
Int. on 6% 234-Year Bond-Secured
90,000
Gold Notes, U. L.& Rys. Co.,Ser. A
48,770
41,230
.
Int. on 7% 5-Year Bond Secured Gold
Notes U. Lt. & Rys. Co., Series B....
76,904
76,904
° Cony. Gold Debs.,
Int. on 10-Year 67
United Light & Railways Co
120,000
120,000
43,252
Int. on commercial loans, U.L.& R.Co.
33,158
10.094
Balance
$1,161,582 $1,028,378
$133,204
Dividends on First Pref. Stock (6%).-- 606,985
607,285
Dec.300
Surplus earnings
$554,597
$421,093
$133,504
COMPARATIVE RESULTS FOR CALENDAR YEARS.
Earnings of1918.
(1) Subsidiaries1917.
1916.
1915.
Gross earnings
$9,015,559 $7,705,269 $6,885,779 $6,308,776
Operating expenses (incl.
maintenance & taxes) 6,415,106
5,046,908
4,219,386 3,827,262
RESULTS FOR SIX MONTHS' PERIOD ENDING JUNE 30.
(Subject to Adjustment at end of Fiscal Year.)
1919.
1918.
Total sales
Not reported $108,515,726
Mfg.,selling and general expenses and taxes,82,439,561
Cash discounts for prepayment
2,542,258
Deductions for bad debts
Not shown
394,304
Income charges, net
6,536,886
Interest on bonded debt
1,982.489
Other interest, net
535,352
Reserved for Federal income and excess profits
and Canadian business profits taxes
3,801,850
Net earnings
a$10,815,750 $10,283,026
Dividends-U.S. Rubber Co. 1st pref..8% p.a. b2,501,456
2,468,888
Second preferred,6% per annum
12,108
12,108
To minority stockholders of subsidiary cos
b8,000
9,321
Surplus for the period
b$8,294,186
$7,792,709
• a Shown "after deducting all interest charges and after allowing for depreciation, Federal taxes and reserves." b Approximate; inserted by Ed.
CONSOLIDATED BALANCE SHEET JUNE 30.
ASSETS.
1919.
1918.
Prop'y, plants & invest., incl. rubber plantations_$140,644.792$132,322,696
Current Assets (Total in 1919,$135,013,124)Cash
8,865,780 11,116,050
Accounts and notes receivable
38,773,310 43,114,952
Manufactured goods and materials
87,374,033 76,760,203
Securities (incl. Liberty bonds and stock of U. S.
Rubber Co., held by subsidiary companies).......7,130,577 10,537.140
Prepaid and deferred assets
1,673,568 2,292,042
Total assets
$284,462,062$276,143,083
LIABILITIES, RESERVES & CAPITAL.
(a) Capital stock, First Preferred
$63,022,100 $61,722,200
Second Preferred
403,600
403,600
Common
36,000,000 36,000,000
Minority Canadian Cons. Rubber Co., Ltd., stock
284,000
320,655
(b) Bonds Outstanding (Total in 1919,$98,591,227)S. R. Co. 1st & Ref. M 5s
a59,207,000 60,000,000
U.5-year 7% secured gold notes
6,000,000
Canadian Consol. R. Co., Ltd. 6% bonds
2,600,000
2,600,000
General Rubber Co. 570 bends
9,000,000
'
(c) Current Liabilities (Total in 1919. 330,784,227)Account payable. merchandise
9,869,765 7,892,257
Acceptances payable for importation ofcrude rubber 2,230,771
2,191.720
Notes and loans payable
10,929,280 21,249,995
Accr. current liab., incl. prov.for divs.on pref.stks. 7,754,410
5,815,597
(d) Reserves and SurplusReserve for depreciation of property and plant_ __ - 12,800,844 8,741,753
General reserves, incl. ins.fd.& prov.for Fed. tax._ 16,517,114 13,852,774
Fixed surpluses, subsidiary companies
6,709,275 6,709,275
Surplus
50,133,902 39,643,256
$284,462,0623276,143.083
a First and Refunding Mtge. 5% gold bonds due 1947, $68,207,000, less
treasury bonds deposited as security for U. S. R. Co. 5-year 7% secured
gold notes due Dec. 1 1923, 39,000,000.-V. 109. p. 585.
Great Western Power System.
(Report for Fiscal Year ending Dec. 31 1918.)
The text of the report, signed by President M. Fleishhacker, will be cited in a subsequent issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Western Power Corp. and Sub. Cos.-Inter-Co. Items Eliminated.]
1918.
1917.
1916.
Electric revenue
$4,379,398 $3.814,181 $3,575.904
Steam revenue
192,548
151,579
140.016
Water revenue
64,901
43,344
34,433
Other
7,560
deb,551 deb.7.007
Total
$4,644.407 $4,008,553 $3.743,346
Op rating, general, &c.,expenses.. _-..$l,415,146 $1.249.688 $1,143.386
Taxes
290,436
283,586
219,288
$2,600,453 $2,658,361 $2,666,393 $2,481,514
Net earnings
Net earnings
$2,938,826 $2,475,279 $2 380,672
886,077
a Interest and dividends_ 896,502
1,390,513
1,387,155 Add-Interest
$27,534
$13.654
$27.283
Rentals and leases
28,841
27,239
18,931
$1,703,951 $1,772,284 $1,275,880 $1,094,359
Balance
securities
(net)
on
Profit
165.279
Rys.(2) United Light &
Earns, available on stocks
Gross income
$2,995,200 $2,516,172 $2,592,165
$1,696,384 $1,758,981 $1,257,490 $1,079,565
owned
Deduct-Interest on notes and accounts $41,251
$13.182
$6,424
10,499
/5,436
Divs. & int. rec. on My
477,642
424,116
Rentals, leases, &c
51,172
52,534
47.842
308,289
280,477
Miscellaneous earnings
183,689
122,511
TJncollectible accounts
18,792
20,396
19.630
Amortization bond discount, &c_ _
69,631
68,067
56,770
$2,015,171 $2,054,894 $1,918,821 $1,626,192
Gross earnings
Interest on funded debt (net)
1,553.629
1,557,694
1,475,961
147,273
157,904
Expenses and taxes
146.908
127,316
$1,857,267 $1,907,621 $1,771,913 $1,498,876
Not earnings
703,050
$801,500
Bond, &c., interest
$578,640
$520,136
605,557
First pref. dividends(6%) 607,386
595,792
525,789
Second preferred divs_ _ _
b31,630
Common dividends_ _..(4%)275.339 (4)275,964 (1)69,000
Total deductions
$1,734,476 $1,711,873 $1,606,627
Net income for year
$1.260,723
$804,299
$985,538
Divs. on Pref. Stocks-(Inserted by Ed.)California Electric Generating Co.(6%) $150,000
$150.000
$150,000
277,085
Western Power Corporation (4%)
276,840
282.920
Balance, surplus
$833.638
$377,363
$552.618
Balance for deprec'n, &c_ $173,043
$323,050
$528,480
$421,321
An official statement furnished by the Western Power Corp., for use in
a Including interest to United Light & Railways Co.
the Railway & Industrial Section in April 1919, shows gross earnings, $4,b Second preferred stock has all been converted.
644, 407 as above, and balance surplus $560,610, after preferred dividend,
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.). $277,085 as above.-V.108 p. 2126.
1917.
1918.
1918.
1917.
LiabilitiesAssets$
$
Barnsdall Corporation.
Capital stockPlant, construction
and investment _50,952,980 49,221,951 Un. Lt.& Rys__16,987,800 17,009,500
The offering of $3,300,000 6% Serial gold notes dated
Liberty bonds__ 134,899
122,350 Controlled cos.,
not owned__ 2,995,999 2,997,390 July 1 1919 of the subsidiary Barnsdall Oil Co. will be
Cash
624,177 1,220,578
Bills and accounts
United Lt. & Rys.
found on a following page.
receivable
funded
debt.._.._15,249,100 13,977,900
610,059
520,975
Stocks & bonds of
Bonds contr'd cos_13,798,500 13,841,028
(Official Statement to Pittsburgh Stock Exchange.)
other companies
41,439
53,151 Notes payable.. _ _ - 590,248
740.315
The company's 520,000 shares were listed June 25 1919
Materials and supAccounts payable
610,962
732,214
plies
1,022,986
900,782 Accr.int.,taxes,&c
712,106
713,969 on the Pittsburgh Stock Exchange, which thereupon issued
Prepaid accounts,
Accrued dividends
106,613
199,000
&c _
80,711
49,755 Miscellaneous ____ 335,535
312,157 a statement showing in substance:
Sinking fund
29,226
447,469 Deprec.,&c.,res 1,877,046 1,354,866
Incorporated May 23 1919 under general laws of Delaware, and took over
Open accounts.--62,740
Surplus-sub. cos_
13,839
13,511 the entire estate of T. N. Barnsdall, including all securities and properties
Surplus
192,068
645,152 and obligations.
Capital Stock.-$14,000,000 authorized, par $25,• $13,000,000 outstanding,
Total
53,559,818 52,543,011 Total
53,559,818 52,543,011 viz.: $10,500,000 issued to acquire the Barnsdall Estate; and $2,500,000
-V. 108, P. 2123.
(100,000 shares) sold to Barnsdall employees and to the public, at $22 50
674
THE CHRONICLE
[Vol,. 109.
per share (90% of par); leaving $1,000,000 unissued for further corporate
Kanawha & Michigan Railway.
needs. No Preferred ktock and no bonds.
and Guaranty
Transfer agents, Colonial Trust Co., Pittsburgh,
(Report for the Year ended Dec. 31 1918.)
Trust Co., New York;registrars, Monongahela Nat. Bank,
Pa.,Pittsburgh, Pa.,
President William K. Vanderbilt Jr. says in substance:
and Liberty Nat. Bank, New York.
Equipment Trusts.-The funded debt has been decreased during the year
Subsidiary Companies.-Company controls and operates 18 different comby payments of $240,000 Equipment Trust Certificates.
panies and owns stock in about 20 other companies (see below).
Federal Compensation.-The New York Central RR., jointly with this
Leases, Wells, Production, &c.-Directly owned and through subsidiaries:
230,000 acres oil lands under lease; 2,730 producing oil wells; 7,000 bbls., company, the -Toledo & Ohio Central Ry. Co., the Zanesville & Western
Ry.
daily avge., oil production; 4,000 gals. daily production of gasoline, from mentCo. and the Kanawha & West Virginia RR. Co., executed an agreedated Dec. 27 1918 with the Director-General of Railroads providing
casinghead gas; 25.000 consumers of natural gas;600 miles of(gas) pipe lines. for the
possession, use and operation, during Federal control, of the railroad
Balance Sheet June 1 1919 (Fiscal Year ends December 31).
property and the leased and operated lines of the companies parties to the
agreement for an annual total standard compensation of $58,122,085,
Property acc't (see above)$15,120,676 Received for future delivthis company's proportion of which is $1,295,141. This amount was based
Cash on hand and due
ery of oil, through
from sales of stock___ 2,417,388 Barnsdall Oil Co
$3,200,000 upon the average annual railway operating income for the 3 years ended
June 30 1917 as certified to by the Inter-State Commerce Commission,
Accounts receivable
1,514,125 Special bills payable: Due
subject, however, to such changes as the Commission might later determine
Bills receivable
146,094 1920, $292,764; due
and certify to be requisite.
Deferred charges
2,925 1921, $925,000; 1922.
Rolling Stock.-The Director-General of Railroads allotted to the comFurniture and fixtures
1,492,764
6,580 $275,000
Current bills payable_
690,625 pany 500 freight cars, estimated to cost $1,408,500, and 3 locomotives,
Accounts payable
654,885 estimated to cost $132,000; a total of approximately $1,540,500. These
Capital stock unissued_
13,000,000 allotments were accepted by the company, and of this equipment the 500
Total each side
$19,201,788 Surplus
163,514 freight cars were delivered during the year. The form that the financing
will take for this equipment is the subject of negotiations with the DirectorDetails o $15,120,676 Property Account (See Balance Sheet).
and final arrangements have not, as yet, been perfected.
Oil and Gas-Various properties owned
$235,707 General
Expenditures for Additions and Betterments.-These aggregated net
95,043 shs. r00%) Barnsdall Oil Co
$7,001,200 $1,810,218,
viz.: (a) Road, $434,727 (including Charleston, W. Va., freight
341,357 shs. 68%) Pittsburgh Oil & Gas Co
891.479 station, $189,403);
(b) equipment;$1,370,074 (500 hopper cars assigned by
37,619 shs. 88%)Potter Gas Co., Corn., $452,015; 3,30rshs.
U. S. RR. Administration, $1,408,500; 258 gondolas rebuilt with steel
(60%) preferred stock. $165,150
617,165 underframes
$180,600, and other items, $13,860; total, $1,602,961, less
7,052 shs. (62%) Moncton Tramway Electricity & Gas Co_
105,780 value of equipt.
retired, $232,887); (c) interest during construction, $5,437.
Miscellaneous oil and gas companies
648,008
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Mining-Various properties owned
1,960,867
2,262,932 shs. 70%) Mineral Hills Cons. Copper Co
536,416
1916.
1918.
1917.
3,500 shs. (100%) Waco Mining Co
350,000 Average miles operated
177
177
177
200,000 shs. (100%) Independent Zinc Land Co
337,774
OperationsMiscellaneous mining companies
1,375,643 Passengers (Number)
3,415,553
1,132,515
1,099,689
Stock in miscellaneous companies
151,121 Pass. carried one mile
56,166,468 20,675,622,
Bonds Owned-Various corporations, $366,565; U. S. Liberty
Av. receipt per passenger per mile
1.99 cts.
2.03 cts.
1.98 cts.
bonds, $329,000
695,565 Tons (revenue) freight
6,353,985
5,544,333 6,136,158
Real estate owned (see also "oil and gas" and "mining")
213,951 Tons(revenue) freight one mile
682,998,158 682,492,107 774,943,134
0.667 cts. 0.448 cts. 0.393 cts.
Earnings.-The companies and properties now owned by the Barnsdall Average receipts per ton per mile..
1,092
1,194
1,206
Corporation earned in 1918, after all charges for depreciation, depletion, Average tons per train mile
$1.06
$2.90
$1.29
taxes and interest, approximately 31,350,000. Earnings for the first four Earnings per passenger train mile__ _
Earnings per freight train mile
$4.63
$5.31
$7.17
months of 1919 were approximately $667,000.
$33,387
$20,425
$19,977
Officers.-Chairman of Board, Hon, S. S. Mehard;Pres., Robert Law Jr.; Gross earnings per mile
FEDERAL INCOME ACCOUNT FOR 1918 COMPARED WITH
V.-Presidents, E. B. Reeser, P. H. Minard,E.0. Bartlett and R. A. Broomfield; Treas., J. I. Furlong; Sec,J. A. Dunn; Gen. Aud., E. M. Skeehan.
COMPANY'S ACCOUNT IN PREVIOUS YEARS.
Main office, 21 East 40th St., N:Y. Pittsburgh office, 1014 Frick Bldg.
Earnings1918.
1917.
1916.
Directors.-S. S. Mehard (Pittsburgh), Robert Law Jr. (Pittsburgh), Passenger
$1,118,462
$419,191
$381,348
E. B. Reeser, F. H. Minard, E. 0. Bartlett and J. T. Furlong (New York). Freight
4,552,914 3,055,085 3,048,785
R. A. Broomfield (Tulsa, Okla.).
Mail, express, &c
224,759
132,715
97,727
Data on Principal Subsidiary Companies.
Total operating revenue
$5,896,134 $3,606,991 $3,527,861
Barnsdall Oil Co.-incorp. June 17 1907 in Delaware. Capital stock,
Expenses$9,504,300, all owned by the Barnsdall Corporation. Controls or owns Maintenance of way and structures.... $657,736
$421,511
$446,284
34,766 acres of oil leases in Oklahoma upon which there are 881 oil wells Maintenance of equipment
.1,509,671
895,700
917,624
with a daily average production of over 4,000 bbls. Has 7,000 acres under Transportation
897,011
1,876,389
1,092,140
lease in Eastland County, Tex., upon which drilling has been started. Traffic
32,828
41,147
.35,178
Earnings in 1918 were $1,251,422. Total assets Dec. 311918, $8,734,298. General expenses, &c
130,495
82,690
92,628
Pittsburgh Oil ee. Gas Co.-Incorp. March 23 1903 in Delaware. Capital
Total
stock outstanding, $2,500,000, of which $1,706,785 (68%) is owned by the
$4,207,119 $2,543,126 $2,378,787
Barnsdall Corporation. Bonds of a subsidiary company.are outstanding to Net operating revenue
$1,689,015 $1,063,865 $1,149,074
the extent of $225,000. Controls or owns over 62,000 acres of oil territory,
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
located in nine different States, upon which there are over 1,100 oil wells
1918.
1917.
1916.
with a daily average production in excess of 1,200 bids. Also nine gasoline
$1,063,865 $1,149,074
producing plants daily capacity 1,000 gals. Through distributing plants in Net operating revenue
$1,295,141
Indiana and Ohio supplies 6,000 gas consumers. Annual dividend rate, Compensation accrued
1
51,627
1654,640
520,530
10%. Net profits, after all charges, for year ended Dec. 31 1918 were Hire of equipment
I 33,260
31,632
$285,705. Total assets Dec. 311918,$3,763,733(compare V. 108, p. 2636). Rents and miscellaneous
Potter Gas Co.-Incorp. Dec. 23 1908 in Penn. Common stock (par $50)
Total income
$1,346,768 $1,751,765 $1,701,236
outstanding, $2,142,050, of which $1,880,950(88%) is owned by the BarnsDeductdall Corporation. Preferred stock (par $50). $274,300, of which $165,160
on funded debt
$280,460
$291,260
$303,589
(60%) is owned by the Barnsdall Corporation. Company had $815,000 of Interest
Other
interest
19,764
10,185
outstanding
on
bonds
June 1 1919.
Taxes,
&c
5,401
168,216
280,408
Produces and distributes natural gas in Penn. and New York States. Rents paid, &c
5,028
21,320
21,881
Owns, controls or has under lease 59,376 acres of gas fields, with 585 gas Dividends(5%)
450,000
450,000
450,000
wells and 524 miles of pipe lines, through which 18,421 consumers are sup- War taxes accrued
91,446
plied. Has daily average gasoline production of 500 gallons.
39,453
Owns entire capital stock (a) $500,000 of Potter Oil Co. of California, a Expenses applicable prior period..
Delaware corporation, having 37 oil wells with a net daily production of
Total
$891,551 $1,042,988
$953,871
1,338 bbls.; (b) $100,000. of Potter Oil Co. (Incorp. W. Va.),'having 11 oil Balance,
surplus
$455,217
3708,777
$74736
wells with a net daily production of 250 bbls.
BALANCE SHEET DEC. 31.
Annual dividend rate on Common stock, 6%. Annual dividend rate on
1917.
Preferred stock, 6%. Earinngs for year 1918, $219,056. Total assets
1918.
1918.
1917.
AssetsDec. 31 1918, $4,630,428.
Liabilities$
$
$
Road
&
18,002,631
equipm't..19,872,869
Common
stock_
9,000,000
9,000,000
Moncton Tramway, Electricity & Gas Co.-Incorp. April 23 1890 in Now
in MM. cos.:
Mortgage bonds.._ 4,969,000 4,969,000
Brunswick, Canada. • Capital stock outstanding, $1,125,400, of which Inv.
Socks
1,001,501 1,000,000 Equip, trust oblig_ 1,200,000 1,440,000
$705,200(62%)is owned by the Barnsdall Corporation. Bonds outstanding
Bonds
1,100,000
1,000,000
Non-negot
'ble debt 200,000
June 1 1919 amounted to $274,000. Operates electric light and power plant
101,505 Traffic, &c., bals_
40,246
and street railway and gas distributing plant in Moncton, New Brunswick, Other investments 295,421
Cash
4,020
146,937 Accounts & wages_
372,621
2,552
Can. Has 3,265 gas consumers and 2,000 electricity consumers. Annual Special
5,238
218,333 Miscellaneous ___
8,314
1,736
dividend rate, 4%. Net earnings for 1918, $54,614. Total assets Dec. 31 Bills deposits...
receivable
52,600
172,676 Matured int., &c.. 432,915
100,658
1918, $1,858,414.
Traffic, &c., bals138,795 Accrued interest__
31,831
24,690
Texas Oil Leases.-The Barnsdall Corporation holds leases on 65,000 acres Agents & conduc
8,797
33,289 Accrued taxes_ _
89,994
90,570
in Sutton County, 800 acres in Shackleford County 420 acres in Mills Miscellaneous
45,277
210,798 Accrued deprec'n_ 744,717
816,071
County, and 400 acres in Bosque County, 160 acres in Callahan County, Material & suppl's 793,172
783,188 U. S. Govt. acct.... 1,816,241
640 acres in Runnels County. No developments have been as yet started Deferred assets__ 28,902
137,887 Unadj. credits,&c.. 1,438,515
36,334
on these properties.
Unadjusted debits
21,763
47,027 Additions to property through inMineral Hill Cons, Copper Co.-Capital, $3,200,000 (70% owned by Compensation due 1,245,141
U.
B.
Govt.
accts..
1,056,763
come & surplus_ 1,069,156 1,069,156
Barnsdall Corp.); property is located in Arizona and consists of 17 patented
Profit and loss_ ___*4,534,812 4,085,406
and 20 impatented claims, with a total acreage of 700. which is being
developed.
Total
25,531,467 22.053,065 Total
25,531,467 22,053,065
Waco Mining Co. (Zinc).-Capital, $350,000 (all owned by Barnsdall
Corp.), has 171 acres of claims in Missouri and Kansas, two concentrating
*After deducting sundry net items, $5,811.-V. 106, p. 2757.
plants of a total daily capacity of 1,350 tons of ore and 70 tons of concentrates and has under construction a third plant of 1,000 tons ore and 60 tons
concentrates capacity. 4,851,483 tons ore have already been blocked out.
Mexican Railway Company, Ltd.
Independent Zinc Land Co.-Capital, $200,000 (all owned by Barnsdall
(Report for Half-Year-and April 1 1917 to Dec. 31 1918.)
Corp.), has 2.631 cares of land in fee simple adjoining the city of Joplin, Mo.
Secretary C.Tennant,London,May 29, wrote in substance
Miscellaneous Mining properties are located in Colorado, Idaho, Oregon.
Arizona and Mexico. No active development work is being done at this
Government Control.-During the half-year ended Dec. 31 1918 the Mexitime, but properties, on account of their value, are being held for future can Government continued to control the property, and no accounts of the
development and operation.
operation of the line were rendered to the company. The Government have
(As an encouragement to a personal interest in the properties and the so far held that it is not convenient for them to return it. (A recent press
success of this company the directors adopted a plan giving employees dispatch from Mexico stated on "Information from reliable sources" that
the privilege of subscribing at office of Treasurer on or before June 14, the Government "pmbably will return the system to private owners within
for $2,500,000 new stock of the company at $22 50 per share, or 90% a month." No ai- % es on the subject had reached the New York repreof par value ($25). Subscription for not more than $5,000 par value sentative of the company to Aug. 7.1
was accepted under a partial payment plan of 10% down and the reTo the railways formed into one system by the Government, the Intermainder 2% monthly, but additional subscriptions could be made en a oceanic Ry. has now been added, and all the railways to the southeast of
cash basis. Interest at rate of 6% per annum (or as much more as the Mexico City are now operated under the control of the "Mexican Railway
dividends paid on the outstanding stock may be in excess of 6%) will be Government Administration."
credited quarterly on the full amount of the subscription, beginning July 1,
Financial Report.-Although no returns are available of the rolling stock
and 6% interest will be charged on the unpaid balance. (Regular divi- and stores, the board consider it advisable to submit to the stockholders a
dends are expected shortly at rate of 6%, all the stock having previously statement to Dec. 31 1918. The last accounts issued covered the period to
been owned by Mr. Barnsdall's estate.)
March 31 1917, with Mexican returns to April 2 1917. I. e., the time of the
Subject to this prior right of the employees to purchase, subscriptions Government second intervention. Tho accounts now presented are from
Were received from the friends of the management.
April 1 1917 to Dec. 311918, or a period of 21 months.
The three holding companies organized by the late Theodore N. BarnsLiability of Mexican Government.-No figure has been incorporated in the
dall for the direction of his interests were amalgamated after his death two accounts to represent the claim which the company has against the Governyears ago into Pittsburgh Investment Co., a Delaware corporation which ment under the Railway Law for the use of the property, but the Governtook over all the real estate, stocks, bonds, mining, oil and gas proper- ment has been charged, pending a final adjustment, with the total amount
ties, &c., which made up the estate and such other properties as have been of the stores taken over by them at April 2 1917.
acquired by his executors. The corporation originally had a paid-up
The Railway Law, Clause 145, provides inter alia that "The Federal
capital of $10,500,000, which was subsequently increased to $14,000,000. authorities are entitled, in case, in their opinion, the defense of the country
Of this the original $10,500,000 is being held by the associated interestil requires it, to make requisitions on the railroads, their personnel, and all
of Mr. Barnsdall, $1,000,000 is to remain unissued, and the remaining their operating material, and to dispose of them as they may consider ad$2,500,000 was sold as above stated. The company has about 1,000 visable. In this case the nation shall indemnify the railroad companies.
employees distributed in every oil-producing State except Wyoming. If no agreement is reached as to the amount of the indemnification, the
Originally organized in Nov. 1916, merging United Investment Co.. &c. latter shall be based on the average gross earnings in,the last five,years. plus
Present name adopted May 23 1919.-Ed.-V.108 p. 2631.
10%, all expenses being borne by the company."
AUG. 16 1919.1
675
THE CHRONICLE
Deferred Interest Certificates.-The amount of these, with interest thereon,
outstanding at Dec. 31 1918 was £708,641, and this amount will be increased to £805,820 at the conclusion of the present scheme of arrangement
in July-October next. In view of the present position, the board propose
to ask the debenture holders of the company for an extension of the moratorium to January-April 1922. [See news item on subsequent page.-Ed.]
Vera Cruz Terminal Co.-The accounts do not include any provision for
the possible liability of the company as from Jan. 15 1915, in respect of the
undertaking given to The Vera Cruz Terminal Co., Ltd., referred to in the
previous reports. The case before the courts has not been pressed by the
Terminal Co., owing to negotiations having been resumed between the
parties. These negotiations are still proceeding (V. 106, p. 1579, 2015)•
Sinking Fund.-The
% Second Debentures have been reduced from
£480,700 to £477,400, or by £3,300, out of sinking fund contributions made
prior to Dec. 31 1914.
Foreign Exchange.-Exchange has varied during the 21 months to Dec. 31
1918 from 52 to 56 cents (United States) for the Mexican peso, say 24(
pence to 26N pence. The latest quotation in New York is equivalent to
about 26 pence.
Condition of Property.-Reports regarding the permanent way, bridges
and buildings, received from the company's office in Mexico, state that no
new work is being done except on block-houses to keep off attacks on the
trains, and on camp houses for troops and their followers. None of the
stations destroyed have been replaced, and the rails on the mountain section
are in places very much worn. Our officials have no facilities for examining
the property, as their only means of seeing the line is from a window during
a trip in an ordinary passenger carriage.
Trade Conditions in Mexico.-Trade with the United States has improved
on the removal of a large number of the war restrictions on imports and
exports; considerable activity is being shown in agriculture, and the reports
to date indicate that favorable results may be expected.
REVENUE ACCOUNT FOR 21 MOS. TO DEC.31 1918(INCL.MEXICAN
RETRNS).
U
Net revenue from transfer fees
£365
Expenditures, less sundry receipts for 21 mos. during which time
the line was not in possession of the company, including many
charges for prior period, Mexico (24d. per Mex. dollar)
43,650
London
13,790
Interest on 6 perpetual debenture stock
254,190
Interest on 4 % second debentures
45,173
Miscellaneous interest
9,475
Deficiency April 1 1917
116,604
CONSOLIDATED BALANCE SHEET DEC. 31.
.1918.
1917.
1917.
1918.
LiabilitiesAssetsfran.,
Capital stock2,493,455 2,000,000
Leaseholds,
equipment, &c___3,116,178 2,360,877 1st M.6% bds., un25,000 derlying companies 2225,000 279,000
U.S. Govt. bonds___ 75,000
58,639 Current liabilities__ _ 396,709 104,966
Int. In other co.'s__ 58,639
85,114 Res.for amort.of inv 136,228
55,571
Inventory
133,871
36,292
Accts.& bills rec
86,151
92,420 Res. for Fed. taxes__ 42,463
35,848 Invested earnings__ _ 469,878 348,819
Deferred charges_._ 31,304
262.591 166,751
Cash
Total assets
3,763,733 2,824,649
Total liabilities_.._3,763,733 2,824,649
a Jantha Light & Fuel Co., total issue. $113,000, less unsold, $113,000;
Southern Oil Co., total issue, $500,000, less unissued, $68,000, paid and
canceled, $207,000.-V. 108, p. 2636.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Allentown & Reading Trac. Co.-Receivership Denied.Judge Wagner on Aug. 11 refused to grant the petition of John H. Pass.
more of Philadelphia and other stockholders of the Kutztown & Fleetwood
Ry. Co. for a receiver for the Allentown & Reading Traction Co.. of which
the Kutztown & Fleetwood line is a subsidiary. The action against the
company was started in 1913.-V. 82, p. 216.
Altoona (Pa.) & Northern RR.-Receiver.Acting on the suit of the Blair-Cambria Rys. Corp. of N. Y. City, Judge
Orr, in the U. S. District Court at Pittsburgh on Aug. 8 appointed J. B.
Denny, of Johnstown, and W,Frank Vaughn, of Altoona, receivers for the
Blair-Cambria Co. and Altoona & Northern RR.
The coal company was the owner of the railroad company, better known
as the "Wopsononock,'a short line running from Altoona to the coal fields
north of the city.-V. 97, p. 1114.
Aurora Elgin & Chicago RR.-Receivership, &c.-
On the application of the General Electric Co. Judge Evan A. Evans of
the U. S. Circuit Court at Chicago on Aug. 9 appointed Joseph R. Choate
Deficiency Dec. 31 1918
£482,519 (Vice-Pres. of the J. G. White Management corp. of N. Y.) receiver.
The gross operating revenue for the period from Sept. 1 1916 to April 2
The General Electric Co.in its application alleges that it was unable to
1917 aggregated $4,458,520 (Mexican currency), and the net operating collect a bill of $3,216. Two other creditors for smaller sums joined in the
petition. The petition also sets forth that the company has defaulted on
revenue, $2,028,777, or £202,878 (24d. per Mexican dollar).
gold bonds due the American Trust & Savings Bank, Chicago,
(BALANCE SHEET Incl. Floating Assets and Liabilities in Mexico at 24d. $38,650
June 1, and the interest due March 1 on a debt of $45,713 owing a Cleveper Mexican Dollar).
land bank. Also it stated that mortgage bonds amounting to $76,975 had
Dec.31'18. Mar.31'17
Dec.31'18. Mar.31 '17 been defaulted.
AssetsThe employees who went on strike July 30 are still out. Their original
Ord.share cap.stp. 2,254,720 2,254,720 demand was for a general increase of 41 cents an hour over the present rate
Vera Cruz Term.
Co., ltd
100,030
100,030 8% 1st preference_ 2,554,100 2,554,100 of 36% to 40 cents an hour, but their demand has been brought down to
Treasury bills_ _ _
30,183
6% 2d preference_ 1,011,960 1,011,960 21 cents. The strikers refused an offer of 5 cents an hour increase offered
Bankers & cash bal
32,737
95,628 6% perpetual deb_ 2,000,000 2,000,000 by the company.-V. 109, p. 476, 369.
Debtors and debit
4'4% 2d debs____ 477,400
480,700
balance
461,630
385,311 Sales, deben., reBeaver Valley Traction Co.-Wage Increases Awarded.Stores on hand, Are
demption, &c_ _ 940,270
8,192
141,301
936,970
See Pittsburgh Railways below.-V. 106, p. 295.
Deficiency
482,519
116,604 Def'd int. certifs__ 708,641
409,278
Expenditures on acLoans & hills pay_ 113,000
128,000
Berkshire Street Ry.-Strike.-count capital stk 0,189,596 9,191,226 Creditors & credit
The employees went on strike on Aug. 9 demanding a minimum wage
balance
Discount exp.,&c.,
265,518 of $5 a day and an eight-hour day. At present the wage is 43 cents an
257,830
40,413 hour or $3 87 a day and a nine-hour day.-V. 107, p. 2374.
account deben's.
56,693
56,593 Coating., Arc.,acc't
40,430
Unclaimed interest,
dividends, he
5,134
3,229
Brooklyn Rapid Transit Co.-Receivers' Certificates.Total
10,361,580 10,086,793 Total
10,361,580 10,086.793
Note.-The company's liability to Income tax to the date of the balance
sheet has not yet been determined, but a reserve in respect thereof has in
effect been created by the inclusion of the deferred interest certificates
(which are redeemable, less tax), at their face value.-V. 108, p. 683.
Pittsburgh Oil & Gas Company.
(16th Annual Report Year ending December 31 1918.)
President Robert Law Jr. says in substance:
Acreage.-Since the last annual report your company, through its underlying companies, has acquired 11,1134.46 acres of oil leases, of which 6,723.55
acres were purchased from the Wild Wood Oil Co. and 2,082 acres from
the United Oil & Gas Co.,and one-half interest in 800 acres located in Osage
Nation, Okla., also one-half interest in 240 acres in fee simple; surrendered
28,085.95, sold 18 acres of oil leases and 5.98 acres fee simple, and now has
61,330.58 acres in force.
In addition to the above your company holds 478 acres ofroyalty accounts;
240 acres of oil and gas rights and 964.38 acres in fee simple.
lirells.-Your company drilled during the year 65 oil wells; 4 gas wells
and 13 dry holes; purchased 125 wells, of which 107 were purchased from
the Wild Wood Oil Co. and 18 from the United Oil & Gas Co.; sold 17 wells
and abandoned 44 wells; and as of this date has a total of 1,112 wells located
as follows: Pennsylvania, 346; west Virginia, 251; Ohio, 182; Texas, 115;
Oklahoma. 163; Illinois, 39; Kentucky, 15; California, 1; total, 1,112.
Thirty-six of the producing oil wells and 3 gas wells were drilled in Ohio.
Pennsylvania and West Virginia, 16 oil wells in Oklahoma and 13 oil wells
and I gas well in Texas.
Consumers.-The number of consumers now being supplied with gas by
your underlying companies is as follows: (a) in Ohio, Brookville, 379;
Castine, 41; Eldorado, 114; Euphemia, 53; Eaton, 794; Greenville, 1,810;
Lewisburg, 251; Fairfield, 114; New Madison, 170; New Paris, 239; Osborn,
214; West Alexandria, 264; West Manchester, 134; Yellow Springs, 246;
(b) in Indiana, Lynn, 280; total, 5,103.
ANALYSIS OF PRODUCTION (In Barrels).
Cal. Year
9 Mos.
1918.
91M91°63..
Pennsylvania
26,767.74
1199176.03
2131:705153:9129
Ohio
31,567.20 1565048
, .
West Virginia
69,269.49 49,797.32 45,615.76
Illinois
12,702.83
8,406.78
5,753.51
1,153.17
Kentucky
1,544.14
Oklahoma
134,939.84 108,242.49 21,433.00
23,411.89
Texas
17,947.76
17,708.51
7.737.65
California
7,770.33
307,549.81 228,795.33 125,279.89
Total
The gasoline department is gradually developing the production through
the small casing-head plants of the Eastern fields, and has recently completed
a large station in the Osage Nation, Okla. While at present it is difficult
to estimate the approximate production, yet with the approach of warm
weather it is safe to predict very gratifying results.
Judge Julius M. Mayer filed a decree in the Federal District
Court Aug. 12 authorizing Receiver Lindley M. Garrison to
sell at 95 and int. 818,000,000 of B. R. T. receivers' certificates dated Aug. 1, 1919, and due Aug. 1, 1921, but callable (see below). The decree impounds 70% of the earnings
of the B. R.T., N.Y. Municipal Ry. Corporation and N.Y.
Consolidated RR. Co. to provide for payment of principal
and interest of these certificates and at least 13,000,000 of
the proceeds are to be used in purchasing that amount of
the certificates of indebtedness of the receivers of the two last
named companies, which certificates are to be pledged a
part security for the B. R. T. issue of receiver's certificates
These certificates are to be known as Series A, and they are redeemable
at par and int. on any interest date on and after Feb. 1 1920. Both principal and interest are payable in U. S. gold coin of present standard. Interest
is payable F. & A. Denom. $1,000.
The Court reserves the power to direct the appropriation of the proceeds
of the sale of an additional $2,000,000 of B. R. T.6% certificates, which
running not less than one or more than three years will complete the entire
authorized issue of $20,000,000 having the same security. Beyond this
amount any further issues of B. R. T. receivers' certificates must either be
subordinated in lien to the $20,000,000 issue or must be secured on different
property.
The certificates now authorized are secured either by direct lien as in
the case of the B. R. T. itself or by pledge of receivers' certificates in the
case of the N. Y. Municipal Corp. and N. Y. Consol RR.as a lien, on(1) The surplus income of all three companies after meeting operating
and receivers'expenses &c.,70% ofsuch income being specifically impounded
to provide for their interest and for the redemption of the principal from
time to time whenever $500,000 is available for that purpose.
(2) On the power houses, substations, shops, car barns &c.of the B.R.T.
(3) Certain small blocks of stock and $5,822,000 bonds, notably $525.000
Coney Island & Brooklyn Consols, $200,000 Brooklyn City RR. Ref. 4s
and $5,092,000 B. R. T. 1st Ref. 4s.
(4) On all property, real and personal, and mixed, of the Municipal and
Consolidated companies aforesaid.
(5) The lease &c., contracts made by the N. Y. Municipal Corp.;(a) on
Jan. 31 1913 and Mar. 25, with N.Y.Consol RR.;(b) on Mar.19 1913, with
the City of N. Y.and P.S. Commission.
(6i3On rolling stock &c. of the two last mentioned companies.
