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Q u o t a t io n
S e c t io n
R a il w a y
E a r n in g s
S e c t io n
B a n k e r s *
R a il w a y
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I n d u s t r ia l
C o n v e n t i o n
S e c t io n
E le c t r ic
S e c t io n
S t a t e
S A T U R D A Y . AUGUST 2 1919
in
00
oo
50
75
50
NOTICE.— On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York funds.
Subscription includes following Supplements—
B a n k a n d Q u o t a t io n (m o n t h ly ) I R a il w a y a n d I n d u s t r ia l (s e m i-a n n u a lly )
R a i l w a y E A R N IN O 8 ( m o n t h l y )
E l e c t r ic R a il w a y (s o m i-a n n u a lly )
S t a t e a n d C it y (s e m i-a n n u a lly ) | B a n k e r s ’ C o n v e n t io n (y e a r ly )
T e r m s o f A d v e r t is in g — P e r I n c h S p a c e
T r a n s i e n t m a t t e r p e r i n c h s p a c o ( 1 4 a g a t e l i n e s ) ................................................... $ 4
T w o M o n th s
(8 t i m e s ) ...................................... 3 3
T h r o e M o n t h s ( 1 3 t i m e s ) ...............................
41
O r d in a r y B u s in e s s C a rd s
S ix M o n th s
( 2 0 t i m e s ) ...................................... 7 5
L T w e l v e M o n t h s ( 5 2 t i m e s ) ...................................... 1 3 0
20
00
00
00
00
C h ic a g o O f f ic e — 39 S o u th L a s a llo S t r e e t , T e le p h o n e M a j» s t ic 7 3 9 6 .
L o n d o n O f f ic e — E d w a r d s & S m ith , 1 D r a p e r s ’ G a r d o n s , E . C .
I L L I A M
B .
D A N A
C O M P A N Y ,
P u b lis h e r s ,
F ront, F in e and D epeyster 8 t s „ New Y o r k .
P u b lis h e d e v e r y S a t u r d a y m o r n in g b y W I L L I A M
B. DANA CO M PAN Y .
J a c o b S e ib e r t J r . , P r e s id e n t a n d T r e a s u r e r ; A r n o ld G . D a n a , V ic e - P r e s id e n t a n d
S ecreta ry .
A d d resses o f b o t h . O ffic e o f th e C o m p a n y .
CLEAR ING HOUSE RETURNS.
T h e f o l l o w i n g t a b le , m a d e uAT b y t e le g r a p h , & c . , in d ic a t e s t h a t t h e t o t a l b a n k
c le a r i n g s o f a ll t h e c le a r in g h o u s e s o f t h e U n i t e d S t a t e s f o r t h e w e e k e n d in g t o - d a y
li a v o b e e n $ 7 ,8 1 4 ,6 7 1 ,9 2 1 , a g a in s t $ 8 ,2 7 3 ,7 4 2 ,5 1 0 la s t w e e k a n d $ 0 ,2 1 8 ,7 7 8 ,9 6 5
t h e c o r r e s p o n d in g w e e k la s t y e a r
C le a r in o s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g A u g u s t 2 .
1919.
1918.
P er
C e n t.
N e w Y o r k ____________________________________
C h i c a g o ...... .................................. .. .........................
P h i l a d e l p h i a ...........................................................
B o s t o n .................................................... ....................
K a n s a s C i t y ............................................................
S t . L o u i s .................................................... ...............
S a n F r a n c is c o ............................................ ............
P i t t s b u r g h .......................... ...................................
D e t r o i t ......................................................... ............
B a l t i m o r e .................................................................
N e w O r le a n s ............................................................
$ 3 ,6 4 4 ,0 3 3 ,0 7 0
4 8 5 ,2 2 5 ,5 1 6
3 3 4 ,1 5 3 ,3 6 3
2 7 1 ,0 5 0 ,8 2 2
2 0 1 ,6 8 4 ,6 9 9
1 3 1 ,8 3 7 ,0 3 6
1 1 9 ,1 9 2 ,1 0 3
1 1 1 ,8 5 2 ,2 8 6
7 8 ,6 2 8 .3 0 3
7 0 ,4 9 6 ,6 1 5
5 2 ,2 9 4 ,0 0 2
$ 2 ,7 7 6 ,3 1 6 ,0 7 0
4 3 2 ,5 4 2 ,2 5 1
3 2 1 ,0 6 7 ,5 5 0
2 4 3 ,7 8 3 ,3 8 4
1 7 8 ,9 2 5 ,0 3 9
1 3 0 ,2 7 1 ,7 7 4
8 4 , 7 2 8 , 1L0
1 0 4 ,3 2 1 ,9 8 8
5 0 ,1 2 9 ,0 9 4
5 9 ,3 6 9 ,7 8 0
4 2 ,4 3 1 ,3 6 1
+ 3 1 .3
+ 1 2 .2
+ 4 .1
+ 1 1 .2
+ 1 3 .3
+ 1 .2
+ 4 0 .7
+ 7 .2
+ 5 6 .8
+ 2 8 .8
+ 2 3 .3
E le v e n c it i e s , 5 d a y s .
O t h e r c it i e s , 5 d a n s ...........
$ 5 ,5 0 6 ,4 4 7 ,8 1 5
9 5 5 ,7 5 2 ,2 9 5
8 4 ,4 2 3 ,8 8 6 ,3 9 1
7 4 9 ,9 8 8 ,9 4 7
+ 24 5
+ 2 7 .4
T o t a l a ll c it i e s , 5 d a y s .............................
A l l c it i e s , 1 d a y . ....................................... ..........
$ 0 ,4 6 2 ,2 0 0 ,1 1 0
1 ,3 5 2 ,4 7 1 ,8 1 1
$ 5 ,1 7 3 ,8 7 5 ,3 3 8
1 .0 4 4 ,9 0 3 .0 2 7
+ 2 4 .9
+ 2 9 .4
T o t a l a ll c it i e s f o r w e e k .............................
* 7 ,3 1 4 ,6 7 1 ,9 2 1
* 6 ,2 1 8 ,7 7 8 ,9 6 5
+ 2 5 .7
T h e fu ll d e t a ils f o r t h o
W o c a n n o t fu r n is h t h e m
a t n oon o n S a tu rd a y , and
a ll c a s e s e s t im a t e d , a s w e
D e t a il e d fig u r e s f o r t h e
w e e k c o v e r e d b y t h e a b o v e w il l b e g i v e n n o x t S a t u r d a y
t o - d a y , c le a r i n g s b e in g m a d e u p b y t h o c le a r i n g h o u s e s
h e n c e In t h o a b o v e t h e la s t d a y o f t h e w e e k h a s t o b e In
g o t o p r e s s F r i d a y n ig h t .
w e e k e n d in g J u ly 2 0 s h o w :
W e e k en d in g J u ly 2 6 .
C le a r in g s at—
1919.
N e w Y o r k -----------P h i l a d e l p h i a ------P i t t s b u r g h ..............
B a lt i m o r e ................
B u f f a l o .....................
W a s h i n g t o n ______
A l b a n y ____________
R o c h e s t e r ........... ..
S c r a n t o n __________
S y r a c u s o __________
R e a d i n g __________
W i l m i n g t o n ...........
W h e e l i n g ................
W i l k e s - B a r r e _____
T r e n t o n ..................
Y o r k ..........................
E r i e .............................
L a n c a s t e r _________
C h e s t e r .....................
G r e e n s b u r g ______
B in g h a m t o n ...........
A l t o o n a ........... ..
M o n t c l a i r ................
1918.
S
$
4 ,8 7 9 ,3 3 6 ,3 0 0 3 ,2 8 8 ,3 0 6 ,4 4 9
4 0 3 ,2 3 7 ,1 5 6
3 9 0 ,7 7 7 ,5 1 5
1 4 3 ,6 7 0 ,1 8 0
1 3 7 ,6 5 9 ,2 3 1
9 1 ,7 4 2 ,9 3 8
6 4 ,2 7 4 ,0 3 9
3 3 , 3 7 5 ,4 2 2
2 1 ,1 5 5 ,7 2 8
1 3 ,8 5 6 .1 9 3
1 2 ,5 0 0 ,0 3 2
5 ,0 0 0 ,0 0 0
5 ,1 0 0 ,0 0 0
8 ,3 2 3 ,2 3 8
6 ,9 0 4 ,0 1 8
4 .6 8 2 ,9 6 2
3 ,4 0 0 ,0 0 0
3 ,4 5 1 ,8 1 8
4 ,1 1 7 ,7 0 0
2 ,1 4 3 ,3 8 9
2 ,9 1 5 ,6 0 1
3 ,5 0 1 ,2 0 6
3 ,5 0 0 ,0 0 0
5 ,0 )0 ,0 0 0
4 ,6 0 2 ,7 1 8
2 ,4 5 6 ,0 9 3
2 ,0 6 9 ,5 7 8
2 , 6 1 9 ,7 5 5
2 ,8 2 6 ,8 9 7
1 ,2 1 4 ,5 9 8
1 ,2 9 9 ,5 1 1
1 ,9 7 8 ,5 2 3
2 ,1 7 9 ,7 3 0
2 ,0 7 5 ,6 2 0
2 , 100.000
1 ,8 2 8 ,2 4 5
1 ,2 5 8 ,7 5 4
1 ,1 9 6 ,3 4 3
1 ,0 2 5 ,0 0 0
7 4 2 ,8 0 0
9 4 1 ,0 0 0
7 4 0 ,8 0 0
8 9 0 ,3 3 6
3 1 6 ,2 3 5
3 4 9 ,8 0 6
T o t a l M i d d l e . _ 5 , 0 1 8 ,2 3 8 ,3 7 4 3 ,9 6 0 ,5 3 4 ,0 8 9
B o s t o n .....................
P r o v i d e n c e ..............
H a r t f o r d ...................
N e w I l a v e a ...........
S p r i n g f i e l d ..............
P o r t l a n d ...................
W o r c e s t e r ................
F a ll R i v e r ..............
N o w B e d f o r d _____
L o w e ll........................
H o l y o k e __________
B a n g o r ............. .......
T o ta l N ew E n g.
3 3 7 ,3 5 2 ,7 7 4
1 0 ,2 0 4 ,5 0 0
10 , 000 ,00 0
5 , 7 8 4 ,8 0 0
3 ,9 9 9 ,2 9 7
2 , 0 00 ,00 0
3 ,2 5 8 ,7 2 9
2 ,2 4 8 ,0 9 3
1 ,8 5 5 ,2 9 9
9 1 2 ,0 6 7
7 7 1 ,7 5 2
6 9 3 ,2 0 5
3 7 9 . 1 7 0 .5 1 6
2 7 7 ,6 0 8 ,7 6 4
1 0 ,1 0 5 ,2 0 0
0 ,5 4 9 ,5 2 5
5 ,2 7 2 ,0 0 9
3 ,5 9 5 ,9 9 7
2 ,1 8 6 ,2 8 9
3 ,6 2 5 ,3 2 3
2 ,3 7 9 ,1 5 8
1 ,6 6 3 ,8 1 1
1 , 000,000
6 8 3 ,1 9 6
7 1 2 ,5 3 6
3 1 5 .3 8 1 .8 0 8
I n c . or
D ec.
%
+ 4 8 .4
+ 4 .7
+ 4 .4
+ 4 2 .7
+ 5 7 .8
+ 1 0 .3
— 2 .0
+ 20.6
+ 3 7 .7
— 1 6 .2
— 2 6 .5
— 1.8
+ 8 .6
+ 1 8 .7
— 7 .3
+ 7 .0
— 9 .2
+ 1.2
— 3 1 .2
— 1 4 .3
+ 2 6 .8
+ 2 0 .3
+ 1 0 .4
1917.
$
.1 1 1 ,9 7 5 ,8 8 6 2 ,3 7 6 .0 0 7 ,1 5 7
2 8 4 ,0 4 8 ,1 4 2
2 1 9 ,4 5 8 ,5 0 3
9 0 ,3 3 8 ,9 2 4
6 3 ,5 2 7 ,3 6 2
39,189,242
4 0 ,5 5 8 ,5 6 0
1 7 ,9 7 9 ,0 2 9
1 4 ,1 4 0 ,5 0 1
9 ,4 6 7 ,9 5 7
7 ,9 0 6 ,5 7 1
6 ,2 9 1 ,0 7 1
4 ,6 9 1 ,0 4 3
6 ,0 4 3 ,9 5 2
4 ,5 4 0 ,2 3 9
3 ,2 2 0 ,5 7 3
2 ,8 1 2 ,1 0 8
4 ,3 0 0 ,0 0 0
2 ,8 2 2 ,4 3 3
2 ,3 9 2 ,4 4 6
1 ,9 5 4 ,5 8 2
3 ,1 1 2 ,6 4 6
2 ,5 8 5 ,5 2 1
4 ,0 4 9 ,9 3 6
2 ,4 4 1 ,2 8 4
1 ,7 1 1 ,9 8 1
1 ,6 9 0 ,3 1 1
2 ,2 3 6 ,8 3 9
1 ,8 4 7 ,6 0 8
1 ,2 5 4 ,6 2 7
9 6 5 ,6 1 2
1 ,5 1 8 ,8 2 0
1 ,1 9 1 ,5 7 8
1 ,7 2 3 ,3 9 9
1 ,2 8 1 ,1 7 4
1 ,4 6 6 ,1 6 5
1 ,0 5 0 ,0 7 0
8 0 0 ,0 0 0
7 8 0 .2 0 0
8 0 5 ,0 0 0
7 9 8 .2 0 0
7 1 6 ,2 1 4
6 5 9 ,2 3 1
3 8 9 ,5 5 4
3 0 6 ,4 2 9
+ 4 1 .9 3 ,5 9 3 ,0 3 2 ,4 0 3 2 ,7 5 4 ,5 7 6 ,1 3 7
+ 2 1 .5
+ 1 .5
+ 5 2 .7
+ 9 .7
+ 11.2
— 8 .5
— 10.1
— 5 .5
+ 1 1 .5
— 5 .8
+ 1 2 .9
— 2 .7
+ 2 0 .0
NO. 2823
1918.
I n c . or
D ec.
1916.
A d v a n c e
F o r O n o Y e a r ........................................................................................................................................
F o r S i x M o n t h s .................................................................................................................................
(j
E u r o p e a n S u b s c r i p t i o n ( I n c l u d i n g p o s t a g e ) .....................................................
13
7
E u r o p e a n S u b s c r i p t i o n s i x m o n t h s ( i n c l u d i n g p o s t a g e ) .................. .................
C a n a d i a n S u b s c r i p t i o n ( I n c l u d i n g p o s t a g e ) ............................................................... $ 1 1
W
S e c tio n
S e c t io n
C lea r in g s at—
1919.
o f S u b s c r ip t io n — P a y a b le
C i t y
W e e k en d in g J u ly 2 6 .
M iv o n itU
PUBLISHED WEEKLY.
T e r m s
R a il w a y
a n d
2 2 1 ,0 3 4 ,4 6 9
8 .5 9 0 .0 0 0
8 ,0 7 4 ,6 1 5
4 ,3 8 8 ,4 3 9
3,112,804
2 .5 0 0 .0 0 0
3 ,2 8 0 ,9 6 2
2 ,3 1 0 ,4 0 9
1 ,4 8 2 ,7 8 2
1 ,0 3 8 ,1 0 0
7 5 1 ,1 5 1
6 8 1 ,3 4 1
2 5 7 .2 4 5 ,1 9 2
1 7 3 ,2 6 5 ,4 4 5
7 ,0 7 5 ,7 0 0
7 ,2 7 1 ,1 7 5
4 ,0 8 4 ,4 4 9
3 ,6 2 0 ,5 4 7
2 , 200 ,00 0
3 ,2 1 9 ,1 5 8
1 ,3 3 5 ,5 1 1
1 ,2 1 5 ,4 3 2
8 7 5 ,7 5 7
8 7 2 ,4 5 4
6 6 2 ,4 2 5
2 0 3 ,2 0 4 .0 5 3
C h i c a g o ______
C i n c i n n a t i ___
C l e v e l a n d _____
D e t r o i t ..............
M i l w a u k e e ___
I n d i a n a p o l is ...........
C o lu m b u s ................
T o l e d o ________
P e o r ia ................
G r a n d R a p i d s ___
E v a n s v i l l e ___
D a y t o n _______
A k r o n ........................
Y o u n g s t o w n _____
C a n t o n ................
S p r i n g fie l d , 1 1 1 ...
F o r t W a y n e ...........
R o c k f o r d _________
L e x i n g t o n ................
S o u t h B e n d ______
S p r i n g f ie l d , O . . .
B l o o m i n g t o n _____
Q u i n c y ................... ..
M a n s f i e l d ................
D a n v i l l e ................
O w e n s b o r o _______
L i m a ................ ..........
L a n s i n g __________
D e c a t u r __________
J a c k s o n v i lle , 111..
A n n A r b o r ________
A d r i a n ____________
6 8 8 ,3 2 8 ,5 7 6
6 0 ,9 5 1 ,4 3 1
1 0 5 ,6 1 5 ,6 1 5
1 0 2 ,5 8 4 ,9 7 1
2 5 ,0 2 0 ,4 6 6
1 8 .0 6 5 .0 0 0
1 4 ,5 5 2 ,2 0 0
1 4 ,2 4 9 ,7 8 0
4 ,9 2 7 ,3 0 0
5 .5 0 0 .0 0 0
4 ,9 6 6 ,1 7 5
5 ,3 4 4 ,8 1 1
1 0 .2 9 6 .0 0 0
5 ,4 6 6 ,8 0 2
3 .5 0 0 .0 0 0
2 ,7 8 6 ,8 6 7
1 ,6 8 8 ,3 4 8
1 .8 0 0 .0 0 0
8 0 5 .0 0 0
1 ,0 5 0 .0 0 0
1 ,6 9 8 ,4 9 3
1 ,4 5 9 ,6 0 3
1 ,3 9 4 ,3 2 0
1 ,3 9 7 ,2 8 4
6 0 0 .0 0 0
5 2 8 ,3 2 0
1 ,2 1 3 ,1 0 0
1 ,0 5 0 ,0 3 0
1 ,3 9 8 ,6 3 4
9 7 8 ,7 5 6
3 8 4 ,9 6 5
1 1 1 ,5 9 3
4 9 1 ,3 4 1 ,7 9 6
6 3 ,8 7 0 ,9 1 9
9 2 ,7 8 6 ,3 5 9
5 7 ,4 5 9 ,3 3 1
2 5 ,7 8 6 ,6 3 1
1 8 ,6 6 5 ,0 0 0
. 1 2 ,5 0 3 ,1 0 0
1 1 ,5 8 2 ,1 2 9
4 ,5 6 4 ,0 6 3
4 ,8 0 5 ,3 9 0
4 ,9 9 7 ,3 0 5
3 ,6 0 7 ,1 8 5
6 .7 2 5 .0 0 0
4 ,6 0 7 ,9 3 7
2 .5 0 0 .0 0 0
2 ,9 2 1 ,5 4 9
1 ,2 0 4 ,0 7 9
1 ,7 8 0 ,0 6 5
7 0 0 .0 0 0
1 ,1 7 6 ,4 8 2
1 ,2 2 0 ,4 0 9
1 ,0 0 8 ,3 6 5
1 ,3 4 3 ,1 8 9
1 ,1 3 6 ,7 8 6
4 7 5 .0 0 0
7 6 9 ,9 1 2
9 1 4 ,1 9 2
1 ,0 1 3 ,9 5 0
1 ,0 4 6 ,0 3 8
7 7 1 ,6 2 9
2 8 4 ,4 6 2
9 7 ,2 4 3
%
+ 1 8 .9
— 4 .6
+ 1 3 .8
+ 7 8 .5
— 3 .0
— 3 .2
+ 1 6 .4
+ 2 3 .0
+ 8 .0
+ 8 .0
— 0 .6
+ 4 8 .2
+ 5 3 .1
+ 1 8 .6
+ 4 0 .0
— 4 .6
+ 4 0 .2
+ 1.1
+ 1 5 .0
— 1 0 .7
+ 3 9 .2
+ 4 4 .7
+ 3 .8
+ 2 4 .0
+ 2 6 .3
— 3 1 .3
+ 3 2 .7
+ 3 .5
+ 3 3 .7
+ 2 6 .8
+ 3 5 .2
+ 1 4 .4
T o t .M ld .W c s t .
9 8 9 ,7 1 4 ,4 1 0
8 2 3 ,6 6 5 ,4 9 5
+ 20.1
7 2 2 ,0 3 6 ,2 8 7
5 4 6 ,3 4 9 ,3 1 1
S a n F r a n c i s c o ___
L o s A n g e l e s ...........
S e a t t l e .....................
P o r t l a n d ...................
S a lt L a k e C i t y ___
S p o k a n e __________
T a c o m a ...................
O a k l a n d __________
S a c r a m e n t o ______
S a n D i e g o ..............
P a s a d e n a _________
S t o c k t o n __________
F r e s n o .....................
S a n J o s e ______
Y a k i m a ______
R e n o __________
L o n g B e a c h ______
1 4 7 .0 9 9 ,9 0 3
5 0 .1 9 5 .0 0 0
3 9 .1 0 6 .4 3 1
2 6 ,2 5 2 ,3 7 7
1 3 ,2 5 2 ,4 5 6
8 ,7 6 7 ,0 3 3
5 .2 4 2 .9 7 1
9 ,0 0 8 ,3 2 2
4 ,6 3 7 ,6 1 1
2 , 100,000
1 ,3 6 2 ,6 1 4
2 ,1 8 8 ,5 5 3
3 .2 3 4 .1 4 5
1 ,3 7 9 ,2 2 7
9 7 4 ,9 4 1
6 7 8 ,6 0 3
1 ,4 4 6 ,0 2 1
1 0 8 ,4 7 4 ,6 4 0
3 0 .1 0 5 .0 0 0
3 8 ,5 4 1 ,2 9 3
2 3 ,8 9 4 ,5 4 1
1 1 .3 5 0 .0 0 0
7 ,3 4 0 ,5 9 9
4 ,1 1 5 ,2 1 7
6 ,3 6 2 ,4 4 8
4 ,0 8 8 ,0 4 5
1 ,8 9 9 ,6 1 2
8 0 4 .9 2 9
1 ,7 7 7 ,2 7 6
2 ,1 8 5 ,9 2 7
9 7 5 .0 0 0
5 0 3 .9 2 9
5 7 5 .0 0 0
1 ,1 7 0 ,0 6 5
+ 3 5 .5
+ 6 6 .7
+ 1 4 .7
+ 9 .9
+ 1 6 .8
+ 1 9 .4
+ 2 7 .4
+ 4 1 .6
+ 1 3 .4
+ 1 0 .5
+ 6 9 .3
+ 2 3 .1
+ 4 8 .0
+ 4 1 .4
+ 9 3 .5
+ 1 8 .0
+ 2 3 .6
8 1 ,5 2 4 ,0 1 3
2 7 ,3 4 3 ,0 0 0
2 2 ,5 5 1 ,2 7 8
1 4 ,0 5 8 ,5 5 0
1 1 ,7 9 8 ,3 7 1
5 ,6 0 0 ,0 0 0
2 ,4 7 2 ,0 5 0
4 ,6 2 5 ,9 7 6
2 ,6 8 3 ,4 5 5
1 ,8 0 9 ,6 6 6
9 1 0 ,0 5 2
1 ,4 8 6 ,5 7 1
1 ,3 6 5 ,1 9 3
7 3 5 ,3 4 9
4 7 2 ,2 4 9
5 0 3 ,7 4 0
5 8 6 ,1 4 3
5 6 ,9 5 8 ,9 8 7
2 0 ,8 9 9 ,8 1 2
1 3 ,4 8 3 ,9 9 1
8 ,9 4 8 ,2 7 4
6 ,1 2 4 ,4 7 1
3 ,9 8 7 ,0 0 0
1 ,8 9 0 ,4 9 0
3 ,7 6 2 ,3 0 3
2 ,3 1 4 ,9 9 8
2 ,0 0 5 ,4 8 1
7 9 2 ,2 0 7
1 ,1 4 8 ,0 3 2
8 8 7 ,4 0 0
6 6 6 ,7 0 8
2 8 4 ,6 6 9
3 0 0 ,0 0 0
4 9 4 ,8 5 8
4 5 3 ,5 7 1 ,1 1 4
4 3 ,0 9 0 ,6 4 8
7 9 ,7 2 6 ,6 4 7
4 9 ,4 5 9 ,5 1 1
2 0 ,8 0 0 ,6 4 6
1 1 ,6 6 2 ,0 0 0
1 1 ,2 8 8 ,2 0 0
9 ,4 7 5 ,4 5 7
5 ,8 4 7 ,9 9 0
4 ,4 8 3 ,0 1 4
2 ,1 6 3 ,2 8 3
3 ,4 3 3 ,3 0 2
6 ,7 6 1 ,0 0 0
3 ,2 5 0 ,7 7 8
3 ,4 0 3 ,7 4 0
1 ,5 0 5 ,4 1 6
1 ,0 7 2 ,4 9 5
1 ,4 9 1 ,3 9 3
5 2 5 .0 0 0
9 3 4 ,0 2 3
1 ,2 0 2 ,4 5 0
9 2 5 ,4 8 4
7 6 1 ,2 9 1
9 8 4 ,8 9 0
4 8 0 .0 0 0
5 7 6 ,6 4 2
7 0 0 .0 0 0
. 9 8 8 ,3 9 9
7 8 9 ,9 2 1
3 3 9 ,3 7 9
2 4 5 ,3 9 9
9 6 ,7 7 5
3 4 8 ,8 8 4 ,2 9 1
3 1 ,2 4 1 ,2 5 0
5 1 ,9 5 3 ,2 8 8
3 8 ,7 4 2 ,6 6 7
1 5 ,7 5 3 ,5 5 0
8 ,6 6 6 ,8 2 6
9 ,8 7 4 ,2 0 0
8 ,1 9 9 ,3 1 7
3 .0 5 0 .0 0 0
4 , 1 5 7 ,2 8 0
1 ,4 1 3 ,9 2 0
3 ,0 7 5 ,2 3 6
4 . 3 2 7 .0 0 0
2 ,9 8 8 ,6 7 3
2 ,2 8 4 ,4 0 6
1 ,3 7 5 ,2 7 4
1 ,2 8 2 ,1 0 2
1 ,1 9 3 ,1 4 2
5 2 2 ,9 9 5
7 7 3 ,0 7 1
1 ,0 1 4 ,1 0 6
8 0 4 ,4 0 0
7 0 9 ,5 1 7
6 7 2 ,0 5 9
5 0 1 ,5 0 7
2 9 2 ,2 3 6
6 4 0 ,1 9 0
6 2 5 ,9 4 3
6 0 8 ,4 0 3
4 0 8 ,5 2 8
2 5 5 ,0 2 1
6 8 ,9 1 3
T o ta l P a c ific ..
3 1 6 ,9 2 6 ,2 0 8
2 4 4 .1 6 3 ,5 2 1
+ 2 9 .8
1 8 0 ,5 2 5 ,6 5 6
1 2 4 ,9 4 9 ,6 7 8
K ansas C it y ..
M in n e a p o lis ..
O m a h a ..............
S t . P a u l ...........
D e n v e r ____________
S t. J o s e p h ...
D os M o in e s ..
W i c h i t a ...........
D u l u t h ..............
S io u x C i t y . . .
L i n c o l n _______
T o p e k a . ...........
C e d a r R a p i d s ___
W a t e r l o o _____
H e l e n a _______
F a r g o _________
C o lo r a d o S p r in g s .
P u e b l o ..............
F r e m o n t ______
A b e r d e e n _____
H a s t i n g s _______
B i l l i n g s ..............
2 2 5 ,5 0 4 ,2 8 4
3 9 ,2 1 0 ,8 5 7
5 7 ,6 9 0 ,2 4 9
1 9 ,5 2 0 ,9 5 0
2 1 ,9 5 1 ,0 6 1
1 6 ,2 3 9 ,2 4 3
1 0 .1 4 2 .1 1 1
1 4 .2 9 5 .4 3 2
6 .8 8 4 .1 4 5
9 ,9 5 7 ,6 7 5
5 ,0 3 8 ,3 5 0
3 ,5 8 4 ,6 1 8
2 ,3 7 9 ,7 9 0
1 ,8 9 1 ,4 5 3
1 .9 0 0 .0 0 0
2 .7 8 3 .1 1 1
1 ,0 6 2 ,5 4 7
5 5 8 ,5 0 8
7 8 9 ,6 8 9
1 ,7 8 1 ,5 5 7
5 9 3 ,7 4 3
1 ,1 0 8 ,1 1 8
2 0 1 ,7 4 3 ,2 2 0
+ 1 1 .8
2 3 ,8 0 3 ,7 9 6
+ 6 4 .7
5 2 ,6 0 6 ,3 3 9
+ 9 .7
1 4 ,7 5 0 ,6 4 5
+ 3 2 .3
2 1 ,5 5 8 ,8 5 7
+ 1 .8
1 6 ,5 6 9 ,7 1 2
— 2 .0
+ 1 6 .8
8 ,6 8 3 ,4 8 4
9 ,9 6 6 ,4 7 9
+ 4 3 .1
4 ,7 5 5 ,4 4 7 , + 4 4 .8
7 ,8 3 2 ,2 3 5
+ 2 7 .1
3 ,7 5 9 ,5 9 2
+ 3 4 .0
2 ,7 0 0 ,0 0 0 ! + 3 2 .8
1 ,7 6 1 ,3 8 0
+ 3 5 .1
1 ,5 7 0 ,6 3 7
+ 2 0 .4
1 ,6 6 4 ,8 5 7
+ 1 4 .2
1 ,7 0 0 ,0 0 0
+ 6 3 .7
7 0 9 ,8 6 8
+ 4 9 .7
5 7 0 ,5 8 6
— 2 .1
6 8 2 ,7 4 4
+ 1 5 .7
1 ,2 3 1 ,1 0 2
+ 4 4 .7
6 5 0 ,6 8 4
— 8 .8
9 8 9 ,3 9 1
+ 1 2 .0
1 3 2 ,4 2 9 ,5 6 0
2 2 ,2 5 3 ,7 6 2
2 9 ,6 5 8 ,4 8 2
1 3 .0 8 4 ,7 2 2
1 2 ,7 8 1 ,5 6 4
1 2 ,8 2 1 ,9 6 6
5 ,8 0 8 ,1 8 3
8 ,3 9 8 ,5 3 2
4 ,6 9 7 ,7 8 9
5 ,5 6 7 ,2 3 3
2 ,2 3 0 ,3 6 2
2 ,8 9 7 .2 0 4
2 ,2 2 6 ,3 2 0
2 ,5 6 7 ,1 3 2
1 ,9 5 4 ,4 8 0
1 ,5 5 9 ,6 3 4
8 7 1 ,5 5 4
4 6 6 ,5 9 6
6 1 9 ,0 3 8
1 ,0 1 3 ,0 5 7
3 7 3 ,8 7 9
1 .1 8 4 ,9 1 3
8 9 ,9 5 0 ,4 6 4
2 4 ,4 5 8 ,7 7 2
2 0 ,0 6 6 ,9 9 8
1 2 ,2 9 5 ,3 4 4
1 0 ,5 4 7 ,5 8 9
8 ,2 3 6 ,7 0 4
6 ,0 3 4 ,9 5 0
5 ,4 1 9 ,2 5 6
4 ,8 0 8 ,8 3 5
3 , 3 1 7 ,2 8 3
2 , 5 0 0 ,0 0 0
1 ,9 7 0 ,7 1 6
1 ,3 2 6 ,5 8 5
1 ,3 7 4 ,0 5 0
1 ,2 6 0 ,7 1 0
1 ,5 2 8 ,3 8 8
6 0 4 ,4 0 9
4 9 3 ,7 4 3
6 5 7 ,7 7 2
8 6 0 ,9 8 4
4 4 9 ,8 9 9
6 4 8 ,3 4 4
T o ta l oth . W est
4 4 4 ,8 6 7 ,4 9 1
3 8 0 ,3 4 2 ,4 0 6 1
S t . L o u i s _________
N e w O r le a n s _____
L o u i s v i l l e _________
H o u s t o n ........... .......
A t l a n t a .....................
R i c h m o n d _______
G a l v e s t o n _________
M e m p h i s ................
F o r t W o r t h ______
N a s h v i l l e ................
S a v a n n a h ................
N o r f o l k .....................
B i r m i n g h a m _____
L it t l e R o c k ...........
M a c o n ......................
J a c k s o n v i l l e ______
O k l a h o m a ________
C h a t t a n o o g a _____
K n o x v i l l e _________
C h a r l e s t o n _______
A u g u s t a ..................
M o b i l e ......................
A u s t i n . . ........... .......
T u l s a ........................
M u s k o g e e ................
J a c k s o n __________
V i c k s b u r g ................
D a l l a s ........................
S h r e v e p o r t ..............
1 5 1 ,6 2 2 ,7 8 1
5 5 ,0 4 1 ,0 5 3
1 6 ,0 0 0 ,0 0 0
1 8 ,0 0 0 ,0 0 0
6 3 ,4 3 9 ,9 5 9
5 4 ,1 9 6 ,4 7 4
8 ,1 5 8 ,2 4 8
1 6 ,6 5 6 ,7 3 4
1 8 ,4 1 2 ,4 9 1
1 4 ,7 7 7 ,3 2 1
7 ,9 2 3 ,8 7 0
9 ,1 8 7 ,8 4 9
1 2 ,3 1 7 ,9 7 9
5 .5 0 0 .0 0 0
1 .2 6 0 .0 0 0
7 ,7 0 3 ,6 2 0
1 3 ,6 7 9 ,1 0 5
6 ,2 9 1 ,6 8 1
2 ,4 9 5 ,1 1 2
3 .0 0 0 .
3 ,0 0 9 ,5 4 8
1 .4 0 0 .0 0 0
1 .5 0 0 .0 0 0
1 0 ,7 8 2 ,4 6 8
• 3 ,2 3 4 ,4 0 6
4 2 3 ,3 9 5
2 4 1 ,5 9 4
2 5 ,5 6 9 ,8 2 9
3 .0 0 0 .
1 5 2 ,0 9 3
3 9 .9 6 7
2 0 .9 6 7
1 0 ,7 0 3
3 6 ,1 6 5
4 4 ,2 3 7
3 ,0 2 5
8 ,4 3 4
1 1 ,8 3 5
1 4 ,4 7 5
4 .9 7 1
7 ,4 3 9
3 ,6 0 9
4 ,0 1 4
T o t a l S o u th e r n ^ 5 2 4 , 8 2 5 , 5 1 7
+ 1 6 .9
2 6 6 ,4 6 5 ,9 6 2
1 9 7 ,7 1 7 ,1 4 0
— 0 .3
+ 3 7 .7
— 2 3 .7
+ 68.2
+ 4 7 .8
+ 2 2 .5
+ 1 6 9 .7
+ 9 7 .5
+ 5 5 .6
+ 2.1
+ 5 9 .4
+ 2 3 .5
+ 2 4 1 .3
+ 3 7 .0
+ 5 .0
1,200
3 ,8 5 9
+ 9 9 .6
+ 5 3 .1
8 ,9 3 7
+ 2 6 .6
4 .9 7 1
2 ,0 1 3 7531 + 2 3 . 9
0 020,7 0 0 ,000 + 11.1
— 7 .5
3 ,2 5 4 ,5 0 3
+ 8 .4
1 ,2 9 1 35 4
1 ,2 3 2 146 + 21.8
+ 22.8
8 ,7 8 1 174
+ 2 6 .2
2 ,5 6 2 8 0 5
— 8 .1
460 911
+ 0 .6
2 4 0 ,0 4 6
1 3 ,0 0 0 .000 + 9 6 .7
0 010,6 5 6 ,9 9 6
+ 8 1 .1
1 1 2 ,7 7 7 ,4 3 1
3 0 ,1 7 7 ,1 6 7
1 7 ,5 9 7 ,6 3 9
1 0 ,4 0 0 ,0 0 0
2 1 ,3 0 0 ,4 5 0
2 6 ,1 6 3 ,2 6 2
4 .6 0 0 .0 0 0
8 ,9 6 5 ,8 2 0
1 0 ,2 3 8 ,2 0 1
7 ,6 1 0 ,3 4 6
5 ,1 4 7 ,9 1 9
5 ,0 3 7 ,7 1 9
3 ,1 0 6 ,4 1 8
2 ,9 3 5 ,3 9 9
1 .0 1 5 .0 0 0
3 ,3 3 5 ,5 0 8
7 ,4 9 8 ,1 6 4
3 .5 5 6 ,7 3 6
2 ,1 3 8 ,7 4 8
2 ,4 3 9 ,7 4 2
1 ,6 8 4 ,7 1 8
1 ,2 6 9 ,6 6 7
1 .4 0 0 .0 0 0
6 ,2 3 9 ,3 0 4
1 ,7 4 2 ,2 3 9
4 1 2 ,4 7 1
1 9 4 ,9 2 8
9 , 5 6 2 ,4 4 8
1 ,1 7 9 ,4 4 1
9 4 ,6 7 0 ,6 8 8
1 8 ,6 5 1 ,3 3 3
1 5 ,3 5 4 ,8 8 4
7 ,4 4 2 ,7 7 7
1 1 ,8 1 4 ,1 1 5
1 4 ,6 2 3 ,3 6 5
3 , 9 7 8 ,9 9 5
4 . 5 6 4 ,0 3 6
8 , 2 0 8 ,8 9 0
6 ,0 8 4 ,4 5 5
3 ,6 5 4 ,0 1 7
3 ,6 6 1 ,0 0 9
2 ,1 1 0 ,7 0 2
1 ,7 5 6 ,3 0 9
2 ,9 8 7 ,9 2 8
2 ,8 0 4 ,8 4 9
3 ,7 5 4 ,1 6 6
2 , 1 3 6 ,2 0 5
1 ,8 9 2 ,9 7 3
1 ,5 3 0 ,2 4 8
1 ,4 0 3 ,9 0 1
8 1 0 .0 0 0
8 0 0 ,0 0 0
4 ,0 1 4 ,2 7 3
8 6 6 ,0 1 7
3 4 9 ,6 6 1
1 5 6 ,4 9 0
6 ,3 2 7 ,6 8 6
_ 3 0 9 ,7 2 6 ,8 8 5
2 2 6 ,3 7 3 ,8 7 2
,526
,844
416
696
,077
,507
,118
,657
,063
,025
____ ,
,600
517|
,2 4 5
,145
,000
,037)
,383
795:
4 1 8 ,5 0 9 ,3 3 8
+ 2 5 .4
T o t a l a l l .............. 8 7 2 7 3 ,7 4 2 ,5 1 6 6 ,1 4 2 ,1 9 6 ,3 5 7
5 7 3 2 9 .0 3 1 ,7 8 5 5 , 0 5 2 . 1 7 0 .1 8 i
O u t s id e N . Y — 3 ,3 9 4 ,4 0 6 .2 1 6 2 ,8 5 5 .8 8 9 .9 0 8
+ 1 0 .8 2 ,2 1 7 ,0 5 6 ,4 9 9 1 ,6 7 6 ,5 6 3 ,0 2 9
THE CHRONICLE
404
THE FINANCIAL SITUATION.
Simultaneously with talcing the first step in
abandoning Governmental control of public utilities
by returning the wire systems to their owners, one
more evidence is presented concerning the disastrous
situation produced by the seizure of the railroads.
Some of the same organized labor that dictated terms
to the President and Congress in the latter half of
1916 has made a fresh call at the Executive mansion.
Chief Stone of the Engineers’ Brotherhood (one of
the biggest of the Big Four) reports to the President
and Cabinet that the constantly rising cost of com
modities still causes unrest everywhere, “ especially
among wage-earners.” The persons for whom he
speaks have had substantial increase in pay, he ad
mits, but still are worse off than before the war, the
pre-war $5 per day being now worth only $2 15. So
they want either lower living costs or still more wage.
Enlarge our dollars, or still further increase their
number.
The interesting feature in this latest demand is
that it indicates- at least a dawning understanding
of the relation between rising wages and rising
prices , of necessaries. If they have never seen it
before, these union representatives certainly arc now
beginning to gather and take home the meaning of
“ the spiral staircase.” If the $5 note of to-day will
buy only what $2 15 bought in pre-war time, this
is very largely because nearly every worker, and at
nearly every step in the long and intricate processes
from raw material to the consumer’s table and back,
has been demanding and getting more dollars; the
cut from $5 to $2 15 is the sum of a multitude of cuts
in purchasing power. The longer one persists in
movement along an ascending grade the farther one
gets above the level. Chief Stone sees this, and would
rather have his dollars grow in size than in number.
“ At this time,” he says, “ we find ourselves obliged
to again request an increase in wages to meet the
mounting cost of living;” but he recognizes that no
such meeting is of value, for “ we feel that should this
request be granted the relief would be but temporary
should prices continue to soar.” He does not believe
that raising the wage, “ accompanied by a greater
increase in the cost of commodities,” will be of lasting
benefit to “ our craft or to the American citizen in
general.” He believes the trouble is “ brought about
mainly by conscienceless profiteering by the great
interests who have secured control of all necessaries
of life;” here he shows that he has been reading, not
wisely but too trustfully, the counter-blasts of the
Federal Trade Commission against the packers, and
he avoids admitting, even by implication, that labor
profiteering by organizations which have abundantly
exhibited their indifference “ to the American citizen
in general” has any share in the evil which he asks
the Government to please remove.
These are the same men (in part) who in 1916
threatened a country-wide strike, and this is the
same man who was reported to have said, long ago,
that wages are a first lien always and receivers’ cash
as good as any. We do not find the word “ strike”
in the communication as reported, nor any suggestion
as to what these men (77% of whom, he carefully
explains, are American-born citizens) will do if their
dollar is neither enlarged nor multiplied. The state
ment is smooth in tone, and as the men are still
Government employees and deem it necessary only
to say what they want, they may think the political
[V ol . 109.
expediency of yielding again to them need not be
urged. They do suggest, however, that “ the true
remedy for the situation and one which will result in
lifting the burden under which the whole people are
struggling, is for the Government to take some ade
quate measures to reduce the cost of the necessaries
of life to a figure that the present wages and income
of the people will meet.” Whose wage and income
should be taken as the minimum that must be met
by the cost of living is not stated; but it is safe to
infer that when these men have had enough, all others
(in their view) have had enough; but “ enough” in
the Brotherhood scale has been thus far so movable
a point that there can be little hope of catching up
with it.
Whatever can be justly and feasibly done to start
the price scale downward should be done by Govern
ment, indubitably; the selling of army stores no
longer needed is good as far as it goes. But for four
years the world’s work turned from production to
destruction; little unconsumcd excess was left over
to become wealth; we lived from hand to mouth, and
were destroying the hand and the mouth as well;
we virtually attacked our own reserves, we dis
counted the future, we subordinated everything
to the one purpose of finishing a process of world
devastation. Now we have to recover from it, which
is a work of time. The time required can be some
what shortened by common-sense, by pulling to
gether, and a combined unwonted unselfishness and
patience; it can be prolonged by passionately thrash
ing about, selfishly grabbing what is within reach,
and determinedly struggling to dump upon others
one’s own share of the suffering the war brought on
mankind. This is the gravamen of the charge,
against organized labor: that it has viewed and seized
the war as its opportunity to get even with the world,
to solidify itself as a “ class” and make that the
governing class as well. “ Labor,” miscalling itself
as comprehending practically all persons who work
and all whose interests need be deemed important
enough to govern public policies, has persistently
sought, by sheer force of organization and emergency
to keep what it calls its pre-war standards of living
and comfort, thus letting the people outside its own
pale rub on as they might. It still manifests no
willingness to take its share of the war load and
endure patiently and without grumbling.
And now this latest (not certainly the last) coming
forward with new demands shows again what a fatal
blunder has been continuously made in dealing with
railroad employees and the whole transportation
problem in the last twenty years. Suppose, by a
stretch of imagination, that by an Executive order
all profiteers could be converted to personal right
eousness and somehow or other all commodity prices
could be cut in half, does anybody believe these
organized and selfish workers, encouraged by all the
past submission to them, would rest content with their
wage of to-day, if they supposed (as ere long they
would suppose) they could put more to it by the
asking?
The condition of the cotton crop on July 25 this
year, as announced by the Crop Reporting Board
of the Department of Agriculture yesterday, was
even less favorable than a month earlier, and the
lowest on record for the date given. Consequently,
the outlook now is for another short crop— the fifth
in succession— unless the weather should be unusually
A ug . 2 1919.]
THE CHRONICLE
satisfactory hereafter. In addition to a reduction in
area this spring the plant is reported late in develop
ment over pretty nearly the entire cotton territory
and there is an apparent shortage of labor to properly
carry on the work of cultivation &c. Then too there
are complaints of increasing damage by boll-weevils
in many localities.
During the month preceding July 25, (the date
to which this report is brought down), the chief
cause for complaints according to private advices,
appeared to be the excessive rainfall in Gulf and
Atlantic districts at various times, and to some
extent in Texas in the closing week. Reflecting this,
it is claimed that the plant is sappy and lacks top
root in many sections and there is also reference to
shedding. Furthermore the official weather-crop
bulletin for July 29 refers to the fact that good growth
in most sections during the preceding week had been
at the expense of fruit, while in many localities
where rainfall has been heaviest the plant is shedding
badly. It is also stated that the weather con
tinued favorable for weevil activity in most sections
where infested, and much damage was reported from
many localities. The Department, commenting on
the decline in condition during July, attributes it in
the main to the serious injury done by the bollweevil, although severe damage was done in parts of
the Carolinas and Georgia in the last ten days of
the period covered by heavy washing rains. The
scarcity and high price of labor is also referred to, as
well as an abandonment of acreage above the average.
Specifically, the report makes the average condition
of the cotton crop on July 25 only 67.1% of a normal,
or 2.9 points under the status of June 25, and the
lowest on record at date. Comparison is with
73.6 last year, 70.3 two years ago, 72.3 in 1916 and
a ten-year average of 76.1. Texas shows a deter
ioration of only 2 points, but the drop in Louisiana
is 9 points, the Carolinas and Florida 7 points and
Georgia 5 points from June 25. The situation is
better than a month ago in Oklahoma, Missouri
and Tennessee. As contrasted with 1918, improve
ment is indicated in Texas, but in Mississippi there
is a deterioration of 18 points. Alabama 14 points,
Louisiana 13 points, Arkansas 14 points, Tennessee
19 points, North Carolina 11 points, South Carolina
9 points and Georgia 10 points. Reflecting the low
average condition, the Board interprets its figures as
foreshadowing a yield of approximately 11,016,500
bales, not including linters, this after allowing 1%
for abandonment of planted area. The latest
estimate compares with the final approximation of
12,040,532 bales last year, 11,302,000 bales two
years ago, 11,450,000 bales and 11,192,000 bales
respectively in 1916-17 and 1915-16 and the 16,134,
930 bales high record yield of 1914-15.
Conditions in Europe appear no less disturbed than
at any time since the signing of the armistice last
November. Politically, in some respects, they seem
to be getting worse rather than better. In none
of the countries apparently— not even Great Britain
or France— arc the political leaders, barring the few
who were delegates to the Peace Conference, as much
concerned with reconstruction plans as they are with
opposing, and even with overthrowing, the party in
power. Practically every Nation in Europe is seeking
aid from the United States in one form or another.
It would not seem amiss to suggest that, willing as
our banks and other financial institutions and our
405
people as a whole are to help the war-stricken
countries, probably more enthusiasm would attend
our activities to this end if a greater number of the
political leaders and the people of the respective
countries would show a more pronounced disposition
to help themselves by desisting from their political
wranglings and devoting their time, thoughts, ener
gies and resources to the rebuilding of their enter
prises and their Governments. The French Chamber
of Deputies has given Premier Clemenceau and his
Ministry several votes of confidence. A few days
ago the National Assembly of Germany took similar
action with respect to the present Ministry of that
country. This is all very good as far as it goes, but
it does not go far enough by any means. What is
needed first of all in Europe for its upbuilding are
not American gold, food, materials or coal, but a
change of attitude on the part of the people and
a determination to “ pull together” for the restoration
of at least approximately normal conditions. Much
valuable time and space are being devoted to a more
or less academic construction as to who was to blame
for the war. Naturally, it is being passed along from
one to another and it is difficult to see that much, if
any, good is being accomplished from the discussion.
Europe should bury the war and everything that led
up to it, and that developed out of it, except as out
of its blood-stained ashes her people may learn
lessons that will lead them to do all in their power to
prevent the recurrence of such an awful calamity.
It is with the present, and more particularly with the
future, with which the Governments and people of
Europe should deal. With that determination clearly
demonstrated to the world, especially to the United
States, comparatively little difficulty will be experi
enced by Europeans in getting the needed materials,
and the funds or credit with which to pay for them.
So far as the advices have indicated, matters have
proceeded rather slowly at the Peace Conference for
the last two weeks. During the first few days of
this week the announcements appearing in cable
grams from that centre regarding the deliberations
and activities of the peace delegates were neither
striking nor definite. At the beginning of the week
there appeared to be much uneasiness in Peace Con
ference circles over the probable effect upon the
ultimate fate of the Peace Treaty and the League of
Nations covenant of the wrangling over them in the
United States Senate. Some authorities in Paris
were quoted as being extremely apprehensive and as
believing that if our Senate fails to adopt the treaty
and the covenant, except with several important
reservations, it would be practically impossible to
make those documents effective with the nations that
are expected to become signatories to them, and that
the work of many months at the Peace Conference
would be practically, if not actually, nullified. In
his interviews with Senators who are opposing the
Peace Treaty and the covenant in the form in which
they were adopted and signed at Versailles, President
Wilson has endeavored to convey the impression
that undoubtedly this would be the ultimate result
if attempts were made to change either document as
to essential features. On Wednesday of this week
in interviews with four prominent Republican
Senators, the President is said to have “ expressed
himself as insistent that reservations should not be
made, saying they would endanger the treaty.” In
continuing his argument in favor of ratifying it in
406
THE CHRONICLE
its present form, the President is reported to have
told the Senators that it “ would be embarrassing to
the United States, after it had assumed a leading
part in the treaty negotiations.” While the ardent
cupporters of the President and the Peace Treaty
and the League of Nations covenant are declaring
from day to day that before long the Republican
Senators will drop their opposition and that the
treaty will be ratified, the four Senators who saw the
President on Wednesday, according to Washington
dispatches, told him “ that reservations must b3
adopted in the ratification of the Versailles treaty,
if it is to be accepted by the majority of the upper
b ody.” At the moment indications are that the
discussions will go on for some little time. The
President had further interviews with Senators later
in the week, but neither he nor they experienced a
change of heart, according to the reports from Wash
ington.
Paris advices received Thursday morning stated
that “ it is expected in French circles that the dis
cussion of the German Peace Treaty will open about
Aug. 10 in the Chamber of Deputies and continue
three or four days. There will then be a three-day
or four-day discussion in the Senate.” The belief
was said to be entertained in Government circles
“ that M . Clemenceau will be able to bring about a
speedy consideration,” in spite of the Shantung situa
tion and the possibility that the American Senate
may not have acted finally at the time set for the
discussion by the French legislative body. Premier
Clemenceau and Captain Andre Tardieu attended a
meeting of the Committee of the Chamber of Deputies
that is considering the Peace Treaty, on Tuesday,
and answered a great number of questions. The
Premier alone devoted three hours to the hearing and
is believed to have cleared up many points of un
certainty in the minds of several Deputies, and to
have removed opposition to the treaty that hitherto
existed. The opinion was expressed in another
Paris cablegram that the ratification would take
place early in September.
It would be interesting in the extreme to get at
the facts in the Shantung situation. The statements
regarding it that have come from Paris, London,
Pekin, Tokio and Washington are conflicting beyond
reconciliation. This situation has been one of the
most active topics of discussion in all the centres
mentioned throughout the week.
In the best
informed circles the prevailing opinion appeared to
bo that the treaty would have to be modified so as
to remove the apparent injustice that China and her
supporters claim has been done to her. Some of
her friends in this country and abroad were pessimistic
enough to express doubts as to the probability of
her ever getting justice in this matter. In a long
dispatch from Tokio made public here last Sunday
it was claimed that the former Councilor of the
Japanese legation at Pekin had gone to the Shantung
Peninsula “ to conduct a special investigation of
conditions there preparatory to negotiations with
China for the return of its sovereignty ov^r the
territory that would be controlled by Japan under
the German peace terms.” In this dispatch Jap
anese Government officials were quoted as expressing
the belief that these negotiations would not be started
until after the “ ratification of the Peace Treaty by
the Privy Council,” which they expected would not
[V o l . 109.
take place before Sept. 15. These officials were
reported to have even declared that “ Japan is willing
to make all enterprises in the Shantung Peninsula,
including railroads, etc., a joint undertaking with
the Chinese.” In the light of the statements that
came from o^her centres, one would seem justified
in characterizing the whole dispatch as largely
Japanese propaganda.
It was claimed in a special Washington telegram
on Monday that Japan could not be expected to
make known her policy with respect to the Shantung
Peninsula just now, and that as a matter of fact it
would be unreasonable to expect her to do this until
her peace delegates return from Paris and the Govern
ment authorities at home have an opportunity to dis
cuss the whole question with them. The statement
was made in another Washington message, in behalf
of Japan, that she would clear up the Shantung ques
tion “ in a way satisfactory to American public
opinion and in a way to appease the opposition in the
American Senate.” According to another telegram
from Washington on Monday afternoon, President
Wilson had “ practically decided to address the Sen
ate” on this question. The very next morning, how
ever, the statement was made in a special dispatch
from our National Capital that “ Japan is not only
unwilling to return Shantung to China uncondition
ally, or to make any binding promise in that respect,
but will also resent any move on the part of Presi
dent Wilson directly challenging Japan’s stand in the
matter.” It was claimed that “ the reason for
Japan’s desire for secrecy is known here [Washington]
only to the President and a very few others.”
The advices received from various centres on
Thursday morning, bearing on the Shantung situ
ation had to do chiefly with the agreement which it
is claimed the representatives of Great Britain and
France, together with President Wilson, entered
into at Paris last Spring. In a special cablegram
from that centre it was stated that “ on April 30
the Council of Three, President Wilson and Premiers
Lloyd George and Clemenceau, agreed on the
German treaty clause by. which the German rights
in Shantung were given to Japan.” It was claimed
also that “ before reaching that decision these three
men were assured by Baron Makino that Japan would
restore the political rights in Shantung to China,
but would retain to herself the economic rights and
control of the railways already in operation in that
province and two more lines to be built.” In order
“ to satisfy China and induce her to sign the German
treaty,” it was declared in the cablegram that
“ Japan must develop or amend her April 30 under
taking by fixing a definite date, not more than a
year hence, within which she will restore the Chinese
political rights.” In a Washington dispatch received
here, also on Thursday morning, it was declared,
on what was said to be good authority, that “ the
Japanese Government at Tokio, and not the Peace
Conference at Paris, drafted articles 156, 157 and
158 of the treaty which put the Shantung province
under Japanese conquest and domination.” Repre
sentatives of Chinese organizations in this country
issued a statement Thursday morning in which they
declared that “ the award virtually would mean the
creation of a Chinese Alsace-Lorraine.” Baron
Makino and British and French officials were quoted
in a Paris cablegram as denying that representatives
of their Government last spring “ agreed on common
A ug . 2 1919.]
THE CHRONICLE
action on all questions before the Peace Conference,
especially Shantung.”
-
407
gave out an interview in which he asserted that
“ since the war Austria has been stripped gradually
of her possessions until now she is deprived of what
Frank L. Polk, Assistant Secretary of State, who is other countries consider necessaries of life, as she is
taking Secretary Lansing’s place as head of the without food and without coal. The only solution
American Peace delegation, arrived in Paris last for our people is emigration.” Speaking specifically
Tuesday morning. According to a cablegram from regarding financial conditions alleged to exist in
that centre, dated the same day, his coming at once Austria the banker said: “ With a gold reserve of
“ put afnew complexion upon affairs at the Hotel possibly 300,000,000 crowns, we are expected to
Crillon, the American headquarters.” The corres redeem bank notes in foreign countries totalling from
pondent also declared that “ the American delegation 5,000,000,000 to 7,000,000,000 crowns and a war
now will have a real head and new direction will be loan of possibly 500,000,000, mostly held in Germany.
given to the American policy here.” Secretary Polk Of 41,000,000,000 bank notes printed in the Empire,
is occupying the apartment vacated by Colonel E. M . we now hold from 5,000,000,000 to 7,000,000,000.”
House, and on the day of his arrival he “ had a long
Dr. Otto Bauer, the Foreign Minister, in discussing
conference with Henry White and General Tasker H. the treaty was reported to have asserted that “ for
Bliss, the other members of the delegation.” He also 40 years we will be the slaves of the Allies economic
attended a'meeting of the Supreme Council, where he ally, ’ and to have added that “ this shameful peace
was presented to Premier Clemenceau and the other can be destroyed only through the medium of in
members, by Henry White. Europe was said to be ternal solidarity.” Having made known his attitude
“ showing great interest in the arrival of this new towards the Austrian peace treaty, Herr Bauer
American diplomat.” The advices stated also that resigned from that office, but retained the position
he “ revealed immediately to his associates that he of Minister of Socialization in the Cabinet. The
had followed closely the developments at the Peace Foreign Ministry was assumed by Dr. Renner, the
Conference in regard to Turkish and Balkan prob Chancellor. Various rumors have come from Vienna
lems, with which it is dealing now.” It was hoped and other centres as to the principal causes of Herr
and expected that Mr. Polk’s coming would “ speed Bauer’s resignation. Among other things, it was
up” the deliberations and conclusions of that body.
charged that he had failed to bring about a union
In one Paris cablegram sent the day before he of Austria and Germany and also to get the assistance
reached the French capital, the failure of the Peace of Italy in this matter. Then, too, by the well-toConference to make much headway in the last two do class in his country, the former Foreign Minister
weeks was attributed largely to the fact that “ Amer was supposed to have Bolshevist affiliations.
ica’s position in the matters discussed was diametri
Dr. Renner as head of the Austrian peace dele
cally opposed to that of the loading Allies.”
It was gation returned to St. Germain last Sunday and at
maintained^that this applied to four important issues. once filed a request for an extension of the 15 days
First— the question of the Russian blockade. France originally granted by the Peace Conference for con
and the other nations were said to want “ a cordon sideration of the Austrian treaty. Wednesday after
established, naval and otherwise, to prevent supplies noon it was reported in a Paris cablegram that the
reaching the Bolshevist part of Russia.” The United Supreme Council had extended the time seven days,
States, on the other hand, was reported as maintain or to Aug. 6 . As the week advanced there was
ing that “ there can be no blockade without an actual little diminution in the protests of the Austrians
state of war, which does not exist, even with .the against the terms of the treaty. The chief claim
Bolsheviki.” Second— The Bulgarian treaty. Great made was that it would bring about “ the bank
Britain and Japan, it was claimed, “ want to give ruptcy of Austria within a few weeks unless the
WesternfcThrace to Greece.” America was set down financial terms were modified.” It was reported
as holdingjthat “ such a decision would provoke future in a cablegram from Vienna on Tuesday that the
Balkan wars, inasmuch as it would shut Bulgaria Austrian crown was quoted at only 2 ^ c ., said to be
off from the Aegean Sea, and upset the London “ the lowest price in history.” In a letter to Presi
treaty which settled the last Balkan war.” Third__ dent Seitz of German-Austria, a synopsis of which
America’s refusal to participate in the military move reached here Wednesday afternoon, Dr. Renner
ment to ^oust the Bela Kun Government. On this was quoted as asserting that “ Austria can hardly
question the dispatches stated that Great Britain live in its present position, and can only surrender
and America held “ that the Allies should not make itself trustfully to the League of Nations,” and as
war directly against the Bolsheviki.” Fourth— The having added that “ its hopes will not be in vain
resumption of the financial and food arrangements unless the League of Nations fails to be true to itself
maintained during the war.
or to recognize German-Austria’s right to exist.”
London heard from Vienna, by way of Berne,
The Austrians— peace delegates, Government offi Thursday afternoon that announcement had been
cials, newspaper editors and the people— continue made in Austria’s capital “ that the Cabinet reached
to voice their protests against the treaty submitted a decision to resign at a meeting held on Tuesday.”
to them at St. Germain for their approval. Dr. Yesterday morning’s advices direct from Vienna
Karl Renner, the Chancellor, and head of the peace seemed to confirm this report.
delegation, in the course of an interview, after arriv
ing in Vienna, was quoted as saying that “ we are
The exact whereabouts of Bela Kun, Hungarian
invited to an American duel— that is, we have the Foreign Minister, and what is actually going on in
option of shooting ourselves or being shot. Within that countiy are still matters of more or less con
the next ten days the Austrian delegates must jecture. The advices have been distinctly conflict
furnish proof that Austria is willing to pay, with ing. According to reports from various sources last
assets which are non-existent.” Dr. Alfred Treichl, week he was reported to have been “ deposed by a
Managing Director ofj[the Anglo-Austrian Bank, also triumvirate of radical leaders,” and to have asked
408
THE CHRONICLE
for safe conduct to the Argentine Republic. The
cablegrams from the latter country a few days later
declared that he was not wanted there. From the
reports that have come to hand this week— even as
late as yesterday morning— it would seem that this
wholly undesirable citizen was not overthrown, at
least not at the time reported last week. This was
demonstrated early this week when it became known
through cablegrams from Paris that the Supreme
Council of the Peace Conference had decided “ to
send a communication to the Hungarian people,
advising them that if they would overthrow the Bela
Kun Government and institute a Government with
which the Conference could deal, the blockade will
be lifted and food relief provided.” The day follow
ing cabled advices were received from Paris of a
rather detailed statement on the situation that had
been issued by Premier Clemenceau. In Paris
advices a day or two later it was intimated that the
Peace Conference took this step because it feared
that, together with Lenine in Russia, Bela Kun
might extend Bolshevism materially, in southeastern
Europe. As the week advanced there was practically
no end of rumors regarding what was said to be hap
pening in Hungary. On Wednesday it was claimed
in Berlin that the Hungarian People’s Commissaries
had proposed to Colonel Cunningham, the Allied
representative in Hungary, “ the peaceful resigna
tion of the Soviet and the formation of a new Govern
ment.” Alexander Garbai, President of the former
Government, was declared in a Geneva dispatch to
have killed himself in the Assembly Building at Buda
pest, “ after delivering a speech against the Soviet
and Communist supporters and of accusing Bela
Kun of leading the nation to ruin.” It was claimed
in Paris Thursday morning that, in reply to the
proposal noted above for the withdrawal of the
Soviet, the Peace Conference authorities had “ de
manded the unconditional resignation of the Budapest
Soviet Government.” A dispatch from Basle re
ceived Thursday evening stated that General Boehm,
Hungarian Soviet Minister of War, under Bela Kun,
had left Vienna for Budapest “ to urge Bela Kun to
retire voluntarily.”
A delayed dispatch from Vienna received here
yesterday afternoon said that during the day “ final
decision will be taken at Budapest on the demand of
the Allies, presented by Colonel Cunningham, that
Bela Kun abdicate as Hungarian Soviet leader.”
Some of his representatives are reported to have
offered Colonel Cunningham “ great concessions if the
Soviet was left undisturbed,” but he, on behalf of the
Allies, is said to have “ demanded Bela Kun’s abdi
cation and the removal of the Soviet power.” Still
another message from Vienna last evening stated that
Americans there, “ who are informed as to the situa
tion,” believe that Bela Kun will continue as dictator
for an indefinite time, according to his own will,
unless the Allies forcibly expel him. He is reported
to have promised to give his answer by August 5th to
the demand of the Allies that he surrender his power.
The charge was made again this week that the
delay in completing the Bulgarian peace treaty was
due largely to the “ position of the United States
regarding Thrace, which is still opposed to cutting
off Bulgaria from the Aegean Sea.” While it was
reported in Paris advices Wednesday afternoon that
“ the terms to be presented to the Bulgarian delega
tion, which is here awaiting the completion of the
[V ol . 109.
treaty,” were receiving special attention from Assis
tant Secretary of State Polk, it was understood that
he did not bring with him “ President Wilson’s
decision on the disposition of Thrace.” The treaty
was taken up again that afternoon by the Supreme
Council. Substantial progress was reported to have
been made, it being claimed that “ with the exception
of the delineation of boundaries, the terms are now
virtually complete, the economic clauses having been
approved by the Council yesterday.” That after
noon the Bulgarian delegation sent its first note of
protest to the Peace Conference. The claim was
set up that Dobrudja and Thrace are primarily
Bulgarian territory, and therefore it was maintained
that they must be given to Bulgaria. From Sofia
came the report that “ uneasiness and uncertainty
are discernible here with regard to the outcome of
the mission in Paris of the Bulgarian peace delegates.”
The question of Thrace was before the Supreme
Council again yesterday, but Paris advices stated that
“ there seemed little prospect of an immediate settle
ment regarding the boundaries of Bulgaria in that
region.”
Albert Breton, Vice-President of the Guaranty
Trust Co., of this city, who recently returned from
a trip of investigation in Europe, was quoted in an
interview as suggesting that perhaps Europe is in
greater need of coal than of food. It is a fact that
in the cablegrams from the leading foreign centres
this week more has been said about the scarcity of
coal than of food. This appears to be particularly
true in Italy, where fuel is scarce to a serious degree.
In fact, it was declared in Paris a few days ago, that
“ Italy is to-day a country without a ton of coal.”
The Austrians have reported to the Peace Conference
that their country also is practically without that
commodity because the Czechs have failed to supply
the coal they had promised. Great Britain, it was
claimed, could export this year only 23,000,000 tons
of coal compared with 70,000,000 tons last year.
The coal labor situation in the Yorkshire fields of
England has not worked out as well as anticipated
at the close of last week, when announcement was
made that representatives of the Miners’ Federation
had agreed to accept the terms offered by Lloyd
George. The men themselves, it developed, did
not take favorably to the terms. The great need
of coal in Europe is being given as one of the reasons
why it will be scarce and high in this country during
the coming autumn and winter.
Favorable comment was made generally in this
country upon the appeal of the Italian Prime Minister,
Nitti, to the French people for a defensive alliance,
which appeared in a special dispatch from Rome to
the Paris “ M atin” Tuesday morning. He declared
that “ after buying the victory with their blood,
France and Italy must gain peace by their work and
sacrifices,” and added that “ of all countries, Italy
emerges from the war in the best condition.” In
closing, the Prime Minister said: “ Italy and France
must not be lulled into an illusion of victory. We
do not want another war, but should it come we
must be ready.” Practically nothing was said in
the Paris advices regarding the troublesome Adriatic
question. On Thursday the opinion was expressed,
however, that because Signor Tittoni, Italian Foreign
Minister, and a number of the peace delegation, had
“ studiously refrained from a discussion of the Adriatic
A u g . 2 1919.]
THE CHRONICLE
problem, he had gained much favor with the otherr
Peace Conference authorities and had brought aboutt
a much better feeling among the Great Powerss
toward Italy and Italy’s aspirations.” The hopee
was even expressed that “ in due time he would bes
able to prepare his people to accept a compromise on1
the Fiume question,” which has been one of the mostt
troublesome with which the Peace Conference has3
had to deal.
409
Wednesday morning an American syndicate, of
which it was reported J. P. Morgan & Co. and the
National City Co. are the head, had arranged to
advance $5,000,000 to the Kolchak Government in
Russia. The advices also stated that the loan.
would be “ secured by $5,000,000 gold bullion,
which the Kolchak Government has sent to Hong
Kong, where it will be held, with a 5% margin as
security for the advance which the American bank
ers make.” The bankers here have been unwilling
The Kolchak Government in Russia appears to be3 to discuss the matter.
gaining ground. In a long interview in Paris a few
days ago Sergius Sazanoff, Foreign Minister under
For two weeks or so it has been claimed in cable
Admiral Kolchak, was quoted as saying that “ radical grams from Brussels that a large Belgian loan was
decentralization in the reconstruction of Russia is about to be arranged in the United States. One
the settled policy of Admiral K olchak.” In outlining was under way with New York bankers, but it will
the scheme of the new Government he said also that be recalled that, according to reports from Wash
“ the local Government should be the real foundation ington and also those that were in circulation here,
of the political structure and that the central Gov the negotiations were held up by the State Depart
ernment will exercise only functions of a general ment, because it regarded the prices offered by the
character.” London cablegrams yesterday morning bankers as unfavorable to Belgium. In the mean
stated that “ General Denikine’s forces in Southern time it has been understood that negotiations for a
Russia have achieved a notable success by the Belgian loan were being conducted by a New York
capture of Kamishin, on the Volga.” According to and Boston firm of bankers, but just what progress
the reports, also, “ General Denikine’s forces have has been made could not be learned. During the last
captured more than 5,000 prisoners and 9 guns.” two or three days there have been definite reports that
From London came the announcement last evening Belgian Treasury bills would be offered here, as the
that word had been received there during the day British bills have been for some time, and as French
that the “ volunteer army of General Denikine had bills are now to be offered. A prominent inter
won another important success, capturing the city national banker says he does not look for a public
of Poltava.”
offering of Belgian bills in the near future, but admits
that a few of the large financial institutions may take
Unfortunately the advices from Germany have a small block of Belgian bills, partly to help the
contained little of encouragement relative to eco Belgian Government, and partly with a view to
nomic and financial conditions, or reconstruction determining what the market for them in this country
plans. Nearly all of the many and long dispatches is likely to be. According to one report $10,000,000
have dealt with the disclosure of alleged plans, of the Belgian bills are already on their way to the
formulated at one time and another, with respect United States, being consigned to a prominent
to the war. Generally speaking it would seem fair financial institution in this city.
to assert that, from the former German Emperor
down through the list of prominent Government
It is very difficult to learn anything authoritative
officials and military officers, blame might be at or official regarding financing for Germany. Martin
tached. But this and kindred questions are matters Nordegg, who is said to be a German engineer and
to be dealt with by a duly appointed military tribunal, capitalist,
<
and to have been in the United States since
and not by the people, or even the German Govern 1915, was quoted in a cablegram, purporting to have
ment, at this time. The present discussion of these been
1
issued from London, that he had arranged a
matters only tends to harm by inflaming the minds ]large loan in America for Germany. In an inter
of the people and setting one class or group against 'view published here yesterday morning he was
another. Far more important problems await con- reported
]
to have said that he hoped to get at least
sideration and action by the German people and !$ 100,000,000, “ but would raise the figures to $250,
Government. A cablegram from Berlin last evening 000,000
(
or $500,000,000 if possible.” Bankers at
stated that the National Assembly at Weimar had this
1
centre who naturally would be interested in a
“ finally ratified the new constitution to-day, estab- large
1
loan for Germany have been unwilling to admit
lishing for Germany a republican form of govern- that
1
they were participating in negotiations for such
ment.”
£
a transaction.
At the moment comparatively little is heard here
about domestic financing. Very much is heard
Announcement was made in a London cablegram
with respect to American financing for Europe. 3
yesterday morning that the King of England had
While many rumors have been in circulation, up approved
f
the peace treaty with Germany and also
to last evening only one absolutely definite and the
t
Anglo-French treaty, both of which documents
official announcement had been made. This was \
were ratified first by the House of Commons and then
with respect to the agreement of J. P. Morgan by
t the House of Lords, last week. Great Britain,
& Co. with the French Government to offer 60 and therefore,
t
has the distinction to be the first of the
90-day Treasury bills in amounts to total not more IAllied Governments to approve the treaty.
than $50,000,000, “ with a maximum weekly ma
turity of not over $5,000,000.” A member of the
During the greater part of the week the announce
Morgan firm says that the French bills will have rments reaching this country relative to happenings
exactly the same status as the British Treasury iin London and in Great Britain were not of a particu
bills, which it has offered for some time. According larly
I
important or striking character. As already
to Washington dispatches made public here on rnoted, the coal labor situation has been the cause of
410
THE
C H R O N IC L E
further apprehension in both industrial and financial
circles. Yesterday morning word came regarding a
somewhat novel strike in London. It seems that
Thursday night the police of that city voted to go out.
Their grievance lies in the bill before Parliament
reorganizing the police department. While it piovides for the organization of a police union, it pro
hibits that body from affiliating with labor unions
and policemen from going on strike, under any cir
cumstances.
The measure provides for heavy
penalties. Reports from London last night stated
that parts of the city had been without police pro
tection during the day. According to an official
announcement 536 men were out. It was claimed
that in Liverpool “ the policemen and firemen in that
city had walked out in great numbers.” Edward
Shortt, Home Secretary, declared in the House of
Commons “ that the strike had been a failure both
in London and in the provinces.”
Net temporary advances have been brought down
to £556,667,000, as against £724,117,000 last week,
a decrease of £167,450,000 for the week.
On the London Stock Exchange industrial securities
as a group lagged somewhat, being influenced, it was
stated in London cablegrams, largely by the un
settled conditions of the labor situation, particularly
in the principal coal mining districts. The oil shares
were active as a group and some particular issues
were characterized as being “ buoyant.” J. Austen
Chamberlain, Chancellor of the Exchequer, an
nounced in the House of Commons on Thursday that
the total of the recently offered Victory Loan was
£767,800,000. The Imperial Tobacco Co. of Great
Britain is reported to be planning to increase its
capital by authorizing 9,000,000 shares of new stock.
The proceeds are to be used to meet the expansion
of the company’s business since the war and for the
near future. The Marconi Wireless Telegraph Co.
of London reports for the 1918 year profits of £508,
000. The directors have recommended the declara
tion of a final dividend of 20% on the ordinary shares
and of 15% on the preferred. The sum of £150,000
has been credited to the general reserve account and
£460,000 carried forward. A general meeting of the
security holders has been called to be held in London
on Aug. 9.
British revenues and receipts for the week ending
July 26 fell below the disbursements and outgoes
by £556,000 reducing the Exchequer balance to
£5,654,000, as compared with £6,210,000 a week
ago. Expenditures for the week were £12,318,000
(against £19,004,000 for the week ended July 19),
while the total outflow, including Treasury bills
repaid, repayments of advances and other items,
amounted to £254,547,000, in comparison with
£274,777,000 last week. Receipts from all sources
totaled £253,991,000, in contrast with £274,985,000
the week previous. Of this total, revenues con
tributed £19,339,000, which compared with £18,
468,000 last week; savings certificates yielded
£2,680,000, against £2,400,000, and advances £550,
000, against £150,000. Other debt brought in £10,
750,000, against nothing in the previous week.
From the new funding loan £56,055,000 was re
ceived, against £89,000,000 a week ago, and from
victory bonds £56,559,000, against £75,000,000.
New issues of Treasury bills amounted to £108,
058,000. Last week the total was £89,271,000.
As repayments of Treasury bills were only £63,
515,000, there was a futher increase in Treasury
bills outstanding, raising the total to £714,604,000.
[V o l . 109.
No change has been noted in official discount lates
at leading European centres, from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 5 lA % in
Switzerland; 6% in Sweden, Norway and Petrograd,
and ± y 2 % in Holland and Spain. In London the
private bank rate continues to be quoted at 3 7-16@
S y 2 % for sixty days and 3 9 -1 6 @ 3 ^ % for ninety
days. Money on call in London has remained
at 2 V s % .
______
A small increase in gold was reported by the Bank
of England this week, the amount being £84,294,
which contrasts with a loss last week. The total
reserve, however, was again reduced, this time
£408,000; there having been an expansion of £493,000
in note circulation. Deposit items showed a sub
stantial contraction, so that the proportion of reserve
to liabilities was advanced to 20.44%, as against
19.67% a week ago and 16.40% last year. Public
deposits decreased £1,806,000, while other deposits
declined £5,458,000 and Government securities
registered a reduction of £6,679,000. Loans (other
securities) were contracted £118,000. The Banks
stock of gold on hand, while far in excess of that
for the corresponding week of any previous year,
amounts to £88,414,829, as against £67,259,490
last year, £52,456,003 in 1917 and £38,131,544 in
1914. Reserves total £27,477,000. This compares
with £28,839,150 last year and £30,429,593 the year
before. Loans aggregate £81,746,000, in contrast
with £106,787,164 in 1918 and £110,654,852 the year
preceding. Circulation is now £79,407,000. Last
year it totaled £56,870,340, and in 1917 only £40,
476,410. Clearings through the London banks for
the week amounted to £712,190,000, against £542,
590,000 a week ago and £406,675,000 for the same
week in 1918. We append a tabular statement of
comparisons:
HANK OF ENGLAND’S COMPARATIVE STATEMENT.
1919.
1918.
1917.
1910.
1915.
July 30.
July 31.
Aug. 1.
Aug. 2.
Aug. 4
£
£
£
£
£
Circulation
. 79,407.000 50,870,340 40.470,410 30,057,625 33,480.030
Public deposits........ 17.879.000
37.789.088 44,811,739 51,009,979 147,058,621
Other deposits....... 116,554,000 138,440.986 128,744.190 85.517,39 1 84,221,335
Government sccurs. 33,143,000
58,601,132 50,439,661 42,188.361 40,874,140
Other securities___ 81.746.000 106,787.164 110.054,852 75.657,160 155,204.727
R e s e r v e notes* coin 27.477.000
28,839.150 30,429,693 30.676,809 47,185.725
Coin and bullion__ 88,414,829
67,259,490 52.456.Q03 54,884,434 02.221.755
Proportion of reserve
_
to liabilities..........
20.44%
16.40%
17.53%
20.78%
20’3^
Bank rate...............
5%
5%
6%
6%
5%
The Bank of France in its weekly statement reports
a further small gain in its gold item, the increase this
week being 647,000 francs. rI he Banks total gold
holdings now aggregate 5,567,075,900 francs, com
paring with 5,432,509,764 francs last year and with
5,302,600,515 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. During
the week, bills discounted were augmented to the
extent of 83,028,255 francs. On the other hand,
silver decreased approximately 1,000,000 francs,
advances fell off 4,509,083 franco, general^deposits
were diminished by 31,695,038 francs and Ireasuiy
deposits were reduced 55,047,470 francs. Note
circulation registered an expansion of 93,124,355
francs, bringing the total amount outstanding up to
35.052,712,685 francs and comparing with 29,320,
647.015 francs in 1918 and with 20,312,497,840
A u g . 2 1919.]
THE
C H R O N IC L E
francs in 1917. Just prior to the outbreak of war
in 1914 the amount was but 6,683,184,785 francs.
Comparisons of the various items in this week’s
return with the statement of last week and corre
sponding dates in 1918 and 1917 are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Oold H oldings—
Changes
fo r W eek.
F ra n cs.
--------------------------------- Status as o f --------------------------------July 31 1919. A u g . 1 1918. A u g . 2 1917
F ra ncs.
F ra n cs.
F ra ncs.
'
647.000 3,588,797.484 3,395,401,279 3,265,492,030
In France............. Inc.
Abroad................ No change
1,978,278,416 2,037,108,484 2,037,108,484
Total................. Inc.
Silver...... ........ ..D ec.
Bills discounted__ Inc.
Advances........... .Dec.
Note circulation..Inc.
Treasury deposits.Dec.
General deposits..Dec.
647,000
1,000,000
83,028,255
4,509,083
93,124,355
55,047,470
31,695,038
5,567,075,900
299,000,000
889,204,831
1,267,614,264
35,052,712,685
. 109,444,327
2,915,280,503
5,432,509,764
286,285.486
1,079,965.701
852,182,530
29,320,647,015
29,470.126
3,701,855,918
5,302,600,515
261.323,050
655,007,195
1,120,928,998
20.312,497 840
60.531.381
2,619,335,728
In its statement, issued as of July 15, the Imperial
Bank of Germany shows further losses in gold, total
ing 1,571,000 mks in coin and bullion and 1,461,000
mks in gold. Treasury notes were reduced 74,811,
0 0 0 mks while bills discounted registered an increase
of 497,684,000 mks and deposits increased 498,648,
000 mks. Advances declined 60,000 mks, invest
ments 3,381,000 mks. and other securities 4,409,000
mks. Note circulation was contracted 221,108,000
mks, while there was an increase in liabilities of
106,773,000 mks. The German Bank’s stock of
gold on hand is now reported at 1,113,068,000 mks.
This compares with 2,346,941,000 mks a year ago
and in 1917, 2,457,721,000 mks.
411
tically stationary. Roughly speaking, 6% may be
said to have been the average rate for call accommo
dations i n mixed collateral and
on all indus
trial loans. After the close of business on Thurs
day, when there was more or less of a scramble for
money in the loan crowd of the Stock Exchange,
the report was circulated in speculative circles that
J. P. Morgan & Co. had called a very large amount
of money in the aggregate. A member of the firm
a little later said, however, that on that particular
day it had called only about $5,000,000, and that
on Tuesday and Wednesday each a similar amount
was called in, making a total of only $15,000,000 in
round numbers for the three days. He added that
intentionally the firm divided the whole amount in
this way in order to disturb the money market as
little as possible. He also expressed the opinion
that yestardy money would be easier and the local
market devoid of striking features. In fulfillment
of his prediction call money opened and renewed
at 6 and 7% , and kept at about those figures the
greater part of the day. According to this banker
and other authorities in the financial district, Thurs
day’s flurry was due chiefly to necessary preparation
for Aug. 1 disbursements. The Morgan partner
quoted above said that no part of the $15,000,000
called would be used toward the payment of the
French loan maturing yesterday, as the funds for
that purpose had been derived from other sources.
The general expectation here is that money will
continue firm and perhaps work somewhat higher.
A further substantial reduction in loans— $97,054,000— and a slight expansion in surplus reserve
were the outstanding features of last week’s bank
statement of New York Clearing House members,
Referring to money rates in detail, loans on call
issued on Saturday. Demand deposits were reduced this week covered a range of 5 @ 1 8 % for mixed
no less than $106,354,000 to $4,007,455,000 (G ov collateral and 6 @ 1 8 % for all-industrials. A number
ernment deposits of $129,880,000 deducted). Net of other banks have this week followed the example
time deposits, however, gained $14,028,000 to $194, of the First National Bank in ceasing to differentiate
858,000.
Cash in own vaults (members of the between the two classes of collateral, but there are
Federal Reserve Bank) declined $2,279,000, to still some institutions naming higher rates for loans
$97,405,000 (not counted as reserve), w h ile'the collateraled exclusively by industrial securities.
reserves in the Reserve Bank of member bapks M onday there was no range, 6% being the only rate
decreased $9,355,500, to $538,590,000. Reserves in quoted. On Tuesday and Wednesday the high was
own vaults (State banks and trust companies), still at 6 % , which was also the basis of renewals, but
showed a contraction of $79,000, to $11,157,000 the low declined to 5 % % . There was a sharp ad
and reserves in other depositories (State banks and vance on Thursday to 18%, with renewals at 9 %
trust companies), were reduced $660,000, to $11, and the minimum 6 % . On Friday the maximum
304,000.
There was a loss in aggregate reserves of relapsed to 6 % , 5% low and 6% the ruling figure.
$10,094,000, carrying the total to $561,051,000, For all-industrials the range on M onday was 6J^@
which compares with $546,505,000 in the correspond 7% and renewals at 7 % , on Tuesday 6 ^ }% @ 9 %
ing week of 1918, but as reserve requirements were and 6 ^ % the ruling rate. On Wednesday the only
cut $13,496,200, this was turned into an increase change was an advance to 7% in the maximum.
in the case of surplus of $3,402,200, so that excess Thursday’s range was 6 } 4 @ 1 8 % and 9 J 4 % the basis
reserves are now at $29,609,410, as against $72,383, for renewals. On Friday the range was 6 @ 7 % and
710 a year ago. These figures for surplus reserves renewals at 6J^%. Conditions surrounding the
are on the basis of legal reserves of 13% for member market for time money remain about the same.
banks of the Federal system, but do not include cash Very little business is passing and no trades of any
in vault held by these banks, which amounted on consequence were reported in any maturities. Six
Saturday last to $97,405,000. Circulation totals per cent is still nominally the bid rate for all periods
$37,462,000, a decline of $310,000. The bank state from sixty days for mixed collateral loans and 7 %
ment will be found in more complete form on a later for all-industrials. In the corresponding period
page of the “ Chronicle.”
last year sixty and ninety day funds were quoted
There was a sharp flurry in call money during
the last hour of business on the Stock Exchange on
Thursday and for an hour or so after 3 o’clock, when
the rates were carried up to 18, and even 20% ,
according to some accounts. Up to the time noted
the rates for both call and time accommodations
had moved within a narrow range. In fact, the
quotations for 30, 60 and 90-day loans were prac
at 5 ^ j@ 5 % % and four, five and six months at
5%
@ 6 % .
Mercantile paper is in fairly good demand with
both local and out-of-town banks in the market as
buyers of the best names. Rates are still quoted
at 5 J ^ @ 5 ^ % for sixty and ninety days’ endorsed
bills receivable and six months’ names of choice
character. Names less well known still require
5 y 2% .
,
THE
412
[V o l . 109.
C H R O N IC L E
Friday that the bill probably would be delayed a
month, owing to the Senate adjournment, had little
or no effect upon closing prices.
Early in the week the Hon. J. Austen Chamberlain,
Chancellor of the British Exchequer, speaking in
the House of Commons, gave it as his opinion that
it would not be advisable under present conditions
to return to the policy of lending artificial support
------------Spot Delivery----------to dollar exchange; although close attention was
within
Ninety
Sixty
Thirty
30 Days. being given to the subject of financing essential
Days.
Days.
Days.
4 M« b id
Eligible b ills of m e m b e r b a n k s -------------------4M«@4H 4M@4M» 4,A»@4
4 Mi b id imports from America and the general financial and
E l i g i b l e b ills of n o n -m e m b e r b a n k s --------- 4H @ 4!/ «
4M«@4K 4% @ 4
6
b id
Ineligible bills.......................................5M@4M
f>'A©4A 5'A@4'A
economic causes underlying the adverse position of
foreign exchange. This should set at rest all con
N o changes in rates, so far as our knowledge goes jectures as to a possible resumption of arbitrary
have been made the past week by the Federal control of sterling by the British authorities. On
Reserve banks. Prevailing rates for various classes the other hand, however, a prominent international
of paper at the different Reserve banks are shown banking concern reports that 50,000 ozs. ($1,000,000)
in the following:
of Transvaal gold is now on its way here; thus in a
Banks’ and bankers’ acceptances remain without
quotable change. Dealings were limited, which is
not surprising in view of the flurry in call rates.
Brokers do not look for any change for the better until
there is a very substantial easing in the money
situation. Demand loans on bankers’ acceptances
are still quoted at 4 % % . Quotations in detail are
as follows:
Delivery
7-r- e-+- •—* *“
5M 5A 5 'A 5M 5M
g
Dallas.
C
I1
jMinneapolis.
JKansas City.
4 4M 4A 4A 4H
4'A 4% 5 4% t
4'A 5 5 5 5
|St. Louis.
Atlanta.
|Chicago.
Richmond.
jCleveland.
jPhiladelphia.
j SanFrancisco |
Discounts—
Within 15 days, lncl. member
banks’ collateral notes----16 to 60 days’ maturity.-.
61 to 90 days’ maturity.. .
Agricultural and llve-stockpaper, 91 to 180 days lncl.
Secured by U. S. certificates
of Indebtedness—
Within 15 days. Including
member banks’ collat
eral notes-----------------Secured by Liberty bonds and
Victory Notes—
Within 15 days. Including
member banks’ collateral
notes________________
Secured by U. S. Government
war obligations—
16 to 90 days’ maturity...
Trade Acceptances—
Boston.
CLASSES
OF
DISCOUNTS AND LOANS.
j New York.
DISCOUNT RATES OF FEDERAL RESERVE HANKS.
l
4 4 4 4K 4'A 4A 4 a
4 H 4M 4'A 4'A 4 H 4'A m
4'A 4% 4 'A 4 'A 4 'A 4'A 4 'A
5 5 5 5K 5 5 5M
Cll
4
4
4
4
4
4
4
4
4
4
4M 4
U V /ll v l v y l l v j
x xv v v u
-----------—
O
4
4
’4
>4
4'A
4H 4
4
4M <4
4H
1
>4
4H 4 'A 4 'A 4 A 4 'A24 H 4H 4'A 4M 4K 4A 4'A
4 4 4 4V<J 4A 4 'A 4 X 4 4'A 4A 4A 4H .
16 to 90 days maturity------ 4M 4M 4M 4 M 4 A 4H 4A 4M 4A 4Yx 4A 4H
1Rates lor iliscounreu uuiuuaa uoocviauvcD muiuuufi iyiouju ... . . . . j .........
16 to 60 days, 4M % , and within 61 to 90 days, 4A % •
1 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re
discounted has been taken by discounting member banks at rates not exceeding
Interest rate on bonds.
t
s Applies only to member banks’ collateral notes; rato of 4M% ° n customers’
paper.
« Rate of 4 'A % on member banks’ collateral notes.
Note l . Acceptances purchased In open market, minimum rate 4%.
Note 2. Rates on paper secured by War Flnanco Corporation bonds, 1% higher
than on commercial paper of corresponding maturities.
, ,_ .
Note 3. Whenever application Is made by member banks for renewal of 15-day
paper, tlio Federal Reserve banks may charge a rate not exceeding that for 90-day
paper’of the same class.
._ .
.
. ,
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
Conditions in the sterling exchange market have
shown very little change, and rates continue irregular
and weak, with the supply of commercial bills,
chiefly grain and cotton, offering still far in excess of
the market’s capacity to absorb them. Fluctuations,
however, were less radical or widespread than in
recent weeks, so that 4 34% was the lowest for the
week and 4 38% the highest, as against 4 28 and 4 43
the extremes a week ago in the quotation for demand
bills. Dealings at times assumed substantial pro
portions, some of the buying, it is asserted, being
for speculative purposes.
While attention continues to centre upon the all
absorbing problem of financing our foreign trade,
and very little else is discussed in banking and finan
cial circles, nothing further has as yet been officially
announced by the Committee of Foreign Exchange
bankers appointed to look into the matter; although
it is understood that progress is being made and that
possibly some of the details of the plan decided upon
may be made public shortly. The Edge bill which
is intended to’amend the Federal Reserve Act, appears
to be’ steadily gaining in favor and Senator Edge is
credited with the statement that the bill not only
has the approval of the Federal Reserve Board, but
is receiving the endorsement of American manufac
turers and exporters generally. Announcement on
VI
Referring to quotations in greater detail, sterling
^change
on Saturday last was weaker and there
<
____
On Monday trading was brisk and quotations
rallied sharply in the initial transactions; later,
however, a reaction set in and much of the loss was
regained; demand ranged at 4 35@ 38% , cable
transfers at 4 36@ 4 39% and sixty days 4 32@ 4 35.
Less activity was shown in Tuesday’s dealings;
fluctuations in rates were'less important than for
some time; there was a falling off^ from the highest
point of the day preceding, so that’demand bills ruled
at 4 3 6 % @ 4 37, cable transfers at 4 3 7 % @ 4 37%
and sixty days at 4 3 3 % @ 4 34. On Wednesday
heavy offerings of bills again produced weakness,
with a break of more than 2 points, the range being
4 3 4 % @ 4 35% for demand, 4 3 5 % @ 4 36% for
cable transfers and 4 3 1 % @ 4 32% for sixty days.
A slightly firmer tone was evident on Thursday,
Friday’s market was quiet, the day’s range being
4 3 5 % @ 4 35% for demand, 4 3 6 % @ 4 36% for cable
transfers, and 4 3 2 % @ 4 33 for sixty days. Closing
quotations were 4 32% for sixty days, 4 35% for
demand and 4 36% for cable transfers. Commercial
sight bills finished at 4 35% , sixty days at 4 31% ,
ninety days at 4 30% , documents for payment at
4 32, and seven-day grain bills at 4 34% . Cotton
and grain for payment closed at 4 32. Gold ex
ports for the week included $2,826,400 for South
America, $303,723 for France, $206,655 for Eng
land, $107,385 for Canada and $175,000 for
Mexico, all from the Sub-Treasury at New York.
From San Francisco depositories, $3,838,000 in
gold has been drawn for shipment to Japan and
$4,760,000 for China, making a total in all of
$12,217,163 for the week. No imports were re
ported, though it is understood, as stated above,
that $1,000,000 in gold is on its way here from the
Transvaal.
A ug . 2 1919.]
THE CHRONICLE
413
As to the Continental exchanges, the most note
worthy feature of the week has been the announce
ment by J. P. Morgan & Co. on Wednesday that the
French Treasury authorities have made arrange
ments for the handling of Treasury bills in the
American market somewhat along the
same
lines as British Treasury bills, sales of which
have been made regularly in this market for
the past two years. The plans of the French Treas
ury at present provide for an issue of bills not to
exceed <150,000,000, with a maximum weekly ma
turity of not over $5,000,000. This action, it is
explained, is taken with the full knowledge and con
currence of U. S. Treasury officials at Washington.
The rates quoted for the bills,it is expected, will be
in the neighborhood of 5 @ 6 % , though this, as well
as the amount sold, will depend upon the money
market conditions. About $7,000,000 to $8,000,000
of British Treasury bills have been disposed of each
week since the inauguration of that movement.
Bankers, when approached on the matter, expressed
the opinion that while the movement should exer
cise a sentimental influence, the amount to be sold
each week is too small to have any appreciable effect
on the market for francs. The proposed sale of
French bills, it is stated, will not interfere with the
credits to France now under consideration in this
country, which form of financing is to be carried
through in due course as originally planned.
once more forced down— in the case of francs
to 7 30 for checks, 19 points below the lowest level
of a week ago. Lire were relatively steadier, and
ruled around 8 62, as against 8 67 last week. Trad
ing was active throughout. German exchange has
been dealt in quite extensively, though the quotation
sagged and touched a new low level on freer offerings
of bills. Belgian francs were weak, while rates of
exchange on the new Central European republics
ruled irregular and fractionally lower.
The official Lpndon check rate in Paris closed at
31.74, as against 31.58 last week. In New York
sight bills on the French centre finished at 7 29,
against 7 16; cable remittances at 7 27)4, against 7 14;
commercial sight at 7 31, against 7 18, and com
mercial sixty days at 7 35, against 7 22 a week ago.
Belgian francs closed at 7 57 for checks and 7 55
for cable transfers. Last week the close was 7 37
and 7 35. Lire finished at 8 62 for bankers’ sight
bills and 8 60 for cable transfers, which - compares
with 8 57 and 8 55 the preceding week. Closing
figures for Austrian checks were 3.00, against 3.15,
cable transfers, 3.06)4, against 3)4; Czecho-Slovakian
checks, 5 25@ 5 45 (unchanged); Rumanian checks,
7.25, against 8.50@ 9.00; Polish checks, 6.75® 7.00,
against 7 )4 @ 7 )4 , and Finnish checks, 7.25@ 7.50,
against 8 ® 8 )4 the previous week. German reichs
marks closed at 5.80 for checks and 5.87)4 for cable
transfers, in comparison with 6% and 7.00 last week.
Greek exchange is now quoted at 5 20 for checks and
Banking and industrial interests arc apparently 5 18 for cable remittances.
continuing to advance credits to foreign countries,
Dealings in neutral exchange were small in volume
independently of the comprehensive scheme of and devoid of new feature. Movements were not
foreign trade financing which is being formulated especially significant, showing no definite trend in
under the aegis of the Association of Foreign Exchange any direction. Swiss francs were a shade firmer.
Bankers, and it is learned that an additional credit Guilders ruled about steady, but pesetas were slightly
of $12,000,000 has been arranged for the City of lower. The Scandinavian exchanges were easier, par
Copenhagen. Among the credits recently granted ticularly Copenhagen, which showed a substantial
in this manner are $50,000,000 to Belgium (accep net decline for the week.
tances): $25,000,000 for Sweden, $30,000,000 for
Bankers’ sight on Amsterdam closed at 37)4,
Switzerland and $75,000,000 for Canada, all bonds- against 37)4; cable transfers at 37)4, against 37)4;
$25,000,000 for Czecho-Slovakia (acceptances), and commercial sight at 37 5-16, against 37 7-16, and
$25,000,000 for Rio de Janeiro, bonds. Besides this, commercial sixty days at 36 15-16, against 37 1-16
talk is heard of a possible substantial loan to the on Friday of last week. Swiss francs finished at
Russian “ Omsk” Government; also that an offering 5 58 for bankers’ sight bills and 5 56 for cable trans
of Belgian Treasury bills is likely to be made by New fers. This compares with 5 65 and 5 63 a week ago.
York bankers in the near future. Reports that a Copenhagen checks closed at 22.00 and cable trans
German credit of $100,000,000 had been placed fers at 22.20, against 22.50 and 22.70. Checks on
in this country by Martin Nordegg were subsequently Sweden finished at 24.70 and cable remittances at
denied, it being stated that while a loan to Germany 24.90, against 24.60 and 24.80, while checks on
has been under consideration, negotiations have not Norway closed at 23.60 and cable remittances 23.80,
passed beyond the initial stage.
against 23. R) and 23.90 in the week preceding.
According to a report received from Washington on Spanish pesetas finished at 19.10 for checks and 19.20
Wednesday, Argentina is likely to be one of the first for cable transfers. The final quotation last week
countries to take a positive step in establishing a was 19.20 and 19.30.
foreign credit plan for the restoration of European
With regards to South American quotations the
exchange. Ambassador Stimson at Rio de Janeiro, check rate on Argentine has ruled slightly easier,
in a recent dispatch states that Argentina has at last with the close at 42.30 and 42.40 for cable transfers,
definitely decided to grant a credit of $200,000,000 against 43)4 and 43)4 last week. For Brazil the
to Great Britain and Italy, to be used in financing rate has not been changed from 27)4 for checks and
purchases of Argentine commodities. This plan 27)4 f° r cable remittances. Chilian exchange was
has been laid before the Argentine Congress in a weaker, finishing at 9 13-16, against 10)4 last week.
special message by the President and is assured of Peru is still quoted at 50.125@50.375.
approval, although a similar recommendation failed
Far Eastern rates are as follows: Hong Kong, 8 0 )4 ®
of results in the last session of that Congress.
80)4, against 80@80)4;Shanghai, 122)4@123, against
123)4® 124; Yokohama, 50)4@ 50)4, against 5 0 )4 ®
The week’s movements in Continental rates have 51; Manila,
(unchanged); Singapore,52)4
again been highly erratic. With the adjustment of @ 5 3 (unchanged);Bom bay,40)4@ 40)4 (unchanged),
the shipping strike, the volume of French and Italian and Calcutta (cables) 4 0 )4 @ 4 0 )4 (unchanged).
bills increased perceptibly, so that quotations were
49)4@49)4
414
THE CHRONICLE
fVoL 109.
Senate, which might result— if the decision rested
purely on the alternative of amended or unamended
League provisions— in the failure of ratification.
Therefore, Mr. Taft proposed tentatively half a
dozen “ concessions” which should be “ not amend
ments, but only interpretations of action authorized
by the League itself.” They covered the right of
withdrawal from the League by any member at
a specified date; the providing against representation
in the Council of both a home government and its
self-governing dominions; the statement of actual
decision on war as the constitutional prerogative of
future Congresses; the exclusion of purely domestic
Net Changein questions from the jurisdiction of the League, and
Out of B
Into
ankHoldi gs.
Banks.
Banka.
WeekendingAug. 1.
These
53,794,000 Gain $6,854,000 the clear re-assertion of the Monroe Doctrine.
$10,648,000
Banks' Ikterlor movement....................
Sub-Treasury anrl Fed. Rcscrvo opLoss
102,730,000
interpretative
amendments
were
proposed
“
with
the
128,950,000
26,220,000
orations and gold exports......... ........
$36,868,000 $132,744,000 Loss $95,876,000 hope that they will suggest a basis of agreement
Total................................. - ...................
The following table indicates the amount of bullion between the Democrats and sufficient Republicans
in the principal European banks:___________________ _ to ratify the treaty and secure us the inestimable
benefit of a League of Nations which will be the
Aug. 1 1918.
July 31 1919.
foundation for growth and development into a new
Banks of—
Silver. | Total.
Gold.
Gold.
| Silver.
| Total.
era in our international relations.”
£
£
£
£
£
£
................. | 6 7 ,2 5 9 ,4 9 0
................. 1 88,414,829| 6 7 ,2 5 9 ,4 9 0
At the beginning of this week Mr. Hughes’s letter
E n g l a n d . . 8 8 .4 1 4 ,8 2 9
11,440
,0
0
0
1
4
7
.2
9
0
,0
5
1
F r a n c o a . . 143,551,8991 1 1 ,900,000 155,511 ,S99;135,856,051
6 ,0 2 0 ,0 0 0 1 2 3 ,3 8 4 ,7 0 0
9 9 1 ,5 0 0 5 6 .6 4 4 ,9 0 0 1 1 7 ,3 0 4 ,1 0 0
was
made public. It was written to the Republican
G e r m a n y . 5 5 .6 5 3 ,4 0 0
129,650,0001 1 2 ,375,000 1 4 2 ,0 2 5 ,0 0 0 1 2 9 ,0 5 0 ,0 0 0 1 2 .3 7 5 .0 0 0 1 4 2 .0 2 5 .0 0 0
R u s s ia
2,289,000; 13,297,000
2 ,3 8 3 ,0 0 0 13,310.000, 1 1 ,008,000
Senator
Hale of Maine, whose request for Mr.
A u s - H u n .c 10.927.000
2 7 .2 7 6 .0 0 0
112,010,000
S p a in ................ 9 1 .6 1 2 .0 0 0 2 5 ,9 9 2 ,0 0 0 1 1 7 ,0 0 4 ,0 0 0 8 4 ,7 4 0 ,0 0 0
3 ,2 0 0 .0 0 0 42,1 4 2 ,0 0 0
2 ,9 7 3 ,0 0 0 3 5 ,3 3 8 ,0 0 0 3 8 .9 4 2 ,0 0 0
I t a l y ................. 3 2 .3 6 5 .0 0 0
Hughes’s
judgment was avowedly based by the
0
0
0
,0001
60
,2
4
9
.0
0
0
553,000 5 4 ,8 3 7 ,0 0 0 5 9 ,6 4 9 ,0 0 0
N e t h e r l ’ d s 5 4 .2 8 4 .0 0 0
600,000! 15,980,000
1 ,1 75,000 11,817,000, 15,380,000
N a t . B e l . h 10,042,000;
Senator
on
his wish not to see the League plan fail,
_________
1
15.300.000
18.708.0001 2 ,7 5 8 ,0 0 0 2 1 ,4 6 6 ,0 0 0 15,306,000
S w l t z ’ la n d
14.335.000
_________ 16.040,000 14,335,000
S w e d e n . . . 16,010,000,
but
to
have
“ some plan devised whereby the United
10.624.000
‘
131',
666
10.432,000;
143,000
10,575.000!
10,493,000
D e n m a rk
0 ,5 9 5 ,0 0 0
8,174,000j
................. i 8,174;000| 6 ,5 9 5 ,0 0 0
N o rw a y -. .
States may safely enter the League of Nations.”
63,9 3 1 ,6 0 0 770 ,509,241
T o t a l w o o l 6 7 0 ,4 0 0 ,12s| 61 ,3 0 3 ,5 0 0 7 3 1 ,7 6 3 ,62Sj700.577,04
Mr. Hughes replied, first by approving the League of
704 ,730 ,47 1
P r o v . w eek 6 7 0 ,1 0 4 ,0 0 1' 0 1 ,3 1 7 ,0 0 0 731,481,0041700,702,771 6 4 ,027,700
a Gold holdings ot the Bank of Franco this year are exclusive of £70,I'll, 137 Nations plan, though criticizing what he regarded as
held abroad.
shortcomings in the instrument itself and describing
* No figures reported since October 29 1917.
c Figures for 1918 are those given by “ British Board of Trade Journal" for
the covenant as “ a mere beginning” in the work of
Dee. 7 1917.
h Figures for 1918 are those of Aug. 6 1914,
international co-operation to maintain peace. He
did not regard interpretative amendments as requir
FOR R A T I F Y I N G T H E T R E A T Y .
It may be said with little hesitation that the ing re-submission of the treaty to the other Powers.
prospects for harmonizing the differences between Where such amendments alter the nature of the con
the two parties in the Senate, as regards early rati tract, they would be binding only on such contract
fication of the treaty, have been considerably ad ing States as should specifically assent to them.
But where there is simply a statement of the
vanced this week. The announcement of indepen
interpretation
placed by the ratifying State upon
dent action by seven Republican senators, with a
view to securing action with the Administration ambiguous clauses of the treaty, “ the case is really
party on the basis of what are described as “ mild not one of amendment, and acquiescence of the other
reservations,” was an undoubtedly important step. parties to the treaty may readily be inferred unless
These Senators may probably be said to hold the express objection is made after notice has been re
balance of power in shaping the actual result, and ceived of the ratification with the interpretative
statement forming a part of it.” With these prin
they favor the practicable ratification of the treaty.
The letter of Ex-Justice Charles E. Hughes on ciples in view, Mr. Hughes advocates such specific
the question of “ reservations” to the League of interpretation of the right of withdrawal from the
Nations clauses was in a way a preliminary to this League; the withholding from the League’s jurisdic
Senatorial announcement. Mr. Hughes’s statement tion of “ domestic matters such as immigration or
was the third important step in the movement to tariff laws” ; the assertion of the Monroe Doctrine,
harmonize the differences in the Senate. The first and the possible elimination of the guarantee in
was Mr. Elihu R oot’s proposal for amendments, Article X to “ preserve against external aggression
chiefly with a view to safequarding the American the territorial integrity” of all members of the
position through formal interpretation of certain League.
The fact, then, appeared to be that these three
provisions whose exact meaning was obscure. Mr.