(7 All Municipal and Consolidated receivers' certificates acquired by
the B. R. T. receiver. The Brooklyn Rapid Transit Receivees certificates are superior in lien to (a) B. R. T. mortgage of Oct. 1 1895 as to any
property in receiver's hands; and to (b) B. R. T. Consol and Ref. Mtge. of
June 1 1918 (securing $29.000,000 bonds pledged to secure B. R. T. notes)
and are inferior in lien to (a) B. R. T. First Ref. Mtge. of 1902 ($10,000,000
of bonds secured by which are pledged for B. R. T. notes) as to any property
in receiver's hands; (b) Transit Development Co. certificates of indebtedness of 1907 and indenture of July 24 1918.
The certificates of the Municipal and Consolidated Cos. are superior in
lien to (a) the $57,735,000 Municipal Ry. Corp. 1st 5s (pledged under
B. R. T. notes); (b) the mortgage given by the N. Y. Consol RR. Co. to
secure its guaranty of said bonds; (c) $14,344,975 N. Y. Consol RR. cert.
of indebtedness No. 1, but is inferior in lien to the First Mortgages of Kings
County Elevated RR. of 1899 and Brooklyn Union Elevated RR. of 1899.
INCOME STATEMENT FOR CALENDAR YEARS.
Production
Earnings
Strike Settled Upon Certain Conditions-Union Recognized.
igig.
9 Mos.'17.
1918.
9 Mos.'17.
The strike of the motormen and conductors came to an end on Aug. 10
Oil
(bbls.)307,550.
228,795
$918,730
$560,015 after all parties concerned agreed to abide by certain conditions drawn up
Gasoline
(gal.) 86,710
18,286
at a conference held before Judge Mayer on Aug. 9. The conditions in
Gas
261,457
(M cu.ft.) 350.035
a53,717
39,785 substance are:(1) That if it is established to the satisfaction of Judge Mayer
Other income
32,843
6,829 and P. S. Commissioner Nixon that over 50% of the employees of the
B. R. T. system were members of the Amalgamated Association, then
Gross earnings
$1,023,576
$606,630 Receiver Garrison will entertain their grievances and accord them at least
Operating expenses
561,982
266,944 the same recognition now accorded the Brotherhood of Locomotive Engineers.
Int., bond sale corn., &c
26,761
21,954
(2) Receiver Garrison is to receive a committee of employees to
Reserve for Federal taxes
38,121
36,293 present the grievances of the strikers. (3) In case of failure of an agreeAmount ofinvestment_
81,439
55,571 ment, a board of arbitration is to be called. (4) All parties agree to abide
Depreciation
29,568
17,336 by the decision of the Board of Arbitration.
Dividends
160,000
100.000
On Aug. 14, Judge Mayer having been satisfied that more than 50% of
the employees belonged to the union,in accordance with the first condition.
Balance, surplus
F. Royce, in the absence of Receiver Garrison, to pro$108,527 requested Frederick P
$125,705
ceed with wage and hour scale negotiations in accordance with the above
a Gas dlv .$134,225,less Logan Nat'l Gas& Fuel Co.proportion 380,508. agreements.-V. 109. P. 577. 476.
676
THE CHRONICLE
Burlington (Vt.) Traction Co.-Strike.-The employees went out on strike on Aug. 9 demanding 50 cents an
hour, an eight-hour day, with time and one-half for overtime. The company states that the men now receive from $18 to $23 a week with liberal
pay for overtime.-V. 94, p. 1185.
Butte Electric Ry.-Fare Increase.The Montana P. S. Commission has granted the company an increase
n fares from 6 to 7 cents.-V. 108, p. 1822.
Cincinnati (0.) Traction Co.-Wage Contract.-
[VOL. 109.
In view of the critical condition of the property as disclosed by the report
of Stone & Webster (see Interborough Rapid Transit Co. below), it is of
the utmost importance that the committee should promptly represent as
large a proportion of the bonds as possible. Bondholders are accordingly
offered the opportunity of depositing their bonds with Guaranty Trust Co.
of New York, the depositary, without penalty up to Sept. 15 1919. The
deposit agreement provides an opportunity upon the terms stated in the
agreement for depositors to withdraw within 30.days after the promulgagation of a plan; $30,408,000 of bonds (over 47%) have already been deposited.-V. 108, p. 1511.
Interborough Rapid Transit Co.-Preliminary Report
of Examination of Subway and Elevated Lines.-Stone &
Webster as of Aug. 11 report to Grayson M-P. Murphy,
Chairman, Interborough-Metropolitan Co. Collateral Trust
Cleve. & Chagrin Falls Ry.-Wage Increases Awarded.- 43/% bondholders' protective committee, in substance:
the properties of
A new contract retroactive to June 30 has been signed by the company
-and the union employees. Under the contract motormen and conductors
will receive a maximum of 50 cents an hour (2 cents increase). The contract provides for increases in all divisions and will increase operating expenses by $125,000 to $130,000 annually.-V. 109, P. 370.
Inrestigation.-We have completed the investigation of
Interborough Rapid Transit Co. in co-operation with Price, Waterhouse
& Co., certified public accountants. This investigation covers the cityowned rapid transit lines (the subways) operated by Interborough Rapid
See Pittsburgh Railways below.-V. 106, p. 924.
Transit Co. and the elevated lines operated under its own franchises and
Railway Co.
Clev. Painesv. & Ashtab. Ry.-Wage Increases Awarded. Its lease from Manhattan
Our investigation of the surface lines of New York Railways Co. is in
See Pittsburgh Railways below.-V. 107, p. 401.
progress, but will not be completed for several weeks.
Management.-We find that the management is able and efficient. The
Clev. Painesv. & Eastern Ry.-Wage Increases Awarded.
properties are in first-class operating condition, and there is practically no
'See Pittsburgh Railways below.-V. 108, p. 1274.
deferred maintenance. The reserves, however for depreciation and obsolescence have-been exhausted, and none are being made and none are proDenver & Interurban RR.-Receivership.vided for in the estimates of earnings given below.
See Colorado & Southern By. under "Reports" above.
Extent of Completion of City-Owned Lines.-Of the 147.49 miles of now
track covered by the contract of March 19 1913, approximately 110.71
Denver & Rio Grande RR.-Interest Payment.equipped by the company and
The semi-ann. interest of 334% on the Adjustment Mortgage bonds has miles have been completed by the city and
put into operation. While the city has been very much in arrears in the
been declared payable Oct. 1.-V. 109, p. 577.
construction of these lines, practically the entire system should be in
operation by the summer of 1920.
East Broad Top RR. & Coal Co.-President.Construction Fund.-The company has set aside for the purpose of paying
See Rock Hill Iron & Coal Co.under "Industrials" below.-V.109, p.577
• for its share of the expenditures called for by the contracts with the city
we find should be ample to enable the
East St. Louis & Suburban Ry.-Wage Increases Award. funds which after a careful checkunder
the contracts.
company to fulfill its obligations
See Pittsburgh Railways below.-V.97, p. 237.
Additional Requirements.--In order adequately to servo its territory and
set forth, we believe it will be
East St. Louis Columbus & Waterloo Ry.-Wages.-- attain the estimated earnings hereinafter
t
necessary for the company to make additional expenditures for capital
Bee Pittsburgh Railways below.-V. 107. p. 2097.
uwosl chiefly equipment, amounting to approximately 37,400, ag
uge
nexttiveYers'tLarryinghareowch are Included in
Eastern Mass. Street Ry.-Wage Increase Awarded.to the extent
Homer Loring, Chairman of the Trustees, regarding the 12% increase in the following table. This amount may be reduced, possibly
of about $3,000,000, by savings from the construction fund referred to
wages (see Pittsburgh Railway below), says:
paragraph.
preceding
the
in
of
almost
our employees
$1.000.000
This award will increase the wages
the first year, and how the money can be raised is a most serious problem. Earnings-Actual 1919, Estimated 1920 to 1924 on Basis of Present Fares,
Investigations made by the National War Labor Board showed that the
Wages, Cost of Materials, &c., With Strictest economy.
average cost of living since July 1 1918 had increased 12%, therefore it
1919, 1920, 1921, 1922, 1923, 1924,
Est.
awarded the men a similar increase in wages. Statistics just published by
Est.
Est.
Est.
Est.
Actual.
omitted.)
(000
of
has
cost
living
the
that
show
the National Industrial Conference Board
$47,300 $50,000 $52,600 $55,200 $57,800
$43,814
earnings
Gross
increased 71% since 1914. In the same period the wages of conductors and Operating expenses_ _ _ _ 26,233 28,094 29,053 30,079 31,155 32,116
motormen on the Bay State System have been increased 805-i %. The Taxes
2,800 2,900
2,600 2,700
3,134 2,500
War Labor Board made its decision retroactive to June 3 involving back
pay to the Bay State employees of $170,000. Under the new Home Rule
$14,447 $16,706 $18,347 $19,821 $21,245 $22,784
Net earnings
the
by
riders
car
borne
be
to
have
will
increase
entire
the
plan of operation,
Fixed chgs.,incl. rentals 18,257 20,684 21,975 21,726 21,788 21,920
In the twelve districts. Fall River's share will be approximately $80,000:
Lowell's, $110,000; Lynn's, $100,000; Brockton's, $100,000; and other cities
$543sur.$864
Deficit
$3,810 $3,978 $3,628 $1,905
will
wages
in
that
large
this
increase
fear
proportionately. The trustees
It is manifest that a five-cent fare falls far short of providing the cost of
prevent fares from being reduced in the near future, and probably will
considerable increase in fares is necessary to
compel the abandonment of 200 more miles of poor-paying track."-V.109, furnishing a ride, and a very
provide for fixed charges and the payments to the city and the company
p. 172, 72.
contemplated by the contracts between them. In our opinion nothing short
of an eight-cent fare on both elevated and subway lines will accomplish this
Eastern Texas Traction Co.-Sale, &c..properties throughout the country face like conditions.
The company's entire property was sold at auction on Aug.5 at a sheriff's purpose. Traction
Surface Lines.-While we have not completed our examination of the
sale at Dallas to S. B. Brooks of Greenville, Tex., to satisfy a judgment of
Railways Co., our examination has progressed
Phil Kraner,contractor, to recover$53,690 alleged to have remained unpaid surface lines of New Yorkstate
that during the last year the company has
far enough to enable us to
for construction work on the right of way.
the interest on its First Real Estate & ReA suit to cancel the judgement and the resultant sale was filed by the been earning nothing towardunderlying
charges, and rentals, and, in our
paying
after
bonds
funding
1422.
p.
06,
9.-V.
company on Aug.
Judgment, unless there is substantial increase in the rate of fare, these lines
cannot earn their fixed charges-certainly for many years to come. The
Georgia Coast & Piedmont RR.-Sale Ordered.of a charge for transfers
The U. S. Court at Savannah, Ga., has issued a new decree and order of recent granting by the Public Service Commission
sufficient additional revenue materially to
sale in the case of this company. It is now proposed to sell the road in will not, in our opinion, yield
bonds.
two parts, viz., from Brunswick to Ludowici, 57 miles, and from Ludowici improve the security for the 43 % Interborough-Metropolitan
In an advertisement appealing for public co-operation to prevent such
to Collins,41% miles, approximately, although it may be sold in its entirety
on Aug. 9
if desired. Operation can be abandoned if the purchaser should so wish traffic disruption as last week befell Brooklyn the company
in the rate of fare to
and the tracks could be taken up and sold, the equipment being similarly urged the immediate authorization of an increase
8 cents so that wages may be readjusted to the cost of living,saying:(a) This
disposed of. Date of sale is yet to be fixed-V. 109, p. 477. 370.
company will agree that the city may retain 1 cent out of each 8 to insure
Hartford (Conn.) & Springfield St. Ry.-Wages.- Interest and sinking fund upon the city subway investment; (b) this comThe employees have been granted an increase in wages of 5 cents an pany is facing bankruptcy and cannot increase wages without such an
hour bringing the wage scale up to 45 cents an hour. The men demanded increase in fare.
The company on Aug. 13 announced that it had granted an increase in
10 cents an hour.-V. 108 p. 2629.
wages of 10% to its operating employees, beginning Aug. 17. It is stated
the employees are not satisfied with this 10% increase, and are to
that
Called.
Henderson Bridge Co.-Bonds
increase.-V. 109, p. 577, 477.
Seventy-nine ($79,000) First Mtge. 6% bonds ranging in number from demand a 50%
at
int.
and
the
Central
at
1
105
17 to 1968 have been called for payment Sept.
& Waterville St. Ry.-Foreclosure.
Augusta
Lewiston
Union Trust Co., of N. Y.-V. 107, p. 696.
By order of a decree of foreclosure and sale entered by the Maine Supreme
on July 31 in the suit brought by the CumAndroscoggin
at
Court
Judicial
Huntingdon /i6 Broad Top Mt. RR. & Coal Co.berland County Power & Light Co. (which controls the properti)and the
The stockholders on Aug. 12 ratified the agreement with the Govern- Old Colony Trust Co., Boston, trustee, of the First & Refunding Mtge. of
ment for the compensation to be paid for the use and control of its property. 1907, special master Wallace II. Whitney will sell at public auction at the
The amount will be announced later, but it is stated that the compensa- Auburn (Me.) County Court house on Sept. 5 1919 the entire property Of
tion is sufficient to show a little over 4% on the pref. stock.-V. 107, the company, which is subject to the lien of the First & Refunding Mtge.
P. 1019.
The bonds under this mortgage on Dec. 31 1918 were located as follows:
outstandlrg in hands of the public. 31,700,000; (b) deposited to secure
Indianapolis •(Ind.) Street Railway.-Fares, &c.Three-Year 6% notes, &c . $1,237,000; (c) r servd for prior liens.
614,000
The company has filed a petition with the Public Service Commission of
1,345,000; (d) reserved for 85% of future improvements, $618,000. The
transfer.
This
a
for
increase
cent
1
charge
to
right
the
for
Indiana asking
decree states the amount of bonds outstanding as $2,937,000
foreclosure
Is asked in order to meet the increase of $125,000 annually in expenses due on which there is $151,133 of overdue interest.
to the voluntary wage increase of 3 cents an hour granted the motormen
Interest due on tho above bonds on Oct. 1 1918 remains unpaid.-V.108.
new
The
schedule
ranges
15.
July
from
37
on
and conductors, effective
4~Pal&qv/in....-. •
.c.0,
p 1,2528.
to 42 cents an hour and replaces the schedule of 34 to 39 cents an hour 44established last fall.
Co.-Wages.Little- Rock (Ark.) Ry. &
Todd
I.
to
President
Robert
negotiate
The directors recently authorized
An increase in wages from 30 and 35 cents an hour to 41 and 46 cents
with the Union Traction Co. of Indiana for the purchase of the Broad an hour retroactive to May 22, a ten-hour day and time and one-half for
Ripple tracks in College Ave. from Fairfield Ave., the end of the city com- overtime has been awarded the employees by a board of arbitration.-V.
pany's tracks, to 46th St. Value of property has been estimated at $150,000. 107, p. 906.
See Pittsburgh Railways below.-V. 105, p. 715.
•
Cleve. & Eastern Trac. Co.-Wage Increases Awarded.-
• •T •
Negotiations with Bondholders-Coupons.--
.4
,4 ••,4
WI•••••4
•
Long Island Electric Ry.-Status.On or about July 12 the new company sent letters to the bondholders of
See under "Rapid Transit in N. Y. City" below.-V. 102, p. 1541.
the old Indianapolis Street Ry. Co. and the Indianapolis Traction & Terminal Co., asking them (a) to consent to a cancellation of bonds bought in
& Nashville Mt.-Sub. Co. Bonds Called.Louisville
by sinking funds so that they no longer will draw interest; (b) to consent
See IIenderson Bridge Co. above.-V. 108, p. 1603.
to a suspension of sinking fund payments until 1923 and to agree that
& Shenango Ry. & Light Co.-Fare.whenever sinking fund payments are made in the future they shall be applied
to the cancellation of bonds. The amount of Indianapolis Street By. Co.
The Pa. P. S. Commission has denied the application of the company
bonds bought in by sinking funds is stated as $1,013,000 and of Indianapolis to increase fares from 6 to 7 cents on the lines of the Now Castle (Pa.)
Traction & Terminal Co. bonds is $1,167,000.
Electric St. Ry. and the New Castle Mahonington St. By. which it leases.In the order of the P. S. Commission approving the merger a subsequent V. 109, p. 173.
condition was attached requiring that these bonds be canceled and sinkMexican Railway.-Extension of Moratorium-Report.ing fund payments be suspended until 1923.
It was stated on July 14 that interest amounting to $125,000 on bonds The holders of the 6% Perpetual Debenture stock, the.43/2%
of the Indianapolis Traction & Terminal Co. had been overdue since April 1. Second Debentures and the Deferred Interest Certificates
Interest amounting to $120,000 on bonds of the Indianapolis Street By. Co.,
which was defaulted last Jan. 1, was paid July 1, the day after the merger met in London June 26 to authorize an extension of the
was proved by the P.- S. Commission, but another $120,000 of interest on
established in Jan. 1917 until 1922.
those bonds, which fell due July 1, had not been paid to July 13.- moratorium
Digest of Statement by Secretary C. Tennant, London, June 14.
V. 109, p. 172.
The scheme of arrangement approved by the Debenture and Deferred
Indianapolis Union RR.-Track Elevation.Interest Certificate holders in Jan. 1917 comes to an end on July 1 next
The "Engineering News-Record" of Aug. 7 has an illustrated article with respect to the 6% Perpetual Debenture stock, and on Oct. 1 with
respect to the 43 % Second Debentures, but the directors regret that it is
dealing with the track elevation of the company's road.-V. 107, p. 905.
impossible at present to meet the Deferred Interest Certificates which
due on those dates.
Interborough Consolidated Corporation.-Report of fallThe
Mexican Government has had control of the line for long periods, viz.:
Experts-Notice to Bondholders.-The committep of holders From Nov. 18 1914 to Sept. 11916,say 21M months, and from April 3 1917
date, over two years, or practically for four years, and a large claim for
• of Interborough-Metropolitan Co. Collateral Trust 43/
2% to
for the use of the lino has accrued. A promise was made in
gold bonds, Grayson M.-P, Murphy, Chairman, announce compensation
April 1918 to pay us as compensation $50,000, or £5,000 per month, but
only £13,000 was received up to Dec. 31 last, and this sum has been em(see advertisement on another page):
rMahoning•
Aua. 16 1919.1
THE CHRONICLE
ployed for absolutely necessary expenditures. Repeated applications have
been made for the return of the line to the company, but the reply has invariably been that it is not convenient at present to return the line.
From Sept. 1 1916 to April 3 1917 considerable work was done to the
permanent way and a number of locomotives were repaired. The net
revenue earned in that time, which was received partly in paper and partly
in metallic currency, amounted to 464,572, but a large proportion of this
sum was spent in the purchase of materials and the discharge of liabilities
in respect of such materials. The actual cash remaining over has been of
great service in keeping up an organization here and in Mexico.
The total liabilities for Debenture interest, including interest accrued on
Deferred Certificates, will amount on Oct. 1 next to £805,820, and the small
amount of cash and investments available is altogether inadequate to meet
the situation. It is also most desirable that these liquid resources, amounting in all to only £57,567 Dec. 31 last, should be kept in hand to defray the
more immediate necessities of the business whenever the railway is handed
back to the company.
The directors (and also the trustees for the Debentures) therefore recommend to the Debenture holders an extension of the moratorium to the year
1922 on precisely similar lines to the scheme approved in Jan. 1917, as there
appears to be no effective alternative to this proposal. The appointment
of a receiver at this juncture would, in their opinion, be entirely unproductive of any beneficial results to any class of creditors, and might even
entail very serious consequences to all. They therefore appeal earnestly
to all Debenture stock and Debenture holders and holders of the certificates, to give their support to the further scheme now proposed.
Outline of Scheme of Arrangement Dated 1919.
Interest Deferred Till 1922.-The company may defer until Jan. 1 1922
the payment of all the installments of interest payable in respect of
the 6% Perpetual Debenture stock from July 1 1919 to July 1 1921, incl.,
until April 1 1922, interest payable on the 434% Second Debentures on
Oct. 1 1919 to Oct. 1 1921, incl, and shall issue from time to time certificates for any interest So deferred. Any interest so deferred in respect of
the 6% Perpetual Debenture stock shall be paid with interest thereon at
6%_p. a. on Jan. 1 1922, and in respect of the Second Debentures on April 1
1922, or previously thereto at the option of the company.
Exchange of Deferred Certificates of 1916.-The company shall be at liberty
to defer until 1922 the payment of all interest for which Deferred Interest
Certificates have been issued under the "1916 scheme," and said certificates shall forthwith be surrendered for cancellation, and in lieu thereof
the company shall issue a new certificate for an aggregate sum representing
the interest in respect of which the original certificate was issued, together
with the interest accrued thereon under the 1916 scheme down to July 1
or Oct. 1 1919. Such new certificate shall be paid in or before 1922 with
interest at 6%p.a., calculated from July 1 1919 or from Oct. 1 1919 as the
case may be, down to date of payment.
Precedence Preserved.-No 2d Debenture interest (whether deferred or not)
shall be paid under this scheme until all sums in respect of 6% Debenture
stock interest shall have been fully paid or provided for.
No interest for any period shall be paid in respect of any stock or Debentures until all interest for any previous.period in respect of such stock or
Debentures, as the case may bo, has been paid or provided for.
Sinking Fund.-The sinking fund for the debentures shall be suspended
accordingly.
The financial report is cited on a preceding page.-V. 108, p. 683.
677
favor of municipal ownership, he draws the line at taking over roads "that
have already been milked to the fullest extent."
At a meeting before the N. Y. P. S. Commission held Aug. 14, W.0.
Wood, Vice-Pres. & Gen. Mgr. of the Long Island Electric Rib, in reply to
questions stated, that he would be willing to recommend to the directors
that they turn the road over to the city at its appraised value. He also
stated that if the financial conditions of the company does not improve soon
"the road will have to quit operating." The capital stock consists of
$600,000 one-half each owned by the I. R. T. and Long Island El. Consol.
Cos. The outstanding bonds amount to $600,000, list on which, in arrears
since 1910 amounts to $300,000.
The final blast which "holed through" the north tube of the 14th Street
tunnel under the East River was fixed on Aug. 7. The tube when constructed will connect the elevated systems of the Brooklyn Rapid Transit
with a subway under 14th St. Manhattan, to Sixth Ave.
A campaign is being conducted
' by representatives of the Amalgamated
Association of Street and Electric By. Employees to organize the employees
of the Interborough Rapid Transit Co. and the New York Rys. into their
union.-V. 109. p. 578, 477.
Roanoke River RR.-Sale, etc.-
This road extending 12 miles from Manson to Townsville, N. C., and
connecting at Manson with the Seaboard Air Line was sold at auction on
July 26 for $70,000 to J. R. Paschall of Richmond, Va., the principal
owner.
The property will be turned over to the railroad trustees for Townsville
township upon certain terms agreed upon. The Townsville Railroad has
been incorporated and organized to operate the line and the township has
voted $75,000 bonds to subscribe to its stock. Equipment is to be secured
and the line again put in operation.-V. 109. p. 371.
St. Louis-San Francisco Ry.-Bonds.-
We are advised that the principal of the 1st M.6% bonds of St. Louis
Wichita & Western By. (about $213,000) due Sept. 1 1919, will be paid
on or after Sept. 2, at the office of St. Louis-San Francisco Ry., N. Y. City.
The Oct. 1 1919 coupon will be paid at the Bankers Trust Co., N. Y.
V. 108, p. 2330.
St. Louis Southwestern Ry.-Vice-President.-
Colonel Frederick W. Green has been elected Vice-President of this company.-V. 109, p. 174.
Sacramento Northern RR.-Earnings.Results for Six Months ending Dec. 31 1918.
Railway operating revenue_3669,95810perating income
)(Railway operating expenses 520,200 Non-operating income
$132,062
$17,555
Auxiliary operations (net)_ -$149,758 Gross income
$149,617
Net operating revenue__ _ 160,612 Interest on funded debt.. $67,116
Taxes
28,550 Amortization
23,956
Miscellaneous
139
Operating income
$132,062
Balance to profit & loss_ _-y$58.412
x Includes depreciation on way and structures amounting to $120.377.
y The balance transferred to'profit and loss,$58,412, was used in amortization of an equal:amount of the $160,000 reorganization committee expenses.
Balance Sheet December 31.
AssetsLiabilitiesRoad and equipment
$9,700,725 Capital stock
$4,127,331
New York Central RR.-To Pay Off Notes.Misc, physical property__
10,207 Stock liability
360,522
'Funded debt unmatured
We are advised that the $15,000,000 2-year 5% Collateral Trust notes Invested in affiliated cos.:
4,983,282
Stocks
75,500 Funded debt liability
due Sept. 15 1919 will be paid off at maturity.-2.109, p. 72.
242,078
Advance
3,609 Audited acc'ts, wages pay_
62,238
Other investments
New York Railways.-Wages-Interest Not Earned.50,000 Misc. accounts payable___
51,247
Receiver Hedges, having received a demand from the operating employees Cash
552,075 Tax liability
489
for an increase in wages of 10%. to take effect on Aug. 17. laid the matter Special deposits
1,000 Insur.& other casualty res.
6,385
isc, accounts receivable_
before Judge Mayor, who said he would take the matter "under careful
163,569 Accrued depreciation, road
Materials and supplies_ _
consideration and let you know my decision promptly."
102,059 and equipment
1,886,568
Rents and insurance preSee Interborough Rapid Transit Co. above.-V. 109, p. 477.
Other unadjusted credits_ 4.594
mium
in advance__
4,425
Omaha & Council Bluffs St. Ry.-Fare-Wages.- Discountpaid
on funded debt__ 886,364 Total, both sides
$11,724.735
The Nebraska State By. Commission on Aug. 6 granted the company Other unadjusted debits__
175,204 -V. 108, p. 80.
a temporary increase of 2 cents in fares, bringing the fare up to 7 cents.
All existing revenue over the average of 1914 to 1918 must be held in a
Syracuse
(N.
Y.)
&
Suburban RR.-Bond Issue.reserve fund by the company, according to the decision of the Commission,
The directors have authorized the issuance of $750.000 First & Refundpending a settlement of the application of the company for fare increase.
ing 5% bonds, the proceeds to be used as follows: (1) $400,000 will be
The employees who demanded a flat increase in wages of 15 cents an held in trust to retire First Mtge bonds of 1926: (2) $150,000 to retire the
hour making the maximum of 60 cents an hour, have accepted the company Consol bonds of 1953: (3) the remaining $200,000
will be issued and sold
offer of 55 cents an hour, retroactive to Aug. 1.-V. 109 P. 371.
for cash, one-half to be taken by the bondholders and the other half by
the stockholders.
Pacific Power & Light Co.- Valuation.The proceeds will wipe out the floating debt and leave $55,000 for imThe Washington P. S. Commission has rendered a decision fixing the provements and $18,000 for
working capital. The P. S. Commission has
reasonable valuation of the company's properties, serving Yakima, Walla already approved
the issue. (V. 107, p. 605).-V. 107, p. 2098.
Walla, Goldendale and White Salmon, the company's division known as
the "Eastern Washington Section," at $6,207,532. It is on the basis of the
Third Ave. Ry., N. Y.-Three Sub. Cos. to Cease Operating.
valuation of this section that the Commission has taken under consideraSee "Rapid Transit in New York City" above.-V. 108, p. 1938.
tion the application for an increase of rates.-V.108,P.884.
• Miamisburg & Germantown Ry.-Sale Ordered.-
Judge R. C. Patterson, of Common Pleas Court, at Dayton, 0., on
Aug. 11 ordered the sale of this road, extending from Miamisburg to Germantown, about 5 miles. Judgment for $50,000 and interest was ordered
In favor of Philip C. Swing, of Cincinnati, as trustee.-V.93, p. 1387.
Pelham Park & City Island Ry.-To Cease Operating.-
See "Rapid Transit in New York City" below.
Pennsylvania RR.-To Pay Consols Due Sept. 1.-
The($4983,0001 Consolidated Mortgage 5% bonds maturing Sept.! 1919,
will be paid on presentation at the company's office, Philadelphia or New
York, on and after Sept. 2 1919-V. 108, p. 2434.
Pittsburgh & Beaver Valley St. Ry.-Wage Increase.
See Pittsburgh Railways below.-V. 105 P. 1802.
Pittsburgh (Okla.) County Ry.-Fare Increase.-
The Corporation Commission of Oklahoma has approved the company's
application to increase fares from 5 to 7 cents within the city limits of
McAlester.-V. 103, p. 939.
Pittsburgh (Pa.) Railways.-Wage Increases-Strike.-
Toronto (Can.) Ry.-Bonds Called.Eighty 4 % currency bonds of 51.000 each and 304 sterling bonds of
E100, issued under first mtge dated Sept. 1 1892, have been drawn for
redemption at par and int. on Aug. 31.
In the case of the currency bonds, payment will be made at the Canadian
Bank of Commerce, Toronto, and the sterling bonds at Bank of Scotland in
London.-V. 109, p. 174.
Trinity & Brazos Valley Ry.-Settlement.See Colorado & Southern By. under reports above-V.108, p. 1611.
Union Street Ry. of New Bedford.-Fares, &c.-
This company has filed with the P S Commission a schedule of proposed changes in fares sub-dividing three long lines for fare purposes and
eliminating the transfer privilege at the centre of the city for the 12 radiating lines.-V. 106 p. 2758.
The War Labor Board, before dissolving on Aug. 12, awarded wage inVan Brunt St. & Erie Basin RR., Brooklyn.-Fares.creases of 12% to employees of the following traction companies, retroactive
P. S. Commissioner Nixon has denied the application of the company
to the dates mentioned (see "Current Events" above):
for permission to increase fares from 3 to 4 cents. The Commission points
Eastern Massachusetts Street By., June 3 (see that company above).
out that while expenses have increased its passenger revenue has also inCleveland Painesville & Eastern /Cy. Juno 12.
creased from $40,859 for the fiscal year June 30 1914 to $70,769 for the
Cleveland Painesville & Ashtabula Fey., June 12.
year ending June 30 1919.-V. 108, p. 2331.
Cleveland & Chagrin Falls By., June 12.
Cleveland & Eastern Traction Co., June 12.
Washington Ry.& Electric Co.-Car Merger Indorsed.Beaver Valley Traction Co., June 12.
The Transportation Committee of the Board of Trade on Aug.7 unanimPittsburgh & Beaver Valley Street Ry., June 12.
ously adopted the report of a sub-committee whereby the street railway
Portland (Oro.) By., Light & Power Co.. June 25.
East St. Louis Columbus & Waterloo By..
companies of Washington should be merged into one system "in order to
25.
Alton Granite & St. Louis Traction Co., May 1.
furnish better service to the residents.'
East St. Louis & Suburban Ry. and East St. Louis By,, May 1.
The report gives eight advantages of the merger, the principal ones being
Pittsburgh (Pa.) Railways, May 1.
the reduction of overhead charges and the making available of desirable
In each decision made the complainant for the men affected by the securities and needed sums by bond issues for additions and betterincrease was the Amalgamated Association of Street and Electric Railway ments.-V. 109, p. 271.
Employees, re]presented by James H. Vahey.of Boston.
Traffic on all lines of the company was at a standstill on Aug. 15 as the
Washington (D. C.) Utilities Co.-Car Merger Indorsed.
result of a strike of its 3,000 motormen and conductors. International
See Washington By. & Electric Co. above.-V. 109, p. 271.
labor leaders declare that they will not support the strikers who broke their
t by not accepting
v
above) made
orard(ag
ut censanofr.v.op4
the award
NationlT
West Virginia Traction & Electric Co.-Committee,etc.
The protective committee referred to last week as representing two-year
7 bond secured gold notes deposited with the New York Trust Co.,
Portland (Ore.) Ry., L. & P. Co.-Wage Increase. 6
28 Broad St., N. Y., depositary under agreement of April 5 consists of
See Pittsburgh Railways above.-V. 108. P. 1819.
G. H. Walbridge. Vice-President, Bonbright & Co., Inc., N. Y.: R. U.
Lansing, Vice-President. National City Bank, Chicago; A. V. Morton,
Rapid Transit in N. Y. City.-Cos. Suspend, &c.Followng a hearing before P. S. Commissioner Nixon on Aug. 8, it was Vice-President. Penn. Co. for Insurance on Lives and Granting Annuities,
announced that the Mid-Crosstown By. Co., Inc.. and the Pelham Park Philadelphia: .I. 0. Sheldon, Vice-President, Bank of Gouverneur Gouver& City Island By. Co., Inc., would cease operating forthwith and that the neur, N. Y.: J. A. VanMater, New Jersey Zinc Co., N. Y. with B. G.
Third Avenue Bridge Co. would discontinue its line over the Queens Bor- Curts as Secretary, 26 Broad St. and Shattuck, Glenn, Ruse & Ganter,
26 Exchange Place, New York.
oh Bridge on Aug. 31. These three companies are subsidiaries of the Counsel,
Default in the payment of the principal of this issue of $1,800,000 notes
TMrd Avenue By. Commissioner Nixon expressed the opinion that he was
occurred May 1 1919 but the interest then due was paid as usual.
without power to force the companies to continue operation at a loss.
In reply to a letter of Commissioner Nixon, who suggested that the city Digest of Statement by President W. S. Barstow, N. Y., April 5 1919.
take over and operate these three roads in accordance with his views as
War conditions have had serious effects on the business of the Co. In
expressed in the press, Mayor Hylan rejected the offer and, although in common with other utilities, the Company's operating costs have increased
6Th
THE CHRONICLE
in every department, especially the street railway department. The drain
on the West Virginia natural gas fields due to the fuel demands of the various
cities served by them has been so great as to diminish the supply and to
increase the amount of drilling necessary to meet the demand.
Substantial rate increases in nearly all departments have been secured
and applications for further increases are pending, but even these would not
offset entirely the greatly increased costs of labor and material. In spite of
increased gross earnings in 1918 over 1917, the net earnings decreased and
the same is true of 1917 as compared with 1916. Recent months, however,
are showing improvement in both gross and net.
Since the common stock of the City & Suburban Gas Co., all of which
is owned by the West Virginia Traction & Electric Co., has paid no dividends during the period, the operating results of that Company are not
included in the above statement.
The officers believe that the property will continue to earn its charges,
including interest on its floating debt of $600,000. The margin of surplus
over charges, however is so small that the Company is unable to finance
improvement etc., except out of earnings. Under the existing conditions
the Company is unable to soli a new issue of securities to provide funds for
retiring Gold Notes. which mature May 1 1919.
Bonbright & Co., New York, report earnings as follows:
[VOL. 109.
Alaska Gold Mines Co.-Earnings.Results for Quarter and Six Months Ending June 30.
1919-3 Mos.-1918. 1919-6 Mos.-1918.
$294,691
$354,701
$658,718
$665,735
225,030
160,692
471,422
372,809
149,793
106,159
289,106
232,495
13,937
12,595
27,332
26,813
23,828
40,475
46,542
21,201
Gross val. of production_
Ore prod. & transport'n_
Miffing..
Shipping & smelt. chgs_
Admin.& gen. expenses_
Bal. mining loss
Miscellaneous income_ _ _
$55,260
deb.1,223
$8,583
deb.5,665
$169,618
6,350
$12,924
9,343
Total operating loss
$14,248
$56,483
$163,268
$22,267
During the quarter the daily average tonnage of ore delivered to the mill
amounted to 5,839, or an increase of 314 tons as compared with the first
quarter.-V. 109, P. 174.
American Bank Note Co.-Obituary.President W.L. Green died Aug. 12.-V. 108, 13. 968.
American Cotton Oil Co.-Notes Sold.-The First Na-
Consol. Earnings Includ. Affiliated Cos., June and 12 Months ended June 30. tional Bank, N. Y. announce by advertisement on
another
1919-June-1918 Inc. 1919-12 Mos.-1918 Inc
page the sale at 99A and int., yielding about6.18% of $10,$
%
$
Gross earnings
$104,775 $92,945 12.7 $1,225,302 $1,088,940 12.6 000,000 (entire issue) 5-year 6% Gold Notes. Dated Sept.2
Oper. expenses & taxes
72,131 60,196 19.8
785,606
661,108 18.7
1919. Due Sept. 2 1924. The bankers state:
Net earnings
$32,643 $32,749 0.3 $439,693 $427,832 2.7
Int. payable M. & S. Denom. $1,000 (c). The company covenants that
Other income
2,097
1,383
__
18,846
15,311 -- it will retire annually $500,000 of these notes either by purchase at not
exceeding 102 and int. or by call at 102 and int. Central Union Trust Co.,
Total income
$34,741 $34,132 1.8 $458,540 $443,143 3.4 New York, registrar.
This Issue.-The trust indenture provides that no mtge. shall be created
Rentals
13,351
20,205 _- (a) without the written approval of 80% of the notes outstanding, and
Bond & note interest.. Not Reported
347,613
341,606 (b) also -without providing for the security by such mortgage of all the notes
General interest
736
of this issue outstanding, equally and ratably with all the other debt secured
by such mortgage.
Net income
$96,838
$81,331 19.1
Assets.-The current assets, June 30 1919, exceeded current liabilities
by more than $19,000,000. Furthermore, the company has $16,000,000
Operating Ratio
69.2% 64.8%
64.2%
61.1
invested in real estate, buildings, machinery, etc.
* Decrease.
Earnings.-The net earnings for the year ending Aug. 31 1919 (2 months
V. 109. p. 578. 478.
estimated.), show a substantial increase over those of the preceding fiscal
year. During the past 10 years net earnings have averaged nearly 5 times
the average fixed charges for the same period.
INDUSTRIAL AND MISCELLANEOUS.
Purpose of Issue.-Proceeds will be used to retire $5,000,000, 5% notes
maturing
11919, and $5,000,000, 7% notes maturing Sept. 3 1919.
Ajax Oil Co., Joint Stock Association, Dallas, Tex.- -V.108,Sept.
p. 173.
Offering of Stock.-Farson, Son & Co., New York, are offerAmerican Fuel Oil & Transportation Co.-Offering of
ing at $10 per share, by advertisement on another page.,
Stocks.-The Andrew Teller Co., Cleveland, are offering
$1,000,000 class "A" stock Pref. (a. & d.); par $10.
Data from Letter of Pres. C. B. Sowell, Dated Dallas, July 28 1919. $1,000,000 Pref. stock and $1,000,000 Common stock (par
Company.-Organized under the laws of Texas July 26 1919 as a joint of each $10), two shares (one share each of Pref. and Corn.)
stock association, acquiring property producing about 1,000 barrels of oil for $12 50. A circular shows:
daily (posted price 32 25 per barrel), together with a number
of oil leases
in proven territory of the Burkburnett field northwest extension and the
Ranger field, also oil leases scattered over several counties in Texas and
Oklahoma, totaling about 7,000 acres. Six wells are now being drilled
which should be completed within the next 60 days, giving the company
a minimum production of 5,000 barrels of oil daily.
Earnings.-The earningsfrom present production should be about $67,500
per month equivalent to 4 times the dividend requirements on the class"A"
stock. With increased production to 5,000 barrels of oil daily earnings
shou'd be at the rate of about 20 times div. requirements for this stock.
Capitalization.-Authorized and outstanding, $1,500,000 12% class "A"
stock (par $10) and $3,000,000 class "B" stock (par $10).
Dividends.-Class"A"stock will receive dividends at the rate of 12% p.a..
payable monthly on the 15th to stockholders of record of the 5th. An
dividend will be declared payable Sept. 15. No dividends can be paid on
class "B" stock unless the earnings for the preceding month are equal to
or exceed $60,000. After class "A" and class "B" have received monthly
dividends of 1% both classes of stock will share equally in any further distribution of divs. declared for that current month. Stock to be all one class
any time after net earnings reach $450,000 for a period of 6 months or less.
Purpose of Issue.-The proceeds of this stock are for acquiring various
leases and to provide funds for extensive development and drilling of
the company's leases.
Officers and Trustees.-C. B. Sowell, Pres.; R. H. Sowell, V.-Pres., Dallas, Tex.; John Farson, V.-Pres., N. Y. City; T. W.Sowell, Treas.; E. D.
Reeves, Secretary-Asst. Treas., Dallas, Tex.
Capitalization.-Authorized, $10,000,000 8% Participating Cumulative
Prof. stock and $20,000,000 Common stock; issued and outstanding,
$2,200,000 Pref. and $12,300,000 Common.
Organization.-A merger of(1) the Traders' Oil Corp., owning and operating an old established and going business with 107 present producing oil
wells, 4 gas wells, numerous storage tanks pipe lines, buildings and complete miscellaneous operating equipment, including all the properties formerly owned by the Traders' Oil Co.,the Traffic Oil Co.,the Euclid Oil Co.,
the Globe Oil Co. (V. 106, p. 825), the White Oil Co., the Liberal 011 &
Gas Co. and the Starky Oil & Gas Co.;(2) the James A. Moore interests,
controlling through purchase from the Atlantic Refining Co. a guaranteed
supply of 100,000,000 barrels of fuel oil; 2,000,000 barrels of this oil are
delivered during the year beginning Oct. 1 1919, 3,000,000 barrels the
year following and increasing to the fifth year when 10,000,000 barrels a
year are delivered until complete deliveries shall have been made.
Properties.-The properties include 590 acres owned in fee and 29,600
under perpetual lease in California, Oklahoma, Kansas and Texas, upon
which are 111 producing wells. The 6,000 acres in Oklahoma are capable
of producing 2000,000 Cu. ft. of wet gas daily, and with additional equipment should yield $1,000,000 per annum. The Texas property is proven
oil land with numerous producing wells immediately adjoining. The
16,500 acres under perpetual lease in western Kansas have given assurance
of tremendous production.
The company completed a sale, with ample cash security, on June 2 1919
to a responsible Italian syndicate of 5,000000 barrels of this oil (of the
guaranteed supply from the Atlantic Refining Co.), with deliveries of 1,barrels per year for 5 years at a profit which within two years
Amalgamated Sugar Co., Ogden, Utah.-Offering of 000,000
should equal 100% on the entire present outstanding Prof. stock.
Pref. Stock.-Hayden, Stone & Co. and Montgomery & Co.,
Dividends.-After the Prof. receives its 2% quarterly divs. and after
payment of 1%% quarterly on the Common stock, the Prof.stock shares
N. Y., are offering at 1023/2 and div., yielding 73
4%, by the
pro rata with the Common stock in further dividends.
advertisement on another page, $4,300,000 8% Cumulative
Estimated Net Earningsfor Year Ending July 11920.-Present net earnings
producing properties, $300,000; No. 1 casing-head gas plant on OklaSinking Fund First Pref. (a. & d.) stock; par $100 (see from
homa property, conservatively estimated, $300,000; profits first year's
advertising pages).
deliveries to Italian syndicate, 1,000,000 bbls.,$1,000,000;total,$1,600,000.
Purpose of Issue.-(1) To buy or build tank steamers in lieu of chartered
Dividends payable quarterly, Feb. 1, &c. Redeemable in whole or in
part on any oily. date at $120 and divs. upon 60 days' notice. An annual vessels for the cheaper transportation and delivery of fuel oil; (2) to finance
cumulative sinking fund is to be provided sufficient in amount to retire the construction of casing-head gas plants in Oklahoma;(3) to complete the
purchase of 110 acres of land now under lease on Staten Island, N. Y.„
at $120 2% of the amount of Pref. stock then outstanding.
having deep water frontage and rail connections and to construct the necesData from Letter of V.-Pres. David C. Eccles, Dated Ogden, Aug. 5. sary storage tanks, pipe lines, docking ficilitios, &c.;(4) to extend the scope
Purpose of Issue.-Sufficient of the proceeds of this issue, together with of the present active drilling operations.
Officers and Directors.-M.V. McQuigg,Pres.; Arthur McCausland, Sec.;
$1,000,000 additional Common stock, recently sold at par, has been used
to pay off the First Mtge.7% Serial Convertible gold bonds(V. 107, p.804) Hon. A. J. Wallace, A. M. White, F. C. Rutan, N. W. Jordan, James A.
retired Aug. 1 1919, thereby eliminating the only bonded debt, and will be Moore, V.-Pres.; Dr. John Wesley Hill, Warren Hilton, W. W. Chapin,
used to retire all of the Pref. stock of another issue now outstanding, Chas. S. Reed, Treas.; W. A. Badger.
amounting to about $245,300. The balance of the proceeds of these stock
American Locomotive Co.-Common Div. Increased, &c.
issues has been added to the working capital.
A quarterly dividend of 13,6% has been declared on the common stock
Provisions.-(a) No mortgage, except purchase money mortgages to the
extent of 75% of the cost of new property acquired, may be placed upon any payable Sept. 30 to holders of record Sept. 13, which increases the annual
of the property without the consent of 75% of the outstanding Pref. stock, rate from 5 to 6%. A dividend of 1 % has been paid quarterly since
nor without similar consent may any other debt be created except customary Sept. 1916.
William H. Woodin has been elected a director to succeed George R.
borrowings of not exceeding one year in maturity made in the ordinary
course of the business. (b) No additional stock equal or prior to this issue Sheldon, deceased and Sec. W. Spencer Robertson was made a director to
may be issued without the consent of 75% of the outstanding Pref. stock, succeed Harry Bronner resigned.-V. 108, p. 2243.
and then only if the average net earnings applicable to dividends for the
American Steel Foundries.-Listing-Earnings.3 preceding fiscal years equal 3 times the Pref. stock dividend requirements,
The N. Y. Stock Exchange on Aug. 13 authorized the listing of $10,000,including that proposed. (c) The company agrees to maintain at all times
net current assets equal to at least 60% of amt. of outstanding Pref. stock. 000 temporary certificates for Cumulative 7% Preferred stock, on official
notice of issuance in exchange for outstanding Preferred and Common
Years Feb.28. 1915.
1916.
1917.
1918.
1919.
Production(lbs.)81,727,500 91,187,600 92,451.600 93,987,900 112,326,700 stock of the Griffin Wheel Co., on an official notice of issuance and payment,
For six months ended June 30, the earnings from operations, after deductEarnings.-The average annual net income after all taxes, including
manufacturing, selling and administration expenses were $2.970,500;
Federal taxes, for the 5 years ended Feb. 28 1919 available for dividends ing
net
profits, $2,837,083; total, $2,999,179; balance of profits and income.
was $1,485,000. For the last 3 years of this period the average annual $2.970,776;
net profits carried to undivided surplus account, $2,005,776.
amount available for divs. was $1,608,000. The amount required to pay
Edward Shearson has resigned as a director of this company.-V.
dividends on the $5,000,000 Prof. stock is $400,000 per annum.
109, p. 478.
Capitalization on Completion of Present Financing. Authorized. Outstand'g.
American Telephone & Telegraph Co.-Rumors.-8% Cumulative Sinking Fund First Preferred stock_$5,000,000 $5,000,000
The weakness of the price of the stock on the Stock Exchange leads the
Common stock
25,000,000 6,824,400
"Boston News Bureau" to say: "No immediate financing is contemplated,
Condensed Balance Sheet as of Feb. 28 1919 after giving effect to New Financing. although later in
the year the usual needs will have to be taken care ofLiabilities-.
Assetsprobably less than $50,000,000. Only the rankest kind of treatment on
Factory investment (net) $8,418,007 Common stock
$6,824,400 rates from the State regulatory bodies, which there is no good reason to
378,020 *Preferred stock
Other permanent invest..
5,000,000 anticipate, would compel American Telephone to reduce the $8 dividend.Cash, Liberty bonds. &c.. 2,295,137 Notes payable
6,762,788 -V. 109, p. 478.
7,702,908 Accounts payable
Sugar, molasses, &c
253,347
Accounts & notes receiv_ 2,023,643 Federal taxes accrued__ _
150,000
American Woolen Co.-Attractive Houses for EmOther current assets_ __ _
165,149 Notes payable, 1920-1921
445,900
Long-term notes receiv__
98,145 Debts due from 12 to 16 yrs
52,644 ployees on Easy Terms.-An advertisement on another page
Reserve (sundry)
50,000 announces the organization of the Homestead Association,
Total (each side)
$21,081,099 Surplus
1,542,020 Inc., in
company's farseeing policy
accordance with the
*Note.-$245,300 Prof. stock of an issue previously made and at present for bettering the living conditions of its employees and to
outstanding is not included in this statement, as all of this stock will be
called for redemption, funds for its retirement at $110 and divs. having enable them to purchase at cost attractive homes.
To overcome to some extent at least, the shortage of housing facilities
been deposited with Bankers Trust Co.
The net current assets as of Feb. 28 1919, after giving effect to the new for the company employees the Association plans to build in certain of
financing, amount to $5,020,000, and the total net assets amount to $13,- the co's mill towns a number of individual houses of attractive designs,
366,000, or $267 per share on the Prof. stock. See statement of history/ by a good architect, in quantity so as to secure for the purchaser all
advantages as to values. These houses will be of durable,' permanent
&c., in V. 107, P. 804; V. 109, p. 272, 174.
AUG. 161919.]
THE CHRONICLE
construction, with four, five and six rooms, electric lights, modern plumbing, etc., approximately 4,500 sq. ft. of yard attractively planted and
graded. The terms of sale will be very easy, the association agreeing to
accept 5% in cash and the remainder on mortgage at 4%% with monthly
payments to cover moderate rental, interest, insurance, taxes and gradual
extinction of the principal.-V. 109, p. 75.
Ames Holden Tire Co., Ltd.-Offering of Guaranteed
Bonds.-Greenshields & Co., Nesbitt, Thomson & Co. and
Thornton, Davidson & Co., Montreal, are offering at 100
and int., yielding 7%, and carrying a 20% bonus of Common stock, $1,000,000 7% 20-Year First Mortgage Sinking
Fund gold bonds, guaranteed unconditionally principal
and interest, by endorsement, by Ames, Holden, McCready,
Ltd. Dated July 1 1919, due July 1 1939. A circular shows:
Interest payable J. & J. at the Bank of Montreal, Montreal, Toronto,
and at the agency in N. Y. City. Denom. $100, $500 and $1,000 (c*)•
Redeemable as a whole or in part on July 1 1921 or on any int. date thereafter on 3 months' notice at 105 and int. Trustee, the Eastern Trust Co.
Sinking fund commencing July 1921 provides sufficient funds to retire the
whole issue by maturity.
Authorized. Issued.
CapitalizationCommon stock
$3,000,000 $2,000,000
1,000,000
First Mortgagel% bonds
2,000,000
The Ames Holden McCready Ltd. which guarantees the principal and
interest of the bonds, has, after provision for all of its own bonds and debentures, net assets (exclusive of good-will) applicable to the guarantee, of
$3_j/00,000, or three times the amount of this issue.
The average net earnings after maintenance, renewals, deprec. and
int. on the present outstanding bonds, for the 7 years ending April 30
1919, amounts to $172,000, or about 2% times the int. on this issue. For
3 years ending Apr. 30 1919, $282,600, or 4 times the int. on this issue.
For the year ending Apr. 30 1919, $321,000, or over 4% times the int. on
this issue.
The estimated net earnings of the Ames Holden Tire Co. for cal. year
1920, $170,000; 1921, $300,000; 1922, $500,000.
The marketing of the product will be handled by the Ames Holden
McCready Ltd.-V. 109. p. 75.
679
Interest payable Q.-Jan. 1,&c. Denom.$10,000 r. Callable as a whole
or in series at par and int. on the first day of any month on 15 days' written
notice. In the event that less than all of the outstanding Notes are called
for redemption, those last maturing shall be redeemed first. Guaranty
Trust Company of New York, Trustee.
Business & Properties.-See Barnsdall Corp. under "Financial Reports"
above.
Purpose of Issue.-The proceeds have been used in part to pay off loans
from the Standard Oil Company of New Jersey approximating $3,100,000
and representing advance payments against delivery of oil. Except for
these notes, the company is entirely free from debt.
This Issue.-The trust agreement provides that so long as any of these
notes are outstanding: .(1) The company will not mortgage or pledge
any of its rights or real or personal property without securing these notes
by a lien prior to such mortgage or pledge. (2) Without the consent of
the holders of 51% of the notes at any time outstanding the Company will
not incur any debt in excess of $500,000 at any time outstanding. (3) The
company will not sell, lease or otherwise dispose of any substantial portion
of its rights, property or franchises unless all the proceeds thereof shall be
applied to the redemption of these notes or the acquisition of additional
property.
Calendar Years.
1916.
1917.
1918.
Earnings from operation
$2,323,349 $2,864,378 $2,933,492
Operating profits, after expenses_ _ _ _ 1,857,813
1,984,964
2,084,686
Miscellaneous income
34,460
73,437
263,516
Balance for Int. deprec. & Fed. Taxes 1,892,273
2,158,123
2,248,480
The Barnsdall Oil Co.'s proportion of Federal taxes for 1916, 1917 and
1918 amounted to $35,540, $311,813, and $150,000 respectively.
The not income of Barnsdall Corp. after expenses, int. and taxes for the
past three caldendar years from its properties other than Barnsdall Oil Co.
has averaged over $500.000.
(Isaac) Benesch & Son, Inc., Baltimore.-Offering of
Pref. Stock.-Baltimore (Md.) Trust Co. are offering, at 100
and div., yielding 8%,$750,000 8% Cumulative First Pref.
& d.) stock, par $100. An advertisement shows:
Redeemable in whole or in part on 30 days' notice at $110 and div. Divs.
payable Q.-J. An annual sinking fund of $50,000, payable quarterly to the
trustee, is provided beginning Oct. 1 1919.
Capitalization.-Authorized and outstanding:8% Cum. First Pref. stock,
$750,000; 6% Cum. Second Pref. stock, $750,000; Corn. stock, $750,000.
Has no bonds, and the entire issues of Second Pref. and Common stock will
Arundel Corporation, Baltimore.-Incorporated.This company was incorporated Aug. 6 in Maryland per plan in V. 109, be owned and the management vested in the same interests which managed
business for the past eight years.
p. 478, 373. The authorized capital stock $7,000,000, viz.: $1,000,000 the
Company incorporated in Maryland [July 12 19191 to take over the busiPreferred and $6,000,000 Common. Frank A. Furst will be President, ness
of Isaac Benesch & Sons, established in 1875; retail establishment in
Joseph J. Hook and D. L. Taylor Vice-Presidents and Gen. W. Bladen
Pa. Net
Lowndes Secretary and Treasurer, other directors John T. Daily, John Baltimore, and operating stores in Wilkes-Barre and Pottsville,
assets
as of June 30 1919, over $3320 per share, and net quick assets over
Edwin
Mandelbaum
T. Waldhuaser, Seymour
Warfield Jr., Michae
Sheehan, Charles M. Cohn, John Baer, George A. Whiting, Simon Hess, $289 per share of the First Preferred stock.
Net earnings from Jan. 1 1915 to June 30 1919, before Federal taxes and
of New York, and Charles H. Knapp.-V. 109, p. 478, 373.
salaries of officers, average $589,218 per annum-about nine times dividend
Astoria Mahogany Co., Inc., Long Island, N. Y.- requirements on this stock, after allowance of $50,000 for sinking fund.
Stock Offered.-Redmond & Co. and Pyne, Kendall &
Hollister, N. Y., are offering, at 100 and div., $1,000,000
8% Cumulative Sinking Fund Preferred (a. & d.) stock, par
$100. The bankers state:
(F. E.) Booth Co., Calif.-Sells Plant.The company has sold to the Pittsburgh Water Co.,Cal. (formed for purpose of taking over the business and plant), the Black Diamond Water Co.
at a price said to be $97,000. The company will accept in payinent $34,000 in Capital stock and $63,000 of First M.6% bonds of the Pittsburgh Co;
The latter company has applied to the California RR. Commission for an
order approving the proposed transaction. Permission is also sought to
issue the stock and bonds made necessary by the deal, also $5,000 of stocks
and bonds in addition to the $97,000 to provide working capital.-V. 108.
p. 2244.
Divs.4myable quarterly Jan. 1, &c. Redeemable as a whole or in part
at $112 and dive. upon 30 days' notice. A cumulative sinking fund from
profits o $30,000 per annum beginning Oct. 1 1919, payable semi-annually',
for the retirement of the l'ref. stock at not exceeding 112% and accrued
dive. In addition, 25% of the surplus profits after Pref. divs. and other
sinking fund charges, is to be set aside each year beginning Dec. 31 1919,
Boston Consolidated Gas Co.-Gas Rates, dec.to retire additional Pref. stock if obtainable, at not exceeding par, within
The Massachusetts Board of Gas & Electric Light Commissioners
three months.
recently rendered the following decisions: (a) approved the company's
Capita,'(Upon Completion of Present Financing)- Authorized, Outstand'g petition to continue the present charge of $1 per 1,000 cu. ft. for gas. The
$420,000 $420,000 Commission on Oct. 21 1918 authorized a $1. rate "for the duration of the
6% Sinking Fund bonds, due 1941
1,500,000 1,
8% Cumulative Preferred stock
war but not exceeding one year from said date in any event.";(b) approved
50,000 shs. 30,000 abs. the contract between the company and East Boston Gas Co. (V. 106,
Common stock of no par value
p. 1690) by which the latter agrees to pay 60 cents per 1.000 cu. ft. for gas
The company, upon the acquisition of the Astoria (N. Y.) Veneer Mill
& Dock Co.(V.92, p. 121), and the Huddleston Marsh Mahogany Co., wil delivered, deliveries not to exceed 80,000,000 cu. ft. per month; (c) disown and operate the largest mahogany and veneer mill on the Atlantic and approved a contract between the company and New England Fuel & TransGulf seaboard. The property owned includes plants and docks at Astoria, portation Co., whereby the Boston Consolidated Gas Co. was to secure gas
L. I. City, with almost a mile of dock frontage. Business, in successful from New England company at rate of 35 cents per 1,000 cu. ft.-V. 107.
operation for over 40 years, is that of importing and exporting mahogany p. 1921.
and cedar woods and the manufacture and sale of veneers and lumber.
British-American Chemical Corp.-Organized.-A cirAssets.-Total net assets applicable to this issue of Preferred stock aggregate $325 per share, of which $176 per share represents net quick assets cular says in part:
(this is exclusive of good-will, trade-marks, &c.).
Company.-Organized under the laws of New Jersey with a capital of
Earnings.-The net earnings, after taxes and bond interest, but before
175,000 shares Common stock, par $10, and 25,000 shares 8% cumulative
Interest on borrowed money, are approximately as follows:
preferred
stock, par $10.
1918.
1917.
1916.
1919-6 MOs.
The plant, located at Ridgefield Park, N. J., is one of the largest of its
$227,753
$218,288
$186,245
Over $300,000
in the United States with a daily production at present of: Benzoic
[The company was incorporated Aug. 5 1919 in New York. The direc- kind
1,450 lbs.; soda benzoate, 1,000 lbs.; benzaidahye, 750 lbs.; salicylic
tors are: I. S Marsh, Forest Hills, L. I.; A. S. Williams, Steinway, L. I., acid,
acid. 1.500 lbs.; benzyl chloride, 5,000 lbs.; soda salicylate, 1,000 lbs.
:outer, Babylon, L. 1.1
L. H. Router,
There is on hand available for use apparatus sufficient to triple and
(The) Autocar Co.(Mfrs. of Motor Trucks), Ardmore, quadruple the present production, only requiring a little more than the
cost of installation, and it is intended to proceed with such installation
Pa.-Stock Increase.without delay and enter upon the production of the derivatives, which
The stockholders on July 22 1919 voted to increase the authorized capital include: Benzyl chloride, benzyl acetate, benzyl alcohol, benzyl ester
stock from $2,000,000 to $10,000,000. Present stockholders were offered (ethyl benzoate), beta-nap-benzoate, cinnamic acid, cinnamic aldehyde,
the right to subscribe at par for $1,000,000 of this issue on or before Aug. acetaldehyde, malachite green, aniline blue, xeraform, tri-bromo-phenol,
15 to the extent of one share of new stock for each two shares of his holdings methyl salicylate, salol, aspirin, &c., and also para amido phenol and pars
and ortho nitro phenol, including the production of standard dyes.
as of July 22 1919.
Chairman Erb says: "With the proceeds of the sale of the shares, for
An official circular says: "We have had a very successful six months
and this,additional capital will enable our company to further increase its which provision has now been made, the investment in this plant will
output.
approximate $1,500,000 with installations completed, which will insure
[Business established in 1897, officers are David S. Ludlum, President; an output for which there is ready sale to yield a net return of over $500,000
Walter W. Norton, Vice-President & Production Manager; Walter T. per annum and upwards.
Savoy e Secretary-Treasurer; John S. Clarke, Louis S. Clarke and Edwin A.
Directors and Officers.-Newman Erb, Chairman of the board; E. R.
Fitts. Vice-Presidents.1-V. 109, D. 373. 75.
Wegner, President; 0. W. Embrey, Vice-Pros. & Mgr.; B. J. Greenhut.
Barnet Leather Co. Inc. -Initial Bal. Sheet July 11919.
Butte & Superior Mining Co.,Ltd.-Earns.-Prod'n.-
Net sales and net profits are as follows, except that the profits are stated
without charging the salaries that have been paid to officers of the Company.
Federal income, excess profits and war profits taxes not deducted.
1917.
1918.
6 Mos.'19.
$3,961,764 $4,183,913 $6,207,735 $3,040,429
Not sales
696,289
459,591
537,681
Net profits
1,016,830
Assets$1,576,538 7% cum. pref. stock
Cash
$ ,000,000
1,285,608 Common stock, (40,000 shares 9
Accounts receivable.
118,158
no par val.)
2,000,680
Bills receivable
2,289,000 Accounts payable
948,365
Merchandise inventories
627,550 Bills payable
U. B. Liberty bonds
Com
24,393
MiSSions,
510., payable.- 861,64
Sundry investments
59 955
4
Land, bids, equip, &c__.___. 693,331 Reserves for 1918 taxes
300,475
9,393 Reserves for 1919 taxes
Prepaid interest
Instal. pay. on Liberty bonds_ 180
800
51
37:0
Depreciation reserve
135,000
Results for Quarter and Six Months ending June 30.
1919-3 Mos.-1918.
1919-6 Mos.-1918.
Net value (zinc concent.)_ $608,741 $1,124,894
$990,897 $2,530,165
539,127
619,001
Net value (lead concent.)_ 368,664
302,609
150,000
Inventory and quotations 150,000
23,107
44,921
25,727
13,816
Miscellaneous income___
$6,623,971
Total
Total
$6,623,971
See also V. 108, p. 2631; V. 109, p. 580.
H. K. Pritchitt of Pritchitt & Co. and L. H. Kronthal of Speyer & Co.
have been elected dlrectors.-V. 109, P. 580.
$1,153,133 $1,441,319 $1,804,820 $3,092,399
Total income
1,710.972
2,636,031
1,312.932
Operating costs, taxes,&c. 942,907
$456,368
$210,226
$128,387
$93,847
Balance, surplus
There was milled during the quarter 99,562.tons of ore at an average cost
for
the first
average
cost
of
$2.996
of $2.785 per ton, as compared with an
quarter. Mill operations showed a recovery of 97.29% of zinc in concentrates, averaging 54.06% zinc, and 22.11 ozs. of silver.
1919-7 Mos.-1918.
1919-July--1918.
7,800,000 11,500,000 56,675,000 85,750,000
Zinc (lbs.)
1,670,000
225,000
1,086,000
150,000
..
) 373.
Silv
ve
.r10
(o
9.
zsp
California Petroleum Co.-Earningsfor the Half-Year.-
(Earnings for Six Months ended June 30 1919.)
1919.
1918.
1919
1918
$203,896
$76,251
$2,259,441 51,819,253 For reserves__ _
49,078
45,838
455,274 tat.
.on
c bonds _
664,113
13,042
See under "Financial Reports" above and Barnsdall Oil Co. below2,013
Sub
V. 108, p. 2631.
$1,595,328 $1,363,979 Pref. dive_._ (8%)987,442 (23)339,433
Net
roe239,330
278,575
Deprec.
Barnsdall Oil Co.-Offering of Guaranteed Notes.-Mont- Depict. res
75,262 Bal. eur. & def. def.55,364 sur532,338
172,172
gomery & Co., N. Y. are offering at prices to yield from 6%
Dividends in 1919 include the regular 3%% for the half year with 43 %
same as of June 30 1919 to 2%
to 694% according to maturity $3,300,000 6% Serial on account of accumlations, reducingincluded
one paid April 1 1918 of 1
the half year of 1918 the dividends
Gold Notes. Dated July 1 1919. Maturing $100,000 In
which was the rate that had beenmid quarterly since 1916. and one divimonthly from Sept. 1 1919 to May 1 1922, both inclusive. dend at the increased rate of 1 3i 0 paid July 1 (compare V. 105, P. 501).
The liabilities in the balance sheet of June 30 1919 shows only slight
Guaranteed unconditionally as to p. & i. by Barnsdall changes
from that of Dec. 311918. The funded debt consists of American
Corp. (See advertising pages). The bankers state:
Oilfield Co., 6% 1930 $923,800, and American Petroleum Co. $601,500;
Barnsdall Corp.-Statement to Pittsburgh Stock Exchange
-Guarantees Notes of Barnsdall Oil Co.-
Gross earn
Oper. expenses
680
THE CHRONICLE
[VoL. 109.
otes payable $65,000. The assets show cash $1,420,663 against $820,415
S of Dec. 31 1918; Liberty Bonds $136,300 against $288,650; accounts
eceivable $538,987 against $552,852; oil inventoires $301,566 against $605,951 and materials and supplies $828,209 against $908,636.-V. 108, p.2435
This refinery, begun in 1913, was not completed until June 1918,in which
month the company turned out $2,500,000 worth of refined products, a
clear gain of $1,000,000 over the refinery sales of June 1917. This volume
of monthly sales was maintained over the second half of 1918.
Crude Oil.-The company now operates more than 850 producing wells in
California Wine Association.-Bonds Called.such important pools of high gravity production as the Cushing, Garber,
Six ($6,000) Convertible Mtge. 6% Debenture bonds dated July 1 1913 Billings, Blackwell and Quay pools in Oklahoma. In the heart of the
have been called for payment Sept. 10 at 105% and int. at the Union Trust Cushing field the company has 10,000 acres of proven leases which
are only
Co., San Francisco.-V. 108, p. 2024.
half developed. Its reserve acreage, aggregating upward of 400,000 acres,
is scattered through the most promising areas in Oklahoma, Kansas, North
Calumet & Hecla Mining Co.-Production.Texas, Wyoming and Kentucky. In the new North Texas fields the comOutput (in Pounds)Cal. & Hecla. Subsidiaries.
" Total.
pany has acquired extensive holdings in the Ranger district and is drilling
July 1919
3,292,821
2,914,598
6,207,419 wells in Eastland. Stevens, Comanche and Young counties. In Jan. 1919
July 1918
5,284,105
5,834,321
11,118,426 the company was drilling 28-wells on its Oklahoma acreage alone. In all
Seven months in 1919
30,258,119
32,037,934
62,296,053 about 40 wells are under way at all times.
Seven months in 1918
85,499,27985,499,279
Distribution.-Ownership of 283 % of the stock of the Union Petroleum
-V. 108. p. 2530, 2435.
dd Co. of Philadelphia, affords an outlet for exports, that company being one
of
the largest factors in the overseas oil trade and having shipping stations
Canada Iron Foundries, Ltd.-Plan.- 4,,c:-41
piff,14 at Philadelphia and New Orleans.
Union Petroleum Co. has recently
he shareholders will vote at the office in Montreal Aug. 29 on-(a),Ap-; placed contracts for huge quantities The
of gasolene and kerosene for export.
proving a scheme for the redemption of all the presently outstanding 'A'
Cosden & Co. does not maintain a distributing organization, but wholeand "B" debenture stock [at last advices $606,800 and $2,864,520, respec- sales
its refined product, the Standard Oil Co. of Indiana and the Union
tively]; (b) approving and confirming by-law No. 22, enacted by the direc- Petroleum
Co. being its largest customers.
tors, decreasing the Common capital stock by the cancellation of 20,000
Earnings.-For 1917 $9,567,594 remained after interest charges, but beunissued Common shares of the par value of $10 each [leaving $1,800,000 fore depreciation
and Federal taxes. For the first six months of 1918
outstanding-Ed.]; (c) approving and confirming by-law No. 23, enacted earnings, after fixed
charges but before depreciation and depletion, were
by the directors, increasing the Preference stock by the creation of 20(1,000 $3,819,171, the decline
being attributed to the railroad congestion which
new Preference shares of the par value of 810 each [on March 31 1918
there seriously hampered the movement of tank cars in the first quarter. For
was authorized $2,500,000; issued, 32,200,0001; (d) sanctioning by-law the second half of 1918 earnings are
reported well in excess of 1917.
No. 24, enacted by the directors, authorizing the creation and issue of
Dividends.-Dividends on the common stock are being paid at the rate
$1.000,000 6% 20-year First Debenture stock.-V. 108, D. 168.
of 23i% quarterly. Prior to the consolidation, Cosden & Co. paid $4,352,410 in dividends, of which $1,917,677 was stock at par value, between Jan.
Canadian Car & Foundry Co.-13
/
i% on Accums.- 1914 and Nov. 1917. Cosden Oil & Gas Co., between
May 1916 and Oct.
The regular quarterly dividend of 1M,% and an additional 13,
1% on 1917, paid $1,892,754 in dividends.
accumulations have been declared on the pref. stock, both payable Oct. 10 Capitalization, Stock and Bonds Aggregating 331,657,025 as of Dec. 311918.
to holders of record Sept. 26. The accumulations after this payment Common stock (par value $5): auth., $25,000,000; outstanding_318,017,595
will amount to 243.6%.-V. 108, p. 2435.
Pref. stock (par value $3): auth., $7,000,000; outstanding_ __ 3,582,930
Cosden & Co.(Delaware)6% 15-year Sinking Fund Cony. Gold
(j. I.) Case Plow Co.bonds, due 1932 (mortgage closed), Series A and B
8,812,500
Corporation Trust Co. of New Jersey filed a certificate of incorporation Cosden & Co.(Okla.)
6% 10-year Cony, bonds, duo Oct..! 1926
869,000
on July 29 for this company under Delaware laws authorizing $5,000,000 Cosden 011 & Gas Co.(Okla.)
6% 3-year Cony. notes, due July 1
First Preferred and $5,000,000 Second Preferred and 125,000 shares of
1919
375,000
Common without par value. The corporation is a reorganization of the
Conversion.-The 6% 10-year bonds are convertible into Cosden & Co.
J. I. Case Plow Co. and the Wallis Traction Co., both of Racine, Wis. 6%,
15-year
gold bonds of Series A at par for par; the 6% 3-year
Warren J. Davis, President of the J. I. Case Threshing Machine Co.. Gold Notes Convertible
into 15-year Convertible Bonds of Series B at par for par.
Issued the following statement: "The J. I. Case Threshing Machine Co.
Series A and B bonds are convertible into Cosden & Co. common stock.
of Racine, Wis.,desires to have it known by all concerned that it is not now, Series A,$13 of bonds to one share of stock (par
and never has been,interested in or in any way connected or affiliated with of $11.70 of bonds for one share of stock (par value $5); Series Bin ratio
value $5) until July 1 1919,
the J. I. Case Plow Works or the Wallis Tractor Co., of Racine, Wis., or and
thereafter at $13.
the J. I. Case Plow Co., recently incorporated in Delaware."
_
Collateral for 15-Year Series A and B First Mortgages on All Properties Now
or Hereafter Owned.
Central Foundry Co.-Exchange of Certificates.[Securities pledged with Central Union Trust Co. of N. Y. as trustee.]
The stockholders are notified that the plan announced in the circular letter
dated June 12 1919 issued by the Iron Products Corp. has been declared
Total Issue. Pledged.
perative. On and after Aug. 15 certificates for stock of Iron Products Cosden & Co. (old company) common stock
$5,752,870 $5,739,090
First mortgage convertible 6% gold bonds
'orp. will be delivered by the Mercantile Trust Co.. 115 Broadway, N. Y.
5,426,500
3,427,500
City, upon surrender of Mercantile Trust Co. certificates of deposit rep- Cosden Oil & Gas Co. common stock
6,919,415 6,874,960
Preferred stock
resenting Central Foundry stock.
3,473,090 3,439,585
6% convertible gold notes
Hereafter stock of Iron Products Corp. will be issued upon the deposit
5,997,000 5,622,000
[For sinking fund of Series A and B bonds, requirements, &c., see V. 107.
of stock of the Central Foundry Co. This offer of exchange will terminate
on Sept. 15 1919. Application will be made to list the stock of Iron Products p. 2292.]
Recently a Baltimore dispatch stated that a well, running 5 000 bbls. per •
Corp. upon the New York Stock Exchange.-V.109, p. 580,479.
day, had been brought in on the spectacular Ranger district of Texas.
Cosden's holdings in North Central Texas are stated to approximate
Childs Real Estate Co.-Bonds Called.Thirty-five Series "A" and 11 bonds of Series "13" have been called for, 350,000 acres, of which 200,000 acres are within the Ranger district.
Directors.-J. S. Cosden (Pres.), Jacob France (V.-P.), A. W. Gieske
payment at 110 and interest on Sept. 2 at the Empire Trust Co., New York.
Bond No. 25 of Series "B", called Sept. 1 1918, has not been presented for (V.-P.), E. R. Perry (V. P.). E. B. Jeffrey, E. L. Norton, H. L. Duer,
R.L. Williams, It. IC. Cassatt, H. L. Pope, 10. I. Stralem, A. G.Lawrence,
payment as yet.-V. 106, p. 2760.
Stuart Olivier, W. W.Lanahan and E. S. Stockbridge.
Chino Copper Co.-Earnings.Secretary, E. M.Rouzer; Treasurer, II. C. Williams. Compare V. 107,
P. 2292, 2379.
1919
191
2d Quar. 1st Quar.
2d Quar.
1st Quar.
Net oper. profit, miscell.
Davis-Daly Copper Co.-Earnings.income, &c
$370,415 def.$173,442 $1,916,513 31,124,2M
Dividends
3 Mos. to -June 30 Years-(15%)652,482 (15)652,485 (20)869,980(30)1304,970
June 30'19
1918.
1917.
Deficit
$249,296 $1,362,135
$737,230
$282,070
$825,927sr.$1,046,533
$180,716 Ore returns
The carrying price for copper was 14.60c. per lb. (inventorying the unsold Other income
8,440
4,773
58,952
copper at 13%c. a lb.), against 13.04c. for the first quarter. Production,
Total receipts
10,541,471 lbs., or 3,513,824 lbs. per month, comparefl with 11,512,133 lbs.
$257,736 $1,421,087
$742,003
Mining cost and development
In the first quarter, a monthly average of 3,837,378 lbs.-V. 109, p. 274.
$154,629
346-2,134
$759,944
Depreciation, depletion, &c
145,517
49,956
Cities Fuel &Power Co.-Tenders.Miscellaneous
a31,107
48,668
66,113
Taxes
The Bankers Trust Co. of New York, as trustee, will, until Aug. 22,
9,468
receive tenders for the sale on Sept. 1 of $372,320 2-year 7% sedured gold
Balance, surplus
notes, dated Dec. 11917. at not exceeding 10231% and int.-V. 106, p.609.
$72,001
$457,489
$163,800
Cleveland & Sandusky Brewing Co.-Tenders.-- tYloA
a Includes U. S. income tax on Boston expenses.
Shipments for the quarter amounted to 10,700 tons, producing 1,859,747
The Guaranty Trust Co., N. V., as trustee, will until Sept. 1 receive
tenders for the sale of $220,000 First Mtge. 6% gold bonds. All bids must lbs. of copper and 72,784 ozs. of silver. The average assay of the ore
be accompanied by a certified check or New York draft payable to Guaranty shipped for the period was 8.98% copper.-V. 108, p. 2025.
Trust Co. of N. Y., for an amount equal to 3% of the face value of the
District of Columbia Paper Mfg. Co.-Offering of Pref.
bonds offered, such amount to be refunded to the successful bidders when
bonds are received by said Trust Co., and to others, when offers are de- Stock.-Crane, Parris & Co. and Moorhead
& Elmore,
clined.-V. 107, p. 1103. 1 1.1)
.41:4zi14.ge
e 4( nal V di
Washington,
'
Z
Coca-Cola Co.-Purchase Report Premature.-
D. C., are offering at 100 and div., to yield 8%,
$300,0008% Cumulative
triA
Sinking Fund Preferred stock.
The announcement is made by the Guaranty Trust Co. of N. Y., and
the
Redeemable after Juno 1 1922 at 110 on 30 days' notice. Divs. payable.
Chase Securities Co., that the statement made public Aug. 13 in a dispatch from Atlanta regarding the sale of the Coca-Cola Company is pre- quarterly Mar. 1, &c. Sinking fund of 3% per annum is provided for its
mature. They further state that, although several conferences concerning retirement.