R oot’s opinion was that such interpretative state eminent Republican statesmen— a former Secretary of
ments were entirely in line with precedent, and would State, a former nominee for the Presidency, and a
not necessitate the reconsideration of the amended former President— agree that the Senate’s assent to
treaty h y the Paris Conference. For the plan of the League of Nations ought to be ensured, but that
the League of Nations as a whole, he expressed his amendatory clauses in the nature of interpretation
will neither kill the treaty nor compel its reconsidera
cordial approbation.
Ex-pre3ident Taft’s suggestions came next. They tion by the other signatory powers. It is not easy
were framed, in his letter of July 20 to Republican to draw any other conclusion from this part of the
Chairman Hays, wholly in the form of interpreta episode than that the treaty will be ratified by the
tions. Although reiterating his opinion that he was Senate with a reasonable minimum of amendments
personally “ strongly in favor of ratifying the treaty or “ reservations.”
To suppose that the Republican opposition in the
as it is,” Mr. Taft recognized the fact of a deadlock
Senate
will e ther reject the League of Nations
between Administration and opposition parties in
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,854,000 net in cash as a result of the cur
rency movements for the week ending Aug. 1. Ih eir
receipts from the interior have aggregated $10,648,
000, while the shipments have reached $3,794,000.
Adding the Sub-Treasury and Federal Reserve op
erations and the gold exports, which together occa
sioned a loss of $102,730,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$95,876,000, as follows:_____________________________
A u g . 2 1919.]
THE CHRONICLE
415
clauses or load that part of the treaty with condi this hour. In the years immediately following the
tions which they know would be fatal to it, is to formation of the Government there must have been
suppose that they will publicly reject the publicly- necessarily, a large degree of interpretation devolving
invited and publicly-offered counsel of the party’s on all officials. That period constituted the forma
best known leaders. T o suppose that the Democratic tive state. Nor can it be ignored that in every period
Party would refuse to ratify the treaty, because of succeeding, the discretionary power of officials must
interpretative additions which do not contravene its often be exercised. N o law can be made that will
obvious purpose or require the reconvening of the meet every detail of administration. The old saying,
Conference to endorse them, is to suppose that the “ circumstances alter cases” applies. Not with
President and his party are willing, through pride of standing this, very definite principles are applicable
opinion, to endanger or sacrifice the results of the to the conduct of those who by our system of political
President’s own work at Paris. Both political parties preferment serve the public.
We will undoubtedly begin our analysis right if we
have made mistakes in this matter of the treaty.
Mr. Wilson, as most people now realize, would have lay stress upon the term service. The place of the
saved himself a vast deal of political trouble if he servant is fixed. He obeys; he does not command.
had included a recognized representative of the He executes; but does not formulate. He follows;
opposition party in the peace delegation. But does not lead. We have lately had an exalting ex
equally the Republican leaders in the Senate might ample of service in our soldiery. And while we are
have avoided an admittedly awkward political seeking for helps from the war, we will do well if
dilemma if, instead of allowing the talk to drift in our civil service we apply the rigid discipline under
at the start of the discussion towards rejection or orders of the soldier. Once a command is issued the
mutilation of the treaty, they had taken their soldier executes it to the letter. He does not ex
original stand on the interpretative amendments on postulate, he does not do what seems to him some
thing better, he has no discretionary power. At the
which they are likely to compromise.
The question, how the machinery of the League General Headquarters campaigns are laid out, but
of Nations is likely actually to work, has received these are governed by defined tactics of war; and
surprisingly little consideration in all this contro they do not admit consideration of whether or not
versy. This may be because of confidence that the a given conduct of the war will be bet ter for the subse
institution will be developed and adapted to meet quent peace and progress of the world. The sole
the actual needs of the world as circumstances pre object is defeat of the enemy by the rules and agencies
sent them later; or it may be because of a feeling of war. Nor does the Commander in Chief and all
that some such bond of formal union, even if only officers under him down to the private ask whether
for a comparatively brief period, is at any rate neces in its origin the war is right or wrong— once it is de
sary to avert the chaotic political relations which clared.
If the servant may not do other than he is told to
otherwise might follow the great war. Certainly
there are few if any people of judgment and experi do, we must accept the doctrine that he should not
ence who look to see the world restored to order and do more in quantity than is set for him. Quality is
war abolished through the mere existence of such a one of the tacit agreements of the contract. The
league. There is, indeed, one type of opinion which worker in mechanical trades may be skilled or unskilled,
sees the possibility that the League itself may he must not misrepresent his qualifications. Un
eventually aggravate, not allay, the passions, resent fortunately, in a political system we are compelled to
accept ability to do rather than experience. What
ments and jealousies of the nations.
Even this is admitted by thoughtful men as a is known as “ the civil service” undertakes to correct
possibility. But the principle on which believers in this, whether at the expense of the people or not need
the League of Nations pact base their adherence not here be examined. Service, then, is to be liter
to it lies in the argument that in such things there ally construed. And it will at once be perceived that
must always be a beginning, if a plan is to be if it is not so construed in a representative govern
fairly tested; that a formal agreement between ment we may come to live under an oligarchy of
the nations, even on a tentative and provisional officialdom. And more, when a newly elected official
basis, would be a task of immensely greater diffi takes his oath of office he leaves partisan politics be
culty at any other moment than at the settlement hind. The one exception to this is in the Legislative
of the world war, and, perhaps the most weighty branch where a party successful in a preceding
argument of all, that in no other way than through election, fought out on declared principles, considers
such a League and its committees can a peace treaty an election a mandate of the people, by plebiscite, to
(whose conditions are still largely left for the future pass certain laws to carry out those principles. Here
to determine) be applied, administered and enforced. the interpretative power lodged in the legislator
What relation such a world-confederation, with should admit the smallest degree of discretion, and
its purposes at least clearly avowed, would bear to should not exceed or fall short of accurate obedience.
It will be asked, should not the official endeavor to.
the future history of the world, no one can confi
dently say until it has been tested. But it is improve “ the public service ?” The question requires
possible, even now, to judge with some certainty what specific examination, and discloses the line of diver
will be the international relations and conditions of gence. It would be foolish to deny that in mere
the next few years, in default of such an authorita administrative details the people are powerless to
instruct specifically. Yet the people are master,
tive international tribunal.
the official servant. The servant may not instruct
THE NEED OF A STRICT CONSTRUCTION OF lis master. And when he does, he exceeds the duties
“ THE PUBLIC SERVICE.”
of his position, and becomes in fact master and not
There never was a time when a clear understanding servant. This becomes all the more important be
of the duties, responsibilities and limitations of cause of the relation which exists between the people
“ the public service’’ was more important than at as master and the public official as servant. In
416
THE CHRONICLE
[V ol . 109.
ordinary affairs thereTis a close relation between which, in his protection he is bound to prevent, does
master and servant. They work together, the master he not add a personal element to his service that ex
is continually present directly and instructing. If ceeds the limitations of his office, if and unless he is
there is discretion to be exercised the servant knows empowered to declare the rates of interest, and is
by association the goal the master is striving for and required publicly to know and point out special
he can use his discretion to a purpose. N ot so with banks for public examination? Have any of these
people and official. The wish and will of the former things been done in the recent course of official
are not disclosed as to the future— their contract is conduct? If they have, however well-meaning and
remote—and the servant official who does not wait wise, are they in line with a strict construction of
for instructions, transcends his duties and places upon “ the public service?” And who shall answer,
himself responsibilities not declared, and consequently unless the people ?
This is not a partisan query; nor have we the
not defined. He must not fail, therefore, to recog
nize his limitations. He must not have any policies feeling that these acts in the public service are due
of his own— these belong to his master, the people. to party predilections. In fact they are a denial
Until they have spoken he may not act. And if of it, in a sense, though an “ administration” must be
this be not the core and kernel of a representative chargeable with its deeds. It is quite probable that
system of government then we have passed from the if other administrations were reverted to, as pertinent
rule of the people over into the rule of those elected examples could be found. The question is one of
strict construction. And its importance is over
to office.
We do not mention names in a spirit of hostile whelming at the present time. This “ new era”
criticism. We recognize that we have unconsciously which we are said to be entering, carries with it an
advanced far in the direction of assumed powers. infinite field of interpretation so-called. In a way,
The people have not been as alert in the control of and to a dangerous degree, it may become one of
their Government as the preservation of popular personal exploitation. This “ era” is not defined,
liberty requires. But to single out officials for exami nor have the people decided to enter it. There are
nation we may mention President Wilson, Post undoubted improvements to be made in the “ public
master-General Burleson, and Comptroller Williams. service,” but the people should make them, thought
The line of cleavage takes three directions, an as fully and deliberately. We should not allow our
sumption of policies not specifically declared; an selves as citizens to be carried away on the tide of
inordinate desire to improve the service by the intro sentiment into the mid-sea of world-effort, out of
duction of a personal theory; and an extension of sight of our own land. However great the men we
the powers of office, beyond the limitations of pure elect to high office, we should not thereupon supinely
and restricted administration, over into the conduct accept them as “ leaders,” their willing servants
of an established business, existing under law, and rather than their masters. If we do, we are ourselves
functioning according to the individual opportunity derelict as citizens, in duty bound to create and
of meeting the wants and needs of a constituency. maintain government. It is our consent, not the
It is inconceivable, and it may be admitted, that all consent of elected officials, which declares national
this is done with the highest desire to serve. But it and, if you will, international, principles; and defines
is not, strictly speaking, representative government. domestic procedures of public service. There can
Rather it is personal government. When President arise, out of our negligence, an autocracy of office
Wilson says in explanation of a course pursued— says holders, presenting us plans and theories of govern
in substance if not quite in the exact language used, ment, after the fact, that will finally shackle the
“ I am sure I am best carrying out your (the peoples’) electorate and cause us to live under the dominance
thoughts; I am sure I am doing as you would have of a “ service” we are powerless to control.
me d o,” when the issues and policies are momentous,
FED ERAL A ID THROUGH FA R M LO AN S.
and if these “ thoughts” have not been expressed
Necessity
is a stern law. “ Mother of invention,”
by the ordinary methods of our political system,
it
is
also
prolific
of makeshifts. Something that
is it not an assumption of power he is not required to
“
will
do
till
we
can
do better,” fastens itself upon us
take, and which in less able and honored hands might
by
reason
of
the
multiplicity
of activities. We wait
turn out disastrously for the people, however good
for
a
more
opportune
time
to
do away with the sub
the intent? When Postmaster-General Burleson
is directed to assume the conduct of certain public stitute we intended to adopt temporarily. This is
utilities temporarily, if he proceeds to administer them, one phase of the subject. Another is, that forced to
not in the established line of their conduct, but accord a method or means by emergency we cannot hesitate
ing to what he conceives to be the requirements of because of the ultimate cost or effect. The war gave
the best service by permanent public ownership, us many measures founded on necessity. We are
does he not depart from the prescribed limits of his already beginning to study results.
It would be too much to say, perhaps, that the
office, unless he knows that the people desire and
Federal
Farm Loan Act in itself embodied necessity.
intend permanency, and this he cannot know if
There
was
immediate need for increased production.
such desire and intent has not been specifically ex
Some
sort
of aid to the farmer seemed imperative.
pressed? When Comptroller Williams, in the exer
But
credit
issued to fructify soils could not hope to
cise of the ministerial duty of the supervision of
increase
production
at once— if it had to be placed
banking conduct, goes so far as to declare that rates
on
lands
that
had
established their values under
of interest charged by a certain class of banks are
cultivation—
save
of
course
as it might be intensively
excessive, when he engages in public controversies
applied. And just here arises one of the dangers of
with banks and bankers over questions of individual Federal Aid— that it cannot submit itself, if it satisfy
internal conduct (though seemingly provoked thereto clamor, to the established laws of loaning upon farm
by general attacks on the efficiency of his adminis lands.
tration and his fitness and fairness in office) thus
The Federal Farm Loan system did arise in class
revealing to the public special corporate deficiencies, clamor. As history worked itself out, the war closed
A ug . 2 1919.]
THE CHRONICLE
before it could be pointed out that the system itself
had materially increased quantity production. The
law, therefore, must be tested on the basis of a per
manent institution. Immediately its need becomes
questionable. And while we are considering this
we are conscious that any sort of Federal aid asked for,
asked for and granted, in behalf of any division of
industry, becomes class legislation. What is called
need takes on a temporary nature, and soon resolves
itself into simple advantage. Let the favors be
passed around, is the cry. The instance here is
apparent. War increased the use of steel, diverted
it from customary channels. All manufactures, in
cluding agricultural implements, advanced in price.
With a view to control, an “ agreement/’ with
Government as a main factor, is entered into to fix
price. The farmer pays the price. He is in “ need”
because more agricultural implements are needed
with increased acreage, and they are increased in
price. The farmer must have help, also. Follows
(other reasons included of course) price fixing in
wheat. And as a corailary—Specific aid to farmers
by a system of Federal credit extension.
It is well known that for several decades prior
•to the war, and up to the war, the best sections of
the agricultural lands of the Mississippi Valley,
those with proven values, were open to the place
ment of Eastern “ insurance” money at rates lower
than those which locally prevailed. The fund was
not inexhaustible, but it was tremendous. In addi
tion, companies were formed to so loan the accumula
tions of New England and certain Eastern States.
These companies were instrumental, through the
sale of farm mortgages, in reaching the private
hoards or accumulations of this older and more
populous section. This method of credit extension
when confined rigidly to proper inspection and valua
tion and proven fields established itself as sound—
and it was salutary. And to-day a properly secured
farm land note is one of the very best investments
we have— safe for the holder— and highly beneficial
to the public advance. But there were instances
where companies in their eagerness to do business
invaded agricultural fields of doubtful or at least
unproven value (value in production power) with
disastrous results. And the lesson if rightly con
sidered is of the utmost importance in a study of
the necessity, the means and method, of the recent
extension of Federal aid to farmers through Federal
Land Banks.
On page 126 of our issue of July 12th we printed an
extract from the remarks made in an interview, in
extension of a speech made on the floor of the House,
by Representative McFadden of Pennsylvania, re
garding the working of these banks “ as guided and
controlled by the Federal Farm Loan Board.”
Mr. McFadden would have these loan notes or bonds
taxed because, in his belief, they depress the price of
Liberty Bonds. If, as eminent legal authority has
declared, these notes are obligations, or the bond
issued on them we should say, perhaps, a re obliga
tions of the Government (providing the need of “ aid”
is granted on the basis of increase in war production)
this exemption from taxation rests particularly on the
same grounds as the funds furnished for Liberty
Loans. As we have indicated, this necessity is
not clear. Nor, though they be secured by real
estate, backed in case of the twelve district banks by
the power of all of them, are they the same class of
security as Liberty Bonds backed directly by all
417
the la n d s (resources) and all the industries and ener
gies of all the people ? And the sum total of the secur
ity offered in a sound investment is more important
to the investor than the rate. Even this, however,
though a Federal Farm Loan Bond be worth more in
the market than a Liberty Bond has nothing to do
with the basis of exemption from taxation. More
important to the people, as we regard the matter, is
the methods of administration as outlined by the
Congressman.
Here is a law passed during the emergency of war.
Its necessity has not been, and is riot, established
beyond question. It could not have had that cool
judgment which legislation obtains in periods of less
stress. The experience of private companies in the
extension of credits by means of farm mortgages
could not have been fully considered. And the in
ability of Government to put the disposition of these
funds in the hands of local associations directly
interested and at the same time exercise as a Govern
ment all the safeguards of private investors (say the
great life insurance companies) was not fully appre
ciated. Now, early in the- administration of the law,
evasion, selfishness, mal-administration is charged.
We need not enter here into a discussion of the question
whether the charges on the present occasion rest upon
good grounds; such an outcome, however, would be
natural since it is the inevitable result of class legisla
tion. If it fa v o r a class, it cannot be in the interest
of all the people. If, as is possible even if not
probable, investors in these bonds who a re to receive
in full through the twelve issuing district banks
their funds, invested, mayhap, on lands not worth
the money, the people must pay in taxes. We
do not believe these twelve district banks work
ing separately, guaranteed in operation by all,
and backed by Government, can ever work as in
tensively as investment factors, as safely, as say
insurance companies, loaning their own funds. In
local associations which begin the process of valua
tion and which must p r io r ly exist before loans can
b-3 granted, cannot, however honestly they perform
their duties, divorce themselves from their opinions
and predilections, even interests. Taking stock in
the enterprise complicates and does not clear up a
relation which should be purely borrower and loaner.
When it comes to the Joint Stock Banks while in away
they more nearly approach this relation, it is vitiated
by the fact that they seek the cover of the Government
for the purpose of doing a loan business which
properly should stand on its own bottom. And
since Government is more or less involved in both
kinds of “ banks” the public interest and welfare is
endangered by confusion.
We rushed into this enactment to no imperative
purpose, and at the wrong time. Behind it, we know
was the Federal Reserve system’s so called inability
to reach the p o o r farmer. And if we take the tenant
farmer as this type, he is yet to be reached, and other
“ banks,” after European models, are proposed in
his interest. The objection in chief is to the ex
istence of these sub-political corporations in a
Government sworn to act for all the people. The
very resources of the twelve districts are so varied
as to render them of eternally unequal worth, while
the Government through its Federal Farm Loan
Board must act for all— and if losses occur in one,
and all are called upon to pay, either, in the long run,
the twelve districts at the expense of the farmer,
borrowers, must make enough profits to pay losses.
418
THE CHRONICLE
or the people who are not farmers and are not bene
fited must ultimately pay in taxes. Credit in truth,
beneficent as it is, has run rampant over the world.
If any people are so foolish as to issue to themselves
for themselves an unlimited letter of credit beyond
peradventure they must pay it. And one of our
first acts of reconstruction in peace should be to
overhaul our war-credit laws.
RETURN
TO
THE
GRAPH A N D
OWNERS
OF
THE
TELE
TELEPHONE SYSTEM S.
At midnight on Thursday, by an order from the
Postmaster-General, in accordance with the action
taken by Congress about three weeks ago and by
direction of the President, the telegraph and telephone
systems and all equipment and property of theirs
were returned to the private owners and all control,
operation, or supervision exercised by the Postal
Department ceased at that hour. The seizure was
under a joint resolution approved on July 16 of last
year and was by a proclamation issued six days later.
The control has lasted a year and nine days, and the
return is the climax of a movement to that end which
has been making its way through Congress for the
past two months. The companies are directed by
the return order to close their books on the moment,
to collect as fast as possible all outstanding indebted
ness and accounts and submit a statement in full to
the head of the Finance Committee of the Wire
Control Board. Each company which has had a
compensation agreement or has received compensa
tion is directed to send in a statement within five
days and to send any amount of excess in the form
of a certified check; companies with which there has
been no compensation agreement are asked to take
up that matter at once with the head of the Com
mittee, so that a complete report of operations under
the control may be made to Congress not later than
N ov. 1, as required by law.
“ Sound public opinion will ultimately determine,”
says Mr. Burleson, “ how this trust has been met,
and the Postmaster-General is content to abide by
the result.” He admits that wage advances have
been made, but says this has been done only “ where
they were deserved and where the revenues of the
companies permitted.” He thanks the officers of
the various companies for the co-operation given to
him, “ with one notable exception,” which he does
not name and did not need to name. He does not
claim to have satisfied employees, and the revolt
which broke out in New England and threatened to
spread over the country indicates that they were
not pleased with the results to themselves under
Governmental control. The co-operation which he
did receive, he says, “ has resulted in the maintenance
of the service at the highest standard possible under
the extremely arduous conditions,” and he claims
that the property “ will be returned in as good physical
condition as though it had never been out of your
possession.” He does not say that he has pleased
and satisfied the users of these systems, which are
agencies that enter with growing intimacy and in
tricacy into the details of business and domestic
affairs; the verdict of users has been that the systems
were in course of rapid destruction, decreased effi
ciency of service accompanying increased cost, as is
ever the Government’s “ way” when it takes hold
of a utility.
M r. Burleson’s labors in this undertaking (so he
says) have enabled him, plus the co-operation for
[V ol . 109.
which he expresses thanks, “ to derive an amount,
of genuine pleasure and enjoyment from that task
that was imposed upon him.” He feels that he has
“ at all times administered these wire systems with
justice and fairness to the employees and the owners
of these properties, and in such a way as to render
the best service possible to the general public under
abnormal conditions.” If he has personally derived
pleasure and enjoyment, very few other persons have
derived any. The conditions were indeed “ ab
normal,” but this task which, he says was “ imposed
upon” himself is one for which, as was pointed out
at the time and has been continually plain since,
there was not even the warrant of a colorable pretext,,
and, more than that, was one for which, it is not
unjust to him to say, he had ardently longed. It
had been for years a dream of his to see the wire
systems of carrying communication linked to the
mails-carrying whose imperfections have been en
dured because the nature of the case, founded on the
postulate of a uniform rate for all distances, barred
out private operation. Mr. Burleson, naturally and
therefore justifiably, puts on the matter the best face
he can, yet it is beyond doubt that he is bitterly
disappointed, as every person must be who sees a
lovely dream shattered. The wanton attempt to
push Governmental control one step farther has come
to an end after one year, with results almost im
measurably less disastrous than control of the physical
means of railroad transportation has wrought. M r.
Busleson refers to this as “ the first Government
control of the wire systems of America.” Prophecy
is unsafe, yet would it seem hasty to call this attempt
also the last?
The return has been urged the more earnestly
because the difficulties had not piled up in the way
of it as in case of the railroads, and the action has
not been taken a day too soon. The property and
the interests involved are so much smaller that turn- '
ing back from this particular step on the downward
path was not very serious in the struggle required;
but have we learned the lesson? It is quite true,
and quite in accord with human nature and economic
law, that efficiency and low costs in service are pro
moted by having an enterprise conducted on the
largest possible scale, provided other essential condi
tions to that end are not sacrificed; but when Govern
ment attempts to consolidate and transact any
business, whether transportation, insurance, or any
other beyond the indispensable “ business” of the
minimum of governing, other essential conditions
are absent and the result is not successful.
Do we
really believe this yet, and arc we ready to act
accordingly, in the still unsolved problem of returning
the railroads? Is the determination for such return,
indicated by the newspaper referendum of some weeks
ago, firmer and more general now?
We have taken the first step in return to the right
path, the only path of safety. Are we ready for the
next and greater one? Are we becoming more
determined that the problem shall not be pottered
with, or needlessly delayed, or compromised, or be
endangered by some false moves at the start?
I N Q U I r Y J n T cT s O L D I E R S ’ I N S U R A N C E .
Hardly two months ago, Director Lindsley re
tired from the Bureau of War Risk Insurance, and
now comes the report of a necessary investigation
into the defects of the work and the possible reme
dies. The inquiring commission, headed by exTHE
A u g . 2 1919.]
THE CHRONICLE
Justice Hughes and including in its membership
Secretaries Baker and Daniels and Mr. Henry P.
Davison, find that about 75% of the aggregate
40,000 millions of insurance, written on about 4
million persons, is in arrears, partly because nearly
a third of the addresses on file are incorrect and
communication is at present impossible, and that
the great detail of the work is badly tangled.
The first step towards the recognized duty of
making some provision for the men in the service
was well taken, for it consisted of consultation with
experts; the next step was an unhappy error, for
the advice of those experts was despised and re
jected, because it did not agree with the plans of
those who had taken up the subject. Their plan
involved a “ mail-order” or correspondence doing
of insurance business, a method which had been
very little tried before, had not accomplished good
results when it had been tried, and was also cer
tain to encounter the utmost difficulties because
of the great number of cases likely to be brought
under it. The amount of detail was certain to be
vast and of a nature requiring the very best possible
organization. But whatever forebodings the in
surance experts had they kept to themselves. Al
though their advice had been disregarded their help
in pushing on the scheme was earnestly sought, and
it was cheerfully and heartily given. Company
officers and agents took it up with genuine zeal,
many of the latter going into it personally, to the
neglect of their own work from which they had their
living. Applications and policy issues went along
swiftly. For some months bulletins went out
periodically from the Bureau to the press, giving
figures of progress and comparing (with a discernible
note of exultation) the volume of insurance already
written with the total outstanding in the companies,
and a few hasty journals sought to show the super
iority of Governmental insurance. If Government
can furnish insurance at such low rates, it was said,
those of the companies are proven extortionate.
The terms on which reinstatement of lapsed poli
cies can be effected have been widely published,
and a proposition has even been made in the lower
branch of Congress, this week, for waiving, as an
extra bonus, the renewal premiums coming due
within two years after discharge from the service.
The Hughes report says of the scheme as a whole
(which will necessarily be prolonged for a number
of years yet) that it ‘cannot be carried out merely
through correspondence, with a central office in
Washington;” it expresses the hope that reinstate
ment of abandoned policies will be general but says
that “ to accomplish this it will be necessary to be
in constant touch with the insured during the period
of insurance.” Therefore the report recommends
specifically that qualified representatives go im
mediately to each State Executive, for getting help
of all State and minor officials in obtaining correct
addresses; that local representatives be set busy,
in each State or in such districts as it may seem
advisable to allot for the purpose, in order to get
“ personal contact” with the insured persons and
their dependents, for informing them about their
privileges and obligations, for local payment of
premiums and other local business; that all volun
tary agencies such as the Red Cross, the Federation
o Labor, and others, be urged to co-operate; and
that “ a publicity campaign through adequate ad
vertising” be started. “ It is apparent,” says the
419
report, “ that the undertaking of the Government
to provide permanent insurance for the soldiers,
sailors and marines is a business undertaking which
cannot be successfully continued except upon busi
ness principles; we deem it of vital importance that
immediate steps should be taken, and appropriate
legislation should be secured, for the purpose of
adequately organizing the Bureau upon a perma
nent business basis, with such provision for com
pensation to the head of the Bureau and to the
experts who must be employed that men of the
highest executive ability which the magnitude of
the undertaking demands may always be available.”
Observe these three points: First, the contracts
offered and made are not in any strict and real sense
insurance at all, for both the extra hazards of war
and the expenses of operation were put upon the
country instead of on the individuals to benefit
under the policies, and the best thing (next to com
plying with a clear national obligation in the case)
which could be said for the scheme was that it might
become the escape from the evils of the old scheme
of pensions. Next, the companies have been the
agency whereby this work of voluntary insurance
(as it was sometimes called) has been pushed to
such a vast extent. Not only did the agents do the
larger part of the work of carrying the offer to the
men in service and getting them to accept it, but they
have labored to have it kept up. The companies
have been unceasing in efforts on behalf of the
scheme, and a few of the largest companies went so
far as to prohibit receiving applications for insurance
with themselves u ntil.the Governmental limit had
been taken. From the first, the scheme has had
the most loyal and friendly aid from companies,
from the press, and from every organization inter
ested in the success of the country’s war work. The
offers of “ compensation” and of insurance in case
of death as made in the law, as well as the offers
in the moratorium law, were of great liberality and
the scheme involved for the country a financial
commitment which nobody could measure. The
plain truth is that the insurance wrork has gotten
into a sad tangle, but no lack of friendliness from the
country is responsible for that.
Mr. Hughes will not be suspected of any bias
towards private corporations or of any deep lack
of faith in public and Governmental bureaus and
commissions; his record shields him from any such
misunderstanding, and he must be deemed a friendly
critic now. What he recommends is (in one word)
decentralizing. He may well be heeded, and this
additional failure in Governmental attempts to do
what is normally a private business may well be
utilized as a pat and timely lesson just now. Re
grets do not put us back at the fork of the road
where the wrong turn was taken. Apologies and
explanations and investigations do not restore the
shattered and the lost. No man is as wise as a few
imagine themselves, and the only compensation
for mistakes once made is to get some salvage by
catching their meaning and then not making the
same blunder again; why need anybody dothat,inasmuch as so many brand new ones are always possible?
EFFECT IN CA N A D A OF THE THREATENED
REPEAL OF RECIPROCITY.
Ottawa, Canada, Aug. 1 1 9 1 9 .
The threatened repeal of the Canadian Reciprocity
Act by the United States Congress has had the effect
42fl>
THE CHRONICLE
here of confirming public approval of the Borden
Government which in 1911 strongly defeated Sir
Wilfrid Laurier, and his proposed reduction of
duties on agricultural products. Canadian news
papers of all political stripes express satisfaction that
Canada never embarrassed herself with a trade
agreement terminable at will by parliamentary
bodies of a foreign nation. The tone of comment is
pleasantly reflective that while Canadian trade
would be disturbed by Congressional repeal of the
reciprocal provision of the Underwood Tariff
affecting wheat and potatoes, consequences would
have been well night ruinous had the country’s trade
channels been fixed in 1911 according to the full
plan of the Laurier-Taft negotiators.
Even the rumors of higher tariff legislation at
Washington have had the effect in Canada of
discounting the free trade campaigns to which in
creasing numbers of farmers and consumers were
giving their allegiance. Some farm journals and
ow-tariff agricultural leaders express disappoint
ment that the United States should think of endorsing
what these Canadians regard as a vicious economic
theory. They waste no sentiment on the right of
the American farmer to choose as he pleases, and
insist that Canadians should therefore cut their
policies according to the pattern of Canadian in
terest.
It is an interesting and important fact in Canadian
political history that no party has yet appealed to the
key provinces of Ontario and Quebec on free-trade
or near-free-trade, and gained a majority. Quebec
is as protectionist as Ontario, and only special cam
paign issues of race and creed have been able to ob
scure that fact. British Columbia is also tradi
tionally conservative and alertly defensive in in
ternational trade questions. The low-tariff senti
ment blooming vigorously in the Prairie provinces
is being tempered by recent discussions of new
industrial development of their forests, mines and
water powers. Periodic crop failures and the tire
some extremes of optimism and depression have
given the prospects of establishing western manu
facturing plants a strong appeal; thereby, the acade
mic antipathy towards “ the manufacturing East”
loses point. Meantime, in denial of all the signs
and portents, no low-tariff party has lifted its head
in the House of Commons, even after the Govern
ment’s recent stand-pat tariff pronouncement, and
the agricultural organizations having free-trade
platforms are entirely lacking an influential politi
cal sponsor.
________________
J
T R A D E O F U N I T E D S T A T E S 1918-19.
We have beftfome so accustomed to abnormally
heavy totals in our foreign export trade that they
have ceased to be occasion for more than passing
comment, but the aggregate for June commented
upon by us last Saturday is of such huge propor
tions as to be truly marvellous. It was known, of
course, that the movement of tonnage out of our
ports (especially out of New York) had been un
precedentedly large in June, but it was certainly
not expected that the outflow of commodities for
the month would aggregate a value 918 million
dollars— even with extremely high prices assisting.
Time was when (as in the last three months of the
calendar year 1912) the outward flow of commodi
ties at 250 million dollars a month was hailed as a
most satisfactory development of our external trade.
FO R EIG N
[Vol . 109.
Now these totals of only a few years ago look di
minutive. That is the change the war in Europe
has brought. At first price was a rather unimpor
tant element in the situation and the expansion in
the monthly totals was moderate, the 300 million
dollar mark not being reached until September 1915.
The 400 million mark was passed in February of
1916, 500 millions in the following August, 600
millions in January 1917 and 714 millions was
reached in April 1919. This latter record estab
lished five months after the cessation of hostilities
in Europe, and representing in great measure the
shipments of foodstuffs, &c., to relieve the wants
of the countries that had suffered from the war,
as well as materials for reconstruction work, was
rather looked upon as the zenith of the monthly
movements or very close thereto. But now we
find it overtopped to the .extent of a further 204
millions. '
Bearing in mind how greatly the values of the
majority of the commodities that enter into our
commerce with foreign countries have appreciated in
value it is not surprising to find that the exports for
the twelve months ended June 30 1919 should have
greatly exceeded in value those of any earlier year
in the history of the United States. But it does
not require extensive analysis of the data to find
that very much the greater part of the enormous
gain is to be ascribed to higher prices. As an in
dication of this we note that raw cotton exports in ^
1912-13 while nearly double those of 1918-19 repre
sented a value 200 million dollars less and the same
is true in lesser degree of many other important
articles. It will suffice to state that prices of cotton
cloth, canned beef, cottonseed oil, paraffin, and
some minor articles are now about three times those
ruling in 1912-13; the general run of articles in the
iron and steel schedules are more than double.
Cotton, -apples, fresh and pickled beef, oleo oil,
bacon, hams, lard, butter, rosin, cottonseed cake,
lubricating oil, naphtha, leaf tobacco, wheat, flour,
corn, gunpowder, hides, sole leather, are about in
the same category and cheese, condensed milk,
turpentine, crude oil, illuminating oil, coal, and
sugar show noteworthy advances. The quantita
tive exports in 1912-13 of the few articles specifically
mentioned above figured upon the basis of the prices
ruling in 1918-19 would show an appreciation in
value of approximately 2,100 million dollars or
nearly one-half the total gain in values in the inter
val. It is, therefore, highly probable that a com
plete analysis would show the quantitative difference
between the two years to be very slight.
The gain of 1,305 million dollars by comparison
with 1917-18 is due in marked degree if not wholly
to the higher prices obtained. We note that with
cotton exports for the twelve months ended June 30
showing a quantitative increase of only about 18%,
the value of the outflow was 30% greater than in
1917-18; similarly a drop in paraffin on the one side
of less than 2-10 of 1% is accompanied by an aug
mentation on the other of 40% ; cotton cloth for the
eleven months 20% under and 2 5 % % over; rosin
17% below and 44% above; twine 10% % smaller
and 12% greater and pickled beef 26% less with
values 10% more. And many other articles in the
same category could be mentioned. There are, of
course, many instances of increases in quantity and
value alike, but as they played no controlling part
in the year’s results we need not enumerate them here.
A ug . 2 1919.]
THE CHRONICLE
421
Breadstuffs shipments for the 12 months of 1918- only 470)^2 millions in 1913-14. The total foreign
19, largely wheat ancl flour, sent to relieve the trade of the country for 1918-19, imports and ex
shortage in Europe, were 323 million dollars in ex ports combined, at 810,320,617,889 runs 1,455
cess of 1917-18, and in meat and dairy products, millions ahead of 1917-18 and exceeds 1916-17 by
similarly destined, an increase of about 488 million 1,371 millions and 1913-14 by no less than 6,062
is indicated. Cotton exports rose in value some millions. Such results furnish testimony to the
198 million dollars and mineral oils 47 millions. matchless activity and prosperity the United States
Other more or less notable gains for the eleven months’ is enjoying even though not all are sharing in it.
As indicating the changes in the foreign trade
period ended M ay 31 (no later figures being avail
able) were in leaf tobacco 103 millions; cotton manu totals we append a compilation showing the
factures 52 millions; leather and manufactures 50)^ imports, exports and balances of merchandise,
millions; paper 31 millions; fruits 30 millions; month by month and quarter by quarter, and quar
vegetable oils 25 millions; vegetables 24 mil terly aggregates of gold and silver for the last two
lions; electrical machinery 20 millions; wood and fiscal years:
manufactures 15 millions; tobacco manufactures
F O R E I G N T R A D E M O V E M E N T IN 1917-18 AND 1918-19.
11 millions; sugar 23 millions and in amounts run
ning from 3 to 10 millions in wool manufactures,
silk manufactures, soap, railway cars, oil cake,
twine, &c., paraffin, rubber tires, fish, paints, glass,
agricultural implements, aeroplanes and parts, naval
stores and eggs. On the other hand a very con
siderable decrease in outflow is to be noted in ex
plosives, 242 millions; copper 113 millions; iron and
steel manufactures 98 millions; brass 39 millions,
chemicals 30 millions, and smaller amounts in horses
and mules, autos, coal, lead, nickel and zinc to be
ascribed in greatest measure to the ending of the
war.
The 1918-19 merchandise shipments have been
principally to Europe, as in preceding years and
the most notable gains now shown are in the outflow
to devastated Belgium, and to Sweden, Norway,
Denmark and Nether ands in North Europe, ex
ports to which in 1917-18 were restricted by the
submarine menace. At the same time it is gratify
ing to state that there was a further satisfactory
increase in outward trade with countries with which
the war enabled us to strengthen our business rela
tions. For the eleven months for which details
arc available we note that the shipments of goods
to Cuba, which had risen from 6 8 ^ millions in
1914-15 to 218 millions in 1917-18 dropped to 210
millions in 1918-19, the decline having been mainly
in meat and dairy products which having appre
ciated largely in price, demand was checked. But
* E x cess o f Im ports.
the outflow to South America advanced from 282)^
millions to 357 millions; China from 47 millions to
Referring again to the part played by higher prices
76 millions; East India 64' millions to 93 millions; in swelling the totals, we may note that meat and
Japan 252 millions to 296 millions; Oceania 124 dairy products already ruling high in 1917-18 show
millions to 187 millions and Africa 49 millions to 77 a marked advance in 1918-19, and cotton cloth for
millions. Obviously these gains are to be ascribed the eleven months ended M ay 31 (the latest avail
in great measure to higher prices, but they never able complete details) averaged 23.2c. per yard,
theless accrued to our benefit. Russia, quite natur against 14.7c.; apples, $7 64 per bbl., against $4 39;
ally, figured as a negligible factor in our foreign rosin, per bbl., $12 76, against $7 32; spirits tur
trade in the late year, shipments in that direction pentine, 72)^c. per gal., against 52J^c.; cottonseed
for the 11 months reaching only 37 million dollars, cake, 30c. per lb., against 22c.; paraffin, 10.4c. per
against 151 millions in 1917-18 and 524 millions in lb., against 7.3c.; tobacco, 30.6c. per lb., against
1916- 17.
22.8c.; raw cotton, 31.8c., against 28c., &c., &c.
The aggregate value of the merchandise exports Copper, on the hand, ruled lower on the average
for the fiscal year 1918-19 it will be seen was $7,- as was also the case of a few other important com
224,744,785, against 85,919,711,371 in 1917-18 and modities. The value of the exports of the articles
86,290,048,394 in 1916 17, whereas in the year prior specifically enumerated above, -and in addition
to the breaking out of the war in Europe (1913-14) mineral oils, autos, railway cars, cement, coffee,
the total was only $2,364,579,148. The imports cotton hosiery and yarns, eggs, hides, gunpowder,
at $3,095,873,104, also established a new high record binder twine, oranges, prunes, leather boots and
by a moderate sum, comparing with 82,945,655,403 shoes, coal, paper and sugar, for the eleven months,
and $2,659,355,185 and $1,893,025,657, respectively. July 1 1918 to M ay 31 1919 was $3,090,801,647
This left the balance of exports in the latest fiscal against 82,531,119,326 for the like period in 1917-18,
year $4,128,871,681, as against $2,974,055,968 in or an increase of $559,682,321, whereas upon the
1917- 18, a little over 3,630 millions in 1916-17 and basis of the prices prevailing in 1917-18 there would
422
THE CHRONICLE
[V ol . 109.
have been an increase of only 130 million dollars. ,imillion for Canada. The net efflux for 1918-19
The total above for the eleven months of 1918-19 (of $54,211,802 compares with a similar adverse
of $66,438,741 in 1917-18, a net inflow
covers almost exactly 50% of the domestic exports balance
1
for the period— the inclusion of the relatively small of
( $685,254,801 in 1916-17 and of $403,759,753
volume of foreign merchandise re-exported being in
i 1915-16 and $25,344,607 in 1914-15. It follows,
that in the five years since the break
neither necessary or desirable. Assuming that the therefore,
1
out of the war in Europe, our net gold imports
relation between the latest year and the previous ing
i
been $993,708,618. Exports of silver for
year for the remaining articles and for the missing have
1
the
twelve
months were the heaviest on record
month (June) is similar it becomes evident that high 1
for
a
yearly
period,
namely $301,174,550, much the
prices account for an augmentation of close to a i
part going to the East Indies. Against this
billion dollars in the latest fiscal year’s exports. greater
*
were imports of $78,825,266, largely from Mex
Stated in another way, upon an equal price basis, there
1
Consequently, the net silver outflow for the
the exports of 1918-19 would record an increase of ico.
i
was $222,349,284, which contrasts with $68,
but little over 300 million dolars instead of the 1,305 year
;
millions indicated above.
«853,246 in 1917-18 and $43,276,368 in 1916-17.
In the merchandise imports for the twelve months
high prices were, of course, also an important ele P L A N FOR F I N A N C I N G T E X A S C O T T O N A N D C A T T L E .
ment in swelling values. Indeed the gain of 150
[From an Occasional Correspondent.]
millions over 1917-18 is much more than accounted
Austin , Texas, July 2 6 .
for by the rise in prices of a comparatively few ar
T h e bankers of T e x a s, long accustom ed to strain the
ticles. The advance in the price of coffee accounts
for 42 million dollars increase in the eleven months inhibition against using m ore than 1 0 % of their capital and
in handling any one co m m o d ity , have found a w ay
to M ay 31; sugar, 31 millions; raw silk, 22 millions; surplus
;
which will enable them to com p ly w ith the law , to finance
tin, 16 millions and tobacco and manufactures, 15
cotton and cattle and to bring their m ethods into more
millions; or 126 million dollars in these five articles,
m odern functioning.
or 9 millions more than the aggregate gain in value
T h e legislature has approved the plan and it is to be taken
of all articles imported in the eleven-month period. advantage of b y the organization of a num ber of corpora
Accordingly price alone may be said to be re tions having a capitalization of $ 1 ,0 0 0 ,0 0 0 .
sponsible for the 1918-19 record total. As regards
T h e plan is a simple one and was evolved b y the officials
the countries from which our imports were drawn of the Federal Reserve B a n k of D allas assisted b y sevoral
in 1918-19, an increase of 43 millions is to be noted of the leading bankers of the S tate and the Com m issioner
in the Australia-New Zealand aggregate mainly of B anking, G . W e v erly Briggs.
T h e corporations are to be organized w ith a capital of n ot
accounted for by wool; Japan, 18 millions, silk and
tea; Cuba, 66 millions, sugar; Brazil, 14 millions, less than $ 5 0 0 ,0 0 0 nor m ore than $ 5 ,0 0 0 ,0 0 0 ; the capital
coffee; Canada, 36 millions, notwithstanding a drop stock to be owned b y banks, private firms and individuals;
the entire capital to be invested in G overnm ent securities
of 45 millions in the value of the wheat sent to us,
and the interest thereon to be used for the purpose of p aying
cattle making up about half of that loss; Mexico
the running expenses of the corporation.
and Uruguay gains of 17 and 18 millions, respec
Bills of exchange will be issued b y the corporation, having
tively, contributed by several products; Egypt, 7 its capitalization and surplus as a guarantee fund in event
millions, cotton, and the Netherlands a like amount, there is need for it; though it is anticipated there will be no
diamonds. On the other hand, smaller shipments necessity for ever expending a dollar of it. T hese bills will
of wool and hides explain a decrease of 37 millions cover cotton actually in warehouse or compress or in transit
in our imports from Argentina and a diminution of and will be subject to discount b y the banks which care to
18 millions in the East Indian total follows a marked handle th e m , or b y the Federal Reserve B a n k . I t is stipu
decline in the forwarding of rubber. It is no occasion lated in the A c t passed b y the special session of the Legisla
for surprise that there should be a contraction in ture that bills aggregating fivo tim es the am ou n t of the
capital m ay be issued b y each corporation which secures a
the aggregate for several European countries— charter; and ten tim es the am ount of the capital b y special
France, Italy and the United Kingdom, for permission of the Com m issioner of Banking during the tim e
instance.
when there is the greatest rush.
H a vin g the bill, the co tto n grow er, buyer, m orchant or
The gold movement of the year was of compara
tively small extent; very much below that of either other owner of the cotton m a y secure his m oney and not pay
m ore than he has been accustom ed to p a y .
H e can socure
of the three preceding years in fact, and netted a the bill at six m o n th s, if ho desires; and in event he desires
moderate loss to the United States. There was a to repay before th a t tim e he can arrango to secure the ad
balance in our favor for the 11 months to M ay 31 of vantage of doing so in a return of a portion of his discount,
a little over 2)^ million dollars. But with restric the corporation taking care of the m atter in floating other
tions against exports of gold removed, the outflow bills.
It is estim ated that the new law will onablo the bankers
in June was very free and apparently the heaviest on and the cotton m en to carry the 4 ,0 0 0 ,0 0 0 bales of cotton
record for a monthly period, reaching $82,972,840. grown in T exas for a year if they care to do so.
T h e cattle m en of the S tate, being hard prossod for funds
Coincidently, there was in the same month a re
newal of shipments of gold by Great Britain from with which to restock their ranches, from which they sold
practically everything during the drouth which w as ended
its depository in. Canada to the United States, so
only a few m onths since, are now organizing a corporation
that the imports were also large, reaching $26,134,460, w ith a capital of $ 2 ,0 0 0 ,0 0 0 am ong them selves, with which
still leaving a net outflow, however, for June of they propose to float som e $ 2 0 ,0 0 0 ,0 0 0 of bills; enabling them
$56,838,380. For the twelve months the aggregate to repay loans to the G overnm ent of ab out $ 4 ,0 0 0 ,0 0 0 and
inflow was $62,363,733 and of this the greater part to have $ 1 6 ,0 0 0 ,0 0 0 with w hich to operate independently
of the banks w hich are dom inated b y the m oney of the
was from Canada for account of Great Britain. Of
packers.
.
, ,,
A
...
the exports of $116,575,535, approximately 5 8 ^
T here are a lot of cattle in W y o m in g and M o n ta n a which
millions were for South America, 17 millions for are to bo had by the Texans if they can securo funds and under
Japan, 163d* millions for Mexico, 15 millions for Spain, this plan thoy hope to have the m oney in tim e to take ad
3 millions for India, 4 millions to Hong Kong and 1 vantage of the abundant grass and w ater in W e s t T e x a s.
A ug . 2 1919.]
© u r r je u t
THE CHRONICLE
and
E v e n ts
C O N T I N U E D
O F F E R I N G
O F
d is c u s s io n s
B R I T I S H
T R E A S U R Y
423
to apply to tho bank for advances totalling 4,500.000,000 francs, only
1,650,000,000 francs had been advanced during the second quarter, while
tho excess of tax receipts over the budget estimates had increased to 350,
000,000 francs and current bond sales were growing. M . Peret estimated
tho present deficiency at 12,000,000,000 francs annually.
B I L L S .
T h o usual offering of n in ety-d ay British T reasury bills
was disposed of this week by J . P . M org an & C o . on a dis
count basis of 5 Y i % , the rate recently prevailing. T h e bills
aro dated M o n d a y , July 2 8 .
F R E N C H
T R E A S U R Y
I N G
B I L L S
B R I T I S H
O F F E R I N G —
T R E A S U R Y
A nnouncem ent was made
O U T S T A N D
B I L L S .
sim ultaneously in N e w Y o rk
and in cablegram s from Paris July 3 0 that arrangements had
been com pleted for the sale in the N e w Y o r k m arket of
French Treasury B ills, similar to the British Treasury B ills.
J . P . M org an & C o . in its announcem ent said:
Tho Troasury of tho French Republic has completed arrangements for
tho handling of its sixty and ninety day bills in the American markot, along
lines similar to tho sale of tho British Treasury Bills which have been cur
rent in this market for tho last two years. At present tho French Treasury
contemplates tho Issuanco of its bills not to exceed $50,000,000 with a maxi
mum weokly maturity of not over $5,000,000. Tho rate at which tho bills
will bo sold will depend upon money markot conditions. Tho French
Treasury has, o f course, fully acquainted tho officials of tho United States
Treasury at Washington with its plans.
•
A t tho sam e tim e tho M o rg a n firm gave ou t the follow ing
m em orandum :
It will bo recalled that tho first issue of tho British Troasury Bills was
brought out on Aug. 1 1917, and since that time these have been current
In tho market. Tho amount outstanding has run generally from $80,
000,000 to $100,000,000, and the rato at which tho bills havo been sold has
varied from 5 to 6% . It is considered natural that tho French Treasury
should undertake operations similar to tho successful British Treasury
sale. Tho French Treasury carries largo balances in this country, and
could undoubtedly obtain from its depositaries such temporary accommo
dation ns it might desire, but it has deemed It wiser to follow tho plan of
familiarizing tho general market with the character of tho French Treasury
obligations.
______________________________ _
N E W
C R E D I T
T O
F R A N C E .
A now credit of $ 1 5 7 ,5 4 9 ,0 0 0 was extondod to Franco by
tho U nitod S tates Treasury on July 2G, m akin g tho total
advanced to th at country $ 3 ,0 1 0 ,0 2 6 ,8 0 0 , and tho total
in favor of all tho Allies $ 9 ,6 1 5 ,4 0 0 ,9 2 6 , dividod as follow s,
according to press advices from W ash in g ton , July 2 6 .
$4,316,000,000 Greece . .
Great Britain ...
■S 43,412,966
. 3,010.026.800 Rumania
Franco ________
30.000,000
1,587.675,945 Serbia__
Italy___________
.
26.780.465
. 343,445.000 C u b a __
Belgium_______
10,000.000
I,Iberia..
.
187.729,750
Russia_________
5.000,000
55,330,000
Czecho-Slovakia.
$9,615,400,926
F R A N C E
O F
S E E K I N G
W A R
C O - O P E R A T I O N
D E B T —
F R A N C E
L I M
I T
N O T E S
O F
I N
L I Q U I D A T I O N
B A N K
R A I S E D .
O F
R E C O N S T R U C T I O N
P R O G R A M
F O R
F R A N C E .
A reconstruction program for the whole of France a t an
estim ated cost of 4 0 ,0 0 0 ,0 0 0 ,0 0 0 francs was announced in
the C ham ber of D eputies on July 2 b y M . B edouce, B ud get
reporter, in a debate on public w orks. Press advices w ith
regard thereto said:
The plan includes the reconstruction of railroads, some of which would be
electrified, and largo projects for buildings, canals and improving harbors.
M . Bedouce stated that the public works budget for the current year
amounted to 1,600,000,000 francs, as compared with 300,000,000 in 1914.
For road repairs in the invaded regions 176,000.000 francs has been allo
cated, and these will have tho Government’s first attention. The entire
road construction program will cost nearly 2,000,000.000 francs. M .
Bedouce said in a few years France would have a road system superior to
that before the war.
Albert Clavcillo, Minister of Public “Works, told tho Chamber that all
the railways of Alsace-Lorraine, save one, were in working order. He fore
shadowed great extensions to the Marno-Rhine and Rhone-Rhine canal
systems, the latter operation alone involving 14,000,000 francs.
A M E R I C A N S
T O
A I D
I N
R E B U I L D I N G
O F
F R A N C E .
Paris cablegram July 25 said:
Representatives of many large American banks and business houses met
here today with delegates from the devastated regions at a session called by
tho American Chamber of Commerce to establish closer relations.
Judgo Walter Berry, President of the American Chamber of Commerce,
proposed tho appointment of a commission to study factory problems and
to aid in tho building of villages and a special committee to aid tho French
Government in hastening reconstruction work.
A
P R O P O S E D
C O M
P A N Y
R E F - A I R
O F
I N
F R A N C E
W A R
T O
F A C I L I T A T E
D A M A G E S .
O n July 16 French M inister of Finance K lo tz introduced
in tho Cham ber of D eputies a bill approving an agreem ent
w ith a com pany called tho C redit N a tio n al, form ed in order
to facilitate repairs of war dam ages. T h e co m p an y’s capital
is to be 1 0 0 ,0 0 0 ,(XX) francs, and it will advance funds for a
m axim um period of ten years.
T h e funds will be secured b y
tho issue b y France abroad of shares in the co m p an y, which
aro to be guaranteed b y the G overn m en t’s bud get.
I T A L Y
I N
Q U E S T
O F
L O A N
I N
U N I T E D
S T A T E S .
Follow ing tho announcem ent (in Paris cablegram s July 24)
that Signor Scharzer, the Italian M in ister of the T reasu ry,
had arrived in Paris on a mission understood to concern
negotiations for the floating o f an Italian loan in the U nited
S tates, a R om e (H a v a s) cablegram to the daily papers
In a statem ent m ade in the French C ham ber of D eputies
July 2 6 said:
on July 9 , Louis K lo tz , the M in istor of Finan ce, stated that
.It is reported here that an appeal has been made to American bankers
conversations were in progress betw een Franco and tho for financial aid for Italy to the extent of $1,000,000,000.
Alliod and Associated Powors looking to financial co-oporaOn the sam e d ate, July 2 6 , A ssociated Press advices from
tion in liquidating tho war d eb t.
H is statem ent was m ade R om e reported Premier N it ti, in speaking before the Senate,
during a discussion of tho project for a further advance to as stating that Italy m ust raise a foreign loan of 1 8 ,0 0 0 ,0 0 0 ,
the G overnm ent of 3 ,0 0 0 ,0 0 0 ,0 0 0 francs b y tho B a n k of 0 0 0 liro ($ 3 ,6 0 0 ,0 0 0 ,0 0 0 ) for the purchase of raw m aterial.
France. T h o plan, it was stated, em bodies authorization to W e quote further from these accounts as follow s:
tho B ank to issue 4 ,0 0 0 ,0 0 0 ,0 0 0 francs moro paper m oney,
IIo pointed out that the refusal of the United States to grant new credits
bringing tho total paper circulation up to 4 0 ,0 0 0 ,0 0 0 ,0 0 0 to Italy was not a hostile act, for the Unitod States had lent to Italy during
francs. T h o project for an advance by tho B ank and a new tho war money at a rate of 3 H % , whereas tho rate paid on loans raised in
Italy was 5H%issue of 4 ,0 0 0 ,0 0 0 ,0 0 0 francs in paper m on ey was finally
“ Tho United States have accomplished their task," said the Premier,
adopted b y the C ham ber w ithout division. T h e B u d get "and it is now a question of asking them for an act of friendship and we
C o m m ittee of tho Cham ber of D oputies, it was announced at must also act In a friendly manner.”
A favorable Issuo in the difficulties surrounding Italy’s foreign policy is
tho samo tim o, passed a resolution asking tho G overn m ent to hoped for by Premier Nitti.
“ There is no need to say that because one of our national aspirations is
tako measures to reopen tho Bourse to operation in futures
unsatisfied wo havo lost tho war. for Italy has won tho war. and the prestige
on all securities with the exception of French G overnm ent which she has acquired in the world is worth more than any riches. We
bonds.
On tho question of tho liquidation of tho war dobt havo overthrown a centruy-old empire. In spite of treaties which we had
mado, as a result of which we ought to have been supported in our struggle
tho dispatches from Paris July 9 said:
against the Austro-Hungarian Empire, wo were alone in the combat.
Previously several deputies had criticised the Government for tho vaguoNone can say wo did not win the war.”
noss of Its financial policy and for its delay in imposing additional taxes.
Tho Senate then passed a resolution expressing confidence in the new
Tho French peaco delegation was also criticised by M. Poret, former
Minister of Commerce and chairman of tho Budgot Committee, for falling ministry.
to insist upon tho necessity of pooling tho war expenditures among the Allies.
“ Tho stipulation in the treaty,’ ho said, is not sufficient. Wo havo
I T A L I A N
T R A D I N G
C O M P A N Y .
not obtained from our allies tho financial co-operation which in all justice
we had a right to expect.
W ith regard to reports that an Italian trading com p any
“ I hopo It will not be too lato to apply for tho co-oporatlon o f tho Allies
when tho moment comes to constitute tho Loaguo of Nations. Cannot is being formod for the im portation into th a t country of
wo appeal to those'across tho sea. who have kept thoir rlchos Intact? That cereals after the conclusion of peace and the resum ption of
Is tho real question."
private im portation of food stu ffs, “ Financial A m erica” in
M . Perot expressed tho fear that Franco loft to herself, will be unablo
to balanco her resources with expenditures with sufficient rapidity. Tho W ash in gton advices July 28 said:
This now company will be capitalized at 30,000,000 lire of which 20,
Finance Minister, In reply, said that tho signature of the treaty had not
000.000 liro will be furnished by the Banca-Commerciale Italiana and 10,
foreclosed tho negotiations.
“ Wo can, and wo will," ho said "pursue with tho Unitod States and Great 000.000 lire by the Crodito Italiano.
While tho now corporation is organized for the special purpose of dealing
Britain the necessary policy of financial union. Conversations to that
end are ulroady going on and will bo followed up with all the patriotism of In grain, it will conduct a general Import and export business, seeking to
balance
cereal importations Into Italy by the exportation of Italian products
which wo are capablo."
M . Klotz said that the financial situation had improved In tho last throe to such foreign grain-producing countries as Australia, Argentina, Roumonths. While during tho first quarter the Government was requirod mania, the Ukraine, and the United States.
S U B S C R I P T I O N S
T O
B R I T I S H
V I C T O R Y
L O A N
T h o British V icto ry L oan subscriptions, which were re
ported as £ 7 0 8 ,0 0 0 ,0 0 0 on July 17 (as noted in these colum ns
last w eek, page 3 2 9 ) , reached £ 7 6 7 ,8 0 0 ,0 0 0 on July 3 0 ,
according to an announcem ent m ade in the H ouse of C o m
m ons b y the Chancellor of tho Exchequer, J . A u sten C h a m
berlain.
G R E A T
[V o l . 109.
TH E CHRONICLE
4 2 4
B R I T A I N
N O T
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A R T I F I C I A L L Y
E X C H A N G E .
vastation wrought by tho Germans? Was it one for tho suffering and grief
of their peoplo (a grief far beyond what wo hero can conceive, who have
not, except in rare instances, suffered tho loss of our first-born) ? No, those
chiefs of state were not wringing their hands over tho past or tho present.
They were apprehensive for tho future. Who was to rebuild their broken
States, who was to furnish tho new ideas to build upon?
I answer that they look to America for help in many senses of tho word.
Not that they have lost their courago or their spirit, but that they feel tho j
need of a great friendliness, of a great generosity and of helpful minds J
from America, that country abounding in friendship, in open-mindedness,/
in skilled brains; and we must not bo found lacking.
j
S U P P O R T
R E P O R T S
O F
R U S S I A N
L O A N
N E G O T I A T I O N S .
\\ <'[
J.
A u stin C h am berlain, Chancellor of the British E x Reports concerning negotiations for a loan to tho Russian
chequer, is reported to have told the H ouse of C om m ons K olch a k or O m sk G overnm ent have been current during the
on Ju ly 25 th a t he did not think it wise, under present con past w eek. T h e N o w Y o r k “ T im e s” of July 29 was author
ditions, to return to the policy of giving artificial support ity for the statem ent that “ an A m erican syndicate of finan
to tho dollar exchange, a policy abandoned several m onths ciers in N e w Y o rk C ity has arranged to advance loan of
8 5 ,0 0 0 ,0 0 0 to tho K olch a k G overnm ent at O m sk , Siberia,
a g o.
C ablegram s stating this added:
Constant attention is being given, he said, to tho question o f financing to enable it to bu y foodstuffs and other necessaries in this
essential imports from America, and tho general financial and economic c o u n tr y .”
Other reports stato that the negotiations involve
causes underlying tho adverso conditions in foreign exchange.
a loan of 8 2 5 ,0 0 0 ,0 0 0 . A s to this, special W ashington
advices in the “ Journal of C o m m e rce ,” July 2 9 , said:
A M E R I C A N S
A N D
J A P A N E S E
O R G A N I Z I N G
J O I N T
The report current in financial circles In Now York that a loan of $25,000,
000 has been arranged for the Kolchak Government with tho approval of
B A N K .
the United States Government struck those officials in tho Government who
T ok io advices, under date of Ju ly 2 2 , appearing in the might havo knowledge of such an occurrence with somo surprise to-night
when tho matter was called to their attention.
N o w Y o r k “ T ribu n e” of Ju ly 2 5 , said:.
There has been no such loan by tho Government Itself, and it is safo to
Preparations for tho establishment o f a joint stock bank by American and
Japanese capitalists havo been progressing, and tho formal announcement say that thero will bo none witlx tho condition of affairs such as they aro
at this time.
will bo made before long.
Tho project was first suggested by bankers o f California when Baron
“ Financial A m erica” on July 29 liad tho follow ing to say
Megata visited the United States last year. Tho movement is interesting
in the m atter:
bankers and capitalists on both sides o f tho Pacific as the first attempt
For somo weeks tho Kolchak Government has boon in favor with the
toward a joint stock bank between American and Japanese bankers.
Peaco Conference authorities in Paris. This was truo beforo President
Wilson left that centre for homo, but tho Paris advices stated that ho was
D O L L A R
E X C H A N G E
I N
M E X I C O .
not certain as to tho advisability of giving that Government official recog
nition. Moro recently tho question appears to havo been largely In aboyO n Ju ly 10 press advices from M exico C ity said:
anco. At any rato not much has been said about It In tho Paris cables.
Newspapers o f this city printed this morning on their financial pages In this country tho opinion has been hold by tlioso who havo given atten
records of foreign exchange transactions, showing that drafts on Now York tion to tho matter that Admiral Kolchak is tho strongest man who has
were bought at 50, or par at 2 to 1, for American dollars, and sold at 49%, appeared in Russian affairs sinco tho overthrow of tho old Government, and
which is less than 2 to 1. This, it was pointed out, is significant, since that if given financial assistance ho would bo ablo to establish and maintain
during the last six months o f 1918, tho exchange rate hovered around 00, a Government that, in'duo time, coidd oxtond Its power over all Russia.
which meant that tho Mexican peso was worth 60 cents in United States Tho negotiations in London, Washington and Now York relativo to a loan,
money, instead o f about 50 cents, its present value.
which may bo as much as $25,000,000, aro naturally takon as tangible
proof of this confidence.
W e likewise quote w h at tho “ W a ll Street Journal” of
E U R O P E ' S
N E E D
O F
T R A I N E D
M I N D S
O F
Y O U N G
July 29 had to say in tho m atter:
M A N H O O D .
An international group of bankers havo practically concluded negotiations
T h o m a s W . L am o n t of J . P . M o rg a n & C o ., at a dinner
for extending the Russian “ Omsk” Government a largo loan. A transaction
of tho “ Old G rad ’s Sum m er S ch o o l,” held at the H arvard of this naturo was moro or less anticipated in banking circles following tho
C lub on July 29 stated th at w hat impressed him m ost during recognition of Kolchak by the Allied Governments.
It was not possiblo to ascertain tho size of tho accomodation, although
his trip abroad was the need of E urope above everything in one quarter it was mentioned that tho amount is in excess of $25,000,000.
else, for “ the pow er, the energy and tho trained m inds of Bankers who are usually acquainted With Russian affairs admitted that
youn g educated m a n h o o d .”
M r . L am o n t is quoted as tho matter of a loan was practically settled, but that definito Information
on tho subject should come from London.
follow s in the N e w Y o r k “ E ven in g P o st” of Ju ly 3 0 :
At tho offices of J. 1*. Morgan & Co., it was admitted that tho subject
Wo have all had examples o f what our country can do when she becomes was being considered, but further Information was not forthcoming.
aroused. Tho record of our army and navy in tho war was superb. It was
Thero will bo no public offering of securities, as it is understood tho loan
the reckless courago and gayety of our soldiers at Chateau-Thierry and in the will bo a straight banking transaction.
Argonne Forest that so shattered tho moralo o f tho German Army as to lead
T h e “ T im e s” in its report of a 8 5 ,0 0 0 ,0 0 0 loan, said:
them to tho final collapse. But with all our superb work, when it comes
The loan to bo secured by $5,000,000 worth of gold bullion, which tho
to contrasting our suffering and sacrifice with that of our Allies thero is
no comparison. And nover, in my judgment, shall wo havo paid our debt Kolchak Government has sent to Hong Kong, where it will bo hold, with
to tho world and to humanity until wo have taken our coats o ff and tried a 5% margin as security, for tho advanco which tho American bankers
to bind up those bleeding wounds o f Europo and to supply her with what make. Tho advanco Is mado for a period of two years, during which tho
she needs: credit, yes, abundantly and fully, but brains and energy and man $5,250,000 gold bullion will bo hold on deposit in the International Banking
power, not necessarily to bo sent in largo numbers to Europo itself, but Corporation, an American Bank in Hong Kong.
Within tho two years tho Kolchak Government oxpccts to bo ablo to
to study its problems from this sido o f tho water and work out solutions
pay o ff tho loan through tho shipment of pigskins, furs, and other commodi
for them.
That Is where Harvard must come to tho front and do her part. The ties to tho United States. Tlieso, it calculates, will cover tho shipments
problems of finance and credit are pressing, but even greater problems of foodstuffs and other commodities from this country to Siberia, and ulti
are those o f social progress that havo sprung from tho war. Again and mately to tho Omsk Government Its gold doposit.
Tho object of this arrangement is to savo tho Kolchak Government tho
again the wise men of England and Franco pointed out to mo that we
wero in a now and changed world. New forces havo been let loose. Shall cost and troublo of shipping $5,000,000 worth of gold to this country, and
then,
after two years, sending It back to Russia. Tho Omsk Government,
we guide them or let them run wild? A wise physician can take a littlo
strychnlno and make it into a wonderful tonic. A clumsy ono can take it is understood, has quito a quantity of gold which it has recovered or saved
‘ tho samo ingredients and poison a wholo community, as they are doing from tho grasp of tho Bolshevik!. Tho loan Is entirely a private arrangement
in Russia to-day. Who is there, then, to work out these problems of labor between tho Kolchak Government and American bankers, without tho Amer
and o f social relationship, if wo do not equip our Harvard students to that ican Government participation, although American officials know of tho
arrangement.
ead?
Ono of tho institutions unofficially reported yesterday as having entered
It was lack o f understanding that led to tho great war. It was lack of un
derstanding that has caused every war. We must get understanding. We tho syndicate which will advance $5,000,000 credit to tho All-Russian
must get wisdom. How can we get it? Ilow can wo give it to our sons and Government of Admiral Kolchak was tho National City Company. It was
daughters? Only, I take it, in the first instance, and in tho formative part rumored also that London banks would play an Important part in tho tran
of life, through tho great mechanism o f our educational institutions. saction. Whether tho bankers of other nations had been asked to lend their
Through the workings of a piece of machinery like Harvard, as It has been assistance was not divulged in Wall Streot.
It is believed that the arranging of this credit has political significance,as
In tho past, as it must bo far greater and moro powerful in tho future— only
through such machinery, equipped and tempered to take our young minds well^ as financial. Bankers who admitted somo knowledgo of tho credit
said;
that tho matter was still far from boing settled.
and to turn them out fine tools for tho work that lies before them, can wo, as
In somo quarters it was behoved that tho purpose of tho opening of a
Professor Royco said many years ago, become endowed with tho wisdom to
credit hero for the Omsk Government was to refund tho Russian external
comprehend and tho courago to endure tho business of life!
You ask me what it was that mado the deepest Impression upon me during bonds sold in this country anti now in default. The $50,000,000 6 % % bonds
the five crowded months which I spent In Paris with tho American Commis sold hero aro in default both as to principal and Interest. A majority of
sion to Negotiate Peace. Amid such a throng of impressions it is hard to bankers who wero questioned on this subject wero inclined to discredit It,
pick out ono. But I shoidd say, that tho deepest was that Europo needed, as it was not believed likely that Admiral Kolchak or Ills associates could
above everything else, tho power, tho energy and tho trained minds of raise sufficient funds to pay off theso bonds in this marlcot, and thero was no
young educated manhood. It is true that if we are to maintain our own disposition to look for any scaling down of tho par valuo of tho securities,
trado and prosperity wo must grant her ample credits for her purchases which, it is behoved, ultimately will bo redeemed in full.
in America. But, over and above all that. In the years that are ahead of
us, wo must lend to Europo somo o f our young men, to supply temporarily C O N S O R T I U M F O R F I N A N C I N G O F C H I N E S E L O A N S .
a part o f that great fund o f vitality and constructive thought tho loss of
T ho text of tho plan proposing a consortium for tho financ
which Europo to-day is feeling so sadly.
In all tho reconstruction that sho must faco, Europe then feels most, as ing of Chineso loans b y A m erica n , B ritish, French and
I say, the need for those minds and hearts that havo ceased to pulse. What Japanese bankors, becam e available on July 3 1 .
Reference
was the cry o f Clemenceau, o f Lloyd Georgo and o f Orlando, as I saw them
at conference day by day? Was it ono o f complaint for tho frightful de to tho organization of tho consortium on M a y 12, was mado
A ug. 2 1919.]
THE CHRONICLE
in our issue of May 17, pago 1981. On July 4, tho following
advices from Peking July 3 regarding the loan appeared in
the New York “Tribune:”
Dr. Paul S. Iteinsch, American minister to China, when questioned to-day
concerning Japanese press criticisms of the new plan for financing Japanese
loans explained that tho consortium rests upon open co-operation between
America, Great Britain, France and Japan in a spirit of helpfulness to China.
"The agreement involves no monopoly," he said. "Each national group
is to Include every institution interested in Chinese finance. Other nations
interested in China will be admitted when they have the necessary capital
strength. As tho consortium unifies foreign interests in China, it will
arrest tho progressive partition of China through tho growth o f local spheres
of influence. The Chinese Government, with the unified support o f tho
great powers, will bo strengthened in every function it exercises.”
The agreement was published in the New York “Times”
of yesterday (Aug. 1,) which, in printing it said:
The original plan was outlined in tho following letter and memorandum
from United Statas Minister Paul S. Keinsch to the Chinese Foreign Office:
On July 10 1918, I had tho honor to communicate to Your Excellency
copies of confidential letters exchanged between certain American bankers
and myself on the subject of the formation of an American group for tho
purpose of rendering financial assistance to China.
“ As appeared from the correspondence above referred to, it was tho
thought of this Government that tho newly formed American group should
bo representative of tho whole country and should include in its member
ship such banks as had a present interest in China, as well as such banks as
might desire to join the group and were acceptable both to tho other members
of the group and to this Government. Thirty-one banks have now joined
tho American group and are representative of all sections of tho country.
“ It w a s considered by all to bo a reasonable condition o f membership in
the American group that all preferences and options for loans tp China held
by any member of this group should be shared by tho American group as a
whole and that all futuro loans in China which have any governmental
guarantee should bo conducted in common as group business, whethor it
was for administrative or for industrial purposes.
"Such, in brief were the principles underlying tho formation o f tho
American group so far as its own organization was concerned. It was
tho intention, that all loans of tho American group shall bo automatically
shared with and conducted in common by tho international group when
formed.
“ It was frankly recognized that tho war had created such a mutuality of
interests between certain Governments and peoples, as to render their
co-operation essential to any constructive program of financial assistance
to China. It was, therefore, the earnest hope of tho Government of tho
United States that the other Governments which wero largely interested In
China and in a position to render substantial assistance at this time— namely,
Japan, Great Britain, and France—might see fit to join with this Govern
ment in its proposal plea and consent to tho formation of similar national
groups organized on the same basis to co-operate with tho American group;
for it was and is tho firm conviction of this Government that only by such
co-operation and upon such principle, can tho best results bo obtained for
China and for tho common interests of tho other powers concerned.
Each Nation to Form Group.
" I f each o f the four governments should form a group o f its own which
should include all those who havo made, or would liko to mako loans to
China, and If each member should share with tho other members o f its
national group all future loans, including tlioso to which it has a preference
or on which it has an option, thore could be little or no objection in tho finan
cial circles of tho respective Governments to such an arrangement.
"Then If each o f tho four national groups should sliaro with tho other
national groups any loans to China, including tlioso to which that national
group may havo a preference, or on which it may havo an option, and all
such business arising in tho futuro, it is felt that tho best interests of China
would bo served—a purpose which tho Government o f tho United States has
in all sincerity formed— would have tho cordial support of all powers which
havo at heart tho welfaro of China.
"Tho Government of tho United States in making its proposal was, of
courso, not unaware o f tho so-called five-power consortium.’ It was not
tho purposo, however, of this Government, in suggesting tho formation
of a now international group, to intcrcfero with any o f tho rights of that
consortium. It was hoped that, as in tho caso of tho American group, the
now national groups to bo formed might bo mado so broad as to includo tho
members of tho former consortium, as well as others who had legitimate
claims to such Inclusion, so as to meet the larger needs and opportunities
of China in a spirit of harmony and of helpfulness, rather than o f harmful
competition and of self-interest.
"The proposal as presented has given riso to various inquiries on tho part
o f tho sovcral Governments to which it was addressed, and I havo tho honor
to hand to Your Excellency herewith a memorandum covering tho main
points as raised. I should bo happy if you would bo so good as to convoy
tho information therein contained to your Government and solicit its favor
able consideration and approval.”
Tho memorandum, dated Oct. 8 1918, was as follows:
“ Tho Government of tho United States is gratified at tho cordial reception
given in principle to the general plan for loans to China as recently presented
to tho respective interested Government.
"This Government is now happy to reply in tho following sense to tho
sovcral requests of those Governments for further information as to certain
features of tho proposed plan.
425
between the banks and the United States Government. Thereby all pref
erences and options for futuro loans in China having any Government
guarantee held by the individual members of the American group should
be relinquished to the group, which should, in turn, share them with the
international group.
"Such relinquishment of options was considered by this Government
to be a reasonable condition of membership in the American group, and
while it is recognized that each interested Government must necessarily
make its own arrangements with its own national group, it is submitted that
it is possible properly to conduct tho business of the international group
only by similar relinquishment to the respecti- « national groups by the
individual banks forming those groups, without cl stinction as to the natur
of tho options held.
Industrial Loans Included.
g
“ 3. Tho proposal of tho Government of the United States contemplated
that Industrial as well as administrative loans should bo included in the new
arrangement for the reason that in practice the line of demarkation between
these various classes of loans often is not easy to draw. Both alike are
essential fields for legitimate financial enterprise and both alike should be
removed from the sphere of unsound speculation and of destructive com
petition.
“ The intention of this Government was to suggest, as a means to that
end, that the interested Government should, by common consent, endeavor
so to broaden the membership in tho newly formed national groups that all
financial firms of good standing interested in such loans might bo included
in the respective groups, and should withhold their support from independ
ent financial operations without previous agreement of the interested Gov
ernment
"4. The expression ‘any terms or conditions of a loan which sought to
impair the political control of China or lessen tho sovereign rights of the
republic’ had reference only to the future activities of tho American group,
and was not intended to call in question the propriety of any specific
arrangement in operation between the former consortium and the Chinese
Government, or between any other Government and the Chinese. It
can bo definitely stated that the United States Government did not mean
to imply that foreign control of tho collection of revenues, or other specific
security pledged by mfltual consent, would necessarily bo objectionable,
nor would the appointment under tho terms of somo specific loan of a foreign
adviser— as, for instance, to supervise the introduction of currency reform.
“ 5. With respect to tho Russian and Belgian groups, it is not the inten
sion of this Government to ignore, much less to exclude, any just claim of
participation in the new international group, but merely, for practical con
siderations arising out of the war, to associate tho interests of tho Govern
ments now so closely and actively associated and most ablo to finance the
proposed loans to China, and to reserve for futuro consideration the inclu
sion of any other groups of friendly powers which may at a later time be
in a position effectively to co-operate.”
In its issue of June 28, “Financial America” said:
A cable from London reports that the international banking group which
has under consideration a loan of 8100,000,000 to China has been halted
because of the refusal of the British Government to extend tho support
which the bankers desired. A protest has also been lodged by Japan against
the terms by which it is planned to admit Belgium to participation. The
British and American bankers are in thorough agreement, but the former
have not been backed up by the Government.
A SSI ST A N T SECRET A R Y OF TREA S U R Y L E F F I N G W E L L
REPORTS NO O F F I C I A L M O V E TO C A N C E L
FO R E IG N L O A N S .
In a statement on July 2o to tho House Committee on
Expenditures in the State Department Assistant Secretary
of tho Treasury Leffingwell stated that all loans granted to
foreign countries by the United States are guaranteed by
ample security and that no official representation had ever
been mado that any foreign loan should be canceled. ‘‘Finan
cial America” of July 25, which thus reported Mr. Leffingwell’s announcement continued as follows:
Spoclflc denial was made by France, also Mr. Leffingwell asserted, of
any such intentions.
Mr. Leffingwell said there existed a controversy between Great Britain
and some American contractors over settlement of claims, and between the
Treasuries of Great Britain and the United States over pre-war contracts.
Tho loan of $187,000,000 to Russia, ho said, had been of inestimable
value to the United States and its Allies, as It helped to maintain the Rus
sian army on tho Eastern front during 1917. If Russia had been denied
funds, ho said, it is very probable that Germany would have been able to
win tho war during the summer of 1917.
Referring to Russian funds controlled by Russian Ambassador Boris
Bakhmatieff, Mr. Leffingwell said ho had full faith in the probity and .
character of the Ambassador. Bakhmatieff had about $20,000 000 in the
bank to the credit of Russia. About $13,000,000 of this money had been
salvaged by the sale of material bought in the United States by Russia
but which could not be delivered.
Other funds advanced him, he said, were about $56,000,000 on or about
Sept. 1, 1917. At that time said Mr. Leffingwell, Russian contracts
amount to about $120,000,000. Tho cash held by Bakhmatieff had been
Won’t Dissolve Old Consortium.
used in meeting running expenses of the Russian Embassy, paying o ff
"1. It is not intended that tho American group, recently formed, should contract obligations and meeting interest payments on Russian bonds held
rejoin tho existing consortium, but that there should bo organized a now in this country.
international group, consisting of representatives financial institutions of
"Thore is no cause to worry about tho Russian indebtedness,” said Mr.
Leffingwell. "Russia will pay."
tho United States, Japan, Great Britain and 1'ranee.
“ Tho plan as proposed by tho Government o f tho United States, does not
lie admitted, however, that it might be some time before a stable govern
contemplate that tho former consortium should necessarily bo dissolved, ment was established in Russia and that interest payments on Russian
but that each of tho Governments concerned should arrango for tho forma bonds may bo held up for that period.
Representative McFadden, of Pennsylvania, asked if any o f the Russian
tion of its own national group, which it Is hoped might bo mado so com
prehensive as to includo all those parties interested In the former consortium bonds held by Great Britain had been transferred to the United States in
and such others, not so associated, who aro engaged, or might engage in payment for either loans or raw material. Mr. Leffingwell said he thought
loans to China, as well as any others whose participation might bo desired. not. He also denied that any expensive loans had been made to Russa
“ Nor did the American Government, in making its proposal, havo any for railroad improvements. It was tho understanding that Russia lately
specific loan in mind, but was endeavoring to lay down somo general rule had obtained more than $400,000,000 for this purpose Mr. Leffingwell said
for futuro activities, which might, in a broad way, meet tho financial needs lie understood the President had advanced some money to tho Trans-Siberian
and opportunities In China. It was for this reason that no specific refer Railroad Co.
ence was mado to tho amount o f tho loan or loans to bo raised, tho revenues
to bo pledged or to tho precise objects o f tho proposed loan. It was con
A U S T R IA N B A N K NOTES H ELD B Y ANGLOtemplated that these questions would bo determined in respect to each
AU STR IAN B A N K .
caso as It might arise.
“ 2. Tho references to a ‘relinquishment by tho members of tho group,
Vienna,
either to China or tho group, o f any options to make loans which thoy now
24,
Anglohold’ applied primarily to tho American group alone and to an agreement
According to Associated Press cablegrams from
July Dr. Alfred Treichl, managing director of the
THE CHRONICLE
426
Austrian Bank, mado the following statement to its corres
pondent:
“ Since the war Austria has been stripped gradually o f her possessions,
until she is now deprived of what other countries consider nocessaries of life,
as she is without food and without coal. The solution for our people is
emigration. With a gold reserve of possibly 300,000,000 crowns wo are
expected to redeem banknotes in foreign countries totalling from 5,000.000,
000 to 7,000.000,000 and a war loan o f possibly 500,000,000, mostly held
In Germany. Of 41,000.000,000 banknotes printed in tho empiro we now
hold from 5.000.000.000 tQ 7,000.000,000.
“ Whatever tho peaco terms, they probably will not be executed, as any
commission sent here to supervise their execution will discover that It
cannot be done.”
MARKS
FALL IN H OLLAND— GERMAN
T H R O W N ON M A R K E T .
BONDS
The following special cable from Tlio Hague appeared in
the New York “Times” of July 28:
As a result of tho recalling of all paper marks by Germany thore has been
a great slump in the market hero in tho last few days. Germans who ex
ported large sums in marks illegally in order to evade taxation are now throw
ing them on the market, and marks which had risen to 22 and 23 florins(8.8 cents and 8 cents,) after tho peace signature fell yesterday as low as
15.70, (6.2 cents,) closing at 16 (6.4 cents) Amsterdam. In Amsterdam fin
ancial circlos it is predicted that marks may even fall as low as 10 florins
(4 cents).
The total marks in nolland are estimated at between 4,000,000,000 and
5,000,000.000, although it is impossible to estimate the exact figure, accord
ing to a prominent banker.
Many German bonds, especially city bonds, which were illegally exported
to Holand are likewise being thrown on the market, owing to the fact that
Germany is insisting on all securities being newly stamped in Germany.
OVER
THREE
B I L L I O N ROUBLES H E L D
STATE B A N K .
BY
OMSK
On July 15 the “Journal of Commerce” printed the follow
ing cablegram from Omsk July 3 credited to tho Russian
Telegraphic Agency:
•
The report of tho Ministry o f Finance on tho condition o f the thirty
branches of the State Bank shows that their assets on June 16 totaled
3,303,574.000 roubles. Of this sum 652.514,000 roubles were In gold.
A bank for trade and industry has been opened in Irkutsk for tho purpose
of furthering trade and industrial development in Eastern Siberia.
A L L M O N E Y S I N G E R M A N Y TO BE T U R N E D OVER TO
G O V E R N M E N T TO D E T E R M I N E T A X
A TIO N MEASURES.
[V ol . 109.
Government and that all such securities not re-stamped will revert to the
Empire. Tho entiro bank note circulation system will be controlled.
Minister Erzberger, it is said, hopes to bring into circulation huge sums
of gold now concealed.
German properties abroad will be brought under control and some means
will bo found to bring under taxation property not declared by its owners.
Minister Erzberger, it was said, agreed that tho measures proposed were
nothing loss than brutal, but said he was afraid that there was no other way
to bring forth hidden money and to prevent fraud, except by imposing
heavy penalties.
Previous reference to Germany’s financial plans was con
tained in Associated Press dispatches from Berlin July 8,
which
said in part:
Germany is quickly to return to a peace timo financial system, said
Mathias Erzberger, Vice-Chancellor and Minister of Financo, speaking at
Weimer beforo tho German National Assembly to-day.
"Tho empiro’s needs must be divided honceforth between homo needs
and indomities,” he said. “ Tho year’s expenditures confronting us will
amount to about 17.500,000,000 marks (54,375,000,000). I am firmly
resolved to tread the hard path of economy and, therefore, have given out tho
watchword that from Oct. 1 1919, tliero sllall bo no more items not detailed,
and thero shall bo no more war funds. Tho war financo system shall cease
and a regular budget system must bo re-established. Tho first guiding prin
ciple is that therejmust bejno moro unproductive expenditures. Theroforo,
a gradual abolition of non-employment grants must be faced. How are
the full requirements for the empire, now States and communes, which may
be estimated as somo 25,000.000.000 marks ($6.250,000.000) to bo covered ? ’ '
After citing tho returns to the empiro from taxation measures prior to and
during tho war and estimating the revenuo to be derived from new tax bills,
Herr Erzberger said: “ Thero still remains a sum of moro than 10,000,000.000
marks ($2,500,000,000) to bo covered.”
“ Tho burdons of taxation will reach an absolutely torriblo hoight. A float
ing debt of 72,000.000,000 marks ($18,000,000,000) is a constant danger,
and the removal of this debt is one of our most urgent tasks. Thoro aro
two ways in which to do it— either its conversion into a funded loan or its
extinction by big levies and a heavy property tax. I do not Itidulgo tho
hopo that these two ways will Immediately yield tho entire liquid amount
of 72.000,000.000 marks ($18,000,000,000). It is tho duty of propertied
people not only to bow to a state of compulsion but to aclilovo an inward
conviction as to tho necessity of giving up all riches and all that is super
fluous.
“ Changes in tho system of taxation will bo speedily submitted to tho
National Assembly and this reform will represent tho completion of tho
whole work.”
Minister Erzberger, according to a Berlin dispatch to tho
“Tidendo” (made known in Copenhagen advices July 13)
issued a statement that tho proposed levy on pro.porty in
Germany would begin at 5,000 marks ($1,250) and would be
graduated up to 10% for property valued at 50,000 marks
($12,500). The rate, it was said, will become higher with
property the valuation of which is above this figure until it
reaches 65% on property abovo 3,000,000 marks ($750,000).
It was also stated that the lovy will bo payablo by install
ments extending over thirty years, beginning with Jan
______________________ _
uary 1920.
Tho decision of the German Imperial Finance Ministry
to withdraw all current paper money which will bo replaced
by bonds or omorgency paper, was made known in Associated
Press advices from W oimar on July 23, which stated that tho
purpose of the action was “to determine exactly how much SIR GEORGE P A I S H SEES C O LL AP SE OF W O R L D C R E D I T
property in Germany is available for inevitable taxation.”
— PROPOSAL T H A T U N I T E D S T A T E S A N D
The substitute paper, it was stated, can in turn be exchanged
N G L A N D W I P E O U T D EBT.
for new paper money when issued. It is further said in Sir George EPaish,
the well-known newspaper publicist of
the dispatches:
Great
Britain,
considers
a collapse of world credit not only
Every one will be compelled to surrender all cash on hand, and ho will
get back only what he has turned in on the basis of bonds, as the old paper possible but imminent, according to copyright advices pub
money will bo declared invalid. All stocks and bonds will be subjected to lished in tho New York “Tribune” of July 21. To his
stamping and thus brought under control. All unstamped papers will loso
their valuo. Similar measures will be taken with contracts of companies mind, thero is only “one way out”—“by capital levies, both
national and international.” He suggests, too, “that Amer
to determine invested values.
ica and England each agree to wipe out, say, a thousand
million of the debts owed them by continental countries
G E R M A N Y 'S F I N A N C I A L PROGRAM.
pool an international credit in the League of Nations.’
Tho financial program of Germany, agreed upon by and
Tho
belief that exchange may fall to $4 within a short time is
Mathias Erzbergor, Minister of Finance, and a group of among
other views expressed by Sir George in the copy
experts, and calling for the raising of 25,000,000,000 marks,
was published in the “North German Gazette” of July 23, righted article published in tho “Tribune,” which is dated
July 19, and which we quote herewith:
according to Associated Press dispatches from Berlin on that London,
Sir Georgo Paish says that British credit cannot rocovor until
date. Wo quote as follows from the Associated Press conditions
permit lifting the embargo on tho oxport of gold and
Britain will bo ablo to offer to pay everything in gold.
Tho differonco
accounts:
betweon tho present and pre-war situation is that prior to the war Great
Eight billion marks will bo obtained by war taxes, according to the
“ Gazette’s" summary of the proposed plan. The remaining 17.000,000,000
must bo raised from new sources. The first of these will be a heavy in
crease in tho tax on business turnovers. The second now source of income
is called “ the Imperial sacrifice to npeds.” The third new set of taxes will
bo on the necessaries of life.
An important part of the program will bo the imperial income tax, which
will be a tax on profits from invested capital. These capital profits will be
taxed from 25 to 30% , according to a system newly evolved that is intended
to eliminate inequalities and protect small capitalists from being over-
Britain was constantly lending large sums to foreign nations, whereas to-day
she has a great foreign debt. Becauso of tho necessity of giving additional
credit to tho Continent and also buying largo quantities of food and cotton.
Sir Georgo thinks that exchange may continue to fall, reaching $4 within
a few days.
"It is of tho very greatest importance not only that tho British should
appreciate but that the world should understand that tho peace treaty lias
dono nothing whatever to strengthen tho financial position.” ho said to-day.
“ France and Italy had been induced to base tlioir ontlro calculations and
hopes upon the payment of a largo sum by tho enemy countries, and no
provision
whatever has been mado to deal with tho situation that now
bUThc'Uncw Imperial income tax is expected to be in operation by April 1
1920. A largo army of officials will be needed to handle the taxation exists and will continue to exist in Franco, Italy and other continental na
tions until those sums aro received.
^ “ Financial Bureau Districts” will be created where courses of instruction
Much Money Orced.
by exports will be given. These bureaus, which will be opened on Oct. 1
“ Inasmuch as Germany’s power to pay largo sums immediately is gener
will be under tho Ministry of Finance. Meanwhile technical schools will
ally admitted to be doubtful, the continental nations are face to faco with
concentrate on short courses in financial science.
Tho actual operating head of tho taxation system will be an Imperial a position where they already owe great sums of money to foroign countrios
Property Administration, which will have headquarters in the old garrison for goods bought during tho war and also with tho need to continue tho
purchase of a large part of their food and raw material for a considerable
administration offices.
....
Minister Erzberger told the experts that Germany must pay tho Allies period on credit. This is the explanation for tho continued depreciation in
20 000 000.000 marks gold by May 1 1920. Ho said that this could bo continental exchanges.
The Paris rate upon London at a parity of about 25.225 francs for tho
done, as the amounts already credited to Germany by tho Allies for various
sovereign has now risen to nearly 31 francs discount, nearly 20% , while
accounts form an Important part of tho required total.
the
Italian rate, normally about 25.225 llro for the sovereign, is as high
An unusually comprehensive sot of measures to prevent tax evasions was
presented by Herr Erzberger. Tho provisions to prevent fraud through as 37.65 lire, or a discount of no less than 33 % .”
Discussing the question of the stops necessary to strengthen exchanges
capital being taken abroad Include the previously announced plan to
require that all stocks, bonds and coupons must be re-stamped by the Sir George says there Is a slight improvement in tho proportion of Import"
A ug. 2 1919.]
THE CHRONICLE
427
over exports, but the country still hardly is paying its way. Ho advocates
a substantial reduction In freight rates, as “ the diminution in freight rates
will reduce the value of British imports, as theso values are calculated after
Including the cost o f freight to the point o f arrival.”
territory as aforesaid with whom residents of the United Kingdom have been
or may hereafter be permitted by His Majesty’s license to trade and have
commercial and financial transactions.
f“
Provided always that any license which may be necessary in respect of
any
transactions
under
any
prohibition
of
export
or
prohibition
of
import
Production Must Grow.
for the time being in force in the Dominion of Canada is first obtained.
Everything depends upon the co-oporatlon of manufacturers and workmen
Provided, also, that the license hereby authorized shall not permit any
to increase the amount of production. Sir Goorge regards the general in
person to pay to or for the benefit o f any person resident or carrying on
ternational financial outlook with great pessimism. America stands to lose
business in the said enemy country or occupied territory as aforesaid any
just as much as any other country by a collapse of Europoan credit; conse
sum of money which by the terms o f the consolidated ordors respecting
quently It Is necessary for America to lend Europe the fullest financial
trading with the enemy, 1916, is required to be paid and should still be paid
assistance.
to the custodian thereunder;
Sir Georgo considers a collapse o f world credit not only possible but
Provided, also, that the license hereby authorized shall not permit any
imminent.
person to pay or deliver to or on behalf of any preson resident or carrying
" I see only one way out,” ho declared, “ and that Is by capital levies, both on business in the said enemy country or occupied territory as aforesaid
national and international. I havo made the suggestion that America and
any sum of money or property of which by the terms of the said consolidated
England each agreo to wipe out, say, a thousand million of the debts owed
orders respecting trading with the enemy, 1916, notice has been or ought
them by continental countries and pool an international credit in the to have been given prior to the date hereof; and
League of Nations. M y suggestion is based on the principle that it Is better
The Deputy Governor-General-in-Council, by virtue o f the same au
to forego making the rest good than to force bankruptcy and thereby receive, thority, is further pleased to order and doth hereby order and direct that
say, only fifty cents on the dollar.
the said license shall apply to any trading, commercial or financial transac
“ England’s post-war position is that sho neither made nor lost anything tions which may have taken place in Canada as from the date when similar
by the war. Her wealth now is approximately what It was in 1914. What transactions by residents of the United Kingdom were licensed by the
she borrowed abroad sho did in order to relend this money on the continent. Imperial Government.
Apart from England it may bo said that the European Allies lost over the
War, whilo America, on the other hand, emerges in a stronger position than
the one she held before the war. Therefore, there is all the greater reason
I N C R E A S E I N N U M B E R OF C A N A D I A N B A N K S .
why American should be willing to help European credit. It is necessary to
admit frankly that tho E.iropean countries cannot bear the enormous bur
den imposed upon them without a capital levy.
"In order to liquidate tho Brftllsh national debt, I propose a tax o f 50%
on all war profits and a tax averaging 15% upon all pro-war wealth. Such a
tax would bo payable as a war loan and would largely amount to a simplo
cancellation. There is no substantial objeccion in the suggestion that a
capital tax would unsettle the nation's finances. People may mortgage
their property Iargoly to pay tho tax, but money would be available from
securities redeemed by tho tax. Progress would naturally bo gradual."
Regarding the present crisis in sterling exchanga, Sir George said that
-----------------■ .'.vi.r.T
t /
many here believed In the policy of letting exchange take care of itself, for
each fall put* Groat Britain in a moro advantageous position as an exporter.
A D V I C E S OF S E C R E T A R Y G LA SS TO S E N A T E
Americans sooner or later will realize that tnelr commerce will be hurt by a
R E G A R D I N G F E D E R A L R ESER VE N O T E S —
high dollar exchange, for Europe will bo able to buy less under present con
E M ER G EN CY C U R R EN CY RETIRED.
ditions. Ho added“ At the time of the last crisis in exchange, the British and French govern
ments stepped in and pegged exchange, but many Englishmen believe wo
should not wait for America, who, so to speak, has the goods to make us an
______________________________
offer."
Bank
According to “Commerce Reports” of July 17, ConsulGeneral Frederick M. Ryder reports from Winnipeg, Mani
toba, that the number of branches of Canadian banks has
now reached a total of about 4,000, an increase of about 500
since the signing of the armistice. This rapid expansion, it is
added, is an anticipation of the recovery of business and
development of new sections of the country.
D I S C O N T E N T T H E A F T E R M A T H OF W A R — H I S T O R Y
R E P E A T IN G ITSELF.
[From the July monthly financial letter of Farmers & Merchants National
Bank of Los Angeles.]
Every groat war which has afflicted tho world has left in its wake tho
same train of disasters which tho peoples of the earth are now suffering from.
War has developed a spirit of unrest. Dissatisfaction is manifested on all
sides. The vanquished are not satisfied because they were defeated after
having been promised victory. The victors are not satisfied because,' con
sidering their sacrifices in blood and treasure, they do not consider them
selves sufficiently remunerated by tho exactions demanded of the Central
Powers. The working classes, having received during tho war greater
remuneration than they ever expected to receive for similar services rendered,
now think that, with the return of peace, they should be even better cared
for than they were during hostilities. People, incapable of self-government,
havo had their heads turned by the idealistic preachings o f our President
as to their rights. The fact that all the people of the world must bo gov
erned by somebody, seems, for tho time being, to be lost sight of. A great
mass of the peoplo seem to think that self-government means no govern
ment. It would bo Impossible for a great number of people to be assembled
together without restraint of some kind upon their individual actions.
Democracy, as taught by the new apostles of self-government. Is sadly
misunderstood. There can bo no such thing as self-government, as some
peoplo define the same. In a pure democracy some one must bo selected
by the people themselves to administer the laws and to look after the welfare
of the body of the peoplo. Some governments are despotic, others liberal
or democratic, but they all govern. Tho sooner people everywhere under
stand these facts, and that they owo allegianco to the government under
which they dwell, tho better it will be for everybody. If civilization is not
to disappear, the right to “ life, liberty and the pursuit of happiness,” which
includes tho right to acquire and hold property— the right to enjoy the fruits
of one's labor— must be recognized as the foundation stone of any govern
mental structure anywhere erected. Theso rights cannot be guaranteed to,
or possessed by. the individual unless the individual is willing to accept and
abide by these facts.
Furthermore, economy and thrift must be practiced, if either Individual
or national prosperity is to bo assured. Tho conditions governing modern
lifo are so complex that, if all the people of the nation become extravagant
in their habits, so extravagant. In fact, that they live far beyond their
means, and are ever in debt, instead of laying something by for a rainy
day, disaster must. In the end. overtake them. The wild orgy of expendi
tures indulged in by our own government, during tho war, has turned tho
heads not only o f capitalists, but also of wage-earners. The result is, an
era of extravagance heretofore unequaled in America, which will, sooner
or later, end disastrously. And, in this extravagance, history Is again
repeating itself.
_____
C A N A D I A N ORDER R E G A R D I N G T R A D I N G W I T H T H E
ENEMY.
T h e fo llo w in g is taken fro m
July 16:
“ C om m erce R e p o r ts ”
of
Under an Order-in-Councll of Juno 23 1919, persons residing or carrying
on business in Canada have been authorized, subject to certain limitations,
to enter into commercial and financial transactions heretofore prohibited.
Communications should be addressed to the Canadian Trade Commission,
Ottawa, for information regarding the countries and territories to which tho
Order applies. Attention is called to the fact that where export or import
licenses are required they should be obtained before any shipment is at
tempted. Tho material portions of the order aro as follows:
Tho Deputy Governor-General-in-Council, on the recommendation o f the
Acting Minister of Trade and Commerce, doth hereby give and grant license
to all persons resident carrying on business or being in the Dominion of
Canada to trade and have commercial and financial transactions with per
sons resident or carrying on business In an enemy country or occupied
Tho United States Senate has been advised by Secretary
of the Treasury Glass that there were $163,682,696 Federal
Reserve
notes in circulation on July 1 1919 and that
the amount of Federal Reserve notes in circulation on that
date was $2,493,992,462. All of the emergency currency
issued under the Aldrich-Vreeland Act, Mr. Glass states,
was retired before the close of the calendar year 1915. This
information was given to the Senate in answer to the reso
lution adopted by it on July 8, and published in our issue
of July 12, page 125. The following is the communication
sent to the Senate by Secretary Glass under date of July 22,
and laid before it on July 24:
Treasury Department.Washington. July 22 1919.
The President of the United States Senate.Washington D. C.:
Sir:— In compliance with a resolution of the Senate of the United States of
July 8 1919 transmitted to me oy the Secretary of the Senate under date
o f July 9. I submit the following:
Under the act approved May 30 1908, commonly known as the AldrichVreeland Act. as amended, additional or emergency currency was issued,
beginning on Aug. 4 1914. in amount $382 502,646. All of this additional
circulation was retired before the close of tho calendar year 1915. Auth
ority for the issue of such additional or emergency currency expired by
limitation on June 30 1915.
No emergency currency has been issued by the Federal Reserve banks.
However, such banks have issued Federal Reserve bank notes and Federal
Reserve notes in accordance with the provisions of law and under the
general supervision of the Federal Reserve Board. None were outstanding
Aug. 1 1914. The amounts o f such notes In circulation on July 1 1919were:
Federal reserve notes................................ ..................... ............... $163,682,696
Federal reserve notes______________________________________ 2,493,992,462
The Treasury Department has no Intention, nor, indeed, the power, to
retire or withdraw from circulation any thereof, nor, as I am advised, has
the Federal Reserve Board. The Federal Reserve Svsiem was devised to
create an elastic currency which would expand and contract automatically
in accordance with the requirements o f business. Any reduction In the
amounts of Federal Reserve notes outstanding will be In accordance there
with. Federal Reserve Bank notes, for the most part, have been Issued
to replace siver certificates canceled and retired in accordance with tho
provisions or tho act of April 23 1918.
1 transmit herewith a copy of the Treasury Department Circulation
Statement for Aug 1 1914. and July 1 1919, showing the amount of money
of the United States In circulation on the respective dates. Data are not
available In the department with respect to the amount of money in circula
tion on the respective dates. Data are not available In the department
with respect to the amount of money in circulation in the Territories and
possessions of the United States.
Respectfully,
CARTER GLASS, Secretary of the Treasury.
PROPOSED B U I L D I N G OF F E D E R A L R ESER VE B A N K
OF N E W Y O R K .
The Federal Reserve Bank of New York in an announce
ment yesterday concerning its proposed building stated that
competitive bids would be submitted Oct. 9. We give its
announcement herewith:
During the summer of 1918 the Federal Reserve Bank of New York
purchased, as a site for a bank building, the block bounded by Nassau
Liberty and William Streets and Maiden Lane, with the exception of a
small building at tho extreme eastern end of the block which is held at a
prohibitive price, and the area covered by which is not essential for the
proposed building.
The directors of tho bank nearly a year ago retained Mr. Alexander B .
Trowbridge of the firm of Trowbridge & Ackerman, as consulting architect
for both the preparation of the preliminary studies and the construction
428
THE CHRONICLE
o f the building; and after a thorough stu dy o f the problem are now proparing
fo r the erection o f the building on the site acquired.
On account o f tho pu blic character o f the Federal Reserve Bank the
directors decided that it was advisablo to select the architect o f tho building
throu gh com petition, and in order to expedite tho selection, limited tho com
petition to six firms and invited Messrs. Carrere & Hastings, Delano &
A ldrich, Cass Gilbert, M cK im , M ead & W hite, Trow bridge & Livingston,
and Y ork & Sawyer. The com petitive plans will be subm itted on O ct. 9
1919.
W hile it cannot now bo stated when construction will bo begun, the bank
is anxiousto com plete the building as soon as possible, in order that it
m ay bring together under one roof tho immense volum e o f its work, which
is now transacted in scattered offices not on ly in tho Equitable Building but
at 35-37 Liberty St. and 19 W est 44th St.; and in order that tho m ore than
2,500 men and w om en w ho com pose its staff m ay have m ore satisfactory
w orking conditions.
OFFERING OF JO IN T
STOCK LAND BANK
BONDS.
[V o l . 109
more attention to his duties as Deputy Govornor. Mr.
Willett had been Assistant Cashier of the Federal Rescrvo
Bank for tho past two years.
CHANGES IN STAFF OF NEW ORLEANS BRANCH OF
FEDERAL RESERVE BANK OF ■A TLA N TA .
James E. Zunts has resigned as Chairman of tho local Board
at New Orleans and resigned as a member of tho local Board
of Directors of tho New Orleans Branch of tho Fedoral
Reserve Bank of Atlanta; L. M. Pool, President of tho Marine
Bank & Trust Co. of New Orleans has been appointed to
fill the vacancy on the local Board of the Branch at New
Orleans. Paul H. Saunders, President of the Commercial
National Bank of New Orleans has been appointed as Chair
man of the local Board of Directors of tho Branch at New
Orleans. Official advices to us concerning this, state that
Mr. Zunts has not resigned as a member of the Board of
Directors of tho Federal Reserve Bank of Atlanta. He is a
class B Director and was elected by the larger size members
to fill that position.
The Equitable Trust Co. of New York, Halsey, Stuart &
Co. and William It. Compton Co., announced an offering
this week of $5,000,000 Joint Stock Land Bank 5% Bonds at
102 and interest yielding about 4.53% to optinal maturity
—5% thereafter. Theso bonds are issued under tho Federal
Farm Loan Act and are exempt from all Federal, State,
Municipal and local taxation excepting only inheritance
taxes. They are dated May 1, 1919; due May 1, 1939 and
are optional May 1 1924. The bonds are redeemable at OPENING OF HOUSTON BRANCH OF FEDERAL
par and accrued interest on any interest date aftor five years
RESERVE BANK OF DALLAS.
from date of issue. They are issued in denominations of The opening on Monday next, Aug. 4, of tho Houston
$500 and $1,000. Principal and interest (May and Nov.)
of the Federal Reserve Bank of Dallas will bo cele
prepayable at the bank of issue or at the Equitable Trust Co. Branch
brated
by
a gathering of bankers of tho Eleventh Fedoral
of New York. Tho issuing institutions are:
Reserve District at a banquet to be given at tho Rico Hotel.
Bankers Joint Stock Land B ank, M ilw aukco, W isconsin; First Joint Stock
Land B ank, C hicago, Illinois; First Texas Joint Stock Land B ank, Houston, Governor R. L. Van Zandt of the Elovonth District will
T exas; Frem ont Joint Stock Land B ank, F rem ont, Nebraska; Liberty speak and likewise B. A. McKinney of Durant, Okla.,
Joint Stock Land Bank, Salina, Kansas; Lincoln Joint Stock Land Bank,
Director and Acting Deputy Governor of tho Bank, and
L incoln, N ebraska: M on tana Joint S tock Land B ank, Helena, M ontana
Charles C. Hall, assistant Federal Reserve Agent. Mention
and various other Banks.
It is pointed out that the bonds aro redeemable at tho of the new branch was made in these columns April 5, page
option of the issuing bank on May 1 1924, and not at tho 1341, and July 29, page 332.
option of the holders. An offering of $10,000,000. Joint
Stock Land Bonds by bankers making tho present offering R. D. JOHNSON TREASURER OF FEDERAL LAND BANK
was referred to in our issuo of Juno 14 1919. In connection
OF HOUSTON SUCCEEDING T. J . CALDWELL.
with the present offering tho bankers have issued a booklet T. J. Caldwell has resigned, effective Aug. 15 as Treasurer
entitled “Joint Stock Land Bonds,” which outlines the in of the Federal Land Bank of Houston, Toxas to accopt a
investment qualities of this class of bonds. The booklet position as active Vice-President and Director of the Fort
will be furnished to investors without cost upon application. Worth National Bank of Fort Worth, Texas. Ho will
assumo his now post Aug. 15. R. D. Johnson of Corsicana
GUARANTY TRUST CO. AND LAZARD FRERES succeeds Mr. Caldwell as Treasurer of the Fedoral Land
ABOLISH D IFFER EN TIA L RATE ON LOANS.
___________________
Supplementing last weok’s announcement (see Chronicle, Bank.