Company.-Incorp. In 1900 under the laws of Virginia. Owns a large
the matter have been held, no final decisions have been made and matters
have by no means reached a closing point. The banking institutions, in and successfully operated paper and chemical fiber mill of concrete conconclusion, also announced that they are not at present in a position to struction, containing 155,000 square feet of floor space, located on
K and Potomac Sts., Georgetown, between the Potomac River and the
disclose the names of the prospective principals in the transaction.
Chesapeake & Ohio Canal. Manufactures cover
box coverings,
Continental Candy Co., N. Y.-Official Statement.-On blotting and specialty papers, and, in addition to papers,
a large domestic business, prior to the war its products were sold in Europe, South America,
following pages under "Reports and Documents" will be Mexico
and Cuba. Within the past few weeks orders have been received
found the full statement made by the company to the New from Australia
and Japan, and it is expected that foreign orders will shortly
a large factor in the company's output.
York Stock Exchange in connection with the listing of the beEarnings.
-Since March last orders have been increasing and for the
company's capital stock.
month of May net earnings, after taxes, depreciation, sinking funds, &c.,
The statement gives the history of the organization of the company, the were slightly in excess of $8,000, which is at the rate of over 4 times the
business engaged in, description and location of the plants leased and op- dividend requirements on the Preferred stock.
Purpose of Issue.-To retire a portion of debt occasioned by the enlargeerated, together with a balance sheet as of June 30 1919 and a statement of
ment of plant, completed in 1918, and to provide additional working capiearnings for the six months ended the same period.av 4(1 419111.0
,
,
1 .14
tal.
Cosden & Co., Baltimore, and Tulsa, Okla.-Status.- Capitalization-Authorized. Outstand'g.
The statistical department of Howard A. Riley & Co., 20 Preferred stock
$300,000
$300,000
Common stock
400,000
300,000
Broad St., N. Y., recehtly issued a circular regarding this First Mtge.6s of 1917, due Apr. 1 1937
1,000,000
*654,000
property, a digest of which, officially revised for the "Chron* Of which $150,000 held in treasury to be sold for the credit of Preferred
fund and $106,500 can be sold at the discretion of the directors.
icle," in some important particulars, is given as follows: stock sinking
Bond Issue.-Of the authorized issue of $1,000,000, no bonds in excess
(compare V. 107, p. 2292):
of the $654,000 may be issued without the consent of 75% of the Preferred
Organization.-Incorporated in Delaware in July 1917. In less than ten stock and then only to the extent of 75% of the cost of additions and imyears the business has developed to a net investment in excess of $50.000,- provements. Redeemable after April 1 1922 at 103 and int. Has a sink000.ranking among the leading complete units in the petroleum industry. ing fund.
Voting Power.-Has no voting power unless four consecutive dividends
The sum of $16.500,000 has been realized through the sale of common stock
at an average of 311 83 a share (par $5); $3,500,000 from pref. stock at be in default, when the Preferred stock can name a majority of the board of
directors and continue until the deferred payments have been met in full.
par, and $12,000.000 from bonds.
Property.-To-day operates at Tulsa, Okla., the largest and most com- Balance Sheet as of March 31 1919. after itinnq Effect to Present Financing.
LiabilitiesAssetsplete refinery in the Mid-Continent region. This plant covers an area
of
1,200 acres; 400 miles of pipe lines radiate from it to the various producing Plant acc't, loss reserves__ 3940,402 Preferred stock
$300,000
7,150 Common stock
fields of Oklahoma, a transportation system, capable of handling 30,000 Cash
300,000
60,825 Bonds outstanding
bbls. of crude oil daily, with steel storage capacity for 4,500,000 bbls. of Accounts receivable
397,500
360,412 Current liabilities
179,073
crude oil and 2,500,000 bbls. of refined oils, and 2,150 tank cars handling Inventories
Deferred charges
25,556 Surplus account
224,772
the raw material and refined products.
Total (each side)
6.000
$1,400,345
Refinery.-When running the crude oil down to coke and producing all Sinking fund assets
by-products has a consuming capacity of 25,000 bbls. daily. As a "skimDonnacona Paper Co., Ltd.-Offering of Bonds.-Royal
ming plant,' to obtain only gasolene, kerosene and fuel oil, it can handle
as high as 75,000 bbls. daily; and 100 pressure stills for "cracking" dis- Securities Corp., Montreal, &c., are offering at
9632 and int.,
tillate (oil from which gasolene and kerosene has been distilled) obtain a
further yield of gasolene. The refinery I represents an investment of yielding 6.38%, $1,750,000 6% First (Closed) Mortgage
$17,000,000, but is carriedlonithe books/at $14,000,000.
Sinking Fund gold bonds. A circular shows:
AUG. 16 1919
THE CHRONICLE
681
Dated Juno 11915. Maturing June 11940. Int. payable at the Bank $628,386. butinasmuch as the profit and loss surplus as shown in the balance
of Montreal, Montreal, or at First National Bank, Utica, N. Y., or at the sheet increased only $261,000 in 1918, there would seem to have been
company's agency in N. Y. City. Denom. $1,000 and $500 (c5). Re- some special charges during the year either on account of additions or
deemable as a whole or in part at 105 and int. Royal Trust Co., Montreal, adjustments of inventory or possible Federal taxes for 1917.-Ed.)
Trustee. Sinking fund beginning June 1 1921 requires the payment to the
AssetsLiabilitiestrustee of 1% of outstanding bonds, 1921-25; 29' 1926-30; 37o 1931-35;
1917
1918
1917
1918
4% 1936-40, to be applied to the purchase of bonds at 105 and int.
$
$
$
$
2,232,061 1,375,131
5,187,009 5,229,467 Current
CapitalizationAuthorized. Outstanding. Current
Def.
Reserves
charges98,598
1,791,514
1,968,353
103,827
Common shares
$1,500,000 $1,500,000 Investments_ 1,339.045
679,107 Bonds__
1,984,000 2,048,000
1,550,000
7 Cumulative Preferred shares (V. 95, P. 682).- 2,000,000
stock_
1,835,700 1,920,800
2,250,000 Plant, etc- _ 9,665,209 9,462,054 Pref
3,000,000
6 First Mortgage Sinking fund bonds
pref.
stk..
200,000
2nd
200,000
ompany.-Incorp. in Ontario, Can., in 1912. Is a large Canadian
Common stk.. 3,749,200 3,715,300
manufacturer of news-print paper, news sulphite pulp and groundwood
Surplus
4,241,042
4,502,615
Que.,
Donnacona,
operation,
at
powers,
Has
in
necessary
water
pulp.
groundwood and sulphite pulp mills for the manufacture of news-print
Total ____ 16,295,090 15,469,226
Total
16,295,090 15,469,226
paper. The business has been in successful and profitable operation for a
Directors.-August Heckscher, T. 1. Crane, J. A. Burden, W. H. Shelnumber of years. The entire output is exported to the United States.
Security.-Secured by a specific First Mortgage upon freehold timber merdine, C. D. Wetmore, Very! Preston, W. S. Pilling, R. E. Jennings,
areas, water powers, timber leases, all plant and machinery now owned E. L. Baylies, Wm. M. Mehlhorn, E. L. Herdon, W. B. 0. Field, J. C.
Cromwell, F. C. Perkins, H. B. Livingston, M. D. Sloane, A. Turnbull
and all its future real and immovable assets. •
Harry Payne Whitney-V. 106, p. 1228.
Properties.-(a) Freehold and leasehold timber areas situated adjacent and
••••••••••••
+.
••••••••••=seramrs
,
rivers,
Lawrence
Que.,
to the Jacques Cartier and St.
aggregate 423,740 mac, - ---••••••••••(E. B.) Eddy Co. Ltd.-Debentures Called.acres and contain about 3,250,000 cords of spruce pulpwood. Other large
Twenty-two ($22,000) First Mtge. 6% 30-year debentures have been
supplies of cheap pulpwood are avilable by water shipment via the St.
Lawrence River to the company's docks at its mills; (b) water powers. called for payment Sept. 1 at 102h% and interest at the Royal Trust Co.,
24,000 h.p., of which 7,000 h.p. is developed and in operation. The valua- Montreal.-V. 107. p. 805.
tion of the property on•May 31 1919 was set at $4,824,159.
Edison Electric Co. Los Angeles.-Bonds Called.Annual Output (tons).-News-print paper, 30,000; news sulphite pulp,
One hundred and one 4106)00) First & Ref. Mtge. 5% 30-year bonds
18,000; groundwood pulp, 42,000;
Assets.-Net liquid assets after deducting current liabilities, at May 31 dated Sept. 1 1902 have been called for payment Sept. 1 at 110 and int.
1919 (incl. the proceeds of this issue), $1,342,345, or over 58% of all bonds at U. S. Mtge. & Trust Co.. New York.-V. 104, p. 2346.
outstanding.
Eisemann Magneto Corp.-Offering of Pref. Stock.Earnings.-Average annual net earnings, available for interest, depreciation and depletion (a) for the years 1916-18, inclusive, amounted to $298,- Van Emburgh & Atterbury, Eastman Dillon & Co. and
808, or more than twice present bond interest requirements; (b) for the
calendar year 1918. $442,546, or equal to 3h times bond interest require- McClure, Jones & Reed, N. Y., are offering at 973/i and
ments, including this issue; (c) for 1919, based on results of operations for div., to yield about 7.15%, $1,500,000 7% Cumulative
the 5 months ended May 31 1919, are estimated at $500,000, as against
Sinking Fund Pref. stock. Par $100. A circular shows:
total bond interest charges (including this issue) of $135,000.
Purpose of Issue.-The proceeds will be used in part for funding expendiDividends payable quarterly, Feb. 1, &c. Redeemable as.a whole or in
tures made on the development of the property during the last few years part at 110 and div. upon 90 days' notice. Beginning Jan. 1 1920 a sinking
and in order to provide working capital necessary to the profitable expansion fund amounting to 10% of net earnings after taxes and divs. on the Prof.
of the business.
stock will be applied to purchase of Pref. stock up to 110.
All of the $750,000 issue of 6% Collateral Trust Serial gold notes dated
Company.-Incorp. in New York [Aug. 19 19191 and will succeed to all
Sept. 30 1916 have been called for payment Aug. 20 at 101 and int. at the the property, business, patents, &c., of the Eisemann Magneto Co. orOneida County Trust Co., Utica. N. Y.I-V. 95, p. 682; V. 98, p. 613. ganized in N. Y. In 1910. Three-quarters of the stock of the latter company was seized by the Alien Prosperty Custodian and sold by him in Feb.
(W. L.) Douglas Shoe Co.-Offering of Preferred Stock.- 1919 to G. E. Matthies of Seymour Conn. who also acquired control of the
stock.
The company is offering at 100 per share, $3,000,000 7% remaining
Capitalization.-Authorized and outstanding, $1,500,000 7% CumulaPreferred (a. & d.) stock, par $100. Dividends payable tive Sinking Fund Preferred stock and 30,000 shares Common stock (no
par value).
Jan. and July 1. An advertisement shows:
The company has no bonds or bonded debt and no additional Pref. stock
Company.-Owns and operates 106 W. L. Douglas shoe stores located in or bonds may be placed ahead of this issue, or any mortgage placed on any
large
cities.
shoes
are
also
W.
L.
Douglas
sold
the
by over 9,000 shoe of its property without consent of two-thirds of Prof. stockholders.
dealers in the United States.
Bustness.-Manufactures high-tension magnetos, used as standard equipEarnings, &c.-A great demand for W. L. Douglas shoes hassprung tip ment by over 125 motor truck, tractor, automobile and machinery manuin leading countries in Europe and Asia. Our domestic business has in- facturing companies, including: General Motors Truck Co., White Co.,
creased so that our sales have doubled in four years. Sales in 1915, $8,- Republic Motor Truck Co., Federal Motor Truck Co., Nash Motor Co.
069,628; 1918, $16,660,343. The past six months' business was at the rate (Jeffreys Quad.), Standard Oil Co., Allis-Chalmers Mfg.Co., Auto Car Co.,
of over $20,000,000 per year. _ _
American-La France Fire Engine Co., Pierce-Arrow Motor Car Co., CleveThe net earnings available for dividends after Federal and all other taxes land Tractor Co., Crane Simplex.
during the past four years have averaged nearly four times the dividends on Years
1918-19.
1915-16.• 1916-17.
1917-18.
June 30- 1914-15.
the Preferred stock outstanding.
$1,127,723 $1,105,914 $1,501,216 $3,425,112 $3,834,080.
Purpose of Issue.-Additional capital to meet the increasing domestic Gross sales
866.848Net,
before
894,076
taxes
194,444
329,251
345,816
and foreign trade.
Net earnings after taxes for the year ending June 30 1919 were equivalent
Authorized. Outstand'g.
Capitalizationthe
Prof.
stock.
to
over
6
times
dividends
on
7% Preferred stock
$5,500,000 $2,500,000
Directors.-Joseph A. Bower, Abram I. Elkus. Jacob S. Earlee, Frank1,000,000
1,000,000
Common stock
lin S. Jerome (Treas.), Raymond E. Jones, George E. Matthies, Horace
[The company has filed a certificate with the Mass. Commissioners of A. Moses, Latham R. Reed, William N. Shaw (President).
Corporations increasing its capital stock from $3,500,000 to $6,500,000.
When the present $3,000,000 Pref. stock ha.s been sold, the entire authorized
Electric Auto-Lite Corp.-To Pay Off Debentures.stock will be shown as outstanding.I-V. 109, p. 581.
We are advised that the $3,000,000 Debenture bonds maturing Aug. 15.
will be paid on that date at the Farmers' Loan & Trust Co.. N. Y.-V.107,
Dow Chemical Co., Cleveland.-Extra Dividend.An extra dividend of 1 h% has been declared on the common stock in P. 1484.
addition to the regular quarterly dividend of 1',% on the Common and
Electric Storage Battery Co.-Listed.1 3 % on the Preferred stocks, all payable Aug. 15 to holders of record
The Philadelphia Stock Exchange has admitted to list $400,000 additional.
Aug. 5. A like amount was paid extra in May last, previous to which
Common stock, issued in settlement of profit participation contracts with
% was paid extra quarterly -V. 107, p. 1749.
certain officers of the company, pursuant to authority of resolution of the
Board of Directors, July 2 1919, making the total amount of Common stock
East Butte Copper Co.-Production (1b8.).listed to date 316.541.000-V. 108, p. 2332.
1919.
1918.
1917.
Month of July
1,458,420
2,076,460 (Closed)
Empire Gas & Fuel Co.-Conversion Privilege of Bonds.7 months to July 31
10,359,560 15,390,000 10,145,680
---y. 109, p. 176.
H. L. Doherty & Co., N. Y., by advertisement on another.
Eastman
Kodak
Co.-Dividends.-
The regular quarterly dividend of 1%% on the Preferred and 23i% on
the Common have been declared, payable Oct. 1 to holders of record Aug.30.
See also V. 109, p. 176.
Eastern Steel Co.,Pottsville, &c.,Pa.-Status.-Geo. A.
Huhn & Sons New York and Philadelphia in a circular
recommending the 7% Cumulative Prof. stock, par value
$100, report:
The Eastern Steel Co., with plants located at Pottsville and Pottstown,
Pa. has been in business for many years. It specializes in steel for structural purposes and bridge work and is therefore in a position to supply the
steel for largo office buildings in cities such as New York and Philadelphia,
where building operations have been held up during the war.
CapitalizationOutstanding
Bonds (mortgage closed)
$1,984,000
First Preferred stock
1,835,700
Second Preferred stock
200,000
Common $4.000,000 less held by Co. $250,800
3,749,200
Approximately 33 1-3% of the company's bonds have been retired and
the remainder are subject to a sinking fund of $60000 a year. The indenture securing the First Preferred stock also provides that $75,000 be set
aside annually after the payment of dividends-on the preferred stocks, and
before the payment of any dividend on the Common stock, as a sinking
fund for the purchase and retirement of the First Pref. stock.
The plant is carried on the books at $9,665,209 and it is said could not
De duplicated to-day for that figure. The common stock has sold recently
at $75 per share-paying 10% dividends. At $75 it would show a market
value behind the preferred of over $2,800,000 and a book value of over
$7,000,000. The net quick assets are more than sufficient to cover the
bonds and preferred stocks of the company. The company as of Dee. 31
1918 had among its assets $1,300,000 in U. S. Government securities and
the accounts and bills receivable were over 1% times the accounts payable
and payroll.
Condensed Income Account for Calendar Years.
1918
1917
1916
Gross profit (after taxes and be$1,157,431 $2,060,516 $3,409,961
fore depreciation)
92,476
Other Income
40,681
5,034
Total income
Bond interest
1st Prof. dividend
2nd Prof. dividend
Common dividend
$1,249,907- $2,101,197 $3,414,995
101,067
104,675
108,196
(7%)131,534 (7)137,650(70)1,400,000
(7%)14,000
(7)14,000(933,6)187,133
(10%)374,920 (20)789,797
Balance surplus
$628,386 $1,055,075 $1,719,666
Note.-The common stock has received quarterly dividends at the rate
of 10% per annum from April 1917 to July 15 1919 both inclusive with
extras as follows: Sept. 1 1917 5%, Dec. 1 1917 5%. There have been
no extra dividends paid since 1917.
The surplus for the year 1918, after deducting the common dividends
inserted by the "Chronicle], would appear from ,the foregoing to be
page announce that the Bond Secured Sinking Fund Convertible 6% Notes of 1924 (V. 108, p. 2436) may be immediately converted, par for par into the 8% Cumulative
Pref. Stock.
This conversion privilege among others possesses the following features:
(1) Monthly div. at the annual rate of 8%;(2) Earnings 6 times div. require
ments; (3) company owns 3,000,000 acres of reserve oil and gas leaseholds;estimated value over $300,000,000; (4) Future increases in amount of Prof.
stock limited by conservative provisions-V. 109, p. 581. 275.
Fairbanks Co. of N. Y.-Application to List.Application has been made to the N. Y. Stock Exchange to list $1,500,000
Common stock, par $25.-V. 107, P. 2011.
(J. A.) Fay & Egan, Cincinnati.-Preferred Dividends.The directors have declared the regular quarterly dividend of 1 3 % os
the 7% Cum. Pref. stock and also 1 h % on accumulations, both payable
Aug. 20 to holders of record Aug. 14.-V. 107, p. 1923.
Federal Min. & Smelting Co.-Pref. Div. ol M of 1%.A dividend of h of 1% has been declared on the pref. stock, payable
Sept. 15 to holders of record Aug. 25. In June last 1% was paid, previous
to which 1'%% was paid quarterly.-V. 108, p. 1824.
Firestone Tire & Rubber Co., Akron, 0.-New StockPresent Issue to Be $10,000,000 Second Preferred.-Pres. H.S.
Firestone, in circular of July-21, says in substance:
The unprecedented demand for Firestone products is increasing our business so rapidly that we find it necessary to maintain large stocks, both raw
and finished, and to plan improvements and developments in our plant
facilities to take care of this increased business. In 1916 your company
increased its capital stock issue to $15,000,000, divided into $10,000,000 of
First Preferred stock and $5,000,000 of Common stock. Our 1916 sales
amounted to $33,470,614; our 1918 sales increased to $75,801,507, more
than doubling the volume of our business in approximately two years. Our
1919 sales are limited by our present plant capacities, and we are unable to
fill our outstanding orders by a considerable amount.
To anticipate our financial requirements for some time to come, and to
give your company a financial flexibility that will enable it to meet any
condition in our fast expanding business, both domestic and foreign, the
board of directors have decided that it Is advisable to authorize an issue of
Second Preferred stock in order that capital may be provided to maintain
our increasing business without adding to our current indebtedness.
This new issue of Preferred stock will be authorized in the amount of
$40,000,000, although the issuance of but $10,000,000 of this Preferred
stock is now needed or contemplated.
On account of certain provisions of the Ohio statutes, in order that this
Issue of Second Preferred stock be authorized, it Is necessary that we have
a larger authorized issue of Common stock, and, therefore, the board proposes to increase our Common stock from the present authorized issue of
$5,000,000 to 325.000.000.
When the desired number of stockholders have voted in favor of the above
measures, by returning consents and proxies duly signed, a meeting of the
Common stockholders will be held to authorize this increase.-V.109, p.375.
682
THE CHRONICLE
Fisk Rubber Co.-Stock Listing-Circular.The New York Stock Exchange on Aug. 13 authorized the listing of
$5,891,900 7% Second Preferred Cumulative Convertible stock and $9,872,100 Common stock, with authority to add $5,891,900 on official notice of
issuance, making the total authorized to be listed $16,764,000.-V. 109,P•
581, 480.
Foundation Company, New York.-New Stock, &c.-
[VoL. 109.
Through the GulfProduction Co.,another subsidiary,the Gulf Oil Corporation owns leases in north and north central Texas covering hundreds of
thousands of acres in Wichita, Stephens, Eastland, Palo Pinto, Erath,
Shackleford, Throckmorton, Young, Archer, Wilbarger and Jack counties.
In Stephens County alone it has 75,000 acres. A large production has been
developed on several of its leases in this county, notably the Davis, where
the company has 3,000 acres, including adjoining leases; the Fincher and
White, which are at the northwestern extremity of a solid block of 12,000
acres; and the Winston, 2,000 acres. In addition, the company is drilling
a number of wells in the proven territory of 1,500 acres, and in Gholson
lease of about 1,000 acres. The company also holds the Stoker acreage
and 7,000 acres in the Ward tract north of Breckenridge, and further north
2,500 acres, and to the west 10,000 acres in a good location. About half
a mile east of the town of Caddo the Gulf Company has the J. W. Ward
lease of 2,560 acres. Taking it as a whole, the acreage in Stephens County
seems to present almost unlimited possibilities for production.
In Erath County, the Gulf Company is drilling a well on what is commonly known as the Cage ranch, which consists of 15,000 acres in one block.,
and in Runnells County another well on its 10,000 acre Russell tract, the
first well on this land being a paying producer in the shallow sand.
The Gulf has developed a very good production in the new Burkburnett
pool, the production from' which is delivered to Fort Worth refinery.
New Coastal Fields.-In the new Texas coastal fields, Hull and West
Columbia, the Gulf Company has large holdings and already has completed
several good wells. Its first producer at Hull was in the southeast corner
of the Underton tract, consisting of 300 acres. This well flowed at the
rate of 6,000 barrels when it first came in, but sanded up on account of
being finished with a very fine screen. It is also drilling on other of its,
holdings, notably: (a) on the eastern Scarborough 124-acre tract; (b) on
300 acres under lease, and 150 acres owned in fee directly south of Republic
Production Co.'s acreage. The Gulf Pipe Line Co. has laid a line to thiS
field, connecting with the Gulf's main pipe line system.
At West Columbia, the Gulf Production Co. has purchased 235 acres out
of the Hogg and Robinson tract. Recently the company brought in its
initial well on the Eyers lease, at West Columbia. It is good for about 5,000
barrels a day. The company is now drilling six wells in this field, and is
putting in docks on the Brazos River and has about completed a pipe line
to the docks. It is also building two steel tanks, putting up a pump station
and has built a large amount of earthen tankage to take care of surplus.
Kentucky Subsidiary.-One of the newest subsialaries of the Gulf Oil
Corporation is the Eastern Gulf Oil Co. formed in April 1917, for the
purpose of developing production in Kentucky. It took over a block of
undeveloped leases in Lee County, and the first well drilled on the property
was a producer. The company has since drilled 4i wells on this acreage.
Every well has been a producer, and they all are holding up remarkably.
The company now has a production of between 2,500 and 3,000 barrels a
day and owns probably one of the most valuable properties in Kentucky.
The oil Is light and high grade. In addition to the property on which it
has this production, the Eastern Gulf Oil Co. owns large blocks of scattered
acreage throughout Kentucky on which it is drilling experimental wells.
Its investment has been very profitable from the start and it has had
practically no losses. While of course very much smaller than the other
Gulf subsidiary producing companies, it has, in proportion to the amount
Invested, been one of the best money-makers.
In the older fields of Texas, Louisiana, Oklahoma and Kansas the Gulf
subsidiaries have long been among the most active and successful of the
producinecompanies.
The shareholders were to vote Aug. 14 to authorize the proposed changes
in the capital stock, so that instead of $500,000 Preferred stock, par $100,
and 16,000 shares of Common stock with no par value, the total authorized
share capital will consist of 20,000 shares of Common stock of no par value.
The company announces that it has established offices at 16 Rue de La
Pepiniere, Paris, and is prepared to undertake operations in European
countries under the name of "Fondations, Constructions, Travaux Publique-3.'
At a recent meeting of the board Franklin Remington was elected Chairman of the board, John W. Doty. President and Harry J. Deutschbein
First Vice-President and General Manager.
The "Wall Street Journal" on Nov. 8 1918 said:
The Foundation Co. up to the time of its engagement in the ship construction business had specialized in sinking pneumatic caissons for deep
building foundations. This concern, a close corporation, has to date received contractsfrom Governments of the United States, France and Great
Britain for more than $25,000,000 of steel and wooden vessels.
In point of numbers it probably operates more yards than any other
concern, its seven plants being located on the Pacific, Atlantic and Gulf
coasts as well as on the Great Lakes. It has over 10,000 men on its payroll.
The company was the first to launch a wooden ship for the Emergency
Fleet Corporation on the Atlantic or Gulf shores in competition with 23
yards, and, with the turning over of a tenth vessel next month to the
Government, will have been the first company to complete its quota for the
Government.
The Foundation Co. was able to get on the job early because of its organization of ship carpenters and caulkers which it maintained for the purpose
of constructing wooden caissons used in its regular business.
To date The Foundation Co. has launched 55 vessels with others following
at the rate of about ten a month. Some of the yards have been built and
operated for the Government by The Foundation Co.
The contracts received were for about 130 vessels of varying sizes and
description, the majority being for the French Government. Of these forty
were included in a single contract for France, of which thirty have been
launched and twenty actually delivered. At another of its yards the company has under construction 38 vessels of a type for the same country.
With the completion during December of another ship at its Passiac, N. J.,
yard, the first operated, this plant will be closed down, owing to decision
of the Shipping Board to order no more new wooden vessels.
The latest contract received by the company was for twenty 3,000-ton
full power wooden steamers for the French Government, which will be
,built at its Victoria, B. C. yard. This plant has been doubled in size by'
the purchase of an adjoining shipyard.
[In several instances, in establishing itself in the shipbuilding business,
the company caused the formation of new corporations to absorb existing
plants, notably in April 1918 (a) under the laws of Georgia the Foundation
Company, Carpenter & Watkins, Inc.," taking over the latter's barge
building plant at Brunswick, Ga.; (b) under laws of Delaware, each with
$1,500,000 authorized capital, the "Foundation Company-Port Huron
Shipyard, Inc.," and "Foundation Company-Howard Ship-builders."
Douglas Fenwick & Co., New York, further report:
The company also owned, controlled or operated under contract with the
Organization-Capital Stock.-Incorp. Feb. 1907 in N. J. Capital stock
Emergency Fleet Corporation plants at Portland, Ore.; Taeoma, Chicago (par
$100) authorized $60.000,000; outstanding $34,837,100.
(by merger with Reid Shipbuilding Co.), Now Orleans and Savannah.
Capital Stock of Companies Owned by Gulf Oil Corporation.
N. Y. office, 233 Broadway. W. H. Quaw & Co., 74 Broadway, N. Y.,
Gulf
Refining Co.-Incorp. 1901 in Texas. Owns refineries at Port Arthur
specialize in the stock.-Ed.-V.109, p. 480.
and Fort Worth, Texas; total capacity 75,000 barrels daily; also other
distributing equipment and sales branch offices throughout western Europe.
Gas & Electric Securities Co.-To Pay Off Bonds.outstanding $250,000 bonds secured on SS. Gulfoil (V. 106, p. 2125;
The $1,000,000 67
° bonds, due Sept. 1 1919 will be paid off at maturity Has
x$15,000,000
V. 100, p.2013; V.93, p. 1293) capital stock
at office of Henry L. Doherty & Co., N. Y. City.-V.109,P• 76.
Gulf Pipe Line Co. of Texas.-IncorP. 1906 in Texas. Owns a network of
oil fields with the Gulf
important
the
pipe
lines
practically
all
connecting
Gillette Safety Razor Co.-Bonds Called.also carries oil for others. Total capacity 50,000 barrels
All of the outstanding 5-year 6% Convertible gold notes, dated Sept. 1 OM properties;
x$3500,000
Has $3,500,000 bonds owned by the Gulf Oil Corp
1917, have been called for payment Sept. 1 at 105 and interest at the Old daily.
Gulf
Pipe
Line
Co. of Oklahoma.-Incorp. 1909 in Okla. Has pipe lines
Colony Trust Co., Boston.-V. 109, p. 176.
from principal producing fields in Oklahoma and Kansas to Texas border.
x$1,000,000
capacity 30,000 barrels
Goodyear Tire & Rubber Co., Akron, 0.-Offering of Daily
Gulf Production Co.-lncorp. 1901 in Texas as J. M. Guffey Petroleum
Subsidiary Co. Preferred Stock.Co., taking present name in Aug. 1915. One of the largest producing
See Pacific Cotton Mills Co. below.-V.109, p. 275.
companies in the United States; owns leases on thousands of acres in Texas,
Louisiana and Oklahoma, which are being constantly added to by new
Goodyear Tire & Rubber Co. of Calif.-Allied Company purchases. Capital stock reduced in 1915 from $15,000,000 (Par $100)
,500,O0O
See Pacific Cotton Mills Co. below.-V.109, p. 275.
to
sells
•"
Gulf
Refining Co. of Louisiana.-Incorp. 1905. Producess 2
x$1,000,000
Great Lakes Transit Co.-Dividend.petroleum products in Louisiana
A dividend of 134% has been declared on the preferred stock payable
Gypsy Oil Co.-Incorp. 1907 in Okla. Ranks as one of the three largest
Feb. producing vampanies in the Mid-Continent; has extensive holdings in
Aug. 15, which changes the dividend period from guar. Jan. to guar.
In April last a dividend of 134% was paid but none paid in July.-V. 107, Oklahoma and Kansas; also operates six casinghead gasoline plants in
Oklahoma, having average daily production of 66,500 gallons of
p. 1484.
$25,000z$5t000t,a0kC0e
gasoline
Great Western Power Co. of California.-Preferred
Mexican Gulf Oil Co.-Incorp. with nominal capital of
care of operations in Mexico. Owns producing properties and shipping
Stock Offered-Report.-A syndicate composed of Stephens stations
on Panne° River above Tampico; about 40,000 acres of leases in
& Co., Girvin & Miller and Le Roy T. Ryo,ne & Co., San Vera Cruz; recently
purchased 70% interest in 125-acre tract in the Tepedistrict. Has laid an 8-inch pipe line from its wells to Tampico, and
Francisco, are offering at 100, to yield 7%, $1,500,000 7% tate
is shipping oil to Port Arthur.
Cumulative Preferred stock. Par $100, callable at 105,
tax exempt in California, free from individual normal Federal
income tax. Dividends payable Q.-J.
x Par $100. y Par $15. z Par $25 a share.
[Compare annual report in V. 108, p. 1386 and offering of $18,000,000
% serial notes in V. 108, p. 2633.1
Outstand'g.
Outstand'g.I CapitalizationCapitalization-Bonds
$29,125,200 7% Pt. stk.(incl this iss.)$1,732,211
Debentures due 1925_ _ _ _ 4,779,400 Common stock
27,500,000
Earnings for Calendar Years 1917 and 1918 and 12 Mos. end. June 30 1919.
1918-19.
1917.
1918.
Gross earnings
$4,069,512 $4,702,271 $5,084.441
Sur, available for 7% Pref. stock divs.
(incl. this issue) after Fed.taxes, &c
*955,260
875,786
705,775
Pref. stock dividend (incl. this issue)_
121,254
Hershey Chocolate Co.-Further Data.-In connection
with the sale of $3,000,000 6% serial notes by Graham,
Parson & Co., and Cassatt & Co., Phila., as noted in these
columns Aug. 2, a circular further shows:
Gulf Oil Corporation.-Field of Operation.--The "Oil
Trade Journal" in its April issue said in substance:
banrpose of Issue.-The proceeds of this issue are to provide for the
enlargement, improvement and Increased capacity of its plant at Hershey,
Pa., the sugar mill and railroad facilities connected therewith in Cuba,
establishing a new additional manufacturing plant in New York City and
the acquisition of additional property for corporate purposes.-V. 109.
p. 481.
Balance Sheet as at April 30 1919 after giving effect to Present financing.
AssetsLiabilities$1,000,000
Plant, property &c. (net)..$5,764,498 Preferred stock
500,000
Goodwill,trademarks, &c_
331,194 Common stock
Balance surplus
$834,006 Investments (sub. cos.)__ 4.695,499 6% debenture notes
3,000,000
1,796,041
Advances to sub.cos.(not) 5,678,604 Loans & notes pay
* Over 7 times the amount required. Surplus earnings available for Cash
455,509
Accounts payable
the Preferred stock div. have averaged for the past 6 years about 6 times Accounts receivable (net)_ 3,487,106
2,086,466
856,890 Accrued taxes
the required amount.
17,118,626
Surplus
Liberty bonds & W.S.S___
259,336
Purpose of Issue.-The company is constructing a new hydro-electric Materials & Supplies
4,817,720
generating plant of an initial capacity of 53,000 h.p. which will increase Prepaid insurance, etc
$25,956,642
65,795 Total (each side)
the installed, hydro-electric generating capacity of the company to 140,000
Properties.-The properties of the company and its subsidiaries consist
h.p and a new 165,000-volt steel tower transmission line from this plant
plant with
and
complete
modern
thoroughly
principally
of
(1)
an
extensive,
Bay
district.
distributing
centre
for
the
San
Francisco
to Valona, the
other lands, buildings
This construction program is to be financed from the proceeds of this about 35-acres of floor space at Hershey, Pa., andHershey,
including 35of
$1,500,000 Preferred stock and $6,000,000 in bonds (V. 108, 13. 2126), and houses in Hershey (2) the public utilities
lands in
which have been authorized by the Cal. RR. Commission. It is estimated miles of electric railways and about 7,000 acres of dairy farm
and Matanzas
that the transmission line will be completed early in 1920 and the now hydro- the vicinity (3) sugar plantations in the Provinces of Havana
acres are leased; (4) a
electric plant early in 1922. This increase in the generating and trans- Cuba, of which 10,000 acres are owned and 10,000standard
gauge railroad
and 45 miles of
mission capacity is urgently required by the increasing demand for electricity sugar mill of 200,000 bags capacity
In operation as well as 25 miles nearing completion, all of which is to be
in the territory now served by the distributing system of the company.
of sugar required
For annual results in 1919, see "Financial Reports" above, and for com- electrified. The Cuban properties are for the production
by the Company. The sugar production for the year 1918-19 was 95,000
plete description of property see V. 108, p. 2126.
The Gulf Oil Corporation, through its subsidiaries, operates one of the
largest and most complete oil businesses in the United States. In production of crude oil last year it led all competitors with a total in excess of
20,000,000 barrels from its properties in Texas, Oklahoma, Kansas and
6 Imperial Tobacco Co. of Great Britain.-Interim Div.
Kentucky.
An interim dividend of 57 has been declared on the ordinary shares,
Export and coastwise shipments of oil by vessels from its principal repayable Sept. 1, free of English income tax.-V. 109, p. 481.
finery at Port Arthur, Tex., totaled 15,580,o64 barrels.
In addition it made heavy shipments in tank cars from its Port Arthur
Independent Zinc Land Co.-Status.and Fort Worth plants to interior points.
In the southern fields of Mexico it has completed four wells having a
See Barnsdall Corporation under "Financial Reports" above.
combined potential production estimated at 200,000 barrels per day, and
In the heavy oil districts adjacent to Tampico it has wells whose potential ti Inland Steel Co.-Officers.
P. D. Block has been elected President to succeed A. W. Thompson,
output is placed at 75,000 barrels per day.
Its subsidiary, the Mexican Gulf Oil Co., has a pipe line in operation from resigned. Other officers elected were L. E. Block, Chairman of the Board;
the Southern fields to the Pantie.
° River, where the oil is delivered to the G. H. Jones, First Vice-Pres.; E. M. Adams, E. J. Block and H. C. Jones
Vice-Presidentii.-V. 109. p. 177.
company's tank steamers.
AUG. 16 1919.]
THE CHRONICLE
Iron Products Corp.-Exchange of Certificates.-
See Central Foundry Co. above.-V. 109, p. 582.
Jordan Motor Car Co., Cleveland.-Refinancing.-
This company was recently incorporated in Delaware with a capital of
$1,200,000 7% preferred stock and 12,000 shares of common, no par value
successor to a company of the same name capitalized at $300,000.
"Finance and Industry," of Cleveland, on May 10 said: "The old company was capitalized at $300,000. A syndicate formed by Charles L.
Bradley is to finance the sale of $548,000 of tne new Preferred stock. The
new company, officials announce, is to issue to each holder of Preferred
stock in the old company a like amount in par value of the new Preferred,
also 50% of the number of Preferred shares in new Common stock. Each
holder of Common stock in the old company is to receive a like amount id
par value of new Preferred stock and 50% of the number of shares in new
Common stock."
Press reports from Cleveland state that between 5,000 and 6,000
shares of Preferred stock offered by a syndicate of local bankers at par
4100) with 20% bonus of Common stock was heavily oversubscribed.
This issue is to provide additional working capital, which includes the erection of a new plant adjoining the present structure on East 152d Street,
Cleveland. The new plant will be completed about July 15. Paul Zens,
Secretary, is quoted as saying: "With the new plant in operation the output will be increased from 10 to 30 cars a day, thus bringing up this year's
production to 7,500 cars."
Directors and Officers.-under the reorganization plans E. S. Jordan
retains the Presidency and control of the company; T. E. Borton remains
Vice-President; Paul Zeus will be Secretary and Asst. Treas., and Otto
Miller is to be Treasurer. These officers, with W. B. Riley, Russell Begg
and C. L. Bradley, will compose the board of directors.
Kelly-Springfield Tire Co.-Listing-Earnings.-
The N. Y. Stock Exchange on Aug. 13 authorized the listing of temporary
certificates for $5,860,200 13% Preferred stock. Compare V. 108, p. 2634.
Earnings for Six Months ending June 30 1919.
Net income
$2,053,531 Dividends
$639,305
Inc.& exc. prof. tax.(1918) 1,285,946 I Balance, surplus
$128,280
-V. 109, p. 177.
683
Manhattan Shirt Co.-Common Dividend.-
A quarterly dividend of 435% cents per share has been declared on the
new Common stock of $25 par value, payable Sept. 2 to holders of record
Aug. 22. In June last the Common dividend was increased from 1% to
13%% on the $100 shares.-V. 108, p. 2634.
Marconi Wireless Telegraph Co. of Canada, Ltd.Changes in Capital Stock-Settlement with English Company.
President J. N. Greenshields of Montreal in circular announcing a meeting of the shareholders for Sept. 17 says in brief:
You are asked to ratify (a) the reduction of the present outstanding
capital from $5,000,000 to $3,750,000 by reducing the par value of the
shares from $5 to $2 50 each; (b) the issue of 500,000 additional shares of
$2 50 each [making the total authorized stock $5,000,000, par $2 50-Ed.j.
Although our earnings have shown a considerable improvement, the large
amount due to the Marconi's Wireless Telegraph Co., Ltd., of London.
England, (namely 5658.000) representing advances for the construction of
the high-power station at Glace Bay, has made the prospect of a dividend
very remote. Additional working capital is also necessary in order to put
your company on a sound financial basis.
The English company, subject to the aforesaid changes in the stock, has
agreed: (1) to accept £100,000 in full settlement of the claim for $658,000;
(2) to subscribe for 400,000 shares of our new stock at $2 50 each (par),
thereby furnishing us with $1,000,000 in cash, of which £100,000 will pay
the English company's claim, and the balance will be available as working
capital. The company will thus be released from a substantial amount of
its liability to the English company, and the remainder will be capitalized
and ample working capital will be provided.-V. 109, p. 583.
Miami Copper Co.--Production (lbs.)Month of July
Jan. 1 to July 31
-V. 109, p. 177.
1919
1918
1917
4,143,015 4,758,837 (Closed)
32,449,445 33,738,568 30,597,006
Montreal Cottons, Ltd.-Dividend Increased.-
Kentucky River Oil Co.-Bond Call.-
Press reports state that this company has increased the dividend on its
$2,949,600 Common stock from 4 to 5% with the current declaration. The
4% rate has prevailed since the inceptfrn of the company's dividend policy
in 1912.-V. 108, p. 1064.
Kinney Mfg. Co.-Extra Dividend, &c.-
Application has been made to the New York Stock Exchange to list
$23,524,700 voting trust certificates for 7% Cumulative Preferred stock
and 395,990 shares of voting trust certificates for Common stock (without
nominal or par value). Compare V. 109, p. 267, 77.
Laurel Cotton Mills, Miss.-Sale.--
It is understood that there is a strong possibility that the National Cash
Register Co. will be publicly financed by New York bankers. J. H.Patterson, the President and controlling stockholder, is well along in years, and
feels like shifting the burden of this $15,000,000 corporation to other
shoulders: National Cash Register is now turning out 350 registers a day.
On the basis of an average price of about 3300, this means a gross business
at the rate of more than $30,000,000 a year.-"Bostbn News Bureau."
V. 107, p. 507.
All of the First Mortgage 10-year S. F.6% gold bonds dated April 2 1917
have been called for payment at 105% and interest at the Merchants
Union
Trust Co., Phila. It is understood that E. W. Clark & Co., are more or
less interested in this company.
An extra dividend of 13%% has been declared on the common stock, in
addition to the regular quarterly of 13% %, both payable Aug. 15 to holders
of record Aug. 5.
In Feb. and May last an extra of 1 Ii% was paid and in Jan. 5% was
paid.-V. 108, p. 1824.
Press reports state that this company is one of the largest industries in
Mississippi, was sold on Aug. 8 to Woodward Baldwin
and associates of
New York for a sum said to have been $20 a spindle including the plant
supplies and sevora hundred modern homes for the operatives &c
Long Island Lighting Co.-Capital Increase.-
The stockholders will vote Aug. 26 on increasing the capital stock by
creating an issue of $3000,000 Cumulative 7% Non-Voting Preferred stock,
par $100. With this increase the total authorized capital stock of the company will be $6,000,000, of which $3,000,000 will be Preferred and $3,000,000 Common.-V. 108, p. 2634.
Ludlow Manufacturing Associates.-Special Dividend.
The directors have declared a special dividend of $1 per share along with
the regular quarterly dividend of 31 50 per share, both payable Sept. 2 1919
to holders of record Aug. 1. A like amount was paid in March and June
last, and also in the four quarters of 1918.-V. 108, p. 1940, 1515,
Madison Tire & Rubber .Co., Inc.-Offering of Preferred
Stock.-Ladenburg, Thalmann & Co., N. Y., announce the
sale at 10131 flat, to yield 7.90%, by advertisement on
another page, of $2,000,000 Cumulative Convertible 8%
Preferred (a. & d.) stock. Par $100.
Dividends payable Q.-J. Callable as a whole or in part at 125 and div.
on 60 days' notice. Convertible at any time until July 1 1929 into the
Common stock at the rate of one share of Common stock for each share of
Preferred stock. Beginning July 1 1922 the company shall create out ofsurplus a cumulative sinking fund equal to 3% of the outstanding stock for
lts purchase and redemption. Company agrees to maintain a cash reserve
for the payment of diva. equal to the Pref. stock div. requirements for
20 quarterly periods.
Data from Letter of Pres. Rudolph A. Low, Dated N. Y., Aug.8 1919.
Company.-[Incorp. Aug. 13 1919 in New York.] Will engage in the
manufacture of high-grade cord and fabric pneumatic automobile
tires,
tubes and other rubber products. Plant at Buffalo, N. Y.,
with an initial
daily capacity of about 1,200 tires and 2,000 tubes, has a total floor
space
of about 230,000 sq. ft. The sound value of the plants as appraised
at
51,193,268 as of July 31 1919 (after depreciation, &c.). In addition will
acquire the facilities of the United States Rubber Reclaiming Co., Inc.,
and will continue its operations.
The United States Rubber Reclaiming Co., Inc., started in 1881 and is one
of the largest and oldest independent rubber reclaiming companies
in the
world. It reclaims from 15,000 to 20,000 tons of rubber annnally, which
it
sells to companies engaged in the manufacture of rubber boots, shoes, Insulated wire, mechanical rubber goods, &c. Among its well-known trademarked brands of reclaimed rubber are Matchless, Tioga, Buffalo, Ontario
and U. S. Special. Its products are sold not only in this country but in
Europe, Japan, Australia, &c.
Capitalization of Madison Tire & Rubber Co., Inc., Upon Completion of
Present Financing (No Bonds).
Authorized.
be Issued.
CuMulative Cony. 8% Pref. stock (par $100)_- $2,000,000 To$2,000,000
Common stock (no par value)
*120,000 sh.
86,600 sh.
* Of which 20,000 shares are reserved for the conversion of the Preferred
stock and 13,400 shares for general corporate purposes, including
stock
to be sold to the employees of the company.
Earnings.-The average income of the reclaiming department for the
last 5 years, together with the income from the sales of tires already booked,
indicate net earnings for 1920 of not less than $600,000, equivalent to $30
per share of Preferred stock, or 33% times the div. requirement of the Pref.
stock. The sales for the calendar year 1920 are estimated at $8,000,000.
The earnings of the reclaiming department for a 5-year period,
payment of all taxes, have averaged over $345,000, or more than after
twice the
requirement for diva. on the Pref. stock. In 1918 the Reclaiming Company
paid divs. aggregating over $600,000.
Investment Position -A balance sheet as of June 30
constructed
from the Statement of the U. S. Rubber Reclaiming Co.,1919,
Inc.,
necessary adjustments as a result of the retirement and exchange ofwith
stocks
of that company and the additional $1,400,000 working capitalthe
that
has
been provided, shows net current assets of 32,242,145, or over 110% of the
total amount of Preferred stock, and total net tangible assets (exclusive
of
good-will, patents, &c.) of $3,437,492, or over 171% of the issue of Pref. stk.
Provisions.-The Preferred stock cannot be increased without the consent
of h of the outstanding Pref. stock. (b) So long as the conversion
right of
the Preferred stock exists the Common stock cannot be increased without
the consent of % of the Pref. stock unless it be issued for cash on 30
notice and the holders of Pref. stock have an opportunity to purchasedays'
their
pro rata share at the price.
(c) The company shall not mortgage or create any mortgage without the
consent of % of the outstanding Pref. stock nor shall the company issue or
guarantee notes bonds or other debt having a maturity of one year or
longer without similar consent. (d) Has exclusive voting power when dividends on the Pref. stock aggregating 4% are in default, otherwise it has no
voting power.
Management.-The executive officers will be: Rudolph A. Low, Pres.;
Thoo. W.Bassett, V.-Pres.; Max Loewenthal, Treas.; Clarence II.
Low,Sec.
Magnolia Petroleum Co.-Extra Div.
of 1%.
-
The extra dividend paid July 15 along with the quarterly 1%% was the
usual M of 1% and not 15i %.-V. 109, p. 177.
National Aniline & Chemical Co.-Application to List.
National Cash Register Co.-Possible Sale.-
National Cloak & Suit Co.-Earnings.-
6 Months to June 30.Net sales
es
profit
Res. for Federal and State tax
Extra compensation to employes (4 months)
Special reserve
Nit profits
-V. 108. p. 1940.
1919.
$17,198,128
979,471
192,260
73,957
1918.
315,542,476
660,553
149,056
712,74600,507
511,496
National Enameling .4t Stamping Co.-Contract,&c.-
Seo St. Louis Coke & Chemical Co. below and compare V. 109, 12.• 77.
National Ice & Coal Co., N. Y.-Proposed Purchase.-
See Geo, D. Newton Coal Co. below.-V.107, p. 2294, 507.
Nevada Consolidated Copper Co.-Earnings.-
Results for the Quarter and Six Months Ending June 30,
1919-3 Mos.-1918.
1919-6 Mos.-1918.
Copper output, lbs
11,149,362 21,507,909 23,350,806 38,943,073
Earnings
def.$.329,971 $2,372,171 def.$726,140 $2,842,980
Miscellaneous income_
514,748
799,759
Net profit
Dividends
Depreciation, &c
$184,777 $2,372,171
749,796
1,519,593
180,653
$73,619 $2,842,980
1,499,593
3,519,050
341,392
Balance, surplus_ _ _ _def.$565.019
$671,925def$1,425974 $1,017,462
In a statement issued Aug.5 1919 President D. C. Jackling says in subst.:
"The earnings for the quarter are based on a copper price of 15.12c. as
compared with 13.6c. for the let quarter of 1919. This higher basing price
is due to an increase in sales of copper during the quarter. The unsold copper on hand and in transit is as usual carried in our inventory at 13M c.per lb.
"The cost of copper produced, including plant depreciation and all
charges, and without credit for gold, silver or miscellaneous earnings, was
18.07c. per lb. as compared with 16.85c. per lb. for the previous quarter.
Miscellaneous income, including that from the gold and silver, amounted to
4.61c. per lb. of copper produced for the second quarter, as compared with
2.34c. for the first quarter.-V. 109, p. 277.
Newport Co., Carrollville, Wis.-Offering of Bonds.Wm. A. Read & Co. New York, are offering at 98% and
int., to net 6%%,$2,h00,000 First Mortgage Three-year 6%
gold bonds dated Sept. 1 1919, due Sept. 1 1922. Callable
as a whole on 60 days' notice, at 1013 and int. to Sept. 1
1920; at 101 and int. thereafter to Sept. 1 1921, and at 1003
and int. thereafter. Int. payable in N.Y. and Cleveland.
Denom. $1,000 (0"). Authorized, $5,000,000. First Trust
& Savings Co., Cleveland, trustee. The company agrees to
pay the Federal normal income tax up to 2% if exemption
is not claimed by the bondholder.
The bonds are secured by direct first mortgage upon the entire physical
property. The company has pledged as additional security the stock
control of the Milwaukee Coke 8i Gas Co., having a book value of about
$3,500,000, but carried by the Newport Co. at its par value of $929,000.
Newport Mining Co.-To Pay Off Notes-Bond Call.-
We are advised that the $400,000 5% Serial gold notes due on Sept. 1
will be paid on that date. Compare V. 109, p. 178.
Sixteen hundred ($1,600,000) 5% serial gold notes dated Sept. 1 1916,
which are all of the notes outstanding, have been called for payment
Sept. 1 at 102 and int. at the First Trust & Savings Co., Cleveland,
Ohio.-V. 109, p. 178.
(Geo. B.) Newton Coal Co., Philadelphia.-Proposition
to Purchase Common Stock at $10 per Share and to Guarantee to
Pref. Shareholders for 10 Years (Optionally, 15 Years) Sinking
Fund and Dividends at Scaled Rates.-A proposition to purchase the control of this property has been made on behalf
of the National Ice & Coal Co. of New York (formerly
Burns Bros. Ice Co., V. 107, p. 2294, 507), under which
assenting shareholders are asked to deposit their stock with
the Girard Trust Co. of Philadelphia. S. M. Scatzkin,
Vice-President of the National Co., in circular dated at
New York, July 12, says in brief:
The undersigned offers (subject to proposed agreement with National
Ice & Coal Co., Inc., a N. Y. corporation) to purchase not less than 95%
of the [32,149,4251 outstanding common stock at $10 per share (par $100)
•
684
upon the condition that the holders of the first and second preferred stock
[$1,750,000 and $65,200, respectively] waive their voting rights (subject
to reservations) and all accumulated dividends, as well as the 7% cumulative
dividend to which they are presently entitled, and in lieu thereof agree to
accept the following dividends: (a) 4% for the first year, after the purchase
Is made,payable quarterly, the first quarterly payment to be made on Sept.
1 1919;(b) 5% for the second, third and fourth years, and 6% for the fifth,
sixth, seventh, eighth, ninth and tenth years; (c) 6% for an additional five
years if the National Co. shall elect to continue its guaranty as hereinafter
provided.
The National Ice & Coal Co. to guarantee for the first 10 years the
Pref. stock sinking fund of $35,000 per year and also the aforesaid Pref.
dividends and thereafter at its option for a further 5 years, as above set
forth. In case of failure to exercise such option, the Pref. stockholders
shall at the end of 10 years be restored to a basis of 7% cumulative dividends.
The National Co.during the guaranty to elect two directors and one member of the executive committee, to maintain the net quick assets and
agree not to permit the placing of a mortgage upon any of the present property of the Newton Coal Co. without the consent of the directors representing the Pref. stockholders. In case of failure to make good the guaranty
for thirty days after written notice, or in case of other specified defaults,
then the entire voting power shall be vested in the Pref. stockholders until
the surplus available for the agreed Pref. dividends and sinking fund shall
be equal to the amount required there for the next two years. [The agreement also contains numerous other protective stipulations.]
The contracting purchaser (Mr. Schatzkin) agrees that in case said purchase of the common stock is consummated immediately to cause to be
placed in the treasury of the Geo. B. Newton Coal Co. not less than $300,000, for which he shall receive 3,000 shares of newly issued Com. stock of
the corporation. [Signed S. M. Schatzkin, New York].
If it be deemed necessary the above proposition may be carried out by
forming a new corporation to take over the outstanding ktock of the Geo.
B. Newton Coal Co., in exchange for its own stock, share for share, at par.
Digest of Statement by Pres. J. Ernest Richards, Phila., July 21 1919.
The present management has constantly sought to restore the Pref. stock
to a dividend paying basis. Prior to April 1917 the earnings were mostly,
used for capital account. During the year ending Nov. 1 1918 the economies
in operation effected by new machinery, &c., together with a firm demand
for coal at the margin of profit authorized by the U. S. Fuel Administration,
resulted after charging off a largo sum for depreciation, in an undivided
profit for the year of $277,000.
Since Nov. 1 1918 conditions have so changed that your company, due
to the shutting down of industry during reconstruction, a very mlld winter,
and the general tendency to delay buying, stands to suffer a loss. This
condition in the coal business is general throughout the United States.
In view of the uncertainty of conditions, present and prospective, for the
next year or two, we believe it will be advisable for the stockholders to
accept this proposition. The floating debt of $325,000 will be paid upon
consummation of sale.
[By circular of July 28, the following committee of stockholders, after
careful consideration, earnestly recommend the acceptance of the offer,
saying they believe the price for the Common stock is as high as is likely to
be reached in the prosepectivo future and that"the guaranty of the National
Ice & Coal Co., accompanied as it is by certain covenants and a large cash
addition to capital, will undoubtedly strengthen the position of the Pref.
stock.' Committee, William West, Howard F. Hansell, Jr., James
Crosby Brown, Robert K.Cassatt,and Charles P. Stokes.]-V.107, p.2380.
New York Canners, Inc., Rochester, N. Y.-Offering
of Preferred Stock.-A syndicate headed by White, Weld &
Co., N. Y., is offering, at 97 and div. with the privilege of
subscribing for 25% in Common stock at $30, $1,500,000
7% Cumulative First Preferred (a. & d.) stock, par $100.
Dividends payable F. & A. 1. Redeemable in whole or in part at $110
per share and accrued dividends on 60 days' notice. Annual sinking fund
of 3% of the largest amount of First Preferred stock issued, the first sinking
fund being 1%%, covering the period from Aug. 1 1911) to Feb. 1 1920
provides for the redemption at $110 and dividends.
Data from Letter of Pres. J. P. Olney, dated Rochester, Aug. 7 1919.
Company.-Has arranged to acquire the plants, businesses, trade-marks,
goodwill, &c., of the following well-known companies which specialize in
packing and selling in glass and tins the finest grades of vegetables, fruits,
jams and catsup, to which will now be added condensed milk: Winters &
Prophet Canning Co. (established 1878): Fort Stanwix Canning Co.
(1888), Cobb Preserving Co. (1898.), Burt Olney Canning Co.-V. 93, ID•
•530 (1902), W. H. Osborn Co. (incl. Osborn & Whitney) (1904)• •
Among the many brands are, "Burt Olney," "American Club," "Flag
"Cob,rand
'
"Fort Brand,' "Lily of the Valley." "Revere."
The plants to be acquired are modern and are located as follows: Adams,
Albion, Avon, Canandaigua, Chittenango, Fairport, Fayetteville, Fulton,
Geneseo Honeoye Falls, Irving, Medina. Mt. Morris, Oneida, Ontario
Centre,home and Wymoing, New York; Hampden, Me.; Glassboro, N. J.;
Betterton, Md.
In addition will acquire all the common stock of Middle States Creamery
Co., owning a condensed milk plant at Canastota, and through a subsidiary
company will own the equity in and will operate about 1,600 acres of farm
lands in the Mohawk and Genesee Valleys contiguous to some of the principal canning factories, thereby insuring adequate supplies of vegetables.
Earnings.-Net earnings of the consolidated companies, after interest,
depreciation and Federal taxes, have averaged $324,226 for the past five
years. For the calendar year 1918, after all taxes, they were reported as
$694,800, or over 63i times the dividend requirements on this issue of First
Preferred Stock. For the calendar year 1919 the net profits after interest,
taxes, &c., are estimated at $450,000.
Assets.-The appraised value of the plants and properties to be acquired
is over $3,500,000. On the completion of this financing, the company will
have net quick assets of not less than $1,575,000. Total net tangible assets,
exclusive of goodwill, brands and contracts, will be equal to about 330%
of the First Preferred stock outstanding.
Capitalization upon Completion of Present Financing: Auth. To Be Iss'd.
$2,000,000 $1,500,000
First Preferred Stock, 7% cumulative
850,000
1,250,000
Second Preferred Stock, 8% cumulative
120,000 sh. 60,000 sh.
Common stock (no par value)
The owners of the associated companies will purchase $500,000 of the
First Preferred stock, the entire ISSUE', of $850,000 Second Preferred stock,
and over 90% of the Common stock to be now issued.
The farm lands will be subject to real estate mortgages of about $125,000
First Preferred Provisions.-(a) No mortgage can be created upon the
plants and properties without the consent of 2-3 of the outstanding First
Preferred stock. (b) The remaining $500,000 cannot be issued unless the
annual net earnings shall be at least three times the amount of the dividends
on the First Preferred stock outstanding and to be issued. (c) Additional
First Preferred stock cannot be issued unless net quick assets are equal to at
least 100% of the First Prof. stock outstanding and to be issued.
Directors.-J. P. Olney (Pres.), James Moore (V.-Pres. & Exec. Mgr.),
John M. Prophet (Treas.). Geo. G. Bailey, Amos H. Cobb, A. Wottengel,
Wm. H. Osborn. J. C. Winters, B. C). Olney, W.R.Olney,J. M.Prophet Jr.
.
Niagara Falls Power Co.-Mortgage Authorized.-
The stockholders on July 3 1919 authorized the creation of a First & Consolidated Mortgage to secure bonds not exceeding in the aggregate $75,•
000,000.-V. 109, p. 583.
Nordyke & Marmon Co.-Further Data.-In connection
with the offering of $2,500,000 6% serial gold notes by
Bankers Trust Co., N. Y., and Fletcher-American Co.,
Indianapolis, in "Chronicle" of July 5, a circular shows:
Balance Sheet May 31 1919, After Giving Effect to Present Financing.
LiabilitiesAssetsPreferred stock
3500,000
Real est., bldgs., &c., after
300,000
$1,416,340 Common stock
deprec
2,500,000
Cash (111Ci.proc. note iss.r 3,173,862 6% Serial notes
665,000
U. S. Govt. securities__ 1,339,787 Notes payable
993,722
Notes&accts.rec.(less res.) 1,421,607 Accts. pay. & accr. liab
155,865
2,718.961 Deposits
Inventory
900,000
236,445 Federal tax. reserve
Deferred charges
4,292,414
$10,307,001 Surplus
Total (each side)
In the description of assets a holding of $900,000 U. S. Treasury Certificates is disregarded, as this asset is held to meet a like sum due the Federal
Government as taxes. The item, being disregarded as an asset, IA also
disregarded as a liability.-V. 109, p. 77.
iVoL. 109.
THE CHRONICLE
Ohio Fuel Supply Co. Pittsburgh.-Earnings.Earnings Including Subsidiary Companies,for Six Months ending June 30 1919
Gross earnings, gas $5,235,757; oil $122,103; gasoline $373,204; interest
$6,687,711
$74,647; dividends-:-United Fuel Gas Co. $882,000; total
Expenses $3,010,852; depreciation $493,386; taxes $482,617_ -$3,986,855
$2,700,856
(7%)1,386,910
Net Earnings
Less dividends paid
$1,313,946
Surplus for six months
The net earnings for the corresponding six months in 1918 were reported
as $3,247,474; June 30 1917, $2,269,480; surplus after dividends was
$2,256,824 In 1918 and $1,437,819 in 1917.
The balance sheet of June 30 1919 shows cash on hand $2,226,226 against
$510,991 as of Dec.311918:accounts receivable $979,208 against $1,586,234
and profit and loss surplus $15,588,676 against $14,274,730.- 108,p. 2438.
Pacific Cotton Mills Co.-Offering of Pref. Stock.-The
bankers named below are offering at 100 82,000,000 7%
Cumulative Prof. (a. & d.) stock; par $100.
Dividends payable quarterly Jan. 1, &c. Redeemable only as a whole
at 105 during first 5 years and thereafter at 110 and divs.
Data from Letter of President F. A. Seiberling of July 21 1919.
Organization.-The company has been organized in California (in July
1919) by the Goodyear Tire & Rubber Co. (of Akron, 0.) to manufacture
cotton fabric for use of the Goodyear Tire & Rubber Co. of Calif. In the
manufacture of tires and other Goodyear 'products.
Plant.-The company will immediately begin the erection of a factory
with a present capacity of 33,000 spindles on property adjoining the property of the Goodyear Tire & Rubber Co. of Calif., which now has under
construction a plant of a capacity of not less than 3.000 tires per diem
(V. 109, p. 275).
Earnings.-The entire output of 33,000 spindles will be sold under contract to the Goodyear Tire & Rubber Co. of Calif. at cost price plus a profit
of 10%,said profit applicable to dividends to be.not less than Prof. dividend
requirements. At present prices it is estimated that net earnings will be
four times Pref. dividend requirements on stock outstanding.
Purpose of Issue.-Proceeds from the $2,000,000 Prof. stock (together
with $1,000,000 to be obtained from the Goodyear Tire & Rubber Co. of
Akron, 0., through the purchase of $1,000,000 Common stock at par) will
be used in the erection of the plant and for working capital.
Provisions.-(1) The company may place no lien or mortgage on any of
Its properties, nor create for a period of more than ono year any unsecured
debt (excepting such obligations as are included in commercial borrowing)
without the consent of three-fourths of the outstanding Pref. stock. (2) Net
assets must at all times be maintained at 1% times the amount of. Prof.
stock outstanding.
Dividends.-Dividends on the Pref. stock will be advanced by the Goodyear Tire & Rubber Co. (of Akron, 0.) until such time as the Pacific
Cotton Mills Co. is in operation.
Authorized. Now to be Issued.
Capitalization$2,000,000
*$3,000,000
Preferred stock, 7% Cumulative
1,000,000
3,000,000
Common stock
*31,000,000 of Prof. stk. left can only be issued under special restrictions.
Management.-While the company will operate under its own board of
directors, the active and immediate executive management of its business
and general policy and its operation of the factory will be identical with that
of the Akron company.
Bankers.-Included in the syndicate are: Aronson & Co., BlankenhornHunter-Dulin Co., Frank & Lewis, Perrin, Drake & Riley, Security Mortgage Co., Stevens, Page & Sterling, William R. Staats Co. and Torrance,
Marshall & Co., all of Los Angeles or San Francisco.
Paraffine Companies, Inc.-Offering of Bonds.-Girvin
& Miller, Stephens & Co. and Le Roy T. Ryone & Co., San
Francisco, are offering at par & int. $750,000 6% First
(closed) M.serial bonds, dated Feb. 1 1918. Circular shows:
Interest payable F. & A. Normal Federal income tax up to 4% paid
by the company. Anglo-California Trust Co., San Francisco, trustee.
Callable all or part on any interest date at 1023- and accrued interest.
Bonds mature annually Feb. 1 as follows:
1933
1929 $62,000
1925 $59,000
1921 $25,000
$16.000
1936
1930 32,000
1926 35,000'
1922 55,000
22,000
1937
1931 50,000
1927 44,000
42,000
1923 57,000
1938
1932 66,000
1928 65,000
1924 70,000
50.000
Authorized. Outstanding.
Capitalization$5,000,000 $4,907,636
Preferred stock (7% cumulative)
94,000 shs. 89,339 shs.
Common stock (no par value)
$1,500,000 31,500,000
First Mortgage 6% bonds
Taxes
Depr. & Gen. Deduc.
after
Federal
Exp.,
Net Earnings Cal. Years, Before
1916.
1918.
1917.
Calendar Years31,031,151 $1,403,614 $1,204,611
Net earnings
90,000
Bond interest
$1,204,611
Balance,surplus
Net earnings for the cal. year 1918 were not only over 13 times bond int.
requirements, but were actually 80% of the total bond issue.
Security.-An absolute first (closed) mortgage on all the properties,
appraised by the American Appraisal Co. at over $5,300,000.
The company's business consists of the manufacture and sale of various
staple articles, such as paint, box boards, roofing material and flooring
materials.
For history, property, &c., see V. 106, p. 1235, 1904; V. 107, P. 2014.V. 108, p. 2027.
People's Gas & Elec. Co., Oswego, N. Y.-Cap.Increase.
The company has increased its authorized capital stock from $1,000,000
to 961,300,000.-V. 99, p. 473.
Phillips-Jones Corporation.-Preferred Stock Sold.This company has been reincorporated and has sold $2,500,000 cumulative 7% Preferred stock, the issue being underwritten by Goldman, Sachs &
Co., Lehman Brothers, and White, Weld & Co. New York. The com' An announcement of
pany manufactures mon's shirts and underwear.
the transaction states that after deducting Federal taxes in the three years
ended June 30, the average annual profits available for dividends were
more than three, times the requirements for this issue of Preferred stock.
Phillips Petroleum Co.? Bartlesville, 0.-Oversubscribed.-Dominick & Dominick announced on Aug. 7 that
the 64,000 shares of common stock recently offered had been
oversubscribed. McClure, Jones & Reed, N. Y. (see advertising pages) recommend the purchase of the Prof. Stock,
which is convertible up to and including Aug. 30 1919 into
the Common stook in the ratio of two shares of Common for
one share of Prof. The Prof. not so converted will be called
for payment Sept. 1 1919 at $105 per share.
Digest of Statement by President Frank Phillips, July 1 1919
Capitalization.-The company has an authorized capital of 400,000 shares
of Common stock of no par value; 91,950 shares of which are now issued and
outstanding. It is proposed to issue 63,984 additional Common shares,
which are included in the underwriting referred to. The company has an
authorized Preferred stock of 50,000 shares of $100 par value. All of this
stock has been issued and is outstanding, which stock we propose to retire
on Sept. 11919.
Properties.-The company has at the present time a total of over 63,000
acres in free land and teases. It is not the policy of the company to own
outright acreage of uncertain value far distant from producing wells. This
acreage is of choice selection, located inside the loading high-grade oil districts of the United States, and is distributed through various States approximately as follows: (a) Kansas, 18,000 acres in Eldorado, Augusta,
Cowley, Montgomery, Greenwood, Elk and Neosho districts. (b) Oklahoma, 15,000 acres in Osage, Kay, Washington, Nowata, Okmulgee, FoxHealdton and Garber. (c) Texas, 25,000 acres in Stephens, Eastland
Brown, Erath, Young, Shackelford, Burkeburnett, Wichita l'alo Pinta,
Comanche, Throckmorton. (d) Kentucky, 6,500 acreslinkLee*Countyland
Eastern Kentucky. (e) Louisiana, 320 acres.
•
AUG. 16 1919.]
THE CHRONICLE
The company has over 300 oil and gas wells on the above-mentioned
properties, 75 of which have been completed since Jan. 1 1919. In a few
instances we have partners in acreage and oil wells.
In addition to oil and gasoline, the company has natural gas production.
The Auditor's statement shows between 4,000,000,000 and 5,000,000,000
Cu. ft. of gas sold during the year 1918. Two gasoline plants are now in
operation and extensions are being added to increase the output of these
plants.
The company has nearly $1,500,000 of now development work authorized,
and the larger part of this work is now in progress in four States above mentioned, largely in proven areas, and in the majority of instances on properties on which we already have producing oil wells. This development includes 85 wells either drilling or in process of preparation to drill, but does
not include plant extensions.
Earnings.-After payment of all fixed charges but before depreciation and.
Federal tax, the company is earning over $12 per share on its present outstanding stock. In vitiw of the company's expansion and development
program and proposed retirement of Preferred stock, the directors do not
consider this an opportune time to commit the company to a dividend policy on the Common shares.
Balance Sheet.-The following is a condensed and consolidated balance
sheet to which J. M. MacTaggart, certified accountant, certified on Jan. 1
1919, and to which we have added receipts from the sales of securities and
the 5 months' business to June 1 1919, together with the anticipated proceeds from the sale of the additional securities herein referred to:
Consolidated Balance Sheet (Total Each Side $14,097,306).
Capital and surplus:
Real estate, personal prop91,950 shares outstanderty oil and gas leases
ing, no par value
$8,725,533
and'
equipment
$5,376,123
63,984 shares to be is
Notes and acc'ts receivable 974,902
4,101,771
sued, no par value..
Cash in bank
3,359,160
Preferred stock
Deferred accounts and ad5,000,000
vances on future opera's 295,100 Acc'ts and notes payalale_
334,530
Taxes & other acc'ts accr'd
27,493
The appraisal which you recently had made of these properties indicates
the
total
shown in this financial statement.
values larger by $3,000,000 than
Quarterly Earnings Before Deduction for Depreciation and Federal Taxes.
Gross
Expenses &
Bal.for Corn. Stock.
Income.
Quarters endingPref. Divs. (See Heading) Per Slt
$103,828
Sept. 30 1917
$45,207
$2.60
$58,621
125,812
Dec: 31 1917
52,014
73,797
3.27
Mar. 31 1918
136,697
53,459
83,238
3.70
158,778
Juno 30 1918
56,016
4.56
102,762
236,348
Sept. 30 1918
65,844
7.57
170,504
262,142
Dec. 31 1918
77,822
184,320
8.19
414,060
Mar. 31 1919
101,661
312,399
13.80
Compare V. 109,P. 179; V. 108. p. 1614.
685
The Potomac Edison Co. has been incorporated to take over and to
develop various properties in West Virginia and Maryland. The company
will have a capitalization of $4,000,000 First Mortgage bonds, $1,700,000
Second Mortgage bonds, $1,000,000 Preferred stock and $3,500,000 Common stock. It will take over the present properties of the Edison Electric
Illuminating Co. of Cumberland, Cumberland Electric Railway Co., West
Virginia Central Gas Co.(V. 106, p. 507), West Virginia & Maryland Gas
Co. (of Maryland), West Virginia & Maryland Gas Co.(of W. Va.), Maryland Gas Co., Hartland Power Co.(V. 106, p. 2454) and all of the electric
light and power companies doing business in Grafton -and vicinity.
The company expects at once to begin work on extensive electric power
developments covering the entire territory between the properties acquired
in Maryland and West Virginia. A large power plant will be located in
proximity to the coal mines and used to supply the entire section. Included in the plans is the immediate construction of a large artificial gas
plant at Cumberland, superseding the present natural gas supply.
The new company has been completely financed and will take over the
above properties and begin new improvements on or abqiit Sept. 15 1919.
Potter Gas Company.-Status.--
See Barnsdall Corporation under "Financial Reports" above.
Provincial Light, Heat & Power Co.-Bonds Called.-
Twenty-one($21,000) First Mtge.40-year 5% gold bonds of 1906,ranging
in number from 0089 to 1466,inclusive, have been called for payment Sept. 1
at 105 and int. at the National Trust Co., Montreal.-V. 107, p. 807.
'Ray Cons. Copper Co.-Earns. 3 & 6 Mos. to June 30.-
1919-3 Mos.-1918. 1919-6 Mos.-1918.
Gross production_ _ _lbs_ 11,306,118 23,352,388 23,597,499 45,363,913
Net profits
$18,275 $2,132,427def.$226;392 $3,149,338
Miscellaneous income_
298,090
122,790
390,459
211,742
Total income
Dividends
$316,365 $2,255,217
788,590
1,182,884
$164,067 $3,361,080
1,577,179 2,760,063
Not surplus
def.$172,224 $1,072,333def$1413,112
$601,017
Earnings for the June 30 quarter are computed on the basis of 14.80c
per lb. for copper, against 13.13c. for the quarter ending Mar. 31 1919 and
25.968c. and 20.538c. for the quarters ended June 30 and Mar. 31 1918,
There has been no provision made for Federal taxes in 1919,
respectively*
but in 1918 the total amount set aside for county, State and Federal taxes
for the quarter was $542,779 and for the 6 months $1,085,624.
The average cost per lb. of all net copper produced for the quarter (without allowance for gold or silver contents, &c.) was 14.64c., against 15.15c.
for the quarter ended Mar. 31 1919.-V. 109, p. 277.
Rockaway Rolling Mills Corp., Rockaway, N. J.Oversubscribed.-The syndicate which has underwritten
60,000 shares of new stock of the Rockaway Rolling Mills
Corporation announced Tuesday that the issue had been
oversubscribed. No public offering will be made. An
Pierce, Butler & Pierce Manufacturing Corp.- authoritative statement follows:
Strong New York and Western banking interests have joined with the
Offering of Preferred Stock.-William H. Foxall & Co.,
Philadelphia banking interests heretofore dominant in the affairs of this
Rochester, N. Y. and Lynch & McDermott, N. Y. are company.
The new company has recently completed the retirement of the
offering at 100 and div. to yield 8% $1,000,000 8% Cumula- Preferred stock and bonds of the old company
and has purchased all of
its Common stock. The capitalization of the new company consists of
tive Pref. stock par $100. A circular shows:
60,000 shares of no par value, with no Prof. stock or bonds. Its plant is
Directors.-
Eugene E. duPont of Wilmington, Del., and W. B. Conway Vice-Pros. of
the Guaranty Trust Co., have been elected directors. Together with
B. S. Prentice of Dominick & Dominick, recently elected a director, they
will form an advisory finance committee for the board of directors.-V.
109, P. 179.
Dividends payable quarterly Feb. 1, &c. Redeemable as a whole or in
part at105 and div., on 90 days' notice.
Capitalization
Authorized To be issued
8% Cumulative Preferred stock (par $100)
$2,000,000 $2,000,000
Common stock (par $100)
2,000.000 2,000,000
First Mort.6% due 1934 (canceled $158,960)
500.000
341,040
Purpose of Issue.-This offering constitutes a part of the now financing
of the Pierce corporation incidental to its recent acquisition of the Ames
Iron Works.
Company.-(Incorporated Sept. 25 1914 in Now York as successor to
the Pierce, Butler & Pierce Mfg. Co. V. 99, p 1055, V. 98 p. 17711 Company has acquired the property, rights, privileges and franchises of the
Amos Iron Works of Oswego, N. Y., (established in 1854) as a result of
negotiations pending for over a year. The Pierce Corporation manufactures and sells cast iron steam and hot water boilers and heaters for homes,
apartment houses and smaller office buildings, and the manufacture and
sale of radiation of all kinds and dealing in plumbing goods, but in the
acquisition of the Ames plant, business will 130 increased so as to cover
the manufacture and sale of boilers for large installations, both for heat and
power purposes.
Earnings.-Net earnings of the Pierce corporation for the period from
Sept. 1914 to Jan. 1919, after Federal income tax, total $1,184,338. In
the past 4 years net assets increased 31,505,575 and net worth of $1,467,936
as follows: Increase in asset, 1919, $4,557,324; 1915, $3,051,748; Net
increase $1,505,576; Increase in not worth: Capital and surplus
1919, $3,142,839; 1915, $1,674,903; Net increase 31,467,936. While the
net worth has increased during the 4 years by 31,467,936 the company has
also retired obligations to the extent of $648,749; paid Pref.and Corn,stock
div. aggregating $470,706; and has increased in surplus from $24,902 to
$805,628.