July 26, page 331) that the First National Bank of this EUGENE MEYER JR . ON FIN A N C IN G OF EUROPE.
city had decided to abolish the differential rates on loans on Eugene Moyer Jr., Managing Director of tho War Finance
mixed and all industrial collateral, it was mado known this Corporation, who recently returned from a trip abroad was
week that the Guaranty Trust Company and Lazard Freros quoted as saying on July 18, with regard to plans for the
had decided upon a similar course. S. Vernon Mann, of
of Europe:
Mann, Bill & Co., who londs tho call monoy of tho Guaranty financing
“ Until wo know tho form o f credit and tho am ount desired b y Europo,
Trust Co., in the announcement regarding the action of that I d o not soo how further steps can bo takon on this sldo to build up machin
for extending credits, except in a genoral way. T ho banks aro hero and
institution, on July 29, stated that tho institution in the ery
tho merchants aro here, and when wo know what is wanted there should be
future would make no distinction in its rates on loans on no
groat d ifficu lty in going ahead. I d o n 't think that you can say any
mixed collateral and all industrial collateral, all securities dofinito plan has been ovolved as y o t.”
being judged on their merits, rogardless of tho fact that they The “Journal of Commerce” from which tho abovo is
may be railroad or industrial securities.
taken also had the following to say with regard to his obser
vations:
FURTHER PRONOUNCEMENTS BY FEDERAL RESERVE
BOARD ON STOCK EXCHANGE LOANS.
Reports which wore ourront in financial circles in Now York
early in tho week to the effect that tho Fedoral Reserve
Board was considering action with rogard to brokers’ loans,
caused the issuance by tho Board on July 30 of a statement
saying:
“ T h o Board fools that it has already m ado clear Its position regarding
tho call loan m arket and has nothing further to say on tho subject at the
present tim o."
The rumors of possiblo action by the Board with a view
to curtailing speculation had been the cause of material
break in prices on tho stock market. In reporting tho issu
ance of the Board’s statement of July 30, press dispatches
from Washington that day said:
T od a y was tho regular m ooting d a y o f tho B oard and was m ado the basis
fo r unfounded stories, to tho detrim ent o f prices on tho Now Y ork Exchange,
th a t tho Board was in session for tho purpose o f taking som e drastic step.
It was loarnod authoritatively, how ever, that tho loan situation was not
discussed, except in con nection with tho roports circulated for reasons not
disclosed.
_____________________
W ILLIA M WILLETT CASHIER OF FEDERAL RESERVE
BANK OF BOSTON.
William Willett has been elected Cashier of the Federal
Reservo Bank of Boston to succeed Chester C. Bullen.
Mr. Bullen who had boon Deputy Governor and Cashier
resigned the Cashiership of tho bank in order to devote
Asked as to his opinion on tho bill for Federal incorporation o f foreign
financing companies, Introduced in Congress this week b y Senator Edgo
o f N ow Jorsey, M r. M oyer said that ho know little regarding it beyond
what had been published but that it should provo ono o f a number o f help
ful factors in the situation.
W hilo adm itting that few applications had yet boon rocolvod in connection
with tho $1,000,000,000 export financing fund o f the W ar Finance Corpora
tion, M r. M eyer expressed confidence that It would yet bo utilized to a
considerable extent b y American exporters. Pressed to bo m oro explicit
on this point, ho said that ho was not proparod to malco predictions regard
ing tho futuro, explaining merely that tho W ar Financo C orporation, to
tho extent o f its ability under tho law, would aid in tho developm ent o f
American foreign com m erce.
This $1,000,000,000 fund will bo available for financing shipments to
Germany as woll as to other countries, if oxportors desire to uso it, M r.
M eyer said, pointing out that tho section o f tho law did not discriminate
against Germany. T ho absence o f any restriction in this connection is
indicated b y tho following citation from tho law:
“ That the corporation shall bo em powered and authorized, in order to
prom ote com m erco with foreign nations through tho extension o f credits,
to make advances upon such terms, not inconsistent with tho provisions
o f the section, as it m ay prescribe, for periods not exceeding fiv e years from
tho respective dates o f such advances.”
Theso advances aro authorized until tho oxplration o f one year after tho
termination o f the war botwcon tho United States and tho German Govern
ment as fixed b y proclam ation o f tho President.
Aside from tills, M r. M oyer, had no com m ont to mako upon tho probabil
ity o f Germany's being able to arrange credits hero, explaining that advances
would naturally bo sought from prlvato bankers rather than from tho W ar
Finance C orporation or other agency o f tho Governm ent.
Ho said ho did not know o f plans under way for tho support o f tho foreign
oxchango market b y tho American Governm ent, oxprosslng tho opinion
that for the United States to suggest a courso o f action to other countries
would be an extremely delicato m atter.
A u g . 2 1919.]
THE CHRONICLE
MEMBERS BAN KS
URGED
TO A S S IS T C A T T L E
RAISE RS B Y
FEDERAL RESERVE B A N K
OF D A L L A S .
■
429
STOCK CLEAR IN G CORPORATION OF STOCK
E X C H A N G E I N IT S RE L A TIO N S TO
MONEY MARKET.
The Dallas “Nows” of July 22 is authority for the state Concerning the new Stock Clearing Corporation, to the
ment that assistance to cattle raising customers of member incorporation of which we referred last week, page 331,
banks by such banks, in carrying out the recommendation the “Wall Street Journal” of July 27 said:
made by Governor W. P. G. Harding of the Federal Reserve It is frequently asked in the Street whether the operation o f the Stock
Exchango Clearing C orporation, now in process o f organization, will have
Board of Washington, D. C., with reference to the financing any
tendency to ease the m oney situation. W hen the question was p u t
of the cattle industry, is urged in a circular letter sent out to a banker
connected with an institution which makes m ore or less a speci
on July 21 by Charles C. Hall, Assistant Federal Reserve alty o f the so-called
clearing or d ay loans to brokers, he answered in the
negative.
The
that the corporation will reduce the volum e o f clearing
Agent of the Dallas bank. The letter, according to the loans b y about 6fact
5 % , as is estimated, ho said, will release no funds, fo r the
“News” says:
simple reason that the loans are made and repaid on the same d a y, and d o
“ It is probably unnecessary to call the attention o f our m ember banks not figure in the balance-sheets o f the lending banks. The condition o f the
to tho necessity and wisdom o f assisting, as far as they can consistently,
institutions at the end o f the d ay is not affected, therefore, b y whatever
in financing their customers engaged in the cattle business.
amount o f this class o f accom m odation they have extended in the course o f
" A t tho same tim e, in viow o f the fact that m any stockmen aro finding tho previous several hours.
B ut it is pointed out that while the Clearing Corporation will not make any
it extremely difficult to finance themselves and thus rehabilitate their
increase in the available supply o f m oney, it will nevertheless have the salu
herds, and aro forced to sacrifice their breeding stocks, as evidenced b y
tho heavy runs o f cattio to market, I deem it expedient to repeat tho warn tary effect o f imparting greater stability to tho call m oney rate and prevent
ing wild flurries toward the close o f the market, as has recently been wit
ing o f the Federal Reserve Board.
“ Y ou aro fam iliar with our regulations and doubtless know that cattio nessed. The unprecedented a ctivity has overtaxed the facilities o f stock
houses,
and the resulting confusion has in m any cases made it impossible
paper, well secured and having a maturity within six m onths, is eligible for
rediscount with this bank. Our facilities are open to m ember banks for for brokers to ascertain their loan requirements until rather late in the
afternoon. This has caused a concentration o f bidding for funds in the last
this class o f paper, and such offerings will have special consideration.
few minutes o f the m oney market, and, as it frequently happened that there
“ W o trust you will assist in every legitimate way to finance your customers
was no supply on hand ju st then to m eet this sudden demand, the result
engaged in cattle and sheep raising. In view o f tho excellent prospects
has been a jum p in the rate to ridiculously high levels. T he Clearing
which obtain over tho range country o f tho W est and Southwest, insuring
C orporation will make the recurrence o f such a state o f affairs less frequent
good pasturage fo r many months to com e, it is especially opportune at this
b y eliminating a good deal o f the clerical work which stock houses are forced
tlmo that every possible effort be made to encourage tho conservation and
to d o under present conditions. Brokers will bo ablo to learn their position
rehabilitation o f herds.
and arrange for loans early enough in tho day to prevent congestion in the
"W ith in tho next few years, at least, there will bo an unprecedented m oney market at the close.
demand for cattle, not only fo r dom estic consum ption, but for export to
those European countries devastated by the war. Unless proper aid is
given this very important industry, a serious condition will result.”
APPE AI7FOR TH R IF T B Y K I N G GEORGE OF E N G L A N D
Announcement was made in our issue of July 19, page 222, A copyright cablegram from London, July 29, appearing
that tho War Finance Corporation was prepared to receive n the Now York “Times” July 2, had the following to say
applications for loans from responsible American exporters iwith regard to an appeal of King George for observance of
or banks for advances against the export of cattle and cattio the utmost economy on the part of the people.
products.
_____________________
K ing George made a m emorable speech today, reminiscent o f his famous
EFFE CT OF H IG H M O N E Y RA TE S ON M A R K E T
CO LLATERAL.
As showing how high call loan rates affect other branches
of the monoy markot, wo quote the following from the
“Wall Street Journal” of July 29:
Tho com m ercial paper market is being neglected b y tho banks. M on oy
that should properly bo going into this department is being loaned out at
call onW all Street,to reap tho more attractive rates that aro there procurable.
N or aro tho bankers making any bones about it. “ W o know this ought
not to b o ,” said one banker, “ but with 6 % upwards to bo gotten on call,
wo d o n ’t sco our way to put out m oney on paper at 514% to 5
This situation is causing somo concern in conservative banking quarters.
T his situation is not ono that tho public would know anything about, at
present. In its present stage, it is only brought to tho attention o f those
whose duty It is to look into such matters. An investigation recently con
ducted in this particular connection is said to have revealed a m ost remarkablo state o f affairs, not witnessed in this city for m any years.
In normal times, tho com m ercial paper markot can bo assured o f a steady
supply o f banking funds for tho reason that a good average all-year invest
m ent is offered. Paper rates fluctuate within a reasonable rango. Call
m oney rates on tho other hand, are fitful, but in tho long run, in normal
tim es, averago well below commercial paper rates.
But tho long period o f high m oney rates, especially since tho removal
o f control in tho m onoy markot, and tho prospect o f a continuation o f high
collateral loan rates in W all Street havo put a different com plexion on
tho commercial paper market, relegating it to a second place so far as tho
banks aro concerned.
There has been very little time m oney around on collateral loans for somo
tim e. This was to a largo extent excusable as, under tho necessities o f
Governm ent war financing, it was advisable for tho banks to keep their
funds as liquid as possible. Besides, such investments aro not rediscount
able. W hen tho M oney Com m ittee was working, the call rate was pegged
at 6% and as commercial paper followed tho same level, that market was
still ablo to control a certain volume o f banking funds. Afterwards,
com m ercial paper rates sought a lower level. For a time call m onoy rates
kept pace, but on tho revival o f speculation early this year, call m oney
bccam o subject to tho varying demands o f tho stock market, resulting in
a m uch higher lovel procurable lately on call.
T ho consequence has been a steady flow o f funds into tho call m onoy
market not only from local banks, but from interior institutions as well.
C ountry banks that regularly used to instruct their New Y ork correspond
ents to buy good com m ercial paper for them aro now much m oro interested
in the call m oney market. Ordinarily, this is tho tim e o f tho year when
funds should bo going into the commercial paper market to help finance tho
Fall and W inter trado.
An instance is cited o f one large bank where an officer admitted that they
had no m oney in commercial paper at present, although in normal times,
that bank could bo counted on having several millions so Invested.
T he danger in tills condition, which tho public does not see, is the infla
tion that is fostered and the postponement o f any early return to lower
prices for com m odities. It stands to reason that if mercantile concerns aro
going to bo embarrassed for tho lack o f banking accom m odation, there will
bo every incentive to keep up prices. This is tho natural outcom e o f a
period o f speculation. The public is not aware o f what has been taking
place until troubio actually arises in tho business world. Bankers and those
in a position to mark tho underlying current get an early insight into the
effects o f Inordinate speculation. Tho present is just such an occasion.
A banker who has noted the present tendency says: “ The banks, after
all, aro tho bulwark o f the country’s business. Their funds should be pri
m arily at tho disposal o f trade. Prosperity in tho country is dependent
upon thorn. W hen they, ono and all, aro m oro interested in having their
loanable funds out in the call m oney market and neglect tho requirements
o f com m erce, tho situation is unsound, to say the least."
"W a k e-u p o f England” after his tour o f the Empire when Prince o f W ales.
T o d a y 's speech was made in reply to the address o f the C ity o f London a t
the Guildhall. In the course o f his remarks the King said: “ W ith tho end
o f the war a great chapter in the history o f our country is closed. A new
era which is opening before us brings its own tasks, and the same qualities
which have carried us to victory will be needed in full measure for the work
o f reconstruction. T he spirit o f union, self-sacrifice, and patience which
our people displayed during ye rs o f fighting, will still be required if we are
to reap the full benefit o f the peace which wo have won. And those great
qualities must bo reinforced b y the homelier virtues o f industry and thrift.
“ A s was inevitable in the prosecution o f tho war, we have been losing
largely on our capital. N ow that wo are at peace again our C ountry
urgently demands from every citizen the utm ost econom y in order to mako
the best use o f tho resources which our nation possesses, and strenuous
and unremitting industry in order to ensure tho greatest possible production
o f tho necessary com m odities. W ithout these, we shall have to face d e
pression and poverty. W ithout these we cannot hope to maintain the high
position in tho industrial and commercial world which wo held before tho
war. I am confident that the ancient and sterling virtues o f the British
pcoplo will not fail us in our hour o f need.”
GOLD FROM C A N A D A REPRESENTED G E R M A N GOLD.
Tho following is taken from the “Wall Street Journal” of
July 28:
Early last month it becam e known that British gold was again being
shipped to this center. Approxim ately $18,000,000 arrived on the m o v e
ment in three lots o f $6,000,000 each. T he metal was shipped from Canada
to J. I*. M organ & C o. for account o f the British Governm ent. The initial
lo t was received on June 8; the second on June 5 and the third on June 8.
/ rather interesting situation now comes to light regarding that m ove
m ent. Germany paid Belgium $18,000,000 in gold, being the initial tran
saction in connection with the indem nity due that country. Belgium, in
turn, transferred the metal to England, and England then ordered the metal
forwarded here from her depositary in Canada.
It is be'ievcd that this m ovem ent will be followed b y others in the not
distant future.
Reference to tho a bove gold shipment was made in our issue o f June A'',
page 2284.
i
’
CO N S TITU TIO N A L I T Y OF FED ERAL BILLS OF LA D I A G
.................. 1
n,
A C T UPH E L D.
An opinion upholding the constitutionality of the Federal
Bills of Lading Act was handed down on June 2 by the United
States Supreme Court. The opinion of the Court and com
ment on the proceedings is published in the July number of
the Journal of the American Bankers’ Association, and we
quote therefrom as follows:
The members o f the American Bankers’ Association will bo gratified to
learn that the Supreme C ourt o f tho United States on June 2, through C hief
Justice W hite, handed down an opinion sustaining the validity o f tho
Federal Bills o f Lading A ct and especially the constitutionality o f Section
41 which punishes tho forgery o f bills o f lading used in interstate or foreign
com m erce.
Our members havo not forgotten the ten years o f effort through fiv e
successive Congresses which finally eulmnated successfully in the passage
b y Congress on August 29, 1916, o f the Bills o f Lading A ct. Before tho
passage o f that A ct tho railroad whose agent issued, either fraudulently
or as m atter o f accom m odation to a shipper, a bill o f lading for which no
goods had been received, was exempted from responsibility b y tho courts
to a bank or other purchaser who had advanced value on faith o f tho re
citals in the bill. This liability is now provided by the A ct. Again, there
was no Federal law under which the forgery o f a bill o f lading was punishablo,
and som clserious offenders escaped punishment through the leniency or
430
THE CHRONICLE
lack o f enforcement o f stato laws. In m any other ways tho law governing
the subject was Inadequate and unsuited to modern conditions under which
tho com m erce o f tho country is m oved and marketed through tho instru
m entality o f bills o f lading and b y moans o f advances b y the banks.
Tho passage o f the Federal Bills o f Lading A ct was. in consequence, an
epoch In tho com m ercial history o f the country and for tho first time placo
the law governing tho negotiability o f bills o f lading covering interstate
and foreign shipments, the subject o f their issue and transfer, tho rights
or holders for value and tho liabilities o f carriers, upon a sound and satis
fa ctory basis.
It cam e, therefore, as somewhat o f a shock to tho banking com m unity
when a merchant in Cincinnati who had been indicted for the forgery o f
certain railroad bills o f lading purporting to represent goods shipped to
another, stato, upon which ho had procured advances from a Cincinnati
bank, was declared b y the District C ourt o f tho United States for the
Southern District o f Ohio to have com m itted no crime against the Federal
laws. I t was successfully contended before that court that Section 41 was
unconstitutional hi so far as it attem pts to punish any person who forges
a bill o f lading where no interstate shipment is m ade, and that tho A ct can
only apply to bills o f lading representing actual shipments. A s there were
no goods in existence covered b y the purported bills o f lading, there was no
com m erce as a subject o f regulation b y Congress and all the offender was
guilty o f was the forging o f a waste pieco o f paper which it was beyond the
power o f Congress to punish under the Com m erce Clauso o f tho Constltu
Mon.
.
T he Amorican Bankers' Association, in co-operation with other organiza
tions, urged an appeal of this case to the Supreme C ourt o f the United States,
feeling confident that tho decision was erroneous. On Juno 2, 1919, the
Supremo C ourt handed down an opinion, ono justice alone dissenting, up
holding tho validity o f the Federal Bills o f Lading ' ct in its entirety and
especially the unconstitutionality o f Section 41. As a result tho offender
in this case and all other porsons w ho forgo bills o f lading purporting to lie
Issued in interstate or foreign com m erce and victim ize the banks or other
purchasers with such docum ents, will have to face tho criminal penalty
o f the Federal law.
. ,
Because o f the importance o f this decision and o f the large part played by
tho American Bankers’ Association in procuring tho enactment o f tho Federal
Bills o f Lading A ct, wo publish tho opinion o f tho Supreme C ourt in full:
(W o quoto only the essential parts o f tho op in ion .— Ed.l
A t the outset confusion in considering tho issuo m ay result unless obscurity
begotten b y the form t which tho contention is stated bo dispelled.
Thus
both in tho pleadings and in the contention as summarized b y the court
below it Is insisted that as there was and could be no com m erce in a fraudu
lent and fictitious bill o f lading, therefore tho power o f Congress to regulate
com m erce could not embrace such pretended bill. But this mistakenly
assumes that tho power o f Congress is to be necessarily tested b y the in
trinsic existence o f com m erce in the particular subject dealt with, Instead
o f b y the relation o f that subject to com m erce and its effect upon it. w e say
mistakenly assumes, because we think it clear that if tho proposition
were sustained it would destroy tho power o f Congress to regulate, as
obviously that power, if it is to oxist, must include the authority to deal with
obstructions to interstate com m erce (In re D ebs, 158 U . S. 504) and with a
host o f other acts which, becauso o f thoir relation to and influence upon
interstate com m erco, com e within tho power o f Congress to regulate,
although thoy aro not interstate com m erco in and o f themselves. It would
bo superfluous to rofer to tho authorities which from tho foundation o f tho
governm ent have measured tho exertion b y Congress o f its power to regulato com m erco b y tho principle just stated, since tho doctrino is elementary
and is but an expression o f the text o f tho Constitution (Art. I, sec. 8,
clause 18). A case dealing with a somewhat different exercise o f power,
but affording a good llustration o f tho application o f tho principle to tho
subject in hand, is First National Bank v. Union Trust C om pany, 244 U. S.
[V o l . 109.
com m erce would not bo impaired or weakened b y tho unrcstralnod right
to fabricate and circulate spurious bills o f lading apparently concerning
such com m erce. N or is tho situation helped b y saying that as tho manu
facture and uso o f tho spurious interstate com m erce bills o f lading were
local, therefore the power to deal with them was exclusively local, since
tho proposition disregards tho fact that tho spurious bills wero in tho form
o f interstate com m erco bills which in and o f themselves involved tho poten
tiality o f fraud as far-reaching and all-ombracing as tho flow o f tho channels
o f interstate com m erco in which it was contem plated the fraudulent bills
would circulate. A s tho power to regulato tho instrumentality was c o
extensive with interstate com m erco, so it must bo, if the authority to regu
lato is not to be denied, that tho right to exert such authority for the purpose
o f guarding against tho injury which would result from the making and uso
o f spurious imitations o f tho instrumentality must be equally extonsivo.
W o fail to understand tho danger to tho powers o f governm ent o f the
several states which it is suggested must ariso from sustaining tho validity
o f the provisions o f the act o f Congress in question. On tho contrary, wo
are o f opinion that to dony the power asserted would bo to depart from tho
text o f the Constitution and to overthrow principles o f interpretation which,
as we havo seen, havo been settled since M cC ulloch v. M aryland and which
in application havo nover been deviated from .
This conclusion romains unshaken desplto an examination o f tho ecided
cases cited by tho court below in its opinion or which wero pressed upon our
attention in argument, since in our judgm ont they all but express tho general
principles o f interpretation which wo havo applied and which aro decisive
against tho contention o f want o f power in Congress which was upheld
below and is hero insisted upon.
It follows that tho judgm ont bolow was wrong. It must therefore be
reversed and the caso be remanded for further proceedings in conform ity
with this opinion.
And it is so ordered.
M r. Justice Pitney dissents.
N E W TR EA S U RY CE RT IF IC ATE S ACCE P TA BLE I N
P A Y M E N T OF GO V E R N M E N T NOTE IS SU ES
A now offoring of Troasury Certificates of Indebtedness
was announced by Secrotary of tho Troasury Glass on July
25. These Certificates will not bo accoptod in payment
of taxes or on Victory Loan subscriptions; tho circular relative
to tho offering states however that “if any notes should bo
offered by tho United States * * * such certificates
will be accepted at par with adjustment of accrued intorest
in payment on tho subscription price.” The new certifi
cates are known as “Series A 1920,” thoy aro dated Aug. 1
1919 and are due Jan. 2 1920. Thoy will bear intorest at
4 1^%. Bearor Certificates, without coupons, will bo issued
in denominations of $500, $1,000, $10,000 and $100,000.
The following is tho circular description of tho offering
issued by the Federal Reserve Bank of New York:
To all Banks, Trust Companies and Savings Banks in the Second Federa
Reserve District.
Dear Sirs:— T ho Treasury Departm ent today announced a now offoring
o f Treasury Certificates o f Indebtedness as follows:
“ The Secretary o f tho Troasury under tho authority o f the A ct approved
Sopt. 24 1917, as amended, offers for subscription at par and accrued in
terest, through tho Federal Reservo Banks, Treasury Certificates o f Indebt
edness, Series A 1920, dated and bearing interest from A ug. 1 1919, pay
A % per annum.
Although som e o f tho forms o f expression used in the opinion below might able January 2 1920, with interest at tho rato o f \ X
“ Applications will bo received at tho Federal Reservo Banks.
servo to indicato that the error just referred to had found lodgm ent in tho
"Bearer certificates, without coupons, will bo Issued in denominations or
mind o f tho court, tho context o f the opinion makes it certain that such was
not tho caso. since the court left no obscurity in its statement o f tho issue $500, $1,000, $5,000. $10,000 and $100,000. Said certificates shall bo
which it decided, saying "T h e y (tho fictitious bills o f lading) did not affect exempt both as to principal and interest from all taxation now or hereafter
com m erco directly or indirectly. T hey did not obstruct or interfere with imposed b y tho United States, any Stato, or any o f tho possessions o f tho
It in any manner and had nothing whatever to do with it or with any existing United States, or b y any local taxing authority oxcopt (a) estato or inheri
tance taxes and (b) graduated additional incom e taxes com m only known as
Instrumentality o f it.”
This statement not only cloarly and accurately shows tho question de surtaxes and excess profits and war profits taxes now or hereafter imposed
cided, but also with precision and directness points out tho singlo and simple by tho United States upon tho inconio or profits or individuals, partnerships,
question which wo must consider and dispose o f in order to determine associations or corporations. T ho interest on an amount o f bonds and
whether tho co u it below erred in holding that the authority o f Congress to certificates authorized by said act, approved September 24 1917, and
regulate com m erce did not cm braco tho power to forbid and punish the fraud amendments thereto, tho principal o f which does not exceed in tho aggre
gate $5,000 o w e d by any individual, partnership, association or corpora
ulent fabrication and uso o f fictitious interstate bills o f lading.'
That bills o f lading for tho m ovom ont o f interstate com m erco are instru tion shall bo exempt from tho taxes provided for in clauso (b) abovo.
• I f any notes should bo offered for subscription by tho United States
mentalities o f that com m erce which Congress under its power to regulato
com m erco has tho authority to deal with and provide for is too clear for after tho offering and beforo tho maturity o f such certificates, and tho sub
anything but statement, as manifested not only b y that which is concluded scription price o f such notes bo payablo on or beforo tho m aturity o f such
by prior decisions, but also b y tho exertion o f tho power b y Congress. certificates then such certificates will bo accepted at par with adjustment
N othing could better illustrato this latter view than d o tho general provi o f accrued interest in paym ent on tho subscription prico when payablo
sions o f tho A ct. the 41st section o f which is beforo us. See also A ct o f o f any such notes subscribed for b y and allotted to holders o f such certi
Juno 29. 1916, chap. 3591, sec. 7. 34 Stat. 584, 593; A ct o f Juno 18, 1910, ficates.
“ T he certificates o f this series d o not bear tho circulation privilege and
36 Stat. 546; A lm y v. California, 24 How. 169; Thames v. M ersey Insurance
will not bo accepted in paym ent o f taxes or on Victory Loan subscriptions.
C om pany. 237 U. S. 19, 26; Atchison, Topeka & Santa Fo Railway,
v. Harold'. 241 U. S. 371. 378; Luckenbach v. M cCahan Sugar Refining T ho right is reserved to reject any subscription and to allot less than tho
C om pany! 248 U . S. 139. M issouri, Kansas & Texas Railway C om pany v. amount o f certificates applied for and to closo tho subscriptions at any time
Sealy, 248 U. S. 365. That as instrumentalities o f interstate commerco, without notice. Paym ent at par and accrued interest for certificates
bills o f lading aro tho efficient means o f credit resorted to for the purpose alloted must bo made on or boforo Aug. 1 1919 or on later allotment.
"A fte r allotm ent and upon paym ent Federal Reserve Banks m ay Issuo
o f securing and fructifying tho flow o f a vast volumo o f interstate commerco
upon which tho commercial intercourse o f tho country, both dom estic and interim recoipts ponding delivery o f tho definitive certificates.
"Any qualified depositary win bo permitted to mako paym ent by credit
foreign, largely depends, is a m atter o f com m on knowledge as to tho course
o f business o f which wo m ay take judicial notice. Indeed, that such bills for certificates allotted to it for itself and its customers up to any amount
o f lading and tho faith and credit given to their genuineness and the value for which it shall bo qualified in excess o f existing deposits when so notified
thoy represent aro tho producing and sustaining causes o f tho enormous b y Federal Roservo Banks.
"Treasury Certificates o f Indebtedness o f Scries V II, maturing Aug. 12,
number o f transactions in dom estic and foreign exchange, is also so certain
V J, maturing Sept. 9, and V K , maturing O ct. 7 1919, will bo accepted
and well known that wo m ay notice it without proof.
W ith this situation in m ind the question therefore is, W as tho court be at par with an adjustment o f accrued interest in paym ent for any certifi
low right in holding that Congress had no power to prohibit and punish cates o f tho Series A 1920, now offered, which shall bo subscribed for and
the fraudulent making o f spurious interstate bills o f lading as a means o f allotted.
“ As fiscal agents o f tho United States, Federal Reservo Banks aro auth
protecting and sustaining tho vast volumo o f interstate com m erco operating
and m oving In rolianco upon genuine b ills? T o state the question is to orized and requested to rccoivo subscriptions and to make allotm ent in
manifest tho orror which tho court com m itted, unless that view is overcom e full in tho order o f tho receipt o f applications up to amounts indicated by
b y tho reasoning b y which the conclusion below was sought to bo sustained. the Secretary o f tho Treasury to tho Federal Rescrvo Banks o f tho respect
W hat was tho reasoning? That tho bills wero but pieces o f paper fraudu ive districts.
C A R T E R GLASS.
lently inscribed # * * and did not affect com m erco directly or in
Secretary o f the T rea suy.
directly * * * and had nothing whatever to d o with it or any existing
Troasury
Departm
ent,
O
ffice
o
f
tho
Secretary,
July 25 1919. Depart
Instrumentality o f it .” But this rests upon tho unsustaina io assumption
ment
Circular
N
o.
159.
(Loans
and
C
u
rren
cy.)"
that the undoubted power which oxisted to regulate the instrumentality,
Yours very truly,
tho genuino bill, d id not give any power to prevent tho fraudulent and spuri
R . H. T R E M A N ,
ous im itation. It proceeds further, as wo havo already shown, upon tho
Deputy Governor.
erroneous theory that tho credit and confidence which sustains interstate
A ug . 2 1919.]
THE 'CHRONICLE
In an announcement on July 30, with regard to the certi
ficates, the New York Federal Reserve Bank said:
By virtue o f their short maturity, intrinsic value, and attractice interest
rate, they are a most excellent investment for the general Investor. As
they mature at the beginning o f next year they should appeal particularly
to corporations accumulating funds in advance for dividend payments
or other deferred disbursements and as a short term investment for indi
viduals or firms holding idle funds thoy are an unexcelled security.
An equitable and wide distribution is advocated and banking institutions
are encouraged to stimulate resales o f theso certificates to their customers
because to the extent that bank depositors purchase these certificates at
this time, tho banks and trust companies are assisted in meeting their
responsibility in their desire to cooperate in the Government’s financing,
subscribing depositors are thus directly aiding in the financial plan of the
Secretary o f tho Treasury during the period o f reconstruction following the
war.
S E C R E T A R Y GLA SS
ON
FIN A N C IA L
PLANS
| $ 'TREASURY D E P A R T M E N T — TR E AS U R Y
ft
C E R T I F I C A T E IS S U E S .
OF
An outline of the financial plans of tho Treasury Depart
ment has been furnished to the banks and trust companies
of the country in a letter addressed to them by Secretary of
the Treasury Glass on July 25. As in his statement to
Congress on July 19, published in our issuo of July 12,
page 132, Secretary Glass in his advices to the banking
institutions again makes it plain that no further issue of
Liberty Bonds is contemplated. Ho furthermore repeats
what ho said in his statement to Congress, viz. that the Trea
sury expects to be able to meet its further temporary re
quirements by the sale of Treasury Certificates of Indebted
ness, and to fund as many of those as may be desirable by
the issuo of short term notes. The plans of the Treasury
Department to issue lower certificates of five months’
maturity, on the first and 15th of each month, beginning
Aug. 1, are made known in the letter of Secretary Glass.
The minimum amount of each semi-monthly issue in Aug.
and Sept., he says, should not in any caso exceed $500,000,
000 “and after Sept, and during tho balance of the year
should not on the average exceed half that amount, for then
all the Victory Loan Certificates will have been paid or
provided for. The amount of certificates to be issued during
the five remaining months of the calondar year Mr. Glass
estimates at $3,500,000,000, and during the same period
he states, there will mature and will be paid loan and tax
certificates to tho aggregate amount of $2,997,540,500.
Secretary Glass in his advices to the banking institutions
reports that he anticipates “that the Government will be
in receipt of revenues under existing law and from the Victory
Liberty Loan during the fiscal year 1920 to the amount of
at least $6,500,000,000.” He also notes that curront ex
penditures fell from $2,060,000,000 in Dec. 1918 to $809,
000,000 in June and that a still further decrease will be wit
nessed this month after deducting the railroad certificates of
indebtedness paid the present month. The following is tho
communication in full which Secretary Glass has addressed
to the banks:
July 25 1919
Dear Sir:— I am writing tho banking institutions o f the country, in pur
suance of tho plan followed by my predecessor during tho past year and a
half, to inform tho of tho financial plans for tho remainder o f the calendar
year and the probable requirements o f tho Treasury during that period,
and indeed during tho fiscal year ending June 30 1920, in so far as thoy may
now bo foretold. I havo only recently had occasion to lay boforo tho appro
priate Committees o f Congress a report o f tho financing o f tho war to tho
end of tho fiscal year Juno 30,1919. A copy of this report may bo had upon
application to any Federal Reserve Bank or to tho Treasury Department.
It Is not possible at this time, when appropriations for tho coming year
are under consideration by tho Congress, when contract claims by and
against tho United States are still in process o f settlement, when demobili
zation is still incomplete, when tho extent o f tho liability on tho wheat
guaranty is unascertained, and when tho business upon which tho income
and profits tax receipts in the first half o f the calondar year 1920 aro to be
based Is still only half transacted, to make a formal estlmato of tho receipts
and expenditures of the United States during the fiscal year 1920 (ending
Juno 30 1920). I do not hesitate to say. however, that I anticipate that
the Government will bo in receipt o f revenues under oxisting law and from
the Victory Liberty Loan during tho fiscal year 1920 to tho amount of at
least $6,500,000,000, divided somewhat as follows:
Internal Revenue.....................
$4,940,000,000
Custom s.....................- --------- -----------------------------------------260,000,000
Salo of public lands........ ...........................
3,000,000
Miscellaneous-------------------------300,000,000
Total ordinary receipts--------------- ---------------------------- $5,503,000,000
Victory Liberty Loan installments................ ........................... 1,032,000,000
T o ta l..................................................................................$6,535,000,000
In tho absence of a budget system or o f any Treasury control of govern
mental expenditure, it is oven more difficult to foretell the expenditure,
than tho receipts of the Government. Current expenditures, which
reached tho maximum o f $2,060,000,000 in Doc. 1918, fell in Juno to
$809,000,000, and, after deducting tho amount o f the certificates of indebted
ness of tho Director General of Railroads paid during tho presont month of
July, should show a still further decreaso in this month. Allowing for all
tho elomonts o f uncertainty above referred to, I havo no present reason to
beliovo that tho expenditures of the Government during the fiscal year
1920 will exceed the amount of its recoipts as above indicated, excluding
transactions in tho principal of the public debt other than the Victory Loan.
431
If these expectations prove to be correct, tho gross public debt of the United
States, which on June 30, 1919, amounted to ________ $25,484,506,160.05
should be Increased during the fiscal year 1920 by not
more than the amount of the deferred installments of
the Victory Liberty Loan payable in the fiscal year 1920. 1,032,000,000.00
making a total public debt on June 30 1920, when pre---------------------------sumably the whole cost o f the war will have been fin
anced. of s a y ........................................ ....... ............... ........$26,516,506,160.05
The realization of theso sanguine expectations is contingent upon the
practice of most rigid economy by the Government and the continuance o f
ample revenues from taxation.
The heaviest period of expenditure during the current fiscal year will
probably fall in the summer months of July, Aug. and Sept., because
of the heavy disbursements of the Railroad Administration heretofore held
back for lack of an appropriation, the heavy payments in settlement of
Army contracts and on account of demobilization, and the maturities o f
certificates Issued in anticipation o f the Victory Loan. The amount o f
certificates outstanding in anticipation of the Victory Liberty Loan at any
one time (excluding certificates redeemed, tax certificates, &c.). which on
May 5th had reached the peak a t . . . ........................................ $5,797,296,500
had up to July 22 been reduced to_________________________ 4,402,519,000
leaving outstanding.......................................................... ........... $1,394,777,500
During the next few months, therefore, the actual cash requirements of the
Treasury cannot be expected to show further decrease, and, on the other
hand, the proceeds of the deferred installments of the income and profits
taxes for the year 1919, and the deferred installments on Victory Loan
subscriptions will not have been fully received until nearly the end of the
calendar year 1919.
Three months have passed since the last offering of Treasury certificates
other than those issued in anticipation of taxes. This interval has been
made possible by the rapid decrease in the current expenditures of the Gov
ernment, the very largo early payments on the Victory Loan, and the ready
sale o f tax certificates. Beginning in June, these have been issued up to
July 22 to the aggregate amount of $1,875,437,500, but in amounts less
than the Income and profits tax receipts duo at their respective maturities.
Having borrowed as much as it is, in the Treasury's Judgment, proper
to borrow in anticipation of the income and profits tax installments payable
Sept. 15 and Dec. 15. and having already sold up to July 22 Treasury
certificates maturing Mar. 15 1920, to the amount of about $275,000,000,
so that the limit of that issue also would soon be reached, the time has come
when the issue of loan certificates should be resumed.
Tho Treasury has, accordingly, determined to issue loan certificates, o f
five months’ maturly, and, with a view to aiding the banking institutions
o f the country in the distribution of these certificates, will Issue the certifi
cates on the 1st and 15th of each month, beginning Aug. 1 1919, thus making
tho issue semi-monthly instead of bi-weekly as heretofore, and setting fixed
dates in each month on which the issues will open. Treasury certificates
which, at tho beginning of our participation In the war, had little or no
market outside of the banking institutions of the country, have come to be
appreciated by a great and steadily increasing class of investors. Banking
institutions, on the other hand, which at the outset were loath to sell certi
ficates to their customers fearing loss of deposits, have come Increasingly
to realize the wisdom and advantage of buying and distributing the certi
ficates. Those Incorporated banks and trust companies (numbering some
9,500) which have availed themselves of the privilege, open to all, o f becom
ing depositaries of the proceeds of the certificates purchased, have found
ample compensation in the resulting deposits.
The minimum amount o f each semi-monthly issue of the certificates
should not in any case exceed say $500,000,000, and, after Sept, and during
the balance of the calendar year, should not on the average exceed half of
that amount, for then all the Victory Loan certificates will have been paid
or provided for, and such progress should have been made in Army settle
ments and in demobilization as greatly to reduce the requirements of the
current program. That would mean the issue, during the remaining five
months of the calendar year, of certificates to the amount
of, s a y .._______________ ______________ _______ __________ $3,500,000,000
During the same period there will mature and be paid loan
and tax certificates to the aggregate amount o f............... 2.997,540,500
Net increase...................................... ....................... $502,459,500
Tho figures which the Treasury is now able to present seem fully to justify
the announcement made in April that the Victory Loan would be the last
Liberty Loan, and the statement, made in the report to the Committees of
Congress above referred to, that the Treasury expects to be able to meet its
further temporary requirements by the sale of Treasury Certificates of
Indebtedness, bearing interest at the rate of 4J4 % or loss, and also to fund
as many of these as it may be desirable to fund by the Issue of short-term
notes, in moderate amounts, at convenient intervals, when market condi
tions are favorable, and upon terms advantageous to the Government.
The Federal Reserve Banks will advise all national and State banks and
trust companies in their respective districts of the minimum amounts of
certificates they are expected to take from time to time in pursuance of
this program, which should be not less than 1.6% of the gross resources
of each bank and trust company for each semi-monthly issue during Aug. and
Sept., and may fall as low as say 0.8% toward tho end of the calendar year.
Tho program may be varied at opportune times by the substitution or an
issuo of tax certificates or by an alternative offering of such certificates, to
which no quota will be applicable.
It is with confidence that I lay before tho banking institutions of America,
who did so much to make our successful record of war finance possible,
the present program of tho Government's current requirements for the
balance of the calendar year, and ask each of them not only t > subscribe
its quota for each semi-monthly issue of Treasury certificates, but to use
its best efforts to distribute these certificates as widely as may be among
investors.
Cordially yours,
CARTER GLASS.
To The President of the Bank or Trust Company addressed.
U.
S. G R A I N CO R PO R AT IO N TO R E C E I V E OFFER S
! N E X T W E E K O N S T R A I G H T W H E A T FLOUR.
The United States Grain Corporation announced on July
31 that beginning Tuesday, Aug. 5 1919, it will receive
weekly offers on Straight Wheat Flour. Offers shall be
submitted in accordance with the specifications, terms and
conditions of its Flour Purchase Plan of July 7 and in accord
ance with the following amendment to paragraph entitled
“Shipment”:
THE CHRONICLE
432
Shipment.— 30 days from acceptance o f offer and in accordance with
shipping instructions. If flour is shipped to another port carrying a differ
ent rato than tho onelcontracted for, the seller shall inako proper freight
adjustment. Shipping instructions will be forwarded as soon as possible
after acceptance o f offer.^ T h oIG rain Corporation reserves the right of
ordering or diverting shipmentslof flour to any seaboard or inland destina
tion and shall makejproper price adjustment in accordance with railroad
tariffs applying at timo of shipment.
The announcement also said:
Additional SeptemberiPurchases.— It is also requested that on tho first
buying day only, Tuesday, August 5, additional offers of flour bo made for
Sept, shipment, subjectito the terms and conditions of Flour Purchase
Plan.
Samples.— Flour purchases shall be based on mill’s type samples now on
file if samples o f nowferopiflour have not been received by August 4th.
APPR OPRIATIO N FOR G R A IN D U S T
EXPLOSION C A M P A I G N .
Announcement that an appropriation of $50,000 had been
made by the United States Grain Corporation at tho sug
gestion of Julius|Barnes, United States Wheat Director, to
conduct an active grain dust explosion campaign during the
coming year in grain mills and elevators came from the offices
of the corporation, this city on July 24. At the request of
Mr. Barnes, tho Dept, of Agriculture has detailed Dr. D. H.
Price and Mr. George W. Brown of the Bureau of Chemistry
to cover the entiro field of safety for grain and flour storage
in the interests of tho^Grain Corporation. The announce
ment says in part:
During nearly two years, ending July 1, in which tho Corporation operated
as an agency of tho Food Administration, handling almost $2,000,000-000
worth o f foodstuffs bought In America and sold abroad, it suffered not a
dollar in firo loss. So strongly did Mr. Barnes feel that this record of his
organization was duo to tho efficiency o f tho Bureau of Chemistry in its
investigation into tho causes and prevention of fires that ho has asked the
Department of Agriculture to detail several of its experts for tho continua
tion o f the work.
For its own protection the Grain Corporation believes that there must bo
a more complete understanding throughout tho country o f explosions and
their prevention to protect its own stocks scattered broadly throughout
tho country and it is intended to carry on a widespread educational and
preventative campaign which will be followed with great interest.
According to figures supplied by tho Department o f Agriculture, dust
explosions caused the destruction of four o f tho largest grain and cereal
plants in the country between March 1916 and October 1917 in the United
States and Canada. These disasters caused tho death o f 24 persons, in
juries to 38 and damage to the extent o f $6,000,000. Among these accidents
was an explosion and elevator firo in which enough grain was destroyed to
supply bread rations for 200,000 soldiers for a year.
A U G U S T M I L K PRICES U N C H A N G E D DISTRIBUTORS TO P A Y MORE.
Tho retail price of milk which prevailed in July will be
continued for August by the Borden and Sheffield Farms
Milk Companies. The distributors however will pay $3.13
per 100 pounds for milk the present month as compared with
$3.01 per 100 pounds in July. The Dairymen’s League, in
announcing this change in price on July 28, stated, according
to the New York “Times”:
The prico of milk for August will be $3.13. This is for 3% milk at tho
200 mile zone, with tho usual differentials for freight and butter fat. The
average prico of butter for tho period onding July 20 was $.5198. Tho
average price of cheese for tho same period was $.3131. Tho differential
for August added to allow for cost of production is 36 cents.
Tho prices in tho Buffalo district for August are $3 por hundred for 3%
milk with tho usual differential for butter fat, or 29]<£c. a gallon, or $3.24
flat.
Tho flat pri„e In Rochester district for August is $3.41.
The July milk prices were given in our issue of July 12,
page 133.
'
OHIO
FOOD
PRICE I N Q U I R Y — PROPOSED
W I D E IN V E S T IG A T IO N .
N ATIO N
It was announced on July 20 that a request for an in
vestigation of food prices in every county in Ohio was con
tained in a communication addressed by Gov. James M.
Cox to State Attorney-General John G. Price. In ac
cordance therewith a meeting of county prosecuting attor
neys on Wednesday last, July 30, was called by the AttorneyGeneral; at this conferonco it was recommended that the
food cost inquiry be made nationwide. Such an investiga
tion Mr. Price stated would bo urged at tho conference of
State attorneys generals to be held at Boston Sept. 3. Data
collected by county grand jury investigations in Ohio will be
assembled by the Ohio Attorney-General and presented to
the National Committee of Attorney-Generals. Governor
Janies M. Cox, addressing tho conference of Ohio county
prosecutors, stated that it may be necessary for the State to
create a department of food control and enact new laws to
control profiteering.
If wo find that in tho commercial relations between men tho lust for gain
is satisfied by artfully created privileges then the common law must be
invoked to bring it to an end.
Commenting upon the proposal for a nationwide investi
gation, Attorney-General Price said:
M y personal opinion is that the State of Ohio should, throng
put forth every effort to discover the cause of tho present feel
officials
* uurest
[Vol . 109
in order that it may take its place as a contributor to a great nationwide
movement which I believo is timely and which can bo conducted along
lines which will produco the best results obtainable.
Through a concerted demand for investigations by State
Attorney-Generals, Attorney-General Price said he believed
such action would result in “creation of sentiment in the
Congress of the United States which will provide for a general
investigation throughout the country,” as well as prosecu
tions by Federal authorities.
M A YOR THOMPSON OF CHICAGO ON RESPON SIB IL IT Y
FOR H IG H FOOD COSTS.
Mayor Thompson of Chicago, according to special ad
vices to the New York “Times” July 21, in a special mes
sage to the City Council on that day charged tho Demo
cratic Administration of the nation with responsibility for
the high cost of foodstuffs. Prison terms for profiteers and
price fixers and a limited embargo on the export of foodstuffs
were recommended, it is stated, by the Mayor, who declared
the shipment of food to Europe was partly responsible tor
existing conditions here. The “Times” reports Alayor
Thompson as saying:
Because our Constitution has been wantonly disregarded by usurpation of
power not delegated by the people, and because the public is in darkness as
to the sinister influence of wealth upon political power, we are menaced
by tho present great unrest pervading America. The members of Congress
in Washington represent us nationally. It is to them we must appeal for
an alleviation of the present distressing conditions.
Wo are heavily burdened with taxation. Our Federal taxes have been
increased 2,000% through legislation enacted by Congress. Tho Federal
Government collects from tho peoplo of Chicago approximately a ten times
greater revenuo than is represented by the annual appropriation bill of the
city government.
Congress has the power to solve tho questions now disturbing tho public
mind. They can turn tho light on the combines of producers and specula
tors who bear thoir share of responsibility for tho existing high prices of
foods. They can enact legislation which will provide prison terms for the
parties to corrupt combines and tho hoarders and prico-fixcrs who are now
waxing rich on tho helplessness of tho American people, and they can put a
limited embargo upon tho exportation of foodstuffs out of this country,
imiting exports to our surplus and guaranteeing to American citizens
Isufficient quantities for thoir daily life.
BROTHERHOOD OF E NGIN EE R S P E T IT IO N S
D E N T FOR LOWER L I V I N G C O S T HIG HER W A G E S O TH ER W IS E .
PRESI
The “increasing cost of living commodities” was the
subject of a statement presented to President Wilson on
July 30 by Warren S. Stone, Grand Chief of the Brother
hood of Locomotive Engineers, and membors of tho Broth
erhoods’ Advisory Board. “The true remedy for tho situa
tion,” the statement says, “and one that will result in lift
ing the burden under which tho wholo people aro struggling,
is for the Government to take some adequate measures to
reduce the cost of the necessaries of life to a figure that the
present wages and income of tho peoplo will meet.” Notice
if given that “should this not be considered feasiblo we will
be forced to urge that those whom we represent bo granted
an increase in wages to meet tho deterioration of the pur
chasing price of the dollar.” Tho statement, addressed to
the President and “Gentlemen of the Cabinot,” said:
Tho gentlemon accompanying mo, with myself, constitute tho Advisory
Board of the Brotherhood of Locomotive Engineers. At a meeting of this
boa.’d, hold in Cleveland, tho matter of an Increase in compensation, com
mensurate with tho condition wo find because of tho constantly increasing
cost of living commodities was thoroughly considered. Wo know that a
widespread spirit of unrest exists among all classes, especially among wage
earners, whoso wages will no longer provide adequate food, shelter and rai
ment for themselves and families.
We believo this situation is brought about mainly by conscienceless
profiteering by tho great interests who have secured control of all neces
saries of lifo.
At this timo we find ourselves obliged to again request an increase in
wages to meet tho mounting cost of living, but we feel that should this re
quest be granted tho relief would be but temporary should prices continue
to soar.
We believo the true remedy for tho situation and one that will result in
lifting the burden under which tho whole people are struggling is for tho
Government to take some adequate measures to reduce the cost of the
necessaries of life to a figure that the present wages and Income of tho peo
ple will meet. Should this not bo considered feasible, wo will be forced to
urge that those whom we represent be granted an increase in wages to meet
the deterioration of the purchasing price of the dollar, bo that what it m ay,
which can bo easily determined by competent authority.
This action may bo unique and it may bo properly termed a pioneer move
ment in tho history of labor organization in seeking an audience with the
Chief Executive of our country, and, in a manner, suggesting to him the con
vening of his Cabinet, or that portion that may bo quickly assembled.
However, the result sought seems to us to justify the means, and should our
efforts in this direction completely fail, then we will be forced to request for
those whom we represent tho granting of an increase in wages to enable
them to live accortling to tho American standard.
We invite your attention to the fact that approxirrately 77% of the
locomotive engineers are American born citizens, and it may bo safely
stated that the remaining per cent are naturalized citizens, and they have,
of course, a great interest in not only their own welfare, but in the welfare
of all the peoplo, and they are not unmindful of your past efforts in behalf
of tho people, and they believe that they should exert every t ffort not only
for themselves, but for the country in general, as well as the Administration.
Yet we find ourselves to-day earning less money than we did prior to the
war.
A ug . 2 1919.]
THE CHRONICLE
433
o f the world. Surely the monster cannot have escaped from this world
wide posse."
Dr. Hoyt was reminded that many people seemed to agree on certain
causes.
. _
„
.
, .,
“ I suppose you mean the trusts and the 'malefactors of great wealth ,
while it m ay be stated that wo have had a substantial uncrease in
com pensation, when considering the dollar on ly as a medium o f exchange, he replied. “ The Department of Justice seems to think some more ‘trustour incom e has been substantially decreased when com pared with pre-war busting will prick the bubble of high prices and drop us all down to the low
pre-war price levels with a thud. Personally, I don’t think the trusts are
n rices
,
T h e Brotherhood o f L ocom otive Engineers appreciates the fact that all tho main criminals. They may be accessories before the fact; they may
wages are being increased and that constant demands are flow ing to the em have kited prices a notch or two upward, but even the trusts aro not big
ployer, and we m ust, o f necessity, bo m indful o f the interests o f our craft; enough to hoist the prices of the entire Industrial world up to their prese*_
but wo d o not believe that increasing the com pensation, accom panied b y a high altitudes.
“ Why the scientists under Dr. Mitchell have tabulated the prico changes
greater increase in the cost o f com m odities o f life, will produce lasting ben
of 40,000 commodities In the United States for the six years from 1913 to
efits to our craft or to the American citizen in general.
1919 ' These scientific price investigators have found that the average
T h e unanimous opinion o f the A dvisory B oard, our d u ty to the locom o
tive engineers and to our country as American citizens, impelled us to seek prices of most of these 40,000 commodities have greatly advanced, the
average
rise being 102% since 1915. The increases are not thus attributable
an audience with you and you r C abinet for the purpose o f laying this situa
tion before you . and we trust that you can find a w ay to imm ediately in to boosting of prices by a few trusts—tho rise has been general for all com
modities. Furthermore, while prices in the United States have increased
augurate E xecutive action to rem edy it.
. . .
. .
Wo trust that you may find it consistent to give us, in the near future, 102% prices in Canada have gone up 107%, English prices have advanced
something definite as to what wo may expect that will aid in guiding us as 133 % ’and French prices 200 % . These are prices in gold, not in depreciated
to our future actions, hoping that you appreciate the spirit that has paper. The advances o f prices in Bolshevist paper money have, of course,
been accelerated by the worthlessness of the paper.”
prompted this action on our part.
“ If It isn’t the trusts, who then?”
.
“ I have been doing some detective work myself," replied Dr. Iloyt.
C O M M I T T E E N A M E D B Y C A B I N E T TO CONSIDER "Let me tell you about it. I wanted to build a house. The contractor
said It would cost about $4,000. I was astonished. The same house had
L IV I N G COST.
cost $2,500 In 1915. I protested, but the contractor declared that his costs
had all advanced. He showed me that his materials had increased, that
his labor costs had advanced 100%. I determined to investigate. I
visited cement, lumber and brick dealers. All told the same story and
proved It. Wages— their principal item of expense— had doubled during
the war. Then I wondered why wages had gone up, but the head of the
house at which I was boarding in the capital told me why. She showed
me how prices of food had doubled, too, so that the laboring man had to
get double tho amount of money in 1919 to maintain his 1915 standard
of living. Later I looked into another matter. I learned how the farmer s
expenses had advanced on him, and how the expenses of the packers and
the clothiers had also mounted. Thus it was evident that more money
had been pumped Into circulation and that it was no longer as valuab e
This can be demonstrated by simply taking, as an illustration, a daily
wage of $5 prior to the war, which, at that time, was worth 500 cents, and
to-day it is worth approximately, judging from competent authority, only
S2 15
’ “so ’
The appointment was announced yesterday (Aug. 1) of a
special committee to consider means of reducing the high cost
of living. The committee, which was named at a meeting
of the Cabinet with Attornoy-General Palmer on July 31,
will compile suggestions thus far made and report to the
Cabinet on Monday next, when further steps will be taken.
Composing the special committee are Director-General Hines
of the Railroad Administration, Federal Trade Commissioner
Colver, and Assistant Secretary Leffingwoll of the Treasury
Department. Mr. Palmer is said to havo stated that one
of the suggestions made was that the Government sell this
year’s wheat crop at the market price, to bo determined by
the law of supply and demand and make up the guarantee
to the farmers out of the billion-dollar fund appropriated by
Congress. Mr. Palmer conferred with Secretary Tumulty
at the White House yesterday, following which he stated
that the work of the special committee would be to embody
all suggestions into “a comprehensive program, attacking
the high cost of living all along the lino, by way of the law
of enforcement and the law of suggestion’.’ He added that
natural causes for high living costs were accelerated by other
caused “commonly known as profiteering.
Stops were initiated by the Government on July 31 toward
responding to the demands from the public that some official
action bo taken to relieve the high cost of living. At the
White House President Wilson was then said to bo giving
“deep and very thoughtful consideration” to problems pre
sented to him and the Railroad Administration by members
of the Railroad Brotherhoods, who represented that prices
would havo to como down or wages go up, if social unrest
was not to develop into upheaval. In the Senate and
House, several resolutions wore proposed on July 3i to invetigato the causo of existing price lovols, another to reduce the
volume of currency in circulation as a means of deflating
prices, ono to request the Attornoy-General to stop specula
tion in foods on exchanges, and another to sell this year’s
wheat crop at market prices instead of at the Government
guarantee, the difference to bo made up by the Government.
Yesterday a resolution was reported to the House, directing
tho Federal/Trado Commission to inquire into the price of
shoes. \ /
______
.
aS" YoiTsee?” continued Dr. Hoyt, “ during the excitement of war and
battle we had been constantly climbing uphill to a higher plateau of prices.
We are now in the rarified atmosphere of the new price level and we cannot
go back. We have almost twice as much money in circulation as before
the war, hence we aro receiving twice as much and spending twice as much.
Tho average man enjoys tho luxury of handling more bills. The storekeeper
reports a larger volume of sales and the money turnover of every business
has greatly increased. It seems as if all of us were more prosperous, but
lot us not be deceived. As a matter of fact, our 1919 dollar will only pur
chase on the average half as many goods as tho 1915 dollar. The 1919
dollar is worth only as much as the 1915 half dollar.
.
"D o you realize what this means? Money deposited in a bank since
1915 has shrunk to one-half of its former value. Endowments of our
universities yield half as much purchasing power as formerly. You must
carry twice as much insurance to give your widow the same protection.
“ Wo have not yet become accustomed to tho new price level. The adjust
ment will not be perfect until every one gets about twice the money income
ho received before the war. Thus we find laborers entitled to higher wages;
wo see public utilities demanding higher fares; we witness tho raising or
rents. All of this is a part of the process of adjustment to the new price
level.”
_ it
“ But what or who is to blame for all this?”
“ You can blame It on the Kaiser,” replied Dr. Hoyt. “ He started the
war, and the war started the inflation of prices.”
GREEK RESTRICTIONS ON COTTON IMPORTS
RE MOVED.
Trade Commissioner Eliot G. Mears, “Commerce Re
ports” announces, has cabled from Athens, July 14, that the
restrictions upon the importation of cotton and cotton
manufactures into Greece have been removed.
C A N C E L L A T IO N OF A L L A G R E E M E N T S FOR SA LE OR
D E L IV E R Y OF COAL, COKE, ETC.
The War Trade Board Section of the Department of State
announces (W. T. B. R. 812) that all agreements (W. T. B.
Form X-201) entered into with the War Trade Board by
persons, firms or corporations in the United States and its
COST OF L IV I N G I N U N I T E D S T A TE S A N D OTHER possessions and in foreign countries, in connection with the
.... G&U'NTRIES'-SINCE B E G IN N IN G OF W A R.
sale or delivery of coal, coke and primary or derivative oils,
Tho following special Washington correspondence is taken are hereby canceled, effective July 14 1919.
from tho Now York “Evening Post” of July 12:
The cost of living has gone up 102% in tlio United States, 107% in Can
ada 133% in England and 200% In Franco since tho beginning of tho war,
according to tho results of an investigation just completed by economists
o f tho War Trado Board.
,
. ,
„ ,
,
,
Tho inquiry was begun soon after tho signing of tho armistico In an effort
to determine tho effect of tho war upon living costs In tho United States
and also in tho principal European countrios. Pricos in all tho leading
industries in this country wero analyzed and a comparative study was mado
of price fluctuations during tho war in countries abroad. Tho results of
what Is said to bo tho most complete and comprehonslvo study over mado
of tho living-cost question are now in tho hands of tho printer and will soon
b°AtUthe head o f tho investigation was Dr. Wesley C. Mitchell of Columbia
University
Working with him wero a number of tho ablost younger
economists’ of tho country who had como to Washington during tho war
to servo in various capacities on Government war boards. Among them
was I)r Homer Hoyt, formerly of tho University of Chicago, and a loading
specialist with tho War Trado and War Industries Boards. Dr. Hoyt spent
a largo part of last year investigating at first hand for tho Government tho
rise in prices and tho causes in a number o f tho loading industries of tho
country.
^
, .
“ Who is to blame for high prices?” Dr. Hoyt was asked.
“ Why ask m o?" ho replied. “ The Senate is now hunting for tho villain
in Washington and millions of amateur sleuths aro trailing tho master
villain who is committing thousands of outrages every day in overy part
POSSIBLE OIL A N D GAS I N E A ST -C E N T R A L
N E W MEXICO.
The following is taken from a “Press Bulletin” recently
issued by the United States Geological Survey.
In an examination of the geologic structure of parts of New Mexico made
during the last four years by the United States Geological Survey. Depart
ment of the Interior, N. H. Darton, geologist, has discovered in the beds
of rock many domes and arches that may be reservoirs of oil or gas if these
substances are present in the regions examined. These flexed beds are
parts of formations that produce oil in Wyoming, Oklahoma, Kansas and
Texas but little evidence of the presence of oil and gas in them has yet been
found in New Mexico. A small amount of oil at Dayton and a few seeps
and some traces of oil reported in water wells at several other places are
the only favorable indications so far reported. Only a few deep wells
have been bored in New Mexico, however, and these have been bored in
places where the structure was not favorable for the occurrence of oil or
gas or the wells have not been drilled deep enough to make them satis
factory tests. Much of the geologic guidance used in locating the wells
drilled has come from Incompetent “ experts,” one "dom o" having been
deduced from haphazard dips taken from layers of cross-bedded sandstone.
Ono probably hopeless project is a deep hole in the middle of Tularosa
Dosert, where there are no rock outcrops to indicate structure. In some
of tho hectic literature written to promote the sale of oil stock the chief
434
THE CHRONICLE
geologist o f tho United States Geological Survey is falsely quoted as author•L. ,r. h° statement that New Mexico would develop ono o f tho biggost
oil fields on this continent. There is no foundation for such a statement.
fVoL. 109.
previous month. All employees paid a monthly salary will
be given an increase of 15% of their baso rate.
In tho GIobe-Miami district the following notico lias been
Some Promising Domes and Arches.
The genera! structure of central-eastern Now Mexico is that of an east posted:
ward-dipping monocline, but there are local reversals o f dips due to domes
Inview of the Tact that tho cost of living has not come down in proportion
and arches, or anticlines, some o f which are rather prominent. Only a
to the prico of copper the following modification of tho sliding scalo will
ew o f the many localities where these structural features appear to be
be made to meet these conditions. Effective July 16 1919, and until
favorable to the storage of gas or oil, if ether exists in this region, can be
further notico: The scale of wages will bo based on a 24-cent price of copper
mentioned hero. In Guadalupe County, for example, tho apex of one of
which means a 75-cent raise to all employees above the presont rato base
the most clearly marked domes Is in tho west-central part of T. 11 N.,
on 18-cent copper, and whon copper soils above 24 conts tho rato will move
It. iO E. Tho uplifted beds, which are 2,500 feot thick, aro of Permian
urHn accordance with the present sliding scale. In addition tho following
and Pennsylvanian age, the Pennsylvanian beds lying on granite at a vertical changes in tho present baso rates will be effective on the same date. Under
S i n S*
fe€t or more- On Pintada Creek, in tho centre of T. 8 N., ground machine men 50-cent increaso; underground timbermon 25-ccnt
, 19 E " t,lcro is a smaller dome involving tho samo strata, and a slightly ncreaso and first class Journeymen mechanics 25-cent increaso.
less pronounced dome is indicated in tho samo canyon a few miles above
Pintada post office. There are several broad, low arches in tho strata in
the northeast comer o f this county and in adjoining parts o f San Miguel,
the next county north. In Quay County a broad, low anticline In the red
beds, passes a short distance east o f Tucumcari and extends for some dis
tance north and south o f the Rock Island Railroad. In Do Baca County
the strata dip nearly due east in general, but a few local reversals of dip
suggest that minor domes or arches may be found when a detailed survey
L n<;?!n Gounty is traversed by a broad anticline that lies east
the Sierra Blanca structural basin and passes near Lincoln. In the
western part o f Lincoln County thero are several domes that appear to be
favorable for the storage of oil, although thero Is no visiblo evidence that
rr1°o ^on^ In ° • They are in T. G S., R. 9 E., in tho northeast part of
ONE HUNDRED M ILLIO N POUNDS OF SURPLUS WAR
8 E^ ’ and n th0 COntro o f T ' 5' S- R - 12 E - In tho eastern
of Socorro County thero is a notable elongated dome, 3 miles northeast
COPPER SOLD.
or Carthago coal mines, which brings up tho Mesaverdo coal measures; at
1 ralrlo Springs there is a dome in tho limestones of Permian age, and in
ie centre of T. 2 S., R. 4 E., thero is a dome in tho Abo red beds. The
plunging anticline at tho north end o f tho Oscura Mountain uplift is also
in the eastern part o f this county.
This affects some 8,000 miners, and means a minimum of
S5.65 por day. The proposed strike there of tho I. W. W’s
failed to materialize for only 05 “Wobblies” attended a
meeting where they demanded a 6-hour day and 80 wages.
I ho problom that now confronts tho coppor producers
is how to get sufficient efficient miners, as shortago has been
felt in the precious metal camps, especially in tho gold mines
of Cripple Creek.___
According to a statement made before tho House Investi
gating Committee on July 26 by E. C. Morse, Assistant
Sales Director of tho War Department, 100 million pounds
of coppor have been sold at prevailing market prices during
Wells Should be Sunk Deep.
All test wells sunk In this region should bo carried ontirely through the the past four months. Tho purchaser, ho reported, was the
series, which in tho domes and anticlines mentioned is from 2 - United Metals Selling Co., created to dispose of this surplus
000 to 3.000 feet thick and at intervals from top to bottom contains coarse and representing 95% of tho coppor producers. Mr. Morse
sands, some of which may bo oil bearing.
More detailed information as to tho structural and stratigraphic conditions pointed out that Secretary Bakor’s instructions last winter
observed in the reconnaissance mado by Mr. Darton, which covered a largo wero “that copper be withheld only to seo if an agreement
part o f New Mexico, will bo given in a report, with a geologic map and cross could be roached with tho producers, and if not to sell in a
sections, which is now in preparation and will probably be ready for dis
short time as best we could.” The contract, Mr. Morse
tribution late in tho autumn.
is said to havo stated, permits the producers to sell among
themselves,
and by so doing make a largo volume of sales
POSSIBLE OIL LAND IN UTAH .
and a low market. The stocks, howovor, ho said, wont to
With reforonco to the possibility of obtaining oil in Utah, consumers,
to the, shipping ordors given the depart
the United States Geological Survey has tho following to say' ment. He according
is further reported as stating that labor organiza
Th° largo and increasing uso and need o f petroleum In tho industries of
the world has stimulated a search for new oil fields, and tho United States tions had urged that surplus metal bo withheld from the
Geo og cal Survey. Department o f the Interior, is assisting in this search
market, as wagos wore based on market price and that the
Geologist I rank It. Clark of tho Survey recently made an examination
In Carbon County, Utah, to discover whether tho conditions underground selling company sought to have it withheld for six months
Hrm^VOi,rab,° t0 ! h0 a,CCllmu,ation o f oil or gas. Although considerable after tho armistice was signed, but in April contracted to
mg has been done in tho Stato, no oil has been produced thero in com buy the surplus. Tho volumo of sales made possiblo tho
mercial quantities, but sandstono saturated with asphalt and other hydro
carbon compounds and oil seeps and small showing o f oil in wells at several early disposition, it was said.
peaces suggest that oil may bo found in commercial quantities whero the
structure and the rocks aro favorable for oil accumulation. In what is
cal ed tho larnham anticline, in Carbon County— a small arch in tho rock
beds, near tho southern limit o f tho Uinta Basin—only tho structi.ro appcars to bo favorablo for the storage o f oil. Tho nearest exposures of rocks
WAGE INCREASE FOR ARIZONA
M IN ERS.
Increases of 50 cents to 81 a day in wages were announced
that
iicai-ust uxpoKuros or roots | on July 2d in press advices from Bisbeo, Ariz., for Conner
County
County?hTlwsUata
most I"
“
“ d S™ lterS * Doughs. It
. . . . blaring,*If
- tlwlw^In^hoCarbon
P 1’ may probably
bo reached
by drilling to a depth was also stated that the announcement from Grant H.
of 3,000 to 4,000 feet in tho Famham anticline. It will be wildcat drilling
Dowell, General Manager of the Coppor Queen branch of
for it is not known whether tho unoxposed rocks carry oil, and thero are
no surface indications o f oil.
the Phelps-Dodge corporation, said the now scalo will bo
1 ho possibility o f obtaining oil or gas from tho Famham anticline, so on the basis of 24-cent copper, because of tho continued high
ar as they can now bo determined, aro discussed in United States Geological cost of living.
Survoy Bulletin 711-A, which may bo obtained without chargo by applying
U1* w v a n u f t , u UUJ IUUKS 111 II1U U H rO O Il
to tho Director o f tho Survey, Washington, D . C.
With
I Z R
J
v
@
J
AGt S
JUDGE GARY NOT CONCERNED A S TO EFFORTS TO
C
0
T 07
ER M l N E R S -
I
In T Wer t0
on
July 22
exceed*r g
S fwith
e
nrrnhi
^ coppe]; districts^ are resuming full poration, and to bring about a strike, would meet
production with a sliding scale increase m wages based on success? Judgo Elbert II. Garv, Chairman of tho United
P e d S r r ^
?°arS ag° With the Western States Steel Corporation, made k e Jollowiug a n s w
1n* 5 , °f M mers—See our issue of March 15, pages 1 do for tho reason that tho employees havo received and will conIU 24, 2 o .
*° receive better treatmont and bottor conditions of employment
t0mitodO“th„naA"-hOrO
“ ““ ““O"’ PT°*.ction has boon at- ,»bor .£„Tbcy03 r ^
C lpted, tho Anaconda Coppor Mining Company, as tho vast majority of workmon aro not mombors of labor unions
spokesman for tho larger mining companies of tho Butte Jlld£° Gary thus expressed himsolf in conversation with
district, has announced an increase of 81 a day in tho wages n o w s Pa P er men, to whom also ho indicated his viows on
of members of forty labor unions, effective July 1. Eleven | ?t,lpr important matters of tho day. With regard to tho
thousand employees receive increases ranging from 85.75 for foreign business of the steel trade, tho Now York “Times”
miners to 89 a day for masons. The union at Great Falls quotes him as saying:
voted two to ono to accept the proposed scale. Metal Thero is a large foreign business offered and Indications aro that it wil 1
trades men aro objecting to the elimination of the 'seniority C° nt " ll° to bo f.offered
f i ,nS increasingly
a S r large
S amounts.
T p I don’t seo anything
rule m
in the new contracts. The agitation of a strike by the 1 it has to do with rates of oxchango.
----- Wliilo I am
- not■ competent
Diy ,ongc^•
unless
to speak
as
I. W. W. has collapsed.
a banker, I beliovo tho natural way to correct tho oxchango situation Is
through tho purchaso of foreign commodities, and wo should bo liberal at
At Bisbee, Ariz., notices posted in the Warren district and this
timo. Tho masses of tho pcoplo aro well supplied with monoy, and ,1
at the Douglas smelters by the Copper Queen branch in [ oxpect
to seo tho volumo of Imports increaso, and tho volumo of exports
Increaso
In relative proportion.
tho I helps-Dodgo corporation state that the former sliding 1his country
never had so good a clianco to prosper as at tho presont
scale based on tho prico of coppor is maintained in principle, time, if wo aro sufficiently
skillful to soizo upon and utilize tho opportunities
but on account of tho continued high cost of living, the com offered to Ua. ;
panies have decided to pay wages for the latter half of As to his viows regarding tho ratification of tho Poace
July based on a quotation of 24 cents per pound for copper. Treaty the “Times” says:
The wage scale is based on the prico of tho metal for tho raMfblfft
Gar3i ! <
? I<1
ln h,s °PinIon, much depended upon tho early
ratification of tho Peaco Treaty, and tho acceptance of tho Loaguo o
TOTAL
Nations by tlio United States. The great mass o f the pcoplo, ho thought,
wanted a Lcaguo of Nations which they believed would do a great deal to
bring stable conditions Into international relations.
,
.
“ Thero may bo points of tho Treaty which ought to be changed, and
certain additions may bo considered necessary,” ho stated,
should bo attended to. It is very easy to criticize and criticism of tho
treaty made by persoas Who had no part in the preparation o f the terms
might Im easily misdirected. Wo should tako tho position that tho Presi
dent got tho very best treaty that it was possible for him to get considering
tho many and varied interests Involved.
EFFECTIVE DATE M ODIFYING RESTRICTIONS I'OIi
I MPORTS OF T IN FROM COUNTRIES OTHER THAN
ORIGIN. CHANGED TO AUG. 15.
The War Trade Board Section of the Department of State
announced on July 24 (in W. T. B. It. 818) that W. T B. It.
799 issued July 2 1919, has been amended so as to advance
from Sept. 1 1919 to Aug. 15 1919 the date on and after
which pig tin and all metal alloys containing tin, including
tin dresses, tin oxides, solder drosses, type metals, anti
friction metals, waste metals, and other metals containing
tin may bo imported from points other than points of origin
and without reference to the date of shipment. I he an
nouncement adds:
Pursuant to tho above-mentioned amendment on and after Aug. 16 1919
pig tin and all metal alloys containing tin. including tin drosses, tin oxides,
solder drossos typo metals, anti-friction metals, wasto metals, and other
S o S , S S l i tin will bo permitted to be Imported le t , tho U It.d
’States under General Import License IB l'-av .
The earlior ruling was published in our issue of July 12,
pago 133.
_____________________ —
ALL RESTRICTIONS REMOVED ON T IN ORE A ND T IN
CONCENTRATES.
Tho War Trade Board Section of the Department of State
announced on July 14 that on or after that date all ship
ments of tin ore and tin concontratos may bo imported under
tho authority of General Import License PFB-37, thus
eliminating tho necessity of securing individual import
licenses to covor importations of these commodities.
In a circular letter to tho tin trade under date of July 17
Georgo Armsby, Chief-in-Chargo of Tin of the War Industries
Board urgod that thero bo sent promptly to the American
Iron and Steel Institute, on tho form provided for that
purpose, tho consumption roport for tho month ending June
30 1919. After this roport has boon submitted, Mr. Armsby
statod, no further roports will bo required.
PROHIBITION UPON IMPORTATION OF T IN PLATE
INTO AUSTRALIA REMOVED.
On July 1 “Financial America” said:
Tho official representative of tho Department of Trade and Customs of
Australia hero announces the receipt of a cablegram intimating that tho
prohibition upon tho importation of tin plate into Australia has been with
drawn. Insofar as tin plate from tho United States Is concerned tho prohibi
tion has been in force since Dec. 6 1916.
STEEL PRODUCTION IN 1918.
The American Iron & Stool Institute, under dato of July
19, issues a statistical bullotin giving the official figures of
stool production for tho calendar yoar 1918. Tho mako of
steel for that yoar at 44,402,432 tons did not equal that of
tho previous yoar when tho product was 45,000,007 tons,
but with that exception was tho largest on record. Tho
mako of stool by tho opon-hoartli process surpassed that of
any provious yoar. In tho following wo show tho mako of
stool by tho different processes for each yoar back to 1904:
P R O D U C T IO N
Y e a r s -----------R a s ic .
1 9 0 4 . 5 ,1 0 6
1 9 0 5 . 7 ,8 1 5
1 9 0 6 . 9 ,6 5 8
1 9 0 7 .1 0 ,2 7 9
1 9 0 8 . 7 ,1 4 0
1 9 0 9 .1 3 ,4 1 7
1 9 1 0 .1 5 ,2 9 2
1 9 1 1 .1 4 ,6 8 5
1 9 1 2 .1 9 ,6 4 1
1 9 1 3 .2 0 ,3 4 4
1 9 1 4 .1 6 ,2 7 1
1 9 1 5 .2 2 ,3 0 3
1 9 1 6 .2 9 ,6 1 0
1 9 1 7 .3 2 ,0 8 7
1 9 1 8 .3 2 ,4 7 6
O F S T E E L IN G O T S A N D
— O p e • !-//e a r th .----------;—
A c id .
T o ta l.
,3 6 7
8 0 1 ,7 9 0 5 ,9 0 8 ,1 0 6
,7 2 8 1 ,1 5 5 ,0 4 8 8 ,9 7 1 ,3 7 0
.7 0 0 1 ,3 2 1 ,0 5 3 1 0 ,9 8 0 ,4 1 3
,3 1 5 1 ,2 7 0 ,4 2 1 1 1 ,5 1 9 ,7 3 0
,4 2 5
0 9 6 ,3 0 4 7 ,8 3 0 ,7 2 9
,4 7 2 1 ,0 7 6 ,4 0 4 1 4 ,4 9 3 ,9 3 0
,3 2 9 1 ,2 1 2 ,1 8 0 1 0 ,5 0 4 ,5 0 9
,9 3 2
9 1 2 .7 1 8 1 5 ,5 9 8 ,0 5 0
,5 0 2 1 ,1 3 9 ,2 2 1 2 0 ,7 8 0 ,7 2 3
,6 2 0 1 ,2 5 5 ,3 0 5 2 1 ,5 9 9 ,9 3 1
,1 2 9
9 0 3 ,5 5 5 1 7 ,1 7 4 ,0 8 4
,7 2 5 1 ,3 7 0 ,3 7 7 2 3 ,0 7 9 ,1 0 2
,0 5 8 1 ,7 9 8 ,7 0 9 3 1 ,4 1 5 ,4 2 7
,5 0 7 2 ,0 0 1 ,3 S 6 3 4 ,1 4 8 ,8 9 3
,571 1 ,9 8 2 ,8 2 0 3 4 ,4 5 9 ,3 9 1
435
THE CHRONICLE
A u g . 2 1919.]
P essem er.
7 ,8 5 9 ,1 1 0
1 0 ,9 4 1 ,3 7 5
1 2 ,2 7 5 ,8 3 0
1 1 ,6 0 7 ,5 4 9
0 ,1 1 0 ,7 5 5
9 ,3 3 0 ,7 8 3
9 ,4 1 2 ,7 7 2
7 ,9 4 7 ,8 5 4
1 0 ,3 2 7 ,9 0 1
9 ,5 4 5 ,7 0 0
0 ,2 2 0 ,8 4 0
8 ,2 8 7 ,2 1 3
1 1 ,0 5 9 ,0 3 9
1 0 ,4 7 9 ,9 0 0
9 ,3 7 0 ,2 3 0
C A S T IN G S
C ru c ib lc .
8 3 ,3 9 1
1 0 2 ,2 3 3
1 2 7 ,5 1 3
1 3 1 ,2 3 4
6 3 ,6 3 1
1 0 7 ,3 5 5
1 2 2 ,3 0 3
9 7 ,0 5 3
1 2 1 ,5 1 7
1 2 1 ,2 2 0
8 9 .S 0 9
1 1 3 ,7 8 2
1 2 9 ,0 9 2
1 2 0 ,7 1 0
1 1 5 ,1 1 2
BY
PRO CESSES.
A fis E le c c e lla ric.
n eou s.
.............. 9 ,1 9 0
_______
8 ,9 0 3
.............. 1 4 ,3 8 0
_______ 1 4 ,0 7 5
_______
6 ,1 3 2
1 3 ,7 0 2 9 ,1 8 5
5 2 ,1 4 1 3 ,1 9 4
2 9 ,1 0 5 2 ,8 4 4
1 8 ,3 0 9 2 ,8 5 3
3 0 ,1 8 0 3 ,8 3 1
2 4 ,0 0 9 3 ,6 2 2
0 9 ,4 1 2 1 ,5 2 7
1 0 8 ,9 1 8
604
3 0 4 ,5 4 3
495
5 1 1 ,3 6 4
329
T o ta l
G ross
T on s.
1 3 ,8 5 9 ,8 8 7
2 0 ,0 2 3 ,9 4 7
2 3 ,3 9 8 ,1 3 0
2 3 ,3 0 2 ,5 9 4
1 4 ,0 2 3 ,2 4 7
2 3 ,9 5 5 ,0 2 1
2 0 ,0 9 4 ,9 1 0
2 3 ,0 7 0 ,1 0 0
1 3 ,2 5 1 ,3 0 3
3 1 ,3 0 0 ,8 7 4
2 3 ,5 1 3 ,0 3 0
3 2 ,1 5 1 ,0 3 6
4 2 ,7 7 3 ,6 8 0
4 5 ,0 6 0 ,0 0 7
4 4 ,4 6 2 ,4 3 2
P R O D U C T IO N
OF
AND
K IN D S O F F IN IS H E D R O L L E D IR O N
STE E L, lo o r lJ io .
A l l O th er
T o ta l
F in is h e d
I r o n a n d P la tes a n d
N a il
S tru ctu ra l
G ro s s T o n s .
R olled
Y e a r s — S tce lR a ils . S h ee ts.
P la t e . W i r e R o d s . S h a p es.
P r o d u c ts .
*3- 8
5 ,3 8 3 ,2 1 9 1 3 ,9 4 4 ,1 1 6
1902
2 ,9 4 7 ,9 3 3 2 ,6 6 5 ,4 0 9 7 2 ,9 3 6 1 ,5 7 4 ,2 9 3 1 ,3 0 0 ,3 2 6
i903:::::i2,992,477 2 ,59 9 ,6 6 5 6 4 ,1 0 2 1 .5 0 3 ,4 5 5 1 .095 ,813 4 ,9 5 2 ,1 8 5 1 3 ,2 0 7 ,6 9 7
4 ,5 9 7 ,4 9 7 1 2 ,0 1 3 ,3 8 1
--------------------------------0 1 5
,468
822
193
} « « j ........... - | $ t 0 3 ? 4 9 5 5 4 8 4
J S } ? ............... ’ S
S
4 488 049
\ l \ l ................ 3 3 2 7 9 1 5 5 :8 7 5 .0 8 0
in ia
3 * 5 0 2 *7 8 0 5 7 5 1 0 3 7
........... , ’ 0 4 5 005 4 7 1 9 2 4 6
1015
2 *2 0 4 *2 0 3 6 * 0 7 7 ,6 9 4
..............9 8 5 4 5 ? 8 7 4 5 3 9 8 0
I g i ? ........... ’ 2*94 4 *1 6 1 8 ,2 6 7 ,6 1 6
1 9 1 8 l I I I ” 2 :5 4 0 :8 9 2 8 ,7 9 9 ,1 3 5
45,*294
48 522
4 5 .3 3 1
3 7 ,5 0 3
38 573
3 1 ,9 2 9
30 088
2 2 ,8 6 4
1 8 ,3 1 0
l , 2 D , 8 ? 0 2 ,2 6 6 ,8 9 0
8 ,4 7 5 .7 5 0
79
2 ,4 5 0 ,4 5 3 1 ,9 1 2 ,3 6 7
7 ,3 1 6 ,9 9 0 1 9 ,0 3 9 ,1 7 1
2 ,6 5 3 :5 5 3 2 :8 4 6 ,4 8 7
9 ,9 0 8 ,4 7 5 2 4 ,6 5 6 ,8 4 1
2 ,4 6 4 ,8 0 7 3 ,0 0 4 ,9 7 2 1 0 ,0 3 0 ,1 4 4 2 4 ,7 9 1 ,2 4 3
2 ,4 3 1 ,7 1 4 2 ,0 3 1 ,1 2 4
7 ,2 0 4 ,4 4 4 1 8 ,3 7 0 ,1 9 6
3 ,0 9 5 ,9 0 7 2 ,4 3 7 ,0 0 3 1 0 ,6 4 6 ,1 8 8 2 4 ,3 9 2 ,9 2 4
3 5 1 8 7 4 6 3 ,0 2 9 ,9 6 4 1 5 ,4 9 3 ,0 9 3 3 2 ,3 8 0 ,3 8 9
3 * .l3 7 ’, 1 3 8 3*,110’, 0 0 0 1 5 ,5 8 5 .9 2 1 3 3 .0 6 7 7 0 0
2 ,5 0 2 ,3 9 0 2 ,8 4 9 ,9 6 9 1 4 ,3 8 5 ,0 5 8 3 1 ,1 5 5 ,7 5 4
R o l l e d b l o o m s a n d b il le t s l o r lo r g l n g p u r p o s e s a r e in c l u d e d f r o m 1 9 0 5 , w h il e s e m i
fin i s h e d p r o d u c t s r o ll e d fo r e x p o r t a r e in c l u d e d f o r 1 9 1 2 a n d s u b s e q u e n t y e a r s . _ P r io r
t o 1 8 9 2 s t r u c t u r a l s h a p e s w e r e I n c lu d e d In " a l l o t h e r fin is h e d r o ll e d p r o d u c t s .
P R O D U C T IO N o f f i n i s h e d
r o l l e d
p r o d u c t s , s h o w in g
ir o n
1 R O A N D S T E E L P R O D U C T S S E P A R A T E L Y , G R O S S T O N S , 1 9 0 7 -1 9 1 8 .
Y ea rs.
Iron .
S t e e l.
T o ta l.
Y ea rs.
Iron .
S te e l.
T o ta l.
1 9 0 7 . . . 2 , 2 0 0 , 0 8 6 1 7 ,6 0 4 ,7 3 6 1 9 ,8 6 4 ,8 2 2 1 9 1 3 . .1 ,6 7 8 ,2 5 7 2 3 ,1 1 2 ,9 8 6 2 4 ,7 9 1 ,2 4 3
1908
1 ,2 3 8 ,4 4 9 1 0 ,5 8 9 ,7 4 4 1 1 ,8 2 8 ,1 9 3 1 9 1 4 . . . 1 , 1 6 7 , 7 7 6 - 1 7 , 2 0 2 , 4 2 0 1 8 ,3 7 0 ,1 9 6
.1 .2 9 4 .8 3 3 2 3 ,0 9 8 ,0 9 1 2 4 ,3 9 2 ,9 2 4
1 9 0 9 . I I 1 ,7 0 9 ,4 3 1 1 7 ,9 3 5 ,2 5 9 1 9 ,6 4 4 ,6 9 0 1 9 1 5 . .
1910
1 ,7 4 0 ,1 5 6 1 9 ,8 8 1 ,1 2 3 2 1 ,6 2 1 ,2 7 9 1 9 1 6 . . . 1 .8 2 2 .5 7 1 3 0 ,5 5 7 ,8 1 8 3 2 ,3 8 0 ,3 8 9
191 1 . . . 1 , 4 6 0 , 6 1 5 1 7 ,5 7 8 ,5 5 6 1 9 ,0 3 9 ,1 7 1 1 9 1 7 - . - 1 , 8 6 7 , 7 5 7 3 1 ,1 9 9 ,9 4 3 3 3 ,0 6 7 ,7 0 0
. 1 .5 7 3 .9 7 6 2 9 ,5 8 1 ,7 7 8 3 1 ,1 5 5 ,7 5 4
1 9 1 2 . . . 1 , 6 3 7 , 5 8 2 2 3 ,0 1 9 ,2 5 9 2 4 ,6 5 6 ,8 4 1 1 9 1 8 . .
P R O D U C T IO N O F A L L K IN D S O F F IN IS H E D R O L L E D IR O N A N D S T E E L ,
B Y S T A T E S , G R O S S T O N S , 1 9 1 4 -1 9 1 8 .
1918.
1916.
1917.
1915.
1914.
S ta tes—
1 8 1 ,1 1 3
2 1 8 ,9 6 2
2 1 7 ,5 8 9
1 8 4 ,2 7 3
1 3 9 ,1 7 9
M a in e , M a s s a c h u s e t t s ..8 1 ,3 1 7
8 1 ,2 5 5
7 5 ,1 1 1
6 6 ,4 5 5
5 5 ,2 0 5
R h o d e I s l a n d , C o n n ---------1 ,6 4 0 ,1 8 2
1 ,4 9 2 ,7 6 9
9 9 4 .3 3 4
1 ,3 2 2 ,9 8 8
6 8 1 ,6 5 5
2 1 7 ,4 8 0
2 3 8 ,9 7 2
2 3 5 ,7 3 9
1 8 1 ,0 1 7
1 4 3 ,3 5 7
9 ,0 7 0 ,0 8 5 1 1 ,9 9 2 ,8 4 0 1 5 ,4 2 8 ,5 6 3 1 5 ,0 1 8 ,8 7 1 1 3 ,8 3 6 ,4 4 5
4 1 ,5 8 4
6 2 ,4 0 3
3 7 ,3 3 7
2 5 ,6 4 7
2 8 ,7 0 5
D e la w a r e , V l r g l n l a .
4 1 6 ,2 1 3
3 6 8 ,4 5 8
3 8 5 ,7 0 8
2 2 0 ,7 2 5
1 7 0 ,7 2 3
7 3 1 ,4 7 7
8 3 1 ,5 9 4
7 7 7 ,3 2 8
5 3 4 ,1 3 4
4 5 6 ,1 0 8
1 6 9 ,5 7 1 1
1 5 1 ,4 2 2
K c n t u c k y , N o r t h C a r o li n a
2 3 9 ,2 2 4
3 2 2 ,4 4 4
3 3 2 ,7 9 7
7 3 ,1 3 9 /
6 1 ,2 2 9
T e n n e s se e , G a ., T e x a s —
7 5 5 ,4 6 8
8 8 4 ,5 0 0
8 5 6 ,4 4 5
5 5 6 ,2 2 2
4 1 3 ,6 5 4
6 ,1 7 1 ,3 3 2
6 ,1 4 1 ,4 6 5
5 ,8 4 6 ,0 2 4
4 ,7 3 3 ,6 1 2
3 ,4 9 1 ,4 6 4
2
,8
4 4 ,4 2 9
3
,1
3
5
,6
8
9
2
,9
1
9
,0
0
4
2
,1
0
4
,0
7
2
1 ,5 1 2 ,4 8 6
2 ,4 7 0 ,2 2 3
2 ,7 1 3 ,4 2 3
2 ,0 .8 6 ,6 7 4
1 ,8 8 9 ,9 6 4
1 ,4 4 4 ,2 7 0
2
1
,5
1
8
\
1
1
,3
7
9
M i c h i g a n ..................................
7 3 3 ,0 3 8
6 9 6 ,6 0 5
4 7 1 ,8 0 2
1 5 7 ,5 7 5 /
1 1 9 ,4 2 2
W is c o n s in , M in n e s o t a —
1 1 5 ,0 8 5
1 4 6 ,3 8 6
1 5 0 ,0 0 3
8 1 ,0 4 2
4 9 ,4 7 3
M is s o u r i, O k l a ., K a n s a s .
5
1 4 ,1 7 0
5
7
3
,6
6
0
5
1
8
,0
1
3
3
5
6
,9
2
4
3 2 5 ,3 4 3
C o ljr a d o , U ta h , W a s h —
1 6 6 ,9 7 4
1 4 0 ,2 3 9
1 1 8 ,6 3 4
4 9 ,8 6 0
4 4 ,9 7 7
C a l i f o r n i a ---------- -------------------T o t a l ........................................1 8 ,3 7 0 ,1 9 6 2 4 ,3 9 2 ,9 2 4 3 2 ,3 8 0 ,3 8 9 3 3 ,0 6 7 ,7 0 0
P R O D U C T IO N O F F IN IS H E D R O L L E D
PRODU CTS, GRC
P ro d u c ts —
R a i l s ...................................................................................
IR O N
N a ll a n d s p ik e p la t e .
W i r e r o d s _____________
S tru ctu ra l s h a p e s —
B a r s f o r r e in f o r c e d c o n c r e t e w o r k .
H o o p s ..........................................- ................................................
B a n d s a n d c o t t o n - t i c s ------------------------------------------------R o l l e d s h e e t p ili n g , n o t I n c lu d in g f a b r i c a t e d ------R a il r o a d t i c s ___________________________________________
R o l l e d f o r g i n g b l o o m s , fo r g i n g b il le t s , & c ..............
AND
STEEL BY
3 1 ,1 5 5 ,7 5 4
L E A D IN G
7 ,8 3 8
3 9 1 ,8 6 4
S tee l.
2 ,5 4 0 ,8 9 2
8 ,7 8 4 ,4 7 8
1 8 ,2 9 4
2 ,5 5 9 ,4 0 1
2 ,8 4 9 ,1 9 5
5 ,3 9 5 ,8 5 1
3 4 4 ,1 5 2
2 ,3 0 5 ,5 1 1
3 6 7 ,4 3 0
2 0 2 ,2 8 1
2 5 0 ,2 7 0
1 1 ,0 8 9
6 ,4 3 8
1 ,0 5 9 ,1 1 8
8 2 4 ,9 0 8
1 ,4 0 1 ,8 7 0
T o ta l.
2 ,5 4 0 ,8 9 2
8 ,7 9 9 ,1 3 5
1 8 ,3 1 0
2 ,5 6 2 ,3 9 0
2 ,8 4 9 ,9 0 9
6 ,2 4 2 ,7 4 9
3 4 4 ,6 2 0
2 ,5 6 4 ,0 1 1
4 1 6 ,9 0 5
2 6 2 ,2 8 1
2 5 0 ,7 6 7
1 1 ,6 8 9
0 ,4 3 8
1 ,6 5 9 ,1 1 8
8 3 2 ,7 4 6
1 ,7 9 3 ,7 3 4
1 ,5 7 3 ,9 7 6
2 9 ,5 8 1 ,7 7 8
3 1 ,1 5 5 ,7 5 4
Iron .
1 4 ,6 5 7
10
2 ,9 8 9
774
8 4 0 ,8 9 8
468
2 5 8 ,5 0 0
4 9 ,4 7 5 .
497
I n a d d i t io n t o t h e 1 1 ,6 8 9 t o n s o f r o ll e d s h e e t p ili n g a b o v e r e p o r t e d t h e r e w e r o
p r o d u c e d b y r o llin g m ills a n d s t e e l w o r k s in 1 9 1 8 a b o u t 1 ,7 4 2 t o n s o f f a b r ic a t e d s h e e t
p ili n g , a s c o m p a r e d w it h 5 ,2 9 4 t o n s o f t h e s a m e k i n d o f p ili n g In 1 9 1 7 .
S IX HOUR DAY AND 00% WAGE INCREASE DE
M ANDED BY PENNSYLVANIA M IN ER S—
.
TXWRF. A,<\Pn CD Ah PRICES PREDICTED.
A six hour working day and a 60% increase in wages are
among tho demands which the Miners’ Union of the Scran
ton (Pa.) District decided July 24 to present to the operators
at the conference to be held in 1920. The demands of the
union aro reported as follows in the press dispatches:
An incroaso in wages of 60%, a minimum scale of $6 a day, tho six-hour
working day, five and one half days a week, tho closed shop, timo and
ono-lialf for all work dono on Sundays and legal holidays, payment of con
sideration ratas whon mino workers aro compelled to loso any timo through
delays In furnishing of props and other material.
The press dispatches from Scranton also said:
Thoso demands wero prasontod in tho form of resolutions in tho report of
tho Resolution Committee. They wero concurred in by tho Committee
and tho roport was adopted by tho convention. Tho demands will bo
presontod to tho Scalo Committee at tho tri-district convention to be held
in Wilkos-Barro next month.
From shaft engineers of tho district a petition was read and tho union
boing requested to demand that in tho next agreement with tho operators,
shaft employees now working twelve hours a day bo given a ton-hour day
and that all shaft engineers bo given a vacation of ten days with pay, each
will bo presented to tho Scalo Committee at tho tri-district convention at
Wilkos-Barro next wook.
Prosidont Josoph Yannis statod that no Scalo Committco will bo named at
this convention and that all matters relative to tho 1920 demands will be
roferrod to tho tri-district convention.
The Anthracite Consumers’ League of Pottsville, accord
ing
tho Philadelphia “Ledger” of July 28 does not con
Statistics regarding production of finished rolled iron and sidertothe
Scranton miners exorbitant in their demands for
steol aro also furnished:
an increase of 60% in wages. The “Ledger” quotes the
In 1918 tho production of all kinds of iron and steel rollod
officials as declaring:
into finished forms (including blooms, billets, and axle blanks Leaguo'
The anthracite minor is being paid at present less than soventy-fivo cents
mining a ton of coal, while in towns located right over tho coal minos,
rolled for forging purposes and semi-finished products which for
is boing sold for $7 and $8 a ton. Certainly tho man who risks his life
wore rollod for export in that year) was 31,557,754 gross tons, coal
to bring fuel to tho surfaco should bo better paid. If wo do not recompense
a dccroaso of 1,911,946 tons, or 5.78%, as compared with him bettor, anthraclto tonnage will soon fall off enormously, for tho number
of miners In tho region is stoadily decreasing.
tho output in 1917.
436
THE CHRONICLE
[V o l . 109.
I he high prices of anthracite are due to wasteful and extravagant mothods I “A largo percentage of industrial fuol users aro treating lightly tho warn°n Au^n or<?frs the Invisible hand in control of tho coal ings of tho National Coal Association that industrial consumers of power
d° X v “;of the
tht hidden hand but its orders
Havearo apparent
”otand
u"covnf the coal are facing a shortage in supply when tho peak of tho coal movement
identity
aro obeyed, arrives. For the guidance of our members we wish to place tho following
b° Blve" a b‘B^crease in wages and tho price of coal lowered analysis before them and to urge that overy ono co-operate to urge quick
W‘T not for th0 diro result of the ordors of niado
development
early delivery
some statomonts
. nvi. ible hand in tho coal7 ,trado.
in the for
campaign
to buildof all
thoneeded
marketfuel.
havePossibly
been overdrawn,
but a
Supplementing a warning made to Congress on July 18 consideration of the combined elements controlling the situation leads
that the
of coal
augmented
to the extent
of railroads
to.ithe iconcIlilsion jthat the
mostnecessary
complototoco-operation
buyers,
nr
, price
,because
. might
,, be. scarcity,
. It. was
' J on
marketbetween
•T
>o a ton
Ot,. Its
alleged
reported
We submitandthoproducers
followingwill
factsboupon
which thomeet
conclusion
isrequirements.
based:
July 20 that a statement had been forwarded to Senators “Anthracite producers aro mooting fine responso and overy ton is sold as
Reed , Jones and Kenyon that anthracite coal is almost I
Do“«*tlc fuel orders’ ln tho East especially, are well
certain to be increased s i 50 a ton by the first of next April, “Industrial consumers were led to ovorbuy under stimulus of tho Fuol
if food prices
areQnnotn
not reduced. The Senators
are Administratlon propaganda and at a war-timo prico. Thousands thus
members!
nf the
tho
AT f mentioned
,
1-1 over-supplied aro using coal on hand and withholding orders for possible
t n His Ot
Senate Committee on Manufactures,
which
price decline. Logically every olemont points to continued established
investigated the anthracite industry at Pottsville last winter. ?rlce ”r hl8bl'r level. Coal mines can only produce when transportation
The warning was conveved by the Anthracite Consumers’ ^ available. The 'rush' for coal cars will come in tho oariy fail, about tho
Loon-no
!,/>/Idemandlrfor an increased
•
time
that theis,wheat
crop years,
beginsenormous,
to move. and
Thothis
taskyoar,
of moving
two
t a^lle. The
1 he cfliido
cause for
for the i-oioo
raise LIS ♦the
commodities
in normal
with carthese
shortago
wage scale for the m iners, and a reduction in hours from eight ln sight>Kur°Pc crying for food and a stiff whoat price forcing overy bushel
to six. According to tho L eague, nothing but a reduction in hd° market- ‘bcr°
be a ‘jam’
everywhere.
tho
nrieo Ot
of food,
fond clothing,
ninth,'., „ and1 1shoes can stop
, the
, demand
.
. tho Because
lack of orders
coal
havo movomont,
been unablohonco
to estimate
to
the
price
Railroadof Administration
tho men
probable
Director
o f the miners from being m ade and gran ted.
In its sta te- Hines has been unablo to make plans, but 4,000 oxtra locomotives havo been
m en t made public 011 July 20 the League said in Dart*
uU,fcintc°nd,ti°n
*j' reservo.
More nowalllocomotives
been de
I livered
since Jan.and1 boId
last than
wore delivered
last year. have
Twenty-five
This Loague found, on investigation, that a singlo Sunday dinner of a no'v on8ines were delivered last week,
miner, having six children in his family, cost $6 50. the meal consisting “The enormous advance in cost of building new cars (50,000 box, 25,000
largely of roast pork and vegetables. This minor’s average wage is $5 a Sondolas and 25,000 other opon-tops) led to refusal of many companies to
day.
Conditions
a miner
is unablo
to earn
enough in a day to buy pointing
accopt thoa trustee
now carsto placo
at thotho
war-contract
Director
is apono square
meal forwhereby
his family
certainly
justify
a change.
now cars inprico,
sorvico,andcontrol
thoirHines
movomont
The peoplo of the anthracito region have observed with undisguised as- and sott,° the prico later,
tonishment that men in responsible positions at Washington aro not only . “Another element which will control is labor. Kvon if tho wage increaso
adverse to a reduction of food prices, but havo even used tho machinery of avoided and many producers expect tho increase—a coal minor can
the Government to prevent tho reduction of tho prico of food. If this con- I)rodllC0 only so many pounds por day. He can only bo multiplied to tho
dition of affairs continues to prevail at Washington, tho peoplo of tho entire m,no capacity, and unless tho cars can be moved—emptied in and loaded
anthracito region will stand as a unit behind miners and operators in in- out the mine cannot produce to capacity. If tho wago increase comos
creasing the price of coal, oven if it reaches $20 per ton before another year. hundreds of high cost’ properties may bo forced to closo down, thus lessonThis League fully realizes the danger of another increase in the prico of *nS tb®supply,
coal, which is tho basic cost of most of our manufactures. Our country
ihero are no sensational disclosures coming, as has boon promised, to
rapidly
is getting
a basis
where we will be unable to sell anything outside effective
show dircct
incompetoncy,
but a state ofof war
tho borders
of ouronown
country.
block
to normal movomont
fuel.”could hardly produco a more
Ability of the anthracite operators to make anothor largo increase in the
.......
__
..
price of coal is doubted by some operators. They declare that Texas oil is rrJfI
coming Into active competition with the steam sizes of anthracite, and will RESOLUTION OF HOUSE CALLING FOR SALE OF SUR
aImost entirely supersede this sort of anthracito with another increaso of
PLUS ARMY FOOD__INVERT I f! A TIf)N f)W
price.
I
11 New England and tho Middle West steps already aro being
WAR DEP APTM EAT!' E v d r \r n r mrr u n o
taken to cut down the amount of coal needed by the use of water power and
WAR D L PA R JM E N 1 E X PE N D I 1 URES.
thTh
1-V'° (lou!)t ^hat tho iatter win grow in utilization.
Undern-naTulv
resolution adopted byt wrthe •House of Represen1
bis
League
is
therefore
urging
the
Senatorial
Committee
to
take
stops
to
fntivo«
,
stop this threatened increase in tho price of coal by adopting some of the latlvos 0I| ’July 90 flu,
the Secretary ol W a r IS requested, to place
measures urged at tho time of tho hoaring last winter. Laws should bo 011 sa^e w ithout delay tile surplus food products ill tho hands
th0 °l*or
f ort‘onato PrJces now demanded for royalties in of or under the control of the W a r D ep artm en t.
e resotliu anthiacite
region.
mere This
privilege
sonictoland
i..±* >Which
i ’ i was recom m ended
1 , 111
. a report of tho TRhepu
owners
now demand
a dollarthe
a ton.
priceofisdigging
thereforecoaladded
the 1,111011
b licost Of coal before any Of the actual cost of the mining is ascertained.
can m em bers of the Select C o m m ittee on W a r E xpendi
W arn in g of a serious coal shortage next winter with an
increase of $5 or $ 6 a ton for coal was given by C . E . Lesher
of tin' Geological Su rvey in testifying on July 17 before the
H ou se C o m m ittee on R u les.
“ C oal men fear the situation
m a y get aw ay from them and that prices m a y rise 85 or 8 0
a to n ,
M r . Lesher declared, adding “ their advertising of
the situation is in hopes th at this m ay be averted , for they
know th at the condition would reflect on th e m .”
A n th r a cite production since Jan . 1 was
tons less than
tures in the W a r D ep artm en t, was m ade a special order of
business in tho H ouse on the day of its ad option, a rulo for
that purpose having been adopted by the H ouse w ithout
opposition on July 2 8 . A statem ent issued b y the W a r
D ep artm ent on July 28 placed the value of the surplus food
now on hand, based on tho. cost to the G overn m en t, at
$ 1 2 5 ,8 8 9 ,9 4 7 .
On July 19 these surplus stocks exclusive
of sui?ar are said to have consisted of:
and
10,500,000
Dried fruit vegetables................................................... $2,478 228
last year and bituminous 74,700,000 tons, Mr. Lesher said
................- ................................ 90,384,326
Jf. due to lack of demand. “The only remedy,” he declared, Canned vegetable___ ................................................. " 12342 442
“is for the consuming public to lay in supplies now.”
Cereals ....................................................l!o85,889
Hard bread, crackers and macaroni________ __________ 810,719
COAL SHORTAGE PREDICTED BY GEO. II CUSHING
Total ......................................................................... $110,483,275
A statement in which lie declared that the public would
m“kmg P“b‘“’
f« ures the Wi,r DoPMtment SJlid.
be responsible lor the coal shortage with which the country th.
will probably be confronted next winter was made before ve8®tabies, delivery of which has not yot been mado.
the House Committee on Rules on Jlllv 24 bvGeoren ir These valuations are based Oil the costs of tho commodities to the GovCushion- Managing-Director
M-inon-mo- nirootm. nf
a *" ■ ' Wholesale
wri i , informal
eminent. verbal
Salesreports
of subsistence
officially
tho director
and
VHlMling.
ofthe thAmerican
made by
the zonereported
supplytoofficer
of salosof sales
consumCoal Association. The Committee has under consideration matod but not yet officially reported show that sales of subsistence to dato
the resolutions of Representatives MacGregor and Hud- I °XC«^ *28’00?’9(!0'
dleston calling for an investigation into coal prices Ac- tv 1 rf ohltlon f‘allln£ uP°n tht' War Department to placo
cording to Mr. Cushing coal produced before last April has S®
.on
was ad°Pjed by tho House
been burned and production since then has fallen short of n
?•
r t sdhstltuto ^solution offered by
the yearly demand by at least 145,000,000 tons. A part
members of the Committee, providing that the
of this shortage, he contends, can be made up if coal ordersS f y h° requested to Put on t lc market such part of tho
are placed before the railroads are tied up with the move- 3 n r o v id * ,^
ment of crops. At the instance of Representative Campbell ‘ .
V
? o ffani/ation at Government exMr. Cushing placed in the record the following figures as to % Z 3 ^
H°U8°
VOt° °f 160 to ll4 «
production and probable shortage unless demand increaseshv ti i
‘
f Was iU1,eTld('d bcfpro its acceptance
Indicated ultimate demand for bituminous coal during coal yelr of April I 5 ! ,HoUf0’ ,SO as toProvld« for the distribution of tile
1 1919, 537,500,000 tons; indicated production, 397,468,000 tons short- tood through the parcel post; this amendment offered by
c o .i
„ „
9 5 M O im
“ p ,,.r o v e d l,y ^
,r ° h y »
tons; indicated production 1919. 91,422,000. Shortage,
3,578,000 tons.