Net profits of the Ames Company have been as follows: 1916. $154,815;
1917, $171,114; 1918,$178,852; Est. profits for the first 5 mo.of 1919(based
on 1918) $140,000. Net quick assets as of June 1 1919
excess of
are
$839,000. In the past 5 years the company's surplus accountin
grown
from $22,000 to $683,000 or a net increase during this period ofhas
$661,000
in
and
addition regular dividends have been paid.
The combined net yearly earnings will be not less than
or equivalent to 3'i times the Pref. div. requirements on the $600,000,
entire $2,000,000
stock, equivalent to $20 per share. The Company's Corn,
stock
now
paying 9% annual dividends and has a book value of about $132 ais
share.
It is estimated that the combined companies will do an annual business
of about $5,000,000 based on past operations of both companies. The
unfilled orders on hand Juno 11919, at the Ames plant
$350,000 and at the Pierce plant in excess of $500.000. amounted to about
Combined Balance Sheet after completion of Present Financing.
AssetsI LiabilitiesReal estate, plant ee equip_ _ _ $2,041,601 Preferred stock
$2,000,000
Good will, patents, &c
414,760 Common stock
2,000,000
Cash
434,066 Bonds6% duo 1934
341,040
1,121,228
Accts. & notes roc
Accounts payable
235,834
2,046,134 Notes payable
Inventories
775,000
15,861 Taxes, reserve, &c
Liberty bonds &c
116,670
38,023 Surplus
Deferred charges
64:3,129
Total (each side)
$6,111,671
The combined not worth of the
'
two properties, as shown by
ments of the Pierce company as of Jan. 1 1919 and the Ames the stateas
of June 1 1919, adjusted to show results of present financing,company
is in excess
of $4,642,000. This provides net quick assets of about $125 per share, and
total assets of about $232 per share, for each share of this Pref.
stock.V. 108, p. 2636.
Pittsburg (Calif.) Water Co.-Acquisition.-
See F. E. Booth Co. above.
Pittsburgh Oil & Gas Co.-Status.-
See Barnsdall Corporation under "Reports" above.-V. 108, p. 2636.
Pittsburgh Rolls Corp.-Offering of Pref. Stock.-Imbrio
& Co., N. Y &c., and Lyon, Singer & Co., Pittsburgh., are
offering at 97 2,000 shares 7% Cumulative Preferred (A. &
D.)stock (par $100). Authorized and outstanding $500,000.
Dividends Q.-J. Callable all or part on any div. date after 3 years at
105 and div. No mortgage permitted other than the $1,000,000
1st Convert. (is, no notes running more than one year and no prior
Prof.
without consent of 75% of the present Prof. stock. Compare V. stock
105, p. 77;
see annual report for 1918 in V. 108, Io• 1934.
Potomac Edison Co.-Merger.-W. S. Barstow & Co.,
New York, in their weekly news letter say:
located at Rockaway, N. J., and consists of complete and modern iron
rolling mills for the manufacture of rounds, flats and angles from scrap.
The mills are sold to night and day capacity far in advance. Net tangible
assets as of June 30 1919 exclusive of good-will, were of $500,000, the net
quick assets equaling about $200,000. (The total net earnings before,
deducting Federal taxes for the four years ended Dec. 31 1918. it is stated
were above $775,000.)
among the directors of the new company are Howard F. Hansell Jr.
and George D. Lewis of Frazier & Co. Philadelphia; C. C. Grover, President of the company; Morton Lachentiruch of Morton Lachenbruch & Co.,
New York., Ward E. Pearson of the Pearson Engineering Co.. and J. Ernest
Richards, President of the George B. Newton Coal Co. of Philadelphia.
The stock of the new company will be traded in on the Curb. [The
riginal Rockaway Rolling Mill ivai in :1133rita5 June 1914 and in
1916 had issued $22.700 stock and $40,000 bonds, its annual capacity
being then 12.000 tons.]
Rock Hill Iron & Coal Co.-President.-
J. M. Davis has been elected President of this company and associated
corporations, including the East Broad Top RR.& Coal Co. Mr. Davis
will have his office at No. 1 Broadway. N. Y. City.-V.109. p.584.
Rollin Chemical Co., Inc.-Acquisition, &c.-
The stockholders will vets Aug. 20 (a) on approving a contract made with
the Clinchfield Products Corp.;(b) on voting on the sale of property, rights,
privileges and franchises of the company to the Rollin Chemical Corp.;
(c) on authorizing the payment of $600,000 of notes secured by mortg.
to the Kanawho Banking & Trust Co., Charleston, W. Va., dated Oct.
1 1918, br the delivery of stock of the Rollin Chemical Corp.
The new company, it is said, will be organized under the laws of New
York.-V. 107, P. 1583•
St. Andrews Bay Lumber Co., Millville, Fla.-Offering
of First Mortgage 7% Serial Bonds.-Securities Sales Co.,
Atlanta, Ga., and Whitney-Central Trust & Savings Bank,
New Orleans, are offering at prices ranging from 100 to 96M
and int., yielding 7 to 7.50%, according to maturities, $1,350,000 First Mtge.7% serial gold bonds, dated June 1 1919,
due $135,000 each June 1 1920 to 1929, inct. An adv. shows:
Interest payable J. & D. at Empire Trust Co.. New York, or Third
National Bank, Atlanta (trustee) or Securities Sales Co., without deduction
for any tax which the company may be required or authorized to pay at
the source, except inheritance taxes. Redeemable as a whole or in part
on any int. date upon 60 days' notice at 105 and int. Denom.$1,000, $500
and $100 (c); $500 denom.obtainable in 1922-29 maturities and $100 denom.
In 1924-29 maturities. Data from a letter of Minor C. Keith, President,
shows:
Secured by a first mortgage on all the property (having an appraised value
of $4,091,035), embracing 331,000.000 ft. standing timber, 115,490 acres
of virgin long-leaf yellow pine timber lands, 31,867 cares cut-over timber
lands, 3 modern sawmills with a capacity of over 77,000,000 ft. per year,
67 miles of standard-gauge railroad, 9 locomotives, 281 dwellings of various
types, &c.
Under ownership of German-American Lumber Co., which was seized by
Alien Property Custodian, there were outstanding against the property
$2,148,500 bonds and other debt, $500,000 7% cumulative pref. stock and
$500,000 common stock, which have all been canceled.
Profits after stumpage charges available for int. for year 1918 were
$241,923; the pref. and common stock have a present market value of over
$900,000. Timber sinking fund, $6 per thousand feet of timber cut and
a maximum of $10.
Westmoreland Coal Co., Philadelphia.-Status.-
West & Co., Philadelphia, July 24, wrote in substance:"We are told that
this company is doing more business now than it ever did before. During
six out of the past eight years it.sold higher than present prices. The
range has been between 58 and 85. Apparently there never was a better
time for the coal business than now nor a better reason for this stock to
sell even higher than in the past.
"The company's present assets and dividends alone warrant higher prices.
It pays 10% (21/6% quarterly) on $50 par and yields nearly 7% at the
present price. Even at 83 it yields 6% income. Other coal stocks are advancing. This company has paid extra dividends in the past and has no
bonds nor Preferred stock. Briefly its record is as follows:
1904-'10. 1911. 1912-'15. 1916. 1917. 1918. 1919.
Regular %
10 yearly
6
7 yearly
11
10
1134
10
Also 2% extra in 1902 and 25% stock dividend in 1904.-V. 107. p. 2384.
THE CHRONICLE
686
St. Louis Coke & Chemical Co.—Preferred Stock Sold.—
Mississippi Valley Trust Co., St. Louis, and Studebaker
Bros. Trust, Chicago, placed privately at $100 per share
$5,000,000 8% Cumulative (after Jan. 1920) Preferred
(a. & d.) stock, par $100. Retirable at 125 and divs.
•
Dividends payable Q.-M.
Issued.
Authorized.
Capitalization—
$10.000,000 $5,000,000
Preferred stock (par $100)
1.000,000
1.000,000
Common stock (par $5)
The proceeds of this issue provide for the erection of one 500-ton blast
furnace and 80 Roberts by-product coke ovens on a plant site already
under contract, adjacent to Granite City, Ill. Should further funds be
necessary to insure ample working capital, preferred stock to the extent of
$700,000, in additn to the above offering, has been underwritten.
The National Enameling & Stamping Co.(which has subscribed for $1,250,000 of this issue of Prof. stock) has contracted to take the major portion
of the output of the plant for use in its Granite City Steel Works at prices
which should assure a substantial profit.
The estimated surplus revenue from the first full year of operation, available for dividends and Federal taxes, is $1.860,160, equivalent to four and
one-half times the Preferred dividend.
Saco-Lowell Shops, Boston.—New Stock.—
[VOL. 109.
Transcontinental Oil Co.—Stock Listed.—
The N. Y. Stock Exchange on Aug. 13 authorized the listing of temporary certificates for 2,000,000 shares of the Common stock without
nominal or par value.
Directors: A. B. Daily Jr., George J. Wolf, S. A.McCaskey,Ed. Kippax,
T. R. Cowell, M.L. Benedum, O. D. Robinson, F. B. Parriott, all of Pittsburgh; William Lilley, George W. Kendrick 3d, of Philadelphia, and
Hugh K. Prichitt of New York. Officers: F. B. Parriott, President; M.L.
Benedum, Chairman; George J. Wolf, W. J. Wilson, D. A. Floto, J. F.
Hanlon and William Lilley, Vice-Presidents; T. R. Cowell, Secretary. Ed.
Kippax, Treasurer. See full particulars. V. 109, p. 79. 180, 585.
Underwood Typewriter Co.—Plant Closed.—
The entire factory at Hartford, with the exception of the foreman's
dining room and non-producing departments, closed for an indefinite period
Aug. 11 owing to the strike.—V. 108, p. 1941.
.
Union Oil Co. of California.—New Stock.—
It is announced on apparent authority that the company is about to
offer to the holders of its $43,571,500 stock of record Aug. 20 the right to
subscribe at par,$100 a share,for the remaining $6,428,500 of the authorized
issue of $50,000,000, subscriptions to be payable in four instalments of
$25 a share, on Sept. 2 1919 and Jan. 1, May land Sept. 11920. The proceeds will be used for additions and improvements, new development work,
&c. The issue, it is said, has been underwritten by Eastern bankers and
financiers, presumably those interested with the Commonwealth Petroleum
Co. buying into the property (V. 109, p. 279, 58.)—V. 109, p. 279.
Common stockholders were permitted on or before Aug. 8 to subscribe
at $150 per share (par $100) for one new share of Common stock for every
Union Tank Car Co.—Pays off Notes.—
two shares now held. Subscriptions were payable to Boston Safe Deposit
& Trust Co. either (a) in full on Aug. 15 1919 or In four equal instalments
The company, formerly the Union Tank Line Co., has paid off an addiof $37 50 per share Aug. 15, Oct. 15, Nov. 15, Dec. 15. The issue of this tional $1,500,000 of its 5% Equipment Trust Notes, leaving $3,000,000
stock has been underwritten. [On Dec. 31 1918 there were outstanding outstanding. -The original issue amounted to $7,500,000, put out two years
$2,350,000 Common stock and $1,250,000 6% cum. Prof. No bonds.] ago.—V. 108, p. 2336.
—V. 109. p. 584.
United Retail Stores Corp., N. Y.—Option to Subscribe
p.— at $10 a Share for 100% of Class A Common Stock of U. R. S.
Seaboard Steel Manganese Corp., N.Y.—Receivershi
appointed
13
Aug.
on
Judge John C. Knox in the U. S. District Court
Treasurer Alex.
S.S. Freeman receiver on the application of Philip E.Wright of Philadelphia Candy Stores, Inc.—In circular of Aug. 8
and other creditors. The company, organized In March, 1916, has two H. Sands Jr. says in substance:
several
operated for
blast furnaces at Temple, Pa., but they have not been
months. There are said to be outstanding about $161,000 in addition to
a $558,000 promissory note secured by a mortgage, made by the Guaranty
Trust Co., trustee.
Shults Bread Co.—Bonds Called.—
One hundred ($100,000) 30-year mtge. 6% gold bonds of 1910 have been
called for payment at par and int. on Sept. 1 at the People's Trust Co.,
Brooklyn, N. Y.—V. 106, p. 934.
•
Sinclair Consolidated Oil Corporation.—Reincorporen
Stockholders of the Sinclair Consolidated Oil Corporation (of Delaware)
at a special meeting Aug. 11 ratified the sale of all the corporation's assets
to the Sinclair Consolidated Oil Corporation (of New York). In payment
for these assets the New York corporation will assume all the Delaware
corporation's liabilities and will issue all of its authorized capital stock,
consisting of 1,000,000 shares of no par value stock, which is the same
number of shares issued by the Delaware corporation and now outstanding.
The stockholders have been called to meet again on Aug. 25 for the purpose
of dissolving the Delaware corporation. This transfer is a step in the
consolidation of all the Sinclair properties. Compare V. 109, p. 584.
Sinclair Oil & Refining Corp.—Earnings.—
Results for Quarter and 6 Months Ending June 30.
1919-3 Mos.-1918. 1919-6 Mos.-1918.
earnings
$4,107,190 $4,407,661 $7,491,554 $6,393,100
Net
Avail,for amort.. deprec.
3,926,804 6,425,059 5,370,647
3,577,230
& Federal taxes
—V. 108, p. 2025.
Springfield (Mass.) Gas Light Co.—Increased Rates.—
The Board of Gas & Electric Light Commissioners on Aug. 8 authorized
the company to charge $1 15 net per 1,000 cu. ft. of gas sold on and after
July 15 1919, and has permitted the company to charge $1 25 in South
Hadley and $1 30 in East Longmeadow. This is an advance of 10 cents
per 1,000 cu. ft.—V. 107, p. 1925.
Standard Oil Co. of Kansas.—Extra Dividend.—
An extra dividend of 83 per share and the regular quarterly dividend of
$3 have been declared on the capital stock, payable Sept. 15 to stock of
record Aug. 30. An extra dividend of $3 per share has been paid along with
the regular quarterly dividend since Feb. 1918.—V. 108, p. 2027.
U. R. S. Candy Stores, Inc.—The manufacture and sale of candy at retail
is to-day one of the large and growing industries in the United States. By
the chain-store system candy can and will be sold at retail upon terms which
will return a fair margin of profit and still place candy of standard quality
and value in the hands of the public at prices lower than those heretofore
prevailing. For this purpose U. R. S. Candy Stores, Inc., has been organized in Delaware (V. 109, p. 484) with power to manufacture candy and
kindred products and sell these products through a chain of retail stores
in the United States and throughout the world. It has an authorized capital
of 1,250.000 shares—all Common stock—having no nominal or par value
and having equal rights and privileges, viz.: (a) 400,000 Founders' shares.
(b) 850,000 class "A" shares.
This company has subscribed for all the Founders' shares at $1 per share,
payable in cash, and will retain them in the treasury, thus giving your company at all times a substantial interest in the candy stores company, any
increase in their value or dividends or rights received upon them going
into the treasury.
This company will give to the candy stores company the services of its
own personnel, will direct its policy and will in every practical way assist
In the upbuilding and development of the enterprise upon intelligent,
progressive lines.
Stockholders' Option.—Our Common stockholders of record Aug. 19 1919
are hereby offered the right to subscribe and pay for at Guaranty Trust Co.
on or before close of business Sept. 10 1919 at $10 per share (N. Y.funds)
the same number of shares respectively of the Class "A" Common stock
of U. R. S. Candy Stores, Inc., as they hold respectively of our Common
stock. Subscription warrants will be issued on or shortly after Aug. 19.
This company has the option to purchase on or before Dec. 31 1919 at
that may not
$10 per share any portion of the Class "A" stock so offeredand
to dispose
be taken by our Common stockholders or their assigns,
upon such
and
time
to
time
from
company
thereof for the benefit of this
terms as the board of directors may determine. Compare V. 109, p. 585,
79.
279.
379,
484,
U. R. S. Candy Stores, Inc.—Stock Offered.—
See United Retail Stores Corporation above.—V. 109, p. 484.
U. S. Light & Heat Corp.—Officers.—
New officers elected are as follows, John W. Willis, Chairman of the Board
and E. IL Gold, Vice Chairman. Mr. Willis was also elected a director.
All other directors and officers were re-elected.--V. 108, P. 2121.
United States Rubber Co.—New Stock Underwritten—
irman Samuel P. Colt,
Standard Oil Co. of N. j.—Stock Increase—Denial.—The Earnings—Right to Subscribe.—Cha
12 says in substance (See also "Financial
stockholders yesterday (Aug. 15) voted to create an issue of in circular of Aug.
on a preceding page):
$100,000,000 7% Non-voting Preferred stock, of which Reports"
Pursuant to authority conferred by the Board, the company has entered
$98,338,300 will be offered to holders of Common stock. into
an agreement with Kuhn, Loeb & Co. for the formation of a syndicate
to underwrite the common stockholders' subscription of the $36,000,000
The company has given out the following statement:
to be paid to the
The statement that employees generally of the Standard Oil Co. (New of common stock about to be issued. The compensation
2% of the issue. No Director
Jersey) are being given an opportunity to buy stock in the company is bankers and the syndicate collectively will be or
be in any way interested in
both unauthorized and untrue. In connection with the recent issue of or Officer of the company will participate in
$100,000,000 Preferred stock it was found possible, through an arrangement the syndicate.
The money to be obtained from the increased issue of stock will be used
with some of the owners of rights of the new issue, to provide for the acquireaccounts payable
ment of a small amount of the new stock by a few employees of long service (1) To pay off all current debt that can be paid (certain
acceptances will always exist). (2) For new construction planned and
and
company.
the
of
In the management
of Automobile
product
the
of
The board of the Standard Oil Co.(Now Jersey) has not under considera- in process designed principally for the increase
plantations in the East,
tion at the present time any proposal to sub-divide the Common shares, and Truck Tires. (3) For extension of Rubber sharing
for
benefit of our
profit
under
predictions
newspaper
stock
of
frequent
carrying
the
and to facilitate
and has not felt it necessary to deny the
employees.
that such a course would be followed. Compare V. 109, p. 378.
The new capital will In every way strengthen the company and by putting
Standard Oil Co. of Ohio.—Extra Dividend.—
so much more property back of the senior securities materially strengthen
The usual extra dividend of $1 has been declared, along with the quar- the Preferred Stock.
of
extra
An
29.
Aug.
record
The direct benefits to the company that will result from the use of this
of
terly of $3, both payable Oct. 1 to holders
money at this time for the extension of its business as set forth will in the
1% has been paid in each quarter since Jan. 1917.—V. 108, p. 2027.
Chairman's opinion far exceed the amount of the regular dividend at the
Stratford Apartment Hotel, N. Y. City.—Offering. of proposed rate of 8% to be pald upon the new Common Stock.
The shareholders will vote on Sept. 9 on. propositions
Bonds.—S. W. Straus & Co. are offering at par and int. to
including:
yield 6% $1,400,000 First Mortgage 6% Serial Bonds.
Preferred stock be retired by paying to
(1) That the outstanding 2nd the
Dated July 1 1019 due serially to July 1 1929. Denom. $1.000, $A00
par value of said stock and the holders'
mortand ($100 in 1929 maturity only). The bonds are a direct closed first
gage on the land and building valued at $2,100,000. Interest payable
J. & J. Callable at 102 and interest.
—
Stromberg Carburetor Co.—Earnings.30
'19.
Three Months ending—
Gross earnings
Administration, general, &c., expenses
Reserve for Federal taxes
Balance, surplus
—V. 109, p. 585, 278.
June
$203,292
54,538
25,000
$123,754
the holders thereof, out of surplus,
proportionate Interest in the surplus of the company.
(2) That the authorized 1st Preferred stock be increased from $70,000,000
to 8100,000,000.
(3) That the Common stock be increased from $40,000,000 to $200,000,Mar.31 '19. 000.
$158,661
(4) To increase the authorized stock to $300,000,000. &c.
46,959
25,000
Option to Subscribe for $36,000,000 Common Stock.—Seere$86,702
Inc.Stutz Motor Car Co. of America.—Earns.—Stock 1917.
1918.
1919.
6 Mos. to June 30—
$3,674,848 $1,935,957 $2,489,621
Net sales
1,843,456
1,511,704
2,970,922
Manufacturing costs
50,317
35,374
88,305
Administration and general expenses..
Cr.25,927
Cr.9,188
Cr.38,120
Interest and discount
$621,775
$398,066
$653,742
Total earnings
The stockholders will vote Aug. 28 on authorizing an increase of capital
shares
The
new
value.
stock from 75,000 to 100,000 shares with no par
will be offered to shareholders at $100 each. Compare V. 109, p. 484.
Swift & Company.—Stock Subscribed.—
Press reports state that more than 20,000 employees have subscribed for
the company's stock under its profit-sharing plan.—V. 109, p. 585, 379.
(T. H.) Symington Co.—Accumulated Divs. Paid.—
The regular quarterly dividend of 2% and all of the accumulated dividends
amounting to 28% have been declared payable Aug. 15 to holders of record
Aug. 5.—V. 108, p. 2626.
tary Samuel Norris, in circular of Aug. 12, says in brief:
Subject to the necessary stockholders' action, Sept. 9 1919, the privilege will be given to the holders of the Common stock of record Sept. 13,
or before
to subscribe at par at company's office, 1790 Broadway, N. Y., on
Oct. 1 1919. on the company's warrants (issuable about Sept. 13), for an
amount of the ($36,000,000) new Common stock equal to the par amount
of their respective holdings.
Subscriptions will be payable in N. Y.funds either (1) in full on or before
Oct. 11919, the new certificates in this Case to issue as of Oct. 31, carrying
interest at 6% p. a. for month of Oct., or (2) In four equal instalments on or
before Oct. I, Nov. 10, Dec. 22 1919, and Jan. 31 1920. respectively.
For stock paid for in instalments, stock certificatefi will be issued on or as
of Jan. 31 1920, entitling the holder to dividends payable on and after that
date and interest at the rate of 6% per annum from Oct. 1, Nov. 10 or Dec.
company
22 1919, as the case may be, to Jan. 311920, will be paid by the
Any instalments may be prepaid,
on all instalments previously received.
and carry interest from the next instalment date. See also "Reports"
above and V. 109, p. 585.
United States Steel Corp.—Unfilled Orders.—
See "Trade and Traffic Movements" on a subsequent page.—V. 109.
p. 473, 180.
For other Investment News, see page 688.
687
THE CHRONICLE
AUG. 16 1919.]
Separts and
potuutents.
CONTINENTAL CANDY CORPORATION
(Organized under the Laws of New York)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS CAPITAL STOCK
(Without nominal or par value.)
New York, August 4, 1919.
Continental Candy Corporation hereby makes application
for the listing of temporary certificates for 500,000 shares
(the total authorized issue) of its capital stock without
nominal or par value, which have been issued and are outstanding in the hands of the public, with authority to substitute on the list permanent engraved certificates on official
notice of issuance in exchange for outstanding temporary
certificates.
• Such stock is fully paid and non-assessable and no personal
liability attaches to stockholders.
Continental Candy Corporation was organized under the
Business Corporation Law of the State of New York on
May 27 1919. The duration of the charter is perpetual.
The number of shares that may be issued by said corporation
is 500,000 shares without nominal or par value. The amount
of declared capital with which said corporation began business
was $2,500,000.
In accordance with the terms of its charter, the company is
engaged in the manufacture and sale at wholesale and retail,
of candies and confectioneries, confectionery novelties, confectionery supplies and the ingredients and by-products
thereof.
The charter provides that a director need not be a stockholder.
The 500,000 shares of stock of the corporation have been
issued for cash. Part of the cash received therefor was
applied to the purchase of factory properties and other assets
required for the conducting of its business and the balance
was retained in the treasury of the company as additional
working capital, as its needs may require.
The company leases and operates plants in Jersey City,
N. J., and Chicago, Ill. The Jersey City plant is located
at 340 Claremont Avenue, Jersey City, N. J., and consists
of two bui1dings, one of brick and the other of steel construction of about 115,000 square feet. The plant in Chicago is
located at 212-222 East Austin Avenue and consists of one
building of brick construction of about 130,000 square feet.
The company has in its two plants about 700 employees.
These plants are thoroughly equipped with power and all
equipment and machinery necessary and desirable in plants
engaged in the manufacture of candy and other confectionery
articles. All of the properties of the company are adequately
insured and in addition the company carries liability and
accident insurance.
The company now owns in fee part of, and has a contract
of purchase for the balance of, a parcel of land situated on
West Side Avenue, Jersey City, N. J., bounded on one side
by Claremont Avenue and on the other side by the Newark
& New Jersey Railroad, being about 60 feet frontage on
West Side Avenue by 215 feet on Claremont Avenue and
about 125 feet in the rear upon which the company is about
to erect a modern and well equipped candy plant. The new
building will be of steel frame construction, and will have
floor space of about 140,000 square feet. It will have a
capacity of 100,000 pounds of candy per day with one shift
and will be so equipped as to be available at full capacity
regardless of the weather.
The company proposes to adopt a policy as-to depreciation
which will be in accordance with that adopted by corporations engaged in a similar business with similar plants and
equipment.
On June 19 1919 Continental Candy Corporation acquired
by purchase the two factory properties herein described
which were formerly owned by a subsidiary of the Corn
Products Refining Compay. Together with these properties, it also acquired a bank balance, good will, trade names
and trade marks, stocks on hand and bills, notes and accounts receivable relating to the business conducted by and.
through these factories and it assumed the current outstanding liabilities of these factory properties incurred in the usual
course of manufacturing, all as of May 1 1919.
These two factory properties manufactured and sold in
the year 1917 about 19,000,000 pounds of catidy, in the year
1918 about 20,000,000 pounds of candy, and in the first six
months of 1919 about 11,000,000 pounds of candy. It is
estimated that Continental Candy Corporation will manufacture and sell in the six months ending December 31 1919
upwards of 18,000,000 pounds of candy. The company
manufactures at the present time over 225 different kinds
of candy.
An audit of the accounts of these factories shows the following:
Year ended—
December 31 1917
'December 31 1918
* Without deduction for Federal taxes.
Net Sales.
12,668,495 61
3,732,155 51
Net Profits.*
$184,976 92
804,559 21
INCOME ACCOUNT FOR THE SIX MONTHS ENDING JUNE 301919.
Net sales
$1,985,644 39
Cost of sales
1.403,64821
Gross profit on sales
Deduct selling, administrative and general expenses
* Profit
$581,996 18
165,685 28
$416,310 90
* Without figuring Federal income and war excess profits taxes.
BALANCE SHEET AS OF JUNE 30 1919.
ASSETS.
Fixed assets:
8450.000 00
Factory, equipment, machinery and tools
Good will, trade names and trade marks
1,109,653 18
Current assets:
Cash in banks and on nand
$232,215 36
Accounts receivable
196,357 28
Merchandise inventories at cost or less
760,003 62
1,188.576 26
Other assets.
Notes receivable
$307 13
Securities
6,030 72
Sundry accounts
6,982 98
13,320 83
Deferred charges:
79,978 31
Items applicable to future operations
32,841,528 58
LIABILITIES.
Capital stock:
Authorized and issued 500,000 shares without nominal or
par value declared under Stock Corporation Law of State
of New York at.$5 per share
$2,500,000 00
91,528 58
Accounts payable
Surplus
250,000 00
32,841,528 58
Continental Candy Corporation agrees with the New York
Stock Exchange as follows:
Not to dispose of its stock interest in any constituent subsidiary owned or controlled company or allow any of said
constituent subsidiary owned or controlled companies to
dispose of stock interests in other companies unless for retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
To publish quarterly a statement of the earnings of the
company and of its subsidiaries.
To publish semi-annually an income account and balance
sheet and submit to the stockholders at least fifteen days in
advance of the annual meeting of the corporation, a statement of its physical and financial condition, an income account covering the previous fiscal year, and the balance sheet
showing the assets and liabilities at the end of the year; also
annually, an income account and a balance sheet of each of
the constituent subsidiary owned or controlled companies; or
a consolidated income account and a consolidated balance
sheet.
To maintain in accordance with the rules of the Stock
Exchange a transfer office or agency in the Borough of Manhattan, City of New York, where all listed securities shall be
directly transferable and the principal of all listed securities
with interests or dividends thereon shall be payable; also a
registry office in the Borough of Manhattan, City of New
York, other than its transfer office or agency in said city,
where all listed securities shall be registered.
Not to make any change in listed securities or a transfer
agency or a registrar of its stock or of a trustee of its bonds
or other securities without the approval of the Committee
on Stock List and not to select as a trustee an officer or
director of the company.
To notify the Stock Exchange in the event of the issuance
of any rights,or subscriptions to or allotments of its securities and afford the holders of listed securities a proper period
within which to record their interests after authorization.
and that all rights, subscriptions or allotments shall be transferable, payable and deliverable in the Borough of Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate application
for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interests on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange and to give to the
Stock Exchange at least 10 days' notice in advance of the
closing of the transfer books or extensions or the taking of a
record of holders for any purpose.
The fiscal year of the company ends on the 31st day of
December of each year.
The annual meeting of the company is held at the principal
office of the corporation, at 37 Wall Street, Borough of Manhattan, New York City, on the third Monday in June of
each year.
The directors (elected annually) are: Benjamin Schneewind and Charles W. Stiger of Chicago, 111. W. A. Millet
'
George F.
of Jersey City, N.J., Allan A. Ryan,J. R. Coffin,
Lewis and Milo 0. Bennett, all of New York City, N. Y.
The officers are: Benjamin Schneewind, President; W. A.
Millet, Vice-President; Milo 0. Bennett, Second Vice-President; J. Roberts Coffin, Treasurer; George F. Lewis, Secretary.
The transfer agent is Guaranty Trust Company of New
York, 140 Broadway, New York City.
The Registrar is Lawyers Title and Trust Company,
160 Broadway, New York City.
CONTINENTAL CANDY CORPORATION,
By ALLAN A. RYAN, Chairman of the Board of Directors.
The Committee recommends that the above-described
temporary certificates for 500,000 shares Capital Stock,
without nominal or par value, be admitted to the list; with
authority to substitute on the list permanent engraved certificates, on official notice of issuance in exchange for outstanding temporary certificates, in accordance with the
terms of this application.
WM. W. HEATON, Chairman.
Adopted by the Governing Committee, August 6, 1919.
HARRISON S. MARTIN, Assistant Secretary.
Utah Power & Light Co.—Listing—Earnings.—
The N. Y.Stock Exchange on Aug. 13 authorized the listing of $1,066,000
30-Year First Mortgage 5s, due Feb. 1 1934, with authority to add $10.000,000 on official notice of issuance, making the total authorized to be listed
$33,566,000.
For the 12 months ended May 31 last the gross earnings were $5,588,142;
operating expenses and taxes, $2,674,191; net earnings, $2,913,951; other
income, $131,602; total income, $3,045,553; interest and deductions,
$1,727,910; reserved for depreciation, $240,000; total dividends, $871,285;
balance, surplus, $206,357; surplus as of May 31 1918, $751,716; surplus
as of 1919, $958,073.—V. 107, p. 2189.
Wabasso Cotton Co.—Dividend Increased—Earnings.—
A quarterly dividend of 2% has been declared on the $1,750,000 capital
stock, payable Oct. 2 to holders of record Sept. 13, which increases the
annual rate from 6 to 8%.
Results for Years Ending June 30.
1919.
1918.
1917.
1916.
Gross profits
$477,551
$515,868
$181,350
$147,695
Bond interest
54,010
55,260
54,610
55,810
Depreciation
100,000
65,402
52,350
50,000
Written off
10,418
10,418
Dividends
(5N,%)100,625 (23)43,750
Balance, surplus
—V. 107, p. 2104.
$222,916
$341,688
$22,635
$41,885
Waco Mining Company.—Status.-See Barnsdall Corporation under "Financial Reports" above.
Western Union Telegraph Co.—Rates.--Official statement dated Aug. 1 says in brief:
On April 1 1919, the Government increased telegraph rates by 20%,
with an announcement saying: "This increase of 20% should be considered
in comparison with the 100% increase in other prices. The purpose is
to make the lowest rate that will maintain the service required by the
public.'
The Western Union supplies about 85% of the telegraph service of the
United States; its wires reach 25,500 offices located in 22,525 separate
communities. The profitable telegraph business is between large communities; over 90% of its grass earnings comes from about 2,500 communities.
Of some 20,000 communities, the telegraph offices in which are not in
themselves self-sustaining, practically none is reached by other telegraph
wires than those of the Western Union. Receipts from these offices at
railroad stations average about $20 a month each, and aggregate less than
10% of the company's telegraph revenues.
Yet these small offices are an essential part of a national telegraph system
and the policy of the company is to provide a national service.
Testifying in Washington, June 5, Hon. John C. Koons, First Asst.
Postmaster General, said in substance:
"There is no question but that one company can by tapping only the larger
places and avoiding unprofitable business do a business 20 or 25% cheaper
than the other. It would be the same as if one man started a post office
system and handled only first class mail and only reached the big offices.
He could handle first class mail at 50% less than his competitor and make
millions, but there would be no service to the smaller communities or no
second, third or fourth classes of mail handled."
Labor represents 66% of the total cost of providing telegraph service.
Western Union employees work eight hours in modern offices, and have sickness benefits, pensions, life insurance, vacations with pay &c. Nevertheless, the telegraph employee has been and still is a modestly paid individual.
The company has issued no new securities since 1900. Its dividend rate
since 1908 to date has averaged 4.4%;for 1917 and subsequentlyunder the
Government guarantee, the company has paid dividends at the rate of 7%.
Public interest demands that rates shall be charged which will encourage
rather than hamper efficiency and excellence of service.—V. 109, p.484,379.
(Rudolph) Wurlitzer Co.—Further Data.—In connection with the offering of $2,400,000 6% serial gold
Debentures by Halsey Stuart & Co. and Geo. H. Burr & Co.
as noted in V. 109, p. 386 (see also advertising pages in
same issue) we givefurther informationfrom a letter of Pres.
H. E. Wurlitzer.
Company.—Is the largest distributor of a complete line of musical instruments in the United States. Business organized in 1856 and was incorporated under the laws of Ohio in 1890 with capital stock of $200,000, and
except for the subsequent sale of $1,639,500 Pref. stock, it has attained its
present financial position entirely by the reinvestment of earnings. Main
office is located at Cincinnati, Ohio, with retail stores in New York,Chicago,
Boston, Philadelphia, Buffalo, Pittsburgh, Albany, Syracuse, Rochester,
Milwaukee San Francisco, Kansas City, St. Louis,
Cleveland, Detroit, M
Louisville and Hamilton, Middletown, Dayton, Springfield, Piqua, Ironton and Columbus, 0. Also does a large mail order business.
Owns in fee simple the real estate at 329-31 Wabash Ave., Chicago, and
8 & Race Sts, Cincinnati, and also owns valuable leaseholds in New York,
Cincinnati, Chicago, Cleveland and Buffalo.
Security.—These debentures will constitute its sole funded debt, except
a real estate mortgage on Cincinnati property now amounting to $202,000.
The company covenants that so long as any of these debentures are outstanding: (1) not to place any mortgage on its properties; (2) to maintain
at all times its current assets at an aggregate amount equal to at least
1 times all current liabilities;(3) in the event of the sale of any real estate,
it will acquire real estate of equal value or use the funds from the proceeds
of such sale for the retirement of debentures of this issue.
Assets.—The balance sheet as of April 30 1919 after the present financing
shows: Current assets, *$7,568,627; Less all liabilities except these notes,
$1,595,748; Net quick assets, $5,972,879; real estate & buildings, $1,015,550; deferred assets &c., $411,807; total, $7,400,236; less debentures
$2,400,000; excess assets over liabilities, $5,000,236.
* Of this item $2,534,375 represents cash which will be used for extensions &c.—V. 109 p. 386.
Yale & Towne Mfg. Co.—New York Income Tax Law
Invalid as to Non-Residents.—
See under "Current Events" in last week's "Chronicle," page 540.—
V. 108, p. 1827.
[VOL 109.
THE CHRONICLE
688
ple t&ouxuternat
*1111Kbo
COMMERCIAL EPITOME
Friday Night, August 15 1919.
Despite all obstacles a good deal of lousiness is in progress.
It is much larger than ordinarily at this time of the year.
It is greatly benefited by the ending of the big railroad
shopmen's strike, over practically the whole country. But
there is no denying the fact that labor unsettlement continues. In fact there are, many new strikes involving
thousands of workers. A curious development is that striking painters and decorator3 in New York City have won their
fight for $1 an hour, pay for a 40 hour week, of five days, or
in other words $40 a week. Some shoe workers in Mass.,
strange as it may.sound,are receiving $120 a week for a week
of 44 hours. This does not read like sober fact but more
like a day dream—for the workers. And a matter of large
moment which profoundly moves the vast population of
this Continent is the resolute campaign of the U. S. Government against the high cost of food. The authorities have
already begun to seize food supplies, notably butter, eggs,
sugar and coffee throughout the country. This is only a
beginning. Doubtless other articles of food will be seized.
The Federal authorities are seeking legislation at Washington
which will make violations of already existing food laws
specifically punitive in the matter of imprisonment and fines
and they also want the article of clothing added to the provisions of these laws. The Mayor of New York City has
ordered a search of warehouses for stored foodstuffs. No
great retail lowering of prices is as yet noticeable. It is the
opinion of very many that imprisonment alone will put a
stop to abuses where they really exist. Fines are insuffcient.
Prices have been fixed by the City authorities for the first
sale of army food supplies. Additional supplies may soon
be ordered. There is no doubt whatever that the Federal,
State and Municipal authorities of this country will push
this campaign for the relief from what are popularly regarded
as exorbitant and unjustifiable prices with vigor. Meats,
dairy products, poultry and vegetables are still very high.
On the other hand lard, pork, salted and smoked meats,
cotton and coffee as well as corn are all lower. Hogs at the
Chicago stock yards have in two days dropped fully $2 per
100 lbs. The Cuban sugar crop promises to be the largest
on record. Sugar retailers are being prosecuted for overcharging. Whereas some Government officials say a fair
retail price for sugar is 11 to 12 cents, retail dealers
in different parts of the country it is said have been charging 15 to 16 cents per lb. As regards this whole question
of food, clothing, &c., it is believed by many in the mercantile community that it is bound te become a big issue in
politics this fall at least and possibly next year if there is no
very marked betterment in conditions.
Trading in cotton goods has fallen off and prices have
declined. There is less demand for raw wool and silk; also
for hides and leather. But on the other hand the fact that
the stock market has latterly seemed calmer has had a more
or less encouraging effect. So has the ending of the shopmen's strike. Collectoins are good. The amount of building in July exceeded all previous records. Lumber is active at
primary points. Although business failures have increased
slightly the number is still far smaller than at this time for
many years past. It is a regrettable fact on the other
hand that the export trade in not a few commodities has
suffered distinctly by the steady decline in rates for foreign
exchange. It is said too that the German Republic has
forbidden the exportation of gold from Germany for 12
months to come. This is tantamount to requiring credits
of a year, and may militate seriously it is feared against
exports of our cotton and some other commodities to Germany.
The Government is seizing supplies of food supposed to
have been hoarded for profiteering purposes. And it is
understood that this policy will be continued and pushed
with vigor. At St. Louis nearly 185,000 pounds of coffee
have been seized and at Chicago 1,282 tubs of butter, worth
850,000; also there have been seizures of sugar, butter and
eggs in different parts of the country. The Grand Jury
will act on hoarding in Boston. Attorney-General Palmer
wants a law to punish profiteering and hoarding of clothing
as well as food by imprisonment for two years or a fine of
$2,000, adding that with such legislation in amendment of
the present Food Control Act the 'backbone of profiteering in
this country would be broken in sixty days. He is probably right.
The National Industrial Conference Board figures that
there has been an increase in the cost of living from July
1914 to July 1919, of 70.8%. The principal increases in
the family budget are said to be: food, 85%; shelter, 28%;
clothing 100%; fuel, heat and light 57%; sundries 63%.
In defiance of the agitation against dear Nod, beef, lamb
and veal advanced here on the 12th inst. 1 to 2c. a lb., while
four official agencies were perfecting plans for operations.
Steers were quoted from 21 to 24c a lb. yesterday; lambs
'heavy pork 32©
26-28c.; light weight pork, 36@)37c. and
34c. Governor Smith has appointed a commission to inquire into food costs &c. President Wilson asks Congress
to authorize the use of Secret Service of the U. S., one of
the finest in the world, to track down hoarders of food and
profiteers. Henry E.Hagan a retail shoe dealer and member
AUG. 16 1919.]
THE CHRONICLE
689
of the Boston City Council says there is no real shortage of demand; motor gasoline in steel bbls. 243/2c.; consumers
leather, but that dealers have piled up profits often as high 263/2c., gas machine 41 Mc. According to the U. S. Geologias 600% through "storing and hiding" their holdings. He cal Survey the consumption of oil is less than production
stated that he pays $10 50 at wholesale for shoes that a for the first time since the middle of 1917. Depleted stocks
few years ago cost him $4. He predicts $30 shoes in 1920 of oil, drawn upon to the extent of 25,000,000 bbls. during
unless the Government and the courts act decisively. the war, are being built up. In the first six months of this
Charges that shoe retailers are profiteers as made by the year there was a daily oil production of 998,387 bbls., an
Federal Trade Commission, are denied by the president of increase of 75,717 bbls. a day over the 1918 average. The
the National Shoe Retailers' Association. The bulk of next total number of oil well completions over the entire country
to $12 a pair instead of in the first six months of the year was 13,283, or 983 more
fall's shoes are to be sold at from
higher prices, he said. This looks like a change of front than during the same period in 1918. On July 1st, 5,600
however. Congressman Blanton, of Texas, in opposing wells were drilling and rigs were ready for 2,000 more.
the granting of wage demands of railroad employees, in- Pennsylvania dark $4 00 South Lima
$2 38 Illinois, above 30
Cabell
2 77 Indiana
2 28
degrees
stanced wages paid in Haverhill, Mass., where he said a Crichton
$242
1 75 Princeton
2 42 Kansas and Oklashoe manufacturer is paying men who cut shoe linings $120 Corning
2 85 Somerset, 32 deg..' 2 60
homa
2 25
Wooster
2 85 Ragland
1 25 Caddo, La., light.. 225
a week of 44 hours, and leather cutters from $70 to 0 a Thrall
2 25 Electra
2 25 Caddo, La., heavy 60
week of 44 hours with no work Saturdays. Texas now ranks Strawn
2 25 Moran
2 25 Canada
278
2 15 Plymouth
first in oil output, having passed California during the last De Soto
2 33 Healdton
1 20
2 38 Corsicana, heavy 1 05 Henrietta
2 25
three weeks. Texas is now producing about 320,000 bbls.' North Lima
RUBBER has been more active on plantation grades at
a day, or at the rate of about 117,000,000 bbls. a year. If
its production continues to increase at the present ratio firm prices, but latterly has been quieter; first latex pale
its daily output will have reached over 500,000 bbls. by the crepe 43 Mc.; brown crepe 36 Mc.; smoked ribbed sheets
end of the year. The present rate of exchange between 41%@42e. for September; plantation rubber 43e. for ribbed
Canada and the U. S. means it is said practically a tariff and 44c. for latex; Oct.-Dec. ribbed 442c.; Jan.-July 46c.;
amounting to 5%.
Oct.-Dec. latex 453/9c. Paras continue quiet and rather
LARD quiet and lower; prime western $30 65(430 75; depressed; par -up-river fine 543/2c.; coarse 32c.
refined to the Continent $34 50; South American $34 75;
OCEAN FREIGHTS have been generally unchanged'
Brazil, in kegs, $35 75. Futures advanced for a time and but business has suffered as a matter of course from the
then reacted sharply with grain and hogs. Hogs have risen decline in rates for foreign exchange. It is said that Gerat times, but packers have refused to follow the advance. many has banned gold exports for a year so that it looks
Cash trade has been disappointing. Hogs have latterly like requiring 12 months credit on American shipments of
been up to $23 50 or within 15 cents of the high record commodities in general. If that is so it is expected to cut
mark, only to drop $2. The Government has begun to down shipments of merchandise from this'country to Gerseize food supplies on charges of hoarding and profiteering. many. There is said to be a high record number of boats
England, moreover, has fixed food prices. To-day prices in the New York harbor. At the same time the shipping
declined and then rallied on covering. The ending is lower strike at Havre and other French ports is easing a little,
for the week.
and in some cases steamers have been released and are now
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. on their way to this country. But regular freighters
have
Tues.
Mon.
Sat.
Wed. Thurs.
Fri.
been held on the other side for some time past. Passenger
September delivery_cts_31.55
31.65 31.52 31.12
29.90 30.05
steamers
October delivery
have often had to be utilized here in shipments
31.50 31.35 30.92 29.62 29.75
31.40
PORK quiet but steady; mess,$55@$56;family,$56@$58; to Liverpool, Havre and Bordeaux. Rates to South America
and
Scandinavia are reported to be tending downward.
short clear, $56(461. September pork closed at $44 75,
a decline for the week of 81 25. Beef easier; mess,$30@$31; New rates have been fixed from Pacific Coast ports to Eu:
rope.
According to Lloyd's register on June 30 1919 there
packet, $31 @$32; extra India mess, $55@$56; No. 1 canned
roast beef, $3 50; No. 2, $7 25. Cut meats higher; pickled were 2,536 merchant vessels, aggregating 8,017,767 gross
tons,
under construction in the world's shipyards. New
hams, 10 to 20 lbs., 35%@35740.. pickled bellies, 33 @,34c.
Butter, creamery extras, 54 M(45c.; other grades, 48@ freight rates have become effective from Pacific coast ports
to
ports of Japan, China and the; Philippines. Cotton
573/2c. Cheese, flats, 20@30 . Eggs, fresh gathered
compresses is quoted at $1.35 per WO lbs.; uncompressed
extras, 54(45c.; firsts to extra firsts, 46@Mc.
bales,
$1.50 per 100 lbs.
COFFEE on the spot has been quiet and slightly lower;
No. 7 Rio 21M()21%; No. 4 Santos 293/2c.; fair to good
TOBACCO has recently been in better demand. Local
Cucuta 28%©28Mc. Futures fluctuated within narrow supplies have been drawn upon to replenish manufacturers'
limits for a time, then they broke. Santos prices at one time, stocks. The demand is for all grades of cigar leaf. Arrivals
however, advanced. And here European and Brazilian of Porto Rico have been large but the noteworthy fact is
interests are believed to have bought at times. At times that they have been quickly snapped up. Trade in Sumatra
Brazilian prices have declined. The local spot demand has tobacco has been very fair and in Havana leaf moderate.
been reported somewhat better. New York stock of Brazil The tobacco crop improved in the upper Ohio Valley and in
coffee is 352,458 bags, against 1,128,353 bags a year ago. the northwestern Lake region, due to beneficial rains, and
Prices fell with favorable reports about the early flowering is in fair to good condition elsewhere except that it shows
in Brazil, lower Santos prices, Government action against. injury from previous lack of rainfall in Kentucky. It is
alleged hoarders, &c. At St. Louis 284,180 lbs. were seized poor to fair in portions of the Atlantic coast districts." Cutby Feddral officials on the 14th inst. To-day prices de- ting and cueing continue general and this work is well adclined and then rallied on covering, ending lower for the vanced in all sections. A high record crop is promised for
week, however. Closing prices were as follows:
Canada according to a Toronto dispatch. Farmers there
Sept _ _ cts _20.43§20.451Jan _ _ _cts _19.87 ®19.90 May_ _ cts _19.75 ®19.80 expect to get 40 to 45c. per lb. against 30e. last year.
October _ _20.27 20.30 March _---19.85 ©19.87 July
19.65 ® 19.70
_19.93 19.95
December,
COPPER has been irregular with small lots of electrolytic
SUGAR remains at 7.280. for centrifugal, 96-degrees test, said to have sold at as low as 22@2332c. Leading holders
Porto Rico and Cuban; granulated, 9c. The imports of raw to all appearance have not budged. Spot, 23 to 23 Me.;
sugar are still much below the actual needs of this country. August, 23 Mc. to 233
/0., and September 24c. But some
And they may not greatly increase in the immediate future. smaller interests have resold it appears at 21@22c. Lead
Meltings at the refineries are relatively small, owing to light quiet but firm at 5.65@6c. for New York and 5.45(4.75c.
supplies. Some, in fact, have had to shut down awaiting for St. Louis. Spelter quiet but higher at 7.85c. spot
arrivals of raw sugar. They will increase before very long. New York. Tin unchanged at 70c.
The present Cuban crop is estimated at as high as 4,500,000
PIG IRON is in steady demand and firm. In fact, some
tons, something unprecedented. Receipts at Cuban ports Southern pig iron producers have raised prices $1. That
for the week fell off about 18,000 tons; exports 21,000, and means $27.75 at Birmingham. Small sales are said to have
stocks about 22,000 tons. Now crop Cuban sugar recently been made at that price. But uncertainty about labor is,
sold at 6.50c. f. o. b. Cuba. January shipment about 151,- of course, more or less of a damper. Iron makers naturally
000 tons. It is said to have been taken by European buyers. hesitate to quote prices for 1920 delivery, especially as
from Europe and the Far East freights are higher. Coke is firmer, the demand rising
There is an increasing
for Cuban sugar. Will Govenrment control continue for nearer to production. Sales have been made at $4 15 to
another year? Cuba, they say, would ask 7c. f. o. b. in $4 25 on the spot. Labor is scarce and the lack of cars is
that case. It is said that 100,000 more tons of sugar will be a drawback. Lorraine basic pig iron has sold, it is stated,
needed each month from Cuba to fill American requirements, at about $35 50 at Scottish ports. A better export inquiry
due to prohibition. A bumper sugar crop in Cuba is pre- is reported here for Holland, Scandinavia, Italy, the United
dicted with even better prospects for next season. American Kingdom, Belgium and Japan. Freights to Great Britain
Sugar Refining Co. officials expect the sugar situation in are reported down to $10 from the Gulf ports. Sales are
New England to be normal in a week with arrival of cargos reported of 5,000 tons of foundry iron to British consumers.
of raws from Cuba.
STEEL is hampered by strikes and many Chicago mills
OILS.-Linseed quiet and unchanged; ear lots, $2.22; have had to shut clown. But business at Pittsburgh is brisk.
five-bbl. lots, $2.25; single bbl. lots, $2.28. Lard, prime One big company is operating 97% of its ingot capacity
and
edible lower at $1.95. Cocoanut oil, Ceylon bbls., 19
80 to 85% of its finishing capacity. Higher prices are
1932c. Olive, unchanged at $2.50. Corn oil refined 100 noted in some cases for galvanized sheets, nuts, bolts, rivets,
lbs., 28.76c. Cod, domestic, $1.08@$1.10; Newfoundland, spikes and cut nails. But for 1919 delivery leading mills
$1.10@$1.15. Spirits of turpentine $1.65. Common to are not quoting higher prices for major products. Plates.
good strained rosin, $17.80.
have sold recently at $2 50 and lighter gauges at $2 65.
PETROLEUM in good demand and steady; refined in There is somewhat larger consumption of wire rods. Sheet
bbls. $19 25(420 25; bulk New York $11 50@$12 50; bars • are in good demand in the Middle West. It exceeds
cases New York $22 25@$23.25. EGasoline also in good the supply.
THE CHRONICLE
690
[Vol,. 109.
Speculation in cotton for future delivery has fallen off to
quite moderate, not to say small, proportions. Everybody is
THE MOVEMENT OF THE CROP,as indicated by our on the qui vive for new developments. Prices at times have
telegrams from the South to-night, is given below. For the declined- sharply. Fluctuations, however, have been erratic.
week ending this evening the total receipts have reached In the background, however, or as some might term it,
72,104 bales, against 66,856 bales last week and 87,579 in the
foreground, is the agitation against the high cost of
bales the previous week, making the total receipts since
food, clothing and other necessities of life. It is being conAug. 1 1919 144,774 bales, against 81,347 bales for the
same period of 1918, showing an increase since Aug. 1 1919 ducted in grim earnest. There is no likelihood whatever of
any backward step. Attorney-General Palmer has asked
of 63,427 bales.
Congress to pass a law defining the necessaries of life, parTotal.
Mon. Tues. Wed. Thurs. Fri.
Sat.
ticularly as to food and clothing, and to fix penalties of imGalveston
2,396 5,614 1,64'7 4,144 3,942 2,824 20.567 prisonment and fines for hoarding and profiteering. MoreTexas City645 645
35
35 over, cotton goods have been less active and prices have
Port Arthur, &c_
2,193 1,197 2,557 2,310 1,926 2.598 12,781 declined. As regards the output at the mills of course,
New Orleans..
989
454
139
138
251
5
2
Mobile
it suffers by the shorter hours now in operation. Besides,
Pensacola
100 the hands do not work regularly. They are getting higher
100
_
Jacksonville
4-,(5A8 27.5§8 2F:515 iJie 2-J65 2,340 15,613
Savannah
Labor is
10,000 10,000 .wages and they take frequent holidays.
Brunswick
1,448 less efficient, according to many reports. And now it
21
54
4
807
Charleston
__ 2,387
------203
953
524
707
Wilmington
55 1,871 is announced that the German Government will not allow
(
1
Norfolk
27 exports of gold for a period of one year. In other words,
------27
__
---__
--------_Newp't News, &c
057
-----_4,057
New York
,
a report recently current that German merchants wanted to
-__
----------241
Boston
638 buy on 12 months' time, judging from this, is practically
---------638
----------Baltimore
705 confirmed. This is certainly disappointing to the cotton
301
199
205
Philadelphia
Totals this week_ 9.496 16.137 8.296 8.812 9.290 20.073 72.104 trade. It had been looking for big exports of the low grades
which have piled up at the South to Germany. In peace
• The following shows the week's total receipts, total since times Germany has always taken large quantities. The
Aug. 1 1918 and stocks to-night, compared with last year:
carryover from last season was very large, and if the foreign
market is to be restricted in this way many will be inclined
•
Stock.
1918.
1919.
to look for lower prices on the basis of supply and demand.
Receipts to
This Since Aug This Since Aug
August 15.
Even the worst crop reports have not shown any marked
1918.
1919.
Week.
1 1918.
Week. 11919.
deterioration from the last Government report of 67.1.
25,317 136,127 136,092 The deterioration during August in • some recent years has
43,595 18,449
Galveston
20,567
17,010
8.980
645
645
Texas City
ranged from 11.1 to 17.9. Not a few reports latterly received
263
137
35
Port Arthur, &c....
35
17,756 322.240 242,363 would suggest that the August deterioration may not
23,889 8,831
12,781
New Orleans
11,590
11,330
2,461
1,950 1,411
989
Mobile
be so great as it has some times been in the past, even if it is
4,038
Pensacola
10,469 not unusually small. Some private reports from southern
20.537
52
2
2,100
100
Jacksonville
27,317 241.940 159,900 Texas have been very favorable. The last weekly Gov40,812 6,396
15,613
Savannah
3,206
38,852
800
300
13.000
10,000
Brunswick
31,296 ernment report said there has been fair to good growth in
33.049
1,515
648
4.353
1,448
Charleston
32,864 all sections of Texas. Fruiting is fair to very good in the
58.321
29
1
3.527
2.387
Wilmington
61,709
80.376
1,208
705
4,342
1.871
Norfolk
western half of that State. Fairly good progress has been
128
128
27
55
N'port News, &c_
88,488 made in Oklahoma. In parts of Arkansas the outlook is
84,366
579
350
4,057
4.057
New York
17,658
6.555
3,688
550 1,669
241
Boston
13,450 satisfactory. It is fairly good in delta counties of Mis5,388
234
47
744
638
Baltimore
6,621 sissippi. The progress is satisfactory in northern Alabama
7,541
1,120
705
,
Phildelphia
81.347 1.059.640 832,716 and also in South Carolina. In general the belt has made
Totals
72.104 144.774 39.074
fairly good progress, allowing for the prejudicial effects of
In order that comparison may be made with other years, heavy rains in the eastern section of the cotton country.
we give below the totals at leading ports for six seasons:
The South has been a steady seller, finding export business
light. Now and then there has been a spurt in exports
1914.
1915.
1916.
1917.
1918.
1919.
Receipts atbut more often they have been disappointing. Foreign
2,785 exchange has been lower and shipping troubles at Liverppool
7,417
17,330
15,779
18,449
Galveston____
20,567
628
246
163
217 '
137
680
TexasCity,&c.
9,702
604 and Havre have tended to restrict foreign business. Bull
8.376
5,474
New Orleans..
12,781
8,831
641
40 speculation has received a chill. People no longer talk
6,344
1,425
1,411
989
Mobile
454 of 35 to 40 cents. Some talk for lower prices. The coun5,369
8,831
13,068
6,396
15,613
Savannah
50
1,500
8,500
300
Brunswick
10,000
75 try in general is in no mood to tolerate undue bull specula160
2,411
685
648
1,448
Charleston,&c
1,472
1,308
21
1
Wilmington__
2,387
in anything least of all in the necessaries of life. Wall
4 tion
10,449
3,530
7,208
705
1,871
Norfolk
St. and the West have sold. Sentiment here is inclined to
131
102
128
27
N'port N.,&c.
169 be quite bearish, for ultimate results apart from sudden
328
16,38
8,329
2,068
5,741
All others..
58,481
4,795 upturns at the expense of the short interest.
28,735
60,808
39,074
Total this wk_
72,104
On the other hand the very unanimity of bearish sentiment
18,883
66,656
81,347 120,978 146,802
Mace Aug. 1... 144.774
implies that the short side will from time to time become
The exports for the week ending this evening reach a total overcrowded. It did early in the week and prices sudof 71,140 bales, of which 22,145 were to Great Britain, denly shot upward. Western and Wall Street covering
Ex- on the 12th inst. lifted prices 80 to 90 points. Liverpool
2,871 to France and 46,124 to other destinations.
markets have at times shown noteworthy strength. Spot
ports for the week and since Aug. 1 1919 are as follows:
business there increased somewhat. And Texas has had
From Aug. 1 1919 to Aug. 15 1919.
temperatures as high as 106 and Oklahoma 109. That
Week ending Aug.151919.
Exported toExported tonaturally tends to produce shedding. In parts of Arkansas
Exports
the outlook is poor and it is not satisfactory in some sections
Great
Great
fromTotal.
Britain. France. Other. Total. Britain. France. Other.
of Mississippi. It is very poor in Southern Alabama. The
27,762 105,855 progress in Georgia has latterly been poor. That State has
___ 2.955 14,077 78,093
Galveston__ 11,122
1,853 2,296 24,974 29,123 28,445 11,219 31,194 70,858 had very heavy rains. Savannah in the report of the 11th
New Orlea
15,325
15,32.
3,808
3,808
Mobile
32,330 32,330 inst. noted a rainfall of 6.07 inches. At one time too there was
16,703 16,703
Savannah _
9,231 a fear of a storm from the Caribbean Sea striking the
9,231
Brunswick .. 4,012 ____ • --__ 4.,012
10,516 10,516
Wilmington
It was of not sufficient intensity to do that
1,257 gulf states.
1,257
1,257
_ 1,257
Norfolk
3,791 but for a day or two the fear of it had an effect. North
2,319
1,279
193
854
186
575
93
New York....
1,456
1,456
1,306
1,306
..___
____
Ban Fran___
2,602
2,602 Carolina showed the effects of heavy rains. The plant
Seattle
there runs too much to stalk at the expense of fruit. Progress
108,179
12,498
253,221
132,544
71.14'
Total__ 22,145 2,871 46,124
is poor in Florida. Oklahoma in its eastern section needs
Total 1918* 14,942 21,944 32,228 69,114 38,843 40,629 76,905 156,377 rain. Damage by boll worms in Texas has been empha____ 25.700 80.304 101,277 15,266 14,521 157,794 sized. The last weekly government report also said that
Total 1917_ 54.604
••Figures adjusted to make comparison with this season approximately correct.
weevil damage continued and is serious in some sections
In addition to above exports, our telegrams to-night also particularly in portions of Texas, much of Louisiana and
give us the following amounts of cotton on shipboard, not southern Mississippi, Alabama and also in Georgia. Besides
cleared, at the ports named. We add similar figures for there is considerable complaint of shedding in various parts
New York.
of the belt. Bulls insist that the outlook points to the fifth
semi-failure of the crop in succession. As time goes on
On Shipboard. Not Cleared for-too, theeputlook for the export trade may improve. Now
Leaving
Other CoastGerGreat
that the war is over there will naturally be a steady tendency
Stock.
Aug. 15 at- Britain. France. many. Cant't. wise. Total.
towards a return to normal conditions. The mills are going
86,258 in for the finer counts whereas during the war the coaser
27,811 1,500 49,869
20,558
Galveston
664 43,042 279,198
New Orleans__ 4,941 1,229 7,275 28.933
7,000 2,000 9.000 232,940 counts were most wanted. To-day prices advanced with
Savannah
32,649 a demand from shorts in an oversold market. Also for a
400
400
Charleston
7,485
3,845
1,354
2,491
Mobile
some more heavy rains.
79,776 time stocks advanced. Georgia had
600
600
Norfolk
79,366 Also trade interests were good buyers as they were yesterday.
5,000
2,000
3,000
New York* _
130,212
20,000
12,000
,Other ports* __ 8,000
The spot basis at the South was reported firmer. Quitman,
Total 1919.... 38,990 2,583 7,275 77,744 5,164 131,756 927,884 Ga., had 4.12 inches of rain. Prices end lower for the week
22,500 5,200 65,503 767,213 however. Middling uplands on the spot closed at 31.50c.,
r.I Total 1918.._ 27,803 10,000
8,108 7,570 70.605 413,748
Total 1917-- 40,527 14,400
showing a fall for the week of 65 points,
* Estimated.
COTTON
Friday Night, Ai!gust 15 1919.
AUG. 16 1919.]
THE CHRONICLE
691
The official quotation for middling upland cotton in the
FUTURES.-The highest, lowest and closing
New York market each day for the past week.has been:
New York for the past week have been as follows:prices at
Aug. 9 to
Aug. 15Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
32.65 31.90 32.45 31.85 31.00 31.50
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Aug. 9. Aug. 11. Aug. 12. Aug. 13. Aug. 14. Aug. 15.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 15 for each of the past 32 years have been as follows:
1919_c
1918
1917
1916
1915
1914
1913
1912
1911_c
1910
1909
1908
1907
1906
11.90 1905
12.00 1904
31.50
33.35
26.70
14.30
9.30
12.60
15.55
12.70
10.50
13.25
10.30
11.15
10.50
1903.c
1902
1901
1900
1899
1898
1897
1896
1F.:(
,
78
bul_c
8.00
10.12
6.31
6.00
8.00
8.19
1893
1892
1891
1890
1889
1888
7.56
7.00
7.50
7.12
8.00
12.06
11.31
11.38
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Saturday _ _ _
Monday_ _ _ _
Tuesday_ _
Wednesday _
Thursday_
Friday
Futures
Market
Closed.
SALES.
Spot. 'Contract Total.
Steady, 50 pts. adv. Steady
Quiet, 75 pts. dec___ Steady
Quiet, 55 pts. adv__ Very steady_ _ _
Quiet, 60 pts. dec._ Steady
Quiet, 85 pts. dec.. Barely steady_ _
Quiet, 50 pts. adv._ Very steady
Total
-866,
500
500
500
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
November-
Week.
31.20
31.55
31.20-.55
31.57 -30.75 -31.08 -30.80 -29.85 -30.33 --31.82 -31.09 -31.63 -31.02 -30.20 -30.68
--- -31.80-.40 31.20-120 31.35-.14 31.20-125 30.40-140 30.25-.00 30.25/.40
31.12-.15 31.39-.45 31.93-.96 31.32-.33 30.50-.55 30.98-.99--
Range
Closing
December-
Range
32.20 -31.49 -31.98 -31.37 -30.57 -31.02
---32.00-.63 31.43-.38 31.48-.35 31.35-140 30.60-.58 30.40-.18 30.40/.63
Closing.... 32.28-.30 31.62-.65 32.05-.07 31.45-.47
January-
Range
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing ____
MayRange
Closing
JuneRange
Closing
JulyRange
30.65-.72 31.10-.12---
31.88-.50 31.37-.30 31.42-.22 31.29-131 30.55-45 30.30-.02 30.30/.50
32.16-.19 31.55-.57 31.97-.99 31.35-.37 30.58-.62 30.98-.02-32.16 -31.54
-31.98 -31.35 -30.57 -31.02 ---
31.88-.50 31.38-.35 31.40-.30 31.27-130 30.55-.50 30.38-.18 30.381.50
32.16-.18 31.53-.55 32.00-.01 31.35-.37 30.55-.60 31.06-.10-31.48
31.48 32.17 -31.55 -32.05 -31.40 -30.57 -31.08 ---32.02-.42 31 42-.37 31.55-.25 31.45-.30 30.68-.55 30.50-.23 30.50/.42
32.19-.22 31.58-.60 32.10-.12 31.43-.48 30.68 -31.12-.16--32.14 -31.52 -32.05 -31.40 -30.60 -31.07 ---
31.07 --. --31.07 THE VISIBLE SUPPLY OF COTTON to-night, as made
ClOaltlft
32.09-.12 31 47- 50 31 95- 00 31 30 -30 55- fiR 31 00-.02-- up by cable and telegraph, is as follows. Foreign stocks, as
/32.c 131e.
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
AT THE INTERIOR TOWNS the movement-that is,
But to make the total the complete figures for to-night the receipts for the week and since Aug. 1, the shipment
(Friday), we add the item of exports from the•United States, the week and the stocks to-night, and the same items s for
for the
including in it the exports of Friday only.
corresponding period of the previous year-is set out in
August 151919.
detail
1918.
below:
1917.
1916.
Stock at Liverpool
bales_
Stock at London
Stock at Manchester
Total Groat Britain
Stock at Hamburg •
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
742,000
13,000
99,000
216,000
22,000
44,000
231,000
26,000
22,000
647,000
34,000
32,000
754,000
282,000
279,000
713,000
*1,000
*1,000
208,000
14,000
77,000
137,000
*1,000
155,000
4,000
58,000
48,000
113,000
16,000
4,000
-
190,000
3,000
78,000
10,000
Total Continental stocks
265,000 133,000 281,000 439,000
Total European stocks
1,119,000 415,000 560,000 1,121,000
India cotton afloat for Europe
27,000
18,000
25,000
35,000
Amer. cotton afloat for Europe
448,018 115,000 202,000 333,722
Egypt,Brazil,&c.,afloat for Euee 43,000
54,000
30,000
8,000
Stock in Alexandria, Egypt
182,000 214,000
47,000
17,000
Stock in Bombay. India
1.031.000 *570,000 *960,000 641,000
Stock in U. S. ports
1,059,640 832,716 484,353 417,633
Stock in U. S. interior towns
694,551 655,211 256,517 281,900
U. S. exports to-day
21,972
25,424
9,792
20,448
Total visible supply
4,626,181 2,899,351 2,584,662 2,896,703
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales_ 532,000
87,000 142,000 522.000
Manchester stock
54,000
13,000
16,000
27,000
Continental stock
233,000 *118,000 *249,000 *334,000
American afloat for Europe
448,018 115,000 202,000 333,722
U. S. port stocks
1,059,640 832,716 484,353
417,933
U. S. interior stocks
694,551 655,211 256,517 281,900
U. S. exports to-day
21,972
25,424
9,792
20,448
Total American
3,043,181 1,846,351 1,359,662 1,936,703
East Indian, Brazil, &c.
Liverpool stock
210,000 129,000
89,000 125,000
London stock
13,000
22,000
26,000
34,000
Manchester stock
45,000
31,000
6,000
5,000
Continental stock
32,000 *15,000 *32,000 *105,000
India afloat for Europe
27,000
18,000
35,000
25,000
Egypt Brazil, &c., afloat
43,000
54,000
30,000
8,000
Stock in Alexandria, Egypt
182,000 214,000
47,000
17,000
Stock in Bombay, India
1,031,000 *570,000 *960,000 641,000
Total East India, &c
1,583,000 1,053,000 1,225,000. 960,000
Total American
3,043,181 1,846,351 1,359,662 1,936,703
Total visible supply
4,626,181 2,899,351 2,584,662 2,896,703
Middling upland, Liverpool
18.40d. 23.09d.
19.80d.
8.86d.
Middling upland, New -York_
31.50c.
34.50c.
26.15c.
14.40c.
Egypt, good sakel, Liverpool.... 33.00d. 33.92d. 37.00d.
18.75d.
Peruvian, rough good, Liverpool_ 29.50d. 39.00d.
26.80d.
13.75d.
Broach, fine, Liverpool
17.85d. 21.71d.
19.20d.
8.55d.
Tinnevelly, good, Liverpool
18.10d. 21.96d.
19.38d.
8.57d.
*Estimated.
Continental imports for past week have been 89,000 bales.
The above figures for 1919 show a decrease from last week
of 100,252 bales, a gain of 1,726,830 bales over 1918, an excess of 2,041,519 bales over 1917 and a gain of 1,729,478
bales over 1916.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. weaway. Thursd'y. Friday.
Galveston
32.00
31.50
32.25
31.75
31.00
31.00
Now Orleans
31.38
31.38
31.75
31.25
30.88
30.88
Mobile
31.50 • 31.00
31.00
31.00
31.00
31.00
Savannah
31.25
31334 31.00
31.25
31.25
31.25
•Charleston
33.50
31.50
31.00
31 50
31.50
31.50
Wilmington..... 30.00
30.00
30.25
Norfolk
31.00
30.25
30.50 .
30.25
30.25
Baltimore
31.50
32.00
31.50
32.00
31.50
31.00
Philadelphia
32.90
32.15
32.10
32.70
31.25
31.75
Augusta
31.50
31.00
31.00
30.62
30.37
30.12 '
Memphis
34.60
34.50
34.60
34.50
34.00
33.00
Dallas
30.65
30.60
31.20
29.75
30.25
Houston
32.25
31.50
31.40
32.00
30.75 . 31.25
Little Rock_ .... _ 32.00
32.00
32.00
32.00
31 50
Week endin
August 15.
Movement to Aug. 15 1919.
Towns.
Week.
Ala., Eufaula__
Montgomery _
Selma
Ark., Helena__
Little Rock_ __
Pine Bluff ____
Ga., Albany-Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale____
Greenwood__
Meridian
Natchez
Vicksburg __ _
Yazoo City_
Mo., St. LouisN.C.,Gr'nsboro
Raleigh
Movement to Aug. 16 017$
I
Receipts.
I
Ship- Stocks
menu. Aug.
Season. Week.
15.
120/
43
56
32
315
100
27
891
2,417
2,109
1,551
302
200
_
5i
11 i
21'
13
44:
...._
Receipts.
Ship- Stocks
' ments. Aug.
Week. Season. I Week.
16.
141
90. 1,613
3
9
50 1,014
444
159 15,819
119
112
252 4,243
182
82 8,350
7
27
461
51
15 1,375
50
163
75
950
999 2,060 14,598 1,242
5,243
19,521
300
600 13,500
3
5 1,867 16,442
27_ 2,727
1,678
1,041 2,422 17,995
• 339
900, 11,919
6,09
5,145 21,051 2,0001
3,000 2,500 19,000
7,55. 8,813116,154
640
1611
42,567
1,000 14,11'
I
3,000
6,47
2,854 30,522
1,541
8361
616 8,368
602 2,783 7,019
501
125
75 3,550
491
914 36,001
1431
272
187 11,550
.
2
__ _ 1,511
291
51
5, 10,000
50
501
17,050
251
3
8,811
itX
230
600 19,000
261
631 7,581
301
30
293 4,737
105
49 3,656
5 1,151 1,228
448
411 2,496
1
13
211 1,736
1,138
7,555
7,01. 3,864 8,046 2,152
6,185 2,003 12,684
101
400 5.279
300
525
800 8,500
100
25
52
22
22
50
42
1,600 1,21. 24,001 1,707
3,289 2,553 13,589
2,792
100
17
0. Cincinnati_
70i
Okla., Ardmore
___
Chlokasha____ _
Hugo
..
Oklahoma_
S.C.,Greenville
557
GreenwoodTenn.,Memphis 2,902
Nashville
_
Tex., Abilene..
.Brenham
1
Clarksville
Dallas
9,7iHoney Grove--Houston
10,593
Paris
San Antonio__
30
1,774
641
37
838
1,05
4,61 20,94.
331
6,132
6,245 17,784148,228 2,871
_
601
- --.1
1 2-, *1
100
1,48*
10,02 10,14
7,21
12
-- . -335
25,74t 22,305127,251 23,341
2,829
31
4.
391
Total 41 troona SR 440
77 A19 RS
____
gm t104
AA1 25 975
1,396
83
6,754
1,363
260
38,824
1,062
42
5,134
800
5,240 11,090
627 3,118
15,497302,752
284
63
200 1,152
451
530, 3,774
400
100
15,3511 95,353
500
900
_ _ _1
16
______ ...,_
71 449 A'A 11771RM 911
The above totals show that the interior stocks have decreased during the week 52,353 bales and are to-night 39,340
bales more than at the same time last year. The receipts at
all towns have been 174 bales more than the same week
last year.
OVEhLAND 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
Aug. 15Shipped• Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland_*
-1919Since
Aug. 1.
10,280
15,318
43
1.393
800
1.225
12.823
Week.
3,864
6,693
43
745
500
928
7,685
-1918--Since
Aug. 1.
7,196
4,682
68
3,707
2,193
4,754
19,628
Week.
2,003
2,895
68
1,923
1,167
2,461
10,362
20,458
41,882
20,879
42,328
5,641
601
2,643
6.471
997
8,279
2,066
542
9.996
4,501
1,719
26,706
8.885
15.747
12604
32,926
11.573
26.135
8,275
9,402
* Including movement, by rail to Canada.
The foregoing shows the week's net overland movement
has been 11,573 bales, against 8,275 bales for the week last
THE CHRONICLE
[VOL. 109.
Orleans, La.-We have had rain on six days during
year, and that for the season to date the aggregate net over- theNew
the rainfall being one inch and twenty-six hunweek,
bales.
16,733
of
land exhibits an increase over a year ago
The thermometer has averaged 84.
-----19118
dredths.
Since
Since
In Sight and Spinners'
Shreveport, La.-Rain on two days of the week. The
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
81,347
has been ninety-one hundredths of an inch. Average
rainfall
39,074
144.774
72,104
Receipts at ports to Aug. 15
9,402 thermometer 84, highest 98, lowest 71.
8,275
26,135
11.573
Net overland to Aug. 15
191,000
130,000 83,000
Southern consumption to Aug. 15a 60,000
Columbus, Miss.-We have had rain on one day the past
281,749 week, the rainfall being eighty-four hundredths of an inch.
300.909 130,349
143.677
Total marketed
z41,405
*52,353 z107,436 *17,402
Interior stocks in excess
The thermometer has averaged 87, the highest being 103,
112,947
and the lowest 70.
Came into sight during week...... 91.324
240,344
193.473
Total in sight Aug. 15
Vicksburg, Miss.-It has rained on four days of the week,
56,298
21,752
rainfall reaching three inches and eighty-six hundredths.
the
69.354
40.531
15_
to
Aug.
takings
Nor. spinners'
The thermometer has averaged 82, ranging from 71 to 94.
a These figures are consumption; takings not available.
* Decrease during week.
Mobile, Ala.-There is quite general complaint of too much.
t Less than Aug. 1.
of defective bolls. Weevil conditions less favorshedding
Movement into sight in previous years:
last week. Picking is well under way in the lower
than
able
Bales.
Bales. 11 Since Aug. 1Week281,545
We have had rain on six days during the week,
17
counties.
-Aug.
1917
115,122
1917-Aug. 17
312,265 the rainfall being two inches and forty-seven hundredths.
127,570 1916-Aug. 18
1916-Aug. 18
249.391
96,750 1915-Aug. 20
1915-Aug. 20
The thermometer has ranged from 72 to 94, averaging 82.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
Montgomery, Ala.-Rain has fallen on four days during
advices to us this evening from the South denote that rain the week, to the extent of two inches and twenty-one hunlowest 69.
has fallen in most sections of the South during the week and dredths. Average thermometer 81, highest 92,
days the past week,
five
on
rain
had
have
-We
Ala.
the
Selma,
States
Atlantic
the
in
and
Gulf
the
along
points
at some
the
being three inches and twenty-five hundredths
precipitation has been somewhat heavy. Texas reports that The rainfall
ter has averaged 81, the highest being 96
thermome
the crop has progressed well except in eastern sections, where and the lowest 68.
insect damage has been heaviest.