' °tl ° to.) to 130. III rits report
recommendinguthe
passago
hi referring to Mr. Cushing’s testimony press dispatches I of tIle iresolution the Republican majority of tho House War
from Washington also said:
'
j Investigating Committee charged Secretary Baker with
After analyzing the present situation in the coal trade and so far as pas- withholding tllO food from the public to benefit private
sib.e famine
testing the
for theAmerican
predictionsMining
in various
quarters ofjust
a n.tioiud
interests.
A minority report submitted
Democrats
coal
nextgrounds
winter,
Congress
issued
on .thfi6Committee
p nmmiftcn
Ul .byofy . the
A® iJem0crats
from
its headquarters
herethe(Washington)
an appeal
to its has
membership
in °U
included a Statement
tile
Secretary
which it urges co-operation with tho coal producers for “quick development say>nK the policy “has been and is to sell in the best markets
Of the industrial fuel market. ” The appeal says:
1and as speedily as possible.” According to the New York
A u g . 2 1919.]
THE CHRONICLE
“Times” of July 27 the five Democratic members of the
investigating committee urged upon the Republican mem
bers on July 25 that tho report charging Secretary Baker
with holding back from the public millions of dollars worth
of surplus army foods bo withheld until tho Secretary and
army officers could bo heard, but tho Republican members
refused. Representative Flood (Democrat) in a letter to
Chairman Graham of tho Committee said in part:
437
Representative Gillett, was announced on June 5. The
inquiry was made to cover the matter of expenditures of
five branches of the War Department’s activities—ordnance,
quartermaster’s department, overseas supplies, aviation,
and the purchase of camps and cantonments, each inquiry
being conducted by a sub-committee composed of two Re
publicans and one Democrat. The main committee con
sists of ten Republicans and five Democrats, as follows:
Representative Graham, o f Illinois; Ham ilton, o f M ichigan; M cK enzie,
Y o u will recall that when tho question o f reporting tho resolution request
ing the Secretary o f W ar to place on salo without delay tho surplus food o f Illinois; Johnson, o f South D akota; R eavis, o f Nebraska; M agee, o f
N
ew
Y ork; M cC oulloch , o f Ohio; Bland, o f Indiana; Jefferies, o f Nebraska,
products in the hands of, or under tho control o f, tho W ar Departm ent, with
tho report accom panying It, was up for discussion in the Com m ittee yester and M acG regor, o f N ew Y ork , Republicans; and Representatives F lood,
o f Virginia; Garrett, o f Tennessee: Dorem us, o f M ichigan; D on ovan, o f
day the m inority challenged the accuracy o f tho statements in tho report.
Since tho adjournm ent o f tho Com m ittee yesterday, I have conferred with N ow Y ork; and Lea, o f California, Dem ocrats.
several W ar Departm ent officials in connection with this m atter and liavo bocom o satisfied that tho statements in the report cannot be sustained. Tho
C om m itteo itself took no evidence on these questions, all tho evidence hav
ing been taken by Sub-Com m ittee N o . 4, and I feel thero are a number o f
witnesses who have had control o f tho sale o f theso surplus food products
T h e Select C om m ittee on Expenditures In the W ar Departm ent, o f
who should bo heard b y the C om m ittee. I hero point out somo o f the which I have been named Chairman b y the Speaker, will proceed to business
erroneous statements in the report, which I bellevo an examination o f w it as soon as the necessary clerical assistance can be procured and a permanent
nesses will show to have no foundation in fact.
organization effected, which, I imagine, will be during the com ing week.
On Pago 2 o f tho report this statement is m ade: “ Notwithstanding tho •j It is the purpose o f the com m ittee to proceed to a careful and com plete
authorization o f surplus made b y tho C hief o f S taff on N ov . 30, no action audit o f all tho expenditures o f the W ar Departm ent during the present
was taken with reference to declaring a surplus until tho m onth o f M ay war, including the expenditures that are now continuing. During the war
1919, or six months after tho declaration was authorized.”
vast sums o f m oney were appointed fo r the use o f the W ar Departm ent
M y information is that this statement is incorrect, and that tho foods w ithout item ization. It was necessary, owing to the em ergency o f the
were declared surplus as rapidly as tho taking o f inventories would permit, war, to thus trust to the discretion o f the W ar Departm ent tho proper
in small quantities during m onths i>recodtng the m onth o f M a y 1919, and investment o f these funds.
certain quantities o f surplus foods were sold prior to that time.
fe N ow that a state o f peace is practically existing, a careful audit and in
T ho report further states that in tho meantime food was deteriorating vestigation o f theso expenditures ought to bo made. T he reasons are
and becom ing o f less value to tho Governm ent.
patent. T he people have a right to know , and will know, as a result o f this
I am inform ed that very little food was perm itted to deteriorate, namely,
investigation, how these vast sums were expended. I t is m anifest, also,
1,500,000 pounds o f ham at N orfolk which was awaiting shipment to Franco that from such an investigation it will bo possible for our country in the
on requisition, and w hich was prom ptly sold when released from shipment.
future to guard against the mistakes and wastes which doubtless have
A n y other items o f deteriorated food are very minor and inconsequential in taken placo during this war.
. .
com parison with the largo quantities o f food available.
I am Informed that to-d ay tho expenditures in the W ar Departm ent are
I t is m y inform ation that tho Governm ent has suffered no financial loss practically as large as during the continuance o f the war, and I have no
through tho holding o f these surplus foods, for the reason that markets havo doubt a careful investigation and p ublicity o f present-time conditions±will
been stabilized to tho extent that tho Governm ent is receiving better ro- result in cutting o f f m uch useless expense and unnecessary waste o f public
turns from tho salo o f theso foods than could possibly havo been received in funds. T he country expects us to get back to a normal basis at the earliest •
tho earlier months o f this year.
possible time and to practice every econom y that is possible.
T ho report further states that "th o inactivity o f tho Governm ent in SB N othing will help toward econom y so much as a public know ledge o f con
tho disposition o f theso food supplies was, and is, tho result o f a well-do- ditions as they actually exist. I m ay say, incidentally, that if in this
fined policy o f tho Secretary o f W ar to withhold them from tho domestic investigation it is found that there havo been men or corporations who have
m arket and to protect tho interests from which these products had been been taking advantage o f tho necessities o f our country to enrich them
purchased, with tho ultimato intention o f disposing o f them abroad as far selves and to m ake undue exactions from the G overnm ent, this investi
as circumstances would perm it.”
gation will doubtless disclose their identity and they must suffer the
I had a conversation with tho Secretary o f W ar this m orning, and ho consequences. T he work o f the com m ittee will be fair, just, impartial
inform ed m o that ho had no such policy as indicated in this statement.
and nonpartisan, and will bo conducting solely for the purpose o f informing
W ith regard to tho statement mado that only $12,000,000 worth o f food tho people o f the facts.
supplies havo been sold, I am inform ed that this figure is incorrect, as largo
It Is our purpose to divide the work into sub-divisions. A tentative
quantities o f food havo actually been sold, but reports o f salo havo not been sub-division o f this work would be sub-com mittees on aviation, ordnance.
m ade to "tho W ar Departm ent for the reason that considerable tim e must in Quartermaster s Departm ent, cam ps, and cantonments and expenditures
tervene between tho date o f making tho salo and tho tim e that tho report in foreign countries.
^
passed througii tho channels to the Central Record Bureau. I am Informed
I think from present indications, we shall have a permanent organization
that tho actual reports o f sales aro largely in excess o f $12,000,000.
b y the m iddle o f next week and will be prepared for public hearings, per
T ho C om m itteo report states that on July 1 1 a p ublicity statement was haps b y M on day, June 23. Doubtless the preliminary hearings will be
issued by tho Director o f Sales providing that meats and vegetables could b y the whole com m ittee, until it is apparent sufficient foundation has been
only bo purchased b y municipalities.
laid for the division o f the work into such sub-divisions as the com m ittee
I am inform ed that, as a m atter o f fact, this p ublicity statement did not shall then find it necessary to make.
state that meats and vegetables could only bo sold to municipalities, but
was intended to and d id con voy, inform ation having to d o with tho details
whereby municipalities could obtain surplus meats and vegetables for sale;
that It was not tho purposo o f this article, nor has it been tho practice o f
tho Director o f Sales, I am inform ed, to con fin e sales o f meats and vege
tables to municipalities. I am inform ed that a number o f sales havo
actually boon mado to wholesale grocers and other concerns and to indi
viduals, which represents a distribution o f surplus foods through normal
channols.
In view o f tho m any errors in this report, somo o f which I havo pointed
out above, I respectfully request that this report bo withdrawn from tho
IIouso and your Com m itteo take ovldenco on tho questions dealt with b y
this report, so that tho facts in connection w ith tho salo o f theso surplus
products can bo obtained and tho proper report m ado to tho IIouso.
Hearings by the Committee have been in progress a month
or more; in his statement on June 7 announcing that hearings
were to begin June 23, Chairman Graham said:
The resolution calling for the investigation was intro
duced by Representative Graham on May 28, and its
adoption by tho House was effected by a vote of 340 to 1.
Tho vote came after a two hours’ debate, and after the
Republicans had defeated the efforts of the Democrats, led
by Representative Pou of North Carolina (Democrat) to
secure tho adoption of an amendment proposing that not
less than six members of the committee of fifteen be taken
from the minority, or Democratic party. This defeat was
brought about through tho side tracking of Senator Pou’s
proposal by Representative Campbell in moving the adoption
of the previous question on the resolution, the Republicans,
by a strict party vote of 197 to 154, upholding Representative
Campbell’s motion. The latter, during the debate on the
resolution on June 4, in stating that its purpose and scope
spoke for itself, said:
In accordance with tho resolution tho War Department de
cided on July 31 to offer direct to consumers its present avail
able supply of surplus foodstuffs, amounting to approximately
341,000,000 pounds. This surplus, consisting of canned
vegetables and meats, is expected to bo sold within a week at
prices representing tho cost to the Government plus postago. T ho C om m ittee on Expenditures in tho W ar Departm ent found itself
Arrangements for tho salo of the foodstuffs were mado on July confronted with a very great w ork, and believing tho work should be
30 at a conference hold by Secretary Baker with Post Office thoroughly done did n ot feel like undertaking it with the standing C om
on Expenditures on tho W ar Departm ent. So it is proposed that
Department officials and Representative Kelly of Pennsyl m itteo
special com m ittee or 15 members provided for in this resolution shall
vania. At tho close of the conference Secretary Baker aundertake
this great work.
tho period that the United States has been engaged in war the
announced that a price list covering the entiro available W During
ar
Departm
expended to M a y 1 1919 $16,300,000,000.
surplus would be prepared by Assistant Secretary Crowell. Expendituresentforhasaircraft,
At the Post Office Department it was said that tho list would Expenditures for ordnance,$948,000,000.
$4,823,000,000.
bo sont out to each of tho 5,000 postmasters of the country Expenditures for cam ps, cantonm ents, and m anufacturing establishment,
$974,000,000.
and to all rural routo carriers.
$105,000,000.
. ..
Tho postmasters and carriers will act as Government Res.,
Average expenditures o f the W ar Departm ent for three years prior..to
salesmen, informing consumers of the prices and methods tho beginning o f tho war:
1914-------------------------------------------------------------$123,500,000
of salo and taking orders for tho foodstuffs. Payment is Fiscal year
year 1915------------------------------------------------------------- 126,000,000
required by buyers at the time the orders aro givon the post Fiscal
Fiscal year 1916------------------------------------------------------------- 132,000,000
masters and carriers, tho latte? issuing receipts redeemable T he people o f the United States are entitled to know just how that
m
was expended, and in order to advise the country as to the m anner
in cash in ovent of inability to fill tho orders through ex inoney
which it was expended it will be necessary fo r a com m ittee o f this H ouse
haustion of tho supply.
to make such an investigation as is contem plated in this resolution.
An investigation of all contracts and expenditures mado by Representative Mondell pointed out in the House on June
tho War Department during the war was called for under a 4 that “in ordinary times the War Department spends
resolution passed by tho House of Representatives on Juno 4. about S125,000,000 to $130,000,000 a year,” and added:^
Tho resolution provided for a “select committeo of fifteen Since tho war began it has expended $16,000,000,000. One division o f
members,” whose appointment by tho Speaker of tho House, tho W ar Departm ent has expended m o ie than $4,000,000,000. M anifestly
THE CHRONICLE
4 38
these enormous expenditures should be audited and examined and inquired
into. I assume they would be, w ithout regard to whether Republicans
or D em ocrats controlled the House.
Representative Fess (Republican) also had the following
to say in part regarding the proposed inquiry during the
debate on Juno 4.
T h e country not on ly expects, but demands the facts concerning the
expenditures o f the W ar Departm ent. I t is not a new thing, i t follows
the procedure after at least tw o great wars in w hich our country was
engaged.
I f in this riot o f expenditure induced by the war there has been extrava
gance and If the extravagance was such that could not be avoided, the
country will properly excuse it. I f it could have been avoided, there
is no reason why tho country should not know it.
T h e Federal Reserve Board in tho M a y report makes the astonishing
statement that the m onthly expenditure o f the Governm ent is S I,400,000,000. This is seven months after the war is over, and if that rate con
tinues to the end o f the year it will use up all the available funds either
from the borrowing or the taxing source and leave the nation b y the 1st
o f January with a d eficit o f over 352,000,000,000 and a half o f a year yet
to be accounted for.
E veryone knows that there is now existing a determination aud elaborate
effort to maintain agencies that were purely war agencies on the basis
that those war agencies have becom e peace agencies and the country will
suffer If we d o not continue them. W hat we want are the facts, not only
to show what was done unnecessarily— and If nothing unnecessarily was
done nobody Is harmed— but the facts as a groundworic for needed relief
legislation in the Immediate future.
[Vol . 109.
users o f the cables consult with the cable and telegraph com panies to
themselves with the regulations o f each country as announced through the
International Bureau o f the Telegraph U nion.”
ORDER OF POSTMASTER-GENERAL BURLESON
RESTORING TELEGRAPH A N D TELEPHONE
L IN E S TO OWNERS.
Under an order issued by Postmaster-General Burleson
on July 30, effective at midnight July 31, all telephone and
telegraph systems under Government control, have been
returned to their respective owners. Government control
of the lines had been assumed under a resolution of July 16
1918 and a proclamation issued by President Wilson July
22 1918, the Government having formally taken over the
wire systems on July 311918. On June 5 of this year Federal
control of the operations of the telegraph and telephone lines
was relinquished under orders by Postmaster-General Bur
leson as noted in our issue of June 7, page 2292. A bill
providing for tho return of the wire systems to their owners
on July 31 1918 was passed by Congress in June and was
signed by President Wilson on July 11; reference thereto was
made in these columns July 19 page 234. In issuing on
The following is the resolution as passed by the House July 30 the official order for the return of the wiro systems
calling for the investigation of War Department expendi in accordance with tho Act of Congress approved July 11
1919, Mr. Burleson also gave a statement to the press in
tures:
H . R E S . 78.
which
he reviewed the operation and maintenance of the
RESOLUTION.
systems
under Government control pointing out that the
Resolved, T h a t the Speaker o f the House o f Representatives be, and he is
hereby, directed to appoint from the membership o f this House a select increases of telegraph and telephone rates during that period
com m ittee o f fifteen members, for the Sixty-Sixth Congress, and which were “markedly less than the average of increases” made for
said com m ittee is hereby authorized to fully investigate all contracts and
The order direots that the
expenditures m ade by the W ar D epartm ent, or under its directions, other public utility services.
during the present war: aud, in addition to the powers herein conferred, wire companies close their books as of midnight July 31,
shall have the same powers and authority as are now conferred b y the proceed promptly to collect all outstanding indebtedness
rules o f this House upon the standing C om m ittee on Expenditures in the
W ar Departm ent; said com m ittee is hereby authorized to send for persons or accounts arising out of operation of the wire systems
and papers, to administer oaths and affirm ations, to take testim ony, to sit during Government control and to render accounts and claims
during the sessions o f the House and during any recess which m ay occur for settlements to Chairman William II. Lamar of the Fin
during its sessions, and m ay m eet at such places as said com m ittee deems
advisable. Said com m ittee is also hereby authorized and empowered to ance Committee of the Wiro Control Board as soon as
appoint such sub-com mittees as It m ay deem advisable, and such sub practicable.
All books and accounts kept during the period
com m ittees, when so appointed, are hereby authorized to sond for persons of Government control are to be preserved by the respective
and papers, to administer oaths and take testim ony, and to meet at such
companies and will continue to be under control and super
tim es and places as said com m ittee shall from tim e to tim e direct.
Resolved further, T h a t said select com m ittee shall report to the House, vision of tho chairman of tho Finance Committee of the Wire
in one or m ore reports, as It m ay deem advisable, the result o f its investi
Control Board. The Postmaster General’s order of July
gations, with such recommendations as it m ay care to make.
Resolved further. T hat the Speaker o f the House is hereby authorized to 30 returning the systems on July 31 to their owners yeads as
issue subpoenas to witnesses, upon the requect o f said com m ittee or any follows:
sub-com m ittee thereof, during any recess o f Congress during the sessions.
Resolved further. T hat the Sergeant at Arms o f the Mouse be directed to
serve all subpoenas and other process, put into his hands b y said com m ittee,
or any sub-com m ittee thereof.
FEDERAL WOMAN SUFFRAGE A M E N D M E N T DE
FEATED BY TH E GEORGIA LEGISLATURE.
According to advices from Atlanta, the Federal Woman
Suffrage Amendment was defeated in both Houses of the
General Assembly on July 24. The Senate voted, 39 to 9,
against the Amendment, and it was rejected in the House
by a vote of 118 to 20.
The Senate not only defeated the bill, but voted down an
effort to have the question submitted to a vote of the people
at the next white primary by a vote of 36 to 127. Senator
Rigsdale declared that if the bill passed “it would mean that
the American race would be degraded and wiped off the face
of the earth when tho women put on pants and entered
politics
CENSORSHIP RESTRICTIONS TO NORWAY , SWEDEN
A N D GERMANY REMOVED.
The Western Union Telegraph Co. announced on July 24
that censorship restrictions had been withdrawn on messages
to and from Norway. It also made known on July 29 the
withdrawal of all censorship restrictions to Sweden and Ger
many.
TERM INATION OF CABLE CENSORSHIP BY U. S. AND
GREAT BR ITA•IN JU L Y 23.
Post Office Department. Washington, July 30, 1919.
Order N o. 3380.
In accordance with the A ct o f Congress approved July 11 1919, and by
direction o f the President, all o f the telegraph and telephone systems, lines,
and properties, including all equipment thereof and appurtances thereto
whatsoever, and all materials and supplies taken possession o f or received,
operated, supervised, or controlled b y the Postmaster-General under and
b y virtue o f the Joint resolution o f Congress approved July 16 1918 and the
proclam ation o f the President, July 22 1918, are hereby ordered to be
returned and delivered to tho respective owners thereof at m idnight on
July 31 1919, and the supervision, possession, control and operation ex
ercised by the Postmaster-Goneral under and b y virtue o f said Joint resolu
tion and proclam ation o f the President, will cease and terminate at that
date and hour.
A ll such telegraph and telephone companies are hereby directed to closo
their books as o f m idnight July 31 1919, and to proceed prom ptly to collect
all outstanding indebtedness and accounts arising out o f tho operation o f
such systems during the period o f Governm ent control, and at tho earliest
practicable tim e to subm it a full account to William II. Lamar, Chairman
o f the Finance C om m ittee, W ire C ontrol Board.
Each com pany with which a compensation agreement has been entered
into or to which com pensation has been awardod, will, if its accounts show
an excess over and above the com pensation allowed, transmit such excess,
together with a statement o f account, within fivo days after the ascertain
ment o f the amount duo, to said W illiam II. Lamar, Chairman o f tho
Finance C om m ittee, W ire C ontrol Board, in the form o f a certified check
or bank draft, payable to A . S. Burleson, Postmaster General.
All books and accounts kept during the period of. Governm ent control
shall be preserved b y the respective companies and shall continue under
the control and supervision o f said W illiam II. Lamar, Chairman o f the
Finance C om m ittee, W ire C ontrol Board, and shall at all times be subject
to examination by tho auditors and accountants o f tho Control Board.
All com panies under control o f the Governm ent with which compensation
has not been fixed or concluded b y agreement or b y operation o f orders
N os. 2,980 and 3,175 should at once take up with said W illiam II. Lamar,
Chairman o f tho Finance C om m ittee, W ire Control Board, the matter o f
the fixing o f such com pensation, so that tho Postmaster-General m ay make
his report to Congress upon the operation o f the various wire systems on
or before N o v . 1 1919, as required b y law.
A . S. B U R L E SO N , Postmaster-General.
The proposed termination on July 23 of cable censorship
on the part of the United States Government was referred Mr. Burleson’s statement to the press setting forth how
to in our issue of July 19, page 234. The British censorship the wire systems were maintained by tho Government during
restrictions were likewise lifted on the same day. An an- the period of control and asknowledging the co-operation
noucement issued on July 19 by the State Department con of the officers during that poriod follows:
cerning the termination of these war measures said:
W ith the Issuance o f order N o. 3,380, providing for the auditing and
“ C oin cidently with the American announcem ent o f the abolishment o f
cable censorship on the part o f the United States at 6 P. M . July 23, 1919,
the British authorities will cease censorship on the same date at midnight,
according to an officia l announcement at London com m unicated to the
D epartm ent o f State today b y the American Consul General at London.
" T h o Censorship Board announced from W ashington Thursday that
cablo censorship on the part o f the United States authorities would termin
ate July 23, the effect o f which will be that all restrictions impressed by
United States censorship will cease then. T h e board advises, with respect
to tho use o f language, codes, and requirements o f other countries, that
accounting division, tho first Governm ent control o f tho wire systems o f
America is brought to an end. Sound public opinion will ultimately deter
m ine how this trust has been m et, and the Postmaster-General Is content
to abide b y the result.
During Governm ent control Just increaso o f wages for operatives has
been m ade in all cases whoro they were deserved and whore the revenues o f
the companies perm itted them to bo m ade. It is a source o f gratification
that tho National Independent Telephone Association on June 26 and
July 22 1919, unanimously indorsed the Governm ent’s control as "w iso.
Just and im partial," and tho greatest living wire expert in a report July 15
A ug . 2 1919.]
THE CHRONICLE
1919, to tho stockholders o f his com pany, representing nearly 80% o f the
telephone service o f our country, said:
"T here has been no p olicy adopted b y tho Postmaster-General during
the period o f Federal control which was not in tho interest o f the service
and with which your organization has n ot been in full accord. This co
operation has resulted in tho maintenance or tho sorvico at tho highest
standard possible under tho extremely arduous conditions. It is gratifying
now to state that your property has been maintained and will bo returned
in as good physical condition as though it had never been out o f your
possession.”
Increases o f telegraph and telephone rates have been made during G ov
ernment control, but tho percentage o f such increase was m arkedly less
than the average o f increases o f rates made during this same period for other
public utility services, and but for court injunctions in eighteen States,
instigated by State U tility Commissions, tho wire systems would have
been returned to their owners w ithout any obligations on tho Fedoral
Treasury becauso o f compensation contracts.
T ho Postmaster-General desires to express to tho officers o f the various
telegraph and telephono companies his grateful appreciation o f tho uniform
co-operation given during the period o f Governm ent control. It is a sourco
o f gratification and pride to him that, with one notablo exception, the
reason which is thoroughly understood b y those who have kept informed
that overy wire com pany has given him loyal co-operation during tho period
o f stress through which ho controlled tho wire systems o f our country.
T his co-operation has resulted in tho work o f tho Postmaster-General
being made quite easy, and has enabled him to derive an am ount o f genuine
pleasure and enjoym ent from tho task that was imposed upon him which
was not in tho slightest marred save b y tho controversy with tho one com
pany above referred to.
T ho labors o f the Postmaster-General aro brought to an end with ..
consciousness on his part o f having at all times administered these wiro
systems with justlco and fairness to tho employees and tho owners o f theso
properties, and in such way as to render tho best service possible to the
general public under abnormal conditions.
Tho Postmaster-General will bo ready to report to Congress on N o v . 1
noxt as required by law.
439
min mum, with time and a half for overtime and an eighthour day; shop mechanics are asking an increase from 62c.
to 85c. an hour, and the trackmen also request an advance in
hourly pay. Officials of the railways declare that the grant
ing of the demands of the men will increase the operating
expenses of the lines several million dollars a year. Accord
ing to press advices from Washington, July 31, William G.
Lee, President of the Brotherhood of Railway Trainmen,
announced on that day that unless the Railroad Adminis!
tration had taken action by Oct. 1, on the demands of the
Brotherhood, that wages of the trainmen either be increased
or tho cost of living reduced, steps looking to the enforce
ment of the demands would be taken. We quote these press
advices as follows:
M r. Leo said a resolution containing this declaration, which had beeE
adopted last night [July 30] b y the special com m ittee o f sixteen appointed
at tho recent convention o f the trainmen at Colum bus, Ohio, would be
sent to tho Railroad Adm inistration. The resolution provided that in the
absence o f action b y O ct. 1, tho com m ittee would reconvene to consider
“ tho necessity for using the p rotective features o f the brotherhood."
M r. Leo m ade public an abstract o f the report o f hearings recently held
b y tho Board o f Railroad W ages on the trainmen’s demands at which he
declared an "upheavel” was nearer in this country to-day than ever before
duo to the unrest arising from m ounting living costs.
T ho railroad and
Government departments had better be assisting " to crush profiteering”
b y the “ pac ers and other industries,” he said, than “ shouting across the
table at each other" at hearings to consider still further increases.
"A ll o f us are to blame, he said, * becauso we are exerting every effort
to get more m onoy for ourselves and better conditions. E very d ay we
must realize that the profiteers are taking double from tho workingmon what
is given them; and tho trouble with tho people on tho hill (C apitol), with
us and with every corporation and with everybody, is that we are exerting
ourselves to get tho dollar, whilo the workingman Is merely existing and
while the profiteering Is piling up millions.
“ I will adm it to you gentlemen that wo aro going tho wrong way. I
adm it to you that it is tim e to call a halt; and I adm it to you that until we
get together, until wo com m ence together to stop this, there will be hell in
this country— and it is nearer to-day than I ever knew it in m y years o f
experience. Just let som ebody drop a m atch in this country o f ours and
it will be a sorry d ay for all o f us.
"Unless m y vision is m ost terribly obscured, then there is something
com ing to us pretty soon in this country that wo had bettor take notice of.
W o had something o f peace in this country prior to the war conditions.
W o were getting along fairly well until profiteering became so no iceable
everywhere and until the com m odities that working people are compelled
pay for were permitted to be increased, doubled and trebled, without
any question and often seemingly with the approval o f the Governm ent.
"W o are nearer war in this world to-day, I believe, than when the Kaiser
threw down the gauntlet. Our lawmakers aro to blame. In m y opinion,
W o cannot soo our w ay clear to d o any better than wo aro doing at this
timo. W o shall strive to p ay our employees a fair wago, having in mind because the masses o f the people would be behind them if they would
attem pt to correct it and surely there is power to correct it; but instead they
tho advanced cost o f living, and to ask a m oderato and w holly defensible
are playing p llitics, as some o f these labor organizations are playing politics,
Income and strive to servo tho wholo public efficiently and satisfactorily
and it Is the same all down the line.”
Answering questions, M r. Lee said he did not believe in giving any one
class advantages at the expense o f another, but said as long as present
TRA IN M EN 'S DEM ANDS FOR HIGHER WAGES
m ethods continue he believed in everybody getting his share, as nearly as
ho could, “ until the final upheaval com es,” and in m y opinion it is looking
DIRECTOR-GENERAL H IN E S 'S ST A TE M EN !'.
us in the face.” He declined to suggest how prices could be reduced, sa y i n g
— ho country was paying millions o f dollars to the men on the hill (Capitol
“ who are supposed to have all the brains in the cou n try,” and they are not
acting to stop the increases.
" I am not a red card man, but I am com ing close to it, If this thing keeps
up, M r. Lee said.
Asked what would be his opinion as to wage rates based on present
fo o d prices, if the price levels should decline m aterially, M r. Lee said he
did not feel Justified in going into the question, but asked to be allowed to
toll o f his experiences in the recent strike at W innipeg, where he said ho
found conservative, homo-owning members o f his organization throwing
away all they had gained in tw enty-five years o f membership and joining
tho general strike because, they said, “ to hell with all this. W e cannot
stand it any more. C om e with us and we will corroct It.”
M r. Leo said they could not make contracts for the futuro, not knowing
what to-m orrow would bring forth. lie declared he could not justify the
fa ct that wheat was $2 26 in this country and flour perhaps $11 a barrel,
when flour m ade from the same grade o f grain sells in England for $5 11.
“ I want, if possible, to see some plan devised here that will permit som e
“ T ho Director-General o f Railroads has been having conferences through
out t' lIs we<* w ith a com m ittee o f over one hundred representative! o f tlm b o d y to say that beef, pork and com m odities o f that kind cannot go above
a certain per cent,” M r. Lee said.
“
p f 450 O O o T r n
th° RaUr0ad Sh° P
" h o aggregate
M r. Leo also expressed emphatic disapproval o f “ cost plus” war contracts,
b y which, ho said, owners o f inferior factories had obtained fine plants and
" T w o broad subjects havo been up for consideration. Ono is the estah
llshmont o f uniform rules and working conditions through tho medium o f a big profits at tho expense o f taxpayers. It was such things, he declared,
national agreement between tho Railroad Administration and the shoe which caused tho railroad employee, faced by growing expenses, to be
o-afts. T he other is tho request o f tho em ployes for a very substantial willing to follow a "red flag or anything that comes along.”
increase in wages to meet tho rapidly increasing cost o f living
"T h o com m ittee o f shop em ployes represents that there is a serious state
PRESIDENT WILSON RECOMMENDS RAILROAD
o f unrest on tho part o f tho em ployes b y reason o f tho extremely unfavorable
developm ents o f the cost o f living, and on that account tho co.m niU eo lms
BOARD TO PASS ON WAGE PROBLEMS.
been urging tho earliest possible announcem ent o f a definite position
"L ast night tho Director General advised tho com m ittee o f shop crafts
tha he w ould be glad to enter into a national agreement, and the com !
m itteo o f the shop crafts sent the follow ing message to the shop em ployes
throughout tho country:
v
p
" •International offices and national agreement com m ittee representing
federated trades have been in conference with Director General since July
28 o n questional national agreement and wage increases. W o aro now offiw m L r ^ f 'Y th0 Dircctor Gencral that tho Railroad Administration
will sign national agreement. An earnest effort is now being mado b y Direc
tor Genera! to give us defin to inform ation at earliest possible m oment as
to position o f Railroad Administration regarding wage matters
“ ‘T he successful termination o f our efforts depends upon the united sup
port o f all men Involved. There must bo no stoppage o f work during these
The rates established by Postmaster-General Burleson
during tho poriod of Government control will under the act
of July 11, continue for a poriod of four months after July 31.
Clarence II. Mackay, President of tho Postal Telegraph
Cable Co., announced on July 31 that a 20% cut would be
mado in telegraph rates, except those on night letters, thus
restoring the rates which prevailed before Postmaster-Gen
eral Burleson assumed control. IIo added, howover, that
further increases in taxes and expenses might make it neces
sary later to advance rates for a part or whole of tho 20%
increaso. In indicating that tho Western Union would
maintain tho present rates, Newcomb Carlton, President in
a statement issued on July 31 said in part:
Conferences with regard to the establishment of uniform
rules and working conditions through tho medium of
national agreement between the Railroad Administration and
tho shop crafts have been hold this week in Washington be
tween representatives of the two interests. A request for “a
very substantial increase in wages” also entored into tho
discussions. As a result, tho shop men havo been advised
that official assurances have been given by the DirectorGeneral that tho Railroad Administration will sign tho
national agreement, and that definite information will bo
given at tho earliest possiblo moment regarding wage mat
ters. A statement making this known was issuod as follows
on July 31 by Director-Goneral of Railroads Walker D. Ilines:
X T
yo" “
“ «■» "
■
o'
On July 30 advices from Chicago states that approxi
mately 100,000 railroad trainmen, shop mechanics and train
workers on tho railroads of tho Middle West havo asked for
moro pay. The trainmen, it is said, are asking $150 a month
A recommendation that Congress create a board empow
ered to investigate and pass on all ralroad wage problems was
mado in letters addressed by President Wilson yesterday
(Aug. 1) to Representative Esch, Chairman of the House
Committee on Inter-State and Foreign Commerce, and
Senator Cummins of the Senate Inter-State Commerce
Committee. The President’s communications to the Chairmon of the Committees developed from ono he had received
from Director-General of Railroads Hines calling attention
to tho wago demands of railroad shopmen, referred to in
another item in to-day’s issue of our paper. Tho President
in his advices said that the question of rates was so closely
allied to tho wago problem that the Board should be given
authority over tho rates. Its ruling would bo mandatory
on tho rate-making body. In his letter to Chairman Esch
ho said:
[V o l . 109.
THE CHRONICLE
440
I take the liberty o f enclosing a copy o f a letter which I have just received
from M r. Walker D. Hines, the Director-General o f Railroads, and which
I am sure you will agree with mo in thinking contains matter for very
serious thought and for action also.
M ay I not say that I concur in the suggestions which M r. Hines makes in
the two concluding paragraphs o f his letter ? I hope that it wijl be posslblo
for your committee to consider and recommend legislation which will pro
vide a body o f the proper constitution, authorized to investigate and deter
mine all questions concerning the wages o f railway employees and which
will also make the decisions o f that body mandatory upon the rate-making
body and provide, when necessary, increased rates to cover any recom
mended increases in wages, and therefore in the cost o f operating the rail
roads.
In view also o f the indisputable facts with regard to the increased cost of
living, I concur in M r. Hines’s suggestion that the legislation undertaken
should authorize the body thus set up to make its findings with regard to
wage increases retroactive to tho first of August 1919, at any rate to the
extent that the tribunal may regard reasonable and proper in order to give
real relief to tho employees concerned.
I need not, I am sure, urge upon you the importance o f this matter,
which seems vital from more than one point o f view, and I hope that you
will think this form o f action the proper and necessary one.
D irector H in es urged th at an y general increase to shop
em ployees will result in dem ands for corresponding increases
to every other class of railroad em ployees. T h e situation,
therefore, cannot be view ed except as a whole for the entire
2 .0 0 0 . 0 0 0 railroad em p loyees,” M r . H in es pointed o u t.
“ V iew ing it as a w hole, every increase of 1 cent an hour
m eans an increase of $ 5 0 ,0 0 0 ,0 0 0 a year in operating expenses
for straight tim e, w ith a substantial addition for necessary
overtim e.
“ T h e G overn m en t is already incurring a deficit a t the rate
of several hundred million dollars a year in operating the
railroads because the increase in transportation rates has been
proportionately less than the increase in wages already
gran ted .”
Director H ines declared th at since there is no fund from
which additional wages can be p aid, such w age increases
w ould necessitate “ for several m o n th s” appropriations b y
. Congress.
national cham ber, the Bourse placed itself on record w ith
respect to the labor question and its effect on tho general
railroad situation b y urging th a t m andatory power be granted
to the Interstate C om m erce Com m ission or som e other
governm ent agency for tho settlem ent of all disputes betw een
railroad em ployees and the carriers.
I t explained its posi
tion thus:
It is to be regretted that the recommendations and report of tho com
mittee do not include any reference to labor, as to wages or working condi
tions, although the summary or chart which has beon inserted does give
what purports to bo tho committee's views on this most important subject.
Our view is that tho rate making authority, which by its control of rates
can decrease or increaso the revenues of a railroad, should and must tako
cognizanco of tho fact that wages constitute from 60% to 70% of tho
operating expenditures and it must therefore have tho power to determine
and settle disputes between carriers and thoir employees as to wages and
working conditions, so that such expenditures shall bo fully cared for in
tho rates. Wo further bolievo that provision should be made so that
interruption in tho operation of railroads by strikes or lockouts shall be
prevented.”
T h e stand of the Bourse was taken a t a special m eeting
of its directors. T h e y had given close stud y it is sta te d ,
to the m a n y rem edial railroad proposals which have been
sponsored b y various interests, and tho single recom m enda
tion of the national cham ber’s com m ittee which they re
jected was th a t providing for the p aym ont into a fund of a
share of the excess earned b y any railroad system for the
purpose of strengthening general railroad credit and increas
ing general railroad efficiency. Bourse directors were
unanim ously opposed to this proposal and explained their
attitude as follow s:
Wo fool that any railroad system which by moans of its compotont
managomont and under federal regulation may bo ablo to earn something
beyond an equitable minimum roturn should not bo compelled to pay over
any part of it into a goneral fund to bo used for tho bonefit of roads not
so efficiently managed.
T h e recom m endations of the com m ittee are similar in
m a n y respects to tho “ Philadelphia P la n ” for the reasonable
regulation of railroads which the Bourso sponsored tw o years
ago, and although it regarded tho wording of somo of them
as indefinite tho local organization indorsed the general
T h e D irector pointed ou t th at while the President could
increase rates, he does n ot believe he w ould be justified in
doing so in order to p ay higher w ages. T h e wage p roblem , principles em bodied as follow s:
H ines says, is a peace-tim e question to be settled between
1. Adherence to the policy of corporate ownership and operation with
2 .0 0 0 . 0 0 0 railroad em ployees and the public. T h e w age de comprehensive regulation.
2. Return of tho roads to corporate operation as soon as remedial legis
m ands m ade to -d a y b y railroad m en represent 6 9 0 ,0 0 0 w ork
lation can be enacted.
ers, including condu ctors, brakem en, trainmen and shop
3. Adherence to tho period of federal control as now fixed unless and
m e n , according to announcem ents m ade b y officials of the until impossibility of remedial legislation in this period appears.
4. Permission for consolidation in the public interest, with prior ap
four big brotherhoods and allied unions .
proval by government authority, in a limited number of strong competing
systems.
5. Requirement that railroad companies engaging in interstate commerce
becomo
federal corporations, with rights of taxation and polico regulation
P R E S I D E N T
W I L S O N
A S K S
T H A T
H O U S E
R E C E S S
B E
reserved for states.
P O S T P O N E D ,
O W I N G
T O
R A I L R O A D
S I T U A T I O N .
6. Exclusive federal regulation of capital expenditures and security
President W ilso n yesterday (A u g . 1) sent a letter to Speaker Issues of railroads engaged in interstate commerce, with provision for notice
and hearing for state authorities.
G illett of the H o u se of Representatives and M a jo r ity Leader
7. Federal regulation of intrastate ratos affecting interstate commerco.
8. A statutory rule providing that ratos in each traffic soction shall
M o n d e ll, asking th at the proposed H ouse recess be p ost
yield
an adoquate return on a fair valuo of tho property as detorminod by
poned because o f the acuteness of the railroad situ ation.
In
public authority.
his letter he said:
9. A federal transportation board to promote development of a national
The Director-General o f Railroads informs mo that tho situation with system of rail, water and highway transportation and articulation of all
reference to the railroads is growing so critical every hour that I hope it will transportation facilities.
be possible for the House to postpone its recess until somo definite action
is taken upon the recommendations contained in my letter to Mr. Esch.
Officials o f the Government have been in consultation with reference to A S S O C I A T E D D R E S S I N D U S T R I E S F A V O R S R E T U R N
the problem growing out o f the high cost of living, upon which I expect
O F
R A I L R O A D S
T O
O W N E R S .
recommendations to be made within a fortnight.
I sincerely trust that the proposed recess o f Congress may bo postponed
T h e D irectors of the A ssociated Dross Industries of
at least until such time as wo may note definitely the problems which con
A m erica, a t a recent m eeting held a t the headquarters of tho
front us growing out o f this intricate situation.
A resolution providing for the adjournm ent of the H ouse organization in the H ollan d H ou se, unanim ously adopted a
of R epresentatives, beginning to -d a y (A u g . 2 ) , until T u e s resolution favoring the roturn of the railroads to their owners
and the adherence to tho policies of corporate ownership
d a y , S ep t. 9 , had been passed b y the H ou se on July 2 8 ,
w ith com prehensive regulation. T h is action was taken at
w ithout a record v o te . T h e resolution was approved on tho
sam e date b y the Senate, which itself intended to remain in tho instance of the C ham ber of Com m erce of the U nited
session during the five weeks’ recess of the H ou se for con States w ith which organization tho Dross Industries is
affiliated. E xecutive D irector D a v id N . M osessoh n , of
sideration of the peace treaty.
tho organization telegraphed a co p y of the resolution to
•
the authorities in W a sh in g ton .
P H I L A D E L P H I A
F O R
B O U R S E
U R G E S
G O V E R N M E N T
M
B O D Y
A N D A T O R Y
T O
P O W E R
S E T T L E
M A J O R
R A I L R O A D
M
O F
R ailroad com panies being public service corporations their
em ployees should be regarded as public servants and as
such should n ot be perm itted to participate in strikes or
lockouts w hereby the companies could not give th at service
to the public which th ey are obligod to provide under their
franchises. T h a t , in effect, is the view expressed b y tho
Philadelphia Bourse in a statem ent m ade public July 19
accom panying its ballot in the national referendum being
conducted b y the C h am ber of C om m erce of the U n ited State
on remedial railroad legislation soon to be taken up b y
C ongress.
Q ualifying its vote in favor of nine of tho ten
recom m endations of the C o m m ittee on R ailroads of the
A R K
S.
W
A T S O N
O N
S T A F F
D I S P U T E S .
T .
D E
W
I T T
C U Y L E R .
M a jo r M a r k S . W a ts o n , w ho sorved through the war as
assistant chief of tho press section of the goneral staff at
A m erican arm y headquarters in France, and aftor tho
armistice as officor-in-chargo of tho “ Stars and Stripes,
has been m ade a special assistant on tho staff of T h om as
D o W it t C u y ler, chairm an of tho Association of R ailw ay
E xecutives. H e was form erly w ith tho Chicago “ Tribune”
as a W ash in g ton and N ow Y o r k correspondent. M a jo r
W a tso n has recently beon in E ngland m aking a stud y of tho
finanacial and legislative problem s that have grown ou t of
tho war control of tho E nglish railway lines.
THE CHRONICLE
A ug . 2 1919.]
P R E S I D E N T
W
W
H E R E B Y
I L S O N
U .
S.
S U B M I T S
P L E D G E S
T O
A
I D
S E N A T E
T O
T R E A T Y
F R A N C E .
T h o treaty betw een France and the U n ited States w hereby
the latter promises im m ediate aid to France in ease of an
unprovoked attack b y G erm an y was transm itted to the
Senate b y President W ilso n on Ju ly 2 9 .
T h e President
departed from his custom of addressing the Senate in person,
and instead sent a message of tran sm ittal, which w ith the
agreem ent was laid before the Senate b y Senator Lodge in
open session.
O n m otion of Senator Lodge the message
was read b y the Secretary of the Senate, George A . Sander
son.
A fter the reading the message and the treaty were
referred to the C o m m ittee on Foreign R elation s.
On
Ju ly 2 4 Senator Lodge had offered a resolution requesting
the President to subm it to the Senate the treaty w ith France
to the end th a t it m ight be considered in connection w ith
the treaty of peace w ith G e rm an y.
O n July 25 it was re
ported th at the President planned to w ithhold the French
treaty from the Senate until his return from his forthcom ing
tour of the country to be m ade in behalf of the peace treaty;
it was likewise reported on th a t date th a t in view of the Presi
d en t’s intentions the L odge resolution w ould n ot be pressed.
I n his message transm itting tho agreem ent w ith France
President W ilso n expressed the hope for its early ratifica
tion along w ith the peace treaty w ith G e rm a n y .
T h e Presi
dent states th a t ho was m oved to sign the French treaty
“ b y considerations which will I hope seem as pursuasive and
as irresistible to you as they seem to m e.
W e are bound
to France b y ties of friendship w hich” he added “ we have
alw ays regarded and shall alw ays regard as peculiarly sacred .”
T h e follow ing is his message in fu ll:
Gentlemen of the Senate:—I take pleasure in laying before you a treaty with
tho Republic of France tho object of which is to secure that Republic of tho
immediate aid o f the United States o f America in case o f any unprovoked
movement o f aggression against her on the part o f Germany. I earnestly
hopo that this treaty will meet with your cordial approval and will receive
an early ratification at your hands, along with the treaty o f peace with
Germany. Now that you have had an opportunity to examine tho great
document I presented to you two weeks ago, it seems opportune to lay boforo you this treaty which is meant to bo in effect a part of it.
It was signed on tho same day with tho treaty o f peace and is Intended as
a temporary supplement to it. It is believed that the treaty o f peaco
with Germany itself provides adequate protection to France against aggres
sion from her recent enemy on the east; but the years immediately ahead of
us contain many incalculable possibilities. The covenant o f tho League
of Nations provides for military action for the protection o f its members
only upon tho advice of tho Council of tho League— advice given, it is to bo
presumed, only upon deliberation and acted upon by each o f tho govern
ments of tho member States only if its own judgment justifies such action.
Tho object o f the special treaty with Franco which I now submit to you is
to provide for immediate military assistance to Franco by tho United
States in case o f any unprovoked movement of aggression against her by
Germany without waiting for the Advice o f the Council o f tho League
of Nations that such action bo taken. It is to be an arrangement, not
independent of tho League o f Nations, but under it.
It is therefore expressly provided that this treaty shall be made the subject
of consideration at tho same time with tho treaty o f peaco with Germany;
that this special arrangement shall receive the approval o f tho council of
tho league; and that this special provision for the safety « f Franco shall
remain In force only until, upon tho application o f one of tho parties to it,
the council of tho league, acting, if necessary, by a majority vote, shall
agreo that tho provisions o f tho covenant of the league afford her sufficient
protection.
I was moved to sign this treaty by considerations which will, I hopo,
seem as persuasive and as irresistible to you as they seemed to mo. Wo aro
bound to Franco by ties of friendship which wo have always regarded, and
shall always regard as peculiarly sacred. Slio assisted us to win our free
dom as a nation. It is seriously to bo doubted whether wo could havo won
it without her gallant and timely aid. Wo havo recently had tho privilege of
assisting in driving enemies, who were also enemies o f tho world, from her
soil; but that docs not pay our debt to her. Nothing can pay such a debt.
She now desires that wo should promise to lend our great force to keep her
safe against tho power she has had most reason to fear. Another great
nation volunteers tho same promise. It is one o f tho fine reversals of
history that that other nation should bo tho very power from whom Franco
fought to set us free. A now day has dawned. Old antagonisms aro for
gotten. Tho common cause of freedom and enlightenment has created now
comradeships and a now perception of what it is wiso and necessary for
great nations to do to free tho world of intolerable fear. Two governments
who wish to bo members of the leaguo o f nations ask l'eavo o f the council
of tho league to bo permitted to go to tho assistance o f a friend whoso situa
tion has been found to be one o f peculiar peril, without awaiting tho advice
of the league to act.
It Is by taking such pledges as this that wo prove ourselves faithful to
. tho utmost to tho high obligations of gratitude and tested friendship.
Such an act as this seems to me one of tho proofs that we aro a peoplo that
sees tho truo heart o f duty and prefers honor to its own separato course of
peaco.
WOODROW WILSON.
The White House, 29 July, 1919.
T h o follow ing is the text of the T re a ty with France as
transm itted to the Senate b y the President:
ASSISTANCE TO FRANCE IN THE EVENT OF UNPROVOKED
AGGRESSION BY GERM ANY.
Agreement Detween the United States and France, Signed at Versailles
June 28 1919.
Whereas tho United States o f America and the Freneh Republic aro equally
animated by tho deslro to maintain tho peaco o f tho world so happily re
stored by tho treaty o f peace signed at Versailles the 28th day o f Juno
1919, putting an end to tho war begun by the aggression o f tho German
Empiro and ended by tho defeat o f that power; and
441
Whereas the United States of America and the French Republic are fully
persuaded that an unprovoked movement of aggression by Germany
against France would not only violate both the letter and the spirit of the
treaty of Versailles, to which the United States o f America and the French
Republic are parties, thus exposing France anew to the intolerable burdens
of an unprovoked war, but that such an aggression on the part of Germany
would be and is so regarded by the treaty of Versailles as a hostile act
against all the powers signatory to that treaty and as calculated to disturb
the peace of the world by involving, inevitably and directly, the States
o f Europe, and indirectly^ as experience has amply and unfortunately
demonstrated, tho world at large; and
Whereas tho United States of America and the French Republic fear that
tho stipulations relating to the left bank o f the Rhine contained in the
treaty of Versailles may not at first provide adequate security and pro
tection to France, on the one hand, and tho United States of America as
one of tho signatories of the treaty of Versailles, on the other:
Therefore the United States of America and the French Republic having
decided to conclude a treaty to effect these necessary purposes, Woodrow
Wilson, President of the United States of America, and Robert Lansing,
Secretary of State of the United States, specially authorized thereto by the
President of the United States, and Georges Clemenceau, President of the
council, minister of war, and Stephen Pichon, minister of foreign affairs,
specially authorized thereto by Raymond Poincare, President of the French
Republic, have agreed upon the following articles:
Article I. In case the following stipulations relating to the left bank of
tho Rhine contained in the treaty of peaco with Germany signed at Ver
sailles tho 28th day of June 1919, by the United States of America, the
French Republic, and the British Empire, among other powers—
“ Ai’t. 42. Germany is forbidden to maintain or construct any fortifica
tions either on the left bank of the Rhine or on the right bank to the west o f
a line drawn 50 kilometers to the east of the Rhine.
“ A jt. 43. In the area defined above the maintenance and assembly of
armed forces, either permanently or temporarily, and military manoeuvres
of any kind, as well as the upkeep of all permanent works for mobilization,
are in the same way forbidden.
“ Art. 44. In caso Germany violates in any manner whatever the pro
visions of articles 42 and 43 she shall be regarded as committing a hostile
act against the powers signatory of the present treaty and as calculated to
disturb the peace of the world.”
may not at first provide adequate security and protection to France, the
United States of America shall be bound to come immediately to her assists
ance in tho event of any unprovoked movement o f aggression against her
being made by Germany.
Art. II. The present treaty, in similar terms with the treaty of even date
for tho same purpose concluded between Great Britain and the French
Republic, a copy of which treaty is annexed hereto, will only come into
force when the latter is ratified.
Art. III. The present treaty must be submitted to the council of the league
o f nations and must be recognized by the council, acting if need be by a
majority, as an engagement which is consistent with the covenant of the
league. It will continue in force until on the application o f one of the parties
to it tho council, acting if need by by a majority, agrees that the league it
self affords sufficient protection.
Art. IV. The present treaty will be submitted to the Senate of the United
States at the same time as the treaty of Versailles is submitted to the Senate
for its advice and consent to ratification. It will be submitted before rati
fication to tho French Chambers of Deputies for approval. The ratifica
tion thereof will be exchanged on the deposit of ratifications o f the treaty of
Versailles at Paris or as soon thereafter as shall be possible.
In faith whereof the respective plenipotentiaries, to wit, on the part of
the United States of America, Woodrow Wilson, President, and Robert
Lansing Secretary of State, of the United States; and on tho part o f the
French Republic, Georges Clemenceau, President of the Council o f Min
isters, Minister o f War, and Stephen Pichon, Minister of Foreign Affairs,
havo signed the above articles both in tho English and French languages,
and they have hereunto affixed their seals.
Done in duplicate at the city o f Versailles on the 28th day o f June, in
the year of our Lord 1919 and the one hundred and forty-third of the Indpendence of the United States of America.
WOODROW WILSON.
ROBERT LANSING.
CLEMENCEAU.
S. PICHON.
T E X T OF ANGLO-FRENCH T R E A T Y .
Assistance to France in the Event of Unprovoked Aggression by Germany.
Whereas there is a danger that the stipulations relating to the left bank
of tho Rhine contained in the treaty of peace, signed this day at Versailles,
may not at first provide adequate security and protection to the French
Republic; and
Whereas His Britannic Majesty is willing, subject to the consent o f his
Parliament and provided that a similar obligation is entered into by the
United States o f America, to undertake to support the French Government
In tho caso o f an unprovoked movement of aggression being made against
France by Germany; and
Whereas His Britannic Majesty and the President o f the French Republic
havo determined to conclude a treaty to that effect and have named as their
plenipotentiaries for the purpose; that is to say:
His Majesty the King of the United Kingdom o f Great Britain and Ire
land and of the British Dominions beyond the seas, Emperor o f India:
Tho Right Hon. David Lloyd-George, M . P., first lord of his treasury and
prime minister; the Right Hon. Arthur James Balfour, O. M ., M . P., his
secretary of state for foreign affairs.
The President of the French Republic, Mr. Georges Clemenceau, presi
dent of the council, minister of war; M r. Stephen Pichon, minister o f foreign
affairs; who having communicated their full powers found in good and due
form havo agreed as follows;
Articlo I. In case tho following stipulations relating to the left bank of
tho Rhine contained in the treaty of peace with Germany signed at Versailles
the 28th day of June, 1919, by the British Empire, the French Republic,
and tho United States of America, among other powers—
“ Art. 42. Germany is forbidden to maintain or construct any fortifica
tions either on the left bank of the Rhine or on the right bank to the west of
a lino drawn 50 kilometers to the east of the Rhine.
"Art. 43. In the area defined above the maintenance and assembly o f
armed forces, either permanently or temporarily, and military manoeuvres
of any kind, as well as the upkeep of all permanent works for mobilization,
are in tho same way forbidden.
“ Art. 44. In case Germany violates In any manner whatever the provi
sions or articles 42 and 43 she shall bo regarded as committing a hostile
act against the powers signatory of the present treaty and as calculated
to disturb tho peace of the world.”
J
may not at first provide adequate security and protection to France, Great
Britain agrees to come immediately to her assistance in the event of any
unprovoked movement of agression against her being made by Germany.
THE CHRONICLE
443
Art. II. The present treaty, in similar terms with the treaty of ovon
date for tho same purpose concluded between the French Republic and tho
United States o f America, a copy o f which treaty is annexed hereto, will
only come into force when the latter is ratified.
.
Art. III. Tho present treaty must bo submitted to tho council of tho
league of nations and must bo recognized by tho council, acting if need be
by a majority, as an engagement which is consistent with the covenant of
tho league; it will continue in Torce until, on the application o f ono of the
parties to it, tho council, acting if need bo by a majority, agrees that the
league itself affords sufficient protection.
Art. IV. Tho present treaty shall, before ratification by His Majesty
bo submitted to Parliament for approval.
It shall, before ratification by tho President of tho French Republic, bo
submitted to the French Chambers for approval.
Art. V. Tho present treaty shall impose no obligation upon any of tho
Dominions of the British Empire unless and until it is approved by the
Parliament o f the Dominion concerned.
The present treaty shall be ratified and shall, subject to Articles II and
IV, come into force at the same time as the treaty of poace with Germany
o f oven date comes into force for the British Empiro and the French Re
public.
In faith wheroof tho above-named plenipotentiaries have signed the pre
sent treaty, drawn up in tho English and French languages.
Done in duplicate at Versailles on the 28th day of Juno, 1919.
D LLOYD-GEORGE.
ARTH UR JAMES BALFOUR.
CLEMENCEAU.
S. PICIION.
P R ESID E N T
W IL S O N
IN F O R M A T IO N
R E P L IE S
TO
C O N C E R N IN G
REQUEST
FO R
GERMAN
IN D E M N IT Y .
President W ilso n , in a letter dated Ju ly 2 o , has advised
Senator L od ge, Chairm an of the Senate C om m ittee on
Foreign R elations that so far as ho k n ow s, tho agreement
referred to in A rticlo 237 of tho T re a ty w ith G erm any has
not y e t been reached. T h e request for the inform ation was
m ade b y Senator L od ge, w ith ou t, it is said, special direction,
b u t with tho understanding of the C o m m ittee .
T h e Article
in question calls for the p aym en t b y G erm an y of 2 0 ,0 0 0 ,
0 0 0 ,0 0 0 gold marks b y M a y 1 1921, tho successive instalm ents
to “ be divided b y tho A llied and A ssociated Powers in propor
tions which have been determined upon b y them in advanco,
on a basis of general equity and of the rights of e a ch .”
T ho
President in his letter to Senator Lodge said:
The ]Vhite House, Washington, July 25 1919.
M y Dear Senator:— In responso to your letter of July 22, requesting mo
on behalf of the Committee on Foreign Relations to send to tho committee
tho agreement referred to in Articlo 237 o f tho treaty with Germany, in
tho event that such an agreement has been determined upon by tho Allied
and Associated Governments, I would say that so far as I know such an
agreement has not yet been reached. As I recollect tho business, an attempt
was boing made to reach such an agreement, but I have not yet learned of
an agreement having been arrived at.
May I not add, with regard to other requests which I havo roceived from
the committee for papers and information of various sorts, that I was not
able to bring from Paris a completo file of papers. I brought with mo only
those which happened to bo in my hands when I left Franco. Those alono
constitute a considerable mass o f papers, and I have been going over them
as rapidly as time and my engagements permitted, and must beg tho com
mittee’s indulgence for tho delay in informing them which I can supply
them with.
WOODROW WILSON.
T.
F.
M IL L A R D 'S
MEMORANDUM
A N G L O -F R A N C O -J A P A N E S E
A F FE C TIN G
AS
TO A L L E G E D
A GR E E M E N T
ASIA
Correspondence betw een T h om as F . M illa rd of Shanghai
and D a v id Jayno H ill, and a m em orandum prepared b y the
form er on the Shantung question and conjectural bases of an
alleged Anglo-Franco-Japanese entento regarding Asiatic
affairs were published in the N o w Y o r k “ T im e s” of July 2 6 ,
having been furnished to the W ash in g ton correspondent of
the paper.
In publishing the docum ents the “ T im e s” says:
Mr. Millard, who spent some time in Paris in association with tho Chineso
delegates to tho Peaco Conference, is now in Washington, whero ho has been
in conference with members of Congress and others who havo been taking
a deep interest In tho consideration of tho Shantung provision of tho Peace
Treaty.
Tho memorandum prepared by Mr. Millard is as follows:
"There are many indications that tho attitudes o f the British, French and
Japaneso Governments as expressed by tho decision o f tho Council of Four
on tho Ifiao-Chau and Shantung questions were determined some time
before tho formal decision was arrived at, and that tho unqualified support
given to Japan by tho British and French Governments in tho Council of
Four was based on somo definito private agreement by those three Gov
ernments about a future mutual policy, as well as on tho private so-called
Shantung agreements made in 1917.
“ It is currently but unofficially reported in Paris that an entente, or tri
power private agreement, regarding all Asia has been mado by tho British,
French, and Japaneso Governments. If this is correct it scarcely can be
doubted that Its formula coincides with tho status given to Japan In Shan
tung, and by the Manchurian agreements, which in practice is a definite
revival and recognition of tho ‘sphere o f influence’ thesis. It is utter folly
to presume that tho British and French Governments are not fully informed
as to tho true character of Japan’s policy and actions in China, or that they
have any illusions as to its futuro import and tendency. Therefore, if it
proves correct that Great Britain and Franco have recognized and havo
agreed hereafter to support Japan’s position and policy in tho Far East,
it is conclusive evidenco that those powers have decided to accept a Japanese
suzerainty over certain regions as a fait accompli.
“ Territorial scope: Such Information as is obtainable, and tho logic of
tho situation, indicates tho territorial scope o f tho now Asiatic Tri-power
Entento as follows:
[V o l .
109
“ Great Britain: India, Persia, Arabia, Thibot, Burmah, Szochuon Prov
ince, Western Siam, tho ICwantung roglon forming tho littoral of Canton,
and equality of commercial opportunity in tho Yangtzo Valley.
“ France: Yunnan and Kwangs, Indo-China, and Tonkin, Eastern
Slam.
"Japan: Eastern Siberia; all of China except tho regions previously
mentioned.
“ Other considerations: All powors parties to tho Entente to accord to
each other reciprocal commercial opportunities in their spheres, and to
respect concession investments now existing.
“ The Entente Powers to support France in securing French pro-war in
vestments in Russia.
"Tho Entente Powers to support Japan’s interpretation of tho LansingIshii agreement in case there develops a difference of policy and viewpoint
between tho United States and the Japanoso Governments.
“ Tho Entente Powers to support Great Britain's position and policy in
India and Southwestern Asia.
“ Reactions on America: Such a privato, (or public,) entento would prac
tically eliminate tho United States from political influence and commercial
equal opportunity in Asia. Tho previous and present practical operations
of tho ‘sphere’ thesis unmistakably demonstrate that.
“ In that connection it is interesting to consider how Franco can consist
ently ask (as she is doing) tho United Statos to guarantee her military
security in Europe and to finance ixer economic reconstruction, while at
the same timo she is entering a combination to oxcludo American Influence
and commerce from Asia, and which will faston Japaneso imperialism on
democratic China.
“ An analysis of tho foregoing outltno and tho practical conditions by
which it of necessity would bo given effect show plainly that such a combina
tion is directed primarily at America political and economic influence in
Asia.
“ If such a combination becomes effective, tho United Statos must either
submit to its rulings in Far Eastern affairs or go to war to maintain its
rights.
“ Effects on China: Tho effect of such an agreement would bo to destroy
tho political autonomy and territorial integrity of China, as is guaranteed
by tho Hay Doctrine and various other international troatios.
"Note: This reported tri-power entente regarding Asia scorns to bo a
direct corollary of an answer to tho Monroo Doctrino elauso in tho covonant
of tho proposed League of Nations, which contains a phrase recognizing re
gional understandings, or words to that effect, and collateral agreements
between members of tho Leaguo, thus giving thorn validity undor tho
Leaguo.
"It may be possible, therefore, and surely it will bo difficult for tho
United States or China to appeal to tho League of Nations for relief from,
or to abrogate, such a tri-power ontonto, which would include a majority
of tho five great powers which will constitute tho roal ruling of a Leaguo.”
Mr. Millard’s letter, written in Baris, reads in part as follows:
“ Those facts were rovealed at Paris: First, wo know now, as was dis
closed for tho first timo to tho American and Chineso Governments in a
meeting of the Council of Ten at I’aris last February, (that is, February
and March, 1917, at tho very timo when our Government was inducing
China to break with Germany,) tho British, French, Russian, and Italian
Governments, without informing either tho American or Chinese Govern
ments, entered into secret agreements with Japan by which China’s rights
wore traded off, and by which tho diplomatic assurances given by our
Government to China were stultified. In tho vernacular, that action by
Great Britain, France, Russia, and Italy, amountod to giving America
and China tho double-cross’ .
"The President at Paris permitted tlioso agreements to overrule obliga
tions to China and tho political principles for which wo wore presumed to
havo entered tho war.
"Second: It is practically certain that a privato agreement mado at a
meeting of Balfour, IMchon and Maklno last March in Paris was reached
by tho British, French, and Japaneso Governments that they mutually
would support each other in tho conference in question relating to Asia and
would jointly support Japan’s claims in Shantung. That privato under
standing, I am reliably informed, was reached boforo tho revision for the
convenant for the Leaguo of Nations, with tho Monroo Doctrino clause,
(Article X X I.,) by which tho Monroo Doctrino as a mutual understanding
and the existing and subsequent ’regional understandings’ among tho nations
are members of the League aro mado valid. So it appears that certain
powers (our allies, so called) first mado a privato agreement among them
selves on tho balance In Asia, then wroto provisions In tho treaty and coven
ant to make tho status hold.
“ Tho logical sequence of motivation as exposed by this oxample regarding
Asia exists in other conditions for tho treaty in conjunction with tho coven
ant.
“ For your Information, I can toll you that in consenting to the docision
of tho Council of Four in tho Shantung mattor, tho President was opposed
to tho opinions of three of his own colleagues, (General Bliss. Mr. Lansing,
and Mr. White,) and also to tho unanimous opinions of exports who were
attached to the American Commission at Paris.
“ I was present when tho President’s explanation of his action in that
mattor was somi-officially communicated to tho Chineso delegation in
Paris, in which tho President explained that tho political emergency, the
threat of Japan to bolt tho convention and a privato intimation that the
British Government might have to withdraw, forced him to assent to tho
Shantung position, in order to save the Leaguo of Nations, and that he
would see that China will get justice from tho League.
“ To that ono of tho Chineso delegations replied: Firstly, that the League
of Nations as yet has no existence; secondly, that if born its powers and
authority will be problematical; thirdly, that in any event its real ruling
force would be the same governments that mado tho decision at Paris in
the Shan ung question and wroto tho terms for treaty and covenant; fourthly
it cannot bo presumel either in law or logic that a Leaguo of Nations whoso
constitution is created in association with the treaty, and by tho same body
is designed to reverse or to amend the terms of tho treaty; fifthly, that it is
only the weak nations that are forced to depend on tho Leaguo of Nations for
Justice, security and protection, while tho powors positively refuse to de
pend thomselves on thoso guarantees and state openly they aro inadequate.
* * *
“ In view of tho fact that at Paris tho British, French, and Italian Govern
ments insisted that the existence of private agreements among powers took
precedence and must control acts and policies of theso powers in matters
covered by tho privato regional agreements, and In view of tho further fact
that such privato regional agreements are specifically recognized and legal
ized by tho covenant of tho League, how will It bo possible to plead before
the council or assembly of tho Leaguo that such private agreements aro
invalid in view of tho above and what is known about tho methods of
world politics In actual practice, what reason Is there to boliovo, or to expect,
that subsequently tho British, French, Japanese, and Italian Governments
will bo moro yielding in thoso matters than thoy wero at Paris?”
Mr. Hill in his reply said.
A u g . 2 1919.]
THE CHRONICLE
“ What you say regarding the expression 'regional understanding' in
» rtlclo X X I of tho covenent is o f supreme consequence. It enables us
to comprehend tho reason for the strange phraseology used in connection
with tho Monroe Doctrine, to which it docs not really apply, while it com
pletely covers tho secret agreements to which you refer. The provision of
of Article X X does not require tho abrogation of these regional under
standings ' for by tho exceptions mado in Article X X I they aro not to bo
regarded 'as ‘inconsistent with tho terms of the covenant.’ On tho con
trary Articlo X X I expressly validates thorn.”
r e s e r v a t i o n s to l e a g u e a c c e p t a n c e
proposed
BY CHARLES E. HUGHES.
In suggesting that tlio prudent course for the United
States would bo to enter tho proposed League of Nations
“with reservations of a reasonable character, adequate to
our security, which should meet ready assont and thus to
establish a condition of amity at tho earliest possible mo
ment," Charlos Evans Hughes, former U. S. Supremo
Court Justico and Republican candidate for President, has
offered a resolution for adoption by the Senate consenting
to tho inclusion of tho League in tho peace treaty, tho reso
lution, howover, to carry four reservations to prevent
“sacrificing tho essential interests of tho United States.”
Mr Hughes’s suggestion is contained in a letter addressed
to Senator Frederick Halo (Republican) of Maino. Tho
four reservations recommended by Mr. Hughes propose:
First that on giving notice o f its intention to withdraw from the League,
a nnwer shall ccaso to bo a member o f tho Leaguo or subject to tho obliga
tions of tho Covenant at tho timo specified in tho notice, but that such
withdrawal shall not rcleaso that power from any debt or liability theroto S°econd "that'questlons relating to Immigration or import duties, which
aro solely’within domestic Jurisdiction, shall not be submitted for considerati°Thh,d ^that” th(TUnited States shall not relinquish its traditional attitude
toward purely American questions, nor bo required by tho Covenant to
,r L noltcies regarding questions deemed to bo purely American to
tho League, leaving this country free to opposo and prevent acquisition by
any non-American country of any territory in tho Western Hemisphere.
Fourth, that under Articlo X of tho Covenant tho United States shall
assume no obligation to undertake any military expedition or employ its
armed forces on land or sea unless such action is authorized by Congress
Tho suggestions by Mr. Hughes wore mado in answer to
tho following letter sent to him by Senator Halo under date
Of July 18, mado public on July 28, along with Mr. Hughes s
reply:
UNITED STATES SENATE.
July 18 1919.
Hon. Charles Evans Hughes. 96 Broadway, New York City.
Mu Dear Judge Hughes:— Many o f us in tho Senate aro in favor of having
tho United Statos enter a Leaguo of Nations providod that in doing so wo
do not sacrifice tho sovereignty or traditional policies of our country Wo
believe that tho proposed Covenant for a League of Na ions in the P ^ c e
Treaty now beforo tho Senato does make such a sacrifice. Bather than
take the Covenant as it now stands I am very certain that considerably
S r e than one-third of tho Senate would refuse to ratify the treaty alto80AsCfar as I am personally concerned I do not want to see this happen and
I do want to see some plan devised whereby tho United Statos may safely
enter tho League o f Nations. It has seemed to some o f us that this result
could best bo accomplished by attaching certain reservations to tho pro
posed Covenant which would limit tho participation by tho United Statos in
meet ready assent, and thus to establish a condition of amity at the earliest
possible moment.
As to tho validity of reservations: This question has two aspects, tirst.
with respect to the action on our part which is essential to the making or
reservations; and, second, as to the effect of reservations upon other parties
to the treaty.
.
..
...
As to the first question, it is manifest that attempted reservations will
bo ineffectual unless they qualify the act of ratification. Tho adoption of
resolutions by the Senate setting forth its views will not affect the obliga
tions of tho Covenant, if it is in fact ratified without reservations which
constitute part of the instrument of ratification.
If tho Senate should adopt reservations by a majority vote. I assume that
these will bo made part of the proposed resolution of assent to tho treaty,
and tho question will then bo whether tho Senate will give its assent, with
theso reservations, by the requisite two-thirds vote. If the proposed
reservations are reasonable, the responsibility for the defeat of the treaty,
if it is defeated, will lie with those who refuse the vote essential to the
assent. If the Senate gives its assent to the treaty, with reservations,
tho concurrence of the President will still bo necessary, as ratification will
not bo complete without his action, and the responsibility for a refusal to
give tho ratification with the reservations as adopted by the Senato as a
part of the Instrument of ratification would thus lie with the President.
Assuming that the reservations are mado as a part of the instrument o
ratification, the other parties to the treaty will bo notified accordingly. As
a contract, tho treaty, of course, will bind only those who consent to it.
Tho nation making reservations as a part of tho instrument of ratinca ion
Is not bound further than it agrees to be bound. And if a reservation, as a
part of the ratification, makes a material addition to. or a substantial
change in, the proposed treaty, other parties will not be bound unless they
assent. It should be added that where a treaty is made on the part of a
number of nations, they may acquiesce in a partial ratification on the part
of one or more.
.
. ..
. „ . ._
But where there is simply a statement of the interpretation placed by
tho ratifying State upon ambiguous clauses in tho treaty, whether or not
tho statement is called a reservation, tho case is really not one of amend
ment, and acquiescence of tho other parties to tho treaty may real y
inferred unless express objection is made after notice has been received o
tho ratification with the interpretative statement forming part ot it.
Statements to safeguard our interests, which clarify ambiguous clauses
in the Covenant by setting forth our interpretation of them and especially
when tho interpretation is one which is urgod by tho advocates of the C
nant to induce support, can meet with no reasonable object on.
to bo supposod that such interpretations will be opposed by other part
to the treaty, and they will tend to avoid disputes in the future.
Nor should wo assume that a reservation would load to tho failure o
treaty or compel a resumption of tho Peace Conference, when the reserva
tion loaves unimpaired the main provisions of the Covenant o o a n „ i
pcacoful settlement of disputes and the organization of conferences, and
simply seeks to avoid any apparent assumption of an obligation °n our I>a
to join in a war at some indefinite time in the future for a cause the mer
of which cannot now be foreseen, as it is evident that in such case we mi
inevitably await the future action of Congress in accordance with what
may then bo tho demand of the conscience of the nation.
In contemplating this experimental, albeit hopeful, enterprise, our s
curity and good faith are primary considerations. Those, cither here or
abroad, who would oppose such reasonable interpretations or reservations
on our part would take a heavy responsibility.
Tho question is then what, specifically, should tho reservations
(1) With respect to tho right of withdrawal (Article I). B b reas®“
to provide that a member withdrawing from the Leaguo should not be re
leased from a debt or liability previously incurred. But it should not b
possible that, through a claim of tho non-performance or an obligation a
member desiring to withdraw should bo kept in the League, perhaps^in
definitely. I understand that different interpretations have beim piit imon
tho clause in question, and I think that there should be a clarifying state
ment as a part of the ratification.
(2) Tho clause relating to domestic matters, such as i” m,^ t^)n ®
tariff laws, is ambiguous (Article X V ). as it provides for a findmg by tte
Council whether tho question is one solely within the domestic Juri^lction.
There should be a clear statement of our understanding that such matters
whore no international engagement has been mado with respect thereto are
not submitted for the consideration or action of tho League or any of its
shalf be very glad if you will give mo your opinion as to tho validity of
such reservations and also as to what reservations in your judgment should
bo made to safeguard tho interests o f our c o u n t r y .^ ^ c e r e ly ^ im ^ L n
In answer Mr. Hughes said:
J u l y 24 1919.
Hon Frederick Hale. United Stales Senate, Washington, D C.
M u D e a r S e n a t o r H a l e : — l am in receipt of your letter or July 18, and it
Ives me pleasure to comply with your request for my opinion with respect
t o tho validity and advisability of reservations on tho part of the United
mates in entering tho proposed Leaguo o f Nations.
St Permit me to state at tho outset tho point o f view from which I think tho
m o tio n s should bo approached. There is plain need for a Leaguo of NaHons in order to provide for tho adequate development o f international
i- w ' for creating and maintaining organs of international Justice and tho
machinery or conciliation and conference, and for giving effect to measures
ri
iniiil co-oneratton which from timo to timo may bo agreed upon.
S S J K S S t o S S i t o t . exigency to l.o com klcm l. It I. m anltet that
overv reasonable effort should bo mado to establish peaco as promptly as
possible and to bring about a condition in which Europe can resume its nor-
,IUI p e r c e i v e 'n o t i o n why these objects cannot bo attained without
sacrificing the essential interests of the United States. There is a middle
i
ioofness and injurious commitments.
gr<Isharo tho regret that suitable steps have not been taken for tho formula
tion o f international legal principles and to securo judicial determinations
if International disputes by impartial tribunals, and that tho hope of tho
w o m Z T o d o t c S ia t lo n of dl.pufcs t o , I,coo mode to root » lo w ly
unon tho decision of bodies likely to bo controlled by considerations of expe
diency There is merit enough in the proposed plan to make it desirable to
secure it if proper safeguards can be obtained, but it is just as futile to exaggerato’its value as it is to see nothing but its defects. One must tako a
light-hearted view of conditions in tho world to assume that tho proposal
£
wm S r r n t e e Peace or bring about a cessation of intrigue and o f the
rivalries o f interest, or provent nations which carniot protect themselves
from being compel ed to yield to unjust demands where for any reason great
Powers doom resistance inoxpalient. Bather, the proposal Covenant
should bo viewed as a mero beginning, and while it is Important that wo
should have a beginning. It is equally important that we should not make a
fT tlC k rtthat tho prudent course is to enter the proposed League with rexcrvations of a reasonable character, adequate to our security, which should
443
g(3) it is urgod by the advocates of the Covenant that Article X X I recog
nizes and preserves the Monroe Doctime. But the d^criptlvophm socrn.
ployed in tho article is inaccurate and tho meaning of tho £ rt‘cI° f.
clear. There should be an interpretative statement which will rom
all doubt that the traditional policy of the United Statos as to
*
can questions is still maintained. I fully endorse Mr. R o o t« P™P°s«i
statement of reservation and understanding upon this point but in the
view that an alternative form of statement may be helpful, I submit one
1)0(4T 1 agreo with Mr. Root that it would be desirable to eliminate Article
X , with its guarantee to ‘ ‘preserve against external aggression the terr torial integrity” of all members of the League. M y views as to this article
were stated in the enclosed address beforo tho Union L f ^ u e C l u b (March
20 1919) and I need not repoat them at length. I still think that Article
X is a trouble-breeder and not a peacemaker.
.
If we are entering upon a new world order of democracies, the inevita > e
consequences should lie recognized. Democracies cannot promise war after
tho manner of monarchs. It is idle to attempt to commit free poop.es to
tho making of war in an unknown contingency when such ^
^
found to be clearly opposed to the dictates of justice. The limitation
with respect to “ external aggression" is important, but does
difficulty. As the most earnest supporters of the Article admit, it may
bo invoiced against a Power which has performed all its obligations uuderthe
other provisions of the Covenants and bo the victor in a ^var legal und
Articles X II, X III and X V .”
. . . . 1ta
While the importance of Article X is strongly emphasized by its sup
porters it is said at tho same time that the fulfilment of tho engagement
would be only according to the plan advised by the Council of the Lea g ,
and as this must be a plan upon which the members of the Council unan mously agreo we could veto any proposal calling for an intervention n
what wo deemed to be an unsuitable case. Again, it is freely recogniz
that war can only be declared by Congress.
™ ..
Articlo X is objectionable because it is an illusory engagement. Whether
wo shall go to war to preserve the territoruial integrity of another * a e
in a situation not now disclosed or described so that the merits of the case
may bo Judged will depend upon the action of Congress, and that a
will be taken according to the convictions of our people as to our duty in the
light of the demands of justice as they appear when the exigency arises.
The general guarantee of Article X cannot bo relied upon to produce action
contrary to its judgment. We should not enter into a guarantee which
would expose us to the charge or bad faith, or of having defaulted in 01
obligation, notwithstanding that Congress in refusing to make war had
444
THE CHRONICLE
acted in accordance with its conception o f duty in the circumstances dis
closed.
Of course a limitation o f the operation o f Articlo X to a period o f years
would bo preferable to the indefinite obligation proposed. But in my judg
ment it would bo better that, if Articlo X is not eliminated, a reservation
and interpretative statement should bo adopted which would adequately
recognize the limitations I have mentioned. Further, it Is posslblo that
such a reservation and interpretative statement, whilo sufficient for our
protection would make acquiescence easier than If the elimination of the
articlo were required. I append the form o f such a statement for your
consideration.
Tho resolution embodying the reservations and Interpretations thus
suggested might bo in somo such form as tho following:
The Senate o f the United States of America advises and consents to the
ratification o f said treaty with the following reservations and understand
ings as to its interpretation and effect to bo made a part o f tho instrument
of ratification:
(1) That whenover two years’ notice o f withdrawal from tho Leaguo
o f Nations shall have been given, as provided in Article I o f tho Covenant,
the Power giving the notice shall cease to be a member o f tho League or
subject to the obligations o f tho Covenant o f the Leaguo, at tho timo speci
fied in the notice, notwithstanding any claim, charge or finding o f tho non
fulfilment of any international obligation or o f any obligation under said
Covenant: provided, howover, that such withdrawal shall not release
tho Power from any debt or liability theretofore incurred.
(2) That questions relating to immigrtion, or tho imposition o f duties
on imports where such questions do not ariso out o f any international en
gagement, are questions o f domestic policy, and these and any other ques
tions which according to International law aro solely within tho domestic
jurisdiction aro not to be submitted for tho consideration or action of tho
Leaguo o f Nations or o f any o f its agencies.
(3) That tho meaning o f Article X X I o f the Covenant o f tho League
o f Nations is that tho United States o f America does not relinquish its tra
ditional attltudo toward purely American questions, and is not required by
said Covenant to submit its policies regarding questions which it deems to
be purely American questions to tho League o f Nations or any o f its agen
cies, and that the United States o f America may oppose and prevent any
acquisition by any non-American Power by conquest, purchase or in any
other manner o f any territory, possession or control In the Western Hemi
sphere.
(4) That tho meaning o f Article X o f tho Covenant o f tho Leaguo of
Nations is that the members o f tho Leaguo aro not under any obligation
to act in pursuance of said Articlo except as they may dccldo to act upon
the advice o f the Council o f the Leaguo. Tho United States o f America
assumes no obligation under said Articlo to undertake any military ex
pedition, or to employ Its armed forces on land or sea, unless such action is
authorized by tho Congress o f tho United States o f America, which has
exclusive authority to declaro war or to determine for the United States of
America whether there is any obligation on its part under said Article
and tho means or action by which any such obligation shall bo fulfilled.
With high regard, I api very sincerely yours,
CHARLES E. HUGHES.
S E N A T O R B O R A H W O U L D H A V E PROPOSED R E S E R V A
T I O N S OF C. E. H U G H E S E X T E N D E D TO
ARTICLE X I .
The reservations to tho League of Nations covenant pro
posed by Charles E. Hughes, and in particular to tho one
which would apply to Article X, have drawn forth a letter
to Mr. Hughes by Senator Borah in which tho latter contends
that every argument which Mr. Hughes lodges “with telling
effect against Article X, has it seems to me even greater
relovancy and force as to Article X I.” Wo give herewith
tho letter addressed to Mr. Hughes by Senator Borah:
l V ol . 101*.
Furthermore, under Articlo X I every nation is encouraged to bring be
fore tho League any question which, in tho judgment of that nation, threat
ens to disturb international peace. Everything from territorial disturbance
to race riots may be brought beforo tho Leaguo under this section, if some
nation thinks that the situation is one calculated to disturb intornationa
peace. It is international espionago law.
If you care to refresh your recollection, you will find that tho clauses of
tho treaty under which tho Holy Alliance assumed to deal with internla
affairs and to put down domestic disturbances, and crush revolution were
not different in authority or legal import or breadth of jurisdiction than
Article X I . If there is any thing that this Leaguo could not deal with
under Articlo X I, whether it was external or internal, that seemed to
threaten war, I cannot imagine what it is. Under this article they would
have as much right to put down a revolution in India or Egypt as they
would havo to circumvent tho external attack upon tho political inde
pendence of any nation.
Under Articlo X I a purely political body, whoso territorial jurisdiction
is tho world, is commanded to tako "any action that may bo doemed wise
and effectual” to deal with "any war” (external or internal) or "threat of
war” (external or internal). What thoso fivo men at Genova might de
termine to be a "threat of war,” or what they might determine to bo “ wise
and effectual’ ’ to take caro of a threat would include everything within the
realm of unsound as well as sound Judgment, or oven political fancy. They
might, upon seeing Bolshevism arising in some country, regard this as a
threat of war, as tho Holy Allianco regarded democracy as a threat of war,
and proceed to put it down. They might deem it wise to apply starvation
or circumvent it by military force. If they should so decide, what would
wo do?
I havo not overlooked your solemn admonition that thoso who would
opposo reasonable interpretations or reservations would tako a hoavy
responsibility. I am sure you have not overlooked tho fact that a heavier
responsibility will those assume who pennit this un-Amcrican scheme to
pass to final adoption until it has been stripped clean of every obligation
which will either draw tho people of this country into ovory racial and
territorial dispute, into every turmoil of Europe, or permit escapo there
from In no other way than through tho sacrifice of our honor and at the
cost of tho respect or friendship of every nation on earth.
Very respectfully,
W M . E. BORAH, j
Tho Hon. Charles Evans Hughes, 96 Broadway. Now York City.
P E A C E T R E A T Y R E S E R V A T I O N S PROPOSED B Y
S E N A T O R SPENCER.
Five reservations to the peace treaty, proposed with a
viow to making it acceptable for ratification by tho Senate,
wero submitted to President Wilson on July. 25 by Senator
S. P. Spencer (Republican) of Missouri, at, tho request, it
is said, of the President. The reservations proposed by
Senator Spencer are as follows:
Resolved (two-thirds of tho Senators present concurring therein) That the
Scnato advise and consent to tho ratification of tho treaty of peace between
tho Allied and Associated Powers and Germany, signed on tho 28th day o f
Juno 1919, and presented to the Senato by tho President on tho lOtli day
of July 1919.
Resolved, further, That tho advico and consent of tho Senato to such ratifi
cation is given with tho full understanding, which is mado a part o f tho
instrument o f ratification and is tho basis of tho consent of tho United States
to tho treaty, and Is tho condition of the identification of tho United States
with tho Leaguo of Nations, that nothing in tho said treaty, or in any part
thereof, »hall over bo construed as in any degreo either interfering or
restricting tho following tlireo essential principles which aro a part of tho
established policy of tho United States:
First—That the Monroo Doctrine is an essential national policy of tho
United States, and that tho necessity and extent of its application and
enforcement aro matters to bo determined by tho United Statos alono as
tho occasion for interpretation may from timo to timo ariso, and without
interference, direct or Indirect, on tho part of any other nation.
Second— That internal questions entirely domestic in character, such as
immigration and tariff, notwithstanding certain international results that
may from timo to timo naturally bo connected therewith, aro matters to bo
determined solely by tho country in which they ariso and aro under no
circumstances to bo regarded as within tho jurisdiction or under tho control
of tho Leaguo of Nations.
Third— That Inasmuch as tho United States if governed by a written
Constitution, tho provisions of which aro supremo and controlling in this
Republic, every Act, legislative, Executivo or judicial, and by such Con
stitution it Is expressly provided that tho power to declaro war is vested
exclusively in tho Congress o f tho United States, it is apparont that tho
United States cannot bind itself in advance either to mako war in tho future
or to end its army or navy into other lands for purposes of control, which is
an act of war, without tho express authorization o f Congress at tho time,
and, therefore, whether tho United States, as tho necessity for such action'
in tho future, may ariso, shall by any military or naval forco co-oporate in
maintaining any of tho provisions of tho Leaguo of Nations, is a matter which
the Congress under tho provisions of tho Constitution of tho United States
is, and must bo, entirely freo to determine by what In its judgment is at the
time consistent with tho honor and Interest and duty of tho American
peoplo, and,
Fourth— With tho further understanding that tho right of tho United
States to withdraw from tho Leaguo of Nations after giving notico o f its
intent so to withdraw and aftertho expiration of tho timo prescribed by tho
covenant, includes tho right to determlno for Itself whother all its interna
tional obligations and all its obligations under tho covenant havo been
fulfilled at the time of its withdrawal.
Fifth— In thus ratifying tho treaty of peaco with tho reservations herein
above sot out, tho Senato cannot refrain from expressing its deop regret at
tho provisions o f tho treaty (Sections 156, 157, 168) which transfers to
Japan such broad' rights and powers and physical possession over the
territory and peoplo in tho Shantung Peninsula o f China, as being alike
disregardful of tho true rights and deopsoated desires o f tho moro than
thirty-six millions of Chineso inhabiting tho peninsula, unjust to tho Re
public of China and threatening to tho futuro peaco of tho world. It Is
tho sincere hope of tho United States that this manifest injustico may be
speedily reconsidered and remedied.
J
July 29 1919.
My dear Mr. Hughes:— I have been interested in your exceedingly clear
exposition o f the ovils o f Article X . The objections so cogently stated to
this articlo find a hearty responso from me. But every argument which you
lodgo with telling effect against Articlo X , has, it seems to mo, even greater
relevancy and force as to Article X I .
Suppose wo eliminate entirely Article X and lcavo Articlo X I , how havo
wo avoided any o f tho evils you so well portray as likely to follow tho
adoption o f Article X ? Articlo X I provides: “ Any war or threat o f war*
whether immediately affecting any o f the members o f tho Leaguo or not,
is hereby declared a matter of concern to tho whole Leaguo, and the Leaguo
shall take any action that may be deemed wise and effectual to safeguard
tho peaco o f nations.
This action would or could inciudo economic boy
cott, blockade or military operations.
If the territorial integrity o f any nation or tho political Independence of
any nation were assailed or imperilled, would it not constitute a most
pronounced threat o f war,” such as tho League is authorized to tako
jurisdiction o f and commanded to tako steps effectually to control?
Supposo Article X were eliminated and Articlo X I retained, and China
should demand tho return o f Shantung. If Articlo X wero in, they would
likely proceed under the theory that the territorial integrity of Japan was
imperilled. If Article X I wero out, they would proceed under Article X I
upon the theory that it was a threat o f war.
I can conceive of nothing that could be done under Article X that cannot
bo done under Articlo X I , and much more. If a statute conferring jurisdic
tion upon a court to try all parties charged with larceny is repealed, but
another statute remains which confers jurisdiction to try all parties charged
with crime, tho court may still try a party for larceny, and it would seem
that wo in no wiso curtail tho authority of the League by excluding its
jurisdiction over territorial aggressions, but permitting it to havo Jurisdic
tion over everything which could be interpreted as a threat o f war.
Bear in mind also that under Article X I wo, as a member o f tho League
affirmatively agree that tho Leaguo shall deal with all theso matters We
are bound by that agreement. Wo have conferred tho jurisdiction and
wo aro undor both contractual and moral obligation to abide by tho juris
diction and advice o f tho League. This jurisdiction, as I say, may involve
anything that may bo done under Articlo X , economic or military action.
If tho leaguo deems military action necessary, aro wo not under the samo
obligation to declaro war as wo would bo under Articlo X I ?
In other words, is not Articlo X I also an illusory engagement? Does
not Articlo X I como under your well-stated condemnation: "W o should
not enter into a guarantee which would exposo us to tho charge of bad faith
or of having defaulted in our obligation, notwithstanding Congress In
Tho question of tho Republican program of reservations is practically
refusing to mako war had acted in its true conception o f duty in tho circum
settled. Thrco plans aro on paper: tho reservations framed by Senator
stances disclosed.”
Spencer, following in tho main tho suggestions of former Senator EllhujRoot.
In special correspondence to it from Washington, July 30,
regarding tho Republican program of reservations, the New
York “Evening Post” said:
A ug . 2 1919.]
THE CHRONICLE
and presented to the President for consideration; tlio outline made byM r. Taft In his letter to tho Chairman o f the Republican National Com
mittee, and now tho reservations formulated by M r. Hughes. Side by
sldo they show an encouraging agreement; there is little divergence on main
points. And as a future Republican program, that which has been shown
to the 1’resident, presumably tho combined opinions o f Senator Spencer,
Chairman Lodge and other Republican leaders represents the most adapt
able and least destructive o f the compromising plans proposed.
Senator Spencer’s reservations from tho time they wero first introduced
In the Scnato as Sonato Resolution No. 86 have been considered tho most
enduring. Lately thoy have been slightly changed and enlarged, showing
tho result o f conferences and concessions. Two paragraphs havo been
added— ono having to do with tho right of tho United States to determine
for itself, when its obligations havo been fulfilled boforo withdrawing from
tho Leaguo o f Nations, and tho other oxpressing regret for tho Shantung
provision o f the treaty, and tho liopo that it may bo reconsidered and
remedied.
______________________________
P R E M I E R P A D E R E W S K I OF P O L A N D R E C O M M E N D S
R A T I F I C A T I O N OF P E A C E T R E A T Y W I T H
GERMANY-
It was announced in London cablegrams of July 30 that
the peace treaty with Germany has been presented to the
Foreign Affairs Committee of the Polish Assembly by Pre
mier Padorowski, with a recommendation for its ratification,
according to a Warsaw dispatch of that date. The London
advices said:
In presenting tho document tho Premier told tho Committee that Poland
should bo happy over tho terms it contains.
Tho Polish representatives in Paris, Premier Paderewski added, had
protested against providing for German educational rights In Poland when
tho Poles wero not granted similar rights in Germany. Tho Polish delegates
had been assured by tho Allied leaders, however, that when Germany ap
plied for admission into tho Leaguo o f Nations these rights would bo among
the conditions of granting her application.
C O M M I T T E E OF B E L G I A N C H A M B E R P A S S E S F A V OR
A B L Y ON T R E A T Y W I T H G E R M A N Y .
It is reported that the Foreign Affairs Committee of tho
Belgian Chamber of Deputies on July 29 passed favorably
on the question of tho ratification of the peace treaty with
Germany.
S P A I N M O V I N G TO J O I N T H E L E A G U E OF N A T I O N S .
A bill empowering tho Spanish Government to adhere
to the Leaguo of Nations and tho international labor agree
ment as incorporated in the treaty of Versailles was intro
duced in tho Senate at Madrid by tho Foreign Minister on
July 30.
_______________________
P R I M E M I N I S T E R N I T T I A P P E A L S TO F R A N C E I N
B E H A L F OF I T A L I A N A L L I A N C E .
446
in Shantung could easily be explained by an official statement from the
Japancso Premier.
The embassy statement asserted that Japan asks only for the control
of Kiaochau, embracing an area of 200 square miles, and that the whole
of Shantung Province, totaling some 15,000 square miles of territory, was
not to be taken. In addition to the Kiaochau District, the Joint control
with China of the Tsingtao-Tslnan Railway is sought by Japan.
. Officials of tho embassy pointed out that the Japanese Government was
unable to give actual assurance when the territory would be returned to
China for the reason that a mass o f data, official agreements dealing with
tho lease of the territory from China by Germany, and other Information
must first be placed in the possession of Japan by the German Government
before any actual transfer o f the territory Is possible.
“ Under the peace treaty,” said one of tho embassy officials, “ Germany
is required within three months to turn over to Japan all official documents
relating to Kiachau.
After this necessary procedure, the Japanese
Government can approximate the time when the return to China o f the terri
tory may be effected. Whether this will be six months or a year is merely
a matter of speculation.
M y Government, however, has solemnly promised to return the district
to China, retaining the privilege only of establishing a settlement there,
just as other nations have established settlements in Shanghai. It Is
regrettable that Japan's good faith is questioned in this regard.”
The position was taken at the embassy that the Shantung question did
not justify the discussion that has prevailed in this country, the point being
mado that out of tho entire province, with its population of 50,000,000
people, only the Kiaochau territory, embracing only between 40,000 and
50,000 inhabitants, was sought by tho Japanese Government.
N E W SPANISH CABINET.
The formation of a new Spanish Cabinet, headed by
Joaquin Sanchez Toca, confidential adviser to King Alfonso,
was announced on July 20. It succeeds the Cabinet of
Antonio Maura, which resigned the previous week. The
new ministry, which was sworn in on the 20th, is made up
as follows:
Premier— Senor Toca.
Minister of Foreign Affairs— Marquis de Lcma.
Minister of Justice— Senor I’ascual y Amat.
Minister of Finance— Count do Gugallal.
Minister of the Interior— Senor Burgos.
Minister of War— General Covaro.
Minister of Marino— Admiral Flores.
Minister of Public Works— Senor Calderon.
Minister of Public Instruction— Senor Prado y Palacios.
Minister of Provisions— Marquis de Mochales.
Tho new Spanish Premier, Senor Toca, formerly held the
post of Minister of Justice, but since 1915 had been President
of the Spanish Senate. When the Dato Cabinet resigned in
October 1917, King Alfonso requested Senor Toca to form
a new ministry, but he was unsuccessful in doing so.
A D O P T I O N B Y S W I S S E X P E R T S OF R E S O L U T I ON
FAVORI NG M E M B E R S H I P I N L EA GUE.
Press, in advices from Geneva July 21
Tho following special cable from Charles A. Seldon, at Tho Associated
that a committee of Swiss experts considering the
Paris July 29, appeared in tho New York “Times” of July 30: reports
League of Nations adopted on that day a resolution favoring
In a special dispatch from Romo to the “ M atin" this morning NItti, the
Switzerland’s membership in the League by a vote of 24 to 2.
Italian Prime Minister, appeals to tho French people for an alliance.
“ If a now clash should come between France and Germany," says Nittl, The two adverse votes it is stated were cast by Socialist
“ you would look to far away to America and to England which has not ceased members of the committee, which is composed of members
to bo an island. But wo Italians also exist. Think what would havo
Hopes
happened in 1914 if wo had not been neutral, if you had been obliged to of Parliament and experts on international law.
faco us In tho South.”
were
expressed
by
members
that
Switzerland
would
vote
NItti then makes this specific bid for the union o f Franco and Italy:
strongly in favor of joining the League at a plebiscite which
“ I affirm again tho necessity of tho union of our two countries. For the
realization of her national aspirations, Italy is relying on tho efficacious will be held probably in September.
and completo support of Franco. If our aspirations are Just, why will you
not make a bloc with us? Any other attitude would injure not only our
Interests but yours. After buying tho victory with their blood, Franco
and Italy must gain peace by their work and sacrifices."
Concerning Italy’s strength, Nitti said:
“ As a result of the war 2,000,000 Italians havo been added to our popula
tion. In a few years wo shall havo 50,000,000 as against an Austria reduced
to morsels, a reduced Germany, and a limbless Russia. Of all tho coun
tries, Italy emerges from the war in tho best condition, with moro men fit
for work. Wo possess henceforth impregnable frontiers. Wo will form
tho strongest body in Continental Europe.
“ Germany is not dead. I am convinced she will recover moro quickly
than is supposed and tho effort she will make to repair tho disaster will
bring her order and discipline. Italy and Franco must not bo lulled into
an illusion of victory. Wo do not wish another war, but should it come,
wo must bo ready." _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
D E N I A L B Y J A P A N E S E E M B A S S Y OF A G R E E M E N T
BETWEEN JAPAN A N D G ER M AN Y —
S T A T E M E N T ON S H A NT UN G.
New York “Tribune” of July 17 reported the issuance by
Katsuji Debuchi, Charge d’Affaires of tho Japanese Embassy,
of the following statement:
Tlie Japanese Government has not entered Into any agreement with
Germany, At no time since tho Germans were driven from Shantung
lias my Government entertained any thought o f agreement with Germany
on any point. Tho so called treaty is of German manufacture, and is
merely another stop taken to oncourage discord between Japan and tho
Alllos.
E F F E C T OF A M E R I C A N R E L I E F ON R U M A N I A N
PRICES.
Correspondence of the Associated Press under date of
Juno 22 from Bucharest and published by the daily papers
here on July 21 said:
When tho American Red Cross and tho American Relief Administration
commenced work hero several months ago, sugar was soiling at $4.50 a
pound, and almost impossible to obtain oven at that price. To-day it Is
still very scarce, but can be purchased somewhere around $1, due to the
largo relief shipments.
A “ Hoover” ship with 900 tons of milk, about 3,000 tons of fat, and 3,000
tons of other foods recontly arrived at Constance. Thousands of Rumanians
participated in a great demonstration as the ship docked. These supplies
did much to improve the situation.
Food is not tho only commodity which lias taken a fall. In the last
month tho price of thread has dropped from $6 to $1.60 a spool. Rumania
is in great need of cloth and thread. A speculator who recontly brought
in a trunkload of cotton thread realized a profit of $3,600 on his enterprise.
The high prices of necessities in this country are due in large measure to
tlie crippled stato of transportation. Tickets on tho weekly train between
Bucharest .and 1’ aris bring a premium as high as $200.
F A V O R A B L E A C T I O N B Y A R G E N T I N E CONGRESS O N
L E A G U E OF N A T I O N S .
Washington press dispatches July 16 reported that an
official dispatch to the Argentine Embassy stated that the
In the same issue, the Tribune in Washington advices Argentine Congress had approved acceptance of the invita
also said:
tion of tho Peace Conference that the republic accede to
A strong intimation that tho Japanese Government soon will mako an tho Covenant of the League of Nations.
It is added|that
official announcement of its intentions in Shantung was given to day at
tho Japanoso Embassy hero. It wasjsaid that the criticism of tho Sonato a dispatch to the State Department several days previously
o f Japan’s insistence on retaining tho^former German rights and privileges said that the Argentine Senate had taken favorable action.
446
TH E
C H R O N IC L E
P R E S ID E N T W ILSO N ’ S P R O C L A M A T IO N T IG H T E N IN G
E M B A R G O O N S H I P M E N T O F A R M S TO M E X I C O .
I t b e c a m e k n o w n o n J u ly 2 5 th a t P r e s id e n t W ils o n hacl
issu e d a p r o c la m a t io n , d a t e d J u ly 12 , tig h te n in g th e e m b a r g o
o n th e s e n d in g o f a rm s a n d a m m u n it io n in t o M e x i c o .
The
e x p o r t a t io n o f im p le m e n ts o f w a r t o M e x ic o w it h o u t s p e c ific
lic e n s e h a s b e e n p r o h ib it e d fo r se v e r a l y e a r s a n d th e W a r
T r a d e B o a r d S e c t io n o f th e S ta te D e p a r t m e n t , in n e w r e g u
la t io n s r e g a r d in g lice n se s f o r e x p o r t s , m a d e p u b lic o n J u ly 2 6 ,
r e ite r a t e d t h a t n o m u n it io n s o f w a r o r th e ir in g r e d ie n ts o r
th e m a c h in e r y fo r th e ir m a n u fa c t u r e c o u ld b e e x p o r t e d to
t h e s o u th e r n R e p u b lic w it h o u t in d iv id u a l lice n se s fo r e a c h
s h ip m e n t .
S ta te D e p a r t m e n t o ffic ia ls a re sa id t o h a v e e x
p la in e d t h a t th e P r e s id e n t ’ s p r o c l a m a t i o n ,‘ p la c in g a b a n
u p o n s u c h s h ip m e n ts e x c e p t u n d e r s u c h e x c e p t io n s a n d lim i
t a t io n s as th e S e c r e t a r y o f S ta te m ig h t p r e s c r ib e , c o n s t i
tu te d n o n ow p o lic y .
T h o P r e s id e n t in h is p r o c la m a t io n
s t a t e d t h a t “ I h a v e fo u n d th a t t h e r e e x is t in M e x ic o su ch
c o n d it io n s o f d o m e s t ic v io lo n c o p r o m o t e d b y th e u so o f a rm s
o r m u n it io n s o f Avar p r o c u r e d fr o m t h e U n it e d S ta te s . . .
a n d I d o h e r e b y a d m o n is h a ll c itiz e n s o f th e U n it e d S ta te s a n d
e v e r y p e r s o n t o a b s ta in fr o m e v e r y v io la t io n o f th o p r o v is io n s
o f th e jo i n t r e s o lu t io n a n d A c t o f C o n g r e s s .”
A s p e r tin e n t
t o th e P r e s id e n tia l p r o c la m a t io n , Ave p r in t th o folloA ving fr o m
“ F in a n c ia l A m e r ic a ” o f J u ly 18 , e m a n a tin g fr o m W a s h
in g t o n :
'
[V ol . 109.
And I do heroby enjoin upon all officers of tho United States, charged
with the execution of tho laws thereof, tho utmost diligence In preventing
violations of tho said Joint Resolution and Act of Congross and this my
Proclamation issued therounder and In bringing to trial and punishment any
offenders against tho same. And I direct and authorize tho officers and
enlisted men of tho Army of tho United States to observe like diligence in
preventing such violations and In causing offenders to bo turned over to
the appropriate civil authorities for trial and punishment according to law.
And I do hereby delegate to the Secretary of State tho power of prescrib
ing exceptions and limitations to tho application of the said Joint Resolution
of March 14 1912, as mado effective by this my Proclamation issued
thereunder.
In witness whereof I have hereunto set my hand and caused tho seal of
tho United States to bo affixed.
Done hi the District of Columbia this 12th day of July in tho year of our
Lord one thousand nine hundred and nineteen and of the independence of
the United States of America tho one hundred and forty-fourth.
AVOODROAV AVILSON.
By the President.
FRAN K L. POLK, Acting Secretary of State.
P R O V ISIO N S OF M E X I C A N M I N I N G L A W — C O N FIS
C A T IO N U N D E R O IL DECREES.
T h e r e c e ip t b y th o S ta te D e p a r t m e n t a t W a s h in g t o n o f
th e o ffic ia l t e x t o f t h e p r o v is io n s o f th o neAV m in in g laAv in
M e x ic o (sig n e d o n J u n e 2 7 1 9 1 9 ), as p u b lis h e d in th o d a ily
p ress o f M e x ic o C i t y , Avas a n n o u n c e d b y th o U n it e d S ta te s
“ B u lle t in ” o n J u ly 2 8 .
T h e “ B u lle t in ” s a y s :
The articles under the chapter head of “ Transitory,” which state the
time of grace for the canceling of all outstanding fines aro of special inter
est to the proprietors o f Mexican mining claims who livo in tho United
States. They are as folloivs:
TRANSITORY.
President AVilson has rejected the request o f tho Mexican Government for
Articlo 1. Tho present law will bo effective on July 1 1919.
the removal o f tho embargo on arms and ammunition being shipped across
Artlclo
2.
Tho
decree
of
tho
26th of April 1918 is hereby repealed as avcII
tho border, it was declared at tho State Department to-day. Tho new
request for the removal o f the embargo was mado yesterday by Ambassador as all the laws and anterior provisions made up to the present relative to
Bonillas, who called at tho State Department. Acting Secretary of State Imposts and mining privileges.
Article 3. All penalties duo from the taxpayers on tho annual Impost on
Polk, after conferring with tho President, Informed the Ambassador that
the American Government was unwilling at tho present timo to grant the mining property, including thoso accumulated to tho date of the pro
mulgation of tho presont decree, aro heroby canceled.
request.
Artlclo 4. All taxpayers owing the impost on mining claims are given the
W o lik e w is e q u o t e th e folloA ving fr o m th e NeAv Y o r k “ S u n ”
months of July and August without penalty In which to sottlo tho first and
o f J u l y 19:
second Installments (tereios) of tho current year.
Article 5. Proprietors of mines with payments duo previous to 1919, and
Douglas, Ariz., July 18.— Bulletins have been posted in all tho towns of
who
havo covered tho two-thirds of this year in accordance Avith tho pre
tho State o f Sonora stating that tho Mexican Government, by special ar
rangement with the United States Government, would be permitted to ceding articlo, may settle their overduo obligations in as many payments as
thoy owe installments, by paying each overdue third at tho samo timo that
bring in arms and ammunition “ for dofensivo purposes."
they pay their ordinary imposts.
Any resident wishing to obtain arms and ammunition might do so by
Article 6. If the Interested parties do not take advantage of this con
making formal application to the City Council and they would bo issued at
cession or if, having tho right to same, by virtuo of having complied with tho
cost price, the notice said.
law, they do not mako tho payments on tho dates when thoy aro due, tho
Americans bringing word to-day o f tho posting o f tho notice said many forfeiture of the titles will bo declared as prescribed by law, without further
Mexicans had expressed the intention of taking advantage of the opportunity recourse.
thus offered to get cheap guns and ammunition.
Articlo 7. Tho parties who tako advantage of tho concession set forth in
Washington, July 18.— No special arrangement has been mado by which Article 5, transitory, aro obliged to present to tho Secretariat of Hacienda a
arms and ammunition may bo Imported by Mexico from tho United States declaration setting forth tho following data: Office where payment is
"for defensive purposes,” It was said to-day at the State Department.
made, number and date of the title, registration number, name of tho estate
Mexico has been permitted to import munitions for its regular military or estates, name of tho presont proprietor, amount of tho debt and voucher
forces and officials suggested that tho bulletins posted in Sonora probably covering the two-thirds of this year. Tho period during which tho con
had to do with tho organization o f home guards for protection against small cession set forth in Article 5, transitory, may be utilized, Avill expire the
groups o f bandits.
30th of September of tho current year.
Article 8. Tho imposts of mining property or on tho production of metals,
T h e folloA ving is th e P r e s id e n t ’s p r o c la m a t io n o f J u ly 12:
which may be owing when this law goes into effect, will bo liquidated and
paid
in accordance with tho quotas of tho decree of April 26 1918, which Is
D EPARTM EN T OF STATE.
nullified by tho present decrees.
July 25 1919 (No. 2).
Article 9. AVliilo tho present international restrictions oxist, which affect
By the President of the United States of America.
the freo commerce of gold, tho exporters fo mixed bars of whatover com
A PROCLAM ATION.
position, of gold, minerals and all classos of concentrates, when theso have
Whereas a Joint Resolution o f Congress, approved March 14th 1914, a percentage of gold exceeding two grams per ton, must bo re-imported Into
tho country in bars of coinabio gold or in Mexican or foreign gold coin a
reads and provides as follows:
“ That whenever tho President shall find that in any American country con quantity equivalent to tho gold contained in tho bars, minerals or concen
ditions of domestic violenco oxist which aro promoted by tho uso of arms trates which aro exported.
or ammunitions of war procured from tho United States, and shall mako
Articlo 10. Tho Secretary of Hacienda will determino tho procedure which
proclamation thereof, it shall bo unlawful to oxport except under such
limitations and exceptions as tho President shall prescribe any arms or must be followed to guarantee tho reimportation of tho gold referred to In
munitions of war from any place in tho United States to such country until tho foregoing article.
otherwise ordered by tho President or by Congress.”
Artlclo 11. Tho production impost will not bo levied on gold which is re
imported in accordance with tho foregoing articles, since it will havo already
And whereas it Is provided by Section 2 o f tho said Joint Resolution,
“ That any shipment of material heroby declared unlawful after such a paid this Impost on exportations.
proclamation, shall be punishablo by a fine not exceeding $10,000, or im
O n J u ly 1 it Avas r e p o r t e d t h a t th o S ta to D e p a r t m e n t h a d
prisonment not exceeding two years, or both” ;
c o n t e n d e d t h a t a n o v e r t a c t o f c o n fis c a t io n h a d b e o n c o m
And whereas, by an Act o f Congress, approved Juno 15th 1917, it is
m itt e d b y th o Mexican G o v e r n m e n t in p r o v o n tin g A m e r ic a n
provided as follows:
o il drillers fr o m Avorking o n lands OAvned b y A m e r ic a n in d i
tt ,Whenever an attempt is mado to oxport or ship from or tako out of tho
Un ted States, any arms or munitions of war, or other articles, in violation
or law, or whenever tliero shall bo known or probable causo to beliovo v id u a ls o r c o m p a n ie s b y so n d in g s o ld ie rs in t o th o fie ld s a n d
that any such arms or munitions of war, or other articles, aro being or aro driving aAvay A vorkm en. T h e p ress d is p a tc h e s fr o m W a s h
Intended to be exported, or shipped from, or taken out of tho United States
in violation of law, tho several collectors, naval officers, surveyors in in g t o n J u ly 1 c o n c e r n in g th is a ls o said:
spectors o f customs, and marshals, and deputy marshals of the United
Complaint was mado to tho Mexican Government on April 2 of this year,
States, and every other person duly authorized for tho purpose by tho
President, may seize and dotain any articles or munitions of war about to it was learned, of tho refusal of tho Government to grant permits to tho
be exported or shipped from, or taken out of the United States, in violation oil companies to drill. No answer was received until after tho Juarez Inci
of law, and tho vessels or vehicles containing the same, and retain pos dent, it was said, and then President Carranza announced no permits, pro
session thereof until released or disposed of as hereinafter directed. If visional or other, would be granted until tho companies had complied with
upon duo inquiry as hereinafter provided, tho property seized shall appear
to have been about to bo so unlawfully exported, shipped from, or taken the law. Compliance with tho law. It was said by Stato Department offi
out of the United States, tho same shall be forfeited to the United States.”
cials, would constitute recognition by tho companies that tho Mexican
And whereas, by tho samo Act o f Congress, it is provided in Section 8 Government OAvned tho oil lands.
The order to tho military forces to prevent drilling by forco of arms was
thereof as follows:
issued by President Carranza on May 16, according to advices from Mexico
tt “ The President may employ such part of tho land or naval forces of tho
City to-day. Tho Petroleum Department Instructed the Mexican AVar
title ” States as ho may decn necossary to carry out tho purposes of tills Department, by direct ordors of Carranza, to uso any forco necessary to
provont
drilling without permit, although tho lands on which drilling was
Now, therefore, I, AVoodrow AVilson, President o f the United States of
America, acting under and by virtuo o f tho authority conferred in mo by being done wero legally acquired by the presont owners.
The War Department transmitted tho ordors Avith specific directions as
tho said Joint Resolution and Act o f Congress, do hereby declare and pro
claim that I havo found that there oxist in Mexico such conditions of do to action to bo taken by tho soldlres to tho military commanders at Tampico
and
Tuxpam, and Immediately companies of soldiers Avcrc sent into tho
mestic violence promoted by tho uso o f arms or munitions o f war procured
from tho United States as contemplated by tho said Joint Resolution and fields.
It was not knoAvn Iioav many drilling gangs Avero driven out of tho oil
Act of Congress, and I do hereby admonish all cltizons o f tho United States
and every person to abstain from every violation of the provisions of tho fields by the soldiers, but tAvo havo been reported and raids havo been
mado,
according to official reports, on tho camps of other oil Avorkcrs.
Joint Resolution and Act o f Congress above set forth, heroby made appli
cable to Mexico, and I do hereby wani them that all violations of such
O n J u ly 9 , in s t a t in g t h a t r e p r e s e n ta tiv e s o f A m e r ic a n
rovislons will be rigorously prosecuted.
o il c o m p a n ie s o p e r a t in g in M e x ic o Avero sa id t o h a v o a sk ed
th e S ta to D e p a r t m e n t t o r e q u e s t p e rm is s io n fr o m th e M e x i
c a n G o v e r n m e n t fo r th e ir e m p lo y e e s in M e x ic o t o a r m t h e m
se lv e s fo r p r o t e c t io n a g a in s t b a n d it s , W a s h in g t o n p ress
d is p a tc h e s a d d e d :
It also was salt! that the Department was asked to request permission for
tho oil companies to use airplanes in transporting monoy to the oil fields to
pay their men, so as to minimize the possibilities o f the payrolls falling into
tho hands o f bandits.
A third request understood to have been made by the oil men was that tho
United States Government insist on the revocation of tho decree prohibiting
the drilling of new oil wells. Tho representatives o f the companies repr<y
sonted that Mexican Federal troops were enforcing this decree.
After tho conference with Acting Secretary Polk, Ilenry P. Fletcher, the
American Ambassador to Mexico, and Solicitor Woolsey, o f the Stato Dopartment, the representatives of tho companies called on Chairman Porter
of tho House Foreign Affairs Oommitteo, to discuss the situation with him
Tho three requests made o f tho Stato Department, it was said, were first
presented to the Mexican Government, but were refused, with the statoment that tho Mexican troops would furnish adequato protection both to
the lives and properties of oil companies.
0
T h o fir s t a c t u a l c o n fis c a t io n u n d e r th e Carranza d e c r e e s ,
w h ic h h a v e b e e n t h o s u b je c t o f p r o t e s t b y G r e a t B r it a in ,
H o lla n d , F r a n c e a n d th e U n it e d S ta te s , w a s r e p o r t e d t o th e
S t a t e D e p a r t m e n t o n J u ly 1 1 .
T h o p r o p e r t y c o n fis c a t e d b y
t h o M e x ic a n G o v e r n m e n t , it is s t a t e d , w a s t h a t o f th e S c o t t is h -M e x ic a n O il C o . , a B r itis h c o m p a n y , w ith
it is S lid
s o v e r a l A m e r ic a n s t o c k h o ld e r s .
W a s h in g t o n p re ss a d v ic e s
s a id :
Tho British Government, it was learned, has taken up the matter of
seizure with the Mexican Government through diplomatic channels and
has advised tho company pending action to continue to fulfil its obligations
under Mexican law.
Tho land on which the Scottish-Mexican Co. operated, according to
company officials, was leased in 1910, conforming in every way with the
law of Mexico.
T h o fo llo w in g M e x ic o C i t y a d v ic e s c o n c e r n in g t h e M e x i
c a n p e tr o le u m la w a p p e a r e d in t h o N o w Y o r k “ T i m e s ” o f
J u ly 5 :
Statements that General Candido Aguilar had given the Governments
o f tho United States, Great Britain, and other countries guarantees that the
Mexican petroleum law now being framed would not contain provisions
objected to by foreign interests aro denied in a cablegram sent from Now
York by General Aguilar and mado public here.
General Agtdiar is now on a confidential mission to the United States and
European nations and tho statements referred to were published In this
city on June 24.
"Tho declarations published regarding my mission and petroleum affairs,
tho cablegram says, ‘ ‘ are absolutely false. The only declarations I havo
mado about this matter were voiced in Washington. I said tlio petroleum
question was still pending before the Mexican Congress and for that reason
It was impossible for mo to give any assurances. It is my personal opinion
that the lVfexS^nn Congress will enact a just and equitable law, having in
mind both Mexican and foreign interests.”
which unite them, great is tho communion of their interests and sincere
tho mutual sympathy which already attracts them.
To accomplish that mission it is sufficient that they be made aware o f the
reciprocal advantages each has to offer and of tho results to be obtained
from tho furtherin of interests which, far from clashing, tend to perfect
each other. I beg your Excellency to believe that this will be one of my
dearest endeavors. Pleaso accopt, M r. President, with my heartiest
congratulations on so glorious a day in the history of your great people,
my best wishes for your personal welfare and for tho increasing prosperity
of tho United States of America.
P r e s id e n t-e le c t P e s s o a le ft f o r B r a z il o n J u ly 6 o n t h o
U . S . b a tt le s h ip I d a h o .
D u r in g h is s t a y in th o U n it e d
S ta te s h o w a s r e c e iv e d b y th e U . S . S e n a te o n J u n e 2 3 ,
b e fo r o w h ic h h e m a d e a s h o r t a d d re s s t h a n k in g its m e m b e r s
e n d thn n n n n trv no n w l,niD
,• ,
,.
.
J.
c o u n t r y as a w h o le f o r th e c o r d ia l r e c e p t io n g iv e n
h im .
H e w a s a ls o th e g u e s t o f h o n o r a t d in n e r s g iv e n b y
V ic e -P r e s id e n t M a r s h a ll a t W a s h in g t o n o n J u n e 21 b v S e c Clooc.
oo
t
i »- i ,
,
-f.
,
[ c t a r y G la s s o n J u n e 2 3 - S e c r e t a r y R e d fie ld o n J u n e 2 4 a n d
^ A c t in g S e c r e t a r y o f S ta te P o lk o n J u n e 2 4 .
P r e s id e n t
B c s s o a w a s h e a d o f th e B r a z ilia n d e le g a t io n t o th e P e a c e
^'o n f e yeneG a n d in r e fe r r in g a t W a s h in g t o n o n J u n o 2 3 t o
^ ie f rj en(h y a t t it u d e o f th e A m e r ic a n P e a c e D e le g a t io n a t
V e rsa ille s t o th e in te r e sts o f B r a z il, h e s a id :
I
f.ricn,d,sh,il) °,f th® Brazilian people was augmented and fortified
I ln favor of the interests and claims of Brazil as an outcome of the world
war. Under these circumstances it is impossible for any man or group
of men to do any thing that will interfere with tho relations between the
two countries.
O n th o o c c a s io n o f a lu n c h e o n g iv e n in h is h o n o r b y S e c re
t a r y R e d fie ld a t W a s h in g t o n o n J u n e 2 4 P r e s id e n t P e s s o a
s t a t e d t h a t “ th e U n it e d S ta te s h a s t w o u n d e n ia b le t itle s t o
our
s y m p a t h y .”
He
c o n t in u e d :
One of the intentions that I take with mo, for my term of office, is exactly
that of developing as closely as possible the commercial relations of Brazil
with friendly countries.
And tho United States has two undeniable titles to our sympathy. Firstly,
thoy havo always been one of Brazil's trade friends. From the first phase
of our independence and through tho courso of our political history the
closest relations of amity havo always existed between tho two nations.
Secondly, Brazil sees, in tho vitality of your people, in tho power of ex
pansion, in tho extraordinary energy, tht samo energy that in 1787 decided
tho colonization of the Northwest and conquered a new world for the union,
tho samo energy that in 1802, when independence was but gleaming, led
your fragile ships to tho doors of Tripoli and, with Decatur’s bravery, as
sured tho liberty of your homo trade, showing to tho whole world what
future you might expect for "Tho Star Spangled Banner” fleet.
That same energy led the frontiers man to wipo out tho division lino be
tween tho Atlantic and tho Pacific, and to-day leads tho representatives o f
your trade victoriously across the frontiers of every continent. In all these
and in the marvellous capacity of tho American peoplo Brazil sees the
widest possibilities for the development of her commerce and produce.
Such are tho sentiments by which I am moved. Brazil is certain that she
T\T a TTriTTn a m tr\ xr nr< t\t> n n acv> a a o
I ” lay count on th0 ent,re reciprocity of thoso sentiments by the United
I N A U G U R A T TO N O F D R . P E S S O A A S P R E S I D E N T O F States, and that the continuation, more and nioro intimate, of the relations
which unito our two countries will stand for both as another factor of civili
B R A Z I L — I 1 I S V I S I T TO U N I T E D S T A T E S .
zation and progress.
W it h th o in a u g u r a t io n o f D r . E p it a c i o P e s s o a as P r e s id e n t
P r e s id e n t-e le c t P e s s o a w a s a ls o a c c o r d e d a n e n th u s ia s tic
o f B r a z il o n J u ly 2 8 , P r e s id e n t W ils o n a d d re s s e d t o h im th o w e lc o m e in N e w Y o r k d u r in g h is s t a y h e re o n J u n e 2 6 a n d
fo llo w in g c o n g r a t u la t o r y m e ssa g o :
2 7 ; a r e c e p t io n in h is h o n o r w a s h e ld a t th o C it y H a ll o n
On this memorable day, when at tho call o f your fellow-countrymen
you assumo tho high mandato to guide the destinies of Brazil, I wish you J u n o 2 6 , a n d in th e e v e n in g h e w a s t e n d e r e d a d in n e r a t th e
on bohalf o f the American Government and people tho fullest
_____________
measure of W a ld o r f b y M a y o r I l y l a n .
T h e fo llo w in g d a y h e w a s th e
success in your enlightened effortsto promoto tho progress
ressand
andprosperity
prosperityI g u e s t a t a lu n c h e o n g iv e n b y th e P a n -A m e r ic a n S o c ie t y
o f tho
h
o
o
lo
.
M
.y
I
,d
d
assurances
o
f
mv
I
D
r
.
P
o
M
o
a
als0
v
isit
c
d
C
a
n
A
, o n J u n 0 27 „ „ „ r e tM r * j
,
,
my h,Kh Personal
esteem and of tho very pleasant memories loft among my feliow-counlrvmen
by your Excellency’s visit to the United States?
t h o r e fr o m t o B o s t o n o n J u n o 3 0 ; h e w a s a ls o r e c e iv e d a t
D r . P e s s o a , w h o s o e le c t io n a s P r e s id e n t o f B r a z il o c H a r v a r d U n iv e r s it y b y P r e s id e n t L o w e ll.
c u r r e d w h ile h e w a s a c t in g as a p o a c o d e le g a to in P a r is ,
A m o n g t h o s o in th e v is itin g p a r t y b e s id e s D r . P e s s o a a n d
w as
e n t h u s ia s t ic a lly
w e lc o m e d
w it h
h is
r e tu r n
t o his fa m ily w e r e P e s s o a d e Q u e ir o z , C o n s u l-G e n e r a l o n th e
B r a z il o n J u ly 21 fo llo w in g h is v is it t o th o U n it e d S ta te s . s t a ff o f th e m in is te r f o r F o r e ig n A ffa ir s , w h o is S e c r e t a r y
D r . P o s s o a h a d a r r iv e d in th is c o u n t r y o n J u n o 2 0 a n d le ft to th o P r e s id e n t ; C a p ta in A r m a n d o B u r la m a q u i, B r a z ilia n
o n J u ly 5 , a n d a m e s s a g e e x p r e s s in g r e g r e t a t h is in a b ilit y I N a v y , N a v a l A id o t o th e P r e s id e n t; L a u r o M u lle r , J r .,
t o h a v o w e lc o m e d P r e s id e n t -e le c t P e s s o a w a s s e n t t o th e S e c r o t a r y o f th o L e g a t io n ; M a u r ic io N a b u c c o , a t t a c h e d t o th o
la t t e r o n J u ly 3 b y P r e s id e n t W ils o n , w h o w a s th e n o n b o a r d B r a z ilia n F o r e ig n O ffic e ; G u s t a v e B a r r o s o , A t t a c h e , a n d
t h o U . S . S . G e o r g o W a s h in g t o n o n h is r e tu r n t r ip fr o m
K u g o n io C a t t a P r e t a , A t t a c h e .
A c c o m p a n y in g thorn t o
ab roa d .
Tn
W7;i„----------*
ils o n sa id
T” h is m e ssa g e P r e s id e n t D
J:
I W a s h in g t o n w e r e I p a n e m a d e M o r e ir a , C h a r g e d ’ A ffa ir e s
I sincerely hope that your Excellency’s visit to tho United States has o f B r a z il in W a s h in g t o n , a n d S e b a s tia n S a m p a io , B r a z ilia n
lwon In every way agreeablo to you. I greatly regret that I was not there
to wolcomo you upon your arrival, and I wish now to bid you a temporary C o n s u l a t S t . L o u is , a n d a lso a n u m b e r o f o ffic ia ls r e p r e
good-bye with tho sincerest best wishes. It was a pleasure to know you iii s e n tin g th o U n it e d S ta te s G o v e r n m e n t , w h o h a d c o m e
Baris and I am sure yon must feel how warm is tho friendship o f tho people h ero t o w e lc o m e th o n a t io n ’ s g u e s t s .
of tho United States for the peoplo o f Brazil. I hope that overy influence
Will draw tho peoplo o f the two countries into closer and closer relations.
R e p ly in g t o P r e s id e n t W ils o n ’ s m e ssa g o o n J u ly 4 , D r .
P R E S I D E N T W I L S O N I N F O R M S S E N A T E A S TO
P e s s o a sa id t h a t in le a v in g th o U . S . h o w a s “ m o r o t h a n
R E A S O N FOR S E N D I N G U . S. S O L D I E R S
o v e r c o n v i n c e d t h a t th o d u t y o f o u r t w o g o v e r n m e n ts
TO S I B E R I A .
u n ite d a s t h o y a ro b y a fr ie n d s h ip w h ic h h a s b o c o m o tr a
I n r o s p o n s e t o a S e n a te r e s o lu t io n a s k in g th e r e a s o n s fo r
d itio n a l is t o d r a w o v e r c lo s e r th o fr ie n d ly r e la t io n s w h ic h
^ o..........
^ e s s o a th o s e n d in g o f U n it e d S ta te s t r o o p s in t o S ib e r ia , P r e s id e n t
e x is t b e t w e e n o u r t w o c o u n t r i e s .”
T h e r e p ly
f D r. P
t o P r e s id e n t W il s o n ’ s m e ssa g o o f J u ly 3 , w h ic h w a s s e n t b y I ^ ^ s o n *n a c o m m u n ic a t io n p r e s e n t e d t o t h a t b o d y o n J u ly
t hw
a t +ha
th e "“ m
m oe a
e “w a s“ ta k o n :in
c o n ju n c t io n
r a d io t o th o G e o r g o W a s h in g t o n , s a id :
1 21) in fo r m e d iitf +
o osu
,,’r n
--------Your Excellency’s kind message has just reached mo. Being unable to w it h J a p a n a n d in c o n c e r t o f p u r p o s e w it h th e o t h e r A llie d
delay my doparturo for Brazil, where my prcsenco has long been wanted, p o w e r s , fir s t o f a ll t o s a v e t h e C z e c h o -S lo v a k a rm ie s w h ic h
I wish to thus let you know how gratified I am with tho kindly wolcomo
I havo received at tho hands o f tho Government and peoplo of tho United w o r e th r e a t e n e d w it h d e s t r u c t io n ” a n d “ t o s t e a d y a n y
States.
o ff o r t s o f th e R u s s ia n s a t s e lf-d e fe n s o , o r t h e e s ta b lis h
i am leaving moro than ever convinced that the duty o f our two Gov- I m o n t o f la w a n d o r d e r in w h ic h t h e y m ig h t b e w illin g t o
ernments, united as thoy are by a friendship which has become traditional, qpppnt assistn.noo ”
,•
ai
is to draw over closer tho friendly relations which exist between our two a y
a s s is ta n c e .
fre n a to r J o h n s o n o f C a lifo r n ia w a s th e
countries, and this Is an easy task, for many aro the ties o f overy kind a u th o r ^ o f^ t h e r e s o lu t io n a s k in g f o r th e in f o r m a t io n , w h ic h
448
TH E
C H R O N IC L E
w a s a d o p t e d b y t h e S e n a te o n J u n e 2 7 (le g is la t iv e d a y o f
J u n e 2 3 ).
T h e f o llo w in g is th e P r e s id e n t ’ s m e s s a g e s e n t in a n s w e r
t o t h e r e s o lu t io n :
The Tresident of the Serial",
The White House, Washington, July 22 1919.
.
[V ol . 109
This participation was obviously of Incalculable valuo to the allied cause,
and in a very particular way commends tho exhausted pooplo who suf
fered from it to such assistance as we can render to bring about their indus
trial and economic rehabilitation.
Very respectfully yours,
WOODROW WILSON.
Sir:— For the information o f the Senate, and in response to the resolution
C A N A D I A N C O M M IS S IO N 'S I N V E S T I G A T I O N OF
adopted June 23 1919, requesting the President to inform the Senate, if
SIB ER IA.
not incompatible with the public interest, of the reasons for sending United
T h e fo llo w in g e m a n a tin g fr o m O t t a w a , is t a k e n fr o m th e
States soldiers to Siberia, the duties that are to be performed by those
soldiers, how long they are to remain, and generally to advise the Senate N e w Y o r k “ E v e n in g P o s t ” o f J u ly 2 6 :
of the policy o f the United States Government in respect to Siberia and the
The economic mission which the Canadian Government dispatched to
maintenance o f United States soldiers there, I have the honor to say that Siberia with its expeditionary force in Dec. 1918, has now returned. Its
the decision to send American troops to Siberia was announced to the press chief members were Col. J. S. Dennis, Commissioner of Natural Resources
on Aug. 5 1918, in a statement from the Acting Secretary o f State, of which for tho Canadian Pacific Railway; A. D. Bralthwaito, late assistant General
a copy is enclosed.
Manager o f the Bank of Montreal, and C. F. Just and J. D. Wllgress. who
This measure was taken in conjunction with Japan and in concert of had experience as Trade Commissioners In Russia and tho Orient respec
purpose with the other allied powers, first o f all to save the Czocho-Slovak tively. Louis Kon, a Russian who had been resident in Canada for the
armies which were threatened with destruction by hostile armies apparently last twelve years, acted as secretary.
organized by. and often largely composed of, enemy prisoners of war.
The commission has prepared and handed to tho Government a lengthy
Tlie second purpose in view was to steady any efforts o f the Russians at and elaborate roport doallng with economic conditions In Siberia. Its
self-defense, or the establishment o f law and order in which they might be terms have not been made public, but it is understood that it finds tho wide
willing to accept assistance.
spread unsettlement of political conditions a serious barrier to the immediate
Two regiments or infantry, with auxiliary troops— about 8,000 effectives prospect of developing profitable trade relations between Canada and
— comprising a total o f approximately 10,000 men were sent under the com Siberia. It found that there was a groat demand for many linos or goods,
mand of Major Gen. William 8. Graves. The troops began to arrive at like agricultural machinery, which Canada could supply, but that there
Vladivostok in Sept. 1918.
were great difficulties in the way o f distributing tho goods and in financing
Considerably larger forces were dispatched by Japan at about tho same tho business.
time, and much smaller forces by others of tho allied powers. The not
The main economic buttress of Siberia lies in the cooperative agricultural
result was the successful reunion of the separated Czecho-Slovak armies, organizations, which expressed a keen deslro to open up relations as soon
and the substantial elimination in Eastern Siberia of the active efforts of as possible with the United Grain Growers, Ltd., and kindred cooperative
enemy prisoners o f war. A period of relative quiet then ensued.
farming institutions in Canada. The Royal Bank of Canada is keeping
In Feb. 1919, as a conclusion of negotiations begun early in the summer open its branch at Vladivostok and efforts will be maintained by private
o f 1918, the United States accepted a plan proposed by Japan for the super firms to push Canadian business in tho country.
|j|
vision o f tho Siberian railways by an International committee, under which
committee M r. John F. Stovons would assume the operation o f tho Russian
Railway Service Corps. In this connection it is to be recalled that M r. John ITEM S A B O U T B A N K S , T R U S T C O M P A N IE S, E T C .
F. Stevens, in response to a request of tho Provisional Government of Russia,
N o sa les o f b a n k o r tr u s t c o m p a n y s t o c k s w e r e m a d o th is
went to Russia in the Spring of 1917. A few months later he was mado
official adviser to the Minister o f Ways o f Communication at Petrograd w e e k a t th e S t o c k E x c h a n g e o r a t a u c t io n under the Provisional Government. At the request of tho Provisional Gov
ernment, and with tho support of Mr. John F. Stevens, there was organized
T w o N e w Y o r k S t o c k E x c h a n g e m e m b e r s h ip s w e r e r e
the so-called Russian Railway Service Corps, composed o f American
engineers. As originally organized the personnel o f this corps constituted p o r t e d p o s t e d fo r t ra n s fe r th is w e e k , th e c o n s id e r a t io n b e in g
fourteen skeleton division units as known in this country, the idea being s t a t e d as $ 9 2 ,0 0 0 a n d $ 9 3 ,0 0 0 .
T h e la st t r a n s a c t io n w a s
that these skeleton units would serve as practical advisers and assistants
%
on fourteen different sections o f the Siberian railway, and assist the Russians f o r $ 9 0 ,0 0 0 .
by their knowledge o f long haul problems as known in this country, and
which are the rule and not the exception in Siberia.
F o llo w in g t h e ir a c t io n o f t w o w e e k s a g o t h e G o v e r n o r s
Owing to the Bolshevik uprising, and the general chaotic conditions,
neither Mr. Stevens nor the Russian Railway Service Corps was able to o f th e N e w Y o r k S t o c k E x c h a n g e d e c id e d t o c lo s e t o - d a y
begin to work in Siberia until March, 1918. They have been able to operate (A u g . 2 ) fo r th e p u r p o s e o f e n a b lin g b r o k e r s ’ c le r k s t o c a t c h
effectively only since the railway plan was adopted In February, 1919.
T h o E xch a n ges a t B o s to n ,
The most recent report from Mr. Stovons shows that on part of the u p w it h a c c u m u la t e d w o r k .
Chinese Eastern and Trans-Baikal Railway he is now running six trains a B a lt im o r e , C h ic a g o , P h ila d e lp h ia a n d P it t s b u r g h w ill lik e
day each way, while a little while ago they were only able to run that many w ise r e m a in c lo s e d t o - d a y . T h o N e w Y o r k C o t t o n E x c h a n g e
trains per week.
w ill b e o p e n .
In accepting the railway plan, it was provided that some protection should
be given by the allied forces. Mr. Stevens stated frankly that he would not
undertake the arduous task before him unless he could rely upon support
P a u l M . W a r b u r g sails fo r E u r o p e t o - d a y (S a t u r d a y ).
from American troops in an emergency. Accordingly, as provided in the
railway ‘plan, and with the approval o f tho Interallied Committee, the M r . W a r b u r g h a s n o t b e e n a b r o a d fo r s e v e r a l y e a r s , a n d is
military commanders in Siberia have established troops where it is necessary sa id t o b o m a k in g t h o t r ip t o s t u d y E u r o p e a n c o n d it io n s .
to maintain order at different parts o f the line. The American forces M r . W a r b u r g is C h a ir m a n o f th e E x e c u t iv e C o m m it t e e o f
under General Graves are understood to bo protecting parts of tho line near
Vladivostok and also on the section around Verchne Udinsk. There is th e A m e r ic a n A c c e p t a n c e C o u n c il.
also understood to be a small body of American troops at Ilarbin. The
exact location from time to time o f American troops is, however, subject to
A s p e c ia l m e e tin g o f th o s t o c k h o ld e r s o f th e N e w N e t h e r change by the direction of General Graves.
The instructions to General Graves direct him not to interfere in Russian la n d B a n k o f th is c i t y w ill b e h e ld a b o u t A u g . 2 0 t o a c t u p o n
affairs, but to support Mr. Stevens wherever necessary. The Siberian th e q u e s tio n o f in c r e a s in g th e c a p it a l fr o m $ 3 0 0 ,0 0 0 t o
Railroad is not only the main artery for transportation in Siberia, but it is
T h e p r ic e a t w h ic h th e n o w s t o c k w ill b e issu ed
tho only open access to European Russia to-day. The population of $ 6 0 0 ,0 0 0 .
Siberia, whose resources have been almost exhausted by the long years of w ill b e d e te r m in e d la to r ; it is e x p e c t e d t o b e p u t o u t , h o w
war and the chaotic conditions which have existed there, can be protected e v e r , a t $ 2 0 0 p er sh a re o r o v e r .
from a further period of chaos and anarchy only by tho restoration and
maintenance of traffic along tho Siberian Railway.
Partisan hands under leaders having no settled connection with any
A le x a n d e r V . O s t r o m , P r e s id e n t o f th e T r a n s a tla n tic
organized Government and bands under leaders whoso allegiance to any
settled authority is apparently temporary and transitory are constantly T r u s t C o . o f th is c i t y , sa iled la st w e o k o n a b u sin e ss t r ip t o
menacing the operation of the railway, and tho safety of its permanent N o r w a y .
T h e T r a n s a tla n tic T r u s t C o . h a s e x te n s iy e fo r e ig n
structures.
c o n n e c t io n s in th o S c a n d in a v ia n c o u n tr ie s . ,
The situation of the people o f Siberia, meantime, is that they have no
shoes or warm clothing; they are pleading for agricultural machinery, and
for many of the simpler articles of commerce upon which their own domestic
A s n o t e d in o u r issu e o f S a t u r d a y la s t , E d w in F . I lo r e b e c k
economy depends, and which are necessary to fruitful and productive in
h
a
s r e s ig n e d as a c t iv e V ic e -P r e s id e n t o f th e M e t r o p o lit a n
dustry among them. Having contributed their quota to the Russian armies
M r . I lo r e b e c k h a s b e e n c h o s e n
which fought the Central Empires for three and a half years, they now look •T r u s t C o . o f th is c i t y .
to the Allies and the United, States for economic assistance.
P r e s id e n t o f th e M e t r o p o lit a n 5 -5 0 c . S to r e s , I n c .
I t is
Tho population of Western Siberia and the forces o f Admiral Kolchak
p r o p e r t o s a y th a t t h e * M e t r o p o lit a n T r u s t C o . is n o t in a n y
are entirely dependent upon those railways.
T h e o ffic e r s
The Russian authorities in this country have succeeded in shipping large w a y a ffilia t e d w ith th e M e t r o p o lit a n S to r e s C o .
quantities o f Russian supplies to Siberia and the Secretary o f War is now •of th e tru s t c o m p a n y m a k e th e s t a t e m e n t t h a t n e it h e r th e
contracting with the great co-operative societies which operate throughout
European and Asiatic Russia to ship further supplies to meet the heeds of c o m p a n y n o r a n y o f its o ffic e r s o t h e r th a n M r . I lo r e b e c k ,
the civilian population. The Kolchak Government is also endeavoring w h o h a s ju s t r e s ig n e d , is in te r e s te d in th e M e t r o p o lit a n
to arrange for the purchase o f medical and other Red Cross supplies from S to r e s C o .
•
tho War Department, and the American Red Cross is itself attempting tho
forms o f relief for which it is organized. All elements o f tho population
T h e in cre a se o f $ 1 ,5 0 0 ,0 0 0 in th e c a p ita l o f th o I r v in g
in Siberia look to the United States for assistance. This assistance cannot
be given to the population of Siberia, and ultimately to Russia, if the N a t io n a l B a n k o f this c i t y , c h a n g in g it fr o m $ 4 ,5 0 0 ,0 0 0 to
purpose entertained for two years to restore railway traffic is abandoned.
The presence o f American troops is a vital element in this effort. The $ 6 ,0 0 0 ,0 0 0 h a s b o o n a p p r o v e d b y th o C o m p t r o lle r o f th o
T h e p r o p o s a l t o in cre a so th e c a p it a l w a s r e
services o f M r. Stevens depend upon it, and, a point of serious moment, C u r r e n c y .
the plan proposed by Japan expressly provides that Mr. Stevens and all fe r r e d t o in o u r issu e o f M a y 24 a n d J u n e 2 8 .
foreign railway experts shall be withdrawn when the troops are withdrawn.
From theso observations it will be seen that tho purpose o f the continu
ance or American troops in Siberia is that we, witli the concurrence of the
F . W . S c h m id has b e o n e le c te d A s s is ta n t S e c r e t a r y o f th e
great allied powers, may keep open a necessary artery o f trade, and extend A s ia B a n k in g C o r p o r a t io n o f th is C i t y .
T h e in s tit u t io n
to tho vast population o f Siberia the economic ai<j essential todt in peaco
time, but indispensable under the conditions which have followed the a n n o u n c e s th e o p e n in g o f a n e w b r a n c h in H o n g K o n g , m a k
prolonged and exhausting participation by Russia tn the war against the in g th o fif t h in th e O r ie n t.
Central Powers.
A ug . 2 1919.]
THE CHRONICLE
T h e N a tio n al C ity B a n k of N e w Y o rk announces the
opening of tw o now branches, one in R em ed ios, C u b a , the
other in Y a g u a ja y , C u b a .
K n a u th , N a ch od & K u lin e announce th at W illia m C
B rad ley , form erly M an ag er of the B on d D ep artm en t of
the G u aran ty T ru st C o m p a n y of N e w Y o r k , has become
associated w ith them as M an ag er of their Syndicate D ep art
m en t. M r . B rad ley resigned from the G u a ra n ty T rust
C o m p a n y to engage in war work and represented the W a r
Finance Corporation as Director and Treasurer of the Rollin
Chem ical C o m p a n y of C harleston, W e s t V irginia.
T h e M ech an ics’ B an k of B rook lyn on J u ly 1 announced
that a bonus equal to the distribution which is m ade to
stockholders each quarter of the year would be given to all
em ployees, officers and clerks of the institution. A t the
present tim e the dividend rato of the M ech a n ics’ B a n k is 8 %
per an n u m .
C onsequ ently, all em ployees will receive 8 %
of their salaries payablo in quarterly installm ents, the date
of tho first p aym ont being J u ly 1 191 9 .
T h e on ly condi
tion attached to this is th at an em ployee in order to partici
pate in tho bonus m u st liavo been in tho servico of tho bank
for threo m onths prior to tho distribution.
H . M . Do M o tt
President of tho b a n k , in m akin g known to tho omployoos
tho arrangement to this en d, docided upon a t a m eeting of
tho directors on tho 1st in s t., said:
U
9
as of the Boston exchange.
H e entered in 1874 the B oston
firm of Brew ster, B assett & C o ., of which he became a
m em ber, that firm being succeeded in 1883 b y Brew ster,
C obb & E stabrook w ith which he was affiliated until 1896
when he became senior m em ber of the then new house of
E stab ro ok & C o . of B o ston . H e was born in B o ston on M a v
17 1847.
J
I he N ational Shaw m ut B a n k of B o ston has prepared an
article which describes the conditions and recent develop
m ents in Scandinavian com m ercial, industrial and financial
lines, and indicates som e of the opportunities now open to
our merchants and m anufacturers in N orth ern E urope.
It
says in part:
•
Among the important results of the war has been the loosening of German
control of the trade of Norway, Sweden and Northern Europe, and the
growth of a more intimate trade relation between the United States and
the Scandinavian countries. From being mere distributing agencies for
much of the European trade formerly controlled by Germany they now
have a national commerce practically free from alien control
Plans are being perfected for the establishment of free ports at Brondhjom, Maimo and other Norwegian and Swedish ports, with the object o f
insuring direct control of the Scandinavian trade formerly handled through
Hamburg, Lubeck and Bremen. These plans include the linking up of the
rich trade of Northern Russia and the economic penetration of the trade
territory represented in Finland, Esthonia, Livonia and Courland.
I ho natural resources of both Sweden and Norway aro practically limited
to iron and timber. Their need of other raw materials constitutes the
greatest handicap to their plans for industrial development. It is for a
supply of thoso raw materials, now more essential than ever, in view of
their futuro program for industrial development, that Norway and Sweden
Under this plan of profit-sharing, all members of tho forco will appreclato look to the United States. In consequence of these conditions, Scandi
that they aro in effect not only employees o f tho bank, but partners in tho navia represents a quick market not only for raw materials but for manu
business, sharing equally with tho stockholders. Innovations of this factured goods of every description, including great quantities of farm
character and tho adoption of the group insuranco plan, covering every machinery for Russia and the Baltic provinces.
omployeo o f the institution, aro ovldonces of tho interest tho board fools
Germany formerly controlled about one-quarter of tho total trade o f
for each and every omployeo. In return, you aro asked to co-opcrato Norway, amounting to over $250,000,000. Distrust of Germany and o f
Wholo-heartodly with tho officers and directors pi their efforts to increase German made goods which is now intense among tho mass of the people
tho businoss o f tho institution.
7
of these provinces means opportunity for American exporters and equal
opportunity for tho merchants of Sweden as distributors.
A comprehensive shipping program, in all threo of the Scandinavian
T h o directors of the N a tio n a l N ew ark & Essex B anking countries, supplements their port development projects. The extent o f
AC o . of N ew ark , N . J ., recently unanim ously adopted a plan her activity in this direction is illustrated by the opening of a new line to
San Francisco.
for a ponsion and doath benefit system for tho officials
It should bo remembered that foreign trade is but a part of the oppor
clorks and other em ployees of the institution, its purpose tunity awaiting us in Northern Europe. Scandinavia, the Baltic provinces
being to encourage efficiency and loy alty to the bank b y a a , ^ orthern Russia to-day represent what promises to be the richest
field for industrial development in tho world. It is a vast reservoir o f
m aterial roward to thoso who give tho productive yoars of raw material, the development of which will offer employment for large
amounts
of invested capital.
their lives to tho servico of tho in stitu tion .
N o rights are
conferred b y tho establishm ent of the pension and death
bonefit system , it being distinctly sot forth , wo understand
W illiam M . G ord on, President for thirteen years (until
th a t it is never to bo construed as constituting a contractural
ho retired during the past winter) of the N o rth Philadelphia
relationship botween tho bank and an y em p loyee.
T h o pro
T rust C o m p a n y of Philadelphia, died on July 1 $. M r .
visions of tho plan in brief as printed in a recent issue of tho
G ordon assisted in organizing tho trust com p any and suc
“ N ew ark N e w s ” are as follow s:
ceeded Frank A . Ila rtra n ft as President, in 190 6 .
W ith his
Every salaried officer, clerk or employee of tho bank may with tho con
sent o f the directors, retiro on reaching tho ago of sixty years and receive resignation from the Presidency last winter M r . G ordon was
an annual pension for tho remainder o f his or her lifetime— "or during tho elected Chairm an of the Finance C o m m ittee.
ploasuro o f tho bank” —such ponsion to bo payablo in monthly install
ments at tho end of each month. On reaching tho ago o f seventy yoars
ovory omployeo shall retiro unless rpquested by tho directors to remain
T h e banking firm of Bioren & C o . of Philadelphia has
longer in tho servico and receive an annual pension for the remainder of
his or her lifetime, as previously explained.
purchased the W estern N ational B a n k building in that city
Any omployeo or salaried officer, who may become incapacitated while In
tho servico of tho bank and beforo reaching tho age of sixty years mav bv from tho Girard N ational B ank and will take possession
resolution of tho board, bo retired and granted an annual ponsion during of the sam e S ep t. 1.
Extensive alterations are then to be
disability or for life, or during tho pleasure of tho bank, payable ^s in ho m ade in the interior, w hich, when com pleted, will give the
instances already referred to.
Tho amount of tho annual ponsion In any case is computed on tho basis of firm a floor space of three tim es th a t of their present building
2% of tho averago annual salary during tho threo years immediately pre at 3 14 Chestnut street.
T h e Girard N ational B ank ac
ceding retirement, multiplied by tho number o f years of servico
But quired the building som e years ago. when it purchased the
tho total reached must not in any event exceed one-half tho average annual
salary, or tho sum of $5,000.
average annual assets of the W estern N ational B a n k .
F or a time it was
Tho board, however, may determine tho amount of tho ponsion in tho case occupied b y the Federal. Reserve B a n k and latterlv b v the
of enforced retirement beforo reaching tho ago limit, duo to an officer or om ' W a r C h est.
ployeo boing incapacitated whilo in tho servico of tho bank, with reference to
the special circumstances governing each case; but no W h pension shall
exceed tho limits o f salary previously described.
Investigations which are being m ade into the affairs of
In tho ovont o f tho death of a pensioner it is provided that tho bank may
pay a death bonefit to tho person or persons primarily dependent on tho de the N o rth Penn B ank of Philadelphia, which closed its doors
ceased— in the judgment of the board—in ono paymont. a sum not exceeding
tho annual pension which had been paid to such pensioner. In the event of •Inly 18 and to which we referred in these colum ns last w eek,
tho death of an employee or officer in active service,' the bank may pay to disclose a shortage far in excess of tho $ 9 0 0 ,0 0 0 originally
thoso primarily dopondont on tho deceased—as determined in the judgment announced.
On July 2 9 , during a tw o-an d -a -h alf hours’
of tho board—in ono paymont, an amount not exceeding 2% o f the annual
salary of the deceased at tho time of his or her death, multiplied by tlio inquisition R obert P . Ferguson, tho bank exam iner upon
number of years of servico in tho bank but such payment is not to exceed whose affidavit R alph T . M o y e r , tho Cashier, was arrested,
30% of such salary or tho sum of $5,000.
testified that the total shortage now am ounted to “ 8 2 ,1 4 4 ,0 0 0
It Is also provided that any pensioner of tho bank may bo called on to glvo
tho bank the bonefit of his or her experience, or to perform such servico as which does not include any bad paper which tho bank m ight
tho pensioner may bo ablo to. Forfeiture or termination of pension or death h o ld .”
T his to ta l consists of overdrafts $ 1 ,3 9 6 ,0 0 0 ; short
bonefit is givon as a penalty for any attempt to assign, sell or pledge such ages in deposits $*139,000 and shortages in savings accounts
privileges.
W a lte r O . Colflesh, who had been head book
It is also provided that nothing in tho pension plan shall prevent tho $ 3 0 9 ,0 0 0 .”
directors from rewarding, through additional allowance, annual or other keeper of the bank since Septem ber, and who is alleged to
wise, any salaried officer, clerk or employee who lias rendered specially
have turned S tate ’s evidence, testified at tho hearing that he
meritorious and valuablo servico to tho bank.
had at tho instigation of Cashier M o y e r changed the records
and juggled the accounts of the bank and was backed up in
A rth u r F. E stabrook of B oston , a senior m em ber of the
his statem ents b y the testim ony of other em ployees.
It was
banking firm of E stabrook & C o . in that city , died on July
further brought out at the hearing that tho bank had been
27 in P orto R ico at tho ago of 7 2 .
IIo was prom inent in
insolvent for a t least a year and eight m onths previous to the
banking affairs of B o ston . M r . E astabrook was a m em ber
closing. T h a t Frederick T . P usey, the legal representative
of tho N ow Y o r k and Philadelphia stock exchanges as well of tho S tate, had received another offer (tho third) from a
bank to take over the business of the N o rth Penn B an k and
stand a reasonable loss, was reported in the Philadelphia
“ R ecord ” of July 2 6 , w hich quotes M r . P usey as saying:
I could do business this minute if I could put a proposition before the
officials o f the other institutions, but I can’t until I learn of the assets and
liabilities of the bank. I will say that tho financial institutions are waking
up to the enormous business which this wrecked neighborhood bank carried.
T h e “ R ecord” of July 2 6 also reported th at about 300
of tho depositors of the failed bank a t a m eeting held on
the night of July 2 5 had unanim ously adopted the following
resolution:
In the event that some prominent downtown bank should take over the
assets and liabilities o f the North Penn Bank as their northwestern branch,
we will not withdraw our accounts from the bank, and furthermore, will
continue to make deposits in the now bank, and will also lend our financial
support to tho new institution.
A ctio n b y tho stockholders of the F ort D earborn N ational
B a n k of Chicago on the question of increasing tho capital
from $ 3 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 will bo taken a t .a m eeting
of tho shareholders on A u g . 2 6 .
T h o proposal to increase
the capital was referred to in our issue of July 19.
Theodoro W o ld has been elected V ice-P resident and D irec
tor of the N orthw estern N a tio n al B a n k of M in n eap olis, suc
ceeding Joseph C h a p m a n , whose resignation was referred to
in our issue of July 1 9, page 2 4 4 . M r . W o ld has been G over
nor of the Federal Reserve B a n k of M in n eap olis. W ith his
election to the official staff of the bank M r . W o ld has tend
ered his resignation from the G overnorship of the Reserve
Bank.
[V ol , 109.
THE CHRONICLE
450
H e will assum e his new duties O c t. 1.
A n increase of $ 4 2 5 ,0 0 0 in the capital of the First N ation al
B a n k of H u n tin gton , W . V a ., raising it from $ 5 7 5 ,0 0 0 to
$ 1 ,0 0 0 ,0 0 0 , has been approved b y tho C om ptroller.
A t a m eeting of the directors of tho B a n k of Charleston of
C harleston, S . C ., on July 1 5, R . S . Sm all and A . R . La
C o ste , heretofore A ssista n t Cashiors, wore elected V ice
P residents. T h o full executive staff of the bank now is
as follow s: E . H . Pringle, President; E . I I . Pringle J r .,
R . S . Sm all and A . R . L a C o ste , Vice-P residonts; G . W .
W a lk e r , Cashier; J . I I . Lucas and C . N o yle Fishburne,
A ssistan t Cashiers.
T h e M erch an ts’ B a n k of V a ld o sta , G a ., one of the m ost
im portan t banks in southern G eorgia, recently purchased the
entire business and assets of the V ald osta B an k & T ru st C o .
O n A u g . 9 , we understand, the actual taking over of the
property will bo effected, when tho M erch an ts’ B an k will
m ove into tho building now occupied b y tho V ald osta B ank
& T ru st C o . pending the rem odeling of its ow n building to
m eet tho needs of tho enlarged in stitu tion . T h e V ald osta
B a n k & T ru st C o . was founded cloven or tw elve years ago
b y tho late B . P . Jones. Since his recent death the bank has
been headed b y C . L . Jones, one of his sons, bu t ow ing to
extensive outside interests and tho flattering offer m ade b y
the M erch an ts’ B a n k , he decided to sell his banking inter
ests.
T h e capital of tho institution was $ 2 0 0 ,0 0 0 .
The
M erch a n ts’ B a n k has a capital of $ 1 0 0 ,0 0 0 and surplus of
$ 1 7 5 ,0 0 0 .
I t was founded in 1888 and has had a career of
stead y prosperity. M ills B . Lane of S avan n ah , a son of tho
founder of tho in stitu tion , is Chairm an of tho board of direc
tors, and I I . Y . T illm an is President.
In referring last w eek, page 3 4 7 , to the purchase of control
of the N ation al B a n k of Savannah b y tho Hibernia B ank
of that city it was inadvortantly stated that the Oglothorp
Savings & T ru st C o m p a n y “ is affected b y the m erger.’ ’
T h o item should have read ju st the opposite, since the
Oglethorp Savings & T ru st is not in an y w ay concerned in
the merger. M e n tio n of the institution was prom pted by
the fact that Jacob S . C ollins, President of tho N a tio n a
B a n k of S avan n ah , is heavily interested in tho Oglethorp
Savings & T ru st.
.
B oard of Directors; J . T h om as W ellford was mado a V ice
President; J . G . B a iley elected Cashier and T . M . W illia m s
A ssistan t Cashier.
D uring the last few years the business
of tho Peoples B a n k & T ru st C o . has grow n rapidly and its
deposits are now nearly $ 1 ,0 0 0 ,0 0 0 .
Plans have been
com pleted for enlarging and im proving tho b a n k ’s quarters
a t 71 M ad ison A v e n u e .
In order to do this additional
space has been procured in tho adjoining building, 69 M a d i
son A ven u e.
A statem ent show ing tho condition of tho F irst N a tio n al
B a n k of B e au m o t, T e x . after consolidation w ith tho G u lf
N a tio n al B a n k of that city has been issued under date of
July 19; this reports for tho enlarged institution deposits
of $ 6 ,0 1 1 ,2 4 1 and total resources of $ 7 ,4 2 8 ,9 9 9 .
T h e con
solidation was referred to in our issuo of July 2 5 ; as indicated
therein the capital of tho enlarged bank is $ 4 0 0 ,0 0 0 and the
surplus and undivided profits am ount to $ 3 0 0 ,0 0 0 .
Som e
of the E astern shareholders of tho bank are:
S. G. Bayne, President Seaboard National Bank, Now York, N. Y .;
Joseph Seep, of Standard Oil C o., New York. N. Y .; C. O. Thompson.
Vice-President Seaboard National Bank, Now York, N. Y .; Howard
Bayne, Vice-President Columbia Trust Co., New York, N. Y .
A statem ent for tho half year ending Juno 3 0 1919 was
issued recently b y tho D om inion B a n k (head office T oron to)
and indicates expansion in several directions. N e t profits
for the six m onths, the report show s, after providing for
expenses of m anagem ent, bad and doubtful d eb ts, & c .,
am ount to $ 5 5 3 ,6 9 8 , an increase of $ 3 1 ,0 0 0 over tho corres
ponding period of last year, while tho balanco carried forward
to profit and loss is $ 6 4 0 ,2 0 1 as com pared w ith $ 4 4 6 ,5 0 3 for
tho six m onths ending D e c . 31 1 91 8 .
T ho report shows
cash assets on June 3 0 of $ 2 7 ,6 9 7 ,0 0 0 as against $ 2 8 ,4 9 8 ,0 0 0
six m onths ag o, but an incroaso of $ 3 ,2 0 0 ,0 0 0 for tho year.
T o ta l assets stand at $ 1 2 3 ,8 7 2 ,0 0 0 , while current loans and
discounts are $ 5 5 ,5 0 0 ,0 0 0 .
D eposits on Juno 3 0 standing
at $ 9 6 ,1 4 0 ,0 0 0 record an incrcaso of $ 1 7 ,1 0 0 ,0 0 0 for the
twelve m onths.
E N G L I S H F I N A N C I A L M A R K E T S — PER CABLE.
T h e daily closing quotations for securities, & c ., at L ond on ,
as roported b y cablo, have been as follow s tho past "vveek:
London,
July 2 0 . July 28. July 29. July 30. July 3 1 . A u y . 1.
W eek ending A u y . 1.
Sal.
M on.
ru es.
W ed . T hurs.
FH.
S ilver, per o z ........................ d. 55 1-10 55 3-10 5 5 !$
65 5-10 55 9-10 5 5 K
C on sols, 2 M Per c e n ts ........- H o lid a y 5 2 !$
51J$
51J$
51J*
61J$
B ritish , 5 per c e n t s __________ H o lid a y 9 4 H
94
94
93%
93%
8 9 !$
8 9 !$
89
89
B ritish , 4 !$ per ce n t s ________ H o lid a y 8 9 !$
F ren ch R en tes (in P a r i s ) . . f r . ________ 0 1 .0 5
-------- 0 1 .3 0
0 1 .3 0
0 1 .50
F ren ch W a r L o a n (in P a r l s ) l r . ________ 8 8 .9 5
-------- 8 8 .9 7
89
8 7 .00
T h e price of silver in N o w Y o r k on tho sam e day has been:
Y., per o z ___c t s .l 0 0 ! $
107
1 07 !$
107
107 !$
108
S ilver in N .
C o m m e r c ia l a tid H U s c c U a u e o n s
F O R E IG N T R A D E O F N E W
YORK— M ONTHLY
S T A T E M E N T .— In addition to tho other tables givon in
this departm ent, m ade up from weekly returns, wo give the
following figures for tho full m onths, also issued by our
New Y o rk C ustom H ouse.
M erchandise M ovem ent at N ew Y ork.
M on th .
Im ports.
1917-18.
1918-19.
J u l y _____
A u g u s t___
Septem ber
O cto b e r ..
N ovem ber
D ecem b er
J a n u a r y ..
F e b ru a r y .
M a r c h __
A p ril..........
M a y ........
J u n e ____
Cuslovu Recepts
at N ew York.
Exports.
1918-19.
1917-18.
3
S
S
•5
9 0,101,747 9 5 ,7 13,123 237,731 ,00 7 210 ,181 ,90 3
122,452,147 122,231,000 209,108 ,29 5 274,027 ,77 3
115.731,018 9 9 ,8 0 5 ,1 8 5 197.725.054 2 4 2 ,132 ,08 0
105.821,699 91,3 1 9 ,4 8 0 182,057,189 219 ,908 ,71 2
9 8,787.077 8 9,530,007 231,464,051 2 7 0 .128 ,78 9
9 1 ,9 09.882 91,511,471 222 ,987 ,82 9 2 0 9 ,407 .30 2
8 5 ,8 8 0 .2 0 8 8 8 ,1 0 4 ,9 7 0 2 0 4 ,544 ,53 4 218 ,203 .72 4
110,759,849 9 4 ,3 03,999 311,376 ,17 7 103,713,182
130,844 ,31 0 98,300,412 3 1 2 ,904 ,17 5 2 5 1 ,325 ,06 8
115.005,157 121,504,991 331 ,3 9 4 ,9 1 5 191,719,439
178,233,477 149,434,131 280.404 ,52 7 219 ,0 1 9 ,7 4 8
152,314,929 112,622,329 429,100 ,59 9 205 ,3 1 3 ,9 9 9
1918-19.
1917-18.
S
9,2 1 5 ,2 3 3
8,5 8 9 ,0 2 3
8,4 3 8 ,1 3 2
7.350.251
7 .390.251
0,3 4 2 ,5 3 0
8,0 2 0 ,3 8 7
0,8 5 6 ,3 4 9
10,000,101
12,881,210
12,318,000
13,904,223
5
1 1,190,794
1 0 ,0 84,750
9 ,4 6 9 ,3 0 5
9 ,5 4 8 ,0 2 9
8.7 3 3 ,2 1 4
7 ,1 4 2 ,2 6 6
7,4 8 8 ,5 5 1
8,1 7 7 ,7 8 0
9,8 7 0 ,1 6 8
10,525,971
12,102,731
10,605,910
T o t a l __ 1433902700 1254502367 321145951212710791779 114,971,750 115,659,529
Im ports and exports of gold and silver for tho 12 m onths:
Sliver— N ew York.
Gold M ovem ent at N ew York.
M on th .
Im p orts.
1918-19.
A t the annual m eeting of tho Peoples Savings B a n k &
T ru st C o . of M em p h is held on July 17, it was decided to
change tho nam e of tho institution to tho extent of elim inat
ing the word “ S avings” and to increase the capital from
$ 5 0 ,0 0 0 to $ 2 0 0 ,0 0 0 .
T h o follow ing changes wero m ade in
tho personnel of tho institution: S . W . P ortlock , form erly a
V ice-P resident of tho ba n k , was elected President to succeed
J . B right G o od b ar, w ho has resigned tho P residency, but
will continue to be identified w ith tho institution as a
V ice-P resident.
S . M . N e o ly was elected Chairm an of tho
curs
J u l y ..........
A u g u s t___
S ep tem b er
O ctob er. .
N ovem ber
D ecem b er
J a n u a r y ..
F eb ru ary.
M a r c h ___
A p ril_____
M a y ..........
J u n e ______
T o t a l...
S
027 ,829
688 ,892
559,988
450,282
5 31 ,690
801,071
049 ,358
529,787
008 ,240
699,827
500,758
414,262
1917-18.
$
904 ,838
1,245,038
980,609
1,225,028
1,090,730
9 0 8 ,575
1,070,270
993 ,993
028,514
518,140
000,277
5 3 4 ,40(
7,193,990l 10,760,418
Im ports.
E xports.
1918-19.
1918-19.
$
5
3,9 0 3 ,7 1 3 19,179,282
208 ,000 12,337,552
737 ,990 11,331,810
7,4 8 4 ,4 9 7
381 ,200
3 ,9 1 1.375
221,832
1,187,000
985 ,950
657,910
2,5 1 7 ,2 8 9
3,1 7 0 ,3 8 7
2,3 4 0 ,3 1 0
301,073
2,3 1 1 .2 5 0
223,177
1,187,332
1,302,420
1,422,830
203,500
58,870,403
S
1,803,038
2,4 2 1 ,1 1 5
2,012,001
1,551,114
1,738,094
1,846,753
7,038
2,5 0 0 ,9 4 2
2 ,3 0 0.639
2,115,201
2,6 5 0 ,0 1 7
828,695
2 ,4 3 5 ,0 0 0
2 ,9 8 5 ,2 7 5
2 ,7 8 4 ,2 0 4
6,3 5 8 ,0 1 3
1,513,080
13,579,959
0 ,2 9 9 ,0 4 3
5 ,5 7 4 ,9 1 0
3 ,9 7 9 ,6 9 2
8,4 0 5 ,1 0 1
0,2 7 2 ,8 1 7
1,115,167
01,290,019
21,9 0 0 ,6 4 7
6 1 ,3 02,851
Exports.
1918-19.
74,900,759
1917-18.
$
Auction Sales.— A m o n g
otlior securities, tko follow ing,
not u su ally dealt in at the Stock E x ch a n g e, woro recently sold
a t auction in N o w Y o r k , B o ston and P hiladelphia:
B y M essrs. A drian IT. M u llor & S on s, N e w Y o r k :
Shares.
3 75
55
55
1 118
5 I3 0 I
S to ck s.
Ptv ?la i
N tit^N assw u Bank "oYN .’ Y ." ld % paid In liq u id a tio n ........................... H per share
D e tro it T o le d o & Iro n to n R I t ., c o m m o n ----------------------------------------------------1,4
D etroit T o le ilo & Iron ton R l l . , preterred
.
------. . . . - 1 ^
S ey m ou r R lv . L u m b er .L t d ., and $32 5,11 5 n o te s o f S e y m . R . L . C o . $ l ,0 0 0 lot
W est V irgin ia T r a c t io n & E le ctric, p referred ..........................................$1 per share
Bonds
Percent.
$ 9 4 ,0 0 0 W est V irgin ia T r a c . A E le c . gen . & ref. 2 5 -y ea r b o n d s ......................
4 2 2 ,0 0 0 M a x im M u n itio n s C o r p . 1st 6 s, co u p o n s on .......................................$ 0 ,000 lo t
5 800 D e tr o it T o le d o & Iro n to n R R . a d ], m tg e ., 195 4..............................- - - - - I " * *
194 [ 593* P rom issory d em a n d 6 % n otes o f C ity & S ub urban G a s C o -------S19.000 lo t
VOLUNTARY LIQUIDATIONS.
The New Orleans National Bank, New Orleans. La. Capital..$1,000,000
Liquidating Committee: Adolph Katz, R. E. Craig and Gus
tavo Lemlo, New Orleans. Absorbed by Hibernia Bank &
Trust Co. of Now Orleans.
The 8econd National Bank of Charleston, Illinois. Capital------$100,000
Liquidating Committee: L. H. Johnston and J. W . Gannaway,
Charleston. Succeeded by The National Trust Bank of
Charleston.
__________________
Canadian Bank Clearings.— T h e clearings for the week
ending July 2 6 a t C anadian cities, in com parison w ith the
same week in 191 8 , show an increase in the aggregate of
2 3 .7 %
_________________________.
W eek E nding July 2 6 .
B y M essrs. W is e , H o b b s & A rn o ld , B o sto n :
S per sh.
Shares. Stocks.
5 ver sh. Shares. S to ck s.
7 H o o d R u b ’ r , p r o f., c x - d l v . l 0 6 H - 1 0 7 X
16 T h e N a t. B a n k o f C o m m ., S t. L .1 3 3
12 H o o d R u b b e r , c o m m o n ..................160 H
10 M a n c h e s t e r , M a s s ., T r u s t .............130
2 B a y S ta te N a t . B a n k , L a w re n ce . 180 X 20 Q u in cy M k t . C . S . & W . . c o m ._ 1 7 0 M
3 W a m s u tta M ills _________________ 140
2 0 U . S. W o r s te d , c o m ., $10 e a c h . . 5 X
2 W ilto n R R ............... ............................110
10 H a m i l t o n M a n u f a c t u r i n g .............144
2 L a ncaster M ills ....................- ........... , 1 , , 10 M errim a c C h em ica l, $50 e a c h . . 96
4 L ow ell B lea ch ery rig h ts.................. 16 K
B y M essrs. R . L . D a y & C o ., B o sto n :
'
Shares. Stocks.
$ per sh.
Shares. Slocks.
S vi T
. ,n h '
5 M a n ch ester & L a w ren ce R R . . 1 0 6
1 S econ d N a t. B a n k , B o s t o n ------ 320
60 M errim a c C h e m ic a l, $50 e a c h .9 6 -9 7
2 N a t . S h a w m u t B a n k ----------------- 261
2 V ls co lo ld C o . , p referred _______100
2 G lou cester N a t . B a n k ...................160
2 P u g et S d . T r a c ., L . & P . , c o m . 1 3 >4
5 B lu e H ill N a t . B a n k , M ilt o n .-2 3 0 M
10 W a lth a m W a t c h , p referred — 8654
50 L ow ell B lea ch ery rig h ts ............. 165-4
i U n iv ersity A sso cia te s_________ 30
3 L y m a n M ills , e x -d iv ld e n d -------1505-4
5 N ew B o s to n M u s ic H a ll_______ 1454
13 A rlin g ton M ills ............... - ..............141
224 S a co L ow ell M a c h . S h op rig hts 1554
10 N ash u a & L ow ell R R ---------------145
B y M essrs. Barnes & L oflan d , P hiladelphia:
Shares. Stocks.
$ per sh.
Shares. Stocks.
$ P^
4 P en n sy . C o . fo r In su r., A c . . 610
154 R c n o v a Eire B rick , p r e f _ _ .$ l 6 lot
38 R ea l E sta te T r u s t , c o m m o n . 35
381 P h il. A C a m d en P erry,
10 M u tu a l T r u s t , $50 e a c h ............. 48
$50 e a c h .................................10 0 -10 1
5 G u a r. T r u s t , A tla n tic C i t y . .2 1 1
10 G irard A v e . T it le A T r u s t,
2 G lou cester C it y ( N . J .) T ru st 13754
$50 e a c h ..................................... 7554
8 F id elity T r u s t , L ew es, $25 e a . 10
20 M a rin o T ru st o f A tla n . C i t y . 375
10 P h lla . L ife I n s., $10 e a c h . . . 10
3 E’ arm ers T r u s t c f M t . H o ll y . 120
117 C a m d en Fire I n s ., S5 e a c h . . 12
60 P eop les N a t . Eire In su ran ce,
2 G erm a n tow n P a ss, l t y ................91
$25 e a c h ............................ 1954-1954
16 H ost. M . A F . Pass, l t y ., prof. 51
20 In d ep en d en ce F . I . A S e c .,
2 2d A 3d Streets P ass. R y ------- 205
$25 e a c h .................................... 2254
1 P a . A c a d , d f F in e A r t s ---------22
17 N a t . State B a n k o f C a m d e n .230
1 G e o . B . N e w to n C o a l, p r e f . . 50
8 2-0 W . Jersey T r u s t, C a m d en 251
200 P c n n -W y o m ln g OH-----------------13c.
7 F id elity A D e p . o f M a r y
3
,0
0
0
B ig L ed ge C o p p e r , $5 e a c h . .6 5 c .
la n d , $50 e a c h ..........................11554
203 M fr s . F in an ce (B a lt .), p ro f.,
Bonds.
P ercen t.
$25 e a c h ..................................... 2554
$ 2 ,0 0 0 C it y o f O il C it y , P a ., 454s,
1 E'irc A ssoc, o f F h ila ., $50 p a r . 320
1923-25 ............................
230 R ig h ts t o sub scrib e t o T h ird
1.000 C a m d en A S u b . R y . 1st 5s,
N a t . B a n k a t $ 2 0 0 ________ 25
1 9 1 6 ..................................................... 8654
138 R ig h ts t o sub scrib e t o T r a d e s
5 .0 0 0 K e y W est G a s 1st 6s, 1 9 3 1 . 35
m en’ s N a t. B a n k a t $ 2 0 0 .. 3054
2 2 ,5 0 0 P h lla . A E a ston E le c . R y .
3 R ig h ts t o su bscrib e t o C o m
1st 5s, 1927, c t fs . d e p .................. 19
m ercial T ru st a t $ 2 0 0 ------- 90
National Banks.— The following information regarding
national banks is from the offieo of the Comptroller of the
Curroncy, Treasury Department:
APPLICATIONS TO CH ARTER.
For organization of national banks:
Capital.
The First National Bank of Glen Haven, Wisconsin................... §25,000
Correspondent: Henry Walz, Glen Haven.
Tho St. Clair National Bank of Belloville, Illinois____________ 150,000
Correspondent: Arthur Kidman, Belloville.
Tho First National Bank ot Claremont, South Dakota________ 25,000
Correspondent: J. M . Aarnos, Claremont.
Tho Farmers A Moclianics National Bank of Williamstown.W.Va 40,000
Correspondent: J. J. Lorontz, VVilliamstown.
Tho Iron National Bank of Ironwood, Michigan.................: ------ 100,000
Correspondent: Seldon B. Crary, Ironwood.
The Growers National Bank of Fresno, California____________ 200,000
Corrospondont: Chas. Dotoy, Fresno.
For conversion of State banks:
The Central National Bank & Trust Co. of Monroe, Louisiana.. 250,000
Conversion of Tho Central Savings A Trust Co. of Monroe.
Correspondent: Travis Oliver, Monroe.
Tho American National Bank of Virginia, Minnesota_________ 100,000
Conversion of tho American Exchange Bank of Virginia.
Corrospondont: G. A. Whitman, Eveloth, Minn.
----T o ta l........................................................................................ $890,000
CHARTERS ISSUED.
° l'i^io lFirstaNaUonal Bank of Waconia, Minnesota____________ $25,000
President, O. II. Klein; Cashier, P. II. Simons.
The Kerens National Bank, Kerens, Texas___________________ 80,000
President, J. C. Walker; Cashier, E. E. Nottler.
Tho First National Bank of Now Richmond, Wisconsin_______ 25,000
President, Martin Lynch; Cashier, Scott A. McHenry.
Tho Citizens National Bank of Hooversvillo, Pa_____________
25,000
President. Earl C. Ober; Cashier, II. II. Dull.
The First National Bank of Brownfield, Toxas______________
25,000
President 11. II. Longbrake; Cashier, R. M . Kendrick.
The Farmers National Bank of Pomeroy, Washington------------ 50,000
President Geo. II. Waterman; Cashier. Roy Robinson.
The Bevans National Bank of Monard, T exas........................— 100,000
P r e s ii di e_i.
n t , ur.«
W m . llavonc
l lo v a n s ; rC’nuhlor
a s h ie r , f!i»n
G oo. H
C. M
S funcrnl
t e n g e l, 8UCCC(XlS
th o B a n k o f M o n a rd
Total______________ - _________________________________$330,000
CHARTERS E XT E N D E D .
Tho First National Exchange Bank of Sidney, Ohio.
■mt.il
rieso of business August 1 1939.
until closo
Charter extended
INCREASES OF CAPITAL APPROVED.
Amount
Tho First National Bank of Divornon, Illinois. Capital increased
from $25,000 to S50.000-- - - - - - - - - - - - - - - - - - - - - - - - - ...........Tho First National Bank of Claxton, Georgia. Capital increased
Tho°First'National'Y'l?u?k^Y"Barbourvi]]o, Kentucky. Capital "in
creased from $ 15,000 to $50,000 - - - — - --------- - - - - - - - - ---------Tho Lufkin National Bank, Lufkin, Texas. Capital increased
from $75,000 to $ 1 0 0 ,0 0 0 - - - - - - - - - - - - - .............. . . . . . . . . . . . . .
The Merchants National Hank of Montgomery, West Virginia.
Capital increased from $25,000 to $50,000— ---------------------- Tho First National Bank of Dodgo, Nebraska. Capital increased
from $25,000 to $50,000- — - ------------- ---------- - - - - - - - - - - - - -
The First National Bank of Emporium, Pennsylvania. Capital
Increased from $100,000 to $ 2 0 0 ,0 0 0 ... - - - - - - - - — '■
----- - - - - Tho National Bank of Commerce of Wichita Falls, Texas. Capital
The OH Belt National Bank of Oblong. Illinois, Capital increased
from $25,000 to $50,000....................................
Total
- - - - - - - - - - - - - - 3 1 0 0 ,0 0 0
451
THE CHRONICLE
A u g . 2 1919.]
Clearings at—
I n c . or
D ec .
1918.
Canada—
M o n t r e a l ...............................
T o r o n t o .......................... - W i n n i p e g ------------------V a n c o u v e r ...................... O t t a w a ____________
Q u e b e c .................................H a l i f a x .....................................
S t . J o h n --------------------H a m i l t o n __________
C a l g a r y .................................
L o n d o n _____ _____
V i c t o r i a ___________
E d m o n t o n ________
R e g i n a ____________
B r a n d o n __________
S a s k a to o n ________
M o o s e J a w .......................
L e t h b r i d g e .......................
B r a n t f o r d ________
E’ o r t W i l l i a m .................
N e w W e s tm in s te r.
M e d ic in e H a t ................
P e t e r b o r o u g h ................
S h e r b r o o k e _______
K i t c h e n e r ...........................
W i n d s o r ___________
P r in c e A l b e r t _____
116,954,513 87,973,944
7 1,310,334 6 3 .3 6 2 .8 7 5
3 3,156,267 25.2 8 7 .8 7 6
9 ,434,727
11,453,376
6,397,281
7,176,981
6 ,578,569
5,5 5 4 ,5 1 0
3 ,872,313
4 ,461,364
2 ,3 7 7 ,6 7 "
3,3 8 9 ,4 8 0
4 ,760,288
5,663,351
4 ,7 6 4,143
5 ,9 5 5,167
2,1 5 3 ,5 4 7
2,9 3 3 ,9 1 5
1,948,591
2 ,4 1 2,829
2,932,712
3 ,8 8 4,813
2 ,916,719
3 ,4 4 4,793
449.000
677,529
1,480,896
2,0 0 5 ,9 8 6
1,234,349
1,518,389
8 2 5 .000
629,810
819,032
1,079,788
729,112
762,559
358,370
506,287
380,556
410,011
563,356
688,214
767,834
709,217
559,504
790,657
1,398,408
1,997,074
173,459
343,354
T ota l C a n ad a.
2 8 8 ,870 ,56 8 233 ,500 ,13 2
%
+ 32.9
+ 12.5
+ 31.1
+ 21.4
+ 12.2
—0.4
+ 15.2
+ 42.6
+ 19.0
+ 25.0
+ 36.2
+ 23.8
+ 32.5
+ 18.1
+ 28.5
+ 35.5
+ 23.0
—23.7
+ 31.8
+ 4.6
+ 41.3
+ 7.8
+ 22.2
—7.5
+ 41.3
+ 42.8
+ 97.9
7 5 ,8 58,819 6 9 ,0 0 9 ,9 4 2
5 7,557.827 4 7 ,9 37,081
4 0 .0 5 5 ,4 5 5 4 0 ,8 9 1 ,7 8 2
5 .9 2 8 ,4 1 8
8,399,454
4 ,5 1 2 ,8 0 3
5 ,165.137
3 ,2 3 7 ,8 7 3
4,5 3 7 ,1 5 5
2 ,2 9 4 ,4 8 2
2 .9 3 6.189
1 ,845,158
1,786,552
3 ,4 9 1 ,2 5 7
4 .0 7 2,018
4 ,3 2 3 ,7 1 9
6,3 4 7 ,0 6 5
1,644,826
1,908,513
1,5 5 3 ,5 2 0
1 ,5 4 9 ,2 6 "
2 ,0 2 0 ,8 4 8
2 ,405.882
2 .0 5 2 ,4 3 6
2 ,609,943
714 ,574
583 ,629
1 ,0 8 1,605
1,4 9 6 ,9 0
86 8 ,7 0 0
9 5 4 ,575
473 ,792
748,369
654 ,156
881,982
600 ,242
712 ,75
2 7 7 .533
389,073
357 ,134
4 6 3 ,3 1 "
48 4 ,9 9 0
603,718
4 7 6 ,164
573,615
4 1 8 .534
531,554
+ 23.7 222 ,118 ,77 2 197 ,151 ,56 7
DIVIDENDS.
T h e follow ing shows all tho dividends announced for the
future b y largo or im portant corporations:
D ivid en d s a nn ou n ced this week are printed in ita lics.
100
N a m e o f Com pany.
■
R a il r o a d s (S t e a m ).
A la b a m a G rea t S ou th ern , p referred -----A tc h . T o p e k a & San ta F e, c o m . (q u a r.)
tB a ltim o re & O h io, p referred -----------------Buffalo Rochester <t- Pittsburgh, com m on. .
P referred --------- --------------- ------------------------fC h lc . S t. Paul M in n . & O m ., c o m m o n .
tP referred ................................. — ..............
C in . N . O . & T ex a s P a cific , p ref. (q u a r.)
Cleveland A Pillsb. sp ec. guar. ( q u a r . ) . ..
Regular guar a teed (q u a r .)-------------------Illin ois C en tra l (q u a r .)............... ..................
K eok u k & D es M o in e s, p referred ---------L ou isville & N ash ville
---------- ------------N ew Y o r k O n ta rio & W e s te rn __________
N o rfo l & W estern , c o m m o n (q u a r .)-----Preferred ( q u a r .).........................................
O sw ego & S y ra cu se ...........................................
P en n sylva n ia RR. (q u a r .)-----------------------P eoria & Bureau V a l i e v .............— ...........
P ittsb u rg h <fc W est V irg in ia , p re f. (qu ar.)
R ea d in g C o m p a n y , co m m o n (q u a r .)-----F irst preferred (q u a r .)............... ................
Per
Cent.
A m erica n C a ra m el, p referred ( q u a r . ) . . .
Am erican Chic’e , p ref. (q u a r .).................................
A m erican D ru g g ist S y n d ic a te ......................
A m erican Foreign SecurUles C o ..............................
A m erica n G a s & IClectrlo—
C o m m o n (p a y a b le In co m m o n s t o c k ) .
A m er. H ide A Leather, p r ef. (q u a r.)................
Preferred (e x tra ).....................................................................
A m . La F ra n ce Fire E n g ., I n c .,c o m .(q u .:
A m erican Radiator, com m on (q u a r .)--------Preferred (q u a r.)...............................................................
A m erican R o a d M a ch in e ry , pref. (q u a r.)
A m erica n S od a F ou n ta in ( q u a r .) ...............
A m erica n Sugar R efin in g , c o m . (q u a r .).
C o m m o n (e x t r a ).......... .................................
P referred (q u a r.) (N o . I l l ) -----------------A m or. S u m atra T o b a c c o , p ref. ( N o . 1 9 ).
A m er. Teleg. A Cable (q u a r .)----------------------A m . W at. W ks. A E l., Inc., p r ef. (qu.
A m erican W indow G lass, preferred ...............
A m osk ca g M a n u fa ctu rin g , c o m m o n . . .
A n a co n d a C o p p e r M in in g (q u a r .)..........
A ssociated D r y G o o d s C o r p ., 1st p f.(q u .
S econ d p referred (q u a r .).........................
B eth leh em S teel, c o m m o n (q u a r .)..........
C o m m o n B ( q u a r .) — .............................
N o n -cu m u la tiv e p referred (q u a r.) —
C u m u la tiv e co n v e rtib le p referred (q u .
Bigelow -H art ford Carpet C orp ., com m on .
Preferred ( q u a r . ) . . .......................................................
Bond A .Wort/are Guarantee (q u a r .)-------
Books Closed.
D ays Inclu sive.
A u g. 28
Sept. 2
Sept. 2
Vug. 15
A u g. 15
Vug. 20
Vug. 20
S ep t. 2
S ep t. 1
S ep t. 1
S e p t. 2
A ug. 4
A u g . 11
A u g. 20
S e p t . 19
A u g. 19
A u g. 20
A u g . 30
A ug. 9
A u g . 30
Vug. 14
S ep t. 11
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
Ulers
Iders
H olders
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
Vug.
S ep t.
S ep t.
O ct.
O ct.
S ep t.
Vug.
S e p t.
Aug.
S e p t.
S ep t.
A u g.
Vug.
S ep t.
J u ly
A u g.
15
1
1
1
1
1
15
1
15
2
2
15
15
1
31
15
H old ers o f re c .
H old ers o f rec.
H old ers o f re c .
H old ers o f rec.
H old ers o f rec.
H old ers o f re c .
A ug. 1
to
H old ers o f re c .
H o ld e rs o f rec.
H old ers o f rec.
H old ers o f re c .
H old ers o f rec.
H old ers o f rec.
H o ld e rs o f re c .
H old ers o f rec.
H o ld e rs o f re c .
A ug.
A ug.
A ug.
S e p t.
S e p t.
A ug.
A ug.
A ug.
J u ly
A ug.
A ug.
J u ly
J u ly
A ug.
J u ly
A ug.
2a
15a
15a
15a
15a
15a
15
16
31
18a
18a
31
31
9a
21a
2
7 5c. A u g .
7 5 c. O ct.
1 M A ug.
l'A A u g .
A ug.
2
i Y O ct.
4 0 c. S ep t.
A ug.
5
15
1
15
15
9
1
15
15
H old ers
H old ers
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H old ers
A ug.
S e p t.
J u ly
J u ly
A ug.
S ep «.
J u ly
A ug.
la
15a
31a
31a
la
2Q
31a
11
$1.75
1 'A
2
2
3
2y
3X
IX
*1
*\X
IX
3'A
3'A
1
lX
1
4X
7 5 c.
4
1Y
$i
5 0c.
S t r e e t a n d E l e c t r ic R a ilw a y s .
IX
A m erican R a ilw a y s, p rof, (q u a r .).............
Y
C ities Service C o . , c o m . & p ref. (rn th ly ).
C o m m o n (p a y a b le in co m m o n s t o c k .. ! 1
Y
C o m m o n an d preferred ( m o n t h ly )-----C o m m o n (p a y a b le In co m m o n s t o c k ) . n
Cities Service, Ba kers shares (m o t h i y ) .. 4 9 .1 c.
1X
C o n n . R y . <t L t g ., c o m . & pref. ( q u . ) . . .
2
D etroit V' Ued Ry. (q u a r .)...............................................
IX
M o n tre a l L ., H . & P . C o n s o l'd ( q u a r . ) . .
N orthern Texas E lec. C o ., com . ( q u a r . ) . ..
P referred-------------------------------------------------------- ♦3
iY
P a cific Gas A E lec., 1st pref. (q u a r.)------1Y
O rlgl al preferred ( q u a r . ) . . ..................................
$1.25
P h iladelph ia C o ., 5 % p r e fe rr e d -...............
$1.25
P h iladelph ia R a p id T ra n sit (N o . 6 ) -------2 Yi
Tam pa Electric C o. (q u a r .)............................................
M is c e l la n e o u s .
A m erican B a n k N o te , c o m m o n ( q u a r . ) . .
P referred ( q u a r . ) . . . ..................................
A m erica n Brass (q u a r .)----------------------------
W hen
Payable.
nx
IX
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
df
of
of
of
of
of
of
of
re c .
re c .
rec.
re c .
re c .
rec.
re c .
re c .
re c .
re c .
rec.
rec.
rec.
re c .
re c .
rec.
rec.
re c .
rec.
rec.
rec.
re c .
J u ly 19a
J u ly 31a
J u ly fl9 a
A u g . 11
A u g . 11
A ug. t la
A ug. j l a
A u g . 23a
A ug. 9
A ug. 9
A u g . 6a
J u ly 24a
J u ly 21a
A u g . 2a
A u g . 30a
J u ly 31a
A u g . 7a
A ug. la
J u ly 31a
A u g . 14a
J u ly 24a
A u g . 26a
re c .
re c .
rec.
rec.
red.
re c .
re c .
re c .
O ct.
1 H o ld e rs o f re c . Jun e 20
O ct.
1 H o ld e rs o f re c . S e p t. 13
O ct.
1 H old ers o f re c . S e p t. 13
A u g . 15 H o ld e rs o f re c . A u g . 8
S ep t. 30 'H o ld e rs o f re c . S e p t. 22
*4
♦IX Vug. 15 ♦H olders o f rec. A u g . 7
IX A u g. 15 A u g . 1 t o A u g . 14
l'A A u g. 15 H o ld e rs o f r e c . A u g . 1
IX O ct. 2 H o ld e rs o f re c . S e p t. 2a
X O ct. 2 H o ld e rs o f re c . S e p t. 2a
IX O ct. 2 H o ld e rs d f re c . S e p t . 2a
3'A S ep t. 1 H o ld e rs o f re c . A u g . 15a
*IX S e p t. 1 ♦H olders o f re c . A u g . 31
IX V ug. 15 H old ers o f re c . A u g . 1
*3'A S ep t. 1 ♦H old ers o i re c . A u g . 20
$1.25 A u g . 2 H o ld e rs o f re c . J u n e 24
$2.25 A u g . 2 H o ld e rs o f re c . J u n e 24
A u g. 25 H o ld e rs o f re c . J u ly 19a
$1
1 Y S ep t. 2 H o ld e rs o f rec. J u ly 29a
IX S e p t. 2 H o ld e rs o f r e c . J u ly 29a
IX O c t . 1 H o ld e rs o f re c . S e p t. 15a
IX O c t . 1 H o ld e rs o f re c . S e p t. 15a
IX O c t . 1 H o ld e rs o f re c . S e p t. 15a
O ct.
1 H old ers o f re c . S e p t. 15a
2
Vug. 1 H old ers o f re c . J u ly 29
3
A
u
g
.
1 H old ers o f re c . J u ly 29
IY
A u g . 15 H old ers o f r e c . A u g . 8
4
2
2
THE CHRONICLE
453
Name o f Company.
Per
Cent.
Continued
Miscellaneous (
)—
Borden'8 Condensed Milk, common.
Preferred (q u a r.).............................
Preferred (quar.).....................................
4
When
Payable.
Books Closed.
Days Inclusive.
[V o l . 109.
Per
Cent.
Name o f Company.
When
Payable.
Books Closed.
Days Inclusive.
(Concluded)
While (J. G.) Engineering, pref. (qu ar.)..
White (J. G.) Management (quar.) _______
M is c e l la n e o u s
A u g . 15 H o ld e rs o f rec. A u g . la
H old ers o f rec. A u g . 15
IK S ep t.
S e p t . 15 H old ers o f rec. A u g . 30a
H old ers o f rec. A u g . 15
IK S ep t.
D e c. 15 H old ers o f rec. D e c . la
W h ite M o t o r (q u a r .) _____________________ ♦SI
S ep t. 30 ♦H olders ot rec. S e p t. 15
A ug. 21 H old ers o f rec. A u g . 9
W llly s -O v e rla n d , c o m m o n (q u a r .) _______ 2 5 c. A u g . 1 H old ers o f rec. J u ly 21a
3
A u g . 21 H old ers o f rec. A u g . 9
W ilso n & C o ., co m m o n (q u a r.)
IK A u g . 1 H old ers o f rec. J u ly 21a
Brompton Pulp & Paper (quar.)..............
IK A u g.
H old ers o f rec. J u ly 31
W o o lw o r t h (F . W .) C o ., c o m . ( q u a r . j . I I
2
S e p t. 1 H old ers ot rec. A u g . 11a
Brooklyn Edison (quar.)______ _________
2
Sept.
H o ld e rs o f rec. A u g . 21a
Brunswlck-Balke-Collender, com. (qu.).
IK A u g. 15 ♦H olders o f rec. J u ly 25
. * F f.o m u n officia l sou rces, t D ecla red s u b je ct t o th e a p p ro v a l o f D ir e c to r-G e n e r a 1
_______________ *S2
S e p t . 13 ♦H olders o f rec. A u g . 23
Burns Bros., common (quar.)___________
2 IS A u g . 15 H old ers o f rec. A u g . la „ , B a ilrea d s. . } T,he N e 'Jr Y o r k S tock E x ch a n g e has ruled th a t sto ck w ill n o t b e
q u o te d ex -d iv ld en d on this d a te an d n o t until furth er n otice.
Common (payable in common stock). / 2 K
A u g . 15 H old ers d f rec. A u g . ' la
d T ra n sfer b o o k s n ot closeu for this d iv id e n d , b Less B ritish in com e t a x . d C o r
. ) . . ...................... ........
2K A ug
J u ly 24
to
A ug. 1
r ection . e P a y a b le in s to c k . / P a y a b l e in c o m m o n s to c k , g P a y a b le In scrip .
By-Products Coke Corporation (quar.).. *1K A u g . 15 ♦H olders o f rec. J u ly 31
A O n a cc o u n t o f accu m u la ted d iv id e n d s. 1 P a y a b le In L ib e rty L oa n b o n d s. I R e d
Canada Cement, preferred (quar.)______
IK A u g . 16 H o ld e rs o f rec. J u ly 31
C ross d iv id e n d , m P a y a b le In U . S . L ib e rty L oa n 4 K % b o n d s, n A t rate o f 7 %
3
A u g . 15 H old ers o f rec. J u ly 31
per a n n u m fo r the 3 x
/n m on th s en d in g A u g . 31.
.......................... .......... ..
IK A u g . 15 H old ers o f rec. J u ly 31
Canadian Converters’ , Ltd. (q u a r.)..I .
IK A u g . 15 H old ers o f rec. J u ly 31
Cedar Rapids Mfg. & Power (quar.)____
A
u
g
.
15
K
H old ers d f rec. J u ly 31
5
A u g. 1 H old ers o f re c . J u ly 24a
S t a t e m e n t o f N e w Y o r k C it y C le a r in g H o u s e B a n k s
............................
US A u g . 1 H old ers o f rec. J u ly 24a a n d T r u s t C o m p a n ie s .— T h e follow ing detailed sta tem en t
_____
IK A u g. 1 H old ers o f re c . J u ly 25a
Colorado Fuel & Iron, com. (quar.)
K A u g . 20 H old ers o f re c . A u g . 5a shows the condition of the N e w Y o r k C ity Clearing H o u se
Preferred (quar.)....... ...................
2
A u g . 20 H o ld e rs o f rec. A u g . 5a
m em bers for the week ending July 2 0 .
T h e figures for tho
Columbia Gas & Electric (quar.)
1
A u g . 15 H old ers o f rec. J u ly 31a
Consolidated Cigar, pref. (No. ) .
separate banks aro the averages of the daily results.
In tho
(n)
S ep t. 1 H o ld e rs o f re c . A u g . 15
*1K S ep t. 15 ♦ H olders o f rec. A u g . 12
case of to ta ls, actual figures at end of tho week aro also given:
_____________
*3 *-S A u g. 20 ♦H olders o f rec. A u g . 10
*15c. A u g . 15 H old ers o f rec. A u g . 8
N E W Y O R K W E E K L Y C L E A R IN G H O U 8E R E T U R N .
US A u g . 15 H old ers ot rec. A u g . 8
1.0091
i
Cresson Cons. Gold. M . A M . (mthly.
10c. A u g . 11 H o ld e rs o f re c . J u ly 31
................
"
U K S e p t . 1 ♦H olders o f rec. A u g . 15
__________
*2
S e p t . 15 ♦H olders o f rec. A u g . 30
Dominion Bridge, Ltd. (quar.)..
2
A u g . 15 H o ld e rs o f rec. J u ly 31
Eastman Kodak, common (extra)____
5
S ep t. 1 H old ers o f rec. J u ly 31a
N a t ’ l, J u n e 3(
Elsenlohr (Otto) Bros., Inc., com. (qu.
1
A u g . 15 H old ers o f rec. A u g . l a
Foundation Co., common____________
£ S t a t e . J u n e 3(
$5
A u g . 15 A u g . 9
to
A u g . 14
Com m on________________________
9.
T
r .C o s .J u n e 3i
$5
O ct. 15 A u g . 9
to
A u g . 14
Preferred (quar.)............- I I I I I I I I I
2
A u g . 15 A u g . 9
to
A u g . 14
Preferred (extra)....................
1
A u g . 15 A u g . 9
to
A u g . 14
.....................................
k
S
*
*
SI
A u g . 20 H old ers o f rec. A u g . 11a
*
S
$
$
$
................
A
2,0(X
5,86"
53,087
436
5,89IK A u g . 1 J u ly 26 t o
36,40.’
2,24!
J u ly 31
751
).
2 ,5 0
Gaston, Williams A Wlgmore (quar.)..
7 ,640
65,803
50c. A ug. 15 H o ld e rs o f rec. A u g . la
1,719
5,69
5 6 ,3 9 '
6
it
1
3
,00
f3
,0
4
General Chemical, common (quar.)__
2
34,448
529
S ep t. 2 H o ld e rs o f rec. A u g . 21a
3,29,’
24,791 - 1,584 1,807
6,00( 12,39i
General Cigar, pref. (quar.)_________
158,332
9,788 19.86J
IK S ep t. 2 H o ld e rs o f rec. A u g . 25a
145,434 ,6 0 , 3 ,7 4 3
.
1,50<
Gillette Safety Razor (q u a r.)................
6 ,9 3 '
33,013
S2.50 A u g . 30 H old ers o f rec. J u ly 31
1,050
3,395
.........
26,441
. 25,001 5 4 ,3 1:
Goodrich (B. F.) Co., com. (quar.)____
513,641 14,849 77,911
1
A u g . 15 H o ld e rs o f rec. A u g . 5
♦606,981 26,017 1 ,4 2 5
C h em ica l N a t . .
3,001
Common (quar.)......... ..............
9,851
1
8 3 ,915
1,724
N o v . 15 H old ers o f rec. N o v . 5a
8 ,4 5
57,972
7,175
441
Preferred (quar.)___________________
.
1,00<
97
19,133
41
2,261
IK O ct. 1 H old ers o f rec. Sept.dlOa
16,822
507
144
)r
301
Goodyear Tire A Rubber, com. (quar.)
125
3
4,477
135
S e p t. 1 H old ers o f rec. A u g . 15
517
3,77
291
it
5,000
__________
6.317, 128,483
2
1,707 13,14A u g . 11 H old ers o f rec. A u g . 11a
9 8 ,00
6.13C 4 ,9 2 3
.
25,00(
___
2
6
,8
4
0
375
.869
2,654
A
u
g
.
1
38,529
288,111
IK
4,851
H olders o f rec. J u ly 2Da
.
5 01
1,164'
19,490
1,265
_
2,970
US S e p t. 1 H old ers o f rec. A u g . 20
19,2(H
X h7.00( hO ,500 121,022
Hart.Schaffner A Marx, Inc., com. (qu
1
6,010 11,571
A u g . 30 H old ers o f rec. A u g . 20a
92,121 10,290 2 ,824
.
3,00(
Haskell A Barker Car (quar.)___
1
8
,I
lf
133,391
SI
4,594 18,497
O ct.
1 H old ers o f rec. S ep t. 15a
130,140
150
.
2,551
Hercules Powder, pref. (q u a r.)...........
3,275
42,797
031
4,867
*1K A u g . 15 ♦H olders o f rec. A u g . 5
3 5 ,32f
376
983
M e t r o p o lit a n .. .
2,000
2,531
Illuminating A Power Secur., pref. (qu
50,199
2,123
3,537
IK A u g . 15 H old ers o f rec. J u ly 31
25,677
4
.
4,201
8,311
Indiana Pipe Line (quar.)______
122,361
$2
5,492 16,186
A u g . 15 H old ers o f rec. J u ly 18
127,391
4,026
_____________
t
1,501
8,161
42,106
*2
626
S ep t. 1 ♦H olders o f rec. A u g . 9
3,257
25,045
50
57
_
5,000 19,991
203,954
1,721 22,891
IK S ep t. 2 H old ers o f rec. A u g . 9
170,696
2,853 4,791
.
1,000
606
10,342
373
1,517
2 IS A u g . 15 H o ld e rs o f rec. A u g . 11
10,724
362
50
.
1,00C
4,139
Kamlnlstlqula Power, Ltd. (quar.)___
20,308
2
882
A u g. 15 H old ers o f rec. J u ly 31
2,422
16,882
640
. 10,000 33,348
303,576
1,435 18,714
US A u g . 1 H old ers o f rec. J u ly 15a
148,562
1,115 8 ,2 2 6
........... ........ ..............
k
4,500
6,712
122,026
3 ,837 16,508
117,193
IK A u g . 1 H old ers o f rec. J u ly 15a
1,429 1,426
t
1,000
Keystone Tire A Rubber, common__
414
12,446
/1 5
614
1,681
S ep t. 15 H old ers o f rec. S ep t. 2a
12,426
197
646
.
1,000
Lake of the Woods, com. (quar.).
719
7,731
3
171
S ep t. 1 H old ers o f rec. A u g . 20
1,052
6,542
< 10,000 18,478 340.368
Preferred (quar.).................................
9,054 40,673
S ep t. 1 H old ers o f rec. A u g . 20
IK
303,567 11,926 1.10O
.
6500 62,227
Lehigh Coal A Navigation (quar.)____
23,372
1,105
*1
2,567
A ug. 30 H old ers o f rec. J u ly 31a
19,128
.
200
886
(
8 ,190
3
340
988
S ep t. 1 H old ers o f rec. A u g . 15
6,932
.
400
748
Lima Locomotive Works, Inc., pf. (qu.
8,459
413
1,129
A ug. 1 1 H old ers o f rec. J u ly 31a
8,158
IK
.
1,000
2,118
Manatl Sugar, common (quar.).
17,161
1,162
2,282
S
ep
t.
2K
2 H old ers o f rec. A u g . 15
16,677
210
25
.
1,000
Common (extra)______ ______________
1,377
14,748
368
1,749
2 K S ep t. 8 H old ers o f rec. A u g . 28
13,452
394
31
250
398
Common (payable In common stock)
9,765
283
/5
S ep t. S H old ers o f rec. A u g . 28
1,068
7,913
381
248
1,000
3,971
May Department Stores, com. (quar.)
53,709
1,053
7,741
S ep t. 1 H old ers o f rec. A u g . 15a
52,268
IK
1,500
70
. 3 ,0(X)
Miami Copper Co. (quar.)...........
4,737
73,487
528
5 0 c. A u g . 15 H old ers o f rec. A u g . la
7,341
56,322
2.422 1,963
:
1,500
1,388
2 2 ,6 4 0
982
1,661
12,045
* 2 K S ep t. 15 ♦H olders o f rec. A u g . 31
416
412
..........................
;
1,000
1,288
16,732
498
2 ,359
17,623
♦ I K S ep t. 1 ♦H olders ot rec. A u g . 15
394
393
B rook ly n T r C o .
1,500
2,473
Middle States Oil Corporation—
45,968
788
3,446
26,447
5,925
B ankers T r C o
15,000 17,766 309,373
Monthly (No. 23)_____________
lc .
1,151 32,398
S ep t. 1 H old ers o f rec. A u g . 20a
259.60S 11,361
2,0
0
0
Monthly (No. 24)_____________
4,500
68,988
748
lc .
O ct.
6,784
1 H old ers o f rec. S ep t. 20a
49,652
6,215
25,000 29,479 524,868
Payable In stock______________
3,582 56,725
elO c. S ep t. 1 H old ers o f rec. A u g . 20
♦485,551 31,658
1,000
1,300
Montreal L., II. A Power (quar.)
15,566
1
327
1,432
A u g. 15 H old ers o f rec. J u ly 31
11,137
458
5,000
National Acme (quar.)________________
7,037
84,921
1,040 11,108
7 5 c. S ep t. 1 H old ers o f rec. A u g . 15a
72,421
0,965
1,200
1,600
National Biscuit, common (quar.)_____
29,304
986
2,813
27,281
O ct. 15 H old ers o f rec. S ep t. 30a
IK
1,922
3
,000
Preferred (quar.)_____________
11,009
92,831
476
7,432
60,715
2,469
IK A u g . 30 H old ers o f rec. A u g . 16a
1,000
1,389
23,961
481
♦2
2 ,605
17,023
1,810
S e p t. 30 ♦H olders o f rec. S ep t. 19
1,000
729
__
20,273
457
2 ,756
18,794
IK Sept .3 0 H old ers o f rec. S ep t. 12
1,222
2,000
..........................
4,440
45,606
756
4,378
32,876
l.K Sept .1 5 H old ers o f rec. A u g . 22
1,304
1,000
New Jersey Zinc (quar.)________
1,242
16,198
356
4
A ug
9 H old ers o f rec. J u ly 31
1,140
11,340
696
50
2 ,250
1,168
North American Co. (quar.)____
56,641
2,505
8,013
59,801
♦IK O ct. 1 ♦H olders o f rec. S ep t. 15a Irv in g T ru st C o
1,606
F a rm L oan & T i
5,000 12,246
________ SI
121,576
4,254 15,166
Sept
1 H o ld e rs o f rec. A u g . 15
♦146,160 10,130
C olu m b ia Bank
1,000
732
Ontario Steel Products, pref. (q u a r.)...
16,949
615
1,760
16,006
419 —
IK A u g. 15 H old ers o f rec. Julyd.31
Preferred (acct. accumulated d lv s .)... AIK A u g. 15 H old ers o f rec. J u ly d 3 l
A v e ra g e .
2 0 5 ,3 5 0 3 8 3 ,0 5 0 ■ ,743,604
Pcnman8 Limited, common (quar.)
IK A u g. 15 H old ers o f rec. A u g . 5
Pennsylvania Coal A Coke (quar.)
*1
A u g. 11 H old ers o f rec. A u g . 6a
Pittsburgh Oil A Gas (quar.).. .
2K A ug. 15 H old ers o f rec. J u ly 31a T o ta ls , actu a l c o n d it io n IJuly 26
Pittsburgh Steel, pref. (quar.)..................
IK Sept 1 H old ers o f rec. A u g . 15a T o ta ls , a ctu al c o n d it io n J u ly 19
T o ta ls , actu al coln dltlon J u ly 12
Pressed Steel Car, common (quar.)
2
Sept 3 H old ers o f rec. A u g . 13a
Preferred (quar.)...................... ........
IK A u g. 26 H old ers o f rec. A u g . 5a T o ta ls , a ctu al c o n d it io n J u ly 5
Procter A Gamble, common (quar.)__
5
A u g. 15 J u ly 24
to
A u g . 17
State Banks. Not Me'mbersof
Com. (extra, pay. In new com. stock). f\
A u g. 15 J u ly 24
to
A u g . 17
G reen w ich B ank
500i 1,592
Producers A Refiners Corp., pref. (quar.) ♦IK A u g. 4 ♦H olders o f rec. J u ly 20
B
ow ery B a n k . .
250
829
Pullman Company (quar.).. _
2
A u g . IS H old ers o f rec. J u ly 31a
Quaker Oats, pref. (quar.)
1,000 1,346
IK A u g. 30 H old ers o f rec. A u g . la N Y P rod E x c h .
2,000;
1,031
Stato B a n k ____
Rlordon Pulp A Paper, Ltd., com. (qu.)
2K A u g. 15 H old ers o f rec. A u g . 11
Preferred (quar.)________
IK Sept. 30 H old ers o f rec. S e p t. 24
A v e ra g e ________
3 ,7 5 0
4,799
Royal Dutch Co_______ ________I I I I I I I *3.0935 A u g . 8 H old ers o f rec. J u ly 7
Santa Cecilia Sugar Corp., com. (No 1)
IK N o v . 1 H oi lers o f reC. O c t . 25a
T
o
ta
ls
,
actu
a
l
c
o
e
d
itio
n
'July
26
Preferred (quar.) (No. 5 )..................
IK N o v . 1 H old ers o f rec. O c t . 25a
T o ta ls , actu a l c o n d ition 'J uly 19
IK S e p t . 15 H old ers o f rec. A u g . 31
T o ta ls , a ctu al c o n d ition [July 12
...............................
S
e
p
t
.
15
IK
H old ers o f re c . A u g . 31
T o ta ls , actu a l c o n dition [July 5
______
IK S ep t. 15 H old ers o f re c . A u g . 31
Sears, Roebuck A Co., com. (quar.j.II
2
Vug. 15 H oi lers o f rec. J u ly 31a
Semet-Solvay Co. (quar.).
”
Trust Companies.
♦2
A ug. 15 H old ers o f rec. J u ly 31
T itle G u a r & Tr;
____I I I I I I I
IK A ug. 15 H old ers o f rec. A u g . 7
Slosa-Sheffleld Steel A Iron, com. (quar.)
IK A ug. 11 H old ers o f rec. J u ly 28a L a w yers T A Ti
Smith (A. O.) Corp., pref. (quar.)
IK A u g. 15 H old ers o f rec. A u g . la
..................
j 9,00oj 17,881
65,145) 1,732' 4,716
♦2
A u g. 15 ♦H olders o f rec. J u ly 31
4 2 ,0 3 0
1,106
________ _____ ________" I I I I I I I
*1
A u g. 15 ♦H olders o f rec. J u ly 31
T o ta ls , actu a l c o n d itlo n lJ u ly 26
6 5 ,372
1,727
4 ,940
IK A u g. 15 H old ers o f rec. J u ly 31
n d lt lo n 'J u ly 1£
..................
64,823
1,677
5
4,895
S ep t. 2 H old ers o f rec. A u g . 15
T o ta ls , a ctu al co n d ltlon J u ly 12
Standard Milling, common (quar.).
6 3 ,933
1,908
2
4,201
A u g. 30 H old ers o f rec. A u g . 20
T o ta ls , a ctu a l c o n d ltlon 'J u ly £
Common (extra)......... ........
6 3 ,710
2,033
2
4,207
A ug. 30 H old ers o f rec. A u g . 20
Preferred (quar.).........
............
IK A u g . 30
G r'd a g g r ., a v g c 2 1 8 ,1 0 0 4 0 5 ,7 3 2 4 ,9 0 8 ,825| 110(773 542,998
.)
* 2 K Sept. 15 H o ld e r s o f rec. A u g . 15
C om p a rison , pre v . w eek
.......... - 1 0 4 ,588|— 3 ,5 0 3 j-3 0 ,937
”
4
-6 7 ,8 6 2 +11,895 — 12
Sept. 15 H old ers ot rec. A u g . 27
Standard Sanitary M fg., com. (quar )
2
Vug. 9 H old ers o f rc c. J u ly 31
G
r ’d aggr
Preferred (quar.)_______
e l , 00 7 ,4 5 5 194,858 3 7 ,462
IK A ug. 9 H old ers o f rec. J u ly 31
C om p a rison , pre v . w eek
Stewart M fg., pref. (quar.).. I I I I I I I I I . *$2
9 7 ,0 5 4 — 2 ,3 5 8 -1 0 ,0 1 ! — 106,354 + 1(0 2 8 — 310
A u g . 15 'H old ers o f rec. J u ly 15
Stewart-Warner Speedometer (quar.)
2
A u g . 15 J u ly 30
to
A ug. 5
G r ’d a g g r, a c t ’ l c o n d ’ n J u ly 19 4,958,1171110,920 559JHM) •4,113,809 18 0 ,8 3 0 3 7 /7 7 2
Superior Steel, 1st A 2d pref. (quar ) ’
2
Aug. 15 H old ers o f rec. A u g . la
G r ’d a g g r, a c t ’ l c o n d ’ n J u ly 12 5,0 3 6 ,8 2 5 116,123 559,793 4 ,0 6 3 ,5 0 0 174,295 3 7 ,834
______
*4
Oct. 1 ♦H olders o f rec. S ep t. 20
G r ’d a ggr, a c t ’ lc o n d 'n [July a 5 ,0 1 1,433 105.089 530,239 4 ,0 4 2 ,5 3 5 1 6 9 ,6 0 5 3 7 ,8 7 6
Tobacco Products Corp., common (qu.)
IK A u g. 15 H old ers o f rec. A u g . la
’ c o n d ’ n 'June 28K ,910,566! 105,8271585+59 4 ,0 2 0,071 1 5 7 ,1 0 0 3 7 ,9 9 0
Underwood Typewriter, com. (q u a r.)...