Madison, Fla.-It has rained on five days of the week, the
Galveston, Tex.-The weather was clear and dry, with the rainfall reaching one inch and fifty-nine hundredths. The
exception of light rains opening of week. Cotton made thermometer has averaged 79, ranging from 66 to 92.
Tallahassee, Fla.-Rain has fallen on six days during the
satisfactory to good progress and is in good condition except
t
in the eastern section, where insect damage has been heaviest. week, the precipitation reaching two inches and sixty-eigh
In the northern and northwestern portion the outlook is good. hundredths. The thermometer has ranged from 67 to 99,
Heavy production in the southwestern section is not antici- averaging 83.
Augusta, Ga.-We have had rain on three days of the past
pated. Rain has fallen on one day during the week, to the
s.
extent of sixteen hundredths of an inch. Average thermom- week, the rainfall being one inch and twenty-six hundredth
Thermometer has averaged 80. ranging from 64 to 95.
eter 85, highest 92, lowest 78.
Savannah, Ga.-We have had rain on five days during the
Abilene, Tex.-The thermometer has averaged 86, the
week, the rainfall being eight inches and ninety-eight hunhighest being 100 and the lowest 72.
Brenham, Tex.-It has been dry all the week, the rainfall dredths. Thermometer has ranged from 65 to 94, averagreaching one inch and sixty-one hundredths. The thermom- ing 78.
Charleston, S. C.-We have had rain on four days the
eter has averaged 84, ranging from 71 to 96.
e
Brownsville, Tex.-We have had rain on one day during past week, the rainfall being three inches and thirty-fiv
the week, the rainfall being seventy-four hundredths of an hundredths. The thermometer has averaged 79, the highinch. The thermometer has ranged from 74 to 98, averag- est being 91 and the lowest 67.
Greenwood, N. C.-There has been rain on two days during
ing 86.
Cuero, Tex.-Rain has fallen on one day during the week, to the week, the rainfall being three inches and twenty-five
the extent of eighty hundredths of an inch. Average ther- hundredths. The thermometer has ranged from 60 to 91,
averaging 76.
mometer 84, highest 98, lowest 70.
Spartanburg, S. C.-The week's rainfall has been one inch
Dallas, Tex.-We have had rain on one day the past week,
The
inch.
an
of
hs
hundredt
r
and fourteen hundredths, on two days. Average thermothe rainfall being thirty-fou
thermometer has averaged 87, the highest being 99 and the meter 78, highest 96, lowest 60.
Charlotte, N. C.-Cotton making good progress. There
lowest 74.
of sixtyHenrietta, Tex.-Dry all the week. The thermometer has has been rain on one day of the week, to the extentaveraged
seven hundredths of an inch. The thermometer has
averaged 90, ranging from 74 to 105.
Huntsville, Tex.-We have had rain on one day during the 78, the highest being 94 and the lowest 61.
Weldon, N. C.-There has been rain on three days of the
week, the rainfall being one inch and sixty-five hundredths.
week, to the extent of two inches and seventeen hundredths.
The thermometer has ranged from 64 to 96, averaging 80.
from 58 to 90.
Kerrville, Tex.-Rain on two days of the week. The rain- The thermometer has averaged 74, ranging during
the week.
Dyersburg, Tenn.-We have had no rain
fall has been seventy-seven hundredths of an inch. AverThe thermometer has ranged from 61 to 94. Averaging 78.
age thermometer 81, highest 97, lowest 65.
Memphis, Tenn.-We have had no rain during the week.
Lampasas, Tex.-We have had no rain the past week. The
thermometer has averaged 87, the highest being 102 and the Average thermometer 81, highest 93,lowest 69.
lowest 71.
NEW ORLEANS CONTRACT MARKET.-The closing
Longview, Tex.-We have had rain on one day of the past quotations for leading contracts in the New Orleans cotton
s
hundredth
twenty
and
inch
week, the rainfall being one
markets for the past week have been as follows:
Thermometer has averaged 84, ranging from 71 to 97.
has
ter
thermome
The
week.
Luling, Tex.-Dry all the
Saturday,1 Monday, Tuesday, Wed'day, Thursd'y, Friday,
Aug. 9. Aug. 11. Aug. 12. Aug. 13. Aug. 14. Aug. lal
ranged from 72 to 102, averaging 87.
Nacogdoches, Tex.-Rain has fallen on four days of the
31.65 -131.05 -31.30-.33 30.74 -30.08 -30.54
August
31.72-.85 31.13-.20 31.58-.63 31.02-.07 30.28-.36 30.74-.80
week. The rainfall has been four inches and six hundredths. October
31.48-.55 30.95-.00 30.15-.20 30.63-.68
31.10-.15
31.76-.82
December
69.
lowest
100,
Average thermometer 85, highest
31.67-.70 31.01-.09 31.43-.45 30.98 -30.12-.17 30.60-.62
January
31.75 -31.12 -31.47-.50 31.00-.02 30.23 -30.67 Palestine, Tex.-We have had rain on one day the past March
31.70 -131.07 -31.43-.50 30.98-.00 30.18-.25 30.62-.65
an
of
inch.
hs
May
hundredt
t
week, the rainfall being forty-eigh
Tone
Quiet
Quiet I Quiet
Quiet
Quiet I Steady
The thermometer has averaged 84, the highest being 96 Spot
Steady Steady Steady Steady Steady Steady
Ontions
and the lowest 72.
Paris, Tex.-We have had no rain during the week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Thermometer has averaged 88, ranging from 72 to 104. The following brief but comprehensive statement indicates
during
day
one
on
rain
had
have
-We
San Antonio, Tex.
at a glance the world's supply of cotton for the week and
the week, the rainfall being four hundredths of an inch.. since Aug. 1 for the last two seasons, from all sources from
83.
averaging
96,
to
70
from
Thermometer has ;waged
which statistics are obtainable; also the takings, or amounts
Taylor, Tex.-Rain has fallen on one day during the week, gone out of sight, for the like period.
Minimum
inch.
an
of
hs
hundredt
to the extent of forty-two
1918.
1919.
thermometer 70.
Cotton Takings.
Week and Season.
Weatherford, Tex.-We have had rain on one day the past
Season.
Week.
Season.
Week.
The
inch.
an
of
hs
hundredt
two
being
week, the rainfall
the
and
101
being
2,975,143
highest
the
4,726,433
86,
Visible supply Aug. 8
thermometer has averaged
3,027,450
4,792,018
Visible supply Aug. 1
240,344
lowest 71.
193,473 112,947
91,324
American in sight to Aug. 15has
ter
thermome
75,000
The
30.000
week.
all
the
85,000
;Dry
b50,000
Ardmore, Okla.Bombay receipts to Aug. 14_
14
Aug.
to
shipm'ts
India
Other
104.
to
70
from
6,000
averaged 87, ranging
3,000
5,000
63,000
_
13_
Aug.
to
Alexandria receipts
5,000
2,000
6,000
b2,000
Muskogee, Okla.-Dry all the week. The thermometer Other supply to Aug. 13 *
83.
averaging
has ranged from 69 to 98,
3,353,794
3,123,090
5,081,491
4,872,757
Total supply
Eldorado, Ark.-Rhin on one day of the week. The rainDeduct4,626,181 4,626381 2,809,351 2,899,351
fall has been forty-five hundredths of an inch. Average Visible supply Aug. 15
69.
lowest
454,443
455,310 223,739
thermometer 83, highest 98,
246,576
to Aug. 15.a
takings
Total
343,443
350,310 200,739
173,576
Of which American
Little Rock, Ark.-We haie had rain on one day the past
23,000
111,000
105,000
73,000
The
other
which
inch.
Of
an
of
hs
hundredt
week, the rainfall being eight
&c.
Smyrna,
the
West
Indies,
and
96
Brazil,
being
from
highest
Europe
the
in
83,
* Embraces receipts
thermometer has averaged
consumption by Southern mills,
h This total embraces the total estimated
availbeing
not
-takings
1918
in
lowest 71.
bales
191,000
and
in
1919
'bales
130,000
taken by Northern and foreign spinners,
Alexandria, La.-The week's rainfall-has been two inches able-and aggregate amounts
in 1918, of which 220,310 bales and
263,443
and
averaged
in
1919
has
bales
ter
thermome
325,310
The
s.
and sixty-five hundredth
152,443 bales American. b Estimated.
87, ranging from 74 to 100.
AUG. 16 1919.]
THE CHRONICLE
COTTON CROP CIRCULAR.-Our Annual Cotton
Crop Review will be ready in circular form about Thursday,
Aug. 28. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible to ensure early delivery. Publication of this annual review has been deferred this year to a
somewhat later date (after the close of the cotton season)
than has been our usual practice, in order to afford more
time for the investigation of the situation at home and abroad.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports
of domestic cotton manufactures for June and for the twelve
months ended June 30 1919, and,for purposes of comparison,
like figures for the corresponding periods of the previous
years are also presented:
693
SHIPPING NEWS.-Shipments in detail:
Bales.
NEW YORK-To Manchester-Aug. 8-Monmouth,93
93
To Havre-Aug.9-Macona,575
575
To Gothenburg-Aug.9-New Windsor, 100
100
To Antwerp-Aug. 14-Auburn,50
50
To Barcelona-Aug. 14-Antonio Lopez, 36
36
GALVESTON-To Manchester-Aug. 11-Ventura de Larrinaga,
11,122
11,122
To Barcelona-Aug.8-Barcelona, 2,955
2,955
NEW ORLEANS-To Liverpool-Aug. 8-Antillian, 1,853
1.853
To Havre-Aug. 13-Mercedes de Larrinaga, 2,296
2,296
To Rotterdam-Aug. 9-Macedonla, 5,266
5,266
To Genoa-Aug.9-Marina 0., 14,218
14,218
To Colombia-Aug. 12-Cartago,50
50
To Japan-Aug. 12-Raifuku Alaru 5,440
15,440
MOBILE-To Liverpool-Aug. 11-Pascagoula,; 3,808
3,808
SAVANNAH-To Rotterdam-Aug. 14-Schoharie, 16,703
16,703
BRUNSWICK-To Liverpool-Aug. 14-Schenectady, 4,012
4,012
NORFOLK-To Ireland-Aug. 141,257
1,257
SAN FRANCISCO-To Japan-Aug. 9-Koyei Maru, 1,306
1,306
Month ending June 30. 12 Months ending June 30.
Manufactures of Cotton
Exported.
1918.
1919.
1918 19.
1917 18.
yards 61,803,820 45,659,735 570,302,799 684,927,075
value $13,298,737 $9,314,917 $131,393,116 $103,416,102
Piece goods
Piece goods
Wearing apparelKnit goods
All other
Waste cotton
Yarn
All other
3,896,833 1,520,291 27,057,775 15,353,165
1,971,837
962,464 14,191,217 10,891,811
404,845 10,047,783
1,590,809
9,809,867
1,4844405
690,638 13,887,287
7,571,338
3,762,876 2,220,944 36,103,545 22,335,940
-Total manufactures of _ value $26,006,497 815,114,099 $232,680,723 $169,378,223
value
value
value
value
value
CALIFORNIA'S FIRST NEW BALE.-The first bale
of 1919 cotton was ginned at Seeley, Cal., on July 23, and
was sold immediately for 35c. a pound, with a bonus of $25
and ginning costs, bringing in all a sum in excess of $200.
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn.,
goods, &c., from Great Britain for the month of June and
since Aug. 1 in 1918-19 and 1917-18, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
Yarn db Thread.'
Cloth.
Total of All.
•
000's
(Matted. 1918-1U1917-18;11118
,
1U. 11)17-18. !Win-is. 11/11-15. itilld
,
19. 11117-45.
August _
Sept ___
October.
lat quer.
Nov.Dec_ ___
January.
2d querFeb....
March._
April-
lbs.
lbs. I yards.01 yards.
9,665 18,766, 267,62
469,083
8,176 11,074 247,790 420,448
8,717 12,272I 226,110 382,821
lbs.
50,022
46,316
42,264
lbs.
87,679
78,671
71,555
lbs.
59,687
54,492
50,981
26,558 42,112! 741,5201,272,352 138,602 237,905
11,018 9,929' 232,763 394,487 43,503
73,736
38,165 65,965
10,132 9,541 207,449 352,912
11,391 10,344 219,701 400,612 41,066
74,881
32,541 29,814 659,913 1,148,011
10,542 7,251 232,012 363,002
14,298 11,088 195,863 302,975
17,714 8,758 268,459 392,366
3d guar_ 42,554 27,097 696,334 1,058,343
May- 17,787 10,306 258,327 403,191
June- 15,587 12,370 303,583 367,246
lbs.
106,445
89,745
83,827
165,161 280,017
83,665
54,521
75,506
58,297
85,225
52,547
122,734 214,582
43,367 64,251
36,611
56,631
50,179 73,340
155,275 244,396
53,909
71,502
50,908
67,719
67,983 82,098
130,156
48,286
56,744
172,711 221,319
66,073 85,669
81,014
72,331
194,222
75,363
68,644
Stockings and socks
Sundry articles
1,771
48,335
aynorts of cotton manufactures
1,450
43,113
681.6551 986.978
BOMBAY COTTON MOVEMENT.
1917-18.
1918-19.
July 24.
Receipts atWeek.
Since
Aug. 1.
Week.
Since
Aug. 1.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
July 23.
1918-19.
1917-18.
1916-17.
4,826,263
25,628
6,088,167
g,"obb;6N
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
13,211 233,859
To Liverpool
404 220.206
To Manchester,dm. __ _a_ 8,745 133,634 2,311 262,717
To Continent and India_ 1,182 161,820 10,045 95,888
65,230
---- 75,420
To America
____ 214,726
131,609
_ 132,898
6,445 127,176
Receipts (cantarS)This Week
Since Aug. 1
Export (bales)-
23,138 599,543 12,760 654,231
Total exports
Note.-A canter is 99 lbs.
6,445 606,409
Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our reports received by
cable to-night from Manchester state that American yarns
are easier but Egyptian steady. Cloths are strongly held,
but business is quiet. We give prices for to-day below and
leave those for previous weeks of this and last year for
comparison:
1918.
1919.
June d.
20 3634
27 3834
July
4 3831
11 40
18 4131
25 42
32: Cop
Twist.
d. s. d.
I. d. d. a.
0 403-i 23 3 027 6 19.82 4834
0 4134 23 9 028 3 20.39 49%
0 4134
44
0 45
@45
23 9
25 6
26 3
27 0
028 3
030 0
031 0
(031 6
19.44 49%
20.93 49%
21.24 4934
21.45 49
Aug
0 45 27 0 031 6
1 42
4.0 45 27 0 031 6
8 42
154034 0 4334 27 0 031 6
19.88 49
18.53 Si
18.40 52
CC@ COOS CO
32: Cop
Twin.
fig Ms. Shirt- Corn
ing., Common
uvr8
to'full.
834 Os. Shirt- Corn
ing:, Common Mid.
to limn.
Uprs
d. s. d.
s. d. d.
5134 240 (5320 22.19
52 240 @320 22.59
52
52
52
51%
Saturday.
Monday.
Market, 1
12:15
P. M.
Fair
business
doing,
Mld.Upl'ds
Sales
HOL1DAY.
Futures.
Market
opened
I
Tuesday. Wednesday. Thursday.
Moderate
demand.
Quiet.
Fair
business
doing.
Friday.
Quiet.
18.88
18.97
19.46
19.13
18.40
4,000
5,000
4,000
5,000
5.000
Steady,
Steady,
Steady,
Quiet,
Quiet,
540.62 pta. 26%33 pta. 29035 pts. 28033 pta. 11021 pts.
advance, advance, advance,
decline.
decline.
1
3
Market,
4
1
P. M. (
Quiet, Steady, 13
Quiet, Barely st'y, Steady,
56068 pta. pta. dec. to 24030 pta. 49(552 pta. 34043 p.a.
advance. 10 pts.adv. advance,
decline.
decline.
The prices of futures at Liverpool for each day are given
below:
Sat.
•
Aug. 9
to
Aug. 15.
d.
August
September....
October
November ____
December
January
February
March
April
May..
June
July
Mon.
12%112% 1234
d.
HOLIDAY.
4
Tues.
1234i 4
Wed.
1234
4
Thurs.
%
1234 4
Fr.
1234
4
,....___J
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
19.1: 19.3 19.27 19.44 19.76 19.73 19.43 19.23 18.7018.80
19.3$ 19.5' 19.37 19.52 19.84 19.82 19.52 19.33 18.8218.96
19.5 19.6 19.51 19.65 19.96 19.9319.63 19.44 18.96 19.10
19.6 19.7 19.61 19.7520.0420.01 19.74 19.52 19.03 19.18
19.;, 19. 19.69 19.8020.0820.0519.77 19.5519.14 19.18
19.;: 19.9 19.76 19.86.20.1320.11 19.83 19.61 19.12 19.24
19.91 i9.919.79 19.88120.1420.12 19.8419.61 19.12
19.23
19.9320.01 19.78 19.89I20.1520.13 19.8 19.61 19.12
19.23
19.9320.0219.78 19.8 20.1520.13 19.8 19.61 19.12 19.22
19.94 20.02 19.7929.8920.1520.1319.8 19.61 19.12 19.21
19.9420.02 19.79'19.8920.15,120.1319.8519.61 19.12 19.21
19.94 20.02 19.79 19.8920.15120.13 19.8 19.61 19.12 19.21
1
1
1916-17.
Since
Week.Aug. 1.
51,00012.471.000 42.000 1,956,000 57,000 3,020.000
Bombay
•
Spot.
240 @320
250 (5330
25 13-4033 13-4
25 134(533 134
22.29
22.04
22.09
20.63
5134 25 134033 13-4 20.39
53 25 1%033 134 21.46
54 253 @333 23.09
BREADSTUFFS
Friday Night, Aug. 15 1919.
Flour has been quiet but steady. But buyers have undoubtedly held off awaiting Government offerings'. Yet
mills have been offering at about the same prices as those
announced by the Government in its campaign to reduce the
cost of food. Government soft winter wheat straights have
been in liberal supply at $10 25 per barrel. Mills have been
naming about the same price. The public would like more
explicit information as to the grades of flour offered by the
Government. And one obstacle to lower prices is the
premium paid for cash wheat over the Government basic
price. Old crop winter straights and Kansas straights are
now out of the market and new crop Kansas straights and
patents are nevertheless rather lower than recently. Naturally the trade here has been awaiting light on the interesting
question of how much flour the Grain Corporation was to
buy this week and how much it would pay following purchases of more than 1,000,000 barrels last week. Wheat
Director Barnes points out that any further movement for a
reduced flour price must be based on a policy of food subsidy,
which was not authorized by Congress in the Wheat Act.
Flour consumption during the last year fell, he says, from
the pre-war normal of 235 pounds per capita to 171 pounds,
proving that bread was displaced by higher priced food. The
normal consumption of flour would, he adds, furnish 30 to
35% of the necessary food value, and the return to such
percentage would save $1,000,000,000 a year in the national
food bill. Mills are more disposed to advance than to reduce prices, owing to the big premiums on cash wheat.
Meantime, it is of interest to notice that the North American
exports of flour last week included 52,000 barrels from
Boston, 584,000 from New York, 37,000 from Philadelphia,
103,000 from Baltimore and 34,000 from Newport News,
making a total off 810,000'barrels. The Government Grain
Corporation transported, bought and is supposed to have
694
[Vol,. 109.
THE CHRONICLE
GRAIN.
Oatspaid $10 20 to $10 44 or some such prices as against $9 80 Wheatnil
No. 1
$2 3734
No. 2 red
to $10 40 last week for soft hard dueum and blended flour
88
No. 2 white
2 4034
spring
No.
1
8734
for August-September delivery basis Baltimore.
3
white
No.
Corn2 1334
No. 2 yellow
Wheat supplies increased last week 11,190,000 bushels
Barley2 13
No. 3 yellow
147
against an increase in the same time last year of 8,986,000 RyeFeeding
150
Malting
$1 56© 1 59
No. 2
bushels. This brings it up to 32,093,000 bushels against
17,155,000 a year ago. Premiums on cash wheat at the
COTNS,
PROVISIO
FFS,
BREADSTU
OF
EXPORTS
West are still high. Farmers are supposed in many cases to
be withholding their supplies for prices above .the Govern- TON AND PETROLEUM.-The exports of these articles
ment guaranteed price. The weather in the wheat belt has during the month of June, and the twelve months, for the
been better and threashing has progressed rapidly. The past three years have been as follows:
spring wheat harvest is under way in North Dakota. It is
1916-17.
1917-18.
1918-19.
mostly completed in Minnesota. Spring wheat is disap- Exports
from
pointing both as to quantity and quality. In the United
12 Allos.
June.
12 Mos.
June.
12 Mos.
U.S.
Kingdom harvesting has made good progress and the quality
Quantities.
is said to be good. Although the crop in France will be NV
466,624 34,118,853 15,804,111 149,831,427
heat _ b u 16,389,3531178,582,673
smaller than last year it is reported that it will be better Flour.bbLs.
3,613,714! 24,190,092 2,423,749 21,879,951 1,234,257 11,942,778
than was at one time anticipated. In Italy harvesting has
Wheat*bu. 32,651,566'287,438,087 11,373,495 132,578,633 21,353,274 203,573,928
made good progress. The official prices for the 1920 crop Corn
909,8751 16,687,538 3,278,978 40,997,827 3,719,818 64,720,842
....bu.
of wheat have been fixed at 70 to 80 shillings per quintal,
1411304,125,62 14,652,473 173,576,460 25,078,092 208,294,770
67,733,5
bu
Total
or 220 lbs., plus good premiums in the south and invaded
$
$
• 3
1
3
Values.
633,239,856 78,522,760 588,983,454
districts. In Spain the crop is progressing well. In Den- 13readst'ff 118,330,211954,779,894 54,472,471 679,835,794
403,192,279
40,839,601
77,957,555
7850576
174,344,9931116
mark crops are said to be mostly above average. In Ger- Provisions.
Cotton ___ 101,415,702,863,161,409 45,608,749 665,024,655 27,521,009 543,074,690
many good crops of wheat and rye are expected.
Petrol.,&c. 33,459,9161344,613,109 28,380,780298,329,051 27,342,036 230,968,940
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
cts_237% 237% 237%
No. 2 red
240% 240% 240%
No. 1 spring
NEW
Wed.
23734
240%
YORK.
Thurs. Fri.
23734 237%
240% 2403
Cot's'd oil.
6,357,219 36,820,54,
3,685,446 18,309,854
Tot.val.433,908,041 3367225533 210,105,001 229473921
*Including flour reduced to bushels.
1,856,795 19.878,325
76,082,201 1786097688
Indian corn advanced at times with light stocks and a,
WEATHER BULLETIN FOR WEEK ENDING AUG.
decrease in the visible supply. This rise refer8 more particu- 12.-The influences of weather on the crops as summarized
off
fell
week
last
supply
visible
The
larly to September.
by the Department of Agri-t
556,000 bushels against 626,000 in the same week last year. in the weather bulletin issued
12 were as follows:
Aug.
ending
9,466,000
week
against.
the
for
bushels
culture
1,905,000
only
The total is now
during the week in mos
COTTON.-Cotton made fairly good progressrainfall
a year ago. The receipts have been small. There has been sections
has been heaviest,
where
poor
was
it
that
except
of the belt,
and in
a good business in rye at the Northwest with the Seaboard. particularly in Georgia, southern Alabama, portions of Mississippi
of Texas; the
all
sections
from
reported
was
as
crop
growth
sharply
good
declining
Fairly
been
have
Florida.
months
But the new crop
but
less
satisfactorily
half,
western
the
in
good
is fruiting fair to very
were mostly
reports have improved from much of the Ohio Valley. A crop
In the eastern. The weekly progress and general condition
in the eastern part, where moisture was
decided improvement has taken place in Iowa and northern fairly good in Oklahoma,inexcept
ranged
from
Progress
localities.
some eastern
it deteriorated
Missouri, after soaking rains. Iowa and Illinois are offering deficient;
was rather poor to satisfactory
poor- to fair in Arkansas and the condition
delta
the
of
in
counties
on
reported
fell
prices
was
inst.
progress
14th
the
good
On
fairly
old corn more freely.
in that State;
other sections, while it
Mississippi, but it was less satisfactory in most
continued liquidation, absence of support, and professional ranged
poor in some southern portions of Alabama to satisfactory
very
from
a poor advance in Georgia, but
pressure. The agitation against the high cost of living, in the northern portion. The crop made
of previous
to excellent progress in South Carolina. Some effects
weakness in cash markets, a big break in hogs and declining good
too much plant growth at the
in
Carolina
North
in
showing
are
heavy rains
rates for foreign exchange caused free selling. The prospects expense
of fruit, while progress was poor in Florida and the condition mostly
Weevil damage continued, and is serious in some sections,
are for larger receipts. Hogs fell $1 to $1 25. The fixing unsatisfactory.
particularly in portions of Texas, much of Louisiana, the southern portions
of prices in England and the seizure of food stocks by the of
Mississippi and Alabama, and in Georgia. Considerable complaints
continue.
U. S. Government under the anti-Hoarding Act were also of shedding WHEAT.
-Under the influence of recent rain late spring wheat
district and the Far Northnoteworthy factors. Country offerings were large late in in SPRING
the higher elevations of the Rocky Mountain
up
ran
to
then
but the early crop was not benefited. Har3c.,
5
somewhat,
dropped
prices
Today
improved
week.
the
west has
completed in Minnesota.
mostly
and
Dakota
vest was under way in North
on September, in an oversold, market. The weather and The
quality and quanyield of spring wheat continues disappointing in both
rust reported in-eastern and central
Crop reports were better. The ending is lower for the week tity, with serious damage from black
wheat continued in northeastern
North Dakota. The harvest of spring indicated.
despite the rally.
localities, with no improvement in yield
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_22534 22134 220% 22234 2123 213
No. 3 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
190% 19oi 191% 1831 185
September delivery in elevator_cts_ 194
152% 1523, 145
1453'
15634 153
December delivery in elevator
140M
147% 139
148
1524 149
May delivery in elevator
Oats advanced for a time with a fair Eastern demand and
light supplies as compared with those of a year ago. Besides
oats are relatively cheap as compared with prices for other
grain. Also it is said that the new crop is a light-weight one.
A good deal of stress, in fact, is laid on this idea. Believers
in higher Ix-ices think it largely offsets the increase in the
yield. That remains to be seen. But the yield of oats continues to be disappointing in many parts of the belt, especially in the northeast and in the upper Mississippi Valley.
The yield of both oats and barley ranges from poor to good
in the upper Great Plain States. The railroad strike has
greatly interfered with the crop movement. Dealers too in
some cases will not guarantee over 30 pounds to the bushel.
Some business has been done in Minneapolis with seaboard
exporters. The buying of futures at Chicago has been
noticeable at times against outside sales of cash oats. A
renewal of export demand has been one of the features.
On the other hand, the foreign exchange situation and the
British maximum levels have militated against foreign busi
ness to a certain extent. Now that the railroad situtaion is
improving the crop movement may be expected to increase.
The fall in corn and hogs and the food seizures by the United
_States Government have had a depressing effect. To-day
prices fell and then turned upward on a seaboard demand.
Old oats in store at Chicago are of heavy weight and are
wanted at relatively stiff prices. The ending for the week
in oats is higher.
during the
WINTER WHEAT.-Winter wheat thrashing progressed
all sections of belt,
week, with favorable weather conditions in nearly
Ohio and upper Missisalthough there was some interruption in the upper
complaint of sprouting
sippi Valleys on account of rain, while there was somehas
been rather excepin shock in Ohio and Iowa. The present season
crop, and damage to grain
tionally favorable for saving the winter wheat
is reported as
thrashing
Shock
areas.
local
to
in shock has been restricted
half of Kansas. Considerable
about three-fourths finished in the eastern
of the Plain
east
week
the
during
done
was
crop
year's
next
for
plowing
except for being too dry in
States under mostly favorable soil conditions,
this work has been accomportions of the Ohio Valley, but very little of
pllshed in Kansas, and it has been delayed in some adjoining States on
account of hard, dry soil.
near normal in the
CORN.-The temperature for the week averaged
in the central plains area
principal corn belt, but hot weather prevailed
were low in the
near the beginning of the week, while night temperatures
Corn made some
extreme upper Mississippi Valley and the Northeast.
decided advances in Iowa
improvement in much of the Ohio Valley andfrom
the drouth of previous
and northern Missouri; it has mostly recovered
however,
weeks in Iowa. Severe drouth continued in southern Missouri,
Corn advanced
where the crop is now in only poor to very poor condition.
plains south of Nebraska
rapidly in the upper plains area, but in the central rather
marked deterioraand
it is suffering severely from lack of moisture,
in central Kansas and
tion was reported from many localities, particularly
mostly poor
also
reported
is
crop
late
The
Oklahoma.
eastern
central and
in Arkansas and in some Gulf Coast sections.
harvest progressed during the
OATS AND BARLEY.-Oats and barley
favorable weather
week in the late districts of the North and West, underthe
North Central
conditions, except for some interruptions by rainininmany
localities, parStates.The yield of oats continues disappointing
the yields of
Valley;
Mississippi
upper
the
ticularly in the Northeast and
great plains.
both oats and barley range from poor to good in the upper
in
Northwestern
showers
recent
by
benefited
somewhat
been
have
Late oats
States, but the rains came too late for the early,crop, which is being mostly
harvested and in some districts will be used only for hay.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbis.1961bs.bush. 60 lbs.bush. 56 lbs.bush. 32 lbs.bush.48lbs.bush.56Ibs.
224,000
585,000 2,979,000 557,001
159,000 5,100,000
Chicago
DAILY CLOSING PRICES OF OATS IN NEW YORK.
475,000 572,000 227,000
30,000
1,904,0001
Minneapolis_
Fri.
Thurs.
Sat. Mon. Tues. Wed.
72,000
124,000
71,000
28,000
168,0001
Duluth
88
88
8734 88-883
cts_ 88 87
No. 2 white
18,000
716,000 248,000
135,000
14,111 - 72,0001
Milwaukee_.._
73,000
8,000
508,0001
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Toledo
Fri.
Thurs.
31,000
17,00'
Wed.
Tues.
Mon.
84,000
Sat.
'
Detroit
5,000
17,000
112,001
405,000
73,001 1,972,000
September delivery in elevator_cts_ 757 74% 75% 763-i 733' 75
St. Louts
245,000 119,000
76
93,000
7735 Peoria
78,4 7734 7734 79
42,111
185,0001
December delivery in elevator
272,000
8230 79
200,000
8054 Kansas City_
3,922,000
8154 8034 81
May delivery in elevator
166,000
218,000
1,154,
Omaha
324,000
135,001
774,00
The following are closing quotations:
Indianapolis..
FLOUR.
1,625,000 558,000
Total wk. '19 288,i o i 15,843,000 1,567,001 5,957,001
778,000 534,000
$12 250$12 75 Barley goods-Portage barley:
Spring patents
wk. '18 293,000 20,130,0001 3,495,000 7,960,001
5,445,000 563,000 164,000
$6 75@7 00 Same
No. 1
238,000
Winter straights.soft 10 15® 10 40
'17
wk.
Same
Nos. 2, 3 and 4, pearl.. 6 0006 25
5.591'°°°L3'824'°°'
11 40
10 90
Kansas straights..
6 7507 15 Since Aug.1Nos. 2-0 and 3-0
',..,, Mb
nom 8 000 875
Rye flour
I
7 25
Nos. 4-0 and 5-0
3,878,001 12,737,000 3,762,000 1,245,000
Corn goods, 100 lbs.569,000 37,867,00
1919
696,000
13,649,000
goods
Oats
1,015,000
6,863,000
$507
-Carload,
White gran..
537,000 36,493,000
1918
9 75
spot delivery
4 97
6,445,000 8,546,000 831.000 210.000
Yellow gran
417.000 8.685.00
1917
5 000 525
Corn flour
THE CHRONICLE
• Ave. 16 1919.]
Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 9 1919 follow:
695
THE DRY GOODS TRADE
New York, Friday Night, Aug. 15 1919.
A further contraction of business has been noted in the
markets for dry goods during the past week, and it is be-.
Bushels.
Bushels.
Bushels.
Barrels.
Bushels.
Bushels.
839,000
1,000
24,000 coming more evident that merchants in general are following
112,000
170,000 1,793,000
New York__
90,000
20,0 1
81,000
16,000 1,195, i
Philadelphia _
4,001 '89,000
108,000
29,000 a cautious policy in making new commitments. It can
Baltimore.. ___
25,001 1,527,000
readily be seen that the caution which has sprung up is due
34,000
N'port News.
141,000
43,000
120,000
202,000
New Orleans*
to the investigations into the high living costs. It is openly
31,000
3,000
601,000
19,000
Galveston__
299,000
1,001
553,000
123,000 predicted that the dry goods trade will experience a period
874,000
166,001
Montreal _ _
566,000
1,011
18,000
126,000
39,000
Boston
of quietness during the next few weeks, and possibly longer.
177,011 1,970,000 1,316,000
176,000 Many merchants have come to the realization that their
Total wk. '19
555,000 5,889,111
48,580,00026,937,00024,490,000
8,153,000
'1923,551,111119,332,00I
Since Jan.1
anxiety to secure fabrics and their constantly bidding higher
448,1 i 1,332,000
10,000
252,001 3,062,000
10,000
Week 1918...
1 '181511571)00 22.108.000 15.262,000 66,500,000 7,575.000 2.882,000 prices for goods were largely responsible for the rapidity
of the advance in prices. Merchants are still showing some
* Receipts do not include grain passing through New Orleans for foreign ports
concern as regards the investigation into the high prices for
on through bills of lading.
• The exports from the several seaboard ports for the week commodity, and while there have been no specific indications
of profiteering in dry goods, many holders of fabrics have
ending Aug. 9 are shown in the annexed statement:
become more or less nervous, an as a result considerable)
goods are being offered at concessions. Second hands apOats.
Flour.
Rye.
Corn.
Peas.
Barley.
Exports from Wheat.
pear particularly anxious to reduce their holdings. It is
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
183.845 863,400
38,400 589,201
38,049 expected that this class of selling will go a long way in reNew York_ 253,432
38,000
Boston _ _ _ _
lieving the threatened scarcity of goods and possibly bring
10,000
26,000 163,000
2
419
Philadera..
about a general level of lower quotations. Primary mar50,000
79,000
927
Baltimore_ _
42,000
kets, however, hold very steady with little cutting of prices
N'portNews
34,000
233
15,000
67,000
183
NewOrleans
717
by manufacturers. Mills for some time past have realized
778
Galveston_ _
249,000
that there was considerable speculative purchasing of goods
47,000
51,000 575,000
481
Montreal _
going on, and were doing everything possible to curtail such
69,000 574,845 1,163,490 115,400 2,120,201
Total week_ 3,041,432
38,049
57,101 960,840
Week 1018_ 396,896 113,876
14,729 operations, but the volume of goods now offered by second
hands shows they were not altogether successful. Still,
The destination of these exports for the week and since not all the fabrics offered by second hands are speculative
July 1 1919 is as below:
purchases. Many are coming from interests who intended
to use the fabrics, but now fear a decreased inquiry due to
Flour.
Wheat.
Corn.
the.
general agitation against high prices. In the export
Exports for Week
Week
Since
Week
Since
and Since
1Veek
Since
division of the market there continues to be a good inquiry,
Aug. 9. Julyl
July 1
Aug. 9.
Aug. 0.
jut?, 1
July 110both from Europe and the Far East. While some in1919.
1919.
1919.
1919.
1919.
1919.
terests are experiencing difficulty in arranging credits for
Bushels.
Bushels.
Barrels. Barrels.
Bushels. Bushels.
the payment of goods, others are successful and are doing
United Kingdom_ 453,423 2,370,172 1,423,201 4,756,654
157,000
2,000
quite a satisfactory business. Exporters who have made
Continent
106,422 1,455,074 1,818,231 9,004,915
58,001
So.& Cent. Amer. 5,000
9,294 every preparation for large foreign trade report encouraging
West Indies
99,435
10,000
174,171
67,000
results, and are very optimistic as regard the future. One
Brit. No. Am.Cols
Other countries_
15,432
790 prominent interest in this country has established various
Total
574,845 3,998,114 3,041.432 13,761,569
341,255 agencies abroad and is said to be transacting a very good
69,000
396,896
Total 1918
572,513
724,146
1,008,928 business through these agencies.
57,101
DOMESTIC COTTON GOODS.-Markets for staple
The world's shipments of wheat and corn for the week
ending Aug. 9 1919 and since July 1 1919 and 1918 are cottons have developed a distinctly easier undertone, due
largely to selling by second hands. Increased concessions
shown in the following:
are being granted and in some cases prices are from two to
three cents below those asked by manufacturers. Only in
Corn.
Wheat.
a few instances have manufacturers reduced prices. In
a 1918.
1919.
Exports.
1919.
a 1918.
fact, they welcome the period of quietness as it will enable
Week
Since
Since
Week
Since
Since
them to make better headway in catching up with backJuly 1.
Aug. 9.
July 1.
Ally 1.
Aug. 9.
July 1.
ward deliveries. According to mill advices, production is
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
increasing and the movement of goods is larger. So far the
Bushels.
2,000
North Amer_ 7,170,000 42,080,001 15,913,000
156,000 2,665,000 freer offerings
from second hands have not resuled in any
Russia
Danube
cancellations of old contracts, as much of the goods shipped
Argentina... 2,248,000 17,106,000 29,591,000 2,844,000 11,298,000
328,000 out by mills consists of purchases made when prices were
2,106,000 11,511,000 4,700,000
.Australia
lower than those now prevailing. It is generally felt that
1,650,000
India_
559,000
69,00
206,000
130,000
0th. countr'
695,000
220,000 the next month or so will witness rather quiet conditions in
11,593,0001 71,256,000 52,060,000 2.976,000 12,149,000 3,213,000 cotton goods, as consumers have for the most part covered
Total
their fall requirements. There is some talk of the GovernThe quantities of wheat and corn afloat for Europe are ment
again taking control of fabrics, which has served to
omitted for the present, as no figures are available since
unnerve many holders who are making efforts to liquidate.
those for 1916.
have been offered more freely at concessions, but
The visible supply of grain, comprising • the stocks in Shootingshas
been very slow. Business in gray. goods has
granary at principal points of accumulation at lake and demand
been very light, despite the fact that second hands have cut
seaboard ports Aug. 9 1919 was as follows:
prices from two to three cent
@FedFRASER