2
Oct. 1 H old ers o f rc c. S ep t. 5a G r ’d a ggr. a c t T
Preferred (quar.)....... .....................
Oct.
1
IK
H old ers o f rec. S ep t. 5a
United Drug, 2nd pref. (quar.)__ IIIII
♦
In
clu
d
e
s
d
ep
osits Tn foreign b ranches n ot Included In tota l fo o tin g s, as fo llow s:
IK Sept. 1 H old ers o f r c c . A u g . 15a
_________
N a t io n s 1 C it y B a n k , * 1 0 4 ,0 3 2 ,0 0 0 : G u a ra n ty T ru st C o ., *5 1 ,3 8 4 ,0 0 0 ; Farm ers' L oan
1
Sept. 29 A u g . 30 t o
S e p t. 2
..................................H I
&
i
rust
C
o
.,
*
3
7
,4 1 1 ,0 0 0 . B a lan ces carried In ban ks In foreign cou n tries ns reserve
IK Aug. 30 H old ers o f rec. A u g . 4
i0i o oV,?,hr J ^ po? !t3 w ere: N a t,o n a l C “ Y B a n k , *3 0 ,6 6 5 ,0 0 0 ; G u a ra n ty T ru s t C o .,
IK Aug. 1 H old ers o f r c c . J u ly 22
................
*1 8 ,2 2 2 ,0 0 0 ; la r m e r s L oa n & T ru st C o ., *5 ,1 8 2 ,0 0 0 . c D e p o s its In foreign
IK A u g. 1 H old ers o f r c c . J u ly 22
Virginia-Carollna Chemical, com. (extra)
2
Oct. 1 H old ers o f r c c . S e p t. 16a branches not in clu d ed , d U . S . d ep osits d e d u cte d , *1 3 4 ,6 0 5 ,0 0 0 . c U . S . d e p osits
(J. a.)
................
h m ti« ei b o a r i
\ BHls P a y a b le, red iscou n ts, a ccep ta n ces an d oth er lia
IK Sept. 2 H old ers o f rc c. A u g . 15
bilities, * 8 2 9 ,0 6 3 ,0 0 0 . f A s o f J u ly 3 1919. g A s o f J u ly 1 1919. h AS o f J u ly 19 1919
BritishColumbiaFish. APack. (quar
BritishColumbiaPackers' Assoc. (qu.).
IK
IK
IX
BuckeyePipeLine (quar.)
ButlerBrothers(quar
CanadaFoundriesAForgings, com.(qu.).
Preferred (quar.)
ChP
ic.referred
WUm.(q
Aua
Fr.)
ranklinCoal, com. (qu.)
CltnchftetdCoal, pref. (quar.)
1
ConsolidatedGas, NewYork (quar.)
Consumers Co., preferred
Continental Motors Corp., com. (quar.).
Continental Paper Bag, com. Apref. (qu
Deere&Co., pref. (quar.)
DiamondMatch(quar.)
Freeport Texas Co
Gair(Robert) Co., pref. (quar.).
(Statedinthousandsofdollars—that is, threeciphers
omitted
Net Loans,
R
esert
ai’l
Capital Profits Discount, Cash with Net Time N
Bank
Legal Demand De C
ircu
)
ments, Vain
u
lt.
Deposi Deposits. posits. lation.
Ac.
lories.
Average.
Averag Average. Average Avge.
GorhamMfg., com. (quar.)
Grant Motor Car Corp., pref. (quar.)
Harbison-Walker Refract., com. (quar.).
InlandSteel (quar.)
Internal. Harvester, pref. (quar.)
JeffersonA ClearfieldCoal A Iron, Pref.
Kansas CityStockYards, com. (quar.).
Preferred (quar.)
Liggett AMyers Tobacco, com. quar.)..
MichiganSugar, common(quar.)..
Preferred (quar.)
NationalGrocer, common(quar.)..
National Lead, common(quar.)
Preferred (quar.)
OhioCities Gas, common (quar.)
SavageArms Corp., common(quar.)
Firstpreferred(quar.)
Secondpreferred(quar.)
SilversmithCo., pref. (quar.)
SolvayProcess (quar.)
Extra
SouthernCalif. Edison, common(quar )
SouthernPipe Line (quar.)
StandardOil (Calif (quar.) .
StandardOil of New York(quar.)..
Thompson-Starrett Co., preferred
V. S. SteelCorp., com. (quar.)
Preferred (quar.)
United Wire A Supply, pref. (quar.)
Senior preferred (quar.)
White
Co., pref. (quar.)
N]ot MembersofFedleral Reserve Ba
STATEM ENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.
BANKS
Reserve
Cash
in
Total
Reserve
in Vault. Depositaries Reserve.
Trust companies____
Total
Total
Total
Total
July 26-----July 19____
July 12-----July 5 ____
a
Reserve
Required.
S
S
$
532,152,000 532,152,000 514,234,030
0,130,000 15,787,000 15,305,700
9,057,000
0,448,000
4,716,000
6,304,500
1,732,000
$
11.389.000
11.552.000
12.205.000
11.912.000
542.998.000
573.935.000
539.267.000
509.523.000
554.387.000
585.487.000
551.532.000
581.435.000
STATE BANKS AND TRU ST COM PANIES IN N EW
WeekEnded July26.
Averages.
Members Fodcral
Reserve Bank------
45 3
THE CHRONICLE
A u g . 2 1919.]
535,844,290
544,420,010
534,791,070
541,155,060
Surplus
Reserve.
$
17,917,970
481,240
143,500
18,542,710
41,006,990
16,740,330
40,279,340
Capital as of June 30Surplus as of June 30Loans & lnvestments.
Specle---------------------Currency & bk. notes
Deposits with the F.
R. Bank of N . Y - .
Dcposlts ............. ........
Reserve on deposits..
P . C . reserve to dep. -
YORK C IT Y .
Trust Companies.
State Banks.
July 26 Differencesfrom July 26 Differencesfrom
previous week.
1919.
previousweek.
1919.
$
$
$
$
105.550.000
26,000,000
45.708.300
175,548,400
Dec.
17,322,800
615,047,200 Dec. 8,562,100 2,093,849,000
297,400
12,414,700 Dec.
8,494,600 Dec.
371,500
26.251.300 Dec. 1,338,300
30,251,000 Inc. 7,381,200
47,239,500
712,426,500
100,498,400
19.1%
Dec. 6,490,000 219,266,700 Dec. 11,628,600
Dec. 29,239,200 2,141,314,900 Dec. 50,457,200
Dec. 8,380,400 314.792.000 Dec. 4,046,800
Same
18%
Dec.
1.2%
Actual Figures.
Reserve
Cash
Total
in
Reserve
in Vault. Depositaries Reserve.
Members Federal
Reserve Bank____
Trust companies-----Total
Total
Total
Total
July 20____
July 19-----July 12-----July 5 ------
$
9,430,000
1,727,000
11.157.000
11.236.000
11.714.000
12.117.000
b
Reserve
Required.
$
$
S
538,500,000 538,590,000 509,970,860
6,358,000 15,788,000 15,265,080
4,940,000
6,673,000
0,199,650
549.894.000
559.909.000
559.793.000
530.239.000
501.051.000
571.145.000
571.507.000
512.356.000
Surplus
Reserve.
S
28,013,140
522,920
473,350
531,441,590 29,009,410
544,937,790 20,207,210
538,418,730 33,088,270
0,433,700
635,922,300
* Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of Stato banks
and trust companies, but In the case of members of the Federal Reserve banks In
cludes also amount of reserve required on net time deposits, which was as follows:
July 20, $5,265,900: July 19, $1,907,100; July 12, $4,908,420; July 5, $4,824,540.
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: July 26,
$5,405,520; July 19, $5,031,900; July 12, $4,917,510; July 5. $4,909,050.
S ta t e B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H o u s e .— T h e State B anking D opartm on t roports w eekly
figures showing tho condition of Stato banks and trust
com panies in N e w Y o r k C ity not in the Clearing H o u se, as
follow s:
SU M M AR Y OF STATE BANKS AND TRUST COMPANIES IN G REATER
NEW YO R K . N OT INCLU D ED IN CLEARING HOUSE ST A T E M E N T .
Figures FurnishedbgSlate BankingDepartment.
Differencesfrom
July20.
previousu-eek.
Loans and Investments........... ........................................ $789,961,000 Dec. $1,318,000
Specie...............................- ...................................................
9,548,200 Dec.
730,200
Currency and bank notes..................- ...........................
25,130,200 Inc. 7,240,400
Deposits with Federal Reserve Bank of New Y o rk ..
08,761,400 Dec. 1,047,800
Total deposits......... - .................................................. —
833,802,700 Inc. 3,146,100
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In N . Y . City, exchanges and U. S. deposits 707,890,000 Inc. 5,897,900
Reservo on deposits________________________________ 150,252,000 Inc. 7,030,100
Percentage of reserve, 22% .
RESERV
■
---------------—
Cash In vaults______ - ___ -.-------5 1 9 * 8 6 5 ,5 0 0
13.57%
583,574,300 15.62%
Deposits In banks and trust cos------ 12,592,500
8.60%
34,220,600 6.40%
.
State Banks
Total.................................................... $32,458,000
—Trust Companies
22.17%
$117,794,900 22.02%
B a n k s a n d T r u s t C o m p a n ie s i n N e w Y o r k C i t y .— Tho
averages of tho N e w Y o rk C ity Clearing H o u se banks and
trust com panies combined w ith those for tho Stato banks
and trust com panies in Greater N o w Y o r k C ity outside of
tho Clearing H o u se, aro as follow s:
C OM B IN ED RESULTS OF BANKS AN D TRUST COM PANIES IN
GREATER N E W YO R K.
Weekended—
Loansand
Investments.
Demand
Deposits.
*Total Cash Reserve in
in Vault. Depositaries.
N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— F ollow
ing is tho report m ade to the Clearing H ouse b y clearing
non -m em ber institutions w hich are not included in the
“ Clearing H ouse R etu rn ” on the follow ing page:
RETURN OF N ON -M E M BE R INSTITUTIO N S OF N E W YO R K CLEARING
HOUSE.
(Staled in thousands of dollars—that is, three ciphers [000] omitted.)
Net Loans,
Reserve Net Net Nat'l
Capital. Profits. Dis
CLEARING
counts, Cash with Demand Time Bank
N ON -M EM BERS
Legal De De Circu
Nat.bks.J” ne30 Invest in
ents, Vault. Deposi posits. posits. lation.
Week ending Statebks.Jne 30 m
tories.
c.
Tr. cos. June 30 &
July 26 1919.
AverageAverageAverage Average AverageAverage
Members of
New Netherland _
W R Grace & Co’s
Yorkvllle Bank__
First Nat, Jcrs Cy
$
1,500
200
300
500
200
400
$
$
1,538 14,688
608 11,755
319 7,919
954 6,565
651 10,954
1,324 9,038
S
199
175
176
15
357
611
$
1,677
1,545
910
524
1,078
957
$
$
$
141
10,360
185
346
11,261
100
6,240
3,897
1,051 ______
6,269 . 4,989
395
7,595
Total..................
3,100
5,396 60,919
1,533
6,691
45,622
6,627
Bank of Wash Hts
Colonial Bank____
International Bank
North Side, Bklyn
100
500
500
200
450 2,811
1,180 11,947
233 0,495
233 5,240
309
1,401
803
479
158
1,081
409
294
2,635
12,828
6,491
4,713
391
323
Total ..................
1,300
2,098 26,493
2,992
1,942
26,667
714
4S2
351
304
298
6,100
4,261
1,079
4,304
Fcd'l Res. Bank.
Battery Parp Nat-
Not Members of the
Fed’l Reserve Bank
Trust Companies
Not Membersof the
Fed’l Reserve Bank
Hamilton Tr, Bkln
Meehan Tr, Bayon
500
200
Total___________
1,076
408
8,178
8,851
700
1,485 17,029
833
5,100
Grand aggregate..
Comparison prevlo us week
8,980 104,441
+ 1,422
5,358
— 92
602
10,361 5,383
•
580
9,235 C82.650 12,724
— 728 — 1,032 — 325 Same
5,100
5.00C
5.00C
5,000
8,980 103,019
8,658103,116
8,658; 103,005
8,640 103,997
5,450
5,589
5,049
5,249
9,963
9,692
9,537
9,438
Gr'd
Gr’d
Gr'd
Gr’d
aggr,
aggr,
aggr,
aggr,
July
July
July
June
19
12
5
28
Juno 7-----------------
June
June
Juno
July
July
July
July
14------------------21----------------2 8 ..— --------5 ___________
12....................
19....................
20....................
525.768.300
492.269.000
509,784,600
571.631.800
583.221.000
629,541,700
649.123.500
098.070.800
633.730.000
696.229.300
630.305.500
,730,276,600
094.610.000
735.162.000
,817,606,300
,830.948,700
,750,364,000
,708,665,000
,877,228,200
929,099,200
;817,958,200
,732,706,300
,804,258,400
,820,409.000
,804,093,200
698.786.000
4.030.229.800
4.539.150.100
4.504.885.000
4.527.389.800
4.500.358.800
4.571.345.100
4.633.702.000
4.733.613.800
4,618,029,500
4.747.993.000
4.722.740.700
4.089.495.300
4.736.482.100
4,773,617,400
4.822.202.000
4.873.011.200
4.861.516.200
4.885.307.200
4.904.243.900
4.880.382.900
4.846.099.100
4.759.190.800
4.860.090.300
4.804.154.700
4.872.001.700
4.810.097.000
132.677.300
130.568.700
133.267.700
133.632.800
131.342.200
128.952.600
132.055.200
130.905.000
134.143.000
130.736.900
135.497.500
134.131.300
136.428.700
139.041.500
134.432.800
141.406.900
136.791.200
133.474.700
130.878.600
137.091.300
134.955.500
134.500.800
131.398.300
144.478.700
142.504.200
145,451,400
648.143.000
645.124.800
628,112,400
625.109.700
043.761.000
047.186.900
658.275.500
092.405.000
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
670.577.800
691.057.300
671.603.300
079,994,600
005.490.300
684.431.000
049.207.500
688.989.000
658.572.500
* This ltom Includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.
N e w Y o r k C it y S ta t e B a n k s a n d T r u s t C o m p a n ie s —
In addition to tho roturns of “ S tate banks and trust coinanies in N o w Y o r k C ity not in the Clearing H o u s e ” furnished
y tho S tate B anking D e p artm e n t, the D opartm ont also
presents a statem ent covering all the institutions of this
olass in the C ity of N e w Y o r k .
F or definitions and rules under which the various item s
aro m ado u p , see “ C h ron icle,” V . 9 8 , p . 1661.
T h o provisions of tho law governing tho reservo require
m ents of Stato banking institutions as am ondod M a y 22
1917 woro published in tho “ Chronicle” M a y 19 1917 (V .
1 0 4 , p . 1 9 7 5 ).
T h o regulations rotating to calculating tho
a m ou n t of deposits and w hat deductions are perm itted in
the com p u tation o f tho reserves were given in the “ Chronicle”
A pril 4 1914 ( V . 9 8 , p . 1 0 4 5 ).
E
83,682
82,992
81,232
80,286
13,049
13,119
13,117
13,190
580
582
586
582
a U . S. deposits deducted, $1,799,000.
Bills payable, rediscounts, acceptances and other liabilities, $7,313,000.
Excess reserve, $6i4,580 decrease.
B o s t o n C le a r in g H o u s e B a n k .— W o givo below a sum
m ary showing the totals for all the item s in the B o ston
Cloaring H ouse w eekly statem ent for a series of weeks:
BOSTON C LEARING HOUSE M EM B ER S.
July 26
Changesfrom
previous week.
$
4,739,000
545.546.000
447.399.000
107.134.000
11.939.000
18.620.000
74.506.000
66.451.000
$
1919.
Feb. 1......................
Feb. 8......................
Feb. 15........................
Feb. 21......................
Mar. 1—..................
Mar. 8......................
Mar. 15........................
Mar. 22......................
Mar. 29......................
Apr. 6......................
April 12......................
April 19......................
April 26......................
May 3......................
May 10......................
May 17......................
May 23......................
May 31.......................
580
State Banks
Loans, dlsc'ts & lnvestments.
Indlvldual deposits, lncl. U.S.
Time deposits_______________
Exchanges for Clear. House..
Due from other banks--------Cash In bank & In F. R . Bank
Reserve excess In bank and
Federal Reserve Bank------
Inc.
Dec.
Dec.
Dec.
Inc.
Dec.
Dec.
Dec.
19.952.000 Dec.
36,000
12,147,000
18,044,000
14,755,000
136,000
2,684,000
11,140,000
3,081,000
July 19
1919.
July12
1919.
$
$
4,485,000
4,703,000
557.693.000 555.337.000
465.443.000 450.798.000
121.889.000 128.184.000
11.803.000 11.976.000
21.304.000 22.358.000
85.646.000 77.075.000
69.532.000 67.953.000
1,188,000 21.140.000
19.638.000
P h ila d e lp h ia B a n k s .— T h o P hiladelphia Clearing H ouse
statoinent for the week ending July 2 6 w ith com parative
figures for the tw o weeks preceding, is as follow s.
Reserve
requirem ents for m em bers of the Federal Reserve system
aro 1 0 % on dem and deposits and 3 % on tim e deposits, all
to bo kept w ith the Federal Reserve B a n k .
“ C ash in
va u lts” is not a part of legal reserve. F or trust com panies
not m em bers of the Federal R eserve system the reserve
required is 1 5 % on dem and deposits and includes “ Reserve
w ith legal depositaries” and “ C ash in v a u lts .”
WeekendingJuly26 1919.
Twociphers (00) omitted. Membersof Trust Total.
F.R.System Cos.
$29,775,0
81.665.0
Surplus and profits----------Loans, dlsc'ts & Investm’ts 758.158.0
22.973.0
Exchanges for Clear.House
111.232.0
Bank deposits........... .......... 143.172.0
487.347.0
5,568,0
636,087,0
U.8.deposlts(not Included)
53,585,0
Res'vo with Fed.Res.Bank
Res’ve with legal deposit's
13.399.0
Cash In vault*___________
66.984.0
Total reserve & cash held.
49.798.0
Reserve required________
17.186.0
Excess res. A cash In vault
July 19
1919.
$3,000,0 $32,775,0 $32,775,0
89.448.0
89.449.0
7,784,0
29,036,0 787.194.0 796.607.0
27.051.0
23.506.0
533,0
17,0 111.249.0 118.977.0
258,0 143.430.0 154.530.0
19,640,0 506.987.0 515.622.0
5,568,0
5,601,0
19,898,0 655,985,0 675,753,0
20,155,0
18,696,0
55,159,0
53,585,0
2,753,0
2,714,0
2,753,6
15.001.0
14.244.0
845.0
72.874.0
70.582.0
3.598.0
53.539.0
52.700.0
2.902.0
19.335.0
17.882.0
696.0
July 12
1919.
$32,775,0
89.457.0
799.171.0
25.817.0
114.182.0
150.708.0
514.970.0
5,566,0
671,244,0
23,543,0
53,736,0
3,212,0
16.039.0
72.987.0
53.705.0
19.202.0
* C u b In vault la not counted aa reserve tor Federal Reserve bank membera.
THE CHRONICLE
454
[V o l . 109
M e m b e r B a n k s o f t h e F e d e r a l R e serv e S y s te m .— Follow ing is the w eekly statem ent issued b y the Federal Reserve
B oard givin g the principal item s of the resources and liabilities of the M e m b e r B a n k s.
D efinitions of tho different item s
in the sta tem en t were given in the statem en t of D e c . 14 1917 which was published in the “ Chronicle” of D e c . 29 1 9 1 7 ,
page 2 5 2 3 .
STATEMENT SH O W IN G PRINCIPAL RESOURCE AND LIA BIL IT Y ITEMS OF MEMBER BANKS LOCATED} IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS JULY 18 1919.
Curtailm ent b y 48 millions o f Treasury certificate boldings and moderate
n creases in the holdings o f Liberty bonds and V ictory notes are indicated
b y tho Federal Reserve B oard’s weekly statement showing condition on
July 18 o f 769 m ember banks In leading cities. The decline in the numbor
o f reporting member banks is due to bank consolidations in Greater Now
&*ork and N ew Orleans.
V ictory notes on hand show an increase for the week o f 27.2 millions,
notwithstanding the reduction under this head o f 10.4 millions reported
for the N ow York C ity banks. United States bonds, other than circula
tion bonds, increased 19.4 millions, while total United States security
holdings fell o ff about 2 millions. Loans secured b y United States war
obligations (war paper) declined 7.2 millions, a larger reduction obtaining
fo r the banks in the Federal Reserve Bank cities, p th er loans and invest
ments decreased 64.4 millions in New York C ity, b ut continued their upward
course in a number o f other cities, with the result that the decline lo r all
reporting banks is only slightly above 10 millions.
1.
Aggregate holdings o f United States war securities and war paper de*
d in ed from 3,332.4 to 3,323.8 millions and constituted 22.9% o f tho total
loans and investments o f all reporting banks, as against 2 3% tho woek
before. For the New Y ork C ity banks a decline in this ratio from 26.8
to 26.6% m ay be noted
Governm ent deposits fell o ff 103.5 millions, tho N ow Y ork C ity banks
reporting especially largo withdrawals o f Governm ent funds for the week.
Other demand deposits (net) wetn up 69.5 millions, tho gain at tho Now
Y ork C ity banks under this hoad being m ore or less commensurate with
their loss o f Governm ent deposits. T im e deposits show a slight increase.
Borrowings from the Federal Reserve banks as measured b y tho amounts
o f collateral notes and customers’ paper held under discount for the re
porting banks, show a reduction o f 89.8 millions.
Cash in vault declined about 19 millions, while reserve balances with the
Federal Reserve banks went down from 1,335.1 to 1,309.1 millions, and
constituted about 77% o f the total reserve deposits carried on July 11 and
18 b y the Federal Reserve banks.
Data for all reporting banks In each district.
Three ciphers (000 omitted.
Boston. NewYork Philadel. Cleveland. Richm'd. Atlanta. Chicago. St.Louis. Minneap. Kan. City Dallas. SanFran. Total.
Threeciphers (000) omitted.
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
16,944
12,281
43,834
100
$20,113
59,668
57,611
179,635
34
$17,156
15,795
14,455
26,506
35
$7,120
10,201
7,915
19,645
76
$14,117
22,031
11,056
24,743
43
$18,723
17,704
5,551
23,495
Total U. S. securities......................
Loans secured by U 8. bonds, A 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.
$87,567 $842,176 8107,908 $227,744 $141,409 $113,023 $317,027
74,432 757,413
174,834
111,465
42,125
30,163
95,790
824,750 4,326,934 660,436 1,016,278 399,238 305,109 1,492,943
73,652 657,340
05,983
84,345
34,948
35,876
175,809
23,612
125,101
17,225
36,010
16,825
13,415
66,076
759,178 4,962,474 659,736 816,248 328,521 257,633 1,323,408
110,403 303,549
21,265 292,175
84,138
115,568 440,279
33,547
27,309
41,113
164,875
19,100
21,254
34,507
18,005 504,381
147,19!)
79,901
84,052
43,298
89,349
75.983
145,011
26.597
18.879
15,959
7,150
14,928
$73,912
28,664
392,048
40,835
9,793
304,050
98,135
23,012
27,623
12,353
$44,881
15,895
246,799
21,892
10,338
245,567
5 4,933
9,697
3,470
878
$71,947
17,889
478,356
44,935
15,151
417,732
75,473
12,824
34,149
24.954
$65,473 $122,330 $2,215,397
7,274
21,424 1,377,368
182,976 565,165 10,891,032
20,347
53,174 1,309,136
20,648
10,629
364,823
177,801 463,750 10,710,098
30,708
140,189 1,766,815
13,900
11,788
412,926
14,252
23,138 1,008,817
4,571
2,715
349,978
109
$48,860
301,724
151,954
339,638
56
511,597
35,862
18,660
41,789
88
$41,466
64,168
46,570
75,540
82
$25,621
40,504
14,928
60,356
46
515,115
29,549
10,039
52,320
54
$34,605
33,933
11,169
42,623
769
$209,001
648,083
368,189
930,124
2. Data for Banks In Federal Reserve Bunk and Branch Cities and All Other Reporting Banks.
Three ciphers (000) omitted.
Number of reporting banks......... ..
U . S. bonds to secure circulation.
Other U. H. bonds*........................
U . S. Victory notes........................
U . S. certificates of Indebtedness
ll other
NewYork.
Chicago.
All F.R.BankCities. F. R. BranchCities. RepA
orting Hanks.
July 18 July 11 July 18 July 11 July 18 July 11 July 18 July 11 July 18 July 11
July18
Total.
July 11
71
$39,163
271,865
133,123
314,829
769
$269,001
648,083
368,189
930,124
771
$169,614
628.734
311.030
978,081
72
$39,283
265,696
143,502
336,345
44
$1,369
23,069
26,004
97,902
Total U. S. securities................
148,404
758,980 784,826
Loans kccurcd by U. S. bonds, Ac. 709,278 719,240
68,375
All other loans and Investments.. 3,913,329 3,967,707 895.763
Reserve balances with F. R. bank 624,445
629,538 z 121,813
Cash in vault.....................................
117,694
112,525
38,956
Net demand deposits...................... 4,556,520 4,509,608 879,311
Time deposits................................
166,154
240,335 233,956
Government deposits......................
157,274 242,432
22,430
Bills payable with F. R. bank____
453,209 507,293
51,530
Bills rediscounted with F. R . bank 131,126
138,089
13,478
Ratio of U. S. war securs. and war
paper, total loans A lnvest’t, %
26.6
26.8
19.4
* Including Liberty bonds.
44
259
260
$1,370 $103,865 $103,985
23,460 382,099 369,334
24,114
217,033 217,884
105,962 578,895 610,179
'154,912
76,399
895,200
118,061
43,268
865,443
166,357
50,262
55,630
12,215
1,281,892
1,106,449
7,231,994
979,141
212,158
7,605,099
724,143
298,390
772,275
266,772
20.4
23.7
164
$57,026
110,686
79,138
213,585
165
346
346
$57,749 $108,110 $107,880
112,375 155,298
147,025
68,023
72,018
55,123
218,310
137,644
149,592
Jan. 17
768
$262,742
825,595
1,467,026
1,301,382 460,435 456,457 473,070 459,620 2,215,397 2,217,459 2,555,303
1.117,873
139,955
138,394
130,964
128,312 1,377,368 1.384,579 1,182,721
7,279,401 1,698,06S 1,692,916 1,960,970 1,928,769 10,891,032 10,901,086 10,135,468
996,112
157,881
168,806
172,114
170,215 1,309,136 1,335,133 1,298,874
226,780
60,218
61,778
92,447
95,250
364,823
383,808
386,621
7,547,562 1,414,245 1,403,692 1,696,754 1,695,373 10,716,098 10,646,627 10,080,102
719,532 530,193 528,266 512,479
615,409 1,766,815 1,763,207 1,605,064
403,300
56,733
72,675
57,803
40,445
412,926
516,420
658,956
839,589
160,673
172,104
135,869
142,648 1,068,817 1,154,341
811,749
270,206
29,939
29,599
53,267
54,536
349,978
354,341
402,730
23.9
23.6
23.5
.
19.3
19.1
22.9
23.0
25.1
T h e F e d e r a l R e serv e B a n k s .— Follow ing is the w eekly statem ent issued b y the Federal Reserve B oard on July 2 5 :
M oderate increases in earning assets and in net deposits and further
withdrawals o f gold are Indicated b y the Federal Reserve B oard’s weekly
bank statement issued as at close o f business on July 25 1919.
W ar paper on hand shows an Increase for tho week o f 36.5 millions: other
discounts, 3 millions. Acceptances bought in open market went up 3.2
millions and Treasury certificates 2.1 millions. W ar paper on hand at
the C hicago, St. Louis and Minneapolis banks is inclusive o f 84.9 millions
discounted for other Federal Reserve banks, while acceptance holdings o f
the Cleveland and San Francisco banks Include 48.6 millions o f bankers’
acceptances taken over from other Federal Reserve banks.
Governm ent deposits were 21.1 millions less than tho woek before
M em bers’ reserve deposits are shown 5.6 millions larger, while tho “ float”
carried b y the Reserve banks shows a decline o f 50.1 millions. Other
deposits, including foreign Governm ent credits, fell o ff 7.6 millions. N et
deposits, accordingly, work out 27 millions more than the week before.
T he banks’ paid-in capital, as the result o f paym ent for Federal Reserve
stock b y newly admitted members, shows an increase o f $359,000, the San
Francisco bank alone reporting an Increase under this head o f $191,000.
T he week saw a reduction o f 7.5 millions in Federal Reserve note circu
lation and o f 16.9 millions In gold reserves. T ho banks’ reserve ratio shows
a decline for the week from 50.9 to 5 0 .2 % .
T h e figures of the consolidated statem ent for the system as a whole are given in the follow ing ta ble, and in addition we present
the results for each of the seven preceding w eeks, together with those of the corresponding week of last year, thus furnishing a
useful com parison. In the second table we show the resources and liabilities separately for each of the tw elve Federal Reservo
b a n k s. T h e statem ent of Federal Reserve A g e n ts’ A ccou nts (the third table following) gives details regarding the transactions in
Federal R eserve notes between the Com ptroller and the Reserve A gen ts and between the latter and the Federal Reserve banks.
C o m b in e d
R eso ur ces
and
L ia b il it ie s
July 26
RESOURCES.
Gold coin and certificates...................... ..
Gold settlement fund, F. R. Board______
Qold with foreign agencies______________
1918.
$
270.601.000
591.532.000
of
the
F ederal
July 18 1919. July 11
$
273.810.000
591.190.000
1919.
$
279.545.000
554.812.000
R eser ve
B anks
at
the
C lose
of
B u s i n e s s J u l y 2"> 1 9 1 9
July3 1919. June27 1919. June20 1919. June 13 1919. June6 1919.
$
282.943.000
564.290.000
S
314.135.000
597.046.000
$
332.676.000
581.238.000
$
355.811.000
582.675.000
$
354.969.000
581.055.000
July 26 1918.
$
418.012.000
598.777.000
11,628,000
862.133.000 865,000,000 834.357.000 847.233.000 911.181.000 913.914.000 938.486.000 936.024.000 1.028,417,000
Total gold held by banks_____________
Gold with Federal Reserve agents_______ 1,108,051,000 1,134,173.000 1.163.068,000 1,155.278,000 1,113,824,000 1,127.216,000 1,117,970,000 1,139.508,000 910.420,000
Gold redemption fu n d .._____ ___________
124.967.000 112,927,000
114.399.000 126.435.000 122.779.000 124.595.000 137.418.000 126.272.000
35.363,000
Total gold reserves_____ _____ _________ 2,095,151,000 2,112,100,000 2,111,824,000 2,128.946,000 2,147.784.000 2.165,725,000 2,193,874.000 2.201,804,000 1,974,200,000
Legal tender notes, silver, A c......................
65,872,000
65,381,000
68.387,000
66,407,000
68,472,000
68,737,000
68,114,000
55,129,000
68,539,000
Total reserves______ . . . _______________ 2.161.023.000 2.177.481.000 2,180,211,000 2.195.353.000 2.216.256.000 2.234.459.000 2.261.988.000 2.270.343.000 2,029,329,000
Bills discounted:
Secured by Govt, war obligations_____ 1.616.210.000 1.579.728.000 1,684,946,000 1.632.639.000 1.573.483.000 1.621.928.000 1.695.576.000 1.620.994.000 673.231.000
All o t h e r ...__________________________
251.392.000 248.347.000 251.367.000 262.389.000 244.557.000 215.512.000 182.593.000 190.130.000 628.920.000
Bills bought In open market_____________
375.556.000 372.353.000 360.035.000 330.679.000 304.558.000 274.736.000 234.537.000 198.307.000 205.274.000
Total bills on hand____________ ;_______ 2,243,158,000 2,200,428,000 2,296,348,000 2.225.707,000 2,122,598,000 2,112,176,000 2,112,711,000 4,009,431,000 1.507,425,000
U . S. Government bonds________ _____ _
27,086,000
27,084.000
27,131,000
27,130,000
27.133.000
27,130.000
27,130.000
40,090,000
27,129,000
U . S. Victory Notes.....................................
286,000
363,000
374.000
377,000
335,000
333,000
333,000
333,000
U. S. certificates of indebtedness_______
212,028,000 209.941.000 206,054,000 200,068,000 204,104,000 201,883,000 204,405,000 227,553,000 *16,922,000
All other earning assets__________________
103,000
Total earning assets___________________ 2.482,558.000 2,437,816,000 2,529,907,000 2.453,282.000 2.354,167,000 2,341,523,000 2,344,579,000 2,204,446.000 1,564,540,000
Bank premises_____ ____________________
11.784.000
11.737.000
11.699.000
11.684.000
11.257.000
11,066,000
10.986.000
10.986.000
Uncollected Items and other deductions
from gross deposits...................... ..........
690,495,000 857,194,000 740,994,000 742.527.000 686,063,000 848,157.000 835,362,000 650,757,000 558,392,000
6% redemp. fund agst. F . R . bank notes
10.077.000
10.613.000
9,714.000
10.052.000
9.956,000
701,000
9.053,000
8,868,000
8,899,000
All other resources______________________
9,898,000
10.100.000
10.334.000
10.306.000
12,441,000
10.551.000
11,192.000
10.042.000
10.332.000
Total resources____________ . . . . . . ____ 5.366.371.000 5.504.405.000 5.483.197.000 5.423.108.000 5.288.008.000 5.455.450.000 5.472.146.000 5.215.442.000 4.165.403.000
LIABILITIES.
Capital paid In__________________________
83.317.000
82.958.000
82.851.000
82,811,000
82.764.000
76,441,000
82.756.000
82.652.000
82.674.000
Surplus__________________________________
81.087.000
81.087.000
81.087.000
81,087,000
49.466.000
1.134.000
49.466.000
49.466.000
49.466.000
Government deposits____________________
116.038.000 137.090.000
151.170.000
136.328.000
73.614.000 161.495.000 245.245.000
26.058.000 233.040.000
Due to members, reserve account_______ 1.718.396.000 1.712.796.000 1.726.329.000 1.687.608.000 1.713.030.000 1.648.630.000 1.633.583.000 1.705.104.000 1.435.196.000
Deferred availability Items..........................
635.178.000 651.735.000 691.250.000 661.896.000 534.420.000 682.097.000 623.739.000 497.349.000 401.186.000
Other deposits, lncl. for. Govt, credits..
117.444.000 125.069.000
114.678.000
128.698.000 115.693.000 127.264.000 127.565.000 134.364.000 111.840.000
Total gross deposits----------------------------- 2.487.056.000 2.626.690.000 2.583.427.000 2.614.530.000 2.436.757.000 2.619.486.000 2.630.132.000 2.362.875.000 2.181,262,000
F. R . notes In actual circulation..... .......... 2.504.497.000 2.512.048.000 2.638.127.000 2.562.348.000 2.499.180.000 2.488.253.000 2.499.265.000 2.513.037.000 1,870,835,000
F. R . bank notes In circulation— net liab.
193,849,000
186,911,000
184,806,000 181,570,000 177,185,000 173,775.000 170,937,000 169,246,000
11.084.000
All other liabilities..........................................
16,565,000
14,711,000
12,899.000
10,762,000
42,656,000
41.714.000
39,672,000
38,166,000
24.647.000
Total liabilities............................................ 5.366.371.000 6.504.405.000 5.483.107.000 6.423.103,000 5.288.008.000 5.455.460,000 6.472.146,000 5.215.442.000 4.165.403.000
* Includ&j One-Year Treasury Notes.
A ug . 2 1919.]
THE CHRONICLE
455
July 25 1919. July 18 1919. July 11 1919. July 3 1919. June 27 1919. June 20 1919. June 13 1919. June 61918. July 26 1918.
Gold reservo against net deposit ltabll
Gold res. agst. F. It. notes In actual clrc’ i
Ratio of gold reserves to not deposit am
F. R. note liabilities combined______
Ratio of total
F. R. note liabilities combined,
Ratio of gold reserves to F. R. m
circulation after setting aside 35%
against net deposit liabilities..
47.9%
49.2%
48.9%
49.6%
48.7%
50.2%
45.3%
50.3%
47.8%
50.2%
49.3%
48.2%
49.2%
49.9%
60.8%
60.9%
49.8%
50.8%
52.1%
52.6%
50.1%
49.5%
61.6%
60.3%
52.3%
60.2%
54.7%
50.4%
63.4%
50.6%
51.1%
52.1%
56.5%
52.7%
53.7%
58.1%
61.2%
62.0%
60.5%
64.2%
61.7%
64.9%
65.4%
78.1%
66.5%
3
Distribution. by Maturities—
S
$
S
$
t
S
$
S
1-15 days bills bought In open market
74.463.000
88.278.000
91.115.000
86,021,000
75.449.000
61.406.000
61.213.000
57.726.000 J 884,111,000
1-15 days bills discounted_____________ 1,532,918,000 1,528,103,000 1,665,558,000 1,568,510,090 1,484,822,000 1,508,510,000 1.577,715,000 1,542,468,000
1-15 days U. S. certlf. of Indebtedness..
16.601.000
16.388.000
18.625.000
25.279.000
18,896.000
25.097.000
30.235.000
2,045,000
53.578.000
1-15 days municipal warrants___
4,000
16-30 days bills bought In open market..
81,152,000
58.957.000
68.234.000
69,071.000
64.136,000
60,662.000
48.315.000
42.542.000 j 200,758,000
103,924,000
16-30 days bills discounted_______
86.141.000
47.463.000 108,566,000 123,334,000
67,993.000
42.424.000
37.495.000
16-30 days U. S. certlf. of lndebtedness..
4,111,000
92,000
494.000
1.010,000
13,000
244,000
162,000
411,000
16-30 days municipal warrants___
146,190,000
31-60 days bills bought in open market..
123,987,666
146,607,666 109.976.000 113.389.000
99,848.000
82,965,000
71,657,000 | 240,900,000
99.788.000
31-60 days bills discounted_______
132,487,000
136,509,000 117.978.000 122.083.000 186,835,000 156,588,000
144.953,000
13.801.000
31-60 days U. S. certlf. of indebtedness..
13,981,000
4,092,000
12,486,000
6,212,000
235,000
632,000
350,000
391.000
31-60 days municipal warrants___
51.000
73.751.000 101,131,600
01-90 days bills bought In open market..
51.5.84.000
64.079.000
65.611.000
52.820.000
"42,044,000
26.382.000 j 141,331,000
109,773,000
61-90 days bills discounted_______
58.502.000
56.531.000
60.365.000
71.579.000
54.885.000
75.137.000
61.398.000
20.103.000
61-90 days U. S. certlf. of Indebtedness..
28.936.000
28.922.000
14.040.000
22.234.000
13.036.000
4,155,000
11.130.000
7,121.000
61-90 days munlclp it warrants —
1,000
-Over 90 days bills bought in open market
| 40,325,000
21,199,000
Over 90 days bills discounted___________
22,842,000
26,418.000
28,395,000
31,270,000
29,217,000
26,310.000
‘24.8lb",000
157,412,000
Over 90 days certlf. of Indebtedness-----150,544,000
145,011,000 152,713,000 160,199,000 163,271,000 162,246,000
10,372,000
166,051,000
Over 90 days municipal warrants--------10.000
Federal Reserve Notes—
Outstanding------------------------------------------ 2,723,601,000 2,728,902,000 2,760,288,000 2,740,893,000 2,694,640,000 2,693,198,000 2.709,895,000 2,722.606.000 1,999,480,000
219.104,000 216,854,000 222,161,000 188,545,000 195,460,000 204.945,000 210,630,000 209,569,000
Held by banks_________________________
128,645,000
In actual circulation__________________ 2.504,497,000 2,512,018,000 2,538,127.000 2,552,348,000 2,499,180,000 2.488,253,000 2,499,285,000
Fed. Res. Notes {.Age ns Accounts ) —
Received from tho Comptroller________ 4.829.860.000 4.811.300.000 4.756.900.000 4.686.700.000 4.656.260.000 4.628.520.000 4.605.660.000
Returned to the Comptroller---------------- 1.700.712.000 1.670.622.000 1.626.124.000 1.582.475.000 1.548.848.000 1.510.860.000 1.472.748.000
Amount chargeable to Fed. Res. agent 3,129,148.000 3,140,678,000 3,130,776,000 3,104,225,000 3,107,412,000 3.117,660.000 3,132,912.000
In hands of Federal Reservo agent-----405,547,000 411.776,000 370,487,000 363,332,000 412,772,000 424,462.000 423,017,000
2,513,037,000 1,870,835,000
4.547.600.000 2,763,940,000
1.427.071.000 471.870,000
3,120.529,000 2,292,070,000
397,923,000 292,590,000
Issued to Federal Reserve banks-------- 2,723,601,000 2,728.902,000 2.760,289,000 2.740,893,000 2.694,640,000 2.693.198,000 2,709.895.000
2,722,606.000 1.999,480,000
How Secured—
By gold coin and certificates-----------------221,248.000 223,598.000 231.995,000 228,998,000 219,998,000 218,998,000 224,998,000 231,498,000 202,239,000
By lawful money-----------------------------------By eligible paper........................................... 1,615,550,000 1,594,729,000 1,597,221,000 1,585,615,000 1.580,816,000 1,565.982,000 1,591,925,000 1.583,098,000 1,089.060.000
Gold redemption fund--------- ------------ -—
84,912,000
89,745.000
88,576,000
93.817,000
81,024,000
86.817.000
59,859,000
81,222,000
83,713,000
With Federal Reserve Board-----------------801,891,000 820,830,000 842,494,000 832,463,000 812.802,000 821,401.000 811,750.000 824,297,000 648,322,000
Total............................................................. 2,723,601,000 2,728.902.000 2,700,289,000 2.740.893,000 2,694,640,000 2.693,198,000 2,709,895,000 2.722.606,000 1,999,480.000
Eligible per delivered to F. R. agent------ 2.171.374,000 2,112,717,000 2.210,078,000 2,150,698,000 2,034,467,000 2J110,114,000 2,001,203,000
1,955,496,000
148,246,000
WEEKLV STATEMENT OF RESOURCES AND LIABIB1T1ES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 25 1919.
Two ciphers (00) omitted.
RESOURCES.
| Boston.
New
York.
Phlla.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Mlnneap Kan City
| 4,480,0
| 52,212,0
S
168.481.0
160.932.0
S
624,0
48,527,0
S
33.336.0
46.878.0
$
2,239.0
25,550,0
$
$
7,903,0 23,911,0
16.998,0 101.590,0
1 56,692,0
59.163.0
14.481.0
329.413.0
287.952.0
24,829,0
49.151.0 80,214,0
70.576.0 119.522,0
11.578.0
2.137,0
27.789.0
30.863.0
0.664,0
130,336.0
7,505,0
642,194,0 131,305,0 201,873,0
47,691,0
156,0
898,0
Total reserves_______________ 137,841,0
Bills dlscounte I: Secured by Gov
134,001,0
6.570,0
26,971,0
Total bills on hand_________
U. S. Government bonds______
!
Gold coin and certificates..
Gold redemption fund__
Total gold reserves____
s
167,542.0
539,0
18,0
21,436,0
Total earning assets_________ 189,535,0
800,0
Bank premises........... .........
Uncollectc I Items and other de
ductions from gross deposits.. 57,171,0
5% redemption fund against
1,015.0
Federal Reserve bank notes..
341.0
All other resources_______
Dallas.
San Fran
Total.
3,106,0
25,153,0
$
8.404,0
29,696,0
168,0
38,973,0
9.312.0
9.840.0
24.901.0 125.501.0
44.199.0 266.031.0
5,600,0 35,296,0
28.259.0
61.069.0
3,971,0
38.100.0
33.660.0
6,403,0
39.141.0
30.770.0
10.202.0
19.152.0
15.780.0
2,926,0
65,316,0
524,0
74,700,0 426,828,0
1,324,0
953,0
93,299,0
4,218,0
78,163,0
61,0
80,113,0
304,0
37,858,0 133,166,0 2,095,151,0
1,892,0
346,0
65,872,0
689,885,0 131,461,0 202,771,0
65,840,0
76,024,0 427,781,0
97,517,0
78,224,0
80,417,0
39,750,0 133,512,0 2,161,023,0
649,147,0 170,366,0 103,063.0
68.746.0 19,881,0 11.463.0
91.497.0
719.0 56.139.0
82.053.0
13.910.0
7,868.0
78.916.0 191,632,0
12.579.0 24.313.0
6,992,0 56.016.0
49.858.0
10.950.0
8,873,0
35.168.0
4,095,0
24.058.0
38.893.0
44.930.0
2,0
37.595.0
20.978.0
382,0
809,390,0 190,966.0 170,665,0 103,837,0
1,257,0
1,385,0
1,234,0
1,083,0
50,0
59,002,0 24.812,0 18,358,0
7,410,0
98,487,0 271,961,0
376,0
4,477,0
6,0
10,479,0 26.612,0
59.681,0
1,153,0
17,068,0
63,321,0 38,825,0
116,0
8,867,0
211,0
6,969,0
7,342,0
58,955,0 154,528,0 2,243,158,0
3,966,0
2,633,0
27,086,0
286.0
5,900.0
6,640,0 212,028,0
869,699,0 217,164,0 190,106,0 112,481,0 109,348,0 303,050,0
3.999,0
500,0
875,0
410,0
459,0
2,936,0
87,902.0
691,0
70,617,0 100,034,0
401,0
68,821,0 163,801,0 2,482.558.0
307,0
400,0
11,784,0
171.899,0
60.502,0
55.980,0
51,781,0
30,944,0
81,749,0
48,046,0
12,885,0
59,888,0
19,726,0
39,924,0
2.038.0
2.351.0
1.200,0
755,0
897.0
936.0
448,0
1,025,0
520.0
379.0
1,682,0
1,455,0
803.0
501.0
394.0
196.0
730.0
447.0
436.0
583.0
450.0
929.0
1,0
S
S
S
S
8,637,0
35,183,0
$
270.601.0
591.532.0
43.820.0 862.133.0
88.466.0 1,108,051,0
880,0
124.967.0
45.518.0 1,616.210,0
12.971.0 251.392.0
96.039.0 375.556.0
690,495,0
01,613,0
9,898,0
Total resmrccs-....................... 386,703,0 1.739,871,0 411,582.0 451,565,0 231,991,0 217,674.0 818,653,0 235,460,0 162,316,0 241,917,0 129,623,0 339,016,0
5,366,371,0
6.877.0
Capital paid In..............................
21.477.0
7.653.0
9.255.0
4.227.0
3.257.0 11.561.0
3.020.0
3.930.0
3.802.0
3.277.0
4.981.0
83.317.0
5.206.0
Surplus----------- -------------------------32.922.0
5.311.0
2.805.0
5.800.0 .3,800,0
9,710.0
2.589.0
2.320.0
3.957.0
2.029.0
4.578.0
81.087.0
Government deposits---------------7.190.0
28.872.0
8.902.0
7.530.0
6.270.0 10.023.0 17.792.0
4.788.0
4.212.0
6.606.0
7.198.0
6.655.0
116.038.0
Due to members, reserve account 107,394,0 694.244.0 101,330,0 133,510,0 54.682.0 48.346.0 247,905,0 63.895.0 52.763.0 78.072.0
45.023.0 91.232.0 1,718,396,0
Deferred avail iblllt.v Items-------- 52,859,0
128.628.0 53,964,0 50,378,0 45.049.0 22.285.0 65.791.0 34.214.0 10.444.0 37.965.0 14.003.0 19.598.0 535.178.0
7.070.0
All other deposits..........................
50.412.0
8.170.0
7.965.0
4.503.0
3.773.0 12.860.0
4.842.0
2.848.0
4,623,0
2.520.0
7.799.0
117.444.0
Total gross deposits--------------- 174.513.0 902.156.0 172.366.0 199.382.0 110.564.0 84,427,0 344.348.0 107.739.0 70.267.0 127,266,0 68.744.0
2.487.056.0
F. R. notes In actual circulation. 180.481.0 739.165.0 201.693.0 218.794.0 105.735.0 116,835,0 423.393.0 104.729.0 79.639.0 92,148,0 46.557.0 125.284.0
195.328.0 2.504.497.0
F. R. bank n >tes In circulation
— net. 11iblllt.v------------------------- 18,209,0
38,536,0 23,476,0 17,147,0
6,936,0
9,760,0 27,833,0 15,874,0
6,582,0 13,669,0
8,278,0
7.549.0
193.849,0
1.417,0
All other liabilities......................
5,615,0
1,083.0
1.127.0
1,808,0
599,0
729,0
590.0
488,0
1,075,0
738,0
1.296.0
16,565,0
LIABILITIES.
Total liabilities.......................... 386,703,0
1,739,871,0 411,582,0 451,565,0 231,991,0 217,674,0 818,653,0 235,460,0
Memora da—Contingent liability as endors cr
on:
Dlscounte I paper re lscountcd
with other F. R. banks.........
Bankers' acceptances sold to
other F. It. banks..................
(a) Includes bills discounted for
other F. It. banks, viz..
......
_
34,900,0
bought fr om other F. It. banks:
With their endorsement.
Without their en inrseinent...1
................
162,316,0 241,917,0 129,623,0 339,016,0 5,366,371,0
50,000,0
84,900,0
54,900,0
10,012*6
::::::
.......
5,000.0
____
25,000,0
::::::
84,900,0
—
38,567,0
48,597,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 25 1919.
Two ciphers (00) omitted.
Boston. | New York. | Phlla.
Cleveland. Richmond Atlanta.
Chicago. ISf. Louis. M lnneap)K an.C ity.
Dallas.
I
$
Federal Reserve notes:
$
$
$
I
$
s
S
S
S
Received from Comptroller.. .341,360,0 1,660,880,0 408.780.0 370.000.
0'227,120,0I241,500,0 655,320.0
210,440,0 134,380,o!170.920.o' 104,760 ,0'304,400,0
Returned to Comptroller------- . 126,250,0 697,631,0 171.416.0 109.911.0, 90,403,0 58,882,0 169,154.0 73.937,0 37,514,0 57.553,0 35,731 0| 72,330.0 4.829.860.0
1.700.712.0
Chargeable to F. It. Agent.. 215,110,0 963.249.0 237.364,0 260.089.0 136,717,0 182,618,0 486,166,0 136.503,01 96,866,0 113.367,0 69,029 0 232.070,0 3,129.148.0
26,160,0
In hands of F. It. Agent-------139.600.0 21,480,0 29,900,0 26,288,0 60,284,0, 28.440,0 15,210,0 14,060.0 13,350,0 20,175 0 10.600,0 405,547,0
Issued to F. R. Bank, less amt.
returned to F. It. Agent for
redemptionCollat’ l security for outst'g notes:
, Gold coin and ctfs. on hand..
Gold redemption fund----------( Gold Set'm't Fund. F. It. B’d .
j Eligible paper, mln’m required
[.
188,050,0
823,649,0 215,884,0 230,189,0 110,429,0 122,334,0 457,726,0 121,293,0
10,163,0
49,000,0
129,787,0
183.740.0
...
12.125,0!
.
14,212,0 14,687,0 12,397,0
1 863.0
90,000,0 55.889,0 95,000,0. 29 0 00 ,0
535.697.0 145,308,0 110,667.0 79 500.0
‘
Total......................................... 188,950,0
Amount of eligible paper dellv-i--------------cred to F. It. Agent_________ 167,542,0
F. It. notes outstanding________ 188,950,0
F. It. notes held by bank._____
8.469,0
82,806,0,100,017,0
48,854,0 221,470,0 2,723.601,0
500,0'
.
13.052.0
9.831.0
............
221.248.0
3,138,0 1,808,0 1,410,0 2.765.0 11,844,0
699,0
8 926.0
84,912,0
000.0 257 105.0 57.931.0 18.800.0 29.360.0
3.184.01 76,622,0 _______
_
801.891.0
,135,0 191 695.0 60.224.0 49.146,0 69.247.0 33,074,0 133,004,0 1,615,550,0
-------- 1-----823.649,0 215,884,0 230,189,0 110,429,0 122,334,0 457,726,0 121,293,0 82,806,0 110,017,0 48,854,0 221,470,0I2,723.601.0
------- i-----
809.390.0 147,127,0 168.720.0 100 549,0| 95, 073.0 271, 855,01 65,433,0
823.649.0 216,884,0 230.189.0 110 429,0 122, 334.0 457 726.0 121.293,0
84,484,0, 14,191.0 11,395,0, 4 694,0| 6, 499,0, 34 333.0 16,564,0
58.889.0 83,824,0 58.955.0 144,017,0'2,171,374,0
82.806.0 100.017,0 48.854.0 221,470.0 2,723,601.0
3,167,01 7,869,0
2,297,0| 26.142,0 219,104,0
F. R. notes In actual circulation. 180,481,0 739,165,0 201,693,0 218,794,0 105,735,0 116,835,0 423,393,0 104,729,0 79,639,0 92,148,0 46,557,0 195,328,0 2,504,497,0
456
THE CHRONICLE
ffianfejers' (Saajette,
Wall Street, Friday Night, yl?<^7~11919.
Railroad and Miscellaneous Stocks.—The stock mar
ket is again less active._ The daily average has been smaller
than last week’s diminished volume of business and prices
have further declined. The immediate cause of this slowing
down process, which in view of recent stock exchange his
tory was about due to occur automatically has been money
market conditions, present and prospective. There was
some calling of loans on Thursday with the result that rates
at the Exchange ran up to 15% and it was reported that on
the street later loans were actually mado at 20%. This
rate is, of course, prohibitive of legitimate business. More
over, the Government cotton crop report was disappointing
and caused a very sharp advance in to-day’s cotton market.
On the other hand, the Steel Corporation’s quarterly
report was more favorable in some particulars than had
been expected and from other sources it is learned that an
increasing number of plants are producing up to 80% of
capacity, whereas the recent average was 50% or less.
The foreign exchange situation is practically unchanged,
although a new element is now introduced into it by a ship
ment of gold from South Africa direct to this market, in
stead of to London as usual.
As a result of this week’s operations railway shares have
generally added from 1 to 3 points to last week’s decline.
Canadian Pacific is the only issue, however, which has lost
3 points, although Atchison and Reading have dropped
nearly as much. New Haven and Texas & Pacific are
unique in an advance of over a point.
United Cigar Stores is the only industrial that has not
declined. It closes with a net gain of 24% points while
all other active issues in this group are an average of about
3 points lower than last week.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Aug. 1.
Sales
for
Week
Range for Week.
Lowest.
Range since Jan. 1 .
Highest.
Lowest.
Highest
Par. Shares S ver share 8 per share. S per share S per share
American Express.__100
600 93!$ July 29 935$ July 29 82!$ Apr 103
May
BufI Roch & Pittsb--100
30 60
July 26 60 July 29 59!$ July 72!$ Feb
Calif Packing pref.__ 100
100116
July 30 116
July 30 109
C h ic * East Illsctfsdcp. 1,400 11)$ July 29 12
July 28 11
.500 16
July 31 17
Preferred ctfs dcp____
July 30 15
Diamond Match____100
210 118
Aug
118
Aug 1 112
Kelly-Sprlngfleld rights. 9,280
!$ July 31
!$ July 26
!$
Preferred rights.......... 6,000
July 31
15$ July 26
54
K eokuk* D csM ------ 100
200 6 !$ July 31 7
July 31
2J$
Preferred--------------- 100
100 30' July 28 30
July 28 30
Keystone T * It rights.. 17,700 18
Aug 1 21!$ July 26 1854
Kress (8 1 1 )4 Co------ICO
200 80 July 28 83
July 30 60
Mathleson Alkali--------50
100 32)$ July
32!$ July 28 25
M St P * S S At pref. 100
500 101
July 30 103
July 31 101
N Y Lack & W e st...1 0 0
116 92!$ Aug
92!$ Aug. 1 92!$
Norfolk * West pref. 100
70 July 30 r70
July 31 70
Owens Bottle p r e f... 100
200 101)$ July 31 102
July 28 101!$
Pacific Tel Tel pref 100
100 90 July 30 90
July 30 88
Remington 2d pref.. 100
400 97 July 29 97
July 31 97
Royal Dutch (Am) rights 1,500 19!$ July 26 1954 July 26 19
N Y shares rights____44,525 20!$ July 26 2054 July 26 195$
Texas Pac Land Tr’st 100
20 400
July 28 100 July 28 ISO
United Clg Stores pf.100
300(121!$ July 30 122 Aug 1 106
V.
|28
1
200
&
Mar 117
July 13!$
July 17!$
May 118
July 1
July 4
Jan 7 !4
Juiy 30
Aug 22J4
Jan 83
Mar 40
July 1095$
Aug 925$
July 76
July 104
Feb 90
July 98!$
July 20
July 21
Jan 470
Feb 122
June
July
July
Aug
July
July
July
July
July
July
May
May
Aug
July
May
July
July
July
July
May
Aug
TRANSACTIONS a t TH E n e w YO R K STOCK E X C H A N G E
_________
D A IL Y , W E E K L Y AN D Y E A R L Y .
WeekEnding
Aug. 1 1919.
Stocks.
Railroad, State, Mun,
c.,
AForeign U. S.
Shares. | Par Value. BA
onds.
Bonds.
Bonds.
Saturday________
Monday_________
Tuesday..................
Wednesday...........
Thursday...............
Friday....................
485,810 544,367,000'
852,320
75,350,000
1,060,380
93.190,000
1,240,530 111.752.000
1,163,280 102.307.000
983,557! 86,221,350'
Total_____
5,785,877 5513,187,350
Sales at
NewYorkStock
Exchange.
5702.000
1.484.000
1.720.000
1.478.000
1.319.000
1,067,500
5304.000 54.211.000
508.000 12.429.000
499.000 11.557.000
1.274.000
9,646.000
561.000
8,500,100
1.244.000
8,570,700
57,770,500
54,390,000 554.913.800
WeekEndingAug. 1.
1918.
Jan. 1 to Aug. 1.
1919.
1918.
Stocks— No. shares...
5,785,877
1.350,773
173,414,885
Par value................... 5513,187,350 5127,348,700 516,206,790,430
Bank shares, par____
51,900
547,200
B onds.
Government bonds...
State, mun., Ac., bds.
R R. and mlsc. bonds..
Total bonds.
554.913,800
4,390,000
7,770,500
522,392,000
3.431.500
3.214.500
567,074,300
529,038,000 51,880,194,400'
51.363,058.900
194,603,000
322,532,500
82,603,199
57,703,025,390
514,800
5586,830,500
121,240,500
163,277,500
5871,348,500
D A IL Y TRANSACTIONS A T TH E BOSTON, PHILADELPHIA AN D
BALTIM ORE EXCH ANG ES.
Weekending
July25 1919.
Boston.
Philadelphia.
Baltimore.
Shares. BondSales. Shares. BondSales. Shares. |BondSales.
Saturday................
M onday..................
Tuesday_________
Wednesday______
Thursday.............._
Friday....................
34,492
56,053
57,077
47,510
44,269
35,808
S.58,100
76,450
23,150
163,000
145,600
57,000
Total___________
275,209
5523,300
16,419 •
14,341
13,290
11,811
9,839
6,298
71,728
57,000
28,700
15,800
21,000
22,000
12,000
5106,500
4,572!
8,092
7,078
4,831
4,527
2,505
31,605
513,900
18,COO’
35,000
128,000
75,500
15,000
*285,400
—Sales of State bonds at the
Board include $1,000 N. Y. Canal 4%s at 108%, $1,000
N. Y. Canal 4%s, 1964, at 108>6 and 16,000 Virginia 6s
deferred trust receipts at 66.
The railroad and miscellaneous bond market has been
a dull, uninteresting affair. Prices have moved within a
narrow range and, as in the case of stocks, are generally
lower. Of a list of 15 relatively active issues 11 havo deS t a te a n d R a ilr o a d B o n d s .
[V ol . 109.
dined Avithin the week, some as much as 2 or 2% points.
These figures apply only to local tractions issues, however,
while Inter. Mer. Mar’s are notably higher. U. S. Steel
and Am. Tel. & Tel. are also fractionally higher.
United States Bonds.—Sales of Government bonds at
tho Board are limited to $3,000 3s coup, at 100% and the
various Liberty Loan issues. For to-day's prices of all the
different issues and for week’s range see third page following.
Daily Record o f Liberty Loan Prices.\July 2f July 28 July 2b July 3(1 July 31 Aug. 1
3!$s, 1st Lib. Loan. 1932-47, High
Low
Close
Number of bonds sold_____
4s, 1st Lib. Loan, 1932-47, High
Low
Close
Number of bonds sold______
4s, 2d Lib. Loan, 1927-42, High
Low
Close
Number of bonds sold..............
4!$s. 1st Lib. Loan, 1932-47, High
Low
Close
Number of bonds sold____
4 !is , 2d Lib. Loan, 1927-42, High
Low
Close
Number of bonds sold................
4!$s, 2d Lib. Loan, 1932-47. High
Low
Close
Number of bonds sold_____
4!$s, 3d Lib. Loan, 1928, High
Low
Close
Number of bonds sold___
4!$s, 4th Lib. Loan, 1938, Illgh
Low
Close
Number of bonds s o ld ...
4!$s, Victory L. L.. 1922-23, High
Low
Close
Number of bonds sold____
3J$s. Victory L. L., 1922-23, High
Low
Close
Number of bonds sold..
99.50
99.40
99.48
237
94.10
94.10
94.1(
a
93.02
93.60
93.0C
91
04.90
94.90
94.90
5
94.08
94.00
94.02
497
____
__ _
—
95.10
95.00
95.08
1,057
93.96
93.88
93.94
1,435
99.92
99.90
99.90
481
99.92
99.86
99.92
79
99.66
99. S(
09.52
1,092
94.40
94.1C
94. K
48
93.70
93.62
93.02
331
94.90
94.10
94.88
21
94.20
94.00
94.20
885
99.on
99.52
99.52
74 C
94.08
94.01
94.()(
13
93.70
93.62
93.61
277
94.94
94.80
94.94
80
94.20
94.06
94.18
822
____
—
....
95.10
95.00
95.00
1,031
94.00
93.86
93.98
3,217
99.92
99.80
99.86
3,890
99.98
99.84
99.92
1,320
95.10
95.00
95.10
1,209
94.10
03.90
94.10
3,091
99.94
99.82
99.90
2,124
100.00
99.88
99.92
2,710
99.64
99.54
99.56
279
94.40
94.00
94.40
228
93.70
93.62
93.62
309
94.90
94.80
94.90
122
94.18
94.04
94.10
835
100.50
100.50
100.50
99.62
99.54
09 5.s
535
94.40
94.20
94.30
20
93.70
93.60
93.02
515
94.96
94.70
94.70
ISO
94.10
94.00
94.08
703
—
96.20
95.18
95.00
95.08
95.20
95.12
2,182
1,517
94.20
94.16
94.08
94.00
94.04
94.16
3,351
2,425
99.94
99.90
99.84
99.84
99.88
99.84
2.525
1,504
99.98 100.00
99.88
99.90
99.98
99.92
1,054
1,064
99.60
99.56
94.30
94.10
94.18
93.66
93.50
93 52
94.60
94.40
94.60
94.08
93.86
ICO.60
100.50
100.60
95.12
95.00
95.10
1,721
94.04
93.84
93.90
2,223
99.92
99.82
99.86
119
99.96
99.86
99.94
2,208
466.
—Sterling has been irregular but has
ruled slightly abovo last week’s levol. Continental exchange
was weak, particularly French francs. Exchange on tho
neutral centres was dull and featureless and without marked
cliango in either direction.
For daily volume of business see page
F o r e ig n E x c h a n g e .
, To-day’s (Friday’s) actual rates for sterling exchange were 4 3 2 !$@ 4 33
for sixty days, 4 35!$ @ 4 35!$ for cheques and 4 36!$ © 4 30!$ for cables.
Commercial on banks sight 4 35)$ @ 4 35!$, sixty days 4 31 @ 4 32,
4 30!$ @ 4 30!$ and documents for payment (sixty days)
4 35 y @ 4 3 5 y2 ^ ° ^ on ^or Payment 4 34% <3)4 35 and grain for payment
To-day’s (Friday’s) actual rates for Paris bankers’ francs wero 7 3 4 (3)7 3 4
”'.PC} (. 7 29@7 31 for short. Amsterdam bankers' guilders wero
37 1-16@36 15-16 for long and 37 7-16 <3> 37 5-16 for short,
highand'fu francs 1 ° n London, 31.74 francs: week’s rango, 31.74 francs
The rango for foreign oxchango for tho week follows:
Cables.
n£lt
£ rrinofi.Aclual,—
Sixty Days. 4Cheques.
High
for tho week__________________
4 35
33 u
439 M
Low for tho week..................................... . 4 31!$
43 4 !$ 43 5 !$
Paris Bankers’ Francs—
High for tho week___________________ 7
23
7 17
7 15
Low for tho week____________________ ” . 7 3 5
7 35
7 34
Germany Bankers' Marks—
High for tho week.............. ..... .................
6 6 6 !$
6 m%
Low for the week______________________
____’ ’ 5 3 0
5 87!$
Amsterdam Bankers’ Gttilders—
High for tho week_____________________ 37 3-16
375$
37 X
Low for tho weok.................................... ..
36 13-16 3 7 !$
37 H
Dom estic Exchange.— Chicago, par. St. Louis, 15©25c. per $1,000
n«lAnt’ Boston, par. San Francisco, par. Montreal, $50.1250 por
51,000 premlm. Cincinnati, par.
O u t s id e M a r k e t . —Trading on the “curb” this weok was
in good volumo and whilo price movements wero irregular tho
general undertone was firm. Savold Tiro Corp. was con
spicuous for a sharp upturn. After a gain of some threo
points to 61 during tho week it jumped to-day to 72. Inter
est also centred in shipping issues, Cramp Shipbuilding ad
vancing from 200 to 220, though it reacted finally to 205.
Amor. Ship & Commerce mado its appoaranco and sold up
from 42 to 44 and down to 41 %, the close to-day being at
42%. Todd Shipyards was moro than ordinarily active and
gained 11 points to 141, the close to-day being at 140.
N. Y. Shipbuilding wont down from 65 to 59. Indian Pack
ing was introduced to trading and jumped from 33 to 50%,
but reacted finally to 43%. Allied Packers recovered from
the loss sustained last week, advancing from 61 to 67%, with
to-day’s close at 64. Intornat. Products after a drop from
38 to 32% fan up to 47%, the close being at tho high figure.
Colonial Tire & Rubber weakened from 44 to 40 and finished
to-day at 40%. Fisk Rubber lost threo points to 44%,
recovering finally to 46%. Tobacco Products Exports after
a loss of 3% points to 34 advanced to 40% and closed to-day
at 39%. In Oil stocks Standard Oil of N. J. was a featuro,
due to tho new financing of the company. The stock rose
some 48 points to 798, fell back to 731 and sold finally at
742. Tho now pref. stock was traded in up from 114 to 118
and back to 114%. Elsewhoro in this department interest
was lacking, price changes being narrow. Mines wero less
active with most intorost in tho Divide issues. Bonds dull.
A completo record of “Curb” markot transactions for tho
week will be found on pago 466.
N ew
Y ork
S to ck
E x c h a n g e — S to c k R e c o r d , D a ily , W e e k ly
OCCUPYING THREE PAGES
an d
457
Y e a r ly
F o r r e c o r d o f s a le s d u r in g t h e w e e k o f s t o c k s u s u a lly i n a c t i v e , s e e p r e c e d i n g p a g e
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
July 2 6 .
$ per share
Tuesday
July 2 9 .
Monday
July 2 8 .
per share
per share
Wednesday
July 3 0 .
$ pe' share
Thursday
July 31
S per
*98
84
14
share
Sales
Friday
Aug. 1.
for
the
Week
$ per share
Shares
STOCKS
N EW YO RK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 1 0 0 -sfta re lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1 9 1 8
| Lowest
Highest
Railroads
Par S per share
$ per share S per share
$ per share
995* 100 %
993* 1 0 0 %
100
100 % 100
100%
98%
97
97%
7 ,7 0 0 Atch Topeka & Santa Fe.-lOO
90
F e b 3 104
81
M ar
99*4 N o v
M ay27
84
84%
84%
85
85
84
85
837*
*84*4 8 5 %
83%
1,000
Do prcf_____________100 83*4 A u g
80
Jan
92% N o v
89
fa n
4
1134
147*
147*
1538
1 4%
1 4%
15
14%
1 4%
13
141.1
5 ,2 0 0 Atlanta Birm & Atlantic.. 100
5
D ec
10% J u n e
15% J u ly 24
6
M a r31
101
100 % 100
101
* 100 % 101 % 100 % 100 % *100
100
99%
99%
7 0 0 Atlantic Coast Line RR..100
893* A p r 1 0 9
N ov
107
95
M ar27
M ay29
46%
46%
47
46%
47
465* 4 6 %
46%
45
46
45
45 %
9 ,0 0 0 Baltimore & Ohio_______100
55% M a y 2 7
4212 J u l y 1
48% D ec
62
N ov
54%
54%
547* 5 47,
*54%
56
56
56%
54%
55
*54%
55%
600
Do pref........................100 6 0 A p r 2 1
53
Apr
6412 N o v
5 9 i2 > M a y 2 7
31%
32%
32%
31
32%
32%
32
31
30%
31%
31
30%
1 6 ,3 0 0 Brooklyn Rapid Transit.. 100
3 3 % J u ly 2 3
25% D eo'
48% Jan
18% J a n 2 7
*
27
27
27%
27
27
28
1,100
2612
Certificates of deposit. . .
2S %. J u ly 2 3
19% M a r 2 1
162%
163%
162
163
163
160
1 6 0 % 161
1 5 9 % 161
15 9 % 160
1 1 ,1 5 0 Canadian Pacific________ 100 1 5 4
J u ly l
135
M a r 1747* O c t
1 7 0 % J u ly lO
64%
65
65
64%
64%
65%
65
65%
64%
64%
64%
64%
3 ,5 0 0 Chesapeake & Ohio_____ 100
4934 J a n l
53% Jan21
62% N o v
6 8 % M a y 17
12
12
* 10 %
10 % 1 0 %
*10
12
10 % 10 % *10
*10
12
200 Chicago & Alton RR......... 100
N ov
12% M a y l 5
7% J a n l3
7
Apr :
n
*14
18
16
16
*15
*13
17
*14
17
17
*13
17
100
Preferred........................ 100 1 0 % M a y 9 1 7 % J u l y l 7
N ov
1 0% D e c
18
3 0 0 Chicago & East Illinois----- 100
4
M a y l3
12
J u ly l8
Preferred_____________ 100
4 M a y 13
1 5% J u ly 2 1
10 % 10 % * 10 % 10 % * 10 % 11
10 % 10 %
10 % 107*
10 % 10 %
1 ,3 0 0 Chicago Great Western__ 100
N ov
7% Jan21
6
12
J u ly l7
Apr
11
28%
28%
28%
277* 2 8
28%
28%
28%
28%
28%
28%
28%
1,200
.100 2 3 U A p r l 6 307* M a y 19
Do pref_______
4734 4 8 %
49
49%
47%
48%
49
50%
47%
48
47
4 8 * 2 2 ,4 0 0 Chicago Mllw &. St Paul.. 100
52*4 J u l y l 7
54% S ept
34% F e b l5
37% A p r
72
72%
72
71
71%
70%
73%
71%
70%
71%
7 1%
70%
8 ,5 0 0
Do pref....................... 100 6 5 % J a n 2 1
76
J u ly l7
86% N o v
66% A p r
9934
99%
98%
100
99
98%
98%
99
100 % 100
100 %
99
2 ,8 0 0 Chicago & Northwestern.. 100
105 M a y 2 6
93% Jan21
N ov
89% M a r 107
♦ 125
130
131
130
*125
130
*125
*127
130
*125
*125
130
Do pref_____________100 1 2 8 A p r 2 2 1 3 3 J a n 17 1 2 5 J u ly ! 1 3 7
Jan
2
9
%
2
9
%
2
9
%
287* 3 0
287* 1 0 ,8 0 0 Chic Rock Isl& Pac......... 100
30%
30%
30
30%
30%
28%
22% Jan21
32% J u ly l7
32% N o v
18
Apr
79
*79
80
78%
79%
79
79%
78
78%
*78%
78
78
900
7% preferred_________ 100 7 3 % J a n 2 1 8 4 J u n e 6
56*4 J a n
88
N ov
66
67
67%
6 6 % 66 %
67
67
67%
66
67%
67%
66
1,000
6 % preferred_________ 100
N ov
61% Jan21
73
J u ly l7
46
Jan
75
Chic St P Minn & Omaha.. 100 6 5 % M a y l 2
Deo
82
Jan 7
82
69
S ept
50
50%
50%
50
50
50%
50
51
*55 * 50
8 0 0 Clcv Cln Chic & St Louis.. 100
32
F e b l7
N ov
547* J u n e g
26
Feb
40
72
72
72%
72%
*7 1
74
*7 1
72
400
Do pref_____________100 6 4 A p r 2 7 4 J u l y 12
7°
.N. .o.v
58*4 M a y
27%
27%
26
26
28
28%
26
26
7 0 0 Colorado & Southern------ 100
19% Jan22
27% N o v
31*4 M a y 5
18
Apr
57%
57%
100
Do 1st pref.................100 4 8 % J a n 3 5812 J u ly 2 4
55
N ov
47
Apr
Do 2d pref.................. 100 4 5 F e b 4 5 1 % M a y 2 9
48
D ec
40
Apr
114
1 0 9 % 112
*112
114
*111
*111
110
110
115
n o
110
2 ,1 0 0 Delaware & Huuson_____ 100 101
Jan 20 116 M a y 2 9
1 0 0 % A p r 1 1934 N o v
196% 196%
*190
19 7 %
1963.1 19 6 % * 1 9 0
198
198
198
5 0 0 Delaware Lack & Western..50 1 7 2 % M a r l 8 2 1 7 M a y 7
S ept
160
A p r 185
11 % 11 %
11
IO 84 11
9 0 0 Denver & Rio Grande___ 100
7 N ov
3% Jan 8
15% J u ly l4
2% Jan
18%
20
19%
18%
19%
19%
19%
19%
1 7%
1 8%
1 7%
18%
1 0 ,3 0 0
Do pref_____________ 100
6% F eb 3
24
J u ly l4
13% Jan
5
Apr
Detroit United Ry_______ 100 8 0 F e b 2 4 1 0 5 M a y l 3
90
Jan
80
Apr
Duluth S S & Atlantic___ 100
434 O c t
2 % F e b 11
6% J u l y l 5
2% F eb
11 % 1 1 %
100
Preferred_____________ 100
5% A p r 8
8% N o v
11 % J u l y 2 1
43* M a y
18 %
18%
18%
18% * 1 8
1 8%
18%
18%
18%
18%
18
18
3 ,9 0 0 Erie................................... 100
15% Jan 21
2 0 % M a y 19
23% N o v
14
Apr
30%
30
30%
30%
30*4
30%
31
30*.i
30%
29%
29%
29%
4 .3 0 0
Do 1st pref__________100 2434 J a n 2 1 3 3 J u ly lO
36% N o v
231* J a n
22
223 4 *21
22
* 21 %
22%
* 2 1 % 22 % *21
22
*21% 22%
200
Do 2d pref.................. 100 1 7 % A p r 3 2 3 % J u l y l 7
27% N o v
18% Jan
94'%
937* 9 4 %
943* 9 4 %
94%
93%
94
92%
937*
92%
93 %
7 ,7 0 0 Great Northern pref......... 100
89% A pr21
106% N o v
100% M a y 2 7
8
6
J
a
n
49%
4734 4 8 %
47%
49%
4 6 % 477*
48*4 4 9 %
48%
46%
47
1 6 ,1 0 0
Iron Ore properties..Wo par 3 1 % J a n 2 5234 J u ly lO
34% N o v
25% Jan
12
12
12
*11
12
*11
*10
13% *10
13%
100 Gulf Mob & Nor tr ctfs-,-100
12 % J u ly 2 5
7% F e b 2 7
10 May
8
M ar
40%
*40
42%
40
*39
40
40
40
*39
421?
400
Preferred_____________ 100 3 1 % J a n l 6 4 0 % J u l y l 8
35% D e c
27
M ar
in o 7 „ m i
101
100 % 100 % 101
1,200 Illinois Central................. 100
96
Jan21
104 M a y lO
92
Jan 105% N o v
8
8
7%
7%
8%
8
*7*4
7%
7%
7%
77*
7%
3 .6 0 0 lnterboro Cons Corp..N o Par
9% Jan
3% M a r2 4
9% J u n e 2
4*4 D e c
29%
28%
28%
28
28
29
2734 2 8
*281.1 2 8 %
*26%
27%
8 ,1 0 0
Do pref....................... 100 1 1 % M a r 2 9 3 1 % J u n e l 2
47% Jan
17% D e c
•
8%
8%
8%
8 ‘ .1
200 Iowa Central...............
100
2 % F e b 13
5% N o v
9 % J u ly 2 1
2% Jan
237* * 2 3
24
23
23%
23%
23
23%
22
22%
22
22%
2 .3 0 0 Kansas City Southern___ 100
24% N o v
16% Jan 30
25% M a y l9
15% A p r
*5 4
*54
55
*54
55
55%
55%
55
54% 54% *54
55
200
Do pref____________ 100 4 9 % J a n 2 1
59% N o v
57 M ay21
45
Jan
1134 11%
1 2 % * 1 1 3 4 14
♦11*4
11 %
* 10 % 10% ♦ 10%
11 %
13%
3 0 0 Lake Erie & Western____ 100
117* N o v
7
F eb26
14
J u ly 2 1
7% O ct
22
24
24
23%
23
23%
23%
*2 2
23%
24
800
Preferred_____________ 100 1 6 % A p r 2 1 2 5 M a y l O
25
O ct
1
8
A
p
r
533* 5 3 %
52%
523*
53%
53
52%
53%
52%
52%
52
52%
1 .6 0 0 Lehigh Valley...................... 50
50 % J u ly 3
60% Ju n e 2
65% N o v
53% D e c
1 1 5 % 11 5 %
*115
118
116
116% * 1 1 5 % 116%
115
115
*115
117
5 0 0 Louisville & Nashville___ 100 1 1 3
M a r 8 122*4 M a y l 7
124*4 N o v
110
Jan
84%
8
4
85
84
3 0 0 Manhattan Ry guar......... 100
70
M ar28
88
Jan25
80
D e c 100% D e c
213* 213.|
21%
21%
21%
20%
20%
21%
20
2 0%
20
20%
5 .3 0 0 MInneap & St L (.new)___ 100
9% Jan21
24% J u ly l7
157* N o v
7% A p r
94
94
100 Minn St P & S S M ......... 100
85% M ar28
97% N o v
98% M a y 2 9
8
0
%
Jan
147*
14%
14
15
14
1 4%
1 4%
1 3%
137* 14% 3 2 ,4 0 0 Missouri Kansas & Texas. 100
14%
1 3%
4 % F e b 10
1 6 % J u ly 2 2
6*4 N o v
4% Jan
227* * 2 2
22
22
22%
2134 2 2
23%
22 %
21%
21
21%
2 ,0 0 0
Do pref............
100
25 % J u ly lS
8% J a n l3
13% N o v
6% Jan
347*
35
36%
36
34%
35%
35%
34
35%
34
331.1 3 4% 2 5 ,7 0 0 Missouri Pacific trust ctfs.100
3878 J u l y 9
22% Jah21
31% N o v
20
Jan
56%
56%
*56
57
56%
56
56%
56%
54%
54 %
*56
57
700
Do pref trust ctfs........100 4 9 % J a n 2 1 58*4 J u n e 7
62
N ov
41
Jan
0
9
9
9
9
87$ 1 3 ,0 0 0 Nat Rys of Mex 2d pref...100
8%
5% F eb 6
14
M a r lO
10% N o v
4% M a y
42
42
40
4012
3 0 0 New Orl Tex & Mex v t c. _100
45
J u ly l4
28*4 A p r l O
17
Apr
361* D e o
80%
80%
80%
79
80%
80
79
80
78
79%
78%
78%
1 3 ,3 0 0 New York Central..............100
69% Jan 21
83*4 J u n e 6
84% N o v
67% Jan
32
32
*31
32
31
*29
31%
*2 9
*30
*3 1
*29%
31%
N Y Chicago & St Louis.. 100 2 5 A p r lO 3 3 % J u ly lO
34
N ov
13% . O ct
70
*68
70
*68
70
*68
70
*68
*68
*68
70
70
First preferred............... 100 6 3 A p r l S 7 0 A p r 2
65
N ov
55
J u ly
53
53
53
53
*49%
*49%
53
*49%
*49%
*49
*4 9
53
Second preferred----------100 4 2 % A p r lO
5 3 % J u ly 7
48
N ov
40
O ct
38%
40%
37%
39%
40%
38%
37% 39%
371.1 3 7 ’%
37%
3 8 % 1 3 0 ,5 0 0 N Y N H & Hartford___ 100
407* J u l y l 7
457* M a y
2534 F e b l 3
27
Apr
237* * 2 2 %
24%
24%
*23%
23%
23%
24
24
2 4%
23%
22%
1,200 N Y Ontario & Western...100
24% J u ly l8
18% Jan21
24 ** N o v
18% Jan
18
17%
18
17%
17
17
3 0 0 Norfolk- Southern_______ 100
15
M ar 7
20 M ay29
21% D e o
14
N ov
*1 0 6 % 107
106
106
1 0 5 % 106
105
105%
1 0 4 % 10 5
1 0 4 % 10 4 %
2 .4 0 0 Norfolk & Western............100 1 0 3
M a r 6 112% M a y l9
102
Jan 112% N o v
947* 9 5 %
95%
94%
05%
93%
94%
95%
93%
94
93
933*
9 ,3 0 0 Northern Pacific________ 100
997* M a y 2 7
88% Jan21
N ov
81% Jan 105
457* 4 6
46
46%
46
46%
46
46%
46
46% *45%
457*
9 ,0 3 1 Pennsylvania____________ 50
4334 A p r 2 1
48% M a y l9
50% N o v
43% J u n e
19%
20
19%
*17%
*18%
1 8%
19 %
18*4
17
18
*17
18
3 .4 0 0 Peoria & Eastern________ 100
434 M a r 2 6
20
J u ly l7
67* N o v
4% A p r
23%
23%
23%
22%
23%
23%
23%
23%
22%
22% . 22
22 %
8 ,5 0 0 Pere Marquette v t c_____ 100
12% Jan 21
26% J u n e ll
187* N o v
9% M a y
67
__ __ 6 6 6 6 % 6 5 % 6 5 %
67
*56%
60
700
Do prior pref v t c___100 5 6 M a r 2 7 6 7 % J u l y l S
52% A p r
64
N ov
47
47
4612
200
Do pref v t c________ 100 3 9 A p r 7 4 9 M a y 2 1
50
N ov
30
Apr
*62
*60
65
*6 1
65
65
*61
65
63
63
100 Pitts Cln Chic & St Louis.. 100
44
A p r29
70 J u n e 7
257* J u n e
58% N o v
40%
40
39%
39%
39
39%
39%
39%
38%
39%
38%
3 8 s4 10,200 Pittsburgh <fc West Va___ 100
34
Jau21
2
2
%
J
a
n
44*4
J
u
n
e
9
4
0
%
N
ov
8
4
*83
*83
84
84
*83
84
*83
*8 3
84
*83
84
Do pref_____________ 100 7 9 J a n 3 1 8 4 % J u n e 7
61
Jan
82
N ov
88%
90
88
89
89%
90%
90%
89%
87
88%
86%
88
2 8 ,2 0 0 Reading.................
50 7 5 J a n 2 1 9 3 % J u n e 6
70% Jan
96% O ct
36
*35
35%
35%
*35
*34
37
37
*35
38
*35
36
100
Do 1st pref__________ 50 3 5 J u ly 2 2 3 8 t 2 F e b 4
39 M a y
35
Jan
39
37
37
*36
39%
*34%
39
*35
*37
39%
*37
39
100
Do 2d pref...................... 5 3 6 A p r 3 0 3 9 % M a y l 6
40
J u ly
35
M ar
22%
24%
24
24%
24
24%
23%
24%
22%
23%
22%
23%
1 3 .9 0 0 St Louis-San Fran tr ctfs.. 100
10% Jan 21
27*4 J u l y l 7
17% D e c
9% A p r
32
11 • 3 4 %
32
300
Preferred
A
trust
ctfs..
100
22
Jan27
3
7
M
a
y
2
2
1
A
p
r
3
3
%
N ov
20%
20%
20%
20%
*19
20
20%
*18
*19
21
*17
21
1,000 St Louis Southwestern___ 100
16
A p r22
25
N ov
23% Ju n e 9
19
O ct
32
32%
*31%
38
33
33
*301.1 3 6
*31
33
33
33
■4 0 0
Do pref........................100 2812 F e b 4 377* j u n e l O
40% Jan
28
O ct
11
11
10%
10 %
3 0 0 Seaboard Air Line_______ 100
7% F e b l3
12
J u ly 2 3
12
N ov
7
Apr
21
21%
21
21%
‘ 20%
20%
500
Do pref...........
100 1534 F e b 3 2 3 % J u l y l 7 15% A p r
25% N o v
105% 106%
1063.1 1 0 7 %
106% 107
105
10 6 %
103*4 10 5 %
103% 105
4 9 ,4 0 0 Southern Pacific Co_____ 100
1
1
5
J
u
n
e
2
9
5
%
J
a
n
2
1
1
1
0
N
ov
8
0
%
J
a
n
30
30%
2934 3 0
30%
30%
30%
30
29%
297*
29%
29%
9 ,9 0 0 Southern Railway_______ 100
25
Jan21
33
M a y l9
347 * N o v
203* A p r
67%
67%
67%
67%
67
68%
♦67%
67
67
67
*67
67%
700
Do pref....................... 100 6 6 % J u n e 3 0 7 2 % M a y 2 7
75% N o v
57
Jan
57
61%
5784 6 0 %
59
60
593.1 5 9 %
58%
61%
617* 90.900 Texas & Pacific_________ 100
59%
27% Jan21
70 % J u ly 2
29% D e c
14 M a y
23 3 4 2 4 %
24
24
23%
24%
24
24
23%
23%
23%
23%
1 ,7 0 0 Third Avenue.....................100
13% J a n 4
2 5 % J u ly 2 3
21*4 J a n
12% D e c
10
1 3%
11
13
*10
13%
*12
14
*10
13
5 ,0 0 0 Tol St L & W trust receipts..
5 M ay 1
.13% J u ly 2 9
7% A u g
4
J
u
n
e
—
♦
2
5
*
2
5
27
.... .... * 2 5 —
25
25
*25
26
100
Preferred certificates dep.. 1 0 M a r 4 2 5 % J u ly 2 5
16
Aug
8% M a r
45
45
200 Twin City Rapid Transit.. 100
38
J a n l6
60 June 3
65% Jan
32
D ec
132% 132%
133
131% 132%
133
1 33% 133%
1 3 1 % 132%
131
13 2 %
8 ,2 0 0 Union Pacific___________ 100 1 2 4 % J a n 2 1 1 3 8 % M a y 2 9 i 109*4 J a n 1 3 7 % O c t
7
2
7
2
%
72%
*72
72%
72
72%
72
72
72
72
72
1 .5 0 0
Do pref........................100 71 J u ly lO
7434 Mar 5
76*4 N o v
69
Jan
*12%
13
13
*12%
*12%
13
*12%
13
*12%
13%
12 %
12%
6 0 0 United Railways Invest... 100
157* J u l y 1
7% J a n 9
12
June
4*4 J a n
28%
2934
29*4
29
291.1
28%
29
29%
28
28%
27% 28
1 .5 0 0
Do
pref........................100
3
4 % J u l y l|
1
5
J
a
n
l
3
20
M ay
10% A p r
12
12%
12%
12 %
12%
11%
12 %
12%
11%
117*
117* 11,200 Wabash..............................100
11%
7*4 J a n 2 0
11*4 J u l y
1 3% J u ly 2 3 !
7
Apr
35
35%
34%
35%
35%
35%
36
34%
35
35%
34
34%
5 ,3 0 0
Do
pref
A....................
100
30% Jan21
4
4
% Jan
3 8 M a y l9 :
307*
D
e
c
2
4
%
2
4
%
2334
*23%
*23%
24% *23
24%
300
Do pref B....................100 19 J a n 2 3 2 5 % J u l y 9
26% June
19% D e c
143*
143*
14%
14 %
14
14%
13 %
14%
13%
14% 1 4 ,3 0 0 Western Maryland (new).. 100
147* j u l y l 7
9% A p r21
17*4 J 'e b
10
D ec
*26
29
29
*25
*26
29
*25
29
*24
29
100
Do
2d
pref..................
2
3
J
u
n
e
l
9
3
2
June
3
0
%
J
u
l
y
9
2
0
J
a
n
*24%
25
2434
24%
25
25
25
25
24
24
23%
23%
1,100 Western Pacific_________ 100
17
F eb 3
26
J u ly l4
13
24*4 N o v
Jan
58%
58%
*58
58%
59
*58
58
59
58
58
*57
60
400
Do pref..................
100 5 2 % F c b 2 0 6 1 % J a n 9
66
June
46
J
a
n
1
1%
11%
1
1
%
1
1%
1
1
%
11%
11%
11 %
111?
♦ 11%
11%
11%
1 ,8 0 0 Wheeling & Lake Erie Ry.100
7% M a r 5
1 2% J u l y l 7
12*4 N o v
8
Apr
22%
*22
23
24
23
24
*23
24
21%
21%
22
*21
400
Do p ref..................... 100 1 7 J a n 3 0 2 4 % J u l y l 7
26
N ov
1712 A p r
— — *33 3 8 *33 3 8 *33 38 *33 38 *32 36
Wisconsin Central_______ 100 3 0 % J a n 2 2 417* M a y 16
3934 O c t
297* D e c
Industrial & Miscellaneous
52%
51
50%
54
*50%
53
51
*50%
*50
50
7 0 0 Adams Express_________ 100
501.1 5 0 %
2
9
%
A
p
r
2
6
64 M ay2 3
80
Jan
42
D ec
48
48
46
483*
48
18
49%
49
,1 0 0 Advance Rumely..............100
587* J u l y 3
21
Jan21
26*4 N o v
11
Jan
7 3 % __
__ 4714 4717 * 47 30 % 47 43 % 51,200
73
74
73%
74
7 1
Do pref........................ 100 5 6 % J a n 2 0 7 6 J u n e 9
627 * N o v
2578 J a n
112
109
108
109
110%
109
108% 112%
1 0 5 % 10 8 % 1 0 5 % 10 7 % 1 5 ,2 0 0 Ajax Rubber Inc_________ 50
66
J a n l3 113
J u l y 14
72% D e c
49
Jan
*3
3%
3
3
3
3
3%
3%
3%
3
3%
3%
1 ,8 0 0 Alaska Gold Mines_______ 10
2«4 J u l y 7
6% N o v
4 % J a n 15
1% A p r
2%
2%
23*
2%
2%
23*
2%
2%
2%
2%
2%
2%
3 ,3 0 0 Alaska Juneau Gold Mln'g.10
3% June
1*4 J a n 2
3% J u ly l4 ,
1% A p r
47%
46%
45%
47
47%
48%
47%
45%
481.1
4534 1 7 ,6 0 0 Allls-Chalmers Mfg............ 100
47
45
30
Jan21
50
J u l y 7|
37
M ay
17*4 J a n
96
96
95
95
*95
96
95
95
600
Do
pref........................
100
81% Jan23
8
6
% M ay
7
2
%
J
a
n
9
6
%
J
u
n
e
2
!
1
0
8
%
105% 107%
1097* 1 0 9
109%
108
109
105% 107
1 0 5 % 10 6 %
5 ,0 0 0 Amer Agricultural Chem_.100
99% Jan29
113*4 M a y 1
O ct
78
Jan 106
99%
100
*98%
100
*99
100
*98*1 1 0 0
100
100
*99
100
500
Do pref______
100 9 8 J a n 9 1 0 8 M a r l 5 :
Aug
89% J a n 101
52
50
*49%
50
52
50
52
50
49%
49%
4 0 0 American Bank Note......... 50
3
3
J
a
n
2
5
3
5
%
M
ay
3
1
%
M
a
r
5
5
J
u
l
y
l
5
,
50
*48
471*
*4712
100
Preferred______________ 50 4 2 J a n 2 4 8 % J u n e 3 0 , 41*4 J u n e 4 2 % A u g
92%
93%
90
91%
915*
93%
94
92%
907*
90
90m 9 1 %
9 ,8 0 0 American Beet Sugar____ 100
62
Jan 3
84
F eb
9
8
%
J
u
ly
lO
4
8
N
o
v
*
9
2
*92
9
5
95
95
*92
95
93%
93% *90
94
130
Do pref____ _________100 8 4 % J a n l 3 9 5 M a y 2 9 ! * 8 2 S e p t 9 1 % M a y
123
120% 123
118
121
123*8 1 2 2 % l? 4 7 g
1147* 119
112% 1 1 7 % 11,000 Amer Bosch Magneto..Wo par
84% M a y 7 126
J u ly 2 4
*93
Amer
Brake Shoe & Fdry. .100 9 0 M a y l 3
90
J u ly
97
J u ly l7 |
90
J u ly
*172
Preferred______
100 1 6 0 J a n 2 1 7 5 M a y l 3 : 1 6 0 D e c 1 7 5
Jan
59%
59%
57
60%
58%
59%
60%
58%
57
58%
56%
5 7 % 2 2 ,5 0 0 American Can................... 100
5034 M a y
4 2 ?s F e b 11
63
J u ly 7
34% Jan
__ __ * 1 0 4 % 1 0 5 * 1 0 4 1 0 5 * 1 0 0 % 1 0 5 1043* 1043* * 1 0 4 1 0 5
100
Do
pref........................
100
9 8 7* j a n 6 1 0 7 % J u n e l 6
9
9
D
ec
8
9
%
J
a
n
11534 11734 11 4 % 1 1 7
118% 120%
116% 119%
118% 120%
1 1 3 % 1 1 5 % 25,900 American Car & Foundry. 100
8 4 % F e b 10 12 1 % J u ly 2 3
93*4 I " »
68% J a n
5 1 151? 11 5 1 ,
13 0
100
Do
pref............
113
J a n l8
1
1
9
J
u
l
y
l
l
1
1
5
0
9
fi
1
0
6
J
a
n
63%
64
647*
63%
63
64
63%
63
61% 63%
61
62
5 ,4 0 0 American Cotton OH_____ 100
39% Jan 2
67% J u ly l4
44
O ct
25
Jan
*
Do pref........................ 100 8 8 J a n 7 9 3 A p r 3
78 M a y
88
D ec
1234
12%
12 %
12%
12%
12%
1 3%
13% * 1 2 %
12%
12
12 % 2 0 ,9 0 0 Amer Druggists Syndicate. 10
10% J an 24
14 % M a r 7,
37%
361,1 3 6 %
36%
36%
36%
37%
41%
40%
43%
3 9 % 417* 8 2 ,1 0 0 American Hide & Leather. 100
1 3% J a n 4 ,
431* J u ly 3 1
117* J a n
2 2 i* s e p
1 3 2 % 13 3 %
1 3 0 % 1 3 2 34 1 3 1 % 13334 131
131% 133%
130*4 13 1
13 2 %
1 4 ,2 0 0
Do pref_____________ 100 7 1 % J a n 2l 1 3 6 % J u l y l 4
50
Jan
947* A u t
---------------------------------------- g
« Bid and asked prices; no sales on this day. I Ex-rights. J Less than 100 shares, a Ex-div. and rights.
Ex-dlvidoad.
S
S
458
New York Stprk Record— Continued— Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
Sales
for
the
Week
H IG H A N D LOW SALE PRICES —PER SHARE, N OT PER CENT.
Saturday
July 26
July 28
July 29
July 30
Thursday
July 31
Friday
Aua. 1
95 *93
136
137
lift *11514
17g
*158
9878
99 >8 101*4 100*4
*23
24
*83
105
90
105
135 135*8 134*s 135*4 128*4 134*8 12878
137
116 *1151.1 116 *11514 116 *115U 116 *115*4
17o
17o
17o * 1*8
* 15jj
178
*158
*90
97*2 99*?
967s 9678 93*2 95
99*8
9334 98*2
93*2
98 101
97*8 101
101*4
24
23
24*4
* i m u ins ♦101
*83
90
*87
114 114*2
22*4 23*8
103
90
8612
*
104*2
*98 100
15
1412 15
158*4 153 153
117S
11*8 13*8
37*4 393.1
39*2
28
29
29
4611 44*i 4514
73*4
71*4 727s
48*i
46*i 4878
82
81
81
82
84
83*2
24*8
U102
*102
1312
13*8
157
15512
12
11*2
37
36*4
28*2
30*8
46*2
4512
74*2
71*4
48
50*2
82
81*4
85
*83*4
100
39*2
45
39*4 42*2
71
74*4
7378 71*4
115*2 112*2 115*8 111*8
114
623,| 64*4
63
63
60*4
65*2
4434
9012 9012
251 251
247
251 251
*250 260
79
79
20*a
27*8 28
26*s 277s 267s 27*4
48
49U 49*4
49*8 49*2
48*8 49*4
*85
90
*82*2
*104
108 *104
4978
5U2 52
51*2 52*2
62
6112 62*4
62*8
61*4
61*4 62*8
1012
11*4
150
150
12
11*4
36*4
35
2912 29*8
4534
46
75>2
50*2
48*4
83
81*8
84
83
100
42*i
40
43*8
68U 69*4
68*8
114
1147s 113*4
*iou
150
*11*4
33*4
29U
4534
74
49U
8l*s
83
74
6214
*63
67
*60
*83
85
83
83
100*8 101*2 100*8 100*2
20*4
19l2 1978 20
97
97
96
97*4
*72
74
941 95*4
110
*109
4
140*8 144
35's 35*4
80
80*8
*205 215
*90
4012
*46
36
♦94
97
4012
48
36*8
100
104*8
117
*18
*42
*82
57
36
93U
*168
228*4
104*8
118
21
44
85
5878
36*8
9378
169*4
231
*72
92*2
109
*65
140*4
103
35*4
80*2
*205
103
13*4
*89
40*4
*47
*36
*94
115
104*8
1177s
*17
42*2
*80
58
3578
92*2
169*2
230
92*2
88*8
83*2
103
73
46*2
67*8
91*2
6378
67*2
33*8
8834
141*8
118
64*2
121
30*a
89
89
823.1
H
*103
103*2
73
*70
47U 47*4
____
92
*90
65
65
67*2 68
*33l2 33*4
*88
89
141
141
____ ____
64U 65*4
121
12 l 7s
30*4 3078
67U
*78
80
78*2
36*2
36*4 37*2
*78
85
*78
391 39*2
39*4
136 137*8 135*4
74l2 74*2
42
42*4
41*2
103<8 104*4 103*2
84
68*4 66*4
2
*86U
8778
86*4
74
94*4
109
70
143*2
103
3578
8078
220
103
14
97
42U
48
38
100
116
104*8
118*4
21
42*2
85
58*2
36*2
94*4
169*2
232
9212
89*8
84*2
103*4
73
47*2
67*8
92
65
68
34
88*4
141*8
118
66*8
123
31
68
78*2
37*2
84
40
137*2
___4218
105
88*8
*63*2 6378
*83
85
100*2 101
20*2 21
94*4 95
110
*72
74
90*4 92*2
109*4 109*4
67
67
137*2 142*4
103 103
34*4 3578
80
81
*210 220
*100 105
14
14
97
*90
4212
41
47
47
38
*35
*94
100
115 115
10414 104*1
116*4 119
21
*17
42
42
83*2 84*2
55*4 58
35*2 3578
93
167*2 169
227 2323s
*92
93
89*8 89*8
82*8 83*2
103 103
73*8 73*8
45*4 46*4
67*2 67*8
*91
93
63
04*8
66*8 68*8
32
33*2
87*8 89
139*4 141
116 116
621.1 6478
119*8 1213s
30
30*2
64*2 67*i
78
78*2
38
38
79
79
3978 40*8
133 135*4
72
70
41*8 42
101*2 103*8
88*2
87
87
86*2
741*4
41.1
114*4
114
63*4
46
1378
150
13
37
27*8
43*2
71*2
45*8
80*4
82
98*2
40*8
70
110*8
60*2
250*2 250
14*2
13*4
155 zl45
14
13*2
39
36*4
27
28*4
44*8
43*8
73*2 71
45*2
48*8
81
81
83
80*8
99*4
4l*s
39*2
74
70
113*4 110*8
62
250
2678 26
46*2
48*2
85*2
88
108 *104*4
49
51
61*4
62*8
53
61
*60
64
8312 83*2 *83
99*2
100 101
20*2
20*8 21
93*4
94
96
*100
*73
7378 74
88*s 91*8 88*2
109 109 *108*2
64
135 140*4 133*4
100
101
101
34
33*8
35*8
79*4
7978 80*4
210
*205 220
*100 105 *100
14*4
13*8 14*8
*85
*90
97
39
40
41*4
* ____
48*4 *-----34
35
35
*94
100
*94
115*8
114*2 118
104 104*4 104
113*2 116*2 113
*17
21
*17
42
42
42
*80
*80
85
541
54*8 57
35
35*4 36*4
90
90*8
94*8
167
168 169
221
223 228
92*2
92*2 92*2
88*s 89*4
88*8
82*4 83*2
80*4
*102*8 103*2 *102*8
*73
72*8
74
45*4
45*8 45*8
65
66
67*2
88
90*8 91
63
62*2 64
64
65*8 67*8
31*2 3278 30*4
87
85
88
139 139
136*8
60*8
*240
25*2
26*8
48
46
86
85
108 *104*4
4978 48*4
62
61*4
55
53
60
61*2
84
*83
99*4 100*4
21*2
20*2
95
93*8
106
♦73
75
91*4
88*s
110
108*4
*62
64
138*8 132
____
100
34*4
33*2
80
80
210
210
105 *100
1514
143s
97
*87
41
39
48*2 *4612
34
100
121*2 115*8
104*8 104*4
114*4 113
21
♦17
43
41
85
80
57
54
i 34*4
94*4
90*4
167*8 166*4
226
220*3
927s *92*4
88
89*8
80
82*4
103
102*4
73*4
7 178
45*2
45*4
66
64
90*2
94*4
62*4
66*2
66*4
64*8
31*8
30*2
85
*84
138*4 136*8
2 35
60*4
118*4
2978
63
7912
36
*78
40*4
132*8
*60
41
99*4
63*4
120
30*8
66
79*2
37
80
41
135*4
70
41*8
102*8
86*4 86*4
h
• Bid and asked prices; no sales on this day.
second page preceding.
113*4 1143.1 113
22
22
23*4
*102 103
102
89
*85
*84
102 107*2
59*8 62
117*8 118*4
29*4 30*4
64
66*2
80
*79
36*2 36*2
78
78
40
40*8
131 132*4
*64
69
41
40
93
100*4
86
87
93
800
95*8 145,400
700
113
22*2 17,400
102
100
90
200
600
100
&
84
97
94*1
b4
64?8
32
87
139
8*6*4
§ Less than 100 shares.
16,000 Endlcott-Johnson................. .50
1,500
Do preferred_________ 100
13,400 Famous Players Lasky No par
Federal Mining A Smelting 100
800
Do preferred..................100
400 Fisher Body Corp......... N o par
31,900 Freeport Texas C o ____No par
5,400 Gaston W & \V Inc__ No par
46,300 General Cigar, Inc ............. ioo
1,900 General Electric_________
24,700 General Motors Corp__
100
900
Do p r e f................ ........ 100
4,750
18,100 Goodrich Co (B F )___
100
1,100
Do pref........................... 100
1,600 Granby Cons M S A P____100
1,800 Greene Cananea Copper.. 100
1,200 Gulf States Steel tr ctfs. .100
800 Hartman Corporation......... 100
11,800 Haskel A Barker Car__ No par
25,100 Inspiration Cons C o p p e r...20
3,900 Internat Agrlcul Corp____100
1,700
Do pref.................... ........ 100
2,800 Inter Harvester (new)____100
300
Do Preferred, new____100
124,200 Int Mercantile Marine____100
32,500
Do pref............. ...............100
19,400 International Nickel (The).25
36,900 International Paper............100
800
Do stamped pref........... 100
2,700 Jewel Tea, Inc.................... .100
450
Do preferred..................100
2,400 Jones Bras Tea, Inc______ 100
15,700 Kelly-Sprlngfleld Tiro 1____25
700 Kelsey Wheel, Inc________ 100
15,700 Kennecott Copper____No par
25,600 Keystonn Tire A Rubber 1.10
21*2
80
102U Jiilv 2
109 July 1
9*8 Fci)20
33
Jan20
38*4
47
25*8
47
144*2 Feb 3
118*2 Jan21
82
8212 Feb 17
56*2
102*4
64
3878
49*2 Feb 8
54*4
40
Feb 6
4212 Feb 6
10*2
48
110*8
115
Feb 18
21*4
92*4 Feb 10
24*2 Feb 3
30*4
62
28
Fob 8
76*s Julvl4
31
68
Jan24
39
29*8 Feb 13
88L Mav22
121*2 July31
105 Julyl7
123 Julyl7
23*2 Julyl5
48*4 Julyll
97*2 Juno 9
64*8 July 14
38*4 Julyll
9578 July23
17378 JulylO
243 Juno 6
95 Juno 3
7.400Lackawanna Steel................100
02U Jan21
93*4 July 15
| Ex-rlghta.
* Ex-dlvldcnd.
100
o Ex-dlv. and rights.
Lowest
Highest
71*4
2
29*4 July21
17*8 Jan21
32*8 Feb 6
507s JulylO
95*2 July 2
60*8
108
Jan25
10312
56 Julyll
34*4 Feb 10
39*4 Feb l
65 July 7
3734
0334 July 14
60 '
75 June27
83 July28
86*8 Julyll
87*8 Jan27 100*8 Julyl5
July31
578 Apr23
65*2 Feb 10 103*i Juno 7
1041.1
75 Junel2
58
Jan 3
46
Jan21 95*4 July26
102
Jan23 10978 July25
48 Marl5
79 Julyll
52*8 Feb 7 zl49 Julyl5
91
Jan 2 105 July 3
4178 July 7
20*8 Jan27
69*2 Mar 1 87*2 July 2
150
Jan 8 214 JulylO
93*4 Feb 17 103 July28
16*4 May 12
10*8 Jan31
55
Feb 8
94*8 July 2
43 JulylO
27
Jan23
47 JuIvlO
49 July23
94
PER SHARE
Range for Precious
Year 1918
$ per share $ per share
S per share
49
Oct
76*2 June 6
11*2 Jan
61
Oct
76*i June 6
38*4 Jan
115*2 July 11
51*2 Sept
60*2 Oct
47*2 Dec
82 July 7
27
Jan
92
Dec
98*8 Apr 15
69*4 Jan
May
97*2 Julyl4
53i Jan
Jan 102*8 Dec
109*4 July 2 z95
59*8 July25
48
Dec
41 Sept
66* i June28
96 Nov
94*2 Junel2
89 May
89*i JulylO
94*4 Oct
73 May
109*8 July 17 103 Sept 110*4 Nov
Dec
85
Oct 107
130 May 5
99
Jan16 §85 Aug §85 Aug
47 July 7
142 July 7
98
Jan 116 May
119 May 2 4 108*4 Mar 114*2 Dec
120*2 Juncl2
60*4 Jan 145 May
100 M ayl2
81
Jan 103 June
108*8 MarlO
90*8 Aug 109*4 Feb
25578 July25 140*2 Jan 1983.1 Dec
106 Jan 0
92*8 Sept 100*2 Dec
137 JulylO
6078 May
44^8 Jan
96*t Dec
110*4 June 5
92
Jan
39*8 Aug
68*8 Aug 1
20*4 Apr
29 July 14
11
Dec
21*8 July
53*i July
65 July24
38*i Dec
7778 JulylO
59
Dec i 74*4 Oct
2l2 Nov
4*s July24
Dec
12 May
18*8 Dec
5S*s June 7
63
Dec
80 July28
36*8 J*n
80*4 M ayl3
71
Oct
54
Apr
96*4 May 8
188*2 June 7
97*4 Jan 120*4 Feb
76*2 May 8
58
Jan
67*8 Nov
124*2 Julyll
56*8 Jan 101*4 May
104
Oct
Dec
145 July 7
85
Jan 110
119 May29
99*2 Juno 107*8 Dec
2>s May 13
96 May
107*4 July 15
60
Dec
94 May
59*4 Nov
110*4 July 15
94 Sept
108 July21
10678 Apr
25 Jllly24
21
Jan
28*2 Sept
&
74
2,000 Continental Insurance......... 25
90 116,000 Corn Products Refining.. 100
IO I
600
Do pref....... ...................1 0 0
68
200 Crex C arpet.............. .......... 100
136*4 149,400 Crucible Steel of America. 100
____
600
Do pref............................ 100
34
15,900 Cuba Cane Sugar......... N o par
4,200
80*8
Do pref............................ 100
210
300 Cuban-Amerlcan Sugar___100
105
100 Deere A Co pref............ ......100
15
17,000 Domo Mines, L td .................10
Electric Storage Battery.. 100
39*2 12,500 Elk Horn Coal Corp............. 50
48
100
Do preferred.................... 50
____
800 Emerson-Brantlngham____100
11678
104U
114*4
21
*{"1
SOU
5612
35
92*4
167
224*2
93
88*8
81
10234
72
46
64
S per share
38
Jan2 1
54*1 Jan20
52*8 Feb 8
44*8 Mar 1
85 Mar 1
Jan21
58
Janll
100
53*4 July24
36 July 8
9212 Feb 11
62*8 Feb 6
103
Feb20
105
Janl l
93 July 10
111*4 Jan21
113*2 Jan 6
96*2 Jan 13
93
Jan 6
98*4 Jan29
191 7s Feb 4
96*8 May 14
45*4 Jan 16
94*8 Feb 8
27*8 Jan 2
11
Jan31
40
Jan21
56*2 Feb 6
1
Jan 2
17*4 Jan 6
61 Mar 19
58*8
68
Jan 2
92
Feb 8
04
Jan29
6 178 Jail29
102
Jan29
Barrett Co (The)................100 103
Jan 2
no
Feb 10
IU
Bethlehem Steel Corp____100
55*2 Jan20
Do Class B common. .100
55*8 Jan21
90*2
Do cum conv 8% p re f... 101*8
Booth Fisheries........... No par
18*4 Janll
97
Brooklyn Union Gas........... 100
92 May29
77*4 Apr 3
Feb 6 112*2 JulylO
71
98
Feb 10
Brunswick Term
lty Sec. 100
15 July29
8*2 Mar22
Burns Bros........................ ..1 0 0 138
Feb 6 166 Apr 23
Butte Copper & Zinc v t c ..5
14*2 Aug 1
5*8 Feb20
Butterlck...............................100
16
39*4 July30
Jan27
Butte & Superior Mining. 10
1678 Feb 11
37*2 Julyll
Caddo Central Oil & R e f..100
54*4 May27
California Packing____N o par
7578 July24
48*4 Jan 2
California Petroleum_____100
20*8 Jan 2
5278 July24
Do p re f........................1 0 0
84*4 Juno 9
64*8 Jan 2
Calumet A Arizona Mining. 10
56*4 Mar 15
80*4 July2l
91*?
Case (.1 I) Thresh M pf ctf. 100
Central Foundry__________100
45 July28
20*2 Juno20
Do preferred__________100
27
Apr 5
74*4 July28
Central Leather.................1 0 0
56*2 Feb 8 110*2 July24
114 JulylO
10H2
Ccrro de Pasco Cop___No par
31
07*2 Julyll
Jan22
3014
5l?8 JulylO
90*2 July23
Chandler Motor Car......... .100 103
Jan 18 267*4 July 9
39,100
9,900
71,000
24,400
14,000
7,500
20,900
25,200
2,900
1,900
500
20,900
40
73*2 25,000
111*4 77,400
200
61*2 23,700
300
100
250
1,500
100
26
17,300 Chile Copper______________ 25
47
9,900 Chino Copper.............................5
85
400
108
4978 4,800 Colorado Fuel A Iron......... 100
61*2 11,300 Columbia Gas A Klee_____ 100
54
600
60
400 Consolidated Cigar____No par
83*2
300
5,400 Consolidated Gas (N Y )..1 0 0
100*4
21
35,900 Cons Inter-State Call M g ..10
94*2 3,900 Continental Can, Inc......... 100
14*2
150
14*2
37*2
28*4
43*2
72
47*2
81
81
59*4 61*4
116*8 117*8
29*8 30
65*2
63
78
78
36*8 36*4
78
78
39*8 40
130 132
69
*61
40*8
40
97 100
8512
3,666
1297s
116
Highest
Lowest
Indus. & Miscell. (Con) Par
American Ice_______ _____ 100
Do pref_______________ 100
Amer International Corp._100
American Linseed______ .100
Do pref............................ 100
American Locomotive_____ 100
Do pref............................
Amer Malt Grain____No par
Amer Malt 1st pf ctfs stpd..
Am Smelt Secur pref ser A _ 100
20,700 Amer Smelting & Refining. 100
400
Do pref______ _________ 100
SOO American Snuff......... .......... 100
50
Do preferred ..................100
20,950
7,600 American Sugar Refining. 100
300
Do pref............................ 100
42,300 Amer Sumatra Tobacco__ 100
200
Do preferred....... .......... 100
10,500 Amer Telephone & Teleg.,100
7,700 American Tobacco_______ 100
1,500
Do pref (new)......... __100
19,750 Amer Woolen of Mass......... 100
1,400
Do pref______ _______ 100
68,800 Amer Writing Paper pref. .100
31,000 Amer Zinc Lead & Smelt__ 25
4,500
Do pref......... .....................25
37,000 Anaconda Copper M ining..50
900 Assets Realization_________ 10
2,100 Associated Dry Goods____100
436
18
SOO Associated OH...................... 100
14,100 Atl Gulf & W I SS Line...1 0 0
700
Do pref...........................100
178,300 Baldwin Locomotive Wks.100
Shares
3,700
600
38.200
14.200
300
21,000
200
11,100
S per share S per share % per share $ per share S per share
58
60
63
59
61
60*2
60*4 62
61*4 62
72
72*2 72l2 72
731.1 73*4
73*2 73*2
73*2 73*2
106*4 109*2 106*8 108*8
107*i 111
109*8 111
no*8 l l l l 2 110*4 112
74
77*2
75
77
77*2
78
76*2
76*2
78
77*4
75*4
702
*96
96
96
97*2
97
97
*96
96*8 96*2 *96
88
87
89
90*1
90*2 92*8
92
91
93
89*4 91*4
91
1067s 107 *106*2 107 *106 107
•106W 107 *106*2 107 *106*2 107
58
57*2 58*2
58*2
56*4 57*2
57*4 59
57*4
56*8 58*4
*40
*40
*92
*92
93
93
*92
94
*92
93
94
*91
*93
95
82*2 84*2 82*4 84
85
84*s 85*2
86*2
86*8 87
863s 87
108
107 107 *107
106*4 107
108 108 *107*2 108
*107
108
126 126 *120 125*2 125 125 *124 126
*124
127 *126*2 127
*93
97
§97
97
*93
97
*93
95
95
95. *93
*93
41 lo
411.
134*8 136*2 134*8 135 “
13812 138*4 138*2 139*8 136*2 13878 135 137
119
118*2 118*2
*117
119
*117
118*2 *117
105*2 108*8 103*8 10612 103 105*8
m U 112U 109 111*8 107*4 110
*98*8 99*4
*98
99*4 99*4
99U
99*8 99*8
103*8 104*4 103*4 1037s
103*8 104
104 104U 104
101*8 103*8 104
246 250*8 210 247
240 2537s 24978 2537s 248 251
252*4 253
100*8 100*4
100*2 101
100*2 100*2 *100*2 101
*100*8 100*2 1007s 101
120*8 123*2 120*4 122*8 118*8 121*2
125*8 125*8 12578 128*2 122 125
110
1097s 10978 109*4 109*4 1097s 10978 109*8 109*4
10978 10978 *109
63
57
59*2 62*4
66*2
57
61
64*2 68*8
57*4
56U 57*8
25*4 27*s
27
267s 28*i
277s 25*4 28
27*4 29
2678 27U
*62
64
63
64
63
63
63
6178 61 <8
64 >2 ' 64^2 a:64
73*2 74*s
73*2 75*2
74*2 75*4
74*8 75
75*4 76>2 75*2 76*8
__
3
3
27s
3*4
2*4
3*4
54
54
53*2 56
52*4 52*4
55
55
80
80
78
78
79
80
*75
79
78
78
91
93
93*2 93*2
91*2 91*2
95*2 *93*4 95*2
947s
163 167
162 167
165 167
173
169 173
169*2 172
*170
74
74
73*4 73*4
74
74
74
74
74*8 74*i
*73
75
112*4 116*8 115*2 119*4 115*2 119*2 113*8 117*2 109*4 115
108*4 112*8
S per share
62
60
*136
PER SHARE
Range Since Jan. 1
On basis o f 100-share lots
STOCKS
N E W YO R K STOCK
EXCH A N G E
897s July 9
109*2 Apr 16
47i2 Julyll
81 Juno 2
96*4 JulylO
71*8 Julyll
6878 JulylO
37*4 Julyll,
91*8 Julyl4l
149*8 July 7
120 Junc23
67*4 Julyll
128*2 May28
3378 Junc26
71 Julyl7
80 July22
48 Marl5
91 Mar 6
44 JulylO
139*8 JulylO
78 July25
43 Julyl5
120*2 July 14
*2
78
Aug
0*8 Jan
108
Feb
5*8 Dec
7*2 May
61*2 Jan
93*2 Nov
74 Nov
98
Apr
16*8 Juno
61*2 Oct
127s July
18*2 Nov
33*2 May
18 Nov
33 Nov
54*t Dec
50 Nov
247s Nov
70*2 Dec
71 May
92*2 Deo
41*2 Apr
53
Apr
73*8 Feb
29*4 Mar
39
36*2
12
36
01
Jan
Jan
Jan
Dec
Nov
68*4 Jan
10978 Dec
1412 Apr
31*8 Dec
24
Oct
47* t May
34*4 Jan
28*4 Mar
30
Jan
54*2 May
4478 Dec
39 July
8234 July
7*2 Sept
05*2 Oct
99 July
44
Feb
2978 Jan
290*2 Jan
40
Apr
52
Jan
86
Jan
27*2 Apr
77*4 Dec
136 Aug
105*8 Nov
13 June
95
Feb
107
Dec
60
Dec
50*8 Nov
104
Dec
51*2 Nov
747s May
91*i Juno
34 Nov
83
Feb
152
Jan
96
Fob
15 Nov
56*4 Oct
31*4 Nov
43*2 Nov
6
48
22
37
June
Apr
Jan
Mar
9
27
Dec
Jan
15
Oct
44*2 Oct
43 Juno
25*4 Oct
39
Fob
58 Juno
15S12 Oct
164 Aug
88
Feb
127*4 Jan
100*4 Jan
75*8 Oct
38
95*8
74
3812
58*4
37
34
41*8
10
38
104
107
21
83*8
27
24*2
58
27
88
Jan
Dee
Jan
Jan
Dec
Mar
Jan
Dec
Jan
Jan
Oct
Oct
Jan
Jan
Jan
Jan
Jan
De*
Apr
104
Deo
86
Oct
58*4 Nov
111*2 Apr
55
Deo
49*i July
5812 Oct
19 Juno
65 Juno
121 Nov
114*8 Deo
33
Oct
125*2 Nov
35 Nov
41
Apr
24*8 July
29 Mar
72
Deo
35
Oct
41*4 Nov
05*2 Dec
91*a M a„
1 For fluctuations In rights soo
New York Stock Record— Concluded— Page 3
459
For record of sales during the week of stocks usually Inactive, see third page preceding.
HIGHANDIMWSALKPRICES—PKRSHARE, NOTPERCENT.
Saturday Monday Tuesday Wednesday Thursday Friday
July 26
July 29 I July 30
July 28
July 31 I Aug. 1
S per sh
are $ pershare $ pershare 8 pershare 3 pershare S pershare
65 i *55
05
*55
65
1 55%
*34
*235
*112
73%
*113
238
55%
80%
413,t
*100
*108
193
*109
31%
57%
76
40
125%
90
*107%
22-%
81%
85
♦112
21%
44*4
59%
62*4
86
581.1
*52
11%
*8
56
71*4
*51%
51
*39%
59
23%
70
*95
20%
91%
*55
36
*230
*112
*71
*113
239
1
*75
*75
*64
35
*34
116%
65
55>2 *65
36 1 *35
36 ! 34% 35 1 32
210 *230 240 *235 240 *235
113 ! 113 113% *112
113 *112
71
78 ! 73% 73%
71
*71
115 *113 118 *113 118 *113
238 2421 ' 235
239
235 243
i 112
115 115
*75
*74
*75
80
80
80
78
04
*64
*04
*64
68
68
68
68
36
36% 1 34
36
36
36% 36*4
36%
1 ____
67
67
53% 58% 1 51%
50%
56% 61
% 61
OI 82 | 80
81%
82
82
84
84%
41% 42% ■ 41%
42
42% 44%
42% 44%
104 106%' 103
104% 104% 104% 103% 104
110 *108 110 *108% 110 * 108 110 1*108
195% 193% 195% 188*4 193
188 192 1 188
*109
110 110
110
30% 31% ; 30%
31
31%
31% 31%
31*8
55%
56
57%
58%
57% 58*4
56% 57%
* ! 79%
78%
76%
76
80%
79% 83
38% 39 1 38%
•10% 39*4 40%
39% 39%
124
125%
125 125
116*4 110*4 ! 117
84% 85 1 8319
92
86% 88
90*4 91%
1071 107% *107
110 *107ii 110 *100 118
21%
21% 22
22%
22% 23
22
23
80
80 % 78%
82
80% 81%
81% 82
| ____
102 102
*IOH2
83
81*4 83*4
85
84% 85% ■ 83% 84%
111% 111% *109 112 *110
113 *112 113
20%
20% 21%
21%
21%
21*8 21*8
119 120% 119
122 122
70*i
62%
68
64% 70%
56
66
55
73%' 70
71
62
71% 75
61
72*4
62% 63%' 62
62% 67
63
63*4 63*4
81
83% 84%
81
85%
86
84% 85%
56
57% 68%
56% 57%
58%
58%
58
54
54
54%
54*i
54% 54 % *52
55
10%
11
11%
11% 11%
11%
11% 11%
8
*7*4
*8
8%
8
7%
8-%
8%
*57
59% 60
60
63
57
57% 61
66%
68% 69*4
70
72%
71-% 69
70*4
39
39% 39%
40% 41*8
33
33% 33%
33
33%
35%
35% *34
112% 115*4 112%
114 117
117% 116% 118
2021* 20519
47%
49% 51%
50
51%
51
52%
51%
49%
50
50
50%
52
*50% 51%
50
39
39%
38*4
39% 40*4
39
39%
40%
57%
58
60
60
58% 00%
59*4 61
*107
*107 109% *107 110
23%
23% 24%
24%
24% 25
23*4 24%
70%
72*t 74%
71% 73*4
70% 73%
70%
9019 *95
96%
95% 95% *94
96% *95
____
96
96
96
96
21
20% 21%
%
21%
20% 21*4
89
92
89% 91%
91% 92lo
91
91%
36
210
113
73%
118
238
57
89
804
1
21*4
21 22
*80
81% *80
81%
81%
128 129 *127*1 129 *128
64% 64%
63*2 64% *63
95%
94
95% 96
110 110 *108% 110 *10819
26%
26% 27
20*4 27
82
84%
82-2
79
80%
95
84
82
128%
129
64%
04%
93%
94%
112 *107
26%
27
82
85*2
84% *82
128% 123
68
72
94
94
109
111
26*4 25%
85% ♦81
z
93%
95% 97%
95*8 90%
100% 106% 104*4 104*4 105
52% 53
53
53
51*2
93%
93% 94%
95% 95%
97*4 97*4
93
93% 96%
95% 97*4
97%
96
16
16%
16
16% 167s
16
16
76
81
81% *80% 81%
82% 83
19%
20
20
20% 21%
20% 21%
212 212% 212 212 *208
*212 213
17% 18
17
18%
18
*18% 19
59
61%
58*4
60% 62%
61% 62*4
69
69%
69
67*4
69
72
70
*92
*92
95
*92
95
*92
95
120 ♦115 120 *115
♦115
*115 120
*132
145 *132 140 *131
*132 145
♦89
*88
93
93
*88
90
90
92% 90
88
91% 95
94%
92
1131a 1113-1 1101.1 113-i.t
%
103
% 103
*
%
115 118
114%
%
% 115 119
118 123
44% 45% ____
45
45%
45
45
15% 15%
15% 15*4
15
15*j 16
15% 16
265 270
263
264% 269
270 271
267% 271
*240 245 *241 246 *240 245 *240 245 *240
% 107*4 113*4 109%
110% 113*4 109% 113% 108
106% 109% 107% 110% 107 109% 107%
108%
65
64%
68
68'% 62%
65
61
67*2
179 *160 176
175 175 *160 179
881*2 88% *____ 95
86
89
89
90
90
55
57
55% 58%
55
55% 58%
55%
55
212 219% 212%
198 213
197*4 199
198 199
_______
165
169*4
175%
150
167
*151
52% 52%
53
53
53
62
52
165 165
*131
189
192
188*4
192
187
187
189*4
•183% 187
106
99 106% 106 110
98*4 100%
98*4 99%
32% 33
32*4 33
32%
33
32% 32 >s 32
69% 69%
09%
69*4 69*4
69% 09% *6812 70
*26% 28
26%
*20% 28
*26% 28
27
27
85%
84% 87
S-ify 87*2
80% 88%
83% 87%
131 142% 138%
143% 144*4 140% 144
142% 144
*104 107 *104 107 *104 107 *104
40
40*4
46*4
44*4
46
*45
46
44% 45%
124 126*4 123%
128*4 129*4 129 129% 120 128
*116 117
110% 116% 116 116 ♦115 11634 116*4
67*4 68%
67
67% 69%
69
69
69%
70*t
49% 49%
49%
49%
49% *49
49% 49%
49
111% 113% 112% 113-4 110*8 113% 110% 113% 108*4
116*4 117% 110^4 11714 117
117 117% 116*4 117
9212 93*8
93% 94*4
91*2
95% 90
94Vi 90
18% 19
17%
19% 19*8
19%
*18
19%
18
85% 88*s
85%
88%
87
87*t 89%
85*4 87%
113%
113*4 113*4 *113 114
*113 113*4 113*4 114
65
65
05
66
67
*05
09%
69% *07
68
08
*67
87% 88
87*4
87% 88
*87% 89
89
♦88
____ *116% 119% 11734
120 120
119% 119%
50
55*g
57*8
56
57%
67
58%
57% 68
96*4 97%
*104% 106%
90%
106%
5-1%
97%
90*4
*15*4
83
21%
*212
18%
61%
z09%
*92
*115
*132
*88
93%
97%
106%
5412
97%
97*4
16*4
83
21%
217
19
02*4
70
95
120
145
93
90
*102 102 *102
102
120 122
102
68*4
14
‘ 71% 72*
30% 37%
♦97% 98
102
101
136
81%
*94
*77
’ 70*3 72**
36% 37
97% 97%
100% 102
130
135
135%
82
97
79
*81
*94
♦77
83
97
79
"68% 70“
30% 37
*97% 98
99 100
134*8 134*8
81
♦94
*77
81
97
79
07
35*4
97%
95
69%
36*i
97%
99
133% 133%
....
78%
*90
♦77
78
*94
*70
80
97
79
* Bid and asked prices: no sales on this day.
'67
35*4
97%
95
*51
65
32
34%
230% 237
*113
114
71
71
*113
118
100
STOCKS
N EW YOGK STOCK
EXCH ANG E
I n d u s t r l a l& M ls c . ( C o n . ) Par
L a cled e G a s (S t L o ills )____ 100
2,800 L ee R u b b e r & T ir e ___ N o par
L i g g e t t * M y ers T o b a c c o . . 100
500
Do
p r e fe r r e d ___________100
400 L o o s e W iles lllscu lt tr c t fs .1 0 0
Do
2d p r e f_____________ 100
7,800 L orilla rd ( P ) .............................. 100
200
Do
p r e fe r r e d .................... 100
*75
80
M a c k a y C o m p a n ie s _______100
64
64
200 D o
p ref_________________100
32%
34
2,200 M a n h a tta n S h irt_____ ______ 25
100 M a r lln -Itock w ell v t c ._ W o par
53%
51
53% 12,600 M a x w ell M o t o r , I n c _______100
82
79
80-% 15,800
Do
1st p r e f____________ 100
44
41% 42%
9,300
Do
2d p r e f........................ 100
104
102 102
1,750 M a y D ep a rtm en t S t o r e s .. 100
110
Do
p r e fe r r e d ....................100
19219 188 191
64.700 M e x ica n P etroleu m ................ 100
111 *109 111
300
Do
p ref_________________ 100
31
z29% 30
5.600 M ia m i C o p p e r .......................... . 5
50%
51% 55% 48,100 M id v a le Steel & O rd n a n ce . .5 0
79%
77*4 78% 14,400 M o n ta n a P ow er____________ 100
39*4
38% 39%
7.700 N a tion a l A c m e _______________50
124
123 123
400 N a tion a l B iscu it___________ 100
117 *110 120
200
Do
p r e fe r r e d __________ 100
84%
84
84
3.400 N a tio n a l C loa k * S u it____ 1(M)
110 *107
110
100
Do
p r e fe r r e d .................1 0 0
21*4
20*4 21%
5.000 N a t C o n d u it & C a b le . Wo par
80
78*4 79%
3.600 N a t E n a m ’ g & S t a m p 'g ___100
100
Do
p ref............................... 100
84*4
83*4 84*4
7.000 N a tion a l L e a d ..........................100
112% *108 111%
100
Do
p ref............................... 100
20%
20% 20%
5.300 N e v a d a C o n so l C o p p e r _______ 5
120 *118 120
1.300 N ew Y o r k Air B ra k e _____100
67
60
66
42.600 N ew Y o rk D o c k ____________ 100
71%
69
70*4 11.900
Do
p r e fe r r e d __________ 100
62
*61
65
5.700 N o rth A m erican C o ........... 100
83
82
81
3.600 N o v a S cotia Steel * C o a l . . 100
57%
55% 50% 39.600 O h io C ities G as ( T h e ) .......... 25
54
*52
54%
600 O h io F u el S u p p ly .......................25
11%
10% 11
38,500 O k la h om a P rod & R e f i n i n g .. 5
7%
7%
900 O n ta rio Silver M in in g ____ 100
7%
60
57
58% 14.700 O w ens B o t t lo _______________ 25
68
66% 69
11,300 P a cific G a s & E le c t r ic --------- 100
40
38*4 39
1.400 P a cific M a ll S S _____ ______ . . 5
33%
33
%
1,100 P a cific T c lc p h & T e le g ____ 100
115*4 112 115
.33,000 P a n -A m P et & T r a n s ---------- 50
300
D o p ref_________________ 100
51%
47% 50*4 19,400 P en n -S ea b oa rd S t'l v t c No par
49%
49% 51
3.000 P e o p lo ’ s G L & C ( C h i c ) . . 100
39%
38% 38%
5,500 P h ila d elp h ia C o ( P i t t s b ) . ._ 5 0
59%
57*2 53% 17.900 P lcrcc-A rro w M C a r ___ No par
108% *107 108
100
Do
pref.........................— 100
23
23%
23% 19,200 P ierce O il C o r p o r a t io n _____ 25
73*i
71
72
42.700 P ittsb u rg h C oa l o f P a ---------100
96% ____ ____
200
Do
p ref_________________ 100
200 P ittsb u rg h Steel p r e f_______100
21*4
20% 20%
7,900 P on d C reek C o a l...................... 10
91
89
89%
7.000 Pressed Steel C a r . . ............. 100
D o p ref_____ ___________ 100
80
86% 86%
500 P u b lic Serv C o r p o f N J . . 1 0 0
126% 124% 125
2,200 P u llm an C o m p a n y ................ 100
72
68
72
26,050 P u n ta A legro S u g a r.......... ....... 50
94
93
93
1,700 R a ilw a y Steel S p rin g _____ 100
109 *107
110
200
Do
p ref_________________ 100
20%
25% 25*4 14,200 R a y C on solid a ted C o p p e r .. 10
84%
81
8l*g 6,100 R e m in g to n T y p e w rite r v t c 100
103
Do
1st preferred v t c . . 100
9219
95%
% 21,400 R e p u b lic Iron & S teel.......... 100
105 ♦105 105%
600
100
D o p r e f................
52
51
51
1,800 R e p u b lic M o t o r T r u c k .W o par
95
93% 95%
2,200 R o y a l D u tch C o U (A m shares)
96%
93
11.300
C t fs for N ew Y o r k s h a r c s (l)
16
15% 15*4
1,700 St J osep h L e a d _______________ 10
80
79
79
1,500 S a v a g e A rm s C o r p ............... 100
21%
1934 24% 13,200 S ax on M o t o r C a r C o r p ___100
214 *208 214
500 Sears, R o e b u c k & C o ____ 100
17%
17% 17*4
3,400 S h a ttu ck A rlz C o p p e r _______10
62
59
60% 56.300 Sinclair O il A R e f’ g ___ N o par
69
66% 67
2,800 S loss-S heffleld Steel & Iron 100
115
*92
95
D o p r e fe r r e d ___________ 100
120 *115 120
S o P o r to R ic o Sugar p r e f . . 100
140 *131
140
S tan d ard M illin g ___________ 100
93
89% 89%
200
Do
p r e fe rr e d ___________ 100
94
84
91% 13.200 S tro m b e rg -C a rb u re to r.W o par
1067, 111 106,200 S tu d eb a k er C o r p ( T h e ) ___100
*166 "
%
400
D o p r o f ........................
100
118
113 117
16,800 S tu tz M o t o r C a r o f A m .N o par
____
44*8 44*g
1,400 Su p erior Steel C o r p 'n .......... 100
16*8
14% 15% 17.200 T c n n C o p p & C tr c t fs .N o par
269% 264 269
10,800 T e x a s C o m p a n y ( T h e ) ____ 100
245 *235 245
T id e w a te r OH.......... .................100
112% zK)7% 110*8 119.800 T o b a c c o P ro d u cts C o r p . . 100
109
107m 107%
6.300
D o p ref................
100
68
62
61*4 30.600 T ra n su o & W illia m s S t .N o par
176
170% 1701.1
200 U n d erw ood T y p e w r ite r ___ 100
88% *86
95
1,100 U n ion Bag & P a per C o r p . 100
50%
55
32.100 U n ited A llo y S te e l_____ N o par
219*4 213 223% 36,300 U n ited C ig a r S to re s _______ 100
105 *155 165
1.300 U n ited D r u g .....................
100
53
52
52*4
1.300
Do
1st p referred ________ 50
165 *151
Kin
400
D o 2d p referred _______ 100
188
186% 189
5,800 U nited l-’ r u l t . ................
100
109% 106% lll * j 356,200 U n ited R eta il S to re s___ N o par
35
33*8 36% 17.100 U S C a st I PIpo & F d y ____ 100
70
69
71%
3,000
D o p ref_________________ 100
20% §26
26
210 U S E x p ress________________ 100
88%
84% 86% 134,450 U S F o o d P rod u cts C o r p . . 100
141
137% 140
14.600 U S In dustrial A lc o h o l____ 100
107 *104 107
D o p ref_________________ 100
44*4 *43
40
1,300 U 8 R e a lty & Im p ro v e m e n t 100
126% 123% 126
19,600 U n ited S ta tes R u b b e r _____100
110*4 *114% 116
600
Do
1st p r e f....................... 100
08%
67
67*8 13.100 U S S m elting R e f & M .......... 50
49% *49
50
500
Do
prof___________________50
H l% 108% 110% 721,600 U n ited States Steel C o r p . . 100
117
117 117%
4,600
D o p ref.....................
100
93
90*4 92% 20,700 U ta h C o p p e r ________
10
18*8
18
18
2,200 U ta h Securities v t c _______100
84% 85% 11,400 V lrg ln la -C a rolln a C h e m ___ 100
86%
114% 113 113
1,000
D o p ref_________________ 100
200 V irgin ia Iron C & C _______100
67% *64
67
500 W e lls, F a rg o E x p ress_____ 100
87*i
87% 87%
800 W estern U n ion T e le g r a p h . 100
118% 118 118
500 W cstln g h ou se A ir B ra k e ____ 50
56*4
55% 56% 16.100 W estln g h ou so E lec & M f g ._ 6 0
Do
1st p r e f..........................50
68% *65% 67% 15",2o6 W h ite M o t o r . . ......................... 50
36
34% 35% 27,100 W llly s-O v erla n d ( T h e ) .......... 25
97%
97% 97%
D o pref (
) __________ 100
900
97%
95% 90
8,900 W ilson & C o, I n c , v t c N o par
100% 100%
100
D o p r e fe r r e d ___________ 100
. . . . 132% 132%
900 W o o l w orth (F W ) ...................100
D o p ref........ ............
100
78
76% 77
1,000 W o rth in g to n P & M v 1 0 . . 1 0 0
97
90*4 96*4
D o p ref A _____ _________100
100
77% *76
77%
D o p ref B ................
100
102 102
110
110
34
240
114
73%
118
230%
112
80
64
34*4
Sales
for
the
Week
Shares
>4
33
94
102
{ Less than 100 shares,
new
t Ex-rlghts.
PERSHARE
PERSHARE
Range SinceJan. 1
Rangefor Previous
Onbasisof 100-sftare lots
Year 1918
Lowest
IIIghest
Highest
$ persh
are $ pershare $ pershare a pershare
50 July 8 83 Jan2 1 82 JuL) 90 Mar
21
Jan22
39 Julyl 4
201
Aprl5
4
107
Jan27
6
40% Feb 17
1
94
Feb 5
0
147*4 Aprl5
3
107
Jan2S
9
70
Jan22
7
z63 June
1
29t4 June27
7
U July24
0
26*4 Jan22
8
50*8 Jan22
8
1
Jan 2
1
60
Jan 4
8
104
Jan 2
162*4 Jan23
i
105
Feb 7
Feb 7
40U Feb 7
69 Mar2S
Jan 2
109
Jan 3
115*4 Janl4
70
Jan22
103*8 Feb26
14
Feb 8
45ig Feb 8
'
93
Jan15
64
Jan11
107
Jan 3
1512 MarlS
Feb 3
1912 Feb 7
)
Mar 13
47
Janll
46
Jan30
Feb 14
43
Janl8
8
Feb 3
5i2 MarlS
46 Mar 3
66i2 July31
Feb 8
22
Jan21
67
Jan21
117
Jan22
27l2 Apr30
45*8 Jan22
30
Jan 3
38*4 Jan22
IOU Jan 3
16
Jan 2
45
Feb 3
Marl7
90% Janl
12*8 Feb 5
59 Feb11
100 Mar 3
80 July24
91*4 Jan
1117S Feb 14
51
Apr 4
I FeblO
104
Feb 4
19 Mar 4
76 June30
9612 June28
H JanlS
100
Janl3
50 June24
70*4 Jan21 120i2 July22
Marl3
May27
53*8 Jan 3
I Mar21
I I Feb 13
10
Feb19
Jan 2
77 July 7
4612 FeblO
85 M arll
97<2 July 8
107
Jan27 11512 July24
Apr 2
124
Janl4 149
Jan 2
94 >8 Junel2
36*4 Jan 10 104 July24
Jan22 124*4 June 2
92
Jan22 103 July28
42l4 Feb 14 125% July21
32
Jan21
54*8 June 3
12i8 Marl7
17% May 5
184
Jan 2 292 May 9
207
Jan 3 250 M ayl2
72*8 Jan29 115 June30
99 July21 120 June30
Janll
68% July30
115
Jan 8 187 May27
75
Jan 3 100 JulylO
37*8 Janll
58*8 Ju]y28
Jan 2 223% Aug 1
9012 Jan 6 175% July29
50 July 18
58% May 9
91
Jan28 165 July29
157
FeblO 196 June 9
98 July24 111*4 Aug 1
14
JanlS
37*8 June27
42<2 Janl6
74*4 July
16*4 Feb 5
32*4 May24
66
Apr 8
88% July31
Jan22 167 May27
96% Jan 2 111 May23
17*4 Jan 3
50% June 6
73
Jan21 138% June30
109
Jan20 119% JulylO
43U Jan21
73 Julyl7
45
JanlS
50 Mar 2
88U FeblO 115% July 14
1131* FeblO 117% Julyl7
65% Feb 7
97% JulylO
13
Jan 2
21% Juncll
51
FeblO
92% Julyl4
110 Jan 7 115*4 July 3
54 Mar31
74 May29
53
Apr29
79 May23
84% Mar27
92% May26
94% Janl5 126 July 7
4012 Jan21
59% June 9
61
Feb27
70 May 16
45
Jan 3
75 July 9
23U Jan22
40% June 2
87*4 Jan 7
98% May 9
65% Jan20 104% July 2
96% Febl7 104% Junel6
120
Feb 7 136% M ayl9
114*8 June26 117% July25
50
Feb13
87% JulylO
88
Jan 9
98 Apr 24
66
Jan 3
79 June26
12
Ap
164% Au
100% Jun
17% Jai
53
Fet
144% Au(
98
Jai
70
De
57
Jat
24
210
110
45%
96
200
110
78%
65
75
Oc
23% Jar
50
Dec
19 May
19 Mas
47
Jar
79
Jar
87
Jai
22% Dcr
41
Dec
64 June
26*4 Jan
90
Aug
106% Sep
55 Sep
100
Jan
13 Nov
37% Jan
88 Nov
43% Jan
99*4 Mar
1612 Dec
9812 Dec
18% Jan
42
Jan
3712 Aug
52% Dec
35% Mar
40
Oct
87 Sept
42% Nov
69*8 Nov
32% Nov
32% Nov
63% Dec
Oct
194
Dec
107
33% Jan
61 May
81% Nov
33 May
110% Dec
114 Mar
67% Deo
Dec
104
21% July
54% May
99% Feb
69*4 Dec
105% May
2178 May
139 May
27 May
48% Dec
57% Nov
70 Aug
Oct
48
46% June
4% Jan
44
Dec
13 June
70% Aug
6
62
0*4
21*4
1
2912
9114
4414
035*4
2912
4
8512
6
z
23%
18%
63%
80
39%
21
34
89*4
15
42
79*4
90
15
55%
93
85
100%
682
72
8612
1312
64
682
3314
8512
45*4
3714
10714
7
9714
aEx-dlv. and rights, xEx-dlv.
Jan
Dec
Oct
Jan
40
27
72%
124%
Dec
Dec
Nov
Dec
Dec
Mar
Nov
Feb
May
Dec
Oct
Oct
Oct
Jan
61 Nov
Apr
35% Oct
Jan
51*4 Nov
Jan 104
Dec
Sept
19% Oct
Jan
58*4 Feb
Jan
85*s Deo
Apr
Jan
98
Nov
20 June
Nov
73 Aug
Aug
Apr 100
Oct 109% Mar
Jan 132*4 Nov
45% Jan
95
Jan
19% Dec
78% Dec
105% Deo
26% May
z72% Jan
92% Jan
96 May
102% Sept
z70
145
Dec
51% Dec
80%
3/ Aug
18
133*4 June
76%
*13
Dec
18%
25% Apr
39
39
Jan
71%
81
Feb
93%
Jan 110
84
Jan 120
80 June 89
102
Oct
May
Nov
Dec
Feb
Feb
May
July
Nov
Dec
Jan
33*8
80%
37
34%
Apr
72*g Nov
July 100 Nov
Oct
55
Dec
Mar
45% May
12*4 Dec
21 July
136% Jan 203
Oct
178
Jan 200% Dec
48% Mar
82% Dec
r87% Mar 104*8 Deo
36*4 Oct
42 May
100
Apr 112
Deo
65
Jan
80 May
36*j Oct
44% May
83*4 Mar 108*4 Dec
oa June
90*8 Deo
46
Jan
50% Nov
77 June
85% Dec
116% Jan 166% Dec
11% Apr
41 Mar
14*2 Apr
19 May
47*4 Feb
16% May
z96
Dec 137 May
94
Oct
99 Mar
8 Mar
26
Oct
51
Jan
80% Dec
95
Jan 110
Dec
32% Apr
50*4 Oct
42% Apr
47*4 Dec
86% Mar 116% Aug
108 Mar 113% Dec
71% Dec
Oct
93
11 Sept
16*4 Nov
33*4 Jan
60% Nov
98
Jan 113% Dec
50
Jan
73% July
63*4 Sept
83% Jan
77% Aug
95% Apr
95
Dec
95
Dec
38% Jan
47% May
59
Jan
64% Feb
36*4 Jan
49
15% Jan
30 Nov
75
Jan
89% Nov
45U Jan
77% Dec
90% Sept
99% Dec
110 Mar 108% Oct
111
Oct 115 Sept
34
Jan
69
Aug
85*8 Feb
91
Apr
59
Jan
70% July
T For fluctuations In rights see p. 456.
z
460
New York Stock Sxcnau^e — Bond Record, Friday. Weekly and Yearly
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now—’’and interest' — except for interest and defaulted bonds.
*3
3■
3
fc
3
BONOS
N. Y . STOCK EXCH ANG E
WeeS Ending Aug. 1
j
J
M
J
M
J
M
\
Pan Canal
10
I)
D
N
D
N
D
s
0
Price
Week's f 3 Range
Friday
Rangeor
Since
Auj. 1
Last Sale
Jan. 1.
Bid As* Low High No. Low High
99.80
91.18
93.52
94.60
95.91
100 60
95.10
93.90
99.86
99.94
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Q J
Q )
103(2
Q F
Q F 106 i S lie
99 s
30-yr 2a......... *193(5 Q F
{) N
88
88
Q M
Q M
____
Q F
F A
A o
9/>s
82h
Ml s
M N 99 >8
j
D J 65 '
95
Ml S
91%
F A
F A
81(s
9.8(2
A o
95*i
A o
95%
A o
F A t ------J
J -------
99.49
99.66 3119 98.20 99.80
91.0)
94.40 415 92.50 96.00
93.52
93.70 2082 92.10 05,10
91.10
94.96 435 94.10 96.60
93.81
91.20 4232 93.20 95 38
100.50 100.60
10 95.42 1006)
95.0)
95.20 8717 94.82 96.60
93.81
91.20 13712 93.12 95.72
99.80
99.94 10111 99.80 100 08
99.81 100.00 8435 99 84 100.13
97% 99%
99 July’ 19
98
99
108 July T9
104% 106*4
3 104*4 106*4
98*4 M a f 19 ___
93*4 93%
99 Juty’ 18
901* June’ 19 ____ 87% 91
91
Mar’ 19
91
91
____
100 Feb ’ 15 ___
105(4 10 >(4
99%
Sale 937s
Sale 8234
90 {8
69*2 63%
9 3 >8 98%
93*4
82% 82
98*3
Sale 95
Sale 95
86l2 86
89‘8 88%
83
80
t ____ 74
99(2 Sale 99
9S34
63
66
66
55
5212 55
90
987s
78
81
9314
X
J J
M N
Maraelllea (City of) 3-yr 0a-1910 M N
Q J
Gold debt 49 of 1901......... 1951 J D
A o
M S
U K of Qt Brit * Ireland—
M N 9 9 % Sale 9 9 %
9 8 'i Sale 98%
M N
93% Sale 95)4
F A
S3fo£
$
X
17 99%
99%
97*4 2971 9 5 %
9 82%
827s
67
99>s
July’ 19
06%
July’ 19 —
92%
July T9 ____ 90*4
82
82
96*4
93*i
27
90%
"
43
9.5's
%
2 .86
87%
July119 —
86
12 83
81
May’ 19 . . . .
75
70 97%
99%
% 54 98%
July T9 — - 61
July’ 19 —
50
199 95*2
97
July’ 19 ___%
2
33
Thesearepricesonthebasisof
94 93
94
99
*4
79
100
99
97
201
263
506
100
97%
93
102*2
72%
100
9334
85
99
%
98*2
92%
93
89
80*2
102%
102*3
70*3
61
100*4
83
98% 100’Ti
97% 99J6
95% 101%
• tat* and City Sacurltlet.
9734
9778
97%
102(2
J D 102 (2
M s 102
93
4% Corporate stock_____ 1959 Ml N
4% Corporate stock--------1953 M N 93
93
Ml N
4%Corporate stock reg-.195(> M N *9212
M N
414% Corporate stock— 1957 Ml N
83
314% Corporate stock— 1954 Ml N
N Y State— 4s........................ 19(51 Ml S 9834
J J 98’4
Canal Improvement 4s — 1902 J J
9834
Canal Improvement 4s— 19(10 J
N Y City— 4% s Coro stock.I960 Ml S
4149 Corporate stock____19(54 51 s
A o
9778 97%
97%
93
98
98
____ 97%
98
102 %
102*2
Sale 102%
102*2
102 >s 102%
102%
93
93 (2 93
93*2 93% July T9
93 >2 92% Juno’ 19
93% July’ 19
102% 102
102
102*2 102%
102%
833.4 83*4 June’ 19
99>4 98% May T9
99*4 98*4 July’ 19
98% July’ 19
____ 9634 Apr T9
108*2
1033.1
102*2 Deo T8
103's
106% Mar’ 19
102*2 100% June l8
78% Deo T8
64
67
66
66
102>3
102 9314
102
J
i J
j J
M s
M
J
inn Arbor 1st g 4s............. .51995 Q
s
J
J
A o
Registered_____________ 1995 A o
Adlustment gold 4s--------51995 Nov
9334
55*2 56
79
____
72
58
A
1
5,
....
....
... J
... J
—
33
3
15
74%
54%
58
79
85*1
70*4 82
73% 80%
73
73
93%
90%
74
76%
85
95
79
82
96*3
79%
76*3
102*4
92%
70
81
25
95
85*2
88
93*i
73% 78*2
107% 107%
89*2
87
82*2
67
13
73
76%
80
32%
88(3
J
J
101
101
100
59
7
63
86%
87
73%
88(3
a O iu J u .
16
42
88*2 86*4 88 ____
7434 27
A
•No price Friday; latest this week.
106t« lOOtg
56%
A
A
33
58
Salo 79
80
81
81 June’ 19 ____
74
73*2 July’ 19 —
8
9713
98
98
99*4
103*2
102%
102%
93%
93%
92%
93%
102%
102%
83*4
98*4
98%
99%
96%
10834
12
108(2
71i2 73
73
73
N
70*8 75
D
73
73
93*4 105
D
99*4 July’ 19
Conv 4s lsauo of 1910--------19(50
91
S
91% 91 July’ 19
East Okla Dlv 1st g 4 s ...192 8
74
80
74 July’ 19
J
Rocky Mtn Dlv 1st 49 — 19(55
J 75's 77% 76 >8 July’ 19
Trans Con Short L 1st 43.1958
83(2 85
85 May’ 19
s
93 100
s
791 Salo 79
s
79%
Atl Coast L 1st gold 4s____ 51952
82
Salo 82
83
D
____ 98*2 June’ 19
N
Ala Mid 1st gu gold 5 s . . . 1928
J
88>2 78 Oct *18
J I ll's
129% Aug T5
74
Salo 74
N
74*8
L & N coll gold 4s........... 01952
O 105% - - - - 107*4 Apr T9
Sav F & W 1st gold 5s------ 1934
96%
o
105 July’ 15
J 87
Halt
Ohio prior 314s_____ 1925 j
87 Feb T9
Registered................— 51925 Q J ♦87
74
Salo 73*2
A 0
74*2 92*4 Mar’ 17
Q J
75
Salo 74*2
75*4
10-yr conv 414s__________1933
77
Salo 77
D
77%
Refund
gen 5s Series A . 1995 j
j
J 987s
112 Jan *12
84% 87
M N
87*8 July’ 19
M N
69^8 70 July’ 10
J J 82% 82% 82%
83
87 %
89% Mar’ 19
Cent Ohio R 1st c g 4 54s..1930 M s
9533
95% July’ 19
Cl Lor
W con 1st g 6s-.1933 A o
9534
95*2 July’ 19
Ohio River RR 1st g 5 s . . .193(5 J D
88
91% Mar l9
General gold 5s------------- 1937 A O
99lj
A o
OOig M.tr’ 18
60
J
61
63
63
Tol * Cln dlv 1st rof 4s A . 1959 j
96 101
99 Mar’ 19
Buffalo R A P gen g 5s......... 1937 M s
.Vi N
85
87
84%
All A West 1st g 4s gu------ 1998 A O 741.4 963s 84%
J J 89(s
103'* Feb 16
F A 10034 102(4
o 101% 103 101%
101%
Consol 1st g 8s-------------1922 j
93
94 July'19
Canada Sou cons gu A 5s— 1982 A o
J D
75
82*2
F A
100 Mar* 19
99 7s
88%
89*2 88%
Consol gold 5s___________ 1915 M N
98% Salo 98%
98%
10-yr temp secur 6s Juno 1929
73(8 82
74*i May T9
Chatt Dlv pur money g 4s 1951 J D
J 92
90 M iy’ 18
J 90
97^ June’ 17
91% Jan T9
Mobile Dlv 1st g 5s............1946 J J 90 ___
M 89
90
J
j
1023.1 101
102*i
101*2 I01*i Juue'19
Registered------- ---------- 51987 Q j
Salo 100
Am Dock
Imp gu 5s — 1921 J j
100
J
l
90%
88*8
M s
100>i Jan *13
55
Cent Vermont 1st gu g ts..«1920 Q F
64*2
j
J 85
89
92 June’ 19
98>2 95*2
1st consol gold 5s_______ 1939 Ml N
95*2
Registered___________ .1939 Ml N —
9678 104*1 Jan T7
M
J
J
•'d
J
J
Ml
M
M
J
M
J
J
M
A
A
3 96
8 96
8 90
15 100%
100*2
2 100
2 90%
---- - 90*2
—
90*2
- - — 90%
L 100*2
100%
- - - - 81%
....
98
96*2
____ 98%
—
90%
2 106%
4
59
5
____
____
____
2
___J
1
83% 87%
78
70
8234
89%
95*2 95%
95*2 96
90
91%
8934
86*4
63
02
99
99
87*|
81% 84%
88*4
1003a
n 101
____ 88
76i|
100
i 88%
98*3
....
74*3
101
102
95%
82
100*3
94%
99*4
75%
----
91%
86
8 ini
100%
5 09
913*
90
105
101%
100
1 59
89
1 95*3
------ ! —
65
93%
99*2
—
1
«•
t.
2£
BONOS
N . Y. STOCK EXCH A NG E
Week Eudlng Aug. 1
A
(Con
Chesapeake
Ohio
)—
General gold 4t$s_______ 1992 Ml
(M
20-year convertible 4 V$s.. 1930 F
30-year conv secured 5 s . . 1916 A
Big Sandy 1st 4s________ t o il J
Coal River Ry 1st gu 4 s ..1945 J
J
J
R * A Dlv 1st con g 4s__ 1939 J
J
M
Ml
Cblc
Alton RR ref g 3s. ..191 9 A
1st lion 3>4s_____ 1950 J
Chicago Burlington
Quincy—
Denver Dlv 4s___________1922 F
Illinois Dlv 3 Vi3 ________1949 J
Illinois Dlv 4 s . ....................1919 j
Iowa Dlv sinking fund 5 s .1919 A
Slaking fund 4s_______ 1919 A
Joint bonds.
Great North.
Nebraska Extension 4s___1927 Ml
Ml
General Is_______________ 1958 Ml
Ohio
E III ref Imp 4s g . . 1955 J
A
Railway
A
See
A
A
33
Price
Range
Friday
Rangeor J-3 Since
Auj. 1
Last Sale
Jan. 1
Bid AskLow High Hi.
High
S
77 Sale 77 78% 39 77 83*8
S
73 78 80% Mar'17
A
O
D
D
J
J
J
J
N
S
o
J
A 100
J 72*2
J 82%
O
99%
o
99%
N
N
S
J
l*t consol gold 6 s . . _____ 1934 A o
General consol 1st 5s_____ 1937 M N
U S Mtg Tr Co ctfs of dep. . . . .
A
Chic * tnd C Ry 1st 5 s . . .1936
Chicago Great West 1st 4s. .1959
Chic Ind
Loulsv— Rof 63.1917
Refunding gold 5s_______ 1947
A
A
A
A
F
J
M
J
J
J
J,
J
J
A
A
A
A
A
A
A
A
A
3
A
A
A
A
Railway
A
A
A
A
A
A
A
A
A
Aa
A
r
--2000
Due April, i Das May. tfDjaJuna. A Duo July, t D ju .U j.
o
Salo
Salo
83
82%
28
79%
80%
87
88*2 103
78 July’ 19
82% M ay-19 - - 9 6 h Feb -16
77%
81%
78
82%
85%
91%
78*8
82%
69
75
69
80
50
53%
40
99*4
82%
99%
99
99%
70*8
85%
99%
99%
____
92
93%
____
25
25
83*8
30
3034
93 104
80
75
70% 80
78
75
77*3 77*2 JilheTO ____
74*4 71 Oit '17
113 Fob T5
51%
51*8 50%
36*2
30*2 36%
---Sale
83%
100
Salo
99*j M ay'19
72*2
74*3
82%
83%
99% July’ 19
99*2
99%
92% 92%
91
81% 81%
34% Sale
34
35
92*8 July’ 19
91
M ir’ 13
81->4 July’ 19
34's
36
34*2
35
98 July’ 19
80 July’ 19
80
80
78 July’ 19
97% Fob T3
32 Mar’ 17
57% ■ 53*2
103*2 July TO
85% June 19
81*8 Apr 17
63 May T9
79 June’ 19
83*2 July’ 19
78% 84%
80
Salo
78
90
A
J
9
S
58% Salo
J 100% 103*2
J 85% - - - J
62*2
J
56% 73*8
J
77% 78%
D
83 ____
Ind
Loulsv 1st gu 4s___1956
Chte Ind
Sou 50-yr 4s____ 1956
Ohio LS
East 1st 4)^8____1969
Cnlcago Milwaukee
St Paul—
J
Gon'l gold 4s Series A ____el939 i
Q J
J
Cen'l gold 3>$s Ser B ____«1989 J
J
General 4V4s Series C ____fl!989 J
Gen
ref Ser A 414s____<*2014 A O
Gen rof conv Ser B 5s___<*2014 F A
Convertible 4>$s________ 1932 J D
Permanent 4s____________1925 J D
25-year debenture 4s_____1934 "J J
j
Chtc L Sup Dlv g 5s____1921 J
Chic
Mo Rlv Dlv 5 s ...192 6 J J
Cblc P W 1st g 5s............1921 J j
C M
Puget Sd Istgu 43.1919 J J
Dubuque Dlv 1st f 6s___1920 J J
Fargo
Sou assura g 6 s ..1924 J J
Mllw
Nor 1st ext 4 >48.-1934 J D
Cons extended 4>4s____t934 J D
Wls
Minn Dlv g 5 )......... 1921 J J
WIs Valley Dlv 1st 6s____1920 J J
Chicago Northwestern Ex
4 s .............................1886-1928 F A
F A
General gold 3 > 4 s ..__ ...19.87 M N
Registered____________ pl937 Q F
General 4s_______________ 1987 M N
M N
Generaf 58 stamped______ 1987 M N
Sinking fund 6s_____ 1879-1929 A o
A o
Sinking fund 5s
1879-1029 A o
A o
A o
A o
Ml N
Ml N
Ml S
From Elk
Mo V 1st 6 s .. 1933 A o
Man G B 4 N W 1st 3 >48.1941 J J
Mllw <fc S L 1st gu 3>$8^.-1941 J J
MU L S West 1st g 6 s ...192 1 Ml 8
Ext <fc Imp s f gold 5s___1929 F A
M S
J
Mloh Dlv 1st gold 6 a .. 1924 j
Mil Spar
N W 1st gu 4s. 1947 Ml s
J
St L Peo
N W 1st gu 5s 1948 J
Chicago Rock fsl
Pao—
general gold 4s___1988 J J
Registered_____________ 1988 J J
Refunding gold 4s_______ 1931 A o
J
R I Ark Louis 1st 4 > 4s..l934 Ml s
BurlC R A N 1st g 5s____1934 A o
C R l F N W 1st gu 5 s ..1921 A o
J
Ml N
Keok
Des Moines 1st 5s 1923 A o
St Paul
K CSh L 1st 4>4s'41 F A
J D
Cons 6a reduced to 3>4a..l930 J D
Debenture 5s____________ 1930 M a
j
j
M s
Chic T H
So East 1st 6 s .-I960 J D
Chic
West Ind gen g 6 s ..41932 Q M
J
J
J
ClQ El A D 2d gold 4 ^ 9 - -1937 J
M ri
J J
Clev Cln Ch
St L gen 4 s ._ 1993 J D
20-yoar deb 4>4s________ 1931 J J
General 5s Sorles B ............1993 J D
Cairo Dlv 1st gold 4s......... 1939 J J
J J
St L Dlv 1st coll tr g 4S ...19 90 M N
Spr Col Dlv 1st g 4s____1910 M •;
j
W W Val Dlv iHt g 4 s ___19 40 J
C I St L
consol 6s____1920 Ml N
Q i
Q F
Cln 3
Cl cons 1st g 5 s .. 1928 J J
C C C A t gon cons g 6 s .. 1934 J J
A O
Q J
Peoria A East 1st cons 4a. 1940 A O
Income 4s_____________ 1990 Apr
CleveShort L Istgu 4 >43___1961 A o
A
Ml N
Ft W A Don O 1st g (I s ... 1921 J D
A o
J
J
Del Lack A Western —
J o
Morris A Ess 1st gil 3 >43
J J
F A
Torra A Improvt 4a____1923 Ml N
Warren 1st rof gu g 3>$s..2000 F A
A
79%
87
68
74%
85
67%
76
69%
74%
82%
50
36
71
73
___ 77*3
66%
77%
73*2
78*2
71%
97*2
93
99
/1
99%
99
93
81*2
97*2
99%
62%
78%
Salo
78
Sale
79*2
Salo
98%
100
103
72%
--- 100
_
_
86
99
____
8
15
i:s
14
I
2
80
25
45
57% 03%
____ 1 100 103%
____ 85% 86%
___-
4
71
71
92% Feb ’ 16
64 July’ 19
77*2
77*2
66%
67%; 30
77%
78%
8
123
73*2
70
30
78*2
81%
24
70
71*2
08*8 Juno' 19 ____ I
92 Oct TO
99
99
26
74 July’ 19 ____
9934 July’ 19 ____
100 May T9 ____
89 May'19 ____
82 July’ 19
97% July’ 19 ____
99% Juno'19 __ -
1
90*8
88
____
67
77%
35%
60% 63
78% 81
83*2 83%
70*2 76*8
64
77*2
66*a
77
73*2
78*2
70
98*8
04
84%
74%
81%
81%
85
73%
98%
97
68*8
99%
100
88%
80*8
96%
99
09%
74
99%
100
89
82
98%
99%
93
89
91
95
70% 69
70*8
Salo 77%
81
81%
98% Salo 97%
103 109 104
Apr T9 - - - 89
Dec T8
i 09
69
Apr '19 ____ 09
79%
77%
Oct T8
31 97*8
93*2
May'19 ____ 101%
96% 99%
96
96
96 103% 98
98
93% 96U 93%
921* 100
97
81
101*8
107 ____ 107%
81
88
62
100%
lOl"
97*2 93
98
06%
Nov'18
May’ 19
Mar' 19
July’ 19
93*4
Nov’ 18
Oot TO
Juno’ 19 ____ 1001*
Jan T7
2
May’ 19 - - - - ioo%
Apr '19
98
104
102% 105 103% July’ 19 ____ 103%
7012 78*2 76% July’ 19 ____ 75%
—
96
94
94
11 93
74
Salo 73
74
. . . . 75% 70% M ay’ 19
69% Salo 69%
70%
70*j Mar’ 19
65
67'% 66 July’ 19
01-’8 95
94%
94%
92% 93*2 97% Fob T9
97 May’ IS
93 May'18
08% 70
July’ 19
63
68
09 July'19
105% 106 107
107
85
85 Juno'19
01
05
02 July’ 19
105%
118 Nov'10
94
03
70
07*2 June’ 19
103% 107 103*8 July’ 19
62
63
03%
03%
86*2 90 May'17
88
M ar'll
85*2 87*2 79 Nov’ 18
06
Sale 60
00
80*s 82
83*8 July’ 19
83*2 84
83*2
83*2
76% 70*2 80% May'19
70
75
73
75% 73
73
74% ____ 74% Jan T9
71
84
Nov’ 10
____ 101
99% July’ 19
82% 90
83*a May’ 19
82*.i
93% ____ 93*8 May’ 19
103*8 ____ 103% July’ 18
94 July’08
*32
51% 57
57"%
57'%
27
30
29% 28*4
85% ____ 87 July’ 19
84
Salo 84
85*2
80%
80*2
80%
09*2 100
99%
99%
68*2
93
89
71
70*8
82%
101
101
97%
98
98
90%
109
101
99
104
104
78*4
08
12 73
79%
___1 76% 70%
72 69% 7018
70%
* : : : i 64% 72
94*a 90
____ 97% 97%
1
----1
05
70%
71
66%
5 105
108
85
91
85
97
58
67*8
104%
1 102*8
05
01
6
_ - __
____
___7
____
____
00
76
83%
78%
0734
73 '
74*8
72%
84%
87
81%
70
70%
74%
99% 09%
83% 83%
93%
93
103% 107
___-
1 60
12
86
85*2
77*4
98%
19i
4
6
1
60%
31
89
89%
80%
99%
Feb '16
72%
72
72% 72%
100%
97*4
98% Juno’ 19
03% 04% 95 Juno’ 19
102*8 Feb ’08
08's
14
72%
1007g
95*.
02*8
73
1007g
101
92
Duo Oat. p Dua Nov. r Duo Doo * Option sale
New York Bond Record— Continued— Page 2
BONDS
N . Y . STOCK EXCH ANG E
Week ending Aug. 1
T' ' ' '
<3
I o
1
Week’s
Price
Rang«
Rang*or
Since
Fridav
Lait Sal*
Aug. 1
Jan. 1.
Bid As* Low High No. Low High
5
J J
.194.3 IW N
.1935 A O
Alb A SusQ conv
IW N
J
1933 J
Improvement gold 6s___
1955
Rlu Gi Jilllo ldt gll 8 <j3—
.1939
.1949
.1995
.1961
F
J
J
J
J
A
J
J
M
.1937 A
A
.1937 j
.1941 IW
.1920 M
M
M
.1920 A
1928 J
N Y L E A W 1st g fd 78. .1920 M
J
J
^R eg ister^ ^
^
.1996 J
.1996 J
.1951 F
.1953 A
.1953 A
. 1953 A
.1982 IY1
1938 J
Erie <k JorHoy 1st a f 08. . .1955 J
. 1957 J
.1935 A
r
Dock A Impt lat ext 5a. - .1943 j
r,i
i
F
/1
Y
A
. 1942 j
J
.1921 j
J
J
A
D
J
J
j
o
D
D
N
97
97% 97
84% 84% July’ 19
95
92% 94;>8 95
721* 743.1
1013a 104 102% Apr ’ 19
97
G8
77*34
CO
77
65
GO
05
60
77
95*4
0
O
J 82
931?
N
98%
S
82
N
s
92'a
s
o
96%
82%
1)
s ___
63%
J
J
J 52%
J
82
A
40
o
40
o
50
o
90
N
J 92>*
97
J
J 97%
o 107
93%
N
j
93t4
1ST
j
68
A
45U
A
89%
N
85
o
D
57
J
J 95U
70*4
93
0
00
97
83% 85%
90% 9534
7.13*
OS
08%
75% 70 Juno’ 19
82
80 M ay’ 19
Sale 00
60%
87% Nov’ 10
01% Apr ’ l l
38
39 July’ 17
71% 73 July’ 19
Sale 59
60
78
82 Doc ’ 16
75% July’ 10
79% 80% July’ 19
17
____
0012 7.514
72
76%
93% July’ 19
105% Mar’08
83 Juno'19
96 May’ 19
100 July’ 10
78% Oct ’ 18
90% June’ 18
93% Jan '18
99% July’ 17
94% Nov’ 15
100% July’ 18
63%
04
84 Deo ’ 10
53
53%
73 Juno’ 16
82%
82%
47
47%
46
50%
40
50
92% July’ 19
106% Jan '17
00% July’ 19
98 M ay'19
107 July’ 19
103 Jan ’ is
102% July'17
85 Jan ' 18
68%
68%
100% Deo ’06
—
-- ----- -
83
84%
93% 90
99% 100%
93%
85
—
100
100
99%
100
Sale
53
55
85*2
47%
Salo
Sale
92
*4
99%
____
109
____
77
65
55
14 60
Bull Cu Bi uikth lrtl K
.
.1959 j D
Fort St U l) Co 1st g 4 ‘$a . .1941 j J
J
Ft Worth A Hlo Or lat g 4a 1928 j
o
Great Nor C B A Q coll 4s_.1921 j
A1921 0
.1961 J J
1 J
.1933 J J
J
.1933 J
J J
.1933 J J
_ 1933 J J
Mont ext 1st gold 4a.. .1937 J D
J D
J J
. 1948 A o
.1922 J J
Mont C lat gu g"6s......... .1937 J J
J
. 1937 J
J J
Will
S F lat gold 5a. .1938 J D
Feb
Orcen Hay A W deb ctfa "A *
Feb
Debenture ctfa “ B” _____
Gulf A S I lat ref A t g 5 s .. 61952 J J
Blocking Val lat cons g 4H s liVJU J J
199‘J J
Col A I 1 V lat ext g 4 a ... .1948 A
F A
1
. 1937 J
J
.1951
lat gold 344a...................... .1951
J
.1951
.1951 A
.1951 A o
1951 IW 8
.1951 IW S
Collateral trust gold 4 s .. .1952 A o
1952 A <)
lat refunding la------------- .1955 M N
Purchased lines 3 Ha------ .1952 J J
L N O A Texaa gold 4a.. .1953 M N
Registered...................... .1953 M N
J
15-year secured 5%s._ .1934 j
.1951 j O
.1951 j J
Louisv Dlv A Term g 3H s 1953 j J
J
1953 j
1921 F A
F A
J
. 1951 J
J
.1951 J
J
J
.1951 J J
Western Lines lat g 4s__ .1951 F A
1951 F A
1923 J D
IW S
1932
Curb A Shaw 1st gold 4a
Chic St U N O gold 6a. . 1951 J I)
D
Registered____________ .1951
D
1951
D
1951
D
1951 J o
1951 J D
St Loula Sou lat gu g 4a. .1931 M S
J J
.1919
J
J
A
J
O
J
J J
J J
J
O
J
J
J
J
A J
10*0 A o
J J
19C0
Lake Erie A West l’sig O s. .1937 j J
J
-1941 j
North Ohio 1st guar g 5a. .1945 A o
*1910
Lehigh Val (Pal cone g 4s .2003 M N
General .m t. 4 Ms
2003 rw V
97
73%
00
—
80
84%
____
92%
95
___
4
45
____
2
2
57
27
—
75%
N ov'15
June’ 17
80
July’09
97%
53%
01% 70
62
71%
65%
70%
09
81%
75
79% 79%
92
95%
73% ____ 73
94% 97
97
91% - - - - 95%
00%
05%
88%
77
70%
77
65
. ___ 79%
81% 8138
70%
62% 57t*
77%
40%
40
47%
90
83
52
52
55
95%
—
90% 101
—
95% 101
---- - 107 103
77%
Sopt’ 12
July’ 19
July’ 19
July’ 19
Apr '19
96%
Nov’ 18
Feb ’ 14
July’ 19
____
—
—
239
5
—
—
00
72
72% 74% 74%
86
83
—
95
93
80%
85
00%
60%
95%
95%
85
90%
95%
89
____
93%
___-
851* 88%
5
10
4
____
95%
81
81
103
108%
98
99%
60
51
6% 15%
7.5
82%
83
77
70%
70%
74
70
1
77
79
____
23
78%
71%
73
71%
90
84%
75
77%
71%
97%
____
07% 07%
____
____
Mar’ 19
1
97
Feb ’ 19 _ . _ _
July’ 18
73
91%
95%
73
9934
95%
87
95
1
Oct ’ 18
Nov’ 17
Jan ’ 19
July’ 10
a Duo Jan.
J
94
80*8
70%
91%
75%
75%
74%
73
75%
96
89T
81
96%
85
76
85
75
77
94
N Y B 4 M B 1st con g 5s. 1935
92%
Nor Sh B 1st con g gu 5 s. 0 1932 Q J 85
87
M s
Louisville & Nashv gen 6s..193 0 J I)
97%
Gold 5s.................................1937 rvi N
J 84%
Unified gold 4s___________1940 J
J
94%
M N
93%
L Cln
Lex gold 4 Ha__ 1931 M N
N O A M 1st gold 6s......... 1930 j
j 103
j
J 97%
78%
Paducah
Mem Dlv 4 s .. 1940 F A
M 8 100
53
2d gold 3 8 - . ..................1980 IW 8
76%
Atl Knox
Cln Dlv 4s___1955 M N
95%
Atl Knox A Nor 1st g 5S..1946 J D
Hender Bdge 1st s f g 6 s .. 1931 M S 100%
77
Kentucky Central gold 48.1987 J J
91%
Lex A East 1st 50-yr 5s gu 1965 A O
86%
L A N A M A M 1st g 4 Ha 1945 M s
67%
L A N-South M Joint 4 s .. 1952 J
____
98
92
Salo
Unified gold 4s___________1949
Debenture gold 5s............. 1934
20-year p m deb 5s_______ 1937
Quar refunding gold 4s— 1949
J D
s
J D
!Y1 s
D
j
IW N
(VI 9
M s
A O
A
A
J
7934 7934
SOU 82
10
5
60
01%
81*
88
85
90
85%
85%
92
74%
85
80%
90
10
0
2
93
A
J 85
A 100%
96%
88%
O
70%
6 Due Feb.
g
M
s
j
A
o
____
Salo
95
79
86%
99%
75%
81
74
75
95
94
92
90%
87
108
97%
84%
981* 102%
June’ 19 . . . .
Mar’ 17
101%
15 101% 102%
July'19 —
97% 100
Oct ' 13
July’ IS
July’ 19 ___-
95
98%
June’ 19
Mar’ 19
Oct ’06
M ay’ 19
June’ 19
July’ 19
75
Jan 'l l
Jan '19
Apr T9
June’ 19
87
Feb T9
Apr T9
84%
78%
86%
80
86%
75%
76
73
75
75%
84
77%
77
___
94
92
____ 90%
1 82
____ 108
—
97*4
19 83%
94
92
91
88%
108
1UU*2
88%
97%
93%
____ 103%
100
___
79%
100
54%
____ 75%
100
94%
105%
100
791*
101%
57
79
97
94
106
102
89%
100%
57
80
100
____
78
95%
97% June’ 19
94% July’ 19
104 Apr T9
100 Jan T9
79% Jan T9
101% July’ 19
55 July’ 19
76% July’ 19
95 Nov'18
101% July’ 19
77 July’ 19
94% May T9
86% July’ 19
09% 72% July’ 19
95 Feb '05
____ 95 July’ 19
____ 97% M ay’ 10
104 101% July’ 19
98
92% 92% July’ 19
60 July’ 18
77
75
60
____
—
1
____ 101% 101%
HO%
. . . . 75
____ 92% 95%
____ 85% 87*2
73
___71
____
95
Mar’ 10
Nov’ 10
101
102
101 " July’ 19
97%
90 101
97% Apr T9
78% 79
77%
77%'
2 75
46% 1 9 41%
40% Sale 46%
1st A refunding gold 4 s . .. 1949 IW 9
4fil*
461?
5 44
48
60U Feb Tfil
Dos M A Ft D 1st gu 4 s . . 1935
76%
78% July'19 . . . .
76*2 80
14 42
46
46%
46%
Refunding gold 4s. . .1951 M 9
85% July’ 19 - - _ - 83%
8.3% 85
M S t P A 9 8 M cong4slntgu 1938 J J
____
90% ____ 96% July’ 19
96%
1st cons 5 s . . ........................ 193s
IVf N
92 Jan T7
88
93% June'19 ____ 92
M 9 9 M A A 1st g 4s Int gu_’20 J
j 92%
95 Deo T6
Mississippi Central 1st 5 s ...194 9 J j 86% 90
Missouri Kansas A Texas—
13 62
J i
65%
05% Salo 65%
36.
36%
37
38
2d gold 4s______________ (11990 F A
21 29
28
35
29 July’ 19
1st ext gold 5s_________ 1944 M N 25
10 42
45
45%
M s
14 41
44% 46% 46*4
46*2
29
J J
32
31
34 July’ 19
8 25
30
27
27
9t Louis Dlv 1st ref g 4s. 2001 A O
30
39
69*2 Apr T7
53
53 Apr T9
53
F A
40%
40% July'19
40% 53
Mo K
E 1st gu g 5s - _1942 A o
65% 77
70 Apr T9
70
M K A Okla 1st guar 5 s .. 1942 M N
49% 55
57 July’ 19
50%
M K <k T of T 1st gu g 58 1942 M S
J D
51 Dec TO ____
50 July’ 19
50
Texas A Okla 1st gu g 5 s .. 1943 M s ____ 50
Missouri Pacific (roorg Co)—
5 83%
85
85% 85%
86
1st A refunding 5s 9er A .. 1965 F A
15 90%
91% Sale 91
91%
1st A refunding 5s Ser Ha 1923 F A
89
88%
1st A refunding 5s 9er C ..1920 F A 88% ____ 89
Sale 59%
60% 135 57%
M 9
0 98%
99% 99% 99%
99%
Missouri Pao 1st cons g 6 a .. 1920 M N
M H 86
58 Oct T8
82 Apr T7
M N 72%
100 Feb T3
I>
66% 84%
68
80% 90
82 July’ 19
80%
Pac R of Mo 1st exi g 4 s ..1938 F A
89
90
89
J J
89 M ay’ 19
A O
4 94
94% 95% 95*2
95*2
A o
102 Julv’ 1 4 ____
2 78%
J J 79
Sale 79
79
J
J
80% Oct T7
74
25 72%
Salo 74
74*8
Rlv A O Dlv 1st g 4 a ... 1933 IW N
91%
92
IW 9
92 July’ 19
Mob A Ohio new gold 0a____1927 J D 102% ____ 103 July’ 19 ___- 102%
96% 99
98% July’ 19 ____ 98%
1st ext gold 6s___________51927 q J
68
68 July’ 19 . . . .
General gold 4s___________1938 M S ____ 69
1 86%
84% 88% 87%
87%
Montgomery Dlv 1st g 5s. 1947 F A
86%
87 Apr T9 . . . .
St Louis Dlv 5s..................1927 J D 85
80%
J J
78% 80% 80% July’ 19
99
98%
99% 99% July’ 19
Nashv Chatt A St L 1st 5 s .. 1928 A O
Jasper Branch 1st g 6s. .1923 J J 101 104% 110% Mar’ 17
J
J
50 Mar’ 19
50
A o
50
35 Aug TO
J J
96% Feb T3
21 A u g '18
A o
08% 66% July’ 19
66%
J
J 65
96%
96%
95% 97
1 94
N O Tex
Mexico lat 6a
1925 J D
44 50
A O
Sale 59
59
59%
Now York Central RR—
1
IW N
251 97
98
97% 8ale 97%
73%
F
70% 74
A
73% July’ 19
8
80
O
79%
80%
81%
A
79%
Ref A Imp 4Hs " A ” ......... 2013
New York Cent A Hud Rlv—
1
3 70
70%
70% Salo 70%
Mortgage 3 H » - - ............... 1997 J
6.8%
1
J
68% July'19
IW N
20 81
83
81
81
82
M N
79 Nov’ 18
F A
64
65
60% 65% July’ 19
62%
F A
70% 65% May’ 19
66% June’ 19 ____ 65
63
70
Mleh Cent coif gold 3 H a .. 1998 F A
F A
75 Mar'17
D 501$
84% 87
J
104 M ay’ lG
J
88%
J
j
63___ 1921
95
____ 101% 101%
90% 96%
____ 92% 93
)
&
i
3
79% 79%
78
80%
s
Pacific Ext 1st gold
May’ 19
N ov'10
83% 89
85
85
72% 80% Feb ’ 17
08
05
80% 85% July’ 19
85%
1st guar g 4s____1945 M
78%
08
88
881*
10St2 108%
-- .
j
Long laid 1st cons gold 5S..A1931 Q
Leh
Gen cons gu 50-year 5s. 1963 A
3
Oct ’ 18
Oct '18
78 Get ’09
8178
£4
AN Y
99% 101% 99%
113
101% Sale 101%
99% 100 100
105
7978
71% 87% 70
o
o
Leh Val RR 10-yr ooll 6 s..n l9 28
Leh Val Coal Co 1st gu g 58.1933 J
N Fla A 9 1st gu g 5s____1937 P
N A C Hdge gen gu g 4H» 1945 J
Pcnsac A Atl 1st gu g 6s. .1921 F
—
00%
82%
63%
85% 88
74
84
74% 80
Leh V Term Ry 1st gu g 5a. .1941 A
461
Range
Price
Week'*
Since
Fridav
Rang*or
Jan. 1.
Last Sal*
Aug. 1
Bid AskLow High No. Low High
A
____
73% Oct ’ 18 . . . .
____
75%
• No price Friday; latest bid and asked this week,
63%
56
Nov’ 11
77%
95%
78% 79% 79
71
74
72
72
73% 73%
70% 86
71%
93% Salo 93
79
78
01
79
67%
07%
60%
____
3
—
108
77% 80
74%
05
81
78%
9414
00%
Doe 18
Jan '17
July’ 19 —
Jan '17
July’ 19 —
81 July’ 19
92 Aug ’ 10
60% July’ 10
80 Doc ’ 18
95%
90
95% July’ 19
85
85
90 Juno’ 10
87% ____ 88% Juno’ 19
107% 109 108% Apr '19
118 Apr ' 17
105
93% July’ 19
93%
91% 99 102% M ay'10
84% ____ 85% May’ 19
83%
95% Mar’ 10
77
SO Nov’ 18
80%
101%
100% May’ 18
108 ____ 103 July’ 10
107
136% May'00
98%
90% ____ 109% Aug ’ 16
52% 57
57
57
12<s 13% 12%
13%
7 5 >8 75% July’ 19
75
Salo 77
77
77
73
72
73
72
45
07
103
00
23%
90%
80t2 81
____ . . . .
00% . . . .
78
70
95% Sale
95% —
84 ti 80%
70% ____
75%
84% 95
83%
32
.
BONDS
N . Y . STOCK EXCH ANG E
Week ending Ang. 1
•
Bonds
Sold
1919.]
Interest
Period
i
Bonds
Sold
Aug.
J
101
99%
SO
49
49
80
48%
89
97%
94%
69
38
30
48%
46%
34
27
53
60
71%
58
50
87%
94%
92
03*j
100
08
82
89
97%
82'%
77%
92
105%
981*
68
91
87
81%
100
59
68%
97%
62%
100%
78%
86
73
71
80
63
67
70
j
j
o
Cart A Ad 1st gu g 4s____1981 J D
Oouv A Oswe 1st gu g 5 s .. 1942 J D
Moh A Mai 1st gu g 4 s ...1991 M S
F
N
N Y <V Northern 1st 6s. 1923 A o
Duo June,
e
h
Due July,
n
Due Sept,
o
75%
91%
77% ____
71*4
72 "
9S%
98
Due Oot.
49
Nov’ 10
80 May T9 ____
89*2 Feb TO
80 MayT7
97% Feb T9 ____
* Option sale.
_. .80
80
971* 97%
463
New York Bond Record— Continued— Page 3
Price
Week’s
Fridaj
Kang*or
Last Sal*
Aug. 1
Bid AsA Low High
BONOS
N . y . STOCK EXCH ANGE
Week ending Aug. 1
(Con)—
N Y
N ¥ Cent A H R RR
75<4____ 78% Apr T9
N Y A Pu 1st cona gu g 4a. 1993 A O
Pine Creek reg guar da____1932 J D 104 ____ 113 MavTS
R W 4 O con lat ext 5a..*1922 A O
9 9 % ____ 99% July'19
75is ____ 77% June'12
Rutland 1st con g 4H a___1941 J J
00 . . .
01% July’ 19
O g4LC bam lstgu4ag-194S J
07 Feb T9
Rut-Canada lat gu g 4a. 1949 J
54% . . . . 101 Nov’ 10
J
St Lawr A Adlr lat g 5a___1990 J
2d gold da.......................1990! A
O
84% . . . 103 Nov’ 10
Utica A Blk Rlv gu g 4a ..1922 J J 9 0 ______ 95% Apr T9
95% 95%
7 Hi Stic 71%
71 >i
71% 74
Lake Shore gold 3 Ha____ 1997 J
D
70 74
73>a Nov'19
Reglatored______________1997 J D
80 Sale 80
87
Debenture gold 4a_____ 1923 M S
85 80 % 80% July’ 19
25-year gold 4a_________ 1931 M N
93% Nov' 17
Registered___________ 1931 IVI N ------87
92%___
Ka A A G R lat gu o 5a___1938 J J
94i8 ___ 104% Deo '15
Mahon CM RR 1st 5a____1934 J J
92% ___ 103 May’ 17
Pitta 4 L Erie 2d g 5 a ...a 1928 A O
102!*i___ 130% Jan ’09
Pitta McK A Y lat gu 08..1932 J
2d guaranteed 0a_____ 1934 J
J 102 ___ 123% Mar 12
94*4___ 99% Aug T7
Michigan Central 5a____ 1931,IV1
S
9 2 * 4 ____ 98% Nov'18
Registered____________ 1931 Q
rvi
78*8 83% 84 Mar‘ 19 - —
4a...................................... 19 40 J
J
82
84
87 Feb T4
Registered__________1940:J
J
90 June'Os ____ 1
J L A S 1st gold 3 H a ...l9 5 l| M S
70*8 73
74% 70% Apr T9 ____ 1 70% 70%
lat gold 3 Ha...................1952;M N
20-year debenture 48..1929 A O ------- 80% 80% July’ 19 . . . . 1 80% 85
82%
82%
N Y Chi A St L lat g 4a ..193 7 A O 81i8 82
80
84
85 Nov’ 17
Registered___. . . _______1937 A O
70
85
71%
70
4 71 *70%
Debenture 48__________1931 IY» N
1 75
75%
75%
Weat Shore lat 4a guar___2301 J J
75*4 70
81%
74
78% 78% July’ 19 ---- - 74
Registered_____________ 2301 J J
78%
N Y C Lines eq tr 5a . .1919-22 M N 9 9 * 3 ------ 99% khi. 19 —
99% 9J%
98% July’ 17
Equip trust 4 HS--1919-1925 j
J 95U 102
N|Y Connect lat gu 4Ha A . .1953 F
83% 85% 84% July’ 19 . . . .
73
80%
N Y N H A Hartford—
65% . . . . 50% July’ 19 ___- 53
Non-oonv deben 4 9 ._-_ -.1 9 4 7 IV1 S
50%
6 0 % ____ 50% July'19
Non-conv deben 3 Ha____1947 M S
50
51
50% 51 | 50% July’ 19
Non-conv deben 3H a____1954 A O
52
50
55% 59
54% July’ 19
Non-conv deben 4a______ 1955 J J
53
50%
55% 59
55
55
Non-conv deben 48______ 1950
59%
i! 49
4 49% 52
50%
50% Silo 50%
Conv debenture 3H a_____ 1950
36 80
81
Sale 81
Conv debenture 0a_______ 1948
82
88
50
____
Oot ’ 17
Cona Ry non-conv 4a____1930
51 ____ 91% Jan '12
Non-conv deben 4 a . . . . 1954
..............
60 July’ 18
Non-conv deben 48____1955
Non-conv deben 4s___ 1955
Non-conv deben 4a____1950
. Harlem R-Pt Che8 lat 4a. 1954
B A N Y Air Line lat 4a .. 1955
Cent New Eng lat gu 4 s ..1901
Hartford St Ry lat 4a____1930
Houaatonlc R cona g 5 a .. 1937
Naugatuck RR lat 4s____1954
N Y Prov A Boston 4a__ 1942
NYW'cheaAB lat aer 1 4Ha’ 40
Boston Terminal lat 4a___1939
New England cona 6a___ 1945
Conaol 4a_____________ 1945
Providence Secur deb 4a..l95 7
Prov A Springfield lat 5a. 1922
Providence Term 1st 48___ 1950
W A Con East lat 4 Ha___1943
N Y O A W ref lat g 4s____<M992
Registered $5,000 only..gl992
General ta _______________ 1955
Norfolk Sou lat A ref A 5a..1901
Ncrf A Sou lat gold 5a______ 1941
Norf A Weat gen gold 6s____1931
Improvement A ext g 0a ..l93 4
New River lat gold 08____ 1932
N A W Ry lat cona g 4 a ..1990
Registered_____________ 1990
DlvM lat lien A gen g 48.1944
10-25-year conv 4a_____1932
10-20-year conv 4a_____ 1932
10-25-year conv 4 H « ___ 1938
10-year conv 6a (w 1)___ 1929
Pocah C A C Joint 4a___1941
O C A T lat guar gold 5a. 1922
Sclo V A N E lat gu g 4a..1989
Northern Pacific prior lien rail
way A land grant g 4a___ 1997
Registered_____ ____ ...1 9 9 7
Genera! lien gold 3a_____a2047
Registered____________ o2047
Ref A Imp 4H»ser A _____2047
St Paul-Duluth Dlv g 4a..1990
St P A N P gen gold 0a__ 1923
Registered certificates. . 1923
St Paul A Duluth lat 5 a .. 1931
lat conaol gold 4a______ 1908
Wash Cent lat gold 4a___ 1948
Nor Pac Term Co lat g 0a..l93 3
Oregon-Wash lat A ref 4 s ...1901
Paolflc Coast Co lat g 6 s ...194 6
Paducah A Ills lat a f 4 H a .. 1955
Pennsylvania RR lat g 4a .. 1923
Conaol gold 6a___________ 1910
Registered_____________ 1919
Conaol gold 4a___________ 1943
Conaol gold 4a___________ 1948
Conaol 4H a_____________ 1900
Oeneral 4 Ha_____________ 1905
General 5a_______________ 1908
O 92% Sale 92
92%
80% Jnne'PJ
87
Alleg Val gen guar g 4 a ... 1942
8
84% Sept'll!
A 85%
D R RR A B’ge lat gu 4a g 1930
87% Jan ’ ll]
N
87%
Pblla Balt A W 1st g 4a . 1943
87% 87l2
102 Jan ’93
8odua Bay A Sou 1st g 68.1924
J
____
83%
Sunhtiry A Lewis lat g 48.1930 J J
92 Deo’ 17
U N J RR A Can gen 4 a .. 1944 M s
85% —
Pennsylvania Co—
Guar lat gold 4 H s ______ 1021
97% Sale 97%
97%
97
93%
98 July’ 19
Registered..... ............
1921
97
90% 98
87 Keo 7
Guar 3 H a coll trust reg A . 1937 M
77%
78 Jan T9
Guar 3 Ha coll trust aer B 1941 F A
771.1 79
78
78
Guar 3 Ha trust ctfa C ...1 9 4 2
81% July’ 17
D 77%
O 70% 78'
86% Tec TO
Guar 3 Ha trust ctfa D ___1944
Guar 15-25-year gold 4a.. 1931 A o
85
80% 80% July’ 19
83% 80%
8513 Fob n
40-year guar 4s ctfa Ser E . 1952 M N
79% 80
85% 87
N 82%
82%
Cln Leb A Nor gu 4a g . _. 1942
82%
81% 82%
90% May’ 17
Cl A Mar 1st gu g 4 H a ...193 5 M N
84
95
90% AIay’ 18
Cl A P gen gu 4Ha aer A . 1942
J 92%
Series B ............................. 1942 A O 92%
101 Dee '16
Int reduced to 3H S..1942 A o
90% Feb T'2
78
90% Oct T'2
N
77%
Series C 3 Ha.....................1948
88% Feb '17
Series D 3 H » ...................I960 F A
77%
88
\nr
Erie A PlttagugSH a B ..1910 J J 78
84
7934 May’ 10
Series C ........................... .1940 J
J 78
84
79% 79%
Gr R A f ex lat gu g 4 Ha 1941 J J 83%
87 June'19
87
87
Ohio Connect lat gu 4a ..194 3 M S 85%
83% Apr T9
83% 83%
Pitta Y A Ash lat cons 5a. 1927 M N
93 vlay’ lO
96%
48-% Apr ’ 17
Tol W V 4 O gu 4 Ha A . .1931 J J 90%
J 90%
Scries B 4 Ha...................1933 J
92 Deo T7
Series C 4a..............
1942 M S 80%
88-, Sept’ 17
P C C A St L gu 4 Ha A . .1940 A O ____ 92% 91%
91%
91% 91%
Series B guar__________ 1942 A o
92% Ian T9
90
92% 92%
8crtcs C guar__________ 1942 M N
99 lutie’ 17
Series D 4s guar......... .. 1945 M N 90% 93
90% Sept’ 18
Merles E 3 Hs guar gold 1940
J
J
J
s
1
17
f
• No prtoe Friday: latest bid and asked,
a Due Jan.
* Duo Feb.
g
Due Juno.
BONOS
STOCK EXCH ANG E
Week ending Aug. 1
(Con
HI
ii
[V o l . 109
Price
Week'*
Rang*
Friday
Rang*ot
Since
Aug. 1
Last Sale
Jan 1.
Bid AskLow High No. Low High
P. C. C. A St. L
.)—
90% . . .
91 S e p tls
8erles F guar 4a g o ld ... 1953 J o
91 July’ 19
Series G 4a guar________1957 M N
90>a . . .
88% 91
91 Apr II
91 . . .
Series 1 cona gu 4 Ha___1903 F A
91
91
O St L A P lat cona g 5a..1932 A O 100% 101% 101 Juno’ 19
101 102
100 June 17
Peoria A Pekin Un lat Os g ..l9 2 1 Q
87
M trT O ____
2d gold 4 H *____________ *1921
84
85
Pare Marquette lat Ser A 5a. 1950
85
80%
7 83% 90
70
Silo 70
lat Series U 4a___________ 1950
70%
9 08 i 72%
52% 54
55 July’ 1 9 ____ 45
Philippine Ry lat 30-yr a f 4s 1937
65
98%
99 Ja i . |._ . .
Pitta Sh A L E lat g 5a_____ 1940
97% Oe 1 ' . .
lat conaol gold 5 a .._ _ _____ 194*
95%
81% Sale 81%
Reading Co gen gold 4a_____ 199'
82%
20 81
80%
82% 81% M i*- i *I. .
Registered_______ . . . . . 1 9 9 '
81% 81%
80% 82% 81
Jeraoy Central coll g 4 s . . .1951
81
5
81
85
Atlantlo City guar la g . .. l 9 5 i
61
67
St Jos A Grand la! lat g 4a ..1917
63% July’ 19i____ 60
08
St Louis A San Fran (reorg Co)—
Silo 59%
.
60
60% 141 59
Prior lien Ser A 4 s _______ 195" J
64
73% 73%
.
13 73% 79
Prior lion Ser B 5s ______ 195" J
73%
6 3% Sale 0 >%
127 02% 71%
Cum adjust Ser A Os____*1955 A C
06
49 s Salo 49%
139 40% 50
Income Series A O a ..____*190" Oct
51
J 103
St Louis A San Fran gen 6a. 1931 J
June'19!____ 103
100
95% 97 I 90% July’ 1 9 ____ 96% 98%
General gold 5a_____...1 9 3 1
70 ------- 1 78 Mv l - I____i
St L A S F RR cons g 4a..1990
90 Ma I ’
Southw Dlv la tg 5 a ___ 1947
101 10H4 101%
K C Ft S A M cons g 6a. 192*
101%
2 101 103%
09
69% 09
K C Ft S A M Ry ref g 4a 1930
09%
1 00% 75%
89%
K C A M R A B lat gu 5a. 1929
88 July' I I
- 8.8 a 00
70
St L S W lat g 4a bond ctfa..1989 M N
70%
70%
09
74
2d g 4s Income bond otfa.pl989 J J
01% 00 May'19
. 57% 00
60% 61% 00%
Conaol gold 4a___________ 1932 J
62
1 57% 05%
01
01>4| 61%
lat terminal A unifying 5s 1952
01%
2 58% 04%
Gray’a Pt Tor 1st gu g 58.1947
98% Jan
64% Salo 64%
8 A A A Pass 1st gu g 4s____1943
04%
) 04% *08
70 1 70 June 19
Seaboard Air Line g 4s......... 1950
72
70
68
09% 68
Gold la stamped_________ 1950
08
74
68
49
Sale 48%
Adjustment 5a__________ 01949
52
1 17
63%
5314 Salo 53%
Refunding la ____________ 1959
54%
) 53% 00
73% 77.4 77 June 19
Atl Blrm 30-yr lat g 4s..«1933
80
74
75 - - J 70
Apr 19
Caro Cent 1st con g 4s__ 1949
70
70
100 103% 00% Apr 19
Fla Cent A Pen lat ext fla. 1923
100% 100>4
90%
_____ 01 Dec T5
lat land grant ext g 5a. .1930
95
Conaol gold 5a_________ 1943
92% Jutie'lO . . . .. 90
92 It
90% 93 1 93 July’ 1 9 ------ 91*4 93
Ga A Ala Ry 1st con 5 s ..01945
94
95% 91% Apr T9
Ga Car A No lat gu g 5s. .1929
. 94
94
95% - - .1 95% May'19
Seaboard A Roan lat 5 a .. 1920
1 95% 90%
Southern Pacific Co—
Salo 70
70
74
79%
Gold 4a (Cent Pac c o ll)..*1949 J
) 70
90 Feb ' 4
Registered___________ *1949 J
84% Sale 84
20-year conv 4s__________01929 M
82% 87%
84%
Sale 04%
105
107%
20-year conv 5a___________ 1934 J
100 115
70% Salo 70%
Cent Pac 1st ref gu g 4 s .. 1949 F
77%
70
83
78%
Registered............. .......... 1949 V
82% 84
82% July’ 19
Mort guar gold 3 H a ..*1929 J
82% *85*i
79%
A
Through St L lat gu 4a. 1954
78 July’ 1 9 ____ 76% 80
93 101
G H A S A M A P l a t 581931 M
100 Oct la
82% 97
90% Jan 18
2d exten 5a guar________1931 J
92% 102
95
Nnv'is
Gila V G A N 1st gu g 5a..1924 M
92%
Houa E A W T lat g 5 8 . .. 1933 M
92% July’ 19
02% "02%
91%
. .'
<tc> i *i
1st guar 5a red.................1933 M N
90 100
97 JuneTO
H A T C lat g 5a Inf g u .. . 1937 J
08*4
97
90
93
94% JuneTO
Gen gold 4a Int guar____ 1921 A
93% 94%
94
- - - 94
Mtir’ 19
Waco A N W dlv lat g fla ’30 M
04
94
91
95
A A N W 1st gu g 5a ..........1941 J
93
Nov'18
99% ____ : 00% Oot 17
Louisiana Weat 1st Oa____ 1921 J
:
99
Morgan’s La A T 1st fla.. 1920 J
00
\p '18
94% . . . 02% Oct 18
No of Cal guar g 5a______ 1938 A
95 8 90% 95%
%
Ore A Cal lat guar g 6a. . . 1927 J
05% 99%
97% So Pac of Cal— Gu g 6s. .1937 M N
97% July. 19 . . .
97 > 97%
93% 92% Juue 19 . . .
91
8o Pac Coast 1st gu 4a g . . 1937 J J
02% 03
78% 79% 77
77
San Fran Terml 1st 4s___ 1950 A
70% 80*4
Tex A N O con gold 5a__ 1943 J
85 July’ 1 9 ____ 85
85
79% Sale 79%
So Pac RR 1st ref 4a_____ 1956 J
79%
45 79% 83%
Salo 91
91
92
Southern— lat cona g 5a____ 1994 J
90%
91
____ 00% Aug 10
Registered_____________ 1994 J
Salo 05
05
Develop A gen 4s Ser A __ 1950 A
05%
05 *0fT
6834 68% July’ 19 .
61
Mob A Ohio coll tr g 4s__ 1938 M
64
08*4
87% 90% 90% July’ 19 . .
Mem Dlv 1st g 4H s-6s..-1 990 J
90% 91%
71% 73% 72% JuneTO . .
St Loula dlv lat g 4s_____ 1951 J
; 70% 74%
_____
J
Ala Ot Sou lat cona A 5a. .1943
92% July'19 . .
90%
92% 93
82% ____ 88% JuneTO .
87% 88%
Atl A Chari A L 1st A 4 Ha 1944 J
91% 94
92%
92%
lat 30-year 5a Ser B ____ 1944 J
92% 97%
05% 73
74 June 19 .
Atl A Danv lat g 4s______ 1948 J
74
74
81*2 -1.. TO .
2d 4a
...........................1948 J
70
75
76 Feb T7 .
Atl A Yad lat g guar 4S..1949 A
99
90
97
M i' 19 . .
E T Va A Ga Dlv g 6 a ...193 0 J J
07 *9 7 "
Cona lat gold 5a________1950 M M 95 100
90 July’ 19 - .
02% 97
94
E Tenn reorg lien g 5s____ 1938 IY1 S
92 July’ 19
92
95%
O 52% 55
Ga Midland 1st 3a_______ 1940
62 J tr. 19 .
52
52
J
Ga Pac Ry lat g O s _____ 1922
99 %
100% 101
J 100% 102 1
Oot 18 . .
Knoxv A Ohio lat g f la ... 1925
J 91% 97 , 91% Oot 18 ..
Mob A Blr prior lien g 5a 1945
82
J
far '
.
Mortgage gold la_______1945
96% 102
o
95%
95% 3 95% 05*4
Rlon A Oan deb 5a atmpd. 1927
69% 09 JuneTO------ 09
N 09
Rich A Meek lat g 5a . . . 1948
71
99% ipr 19 . . 99 100
N
So Car A Oa lat g 5a_____ 1919
___
8 96% . . . . 102% .reVirginia Mid Ser D 4-6S..1921
S 93% 100
8erles E 5 a _____________ 1920
90% July’ 1 9 ------ *03% 90%
8 91% . . 104%
i . ____
Series F 5a_____________ 192«
95% 90% 98
N
General 5 a . . ..........
1930
July’ 1 9 ---- '90
J 87% 04% 81% t-p i t . ____
Va A So’ w’ n lat gu 5 s . . 2003
O 70% 70 I 71
lat cona 50-year 5a .. 1958
71 *
May'19 . 71
80% ____ 1
A
W O A W lat cy gu 4s____1924
Mar 1 7 ___
78% 75% Apr 19
J 78
Spokane Internal lat g 58 .1955
75t2 75%
O 80% 99% 8 "
Term Assn of St L lat g 4 H» 1939
May'19 . . .
01%
25
93% 01%
A
lat cona gold 5a_____ 1894 1944
i July’ 19 . . 93
08%
72%
Gen refund a f g 4a________1953
J 71
July’ 1 9 ____ 72
77
O 90% 91%
St L M Bridge Ter gu g 5a 1930
JuneTO ------ 92
92
90
D
Texas A Pac lat gold 5 a __ 2000
00%
90 |
1 87% 93
51
2nd gold Income 5 a ..____ j2000 Mar
Sep IS
~ i
J
lav c .
La tllv B L 1st g 5a............ 1931
W Min W A V W lat gu 581930
[ Nov 0 4 ____
%
91
To) A Ohio Cent lat gu 5 8 .. 1935
Apr 19
..
92 ‘ 92 *
far ">l
Western Dlv lat g 5 a ..___ 1935
85% 90
87
87
88%
Oeneral gold 5s......... ........... 1935
70
July’ 19
73
73
73
85
Kan A M 1st gu g 4a_____ 1990
July’ 1 9 ------ 73
70%
01
2d 20 year 5a......... ......... 1927
92
92 i
5 88
02
Tol P A W lat gold 4a______ 1917
31
49%
Fet 1 9 ____ 30
30
75% 83%
Tol St L A W pr lien g 3 Ha -1925
75% 70%
62
50-year gold 4a___________ 1950
64'%
50
45
Coll trust 4a g Ser A .......... 1917
18% .i . '00
*
20 I 18 Aril '18
Trust co ctfa of deposit_____
71
85 |
Apr T7,
Tor Ham A Buff lat g 4 a ..*1940
niater A Del lat cona g 5 a .. 1928
80% 80%
lat refunding g 4a......... .......1962
70
Sopt'17]
Onion Pacific lat g 4s______ 1947
84
S:Uo
11 84 89%
80
Registered...............
1947
18!____
20 year conv 4 s _________ 1927
85% 85%
80 i
5 85% 89%
77% 79%
lat A refunding 4 a ......... g2008 M
79%
3 77
83%
10-year perm secured fla 1928
102% 103% H
102%
43 102 100
Ore RR A Nav con g 4a .. 1940
78% 80
July’ 1 9 ____ 79% 80
101 101% 11
Ore Short Line 1st g fla___1922
July’ 1 9 ___ 100% 101%
95% 98
lat conaol g 5a......... ......... 1940
95%
95% 98%
84% 84%
Guar refund 4a......... .......1929
81% 88
84%
Utah A Nor gold 6a____ 1920
94% - -1
94% 98
1st extended 4a_____ 1933
8334 88 1
Vandalla cona g 4s Sor A____ 1955
78%
80% 80%
Consols 4s Series B . .......... 1957 M
78% . . .
Vera
A " a» gu 4 Ha 1934
30
3 5 __ 35
May’ 19
* Due July, t Due Aug. o Due Oot. p Due Nov. t Due Dec
* Option sale.
f
o
102
1
95
1
100>41
W
95
1
1
Virginian 1st 6s series A -------1902
Wabash 1st gold 6a--------------1939
Ud gold 6s............................. 1939
Debenture series B _______1939
1st lien equip s Id g 6s------ 1921
1st lieu 60-yr g term 4 s . . .1954
Det & Ch Ext 1st g 5s------ 1941
Doe Moines Dlv 1st g 4 8 .. 1939
Om Dlv 1st g 3H S...............1941
Tol A Ch Dlv 1st g 4s-------1941
Wash Tcrml 1st gu 3 H s —
1st 40-yr guar 4s----------West Maryluud 1st g 4s—
West N Y A Pa 1st g 6 s . . .
Oen gold 4 s . . . . ----------Income 6s_______________
Western Fao 1st ser A 6 s ..
Wneellug A L E 1st g 6S —
Wheel Dlv 1st gold 6 s . . .
Exten A Impt gold 6s —
Refunding 4 Ha series A .
UR 1st consol 4 s -----------Winston-Salem 8 B 1st 4s.
Wls Cent 60-yr 1st gen 4 s ..
Sup A Dill dlv A term 1st
Street Railway
M N
M N
F A
J J
a
j
j
j
W eek ’*
Price
Rangeor l \
Friday
L a s t S ale
Aug. 1
aid AsklrOW UiOh
H
i
j
j
j
3
A
M
F
F
A
J
A
0
M
A
J
F
M
M
J
3
O
J
A
S
S
A
A
O
J
O
Nov
J
J
J
M N
A
j
j
O
J
J
Certificates ot deposit.
J
J
M N
J
F A
F A
F A
F A
J J
F A
J J
J J
J J
M 3
F A
J
Hud A Manbat 6s ser A ..
F
A
Certificates of deposit
Metropolitan Street Ry—
j
A
A
M
A
0
j
0
0
8
J
Lex Av & P F 1st gu g 5s.
88>4
88% 89% 88%
92% 93% 94 July T9
84
84
83*4 84
90 Aug ’ 18
July’ 19
98% - - 65 Sept'18
05%
88% Feb T9
91
77% 80 Aug T2
01% 07% 07 Feb T9
74 Jan T9
70
05
72is July T9
72% 75
82 Aug T8
80%
5Sl8
58% 53
58
97% July’ 19
97% 98
70 Dec '18
80
—
30 Oct '17
84%
Bile 84
84
90 July'19
93% 95
LOO Feb T7
90% 95
90% Msr’ 17
6912 70* 59% July’ 19
65i» July'19
65
64
76 Juno'19
75
71% 74 July'19
70
78% 75% Juno’ 19
70
D
M S
M 8
F A
F A
J
63
58
65
J
J
J
67
J
i
i
i
81%
j
j
41%
42%
13%
13%
63
M N
M N
75%
F A
65%
J J —
M N —
J J
) J J 5712
miru Ave 1st ref 4s--------39%
A O
Adi Income 6s_________
Third Ave lly 1st g 6s......... .1931 J J 91
i A O 93%
I rl-CIty Ry A Lt 1st s t 68
J J
Undergr of London 4 44s..
07%
Income O s ---- ------------. IV! *N 73%
J 55
A O
A O
30
33%
Union Tr (N Y) ctfsdcp......... — "
33%
Bqult Tr (N Y) Inter o tfs.. .
r I —
Certificates of deposit
30-year adl me 6 s .. . .
Cc3tiflcm.es of deposit .
A
0
1
j
J
1
V
1
1
M N
J J
Pao Pow A Lt 1st A ref 20-yr
IK
\1
t A
7 M
7J
) 1
M
7 M
M
« J
1J
1J
1 VI
/ M
<
6 J
l F
tJ
7J
0J
•
Stand Gas A El conv s f O s..
Syracuse Lighting 1st g 6s
1
i
H
I
57% 03
96% 100
81% 86%
90
90
59%
64
65%
75
70
73% 80
72% 77
5914
59
70
43
53
75
80
70
79
72% 78%
94
93
81% 86
A
80
3
80
99
O
S
69
J
J —
N
N
N *92'
D 93
D
80*i
J 74%
3
90
S ....
N
J 95%
A 86
90
j
j
87
D
85's
72
79%
71*4 79%
57
68
138
<4
90
____
991
Salo
83
94%
103
93
93
90
87
10U2
8opt'15
June’ 19
July'19
9012
June'19
102i2
9612 May 1* . . . .
2
9012
90%
2
91%
94%
1
91
04
94 Feb 18
100 Feb '1.3 —
90
92*2
90
101
93
80
93
SI
104%
871
70
99
90'2
93
Sale
80%
92i2
95
02
02
50
71%
75
77
71
55
81
88
77
81%
54
14
90
27%
29%
65
65%
09
77
05
19%
90%
43*4
41%
75%
72%
74%
77
60
72
62
68
62% 74
42%
25
25
J
D
84%
F
A
A
O
J
O
O
J
95*4 Sale
J
J
N Y Dock 60-yr 1st g 4s____1951 F
J
A
M
Nor States Power 25-yr 5s A 1941 A
F
M
J
A
M
J
Wilson A Co 1st 26-yr s f 0s. 1941 A
J
J
A
J
O
N
O
A
N
J
O
N
J
O
D
81%
81%
80%
40%
84
122%
92
93 %
88
96
96
93%
98%
91%
83%
E I du Pont Powder 4 U s ..
91
10 1%
93%
86
90%
_____
135
77
93%
90%
99%
100%
M
F
A
F
M
M
A
J
O
I)
J
D
101
87
97%
74
100%
100%
90
92%
88‘2
75
_____
_____
_____
Sale
80%
101%
100%
90%
100
_____
77%
96%
84*4
98
88
113
92
112%
91*4
96*2
Sale
_____
92
113%
Sale
Sale
93
9 7 i8
A
O
A
N
N
J J
52
62
75% 75%
62% 65
50
25
89
93%
73
07%
70
43%
59*4
42%
93
97
73
73
76%
55
•22 '
22
22
74%
'30'%
36%
30*4
79
91%
93
82
87
100
90%
95
93
92%
87
105%
99
OOU 90*4
94% 90%
93
94
Coal, Iron & Steel
Beth Steel 1st ext s I 6s_____ 192*
92
90%
85% 88
123%
99*4
91%
103
88%
A
A
N
J
J
J
J
J
J
J
J
F
J
A
J
J
J
D
J
A
D
O
J
J
J
M N
J
J
J D
M S
J
O
A
F A
1J D
J
D
A O
M N
Jetf A Clear C A I 2d 6s___ 192i J P
Ia»i kawanna Steel 1st g 6 s .. 1923. A O
1st cons 5s series A ______ 195( VI 8
M
S
J
J
J
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Pi cah Con Collier 1st s f 5s. 195‘ J
A
»J
J
M
M
J
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N
N
J
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1M
1M
J
r, F
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7 Q
7 (j
101
77%
88
92
82
93
90
90
92
96%
8 9t2
85%
91
97
93
80%
93%
rnmmm
97
90
79
87
97%
84
95%
96
90%
95%
8J%
8 OI2
83%
93
_____
89
100%
87
55
84
J
S
83%
____
£
D
88
7 J
Keystone Telephone 1st 5s
Mich 3t ite Telepb 1st 6 s ..
l a Tile Tel A Tel 1st 6s
Northwest Tel gu 4Ha g.
A
0
J
J
.
5 J
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9 _____
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9612
90*2
86
93%
91
101
9)
78
88
98
85*4
95*2
...
Sale
Sale
88
_____
85*4
8ale
_____
97% 96%
96% 97
Sale 89%
-.
87
88
Sale 93
80*8 80*4
91
93
Sail 100*2
10 0 %
____
70
70
85 % 8 5 %
8 4 t4 8 4
94
80
S a le 8 8
83
S ale 8 8
1 0 2 % S ale 10 2 *8
93
9 6 % 98
65
.. .
73
68%
9 2 % S ale 9 2*2
..
96% 98
____ 8 8 % 9 1 *8
9 8 % ____ i 9.8%
87%
99%
90%
59
25
26
High
67%
35
35
S a le
87*s
S a le 9 9 %
9 1 *4 9 1*4
88
8 8 % 88
91
88
90
87
84
90
_____
. . 101*2
..................... 94
97*4
106
87
99*4
86%
119
72%
89
86
100
78
95*2
99%
99%
89
92%
88
71%
97
bi
76%
93
85*4
111
90
109*4
90*4
96
101
112%
89%
100 %
93
119%
80
90%
90%
10 1%
87%
98
_____
101
100%
92*2
94
88%
77
101
____
85%
98
90
133%
95
113*2
94
98
94
99%
J u ly ’ 19 . . . .
96*8 103
J u ly '1 9
J u ly '1 9
100*4 1*5
105*4 105 88*4 1 1 2 %
Sale 123%
137
99%
99%
100
93% 91
91
Sale 103
103*2
_____ 88% J u ly '1 9
87
D e c *18
95
94% J u ly ’ 19
Sale 77
78
10412 104*4
104%
8ale| 87
87%
104% 103%
101
96% 90
96*4
104
103%
103%
Sale 97%
97%
Telegraph & Telephone
88
75
94
90%
94*8
77%
104%
87%
103%
957g
103
97%
J
8
U ah Fuel 1st s f 6s______
Apr ' 19
82
July'17
June'19
99%
OS
71
68%
July’ 19
86
100 A p r '17
89 M . T 7
75 May'19
91*4
92%
91% June' 19
97% May'17
7b N o v i 3
98% Oct '17
90
90 Mar 19
82
82 July'19
94
95%
95% I
80%
80%
87%'
101 June 171
90 Feb T9 . . . I 90
90 May '191 . — Li 90
86% Sale
1 1 8 % _____
75 _____
90% Sale
F
M
C lo F A I Co gen s f 5s____1943 F
'87% *94 “
69
74%
98 105
100 %
95
97 % 97
101% 103
101
107
120
113
105
8 ale 105
F
Union Oil Co of Cal 1st 5s.
100
4
97*1
98
107
J u ly '1 9 —
88 % J u ly ’ 19 . . . .
17
100
100
47
86%
88*4
119 Ju n e'19 —
80
J u ly ’ 19 . . . .
13
90
90*2
90*8 J u ly '1 9 - - - 101
J u ly '1 9 - - - 87% J u ly '1 9
17
96%
97*2
73*2 D ec ' 18 — —
100 M a y ’ 19
100% J u ly '1 9 — !
90*8 J u ly '1 9 . . . . !
5
92*2
92%
88% J u ly ’ 19 - - . . I
1
77
77
1
97
97
96
N o v '1 8
32
84*4
85
4
98
98
88
J u ly ’ 19 - • ..1
2
113%
113%
5
92
92*8
7
112
112*2
2
92
92
96 Ju n e'1 9 — - -
M N
M N
J
D
J
J
Sinclair Oil A Refining—
Illinois Steel deb 4 Ha.
90
92
90
O
A
O
A
D
High N o. Low
62% J u ly '1 9
29
J u ly ’ 19 ___ _
29
J u ly ’ 19 —
94 J u n e'16 ____
20 68
72
71
68 %
71*4
96
J u ly '1 9 . . . .
93% 97
94%
10 1%
1 0 2 % 101% J u n e'19 ----- 10 1
2 93% 93%
94% 93%
93%
87% 90
87% 87*2 J u ly '1 9 . . . .
89
91%
_____ 91% J u ly ’ 19
__ ____ _
95
84 Jun e’ 17 . . . .
.
.
.
.
112*4 155%
_____ 155*2 M a y '1 9
8 75
80
78% 77%
78
91
96
94
J u ly ’ 19 —
94
2 90
95
90%
_____ 90%
43 96% 101%
100
99%
100*8
Sale 100
1 0 1 % 333 99*4 104*4
97% 100
106% 1 10
83
89
N
Rang1
Sine1
Jan. 1.
Sale *84% ■ “ ‘ 85*% ” 26 84% 88*4
F e b *18
95% 90
95
9G I 14 9 2 t2 97
80*s 82
_____ 80% J u n e '1 9 1____
84
81*4 J u ly ’ 19 ____
80
85%
2 79% 83
81
80%
81
_____ 58
M a r '1 8 ____
10 84*4 89
84% 84*4
84*4
20 105*4 128
Sale 122
123%
53 82% 95
Sale 91%
93%
81 81% 94*4
Sale 93%
94%
17 82*4 89
Sale 88
88
97
98%
J u ly '1 9 —
99% 97
95
98
96% M a y '1 9 . . . .
98
93% 96
97% 93% J u ly '1 9 ____
Sale 98%
99% 409 97
105*4
17 91
95%
Sale 91%
92%
J u ly '1 9 —
83
88 %
87>2 88
A O
F A
M N
M S
A O
A O
F A
1
J
A
F
A
F
J
Low
28
28%
68
1st s f 5s ctfs of deposit
45
94 July'19
85%
80
82
100
S
S
A
A
J
M N
A O
A O
J
J
M N
M N
M N
Int Morcan Marine s f 6s__ 1941 A O
J
J
J
J
10% 10%
11% 10%
90%
92%
94
100 105
98
90
~
79% 84
92% 97
87% 89
>8
82
2 8 '!8
1
Am SS of W Va 1st 6s............ 1920
Armour A Co 1st real est 4 Ha '39
Booth Fisheries deb s f 6s— 1920
Braden Cop M coll tr s f 68.1931
Bush Terminal 1st 4s_______1952
Consol 5s_________________ 1955
Buildings 6s guar tax e x .. 1960
Chic C A Conn Rys s f 6s__ 1927
Chic Un Stat’n 1st gu 4 Ha A 1983
Chile Copper 10-yr conv 78.1923
Recta (part paid) conv 6s ser_A
Coll tr A couv 6s ser A ..
Computing-Tab-Rec s f 6s. .1941
A ik
lin k 's
Range or
Lout Sale
00 % 61
8
F A
M S
J
J
M N
J
J
May'19
May'19
July'19
July'19
Apr 19
July'19
July'19
July'19
Apr '17
S
71%
Mar'19
Aug T7
2 99'2
'8
88
’w "
94
88 %
67
67
74
74
72% 75%
08 July'19
65 May' 19
65% July’ 19
54 Dec *18
100% June'17
81% Deo ' 18
.
96*2 1)712 July'l7
61 July'19
88
67 July'19
57
41
Sale 41%
44%
44%
45
14%
Sale 13%
13%
15% 13%
55
50
55
____ 75% July'19
75% July'19
90% Feb '17
91
95 July'17
83 102% Mar'12
58t2
581J 5812
40%
Sale 39i2
100
93 Juno’ 19
93%
114% 93%
95
73 May‘ 19
90
71*2 May'19
70
70 July’ 19
55
Silo 55
50
50 June'17
3.do 3 4'2
30
33%
34
33
Sale 33%
33»g
70
77
76
1
'
8814
71
68
74
D
951*
Atlanta O L Co 1st g 6s------1941
, M K
87
90
bkiyn Un Gas 1st cons g f '
A <
91%
93
Clncln Gas A Eleo IstAref
90%
J J 90
Columbia G A E 1st 6 s .. .
J
Columbus Gas 1st gold 6s
f 101% Sale
Consol Gas conv deb Os..
M *
981s 101
J J 95*4
95
l J J
94
M £
93
M P
»J D
85
F A
84% 83%
M N
92% __
Hudson Co Gas 1st g 5s . .
99
A O
91
A O 90
Kings Co El L A P g 6s ..
Purchase money Os--------- 199 A C too
; M £
98 101
30%
•J J
[ A O
93% 93‘2
____
V
I
N
38%
Milwaukee Gas L 1st 4s.
J
91
83%
J O 87
F A
70*4 Sale
1 1
91%
95
F A
89
Bid
97% 97%
14
Price
Friday
Aug. 1
Miscellaneous
Adams Ex coll tr g 4s______ 1948 M
Alaska Gold M deb 6s A ____ 1925 M
Conv deb 6s series B _____ 1926 M
9712
Sale 59
63
60
4612 June’ 19
50
40
80%
79% 79
75
70 July'19
77
76
73
73% 71*4 7214
92 Deo T2
____
80 May’ 18
90
70 101 May’ 13
74*4
75
74% 75
75
74% 3 do 74%
63%
63%
01
62 Jan 19
63
00
49% 50 June’ 19
75
Sale 73%
75
75 July'19
75
77 July'19
80
75
75%
75% 75
75
84 Jan ‘ 14
61
60% Sale 60
17*4
17% Sale 17%
90 May'19
90
38%
37% Sale 37
37
37%
39
35
70%
07% Sale 66%
70% 70% July'19
08
70
70
72
70
77 Mar'19
78 —
BONDS
N . Y. STOCK EXCH A N G E
Week ending Aug. 1
Bondi
Sold
3|
BONDS
Y. STOCK KXCHANQE
Week ending Aug. 1
Jnterett
Period
N
463
New York Bond Record—Concluded— Page 4
A u g . 1 1919.]
2 98% 152%
2 95
100
2 91
95
26 1001* 104
85
89*4
93% 94%
77 60
78*2
.29 102% 104%
285 86
89*4
10 | 87*4 105%
J. 95*4 98*2
21 100*4 10 4
2*1 97
99%
12
97
2
90*2
7
80%
J u ly '1 9 . . . .
J u ly ’ !!! . . . .
D ee ' 1 4 -----5
90
13
79
J u ly 'lS
Pet lii
7
85*2
6
90*2
95*2
87
30
93*2
91
21
7
39
....
ju n e '1 8 . . . .
30
93%
M a r 'l b l ------July'19 . . . .
101% 117
J u l y 'l S —
96
86
80
M a r '1 9
J u l y '1 9
70
8 5 **
97
97
90
97%
92
89*2
93%
91
. ..
83
92
73*2 81
83
90
95
98*4
82% 86*8
95
98*2
98
99
91
....
88*2
96%
80*i
93
101%
87*i
92*2
80%
91*s
99*8
99 *2 1 °05S
70
87%
2
8 3 * i 88
8 4 's
77
80
M a y 'l l j— 7 85% 91
88
94
88%
33 88
1 1 9 100*1 10 4*8
10 3
98%
J u u e ' 1 9 -------- 96
_____. . . .
N n v '1 7
. .
- -.Ian ' I S -------0
92% 94
92%
A p r 1 6 -------90
92%
J u u e ’ ll ______
98 *2 9 8 12
A p r 19 i ------8 7% 9 1%
87%
9
53
9 9 *1 1 0 1 *2
10 0
90% 95%
92% '
7
93*2
89%
8 88
94
9 1 i 10 91
88
85 *2 92
2
S e p t ' 1 7 ------__ ______
N o v ’ 1 0 -------
•No prloe Friday; latest bidandasked. oDueJan. DueApril. « Due May. g DueJuno, h Due July. * DueAug. o DueOct. v DueNov. f Due Deo. * Optionsale.
4:64
BOSTON STOCK EXCHANGE— Stock Record
Saturday
July 26
132
132
69
91
]
SBA R B PRICKS—NOTPBRCENTUMPRICES.
Monday Tuesday Wednesday Thursday
July 28
1
*130*2
67
90<*4
90
35*8* 35*2
48
*47
.57 *
*.60
*.60
68
91
*90
35l
*43
8
*6
.1
July 29
132
132
32
132
132
132 *131
%
* '
681.,
93
*91
*91
93
93
*
95
*
353, 36
38*2
36*2 37
36*2 38*2
*46
50
*50
Last Stle 157 July’ 19
.57
150
Last Sale 60 July’ 19
*.60
Last S ited
July’ 19
■*
Last Sale 18 June’ 19
Last Sale 134 June’ 19
136 *132 136
Last Sale 89 July’ 19
*89
69 I
69
69
Last Sale 111 July’ 19
13 ,
52
*52
51 | *52
54 1 52
51
Last Sale 110 June’ 19
*109
78*2
75 | 75
*75
76
75
75
75
37
403
373, 39*4
38*4
39*4 40*2
91
101 ADril’ 19
96
96
95
95 I 96
96
95
23
*
23
99 I *90
Last Sale 95 June’ 19
42
42
41*4 42
43
42
41
51
51
—
—
51*2
51
51
132
131
*
73"
ilo
54
109
30
49
57
36*2
50
*
*.60
*89
*89
12 *110
73
.13
51
75 i
37**4
75
39.2
55 | *52
*109
75
37»4
75
37%
95
95
*94
97
23
23
23
23
*90
*90
41*2 42
41*2 42
52
51
51*2 51*2
00
.00
*110
*52
*109
78*2
39
91*2
96
* %
*90
41*2
*51
*110 112
4
*2
21 22*2 2012
1'2 101*4 * 1*2 1% *1*4 1*4
7*3
*712 8*2 1033.1
7*2
104
104
103*2 L04
140 *137
82
80
24
237g
21
*
"
10
11
127S 123.1
16*4
16*4
0*4
19*2
17*4
75
70
154
151
83
82*2
33
*3212
47
*47
.00
7 1 678
25
*25
38 1 40
7*2
7*4
9*8 *
*97*4
73
74
*73
*64*2 65*2
64
144 111
143
64
64
63
'M
o
22
13.1
*7*2
1033,
*137
*80
1*2
\
91*2 91*2
91*2
95
15*2
41'8
54
135*3
62
1*2
52*4
28
17*2
20%
35
24*4
80
70
78
*97
*15
40*i
53%
135's
*62
*1*2
51*2
27*2
17*8
20*4
*34
23*4
78
70
78
2
*20
12
12
6*4
6*2
68*2
6*2
7
9*4 9
74
*914
*9714
*20
13,
13,
13,
*
13l
_ _
*7*2
10
8*?
101
101
103% 101*2 103
110
140 *137
135
135
140
82
*80
80
81*2 *80
21
2
24
2
23
23
231
_ 22*2
23
21*2 22*2
11
1134 113.1 12*2
10*2 10%
1234 12%
12%
%
12*2 12*2
%
12*2
17
16*2 16*2
15
15*2 15*2
15*2
15*2 16*2
6*4
6*4
6*4
6*4
6*4
163, 1734
18
16*2 17*2
17
17
15% 163,
70
66
69
68
69
69
154
154
153
152
152
153
153
153
152
84
83
79
783, 80
803,
79
77
79
*32
33
323,
33
32
32*4 32%
32
32
453.1 47
47*4 48
47*2
47
48*4 471* 481,i
____
7
6%
*
0%
6*8
6*8
6*8
6*2
6*2
27
*26
27
*25
27
*25
27
*25
27
43
42
48
45
42*2 42* *
%
%
7*4 7 Mi
7*2
7*2
7*2
7*4
%
9%
9%
9
9%
9%
*97*,
97*4 97*4
97
97
73
74
7134 73
72*2
71*2 73
64
65
65
63
63
63
63
63*2 03*2
142 142
143
143 143 *142 143
(\2
ft‘2
6334 6L
62
ft2 ft3
62
62*2
331? Julv’ 19
Last Sale',02 M jiv’ 10
92
92
92
91*2
91*2 9*1*2 91*2
20 21
12
6*4
7
25
38
*7
*68
|
I
95
15)2
41%
53
135
62
1*2
517s
*27*2
17*8
20*4
*32
24*4
78
70
78
68*4 682 68 68
88*2
88*2
68*2 68 68 1 68*4
91
90*2 90*2 *91
90
* 88*2
* 88*2
96
491
34
10
1,336
25
7
9
*97
*15
40%
53
131*4
*62
*1*2
51%
27*2
17
20*8
*34*2
23*2
78
* ____
*
92
*97
15*2
40
52*2
133
*62
1»4
51*2
27*2
16%
20
*34
23%
78
16
41
53%
135*2
63
1%
52%
27*2
17
20*2
35
24
78
72 *
80 *
*97
15*2 *15
393,
41
52%
51*2
132*2
135
*62
63
*1*2
13|
52
51*2
27*3
28
17
16*2
19%
20*8
34
35
233,
23 ’
82
. 80
71 *
80 *
97
16
40%
52*2
134
63
1%
52
27*2
16%
20*,
35
23
82
71
80
2
90
2
2%
*2
2%
21?
2%
2*2
2*2
2*4
90
90
90
91
90
*85
89
88
89
*3
*3
3*2
3*4
3*2
3
3
3
3
.95
.95
1
l
*1
1*8
1*3
1*4
1*4
1*3
50
50
49*4 52
52
50
*50
51
50 •51
I I 17*2
16*2 18
17*4 17%
17*4 17*2
16*3 17*4
*9
9
9*2
9
*83,
9%
9*2
9*4
9*2
9*2
.65
.60
.65
.65
.70
.75
.70
.70
.70
.70
84
85
84U 85
83*2 84%
83
81
81*2 83%
470 470
470 477
470 477 *455 470
465 465
19
19 • *18
19
19
*18
18
17*2 173,
18*4
19*2 19*2
20
20
20
20
19
193, 20
19*2
60
60*2
59
61
60*2 62
60*4 62
53*4 00%
23,
*23,
3
3
3
3
*27S 3
3
2%
11*3 11*2
10*4 11>4 10*2 10%
10% 11%
10*2 10%
18*4 18*2
1834 19*2
19%
18*4 19*2
19% 20
18
6**4
6*2
6*2
6
6*2
6*2
6*2
6*4
9
8*2
9
9
9
9*2
8
83)
8
9
534
6
57S
5
534
5*2
5
5*2
5*2
2
2
2
2
2
2*
2
2
2*2
53
53
53% 55^4 55
52
51
55*2
51*2 54*2
87
87
*88
90
90
*88
88
90
88*2 *88
39*2 39*2 39*2 40%
41
40
373, 39
39
40
5
5
4%
5
*4?8
434
4%
47*
*4%
4%
1%
1*2
1%
2
1*4
2%
1*4
2*8
2*4
3*4
7
7%
7
7%
7
7
7*2
7*i
7*8
4*i
5
4*4
5*2
5*2
5
4*4
4*2
5*i
5
4
4*2
4
4
4
4
4*8
4*4
4*4
8*4
9*2
934
9
9
9%
9*4 10
9*2
11
1234
123i
12
11
12
11*4
10% 11*2
93
93t
8*2
9
9*2
9
9
9
8*4
79
so
83
81
81
83
80*2 82
80*4 81
5-’s
53.1
5*2
6*2
5%
6*2
6*4
5*2
4*2
5*4
20% 27*4
273t 28%
2.8*2 29*4
283, 29*4
26% 284
*8*2 10
*9
9*2
9*4
10% 11
934 *10*4 103
*
*
19
20 1*____
20
20
Last Sale
*77
SO
*79
80
*79
80
79
79
*75
79
10
10
10
10*2' 10*2 10*2 *10
10% 10*a
10*2
19*2
19
18% 19
18% 183,
1718% . 19
18!,
l'*8
13j
134
1*1
1
1*2
1*2 1 Mi
1*4
1*2
3
4
4
3%
4*4
4
3*2
33,
33,
4
49
49
493, 50
49
52*2 49
50
47*2 50
65*2 65*2
73
69
70
7112
68*2 68*2
66
68
21*. *21*4 21%
21
203s 21*2‘ 21
21*2
21*4 211.
75*2 78
80
83
80
79*4 83
81
80
81
63
68
68
74
72
75
70
72
70
71
*22*2 23*2
24% 26*2
23*2 25
24*8 213
24
25
3*8 33.1
4
3% 3'S
4
4*
4*8
3*4
1*4
27*
3
3%
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3*4
3*2
3*1
3*4
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.2: ;
.25
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.28
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9 7g
9*2
9% 10 1 9%
9%
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8-4
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3%
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%
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3's
3*8
4
4
4
4*2
41,
3%
4
3%
2
2*8
2 Mi 2*8,
2 Mi 2 Mi
2
2*1
2*8
2 Mi
*3
3
3*4
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3*8
3
3
3*8
3*8
3
11*2 117S 12
12*2
12*4 12341
' 12
121;
12
12
4%
4*4
O
4*,
4%
4*2
4*4
4%
4 Mi 4*4
4*2
43,
4*4
4*2
4*4
4
4
4
4
4*2
2->s
214
3 i
3
23,
3
2*2
2*2
2*2
2*2
29*2 29*2
29
29
29
30
28
29*2
29'., 31
1
1
l
1*2
1*2
1*21
1*4
l*.,l *1*8
1*2
*3
62
6*4 6*2
*2
6*4
*4
9
12*2
10
.23
4
* Did and asked prices,
7
72
9134
16
41*4
54
136
62*2
1%
52*4
27*2
17*2
20*2
35
23*2
78
71
78
44
3
4
98
____
39*2 401,
51*4 513,
131*2 13-2*2
62
62
52
52
271, 27*2
16*2 16*4
19% 19%
99
48
2,983
10
183
25
698
121
Highest
Lowest
Railroads
Boston & Albany________ 100
Boston Elevated_________ 100
Do
pref______________ 100
Boston & Lowell................1 0 0
Boston & Maine_________ 100
Do
prof_____ _____ ___ 100
Boston & Providence_____ 100
Boston Suburban Elec..no
Do
pref___________
Bost & Wore Elec pref.no
Chic June Ry & U S Y ____100
Do
pref.......................... 100
Concord & Mont class 4 __ 100
Connecticut River_______ 100
Fitchburg pref......................
Georgia Uy & Elecstarapd. 100
Do
pref______________ 100
Maine Central____________ 100
M Y N i l A Hartford......... 100
Northern New Hampshire. 100
Norwich & Worcester pref. 100
Old Colony______________ 100
Rutland pref_____________
Vermont A Massachusetts. 100
West End Street_________ 50
Do pref______________ 50
par
nopar
par
20
Rangefor Precious
Year 1918
Lowest Highest
Range Since Jan. 1.
STOCKS
BOSTON STOCK
EXCIIANO E
Week
Shares.
6*2 *6 6*2* *6 6*2 *6 6*2
20 *
20
20
20
.36 *132
136 *132
132
*89
*
*7*2
103*4
►135
80
23*2
*20
10
12*2
Kill
6*4
16*2
66
151
Sl-li
33
46)2
July 31 .
July 30
Sales/or
the
Friday
Aug. 1.
[Vol. 109.
100
100
Miscellaneous
400 Amcr Pneumatic Service.. 25
Do
pref______________ 50
2,462 Amor Telep A Teleg______ 100
Amoskeag Manufacturing____
Do pref________ _________
61
175 Art Metal Construe Inc__ 10
8
130*2 Julyl
64% Mar24
90i2 July29
85
Feb
28
Jan30
45
Aprl7
157 July21
60o
Apr28
Julyl4
18 Junel3
134
Aprl7
84
Feb13
61
Apr30
107 June 5
51 July 3
99% Marl5
70 Marl5
75 June28
25% Fob 13
Mayll)
95 M arll
95
Aprl2
18
Aprl4
93 May
40 Mar21
Marl3
Apr 3
Apr 5
Jan2S
Jan 3
July29
Jan27
Jan
July 3
Jan14
30
Feb 7
135
Jan 4
90 JunelO
77
Jan
115
Apr 9
Jan 2
110 June24
78*2 July29
83
Jan
40% July29
94 Mar 1
101
Aprl5
105
Jan 3
23 May27
100
Janl
50
Apr 3
Junol3
55o Jan 2
2*2 Apr 8
99
Jan29
79
Fob 15
78*2 Jan 9
19% June23
17*2 Jan21
1% May 29
7*2 July 18
108*2 May27
145 July 12
84 M ar‘22
8
6
88
8
49*2
747
1,455
420
6,930
1,122
235
2,895
382
1,660
Century Steel of Amer Inc. 10
Cuban Portland Cement.. 10
East Boston Land_______ 10
Eastern S3 Lines Inc_____25
Do pref..........................100
Edison Electric Ilium_____100
Fairbanks Company______ 25
Gorton-Pew Fisheries_____50
11*2 June28
10 Mar26
4*2 Jan 4
6
Jan22
39
April
152 July 30
52*3 Jan21
28
April
43% July 10
300
no
2,075
830
65
38
Internat Portland Cement. 10
Do
pref______ ________50
4%
18
19
6
8%
90
71*2
63
130
Mar26
Jan 4
Mar’20
Jan 2
Feb 10
Janl7
July30
July30
Feb10
,30
92
90
145
93
14
July l
May 21
Jan22
Feb24
Jan 6
Jan 3
Island Oil A Trans C orp.. 10
Loew’s Theatres.................. 10
McElwain (W H) 1st pref. 100
Massachusetts Gas C os...1 0 0
Do
pref______________ 100
no
25 Mergcnthaler Linotype... 100
1,010
557
343 New England Telephone..100
Pacific Mills..............................
10 Plant (Thos G) pref........... 100
25 Reece Button-Hole_______ 10
3,910 Stewart Mfg Corporation____
2,024 Swift A Co............................ 100
20 Torrlngton_______________ 25
Union Copper L A M _____ 25
1,410 United Shoe Mach C orp.. 25
Do
pref______________ 25
515
5,195 Ventura Consol Oil Fields. 5
200
145
80*4
97
95
38*2
50
108
60o
6
11
6
68
8
68
July
Sept,
Aug
Jan
Jan
21
? Mar
15% Mar
109*8 Oct
92 NOV
82 June
*19
Deo
14%
I I
5%
13
58
186
64*4
36
Deo
3*8 Aug
7% Juno
88 Sept
z77% Jan
62 June
107 June
6% Dec
10 May
93 Nov
01*4 Nov
71 Nov
147 Nov
4
i
• Ex-dlvldond.
.40
4
90%
60*2
76
9*8 Feb20
11
Jan 15
99 Mar26
86
Jan 9
71
Jaul3
149 Junel8
72 Julyl7
88*2
A Ex-rtghts.
Jan
Aug
Feb
Jan
•
312 Aug
7*2 Oct
23 Nov
6*2
& Ex-stock dividend.
88% June 112*2
20
80
37
47
4*2 Oct
12
Apr
3
dEx-dividend and rights. *Assessment paid.
88
9*4 May 0
28 May 6
86*4
nopar
86*2
10*4 May
11*2 Nov
4
Jan
6 Nov
39
Oct
134 June
27*2 June
27
Aug
92*2 May21
98 MarlO
188 July 17
99 Mar29
16 M ayl5
43 July 10
51*2 Julyl4
32*8 Jan23
115
Jan30 150 May 5
68 May 2
52*2 Jan 13
2*2 Juno 2
45c May 7
55 May 6
41
Janl3
31
Jan25
26*4 Jan 2
18 July 8
7% Jan21
21*2 JulylO
16 MaylO
0
*
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
30*4 Nov
147
Apr
Deo
80
Feb
125 Nov
65
Jan
116% Jan
81
Feb
Nov
46 May
95 Nov
100*8 Nov
Deo
25
Jan
90
Oct
50 July
62
Apr
22*2 May 5
1.3*2 MaylO
15*2 Mar 17
18% May 0
6% JunelO
19*2 July20
75 July20
172
Jan 2
84 July28
38 May 17
23*8
80
70
2
54
37
Jan
91*2 Dec
80 July
19
Jan
27
Feb
160
Apr
.50
Dec
10% Mar
25 July
138 July
8212 Apr
73 Nov
104
Feb
53
Jan
106 Sept
70
Oct
June
27
Feb
84
Oct
6 77*3
25 July24
17 Mar24
1,005 Walworth Manufacturing. 20
83 July 14
Warren Bros_____________ 100
15
Feb 14
Do
1st pref....................100
72*2 May 2
37
Jan 2
134
80 JulylO
Do 2d p re f..................100
38
Jan’23
86
Mining
2*2 July25
Apr22
*2
2%
850 Adventure Consolidated.. 25 .50
91 July29
6'2*a Mar'2’2
85% 86
180 Ahmeek................................. 25
4*4 Marl 1
2% July 9
3
3 Mi
85 Alaska Gold.......................... 16
1*4 July30
10c Apr30
*1
1*1
1,450 Algomah Mining..... ............ 25
52
July28
Allouez___________________
25
33*2
May
1
49*2 49*2
755
18 Ju!y30
10*4 Kci>28
16*2 17
5,366 Arizona Commercial______ 5
10*2 May 12
7
Apr 9
320 Bingham Mines___________ 10
90c M ayll
20o Jan30
.70
.70
5,950 Butte-Balaklava Copper.. 10
July24
67
FeblO
St
82
3,360 Calumet A Arizona............. 10
350 M arll 480 July 17
463 403
87 Calumet A Hecla________ 25
_
_ _ ■_
19 July24
12*4 May 5
1
450 Carson Hill Gold________
20 July'28
*18
12 Mar21
19*2
205 Centennial_______________ 25
62 July 28
39 Mar 6
58
38*4 4,321 Copper Range Co________ 25
234
3% May 14
2%
2 Marll
555 Daly-West________ _____ _ 20
11% July25
4% Feb 13
10*8 10%
6,671 Davls-Daly Copper_____ _ 10
20 July29
173, 18*9 14,321 East Butte Copper Min___1C
8
Feb'28
6% July26
1% May 9
5"’8
5*2
1,740 Franklin__________________25
9*2 July28
4 May 1
9
*8*2
2,493 Hancock Consolidated____25
7% May 21
20o Feb 20
5%
5*8
1,805 Helvetia ------------------------- 25
2 July26
50o Mar 8
2
325 Indiana Mining___________25
55% July23
Apr 16
*52
1 42
16 Island Creek Coal...............
A pr12
JulySO
Do
pref_______ _____ _ 1 78
87
87
77
24
Jan 2
41 July29
37*2 38*2
2,575 Isle Royale Copper........... .. 25
6*8 Mav 9
4
Jan 17
4%
5
4%
295 Kerr Lake_______________
2% July31
2
99o Mar 4
1*2
8,620 Keweenaw Copper_______ 25
7% July28
3
Jan25
7
6%
2,975 Lake Copper Co_________ 25
5*2 July28
2
Apr 16
5
5
2,905 La Salle Copper............... .. 25
4* i July25
3*4
2*8 Apr23
%
850 Mas m Valley Mine______ 5
10 July28
83,
4
Fob 7
8%
1,969 Mass Consol_____________ 25
13*4 June 2
2
Jan 13
10*2 10%
8,503 Mayflower-Old Colony___25
10 July20
83,
2*2 Feb’21
9
2,510 Michigan.. -------------------- 25
49*2 Feb 7 83 j uly28
80
80
800 Mohawk__________________25
Julv‘28
1 Mar 8
5
5*4
4,355 New Aradlan Copper_____ 25
2J*| July31
14% Mar 5
28%
28
9,239 New Cornelia Copper......... 5
1212 July3l
6*3 May 2
10% 12*2 2,120 New Idrla Quicksilver____ 5
20% May 22
183.1 Julv’ ll
8% Fob 11
57*2 Mar 1 80 May 23
Do
pref______________ 100
90
13% Mayl2
8*t Jan 15
5
10*8 10*4
585 Nlplssing Mines_________
20% July’23
9
Fet>2C
17
17*2
1,700 North Butto_____________ 15
25c Apr22
1% July30
2,406 North Lake ............. .......... 25
*1*2
1%
75c MarlS
4*4 July29
33
*3*2
3,950 OJibway Mining_________ 25
52% July’28
30*2 Mar 5
630 Old Dominion Co________ 25
47*2 47*2
73 July28
45 Mar 17
66
66
270 Osceola...................................25
21*2 July25
12*8 Feb 8
20
20
795 Pond Creek Coal_________ 1*
83 July’28
52 M ar’2‘2
*79
80
645 Quincy........................... ........ 2,r
75 July29
40 Mar
70
*65
1,675 St Mary’s Mineral Land.. 25
20*2 July'29
13
Jan'22
23% 24*2
9,870 Seneca Copper Corp___
4!i July30
1*2 MarlS
4
4
5,062 Shannon....... ......................... If
40c Jan 11
3*2 June 6
3
3
2.74* South Lake______________ 25
So Jan 11
46o M ayll
.28
.21
4,200 South Utah M A S_______
5
11*4 June 6
8*2
1 Mar
8%
1,195 Superior................ .............. .. 25
4% JunelO
1 Mar'21
3*2 12.17! Superior A Boston Copper 11
3*8
5*4 June 2
2
Fob 1:
| 1,405 Trinity___________________ 25
2%« Ju!y29
74o Apr 1
2% 12,521 Tuolumne Copper................ 5
2*8
3% June 2
*3
1% May 1
1,775 Utah-Apex Mining_______
3*8
12% July29
7*2 Jan IS
!
1,89’ Utah Consolidated.............
11*8 11*2
5 July 30
1*4 Jan’21
4% 11,975 Utah Metal A Tunnel____
4%
4% July28
1*4 Mari:
1,421 Victoria__________________2,r
4*3
4*8
3 July2
60c Jan 1
2%
3,492 Winona___________________2J
2%
31 July31
15 Mar
1,241 Wolverine________________ 21
28*2 29*2
1 % May’27
40o M arl!
1,035 Wyandotte......... _ ............... 2.
1*2
1*2
23
79
70
122*2 Apr
wHalf-paid.
11
Feb
82*2 Julv
7 2May
May
1Mar
ion*2
160
100
137*
Mar
Nov
Nov
Aug
Oct
Nov
Feb
Mar
91
11
Aug
Jan
27
102
45
45c
38%
24%
Oct
Aug
Jan
Dec
July
Aug
41*2 Nov
140% Aug
56
Dec
60c Mar
48*2 May
26*2 Ma?
Nov
17
9
35
Nov
Feb
Dec
25 Sopt
12% F°b
42
Apr
12June
69
1%
.16
40*2
11
9
.20
HI
425
Dec
Apr
July
Dec
Jan
Nov
Oct
Dec
Dec
10% June
40
Dec
1*2 Apr
4% Dec.
8** Mar
3 June
4% Dec
15c Mar
40 July
447|i Dec
79*2 Oct
19*2 Jan
6
Jan
80 Sept
3*4
2
Jan
2% Dec
3% Sept
.65 Mar
.40 June
Dei
VI V
6162
1*4 1
9% Dec
12
Vug
831? Dec
8% , Jan
10** 1)et
.25 Feb
i» June
32
Dec
46*2 June
12% Dec
59
Dec
38
Dec
7
Jan
2% Dec
Sept
Dee
4
Feb
1*4 Allg
2*2 Sept
.73 Dec
1** May
7
Dec
1 Dec
1% Dec
Nov
18
Deo
4 " MfiV
*2
10
*2
0
1% Jan
86 Nov
5% Nov
May
64
Feb
16% Aug
10% May
.48 Nov
73*2 May
470
Dec
____
1-4*2 Feb
51*2 N,,T
3 Sept
67g Mar
12 Nov
6
Feb
10% Jan
30o
Sep
Jan
70 May
84
Feb
29 July
Oci
% May
8% May
Mar
6
Feb
7
Jan
% Nov
Oet
66i? May
July
. ____
17% Mar
20
Jsd
80
Jan
9% Apr
17% May
.95 Mar
1% Deo
46*2 Jan
65
Jan
20% Feb
78 May
07
Jan
15% Dec
5% Jan
2
Jan
20 Jan
87g Nov
4% Sept
4*2 Feb
1 % Aug
4*8 Nov
12
Jan
3 Mi Apr
3
Jan
2
Jan
36
Jan
IVv. Mat
.45
1
6*2
1
3*4
4
4*4
2*2
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Bos
ton Stock Exchange July 20 to Aug. 1, both inclusive:
ales
Friday Week’s Range Sfor
Last
hale. ofPrices. Week.
Price. Low. High.
Bonds.
U S Bib Loan 3 % s. 1932-47
1st Lib Loan 4s. .1932-47
2d Lib Loan 4s. .1927-42
1st Lib L’n 4 'i s . 1932-17
2d Lib L’n 4 %s_ 1927-42
3(1 Lib Loan 4 % s ___1928
4th Lib Loan 4 % s .. 1938
Victory 4?is____1922-23
Atl G & (V I SS L 5S..1959
Chic June & U S Y 4s. 1940
K C Ft S & Mem fis. . . 1928
Miss River Power 5 s ..1951
N E Telephone 5s____1932
Pond Creek Coal 62..1923
Punta Alegre Sugar 6s. 1931
Western Tel A Tel 5 s .. 1932
99.24
93.64
93.34
94.64
93.74
94.84
93.54
99.64
82
75
%
79
89
80
92%
99.64 S116.050
800
93.64
300
93.34
2,400
94.64
3,200
93.74
3,950
95.12
94.06 16,400
99.98 12,700
14,000
83
1,000
75
2,000
%
4,500
79 %
3.000
89
1.000
80
3,000
92%
114% 333,500
5,000
90
'A
101 101
%
82A
79%
105A
112
89
Range since Jan. 1.
Low.
High.
98.04 Feb
99.68 Mar
91.64 Jan
95.90 Mar
92.04 Jan
94.80June
93.24 Jan
96.50 Jan
93.04 Mar
95.90 Jan
96.50 Jan
94.40 Mar
93.04 Apr
96.50 Jan
99.64May 100.04 June
79
Fel)
84
May
74
Feb
77
Mar
101% July 101% Apr
80
May
77
Jan
89
May
93
Feb
82
June
77 ; May
92
Jan
98% May
87 1May 114% 'July
91
'M ar
89
: Jan
'A
'A
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh .July 20 to Aug. 1, both inclusive, compiled
from official sales lists:
Stocks—
465
THE CHRONICLE
A u g . 2 1919.]
Sales
Friday
for Range since Jan. 1.
Last Week’ Range W
eek.
Sale. ofPrices. S
High.
Par. Price. Low. High. hares. Low.
American Sewer Pipe. .100
Amer Wind Glass Mach 100
Preferred. ..................100
24
119
92
Barnsdall Corporation. .25
39
Preferred............................
Columbia Gas A E lec.. 100
Farm l)ep Nat Bank..100
Harb-Walk Refrac, comlOO
3%
Indep Brewing, com____50
3%
La Bello Iron Wks, com. 100
Lone Star G a s ............. 100
Mfrs Light A Heat_____ 50
Marland Petroleum______ 1
Nat Fireproofing, com ..50
Preferred......... .............. 50
Ohio Fuel O il.......... .......... 1
Ohio Fuel Supply.......... 25
Oklahoma Natural Gas. .25
Oklahoma Prod A Ref__ 5
Plttsb Brewing, com____50
Preferred........................50
192 '
54
Plttsb-Jerome Copper____1
Plttsb & M t Shasta Cop. .1
Plttsb Oil & Gas______ 100
Plttsb Plate Glass, com.100
Riverside East Oil, com ..5
14c
40c
15%
Stand San Mfg. com__ 100
Union National B a n k ..100
Union Natural Gas____10C
U S Glass........... ............ 100
U S Steel Corp, com__ 100
Wcst’housc Air Brake. .5C
West’house Elec & M fg .50
Preferred______ _____ 50
West Penn Rys, pref.. . 100
West Penn Tr A W P ..100
TVs
18
26
53
34 %
10%
7
15%
4%
120
64%
235
24%
980
124
340
93
746
70
2,335
39%
225
2%
40
3%
55
62
10
100
90
120
35
102%
40
3%
90
9
10
117%
16
122%
150
195
605
54%
7% 63,446
550
10%
540
18%
115
27%
2,681
54 %
1,982
34%
121
11
706
7%
340
10%
18(1
73
26,725
15c
14,500
42c
1,845
15%
50
135
7,887
4%
755
4%
770
28
8.00C
10c
50
170
170
33
250
250
195
129% 131 %
5(
35% 35%
420
109% 112%
385
118%
118
505
55% 58
17
73
73
40
80%
79
50
12% 12%
25
65
65
44% Apr
16
Jan
Jan
79
77% Jan
53
July
32
June
July
3% Aug
39% Feb
96% Jan
112
June
99
Jan
1% Jan
5% Jan
94% Feb
122% July
; Jan
170
48% Jan
7% July
Jan
5
Jan
10
Jan
16
42% Feb
28% Jan
8% Mar
Jan
2
Jan
7
Feb
45
Jan
8c
Jan
21c
Jan
8
Jan
110
Feb
Jan
2
9
May
6c
Feb
TMar
150
250
July
122
Jan
30
Fet
88% Feb
93
Jan
40% Jan
59
Jan
75% July
12% Apr
60
May
$2,001
5,000
6,000
12,00(
96
Mar
36
Jat
52
Jan
94% July
64
23%
119
91%
53
38
2%
3%
62
100
119%
102
3%
9
-117%
122%
192
53%
7%
9%
18
26
53
33%
10%
6
15
71%
14c
38c
15%
135
4%
4%
28
129%
118
55%
12%
Bonds.
Amer Sewer Pipe 6s__ 1920 ______
Indep Brewing 6s____1955
75
Plttsb Brewing 6s____19 If
Plttsb Rolls 0s............. ........
99
40
74
94%
99
50
75
95
%
%
Sales
Friday
Rangesince Jan. 1.
for
Last Week's Range W
eek.
Sale. of Prices. S
High.
Stocks (C
oncluded) Par. Price. Low. High. hares. Low.
Stewart M fg........... ........ (*)
Stew Warn Speed, com-100
Swift A Co.......................100 133%
Rights____________
Swift International_____ 15
Thompson, com_____
Preferred__________
Union Carbide A Carbon
83%
Co_____________(no par)
25%
Unit Pap Board, com .. 100
Ward, Montgom A Co, pref
Wilson & Co, com......... (*)
Preferred____________ 100
Bonds.
Armour A Co deb 0 s ..1920
Chicago City Ry 5s__ 1927
Chic City A Con Rys 5s '27
Chicago Rys 5s______ 1927
Chic Rys 5s, Series " A ” .
Chic Rys 4s, series " B ” .
Chicago Telephone 5s. 1923
Commonw-Edison 5s .1943
Metr W Side El 1st 4s. 1938
Peo G L A C ref g 5 s .. 1947
Public Serv Nor III 5s_____ 1
Swift & Co 1st g 5s__ 1944
xEx-dlvidend.
52% 54
116%
111
131% 136%
6%
7%
58% 61
39
38
108% 108%
745
11,375
9,60S
250
12,438
1,120
62
54% July
Apr
45
Jan 116% July
84
115% Jan 149% May
7% May
5% July
Apr
41% Jam 65
39% Juno
June
35
June 108% July
107
83
85%
25% 26%
108% 109
95
97
101
101
26,315
310
90
120
50
Jan
85% July
56
29% July
17% Jan
108% July 112H Juno
July
June! 104
89
July
95
Feb 104
78
60%
48%
102% $16,000
102
76% 79
28,000
26,000
48% 55
74% 74% 13,000
56
60% 18,000
16,000
48
55
9,000
96% 96%
6,000
92
92
4,000
53% 53%
4,000
69
69
10,000
72
72
4,000
95%
95
Stocks—
* No par value.
Sales
Friday
Range since Jan. 1.
Last Week's Range
Sale. ofPrices. Shares. Low.
High.
Par. Price. Low. High.
64% July
29% May
Stocks—
July
137
94% July Alabama Company____100
96
86
89
July
77
74%
72% 75
June
41
43% 44
2% July
90
90
3% Aug
94
94
64% July
4
3%
Atlantic Petroleum_____ 10
July
100
42% 42%
Jan
120
3.75 4.00
102% July Consol Gas, E L & P . . . 100
108
109
May
7
89
S9
89%
Consolidation Coal____100
May
16
11
11
11 %
July
123%
4%
4%
122% July Davison Chemical..no par
36
35
35%
May
300
39% 42
39%
Elkhorn Coal Corp'n____50
May
56
47% 47%
7% July C.-B-S Brewing v t c . . . 100
%
%
11% May
93
91
•91
May
24
7%
May
31
60
60
Mer & Min Trans V T . . 100
54% July
10% 10%
10%
38% May
17% 17%
13% May
34% 37%
37
M t V Woodb Mills vtr.100
10% July
95
97%
97%
Juno
20
73
74
73
73
July Pennsylv Water & Pow.100
85% 86
85%
22C
Apr
16% 16%
16%
United Ry A Elec........... 50
Apr Wash Balt A Annap____50
46c
28
28%
18% June Wayland Oil & Gas........... 5
4%
4%
4%
145
July
4% Aug
81
81 '
4% July
Atlan C L (So Caro) 4s 1948
June
100
100
30
76% 76%
13c May
July
73% 73 %
170
98
July
98
250
86% 86%
135
May
98% 99
40
May
9S
98
114% July
101% 101%
124 % June
59% June
87% 87%
100% 100%
73 >, July
102% 104
80% July
102% 104
14
May
Series B 6s............... 1032
102% 102%
June
66
(Old Co) refund 6 s .. 1926
98% 99%
99%
95% 95%
95%
2
2
99
July
87% 87%
55
May
Norfolk Rv * Lt 5 s . . . 1949
77% 77%
75% July
75
75
94% July Portland Ry ref 5s____1930
87% 87%
United E L A P 4% s._1929
70
70
50
50
50
69% 09%
69%
69% 69%
97% 97%
Va Mid 5th series 5 s .. 1926
100
100
Wilm A Weldon 5s------1935
1.
Amer Shipbldg, com— 100
130
Armour A Co, preferred...
Booth Fisheries—
103
Cldc Cy&c Ry pt sh com ..
______
2
17%
______
____
10%
Chicago Title A Trust- -100 205
Commonwoalth-Edlson.100
11%
110
92
Illinois B rick..................100
28%
Libby (W I ) ......................10
15%
Lindsay L ig h t............... 10
Middle West Util, com.100
Preferred......................
Mitchell Motor C o .. _(*) ___
People's Gas Lt A Coke. 100
100
Sears-Roebuck, com__ 100
Shaw W W , pref______ 100 1............
03% 66%
130
132
90
no
102% 103%
22%
81%
%
11
3
17%
79
37%
7%
2%
205
110
65
90 '
11%
115
103
115
90%
110
19
12%
• 73%
28
15
34
58%
50
51
100%
15
30
51
207
100%
X
500
20
75
2,365
24%
345
82
175
2
1,410
IS
10,960
3
390
17%
100
79
165
40
95
1,934
10%
3
130
205
10
111
591
65
100
50
90
13% 93,420
118
311
103%
100
120
460
92
440
110
82
21
2,316
14
945
74%
200
29%
2,845
16%
4,435
35
108
58%
30
51
251
51
10
100%
60
20
1,033
805
31
54%
1,286
120
214
70
100%
'A
Range since Jan.
Low.
High.
63% July
Feb
100
85% Apr
100% Mar
18
78
Feb
Apr
Jan
Vs Mar
6%
3
Aug
May
60% Feb
35
5
Apr
i
Mar
178
Feb
109
Apr
63
July
86% July
8% Apr
100% Feb
78
Apr
101
June
54
Feb
108% Jan
19
July
11% July
50
Feb
19% Jan
July
15
24
Feb
Mar
49
Apr
33
46
Jan
July
99
July
15
28% May
45
May
168% Feb
99% Apr
66% July
May
135
92
Apr
105
25
83%
2
18
3
17%
82
40
10%
3
212
118
65
90
13%
123
105
120
97
111
21%
15%
75
34
25
40
65
55%
55
105
20
32%
61
217
110%
July
June
Aug
Aug
Aug
Aug
July
July
Aug
July
June
July
July
July
July
May
July
Aug
July
A 1)1'
July
July
July
Apr
June
May
May
July
May
May
July
May
May
July
Apr
Mar 102% July
84
Feb
July
Aug
Apr
55
Jan
Apr
81
May
03
May
Jan
60
June
Juno
Feb
97
94% Jan
July
56% Jan
Aug
Aug
87% Jan
July
July
72
July
98% Jan
Baltimore Stock Exchange.—Record of transactions at
Baltimore July 26 to Aug. 1, both inclusive, compiled from
official sales lists:
Chicago Stock Exchange.—Record of transactions at
Chicago July 20 to Aug. 1, both inclusive, compiled from
official sales lists:
Friday
Sales
Last IFrcfc’.? Range for
Week.
Sale.
Par. Price. Low. High. Shares.
100%
75
41
72
55
38
96
92
53%
69
72
95
Feb
96
Aug
69
950
76
Feb
Juno
215
60
July
49
34% Jan
454
July
95
90
June
35
May
97
June
89
20
Jan
2
4% July
,625
44% Feb
May
42
30
1.00 Mar
4.90 July
9,382
391 103% Apr 111% May
92
Juno
78% Apr
685
May
3,531
6% Feb
Jan
5
May
4
1,555
Jan
40% Feb
32
78
July
Mar
43
27
280
July
June
50
39
30
150
% June
1% May
72% Jan 101
May
125
June
8% July
4,272
54% Mar
72% May
10
9% July
10
June
400
Apr
16
July
30
212
16
Jan
37% July
1,126
07 ^ Aug
71
Feb
660
80
71
Mar
Feb
159
88
May
77% Jan
107
Mar
15
1,017
20H Jan
29% June
24% Mar
738
4% July
1,200
3% Feb
SI,000
2,000
2,000
2,000
2,000
5,000
13,000
1,00C
3.00C
5,000
1.00C
78,500
34,000
5,000
22,000
2,000
2,000
5,000
2,000
5,000
4',000
9,00(
69,000
1,001
00(
1,000
i ,oor
81
100
76%
73%
97%
86
95%
97
100%
87%
99%
84%
85%
91
98
94%
1%
87%
77%
75
87
70
48
69%
69
97%
100
Vi
July
July
July
July
Mar
June
Jan
Mar
June
May
Jan
Jan
Jan
Jan
Feb
May
May
July
July
July
July
Apr
Apr
Aug
July
July
Mar
83%
100%
78
79%
100
89
99H
98%
101%
88
100%
104
104
103
99%
96%
3%
92%
78
77
87 %
76%
55%
76
76
97%
101
Feb
Feb
Jan
Jan
Jan
Jan
Juno
l*ei>
July
Feb
July
July
July
July
Juno
Jan
May
Feb
Mar
Feb
Apr
Jan
Mar
Mar
Mar
July
Jan
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia July 26 to Aug. 1, both inclusive, compiled
from official sales lists:
Sales
Range for Range since Jan. 1.
ofPrices. Week.
High.
Par. Price. Low. High. Shares. Low.
Friday
IjlSl
|S
ale.
...1 0
..1 0 0
...1 0
..1 0 0
100
c 100
Cambria Iron-------------. . . 5 0
..1 0 0
..1 0 0
100
...1 0
--100
23%
9%
41%
34%
90%
86%
130
31
15%
Lake Superior C orp.. ...1 0 0
...5 0
...5 0
...5 0
...5 0
rennsyl Salt M fg.
...5 0
) . 50
c)-50
r ..5 0
...5 0
...5 0
...5 0
...5 0
____1
____1
...5 0
68
52
82
45%
35
25%
26%
67%
87
3%
3%.
irrefc’s
23% 23%
65
65
9
9%
41% 42%
34% 35%
117
117
104
104
53
53
41
41
89% 92%
84% 87
132%
129
31
31
58
58
15% 18%
23
25%
69 %
68
53%
52
43
43
51% 51%
81% 82
*45% 46%
39% 39%
35%
35
25% 26%
26% 27%
67
67%
28
28
87
90%
35
35
3%
3%
3
3%
38% 38%
Jan
30
19
Jan
10 60
May
9
260
5,530
41% Aug
20% iApr
1,670
25
65% Jan
50 100% Jan
50
Feb
50
5
39
July
3,974
51% Jaiv
39
Jan
705
Jan
240
76
54
25% Jan
1
19% Feb
Mar
8
1,357
Jan
17
28,008
Apr
384
67
668 *51 % July
20
40% June
48
Jan
50
133
80
July|
44
Mar
4,137
Jan
10(1
30
369
31% Jan
24% Jan
5,331
Apr
23
1,63C
Apr
66
63
Mar
27
10C
76% Jan
345
July
1C 35
2% Jan
925
5,875
2% Jan
37
Jan
415
23%
74
12%
42%
37%
117
109%
53
41%
100
95
140
34
64%
18%
25%
73
60%
45
54%
84%
48%
42%
37%
20%
29>£
71
30
93%
38%
3%
4
41
May
Juno
Apr
July
July
July
June
Jan
Feb
July
July
July
Juno
July
July
July
Jan
Juno
Mar
Mar
Feb
May
July
Apr
May
June
Jan
May
June
Mar
May
May
Mav
466
Stocks—
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
Week.
Par. Price. Low. High. Shares.
(Concl.)
69 X
109 X
75
205
Bethlehem Steel p m 6s '98
Consol Trac N J 1st 5s 1932
Elec A Peoples tr ctfs 4s ’45
Lake Superior Corp 5s 1924
68
Lehigh A New Eng 53.1954
Lehigh Valley coll 6 s .. 1928
Consol registered 6s. 1923
Lehigh Val Coal 1st 5s 1933
Penna RR general 4 X s '65
Phlla Electric 1st 5 s .. 1966
95 X
do
small________ 1906 . . . ____
Reading gen 4s______ 1997
82
Spanlsh-Am Iron 6 s .. 1927
United Rys gold tr ctf 4s ’49
United Rys Invest 5s 1926
75X
Welsbaeh Co 5s______ 1030
69 X 70
108X H 3 X
sx
8X
74X 76
209
200
94.12
99 88
85
83 X
110X
86 X
69
67
97 X
101 X
x
100
85X
95X
96
82
101X
56
75 X
98 X
101
1,788
3,835
20
310
1,924
94.12
100
85
83 X
110X
86 X
69
69
97 X
101X
101X
100
85 X
90
96 X
82 X
101 X
56
75 X
98 X
1,000
3,000
1,000
300
1,000
2,000
7,000
26,000
5,000
8,000
1,000
2,000
10,000
12,000
2,700
3,000
1,000
6.000
6,000
5,000
67 X July
74 X Jan
88 X Feb 115X July
Apr
8 X Jan
9
75
Jan
72 X Apr
75
Feb 209
July
93.00 Apr
99.60June
85
July
83
June
110
Feb
85
Apr
65
Mar
58
Jan
97 X July
101 X Jan
101X July
99 X July
85 X July
93 X Apr
93X May
81X July
100X Jan
56
Juno
62 X Jan
95
Jan
95.70 May
100.04June
Jan
Jan
May
89
Jan
Jan
71
July
69
97 X July
102X Jan
102X Jan
100 X Mar
89 X Jan
July
96
97 X Jan
86 X Jan
101X July
57
78 X July
98X June
00 00©
oooo-«
United Gas Impt_______ 50
U S Steel Corporation.. 100
Warwick Iron A Steel___10
Westmoreland Coal_____ 50
Wm Cramp & Sons____100
Bonds—
U S Lib Ln 4th 4X 8--1938
Victory 4 X s ____1922-23
Amer Gas & Electric 5s '07
Range since Jan. I.
Low. . High.
Volume of Business at Stock Exchanges.—See p. 354.
New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from July 26
to Aug. 1, 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, aro authentic.
On the “Curb.” on the other hand, there are no restrictions
whatever. Any security may bo dealt in and any one can
meet there and make prices and have them included in the
lists of those who mako it a business to furnish daily records
of the transactions. The possibility that fictitious transac
tions may creep in, or oven that dealings in spurious securi
ties 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.
WeekendingAug. 1.
Stocks—
Par.
Acme Coal. r____________ 1
Friday
| Sales
Last
's Range for Range since Jan. 1.
Sale. Week
ofPrices. Week.
Price. Low. High] Shares Low.
High.
3
2X
Aetna Explosives rum pat
10X
10 X
Air Reduction r___(no par)
57
55X
Allied Hackers r w 1___ (t)
64
61
Amer Chem Prod.r_____ 1 _____
IX
Am Sliln A Commerce (t)
42 X
41X
Amer Writ Paper com . 100
13
10X
Anglo-Am Com'l Corp pref
24
23
Autosalcs Corp oom.r___60
12
Preferred.r___________ 50
27
Bethlehem Motor r(no par)
29 X
29X
Brlt-Ain Chem C orp.. .10
8X
8X
Brlt-Am Tob ordinary._£i
21
20 X
Car Ltg A Power.r......... 25
5X
3X
Chalmers Mot Corp __r(t)
10
10 X
Cities rierv Bankers aha ( )
45X
45X
Cities Service pref.r.. 100
78 X
Cllnton-Wrlght W lre.r.(t)
30
30
Colonial Tire A R u b .r_.(t)
40
40 X
Contluen’l Candy r(no par)
10 X
8X
Contln’l Motors co m .r.. 10
12
11
Cramp (Wni) A Sons S &
Engine Building.r__ 100
200
Cu Mor Chemical____100
IX
Delatour Beverage.r__ 10
18 X
Excello Tire A Rubber.. 10
9X
Farrell (Wm) A Son.Inc(t)
59
Fisk Rubber C o .r______ 25 ’ ■10X
44X
Gen Am Tank Car r___(t)
General aspnalt com 100
86
83
Preferred r__________ 100 130
130
Grape Ola common______ 1 13-16
X
Preferred_____________ 1 1 5-16
IX
Hall Switch & Sig r____100
8
Heyden Chemical r(no par)
7
7
Hupp Motor Car Corp. 10
13X
12 X
Imp Tob of G B A I _ .. £ l
24
20
Indian Packing Corp r (t)
33
4 3X
Intercom Mental R*|bt> 100
21X
Internat Motors 1st PI. 100
86
80
lnterualPruiiuns r (no par)
38
47 X
Iron Products C orp .r..(t)
03
Knickerbocker Motors r 10
10
9
Lima Locom com .r___too
91
Marconi Wlrel Tel of Am o
OX
5X
Morris (Philip) A C o.r_.10
14 X
13 X
Mullins Body Corp____(t)
36
37 X
Nat Fireproofing co m .r.50 ______
9X
N Y Savold Tire r (no par)
54
52
N Y Shipbuilding, (no par)
59
59
N Y Transportation____10
20
20
Nor Am Pulp A P (no par)
5X
5X
Ohio Savold T l r e .r ____20
31
32 X
Otis Steel com w l.r(no par)
39X
39 X
Parish A Bingham Corp r(t)
37 X
3 7X
Parry (Marttn)Cor.r . .( t )
32
31
Perfection I ire A Rubb i 1 1 5-16 13-16
Pressman Tiro & R ubb .. 10
24
20X
Pyrene M fg .r..... ............. 10
16
Republic Rubber r (no par) j
vx
ox
R o o t * Van Dervoort .100
40 x
Savold Tire t orp . r .. 25
72
59
Shell Transp A T r a d .r ..£5
72 X
71 X
Spicer Mfg com .r_____100 ______
50 X
Standard Mot Constr.rlO
9
8
t
'iox
t
3 X 48,500
4,600
10 X
57
1,000
67 X 50,500
400
IX
44
101,500
18
13,100
25
5,100
13 X
650
28
375
31X
6,200
9 X 12,650
23
3,000
5 X 28,400
11X 23,400
5,500
46 X
200
78 X
1,050
33 X
44
12,600
io x 28,000
13 X 35,100
220
2,450
5,400
H 46,000
22
12X
00 X
47X
90 H
138X
X
IX
9X
7X
14X
25
50 X
24
80
47X
39
10X
91
ox
1
39X
ox
54
65
20
5X
32X
41
?9
34
1 5-16
27
10X
8
41
72
74 X
60 X
11
10,200
7,800
23,300
50
6,000
250
2,000
1,700
900
3,600
21,500
2.8C0
150,0(0
3,700
100
5,000
3,800
13,500
100
25,500
57,000
13,100
100
5,100
2,900
200
9,000
5,800
20,000
5,500
5,600
104,000
37,400
1,000
23,800
2,200
8,700
51,000
900
0.700
2X
OX
51
60
1
41X
2X
18
7
27
25
8X
20X
2
4X
35
78X
30
13 X
ox
9X
July
Jan
Juno
June
Apr
July
Jan
May
July
July
July
June
Aug
Feb
Mar
Feb
June
Aug
June
June
July
3X
12 X
*65
67 X
IX
44
18
25
13 X
33 X
31X
11X
28
5X
15X
40 X
SOX
37 X
45
10X
13X
July
July
May
July
July
July
July
July
July
July
July
July
May
July
May
July
Feb
June
July
Aug
July
Jan 220
July
X July
I X Aug
1SX July
22 X July
14 X July
8X June
54
Juno
62
June
Apr
29
55 X July
June 128
118
July
39
Jan
95
July
July
83 X Jan 142
9-10 Apr
X July
1 1-16 Apr
I X July
4 X Mar
l o x July
May
0
9H May
4 X Jan
14 X July
25
Aug
14 X Feb
33
July
50 X July
35
May
10X Jan
Aug
80
86
Aug
30 X July
47 X Aug
50
June
69
July
9
July
10X July
93
July
27 X Feb
Jan
4
6 X July
Fe1
7
10
July
July
30
41 X July
12X May
6 X Feb
May
50
60
May
Jan
25
78
July
Mar
10
20
July
2 X Jan
7 X Apr
28
June
34
July
46
July
*39 X July
37 X Aug
41 X July
June
28
34X July
X f*eb
I X Apr
27
Aug
11X July
14
June
20
June
July
11
o x July
39
July
43
July
A or
24
72
Aug
July
70
70 X July
50 X July
x July
July
OX May! 11
82
00
Stocks (
[VoL. 109.
Friday
Sale*
Last Week’s Range for
Sale. of Prices. Week
Price. Low. High Sharei
Continued)—
Submar Boat Core i r o(+)
Sweets Co of America r 10
Swift International.r__ 15
Tobacco Products Exp (t)
Todd Shipyards Corp__(t)
Union Carbide A Cart) r (+)
United Eyeglass Shops r. .5
Uulied Profit Snaring 25c
U S Lt A Ht Corp com r 10
U S Steamship________ 10
Warren Bros.r________ 100
Wayne Coal
...........
5
Weber A Hellbr com .r.(t)
Rights—
British-Am Tobacco ord stk
Ordinary bearer stock.
Fisk Rubber____________
Standard Oil of N J____
United Retail Stores____
Former Standard Oil
Subsidiaries
Anglo-Amer OU.r______ £1
Atlantic Refining.r . __ 100
Indiana Pipe Line— Sec no
Ohio O ll.r_____________ 25
Prairie Oil A G as.r____100
Prairie Pipe Llno.r____100
Standard OH (Calif).r.KMl
Standard Oil of N J.r 100
Preferred, r w 1_____100
Standard OH of N Y.rlOO
17X
13X
60
39X
140
OX
3X
2
3X
17X 19
9.500
13 X 15 X 19.500
58X 60
2,000
34
40 X 100.000
141
130
4.09.'
84 X 84 X
100
7X
6X
7,200
3
3 X 43.500
IX
2 X 10.000
3
3X
4.500
78
82
800
4X
5X
4,850
21X 24
1.000
5X
5X
IX
15
11
23
1395
te belo w
390
390
775
292
310
308
742
731
114X 114
408
410
Rangesince Jan 1.
High.
OX July
40 X Jan
June
25
Feb
102
60 X Feb
5 X July
7 16 J„
1X Jan
2
Mar
42 X May
3 X May
15X June
4X
5
178
15
11
5X
OX
2X
19
14
100
2.200
60.500
9,700
2,000
23 X
1395
1
393
775
292
316
798
118
430
315
"7
50 0.30
10 263
160 258
1,068 068
12,175 114
305 310
July
May
July
July
Aug
5
1
%
Mining Stocks—•
Adelphla M A M .r ______ 1
27c
2flc
27c
Alaska Brit Col Metals 1
IX l 1-10 : 5-10
Alaska Mines Corp______ 1
9-10
X
X
Amor Ilond Min Corp w 1.1
IX
IX
IX
America Mines r. . . .
1
X
X
X
Amer Tin A Tungsten.r.. 1 ______
X
X
Arizona B u t t e .r ..___
1 40c
40c
48c
Arizona Silver.r . . ........... 1
X
X
X
Atlanta Mines
____ 1
4X c
4c
5c
Atlantlo Ores A R of.r____1 ______
lx
IX
72c
Belcher-Olvldo.r_________
05c
♦80c
Belcher Extenslon.r______
34c
32c
38c
Big Ledge Copper Co____6
11-10
X
X
Booth.r
1
9c
9c
Boston A Montana 110V..5
87c
85c
92c
Butte A N Y Copper_____ 1 ______
X 9-10
Caledonia Milling
t
3,3c
35c
*3Sc
Calumet A Jerome C op.r .l
5-16 5-16
Canada Copper Co Ltd 5
1 15-10 1 15 10
Candalarta silver r
i
ix
1 '<
IX
7,910
41,850
0,800
2,710
1,700
3,000
400
0,700
27,000
200
49,200
28,500
15,800
3,000
23,700
0,200
17,700
2,000
000
<5.000
5 X July
6 X July
2 X July
19
July
14
Aug
26 X May
16 X Jan
1375 Apr 1400
Apr
Jan
'Jan
Mar
Jan
Apr
July
Jan
Other Oil Stocks
Allied O ll.r......................... 1
1
X
1
X July
69.700
Amalgamated R oyalty.r.l
i;
I X June
IX
I X 22,000
Atlantic Petroleum.r___ 5
3X
4
2 X Jan
3,000
Burnett ( >11 A G a s.r _____1 '3 -1 6
3-16 Jan
3-16 X 14.000
Boone Oil r
_____ 5
3
Mar
8X
7X
9 X 38.800
Boston-Mox Petrol______ 1
4X
4 X July
4X
4 X 10.700
Boston-Wyoming Oil r 1
66c
650
63c 03.000
18c
Jan
Brazos Oil Corp r (no par)
27
27 X
2SX 15,400
27 X July
Burknett Van Cleave O r.6
2
2
2X
;1 X June
4.800
Can-Amer O A O r.........1
X
X July
8,600
X
Chickasaw Refining.r___ 5
3
2 X July
2X
800
Circle O l l . r .. . ........... ......5
5X
5X
5X
4 X June
2.200
CoMimonw'th Petr 1 .. (t
37
M
58 X
57 X 59
0.000
Continental Refg______ 10
9
8 X Apr
8 X 10X
8.700
Coaden A Co ■•om.r____6
11
OX Ian
10X 11X 13.900
Curman Petroleum.r___ 1
1 1-16 1 1-16
X May
200
Elk Basin Petroleum, r. 5
6
Inn
9X
9X
2,400
Ertel O ll.r______________ 6
9
9X
6 X June
10 X 75.300
20c
Esmeralda Oil Corp.r__ I
19o
21c 47.000
4c
Jan
Federal Oil C orp.r______5
3
2
Jan
3X
3 X 14.500
Glenrock Oil Corp.r____10
314 Ma
6X
6X
OX 27.800
Globe O il.r..........................
15 10 Feb
IX
IX
I X 135.000
Guffey-Gillesple O ll.r. (t)
21
21
July
21
22X 11.800
Harvey Crude.r . ...............1 1 1-16
X 1 1-10
X July
1.300
21
Hercules Petrol Class A r 10
21
22
10
Mar
1.700
Home Oil A Refg _r . . . 10
23
24
10
Fe
3.900
Houston Oil, com .r____100 126
20
130
75
Jan
900
Hudson Oil........................ l
1
IX
560
Pel
IX
5.700
Indlahoma Ref C o .r____5
7X
7X
5 X June
8X
0,300
Internat Petroleum .r..£l
31
31X
10H Jan
32 X
2.700
Invincible O ll.r......... ...... 60
37
39
37X
34 X June
14,800
Island Oil A Transp r . 10
7X
6 X Jan
7X
7 X 17,700
Lance Creek Royalties.r.l
1
X
X
8,000
X July
Livingston Oil C o r p .r ...1
2X
3 X 31.300
I X June
Marland Petroleum.r____i
7X
7 X 25.000
5 X June
McCombs Prod & R cf.r__l
IX
IX
IX
I X July
600
Merritt Oil C orp.r......... 10
21
Jan
25 X 20 X
2.300
Metropolitan Petroleum 25
2X
2X
3
2 X Jan
12.500
Mexican-Panuco OH____10
17 X
17
17 X
10 X May
3,850
Middle States Oil Corp.r .l
3X
3
3 X 63.000
I X May
Midwest Refining.r ___ 50 175
173
180
Jan
1,600 124
Mldwest-Texas O ll.r____1
1
Aug
IX
4.900
1
IX
Morton Pet of M e .r____I
l
Mar
3X
7,000
3X
3X
National OU.r...................10
4
4
Juno
4
4X
200
Northwest O ll.r_____ . . . 1
40o
Feb
55c
57c 10.500
Ohlo-Ranger.r___________ 1
1
1
Juno
IX
IX 20.000
Omar Oil A Gas. oom____ 1
75c
22o
04c
75c 54,000
Jan
Orient Oil A Gas r______ 1
5
Apr
6
1.900
IX
IX
IX
IX
Pennok O ll.r___________ 10
11 X Feb
14X
4,100
14X 14 X
Plttsb-Texas O A G . r . . . 5
12
12 X
13 X 24,000
8 X Feb
Producers A lle f.r......... 10
8
8
8X
8
Aug
8,700
Ranger O ll.r....... ..........
1
9-10
X
X
0,200
X June
Red Rock Oil A G as.r. 100
05c
60o
05c
67o July
7,500
Rickard Toras C o .r_____ 5
17
21
0
Mar
18X
1.500
Rock O ll.r ...................... 10o
00c
60c
07c 18,800
420 Mar
Ryan Petroleum _r______ 1
4X
4X
5 X 12,300
2 X Apr
Salt Crk Producers.r___25
38
57 X
M ar
55 X 02
23,000
Sapulpa Refining.r........... 5 ______
7
7
Jan
7X
000
Seaboard Oil A G as.r____5
7X
OX
7 X 15,200
o x July
Sequoyah Oil A Ref ._ 1 11-16
X 11-10 11,000
X Jan
Simms Petroleum r(no par)
33 X
3 1 X 34 X 10,900
30 X July
Sinclair Cons Oil r w 1. (t)
58 X
17,800
58 X 00
44 X May
Sinclair Gulf C o r p .r -..(t )
22
Jan
57 X
50 X 59 X 25,500
Southwest Oil r
i
32c
25o
35c 127,000
22c July
Southwestern Oil A Tr r 10
4
4X
4,300
3 X July
Spencer Petrol Corp r___10
10X
15X 10X 37,400
13X July
Stanton Oil r ___
,_1
*1 X
IX
I X 13,100
X Mar
1’pxana Oil A R ef.r_____1
llo
Jin
X 11-10 13-10 11,330
Texas Nat Petrol.r____ 1
X
X
4,100
X
X July
Texas Prod A Rofg.r____
8X
8X
7
May
7X
8,900
Loxas-Ranger ProdA R r 1
5
Apr
4X
4X
9,800
2
Texas Steer O ll.r__
1
X
2,700
X
X
X July
Tex-Ken Oil Corp.r......... 5
0
5
o x 19,300
3 X July
Texon Oil A Land.r.........
X
X
X 38.800
X June
Transcontinental Oil r .(t)
47 X
47 X 49 X 24,500
45 X July
United Tex Petrol.r......... 1
72c
05c
60o Juno
87c 98,000
Vacuum Oil A Gas_______ 1
3-10
7,500
X
X
%> July
Valverdo Oil Prop r__ (t)
7
7
0
June
300
Vlotorlu O ll.r_______
10
2
June
2X
2X
3,400
Vulcan O ll.r................. __5
13
11 X 13 X
9,000
11X July
Wayland Oil A Gas c o m ..5
5
4X
2,000
4X
3 X Jan
West States Oil A Lud r .l
4
4
July
4
2,000
4X
White Eagle Oil A Ref r( )
22 X June
23X
23 X 25
12,300
“ Y " Oil A G as.r................1
X
500
X July
1
20X July
15X July
65 X Mar
40X July
141
Aug
July
July
3 X July
3
Juno
Jan
5X
86
July
o x July
20
July
404
800
317
319
798
118
430
Apr
May
May
July
July
July
July
I X June
2 X Apr
4 X July
5-16 Ian
10 X May
4 X July
7.3c June
3 2 X July
2 X July
I X May
3 X July
5 X July
03
June
*16 X June
12 X May
I 5-16Feb
11 X May
II
July
33c May
4
Apr
8 X Apr
I X July
2 5 X July
1
Aug
23 X July
40 x May
144 X May
5(4 Apr
8 X July
35 X Apr
39
July
9 X Mar
2 X May
4 X July
7 X July
*2X Mar
35
May
4X» Mar
17 X July
3 X July
190
May
I X May
5M Apr
7
Apr
75o
Apr
2 X May
75c July
7
July
17 X
13 X
9X
2X
65o
24X
2
7X
05 X
9X
8X
X
34 X
04 X
04 X
85c
7
lo x
IX
1%
IX
8X
0
IX
OX
1
49x
87o
X
9X
0
13X
6
10X
20
1U
Apr
June
Juno
May
July
June
Apr
May
July
May
July
May
July
July
May
June
May
Aug
May
June
May
June
Juno
May
Aug
May
June
July
June
Apr
Apr
Aug
July
May
July
Mfiv
8o May
34c Apr
31o May
2
June
X May 15-10 June
1
May
IX June
May
Feb
1%
X
X Mar
X Mar
Apr
30c
82c May
I X May
X July
3c June
OX' Mar
May
I
I X Juno
7-10 June
840 July
29o June
44o July
X Mar 15-10 Jan
8c June 30c
Apr
42o
Feb
93c July
X May
X Apr
1
.♦
27o
43c Juno
3-10 June
X Jan
1 5 is Jan
2 X Feb
for,
7 3 in June
52c
A ug . 2 1919.]
ales
Friday Week's Ranye Shr
Range since Jan.
Last
Prices. Week.
Sale. Loof
High
w. High. Shares. Low.
Mining— (Concl.) Par. Price.
1,500
lVi July
2Vi May
ni 7c
1Vi lVi
5o Kelt 15Vi Mft
VVic 6,500
7c
1Vi 1 5-16 1 7-16 24,000
7 Vi 8Vi 9,000
3 Vi 3Vi 19,500
3!i
3 Vi 3 Vi 83,000
3Vi
3Vi 3Vi 3,000
3 Vi
lVi
lVi 8,000
1Vi
2Vi 2Vi 3,550
1Vi 15,400
lVi
1H
4Vi 5Vi 12,100
3
3 Vi 24,200
O ildeu Gate Etplor r . 5
3 Vi
20c 7,300
18c
Goldfield Consol
. 10
20c 51,500
15c
Goldfield Devclop’t.r.-lOe 19c
11,000
68
66
67
6c 9.000
50
5c
Goldfield Merger.r......... 1
62c 25,800
56c
59c
850
1 151,950
Grand Pacific Copper-----1 90C
500
4c
3c
Vi 2 Vi 7,500
2 Vi
13c 8,500
lie
13c
Hasbrouck Divide.r____ 1
5 Vi 5Vi 4,575
5Vi
9,000
4-Vi 5
4 Vi
9-32 11-32 1,300
33c 2,400
32c
12c 6,500
110
1,100
4Vi 5
3c
3c 2,000
35c 309,200
29c
31o
Knox Divide.r........... 10c
Vi 1,000
Vi
58c 27,400
49c
54c
44c 35,300
42C
43c
93c 176,000
85c
85o
Vi 17,500
Vi
9ViC IOC 5,000
Marsh Mining.r-----------1 9Vic
3Vi 4 Vi 3,550
58c
61c 10,000
MnKInley-Darragh-Sav.. 1 60c
4 Vic 5c 6,700
Mother Lode new.r....... 1 4Vic
4
4
V
i
4
!4 5,300
Nit lln C orp.r--------50"
10 Vi 10Vi 3,300
lOVi
Nlplsslng Mines_______ 5
35c 53,000
22c
Nixon Nevada_________ 1 28c
4,100
3
3
3
Onondtgo Mines Coro r l
200
2Vi 2 Vi
Peabody Consolidated__ 5
3
3
3 Vi 9,250
21c "23c 120,000
21c
13-16
Vi 13-16 5,850
25 Vi 13,200
Seneca Copp Corp (no par) 23 Vi 22
Vi 35,000
Seven Metals Mln.r....... 1
M
Vi
l
lVi 1,700
Silver Dollar M .r..........1
lVi
1
1-16 148,000
1
Sliver King of Arizona... 1
20c
21o
23o 22,900
Silver King Divide r ---- 1
9Vi 10Vi 10,700
South Am Gold A Plat r 10 10Vi
1,000
Vi
Vi
Standard Silver-Lead... 1
Vi
24c
270 19,500
25
1,000
5Ko 5 « c
16c
15c
18c 21,000
40C
Tonopah Belmont Dov.r 1
3 7-16 3 Vi
6 Vic
6Vic 7Vic 7,720
Tonopah Divide.r..........
Tonopah Extension____1 2 n-ie 2 11-16 2 13-1C 4,45(
United Eastern ........... 1
45i
4 Vi 4Vi 2.10C
2,40C
United Mines of Mexico. .5
3
3 'i
U 8 Continental Mines r 1 14c
14c
15c 15.70C
Unity Gold Mines........... 5
6Vi * 7 ' t 2,625
7Vi
40c
45c 17.50C
Washington Gold Quartz. 1
81c 2,000
80c
West End Consolidated 6 1 11-1( 1 13-16 lVi 2,000
3c
3c 15,00(
3c
5c 45,700
3c
White Caps Extension. 10c
5c
19o 9,700
17o
White Caps Mining
10c 18c
5»io 6c 13,500
Wilbert Mining...............:
6c
1
Wilson Silver M ines.r...l
Vi lVi 4,500
Consol Copper Mines-----5
1
Feb
4Vi Fob
3H Julv
2 \i July
lVi Mar
lVi
lVi Feb
1 June
3
Feb
2Vi Fe»>
lie July
11c Juno
35
Mar
4c May
50c July
85c July
3c Jan
41o Jan
Ho June
4Mi Jan
3Vi Mar
9-32 July
30c Apr!
10c Apr
4Vi July
2Vic July
15c June
15c Apr
45c July
240 Juuo
340 Mar
22c Feb
3c Feb
2
Apr
45c Jan
3Vio Mar
M«r
8Vi Jan
17o Apt
3
Jan
2 Vi July
lVi Jan
9c June
9-16 Juno
13 Vi Feb
33c Apr
1
Mav
13-32 Feh
20‘ July
9Vi July
Vi Jan
lie Mar
4c Jan
15o June
2 9-16 Jan
5Vio Mar
lVi JaD
3 3-16 Jan
3 Juno
60
Jan
4Vi Mar
35c Juno
710 Apr
1
Mar
2c May
20 Jan
lOo Jan
So Jan
July
Vi
1 9 16 JaD
8Vi June
SVi Jai
3 Vi July
SVi May
2Vi May
2 Vi July
lVi July
6Vi Feb
'X May
Jftt
24c
20c July
Mar
75
8c Mar
Apr
lVi
1 July
6c Jan
2 Vi Aug
47o Apt
6M June
5Vi May
53c Jan
44C Fst
16c Mar
6 May
8c Jan
37c July
% May
58c Jan
49c July
lVi May
X May
10c May
4 Vi July
67c July
So July
4Vi May
15 May
48o Jan
3Vi May
2Vi July
3 Vi July
23c July
Vi July
20 May
% July
IH June
lVi May
:>7c Mar
14 Vi June
'At M»y
34e May
7o Jan
47c Apr
4 May
*12c Apr
3Vi May
6!i Mar
June
19c May
8
June
53c June
94o Mar
3 May
7c May
7c Apr
35c Apr
6c Jan
lVi June
98 Vi Jan 100 Vi May
99 Vi 100 vi S3,00(
Anaconda Cop Min 6s r'29 99 Vi 99 Vi 99 Vi 14,000 97 V< Feh 100 May
Beth Steel 7s.r......... 192: 102 Vi 102 102 Vi 78,000 100 Vi Jan 102 Vi May
99 Vi 99 Vi 99 Vi 40,000 99 Vi July 99 Vl July
Canada(Dom of) 5 Vis. 192
97
97 Vi 140,00C 97
July 97 Vi July
97
5 Vis.... ................... 1921
102 Vi 102 Vi 1,000 102 Vi June 104 Vi
23,00(
89
83 Vi May 92 Vi Feb
88 Vi 88
99
.........
99
July 101
99 Vi 7,01)1
20,00f
48
Jar
56
57
72
56
Fob
Russian Govt 6Vis.r.l91t
9,001
47 Jum 72
51
50
Feb
f(U* r __
__ 192!
99
98 Vi 99 140,000 98 Vi July lOOVi June
99 Vi Eel 1005( May
......... 100 Vi 100 Vi 2,001
Swltzerl'd, Govt of, 5Vis’2( 96 Vf 96 Vi 96 Vi 325,00C 96 Vi July 96 Vi July
Note.—Thero were no sales of Indiana Pipe as reported last week.
* Odd lots, t No par value. I Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will bo found, oNew stock.
rUnllsted. icWhen Issued, z Ex-dlvldcnd. vEx-rlghts. t Ex-stock dividend,
t Dollars per 1,000 lire. flat.
N ew
Y o rk
C ity B a n k s a n d T r u s t C o m p a n ie s .
All prices now dollars per share.
Banks
Bid Ask 1 Trust Co's 1 Bid Ask
id Ask 1Irving
Banks—N Y B
New York
(trust
America*----- 580
certificates) 330 340 Bankers Trust 455 460
Amer Exch— 260 270 "
Liberty......... 050 065 Central Union 465 475
Atlantic........ 185
Battery Park. 215 226" Lincoln_____ 260 290 Columbia___ 385 390
Manhattan *. 220 230 Commercial.. 140 150
Bowery*........ 425
Broadway Cen MO 150* Mech A Met. 407 417 !Empire.......... 295 305
Bronx Boro*.. 125 140 Merchants__ 240 250 iEqultablo Tr. 455 465
Bronx N at... 150 160 Metropolitan* 190 200 |Farm L A Tr. 450 460
Fidelity
220
230
Bryant Park* 145 155 Mutual*____ 425
33 New Noth*.. 215 226* Fulton......... 250 275
Butch & Drov 28
145
135
Now
York
Co
Guaranty
Tr. 407 415
170
Cent Mero-.J 100
Chase........... 505 520 Now York__ 450 470 Hudson......... 135 145
___ Irving Trust. /SCO Irving
Chat & Phen. 315 326 Pacific *........ 150
\Nat Bank
Chelsea Exch* 120 135 Park............. 760 785
___ Law Tit A Tr 130 140
Chemical___ 550 505 Prod Exch*.. 400
300 Lincoln Trust 175 185
Citizens____ 240 250 Publlc........... 285
___ MercantHo Tr 235
C ity ............. 448 455 Seaboard ___ 550
Coal A Iron.. 235 240 Second........J 450 500 Metropolitan. 355 3*6*5**
150
160
State*.........
J
M tual (West
400
Colonial*___
chester)___ | 105 125
Columbia*__ 175 18*5* 23d Ward* . . . 1 115 130
Commerce. . . 230 210 Union Exch.. 190 200 N Y Llfo Ins
175
A Trust__ 1785
United
States*
<
165
Comm'l Ex*. 395 410
___ N Y Trust... |625 800
Wash Il'ts*.. 275
635
C om m on
___ Scandinavian 400
wealth*__ 220 230 Westch Avo*. 170
Continental*. 115 130 Yorkvllle *__ 300 325 Tltlo Gu A Tr 408 4*1*6**
U S Mtg A Tr 440 450
Corn Exch*.. 415 425
United States 885 910
Coamop’tan*. 95 100 !l Brooklyn
155 Westchester.. 130 140
Cuba (Bk ot). 177 182 Coney Island* 140 215
First............. 200
East Illver... 150
Brooklyn
13*0* Greenpolnt... 150 165
Europe.
110
900 Hillside*........ 110 120 Brooklyn Tr. 495 510
Fifth Avcnuo* <800 •
)*
IK
Franklin____
80
Homestead*
70
230 240
J
lU
J
U
lV
O
V
V
ltU
m
m
Fifth............. 220
85 Hamilton___ 260 270
First............. 1075 1100 Mechanics'*.- 80
95 Kings County 650 700
85
225 Montauk *—
Garfield........
Nassau......... 205 215 Manufacturers 165
200
Gotham........
National City 115 130 People’s___ _ 1 285 300*
Greenwich * ..
205 Queens Co__ 60
75
8*1 0 * North Side*.. 195
Hanover........
Harrlman___
370 Pooplo's____ 130 140
600
Imp A Trad..
« Banks marked with a (*) are State banks. t Sale at auction or at Stock Exchange 'his week. 1 Includes ono-balf share Irving Trust^Co. i New Btock.
V Ex-rlghte.
467
THE CHRONICLE
N e w Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .
All prices now dollars per share.____________________
Bid Ask |Realty Assoc Bid A lt
1 Bid Ask Lawyers Mtge 1 130
140 '
70
Alliance R’lty. 60
___ Mtge Bond.. 93
(Brooklyn). 100 110
97
Amer Surety- 70
Bond A M GJ 248 2*5*8*’ Nat Surety.. 240 246 U S Casualty. 185 200
US
Title Guar 50
65
N
Y
Title
A
40
City Investing 35
Mortgage.. 122 127 West A Bronx
85
Preferred..! 75
Title A M G 150 170
♦Receipts do not Include grain passing through New Orleans for foreign ports on
Q u o ta t io n s fo r S u n d r y S e c u r itie s
All bond prices are ‘and Interest except where marked "f.”
Standard Oil Stocks
Per Shai
Pan Bid Ask
nclo-Amerlean OH new. £l! 22
490
*100
300
23
1450
510
103
320
610
36
180
170
113
130
*34
171)
165
no
Preferred old------------ 100 115
108 112
Preferred new....... .......
Illinois Pipe Line...........100 188 190
98 102
Indiana Pipe Line Co----50
International Petroleum. £1 *31 32
National Transit Co— 12.60 *26l& 27'z
Now York Transit C o ... 100 186 190
Northern Pipe Line C o.. 100 108 111
Ohio Oil Co.......................25 *385 390
Penn-Mex Fuel Co_____ 25 *73 77
Prairie Oil A Gae........... 100 735 745
Prairie Pipe Line--------- 100 290 293
Solar Refining-------------- 100 355 370
Southern Pipe Line C o.. 100 165 170
South Penn Oil------------- 100 337 342
Southwest Pa Pipe Lines. 100 98 1102
Standard Oil (California). 100 310 315
Standard Oil (Indiana). .100 765 •775
Standard Oil (Kansas).—100 680 600
Standard Oil (Kentucky) 100, 455 465
Standard Oil (Nebraska). 100 650 560
dl3
14
Rights............. .......
113 114
Preferred w 1 ------Standard oil of New Jer.100 738 742
Standard Oil of New Y’k.100 410 415
Standard OH (Ohio)------ 100 620 540
Swan A Finch................. 100 95 105
Onion Tank Line Co___ 100 134 138
Vacuum OH___________ 100 458 463
Washington Oil.............. 10 •43 48
Shart
Ordnance Stocks— P e r
63 70
Aetna Explosives p r e f...l0 0
2
4
American A British M fg.100
44
Preferred--------------------- 100 43
Atlas Powder common___100 110 145
100 00
Preferred...............
Babcock A Wilcox______ 100 123 125'
BUse (E W) Co oommon. 60 *325 375
76
Preferred----------------------- 60 60
Canada Fdys A Forgings. 100 190 200
Carbon Steel com m on...100 110 115
1st preferred__________ 100 105
2d preferred___________ 100 70 88 ‘
Colt's Patent Fire Arms
64
M fg.....................................25 •52
duFont (E I) de Nemours
A Co common_________ 100 318 323
90 93
Debenture stock______ 100
93
Eastern Steel____________ 100 88
33
Empire Steel A Iron com. 100 28
78
Preferred--------------------- 100 75
Hercules Powder com— 100 215 225
Preferred..........................100 107 110
Niles-Bement-Pond com .100 125 130
Preferred______________ 100 0612100
Phelps-Dodge Corp......... 100 260 280
Scovlll Manufacturing— 100 405 425
30
Thomas Iron_____________ 60 •25
Winchester Co com_____ 100 375 425
R R . E q u ip m e n t s — PtrCl. Basis.
B a ltim ore A O h io 4-Vis______
5 75 5.55
B u ff R o c h A P ittsb u rgh 4 V is 5 80 6.45
5 80 5 45
E q u ip m en t 4 s _____________
5.8 0 5.45
E q u ip m en t 6 s _____________
C a n a d ia n P a cific 4 V is.............
5 85 5.50
C a ro C lln ch fleld A O h io 6 s . .
8-35 5.75
C entral o f G e o rg ia 4 Vis______
8 26 6.76
C h esa p ea k e A O h io _________
6-80 5.60
E q u ip m en t 5 s _____________
6 80 5 60
C h ica g o A A lton 4 Vis_______
7 00 6.0 0
E q u ip m en t 5 s _____________
7 00 6 00
C h ica g o A E astern n i 5 V i» - 7 00 6 0 0
5 75
C h lo In d A L ou isv 4 V is______
5 75 6 35
C h ic St L ou is A N O 5 s...........
C h ica g o A N W 4 Vis...............
5 60 6.25
C h ica g o R I A P a o 4 Vi s _____
6 35 5 80
8 35 6 80
E q u ip m en t 5 s _____________
C o lo r a d o A S outhern 5 s ____
6 50 6 75
Erie 5 s ....................................... .
<5.40 6 0 0
6 40 6 00
E q u ip m en t 4 V is ..
6 37l 6 50
R ock in g V a lley 41*8
5.87 5 50
E q u ip m en t 5 s-----6 .60 5 40
Illinois C en tral 5 s . .
5 60 5.40
E q u ip m en t 4 V is._
6.50 5 75
K anaw ha A M ich ig a n 4 V i s ..
6 65 6 35
L ou isville A N a sh v ille 5 s . . .
5.85! 5.65
M ichigan C en tral 5s
5.85 5 65
E q u ip m en t 6 s . —
5.85 5 37
M inn St P A 8 S M 4 V is -----7.00. 6.00
M issouri K ansas A T e x a s 6s
6 75: 6 00
M issouri P actflo 5 s------6 25. 5 75
M o b ile A O h io 5 s . ..................
6 25| 5 .75
E q u ip m en t 4 Vis_________
5.85 5.65
N ew Y o r k C en tral Lines 6 s . .
5 85 5 65
E q uip m en t 4 V is ___
5.90 5.70
N Y C en tral R R 4123
6.25 6 75
N Y O n tario A W est 4 V i s ....
5 50 6.25
N o rfo lk A W estern 4 V iS -- 6 50 5 20
P en nsylva nla R R 4 V is ------6.50 5.20
E q u ip m en t 4 s ......................... ........
St L ou is Iron M t A S ou 5s
7 00 6 .0 0
St L ou is A San F ra n cisco 5 s.
7 00 6 .0 0
6-30 5.90
Seab oard Air Line 5s________
E q uip m en t 4 V is---------------8 -30 5 90
S outhern P a cific C o 4 V is—
5 65 5 35
S outhern R a ilw a y 4 V is --------5.9 0 6.65
E q u ip m en t 5 s . : ----------------5.90 6.65
T o le d o A O h io C en tra l 4 s—
8 -50 5.75
Tobacco Stocks—Per Share.
Par Bid
American Cigar common. 100 130
Preferred............
100 00
Amer Machine A Fdry.,100 80
Brltlsh-Amer Tobao ord..£l *22
Ordinary, bearer..........£1 *23
Conley Foil.....................100 205
Johnson Tin Foil A M et.100 80
MacAndrews A Forbes.. 100 170
Preferred....................100 95
Reynolds (R J) Tobacco-100 410
B common stock______ 100 400
Preferred... ............100 110
A dividend scrip------------ 98
B dividend scrip________
98
Young (J 8) Co................ 100 120
Preferred...................... 100 100
Ask.
135
95
95
23
24
215
10 0
190
100
450
440
113
100
100
140
107
Short Term Notes—Per Cent
93 96.55 Amer Cot Oil 5s 1919..MAS 99*4 100
7% notes Sept 1919-------- 100 100»s
65 70
Amer Tel A Tel 6 s 1924 FAA 100 100ia
57
*85* Canadian Pac 6 s 1924.MA8 2 100's 100 t2
Del A Hudson 5s 1920..FAA 99i4 90i2
Fed Sugar Rfg 5s 1920..JAJ 99 99*4
Public Utilities
Amer Gas A Elec com.... 60*129 131 General Elec 6 s 1920___ JAJ 100*s 100*8
6 % notes (2-yr) 1919 JAD IOOI4 IOOI2
Preferred............... . . 60 *41 43
Amer Lt A Trao com---- .100 245 249 Oreat North 6 s 1920.. .MAS 99ig 99*8
Preferred.... .............. .100 97 99 K C Term Ry 4 Ha 1921. JAJ 97 99
5s Nov 15 1923. MAN 16 10038 100*8
Amer Power A Lt com....100 64 67
Preferred___________.100 72 75 Llgge ttAM yersTob6s’21JAD 100 100U
Amer Publio Utilities comlOO 10 12 N Y Cent 5s 1919..MAS 15 99*8 997g
Preferred...... ..............100 32 36 Penn Co 4 Vis 1921..JAD 15 9712 97*4
Carolina PowALIght com 100 38 40 Pub 8 er Corp NJ 7s ’22.MAS 96ig 96»2
Cities Servloe Co 00 m ....100 440 443 Southern Ry 6 s 1922... MAS 99 99lg
Preferred — ............. ..100 78 7812 SwlftACo6 s 1921__ FAA 15 100 IOOI4
Colorado Power com___.100 24 25 Utah Sec Corp 6 s '22.MAS 15 90 92
Preferred------ ---------- 100 97 100
Com'w'th Pow Ry A L t...100 27 29
Industrial
Preferred...... ............ ..100 60 62
and Miscellaneous
Elec Bond A Share pref...100 d92 95
Federal Light A Traction.100 10 12 American Brass----------- 100 228 233
Preferred................... .100 50 63 American Chicle com----- 100 100 103
Great West Pow 6s 1946- JAJ 85i2 8612 Preferred____ _______ 100 82 86
Mlsslsslppl Rlv Pow com..100 12 14 American Hardware........100 166 169
Preferred.................. .100 5212 .... Amer Typefounders com. 100 45 48
93
First Mtge 5s 1951 — JAJ 7934 80i2 Preferred------------------100 88
Non hem Ohio F.leo Corpi-(t) *d22 25 Borden’s Cond Milk com. 100 113 115
100
98
Preferred...................100
71
Preferred.................. .100 68
Nortb'n States Pow com .100 67 69 Carlb Syndicate Ltd___ 25 ■1700 1800
Preferred........... ........ 100 90>2 92i2 Celluloid Company........100 130 140
North Texas Elec Co com 100 55 60 Columbia Graphoph Mfg (t) ■430 435
Preferred.....................100 9412 95t2
Preferred ................. 100 77 80
5
4
Paclflo Gas A Eleelst pref 100 87 89i2 Havana Tobaooo Co-----100
Puget Sd Tr L A P com. .100 14 1612 Preferred----------------- 100 14 18
1st g 5s June 1 1922.-J-D A54
Preferred ............. .......100 62 65
23
Republic Ry A Light---- .100 16 19 Intercontlnen Rubb com. 100 22
Preferred................... 100 5412 57i2 Internat Banking Co___ 100. 160
South Calif Edison com. .100 90 92 International Salt______ 100 49*4 ‘611*
1st gold 5s 1951......... A-O 71 72>i
Preferred................... .100 101 105
Standard Gas A El (Del) . 50 •34 37 International Silver pref.100 92 96
Lehigh
Valley Coal Salee. 50 •88 92
47
*45l2
Preferred___________. 50
5i2 612 Otis Elevator oommon__ 10( 108 112
Tenneesoe Ry L A P com .100
Preferred..................... 100 88 92
Preferred........ ......... .100 20 23
3 Royal Baking Pow com.. 100 135
2
United Gas A Eleo Corp .100
Preferred ................... 100 97 100
1st preferred............. 100 24 25
8 singer Manufacturing__ 10 t 205 210
5
2d preferred____ __ 100
Onited Lt A Kyscorn---- .100 46 48 Singer Mfg L td............... £1 cf3*4 4U
let preferred-__ ___ 100 73 75 Texas Pac Coal A Oil .. . 100 1880 11925
Western Power oommon .100 22 24 WhouseChur'hKerrACo 100 58 I 62
inn 71 74
80 83
eferred . .
* Per share. 6 Basis, d Purchaser also pay accrued dividend. e. New stock
/ Flat price, n Nominal. * Ex-dlvldend. v Ex-rights, (t) With—*
1st preferred___ . . . . . .100
2nd preferred_______
Woodward Iron-----------.160
Preferred___ _______
468
THE CHRONICLE
\n m stm m t
.
[V ol . 109
ami gUiilxmcl % n U lliQ en u .
RAILROAD GROSS EARNINGS
T h e following table shows the gross earnings of various S T E A M roads from which regular w eekly or m o n th ly roturna
oan be obtained.
I he first tw o o d u m n s of figures give the gross earnings for the latest week or m o n th , and tho last two
ooluinns the earnings for the period from Jan . 1 to and including the latest week or m o n th .
The returns of the electric
railways are brought together separately on
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
a
subsequent page.______
Jan. 1 to Latest Date.
Current
Year.
Latest Gross Earnings.
Previous
Year.
$
$
$
8
Alabama A Vlcksb. June
227,15
158,371 1,331,737 1.083.550
Ann Arbor___
3d wk Julj
83,431
74,747 2,176,42' 1.739.857
Atch Topeka & S Ft June
1367938! 12926 571 78.416.84C 72,422,360
Gulf Colo A S Fo. Juno
1,530,03: 1,418,267 8,850,831! 8,873,412
Panhandle & S Ft June
506.681' 449,081 2,501,281; 2,851,654
Atlanta Hirin & Atl. Juno
401,05) 307,624 2,403,257 2,004,768
Atlanta & West Pt. Juno
2 0 0 ,2 2 1
203,381' 1,335,347 1,104,953
Atlantic City_____ June
394,94) 394,991 1,925,887 1,500,853
Atlantic Coast I.ino. June
4,903,597 4,363,771 32,858,901' 26.226.235
Baltimore A Ohio June
15233 21( 14852 851 79,759,851 68,991,616
B & O Ch Term .. June
175,467 173,68(1
796,05(
821,775
Bangor A Aroostook June
373,39!
361,443 2,611,728 2,233,051
Bellefonto Central.. May
7,14!
7,32(J
36,985
32,960
Belt By o f Chicago. Juno
319,26( 352,94! 1,588,073 1,824,342
Bessemer & L Erio. June
1,368,752 1,323,763 5,688,4l( 4,987,911
Bingham & Garfield May
66,42;
300,746
508,499 1,298,081
Birmingham South. Juno
38,648 123,893
•304,739
708.870
Boston & Maino__ June
6,120,307 5,738,70S 32,045,780 30,140,135
Buff Itoch A Pittsb. 3d wk July 280,768 426,058 7,232,30! 9,933,328
Buffalo A Susq___ Juno
178,499 177,462 1,006,750 1,079,002
Canadian Nat Rvs. 3d wk July 1,686,448 1,561,063 44,948,839 39,936,124
Can Pac Lines in Me June
136,902 128,632 1,572,098 1,316,703
Canadian Pacific__ 3d wk July 3.202,000 2,644,000 84,494,000 78,332,000
Caro Clinch A Ohio- Juno
487,640 340,510 2,764,707 2,056,680
Central of Georgia.. Juno
1,730,100 1,521,628 10,104,559 9,551,095
Central ltlt or N J .. June
3,555,594 3,746,780 20,197,406 19,086,173
Cent New England. Juno
483,023 559,435 3,057,399 2,763,010
Central Vermont.. Juno
507,854 463,429 2.629.911 2,332,945
Charleston A W Car Juno
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 & A lto n ... Juno
2,188,103 1.928.845 12,080,990 10,118,750
Chic Burl A Quincy Juno
12219535 10808372 68,485,084 62,097,596
Chicago A East III.. Juno
2,003,521 2,202,990 11,510,525 11.250.236
Chicago Great West Juno
1.785.432 1,429,020 9,812,065 8,410,490
Chic Ind A L ouisv.. Juno
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 Milw & St Pad June
12883 510 10776508 69,093,453 55,916,757
Chic & North West. Juno
12480376 10198808 62.550.323 51.859.519
Chic Peoria A St L . June
131,898 163,957
768,749 1,038,031
Chic It I A Pacific. Juno
8.787.315 7,291,040 49,082,858 43,830,982
Chic It I & G u lf.. Juno
347,162 349,225 2,176,504 2,124,956
Chic St P M A- Om June
2,285,647 1,872,477 12,640,379 10,652,859
Chic Terro II & S E. June
291,829 420,404 1,847,296 1,993,359
Cine Ind A Western June
248,045 225,176 1,381,004 1,450,299
CIn N O & Tex Pac. June
1,380,962 1,288,745 8,303,699 6,604,118
Colo & Southern__ 3d wk July 474.132 381,868 12,500,188 10,474,659
Ft W & Den City. June
843,422 520,837 4,989,915 3,511,951
Trin & Brazos Val Juno
8 6 ,2 1 1
587,564
70,078
544.870
Colo & Wyoming__ June
95,864
92,641
569,387
540,992
Cuba Railroad.
„ M ay
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__ Juno
6,230,382 5,686,552 34.162.323 29,848,437
Deny & Rio Grande Juno
2.569.432 2.262.846 14,098,587 13,519,245
Denver & Salt Lake Juno
304,405 241,045 1,202.984
877,257
Detroit & Mackinac May
130,480 140,680
583.127
707.578
Detroit Tol A Iront. Juno
269,601 268,023 1,716,587 1,209,080
Det & Tol Shore L . . Juno
210,075 145,287 1.120.911
946,618
Dul A Iron Range.. Juno
1,287,086 1,100,769 3,339,757 2,806,854
Dul Missabe A Nor. Juno
3,209,797 2,513,221 8,300,020 5,591,885
Dul Sou Shore A Atl 3d wk July 117,250
99,373 2,399,678 2,255,268
Duluth Winn A Pac May
143,861 145,832
835.127
707.578
East St Louis Conn. Juno
94,951
86,779
490,611
557,456
Elgin Joliet A East- Juno
1,462,385 1,561,738 10,254,004 8,061,735
El Paso A So W est.. Juno
1,005,583 1,194,757 6,239,429 7,311,963
Erie Railroad______ Juno
7,531,199 7.223,978 41,831,624 36,088,083
Chicago A E rie.. June
808,418 842,211 4,952,460 4,538,314
Florida East Coast Juno
734,112 598.885 5,390,728 5,030,537
Fonda Johns A Glov Juno
108,330
579,818
93,608
518,989
Ft Smith A Western June
109,381
703,831
86,838
598,126
Galveston W harf.. Juno
77,210
73,947
403,623
519,366
Georgia Railroad__ Juno
397,202 504,828 2,951,220 2.742,678
Georgia A Florida.. June
67,243
468,555
62,072
461,987
Grd Trk L in New E Juno
362,617 137,173 2,130,206
998.857
Grand Trunk S y st.. 3d wk July 1,316,805 1,114,799 33,185,912 27,311,215
Grd Trunk West- Juno
1,955,494 1,911,790 10,232,842 7,975,770
Great North System Juno
8,931,273 7,737,898 17,272,184 39,057,426
Gulf Mobile A Nor. Juno
223,777 179,917 1,244,001i 1,118,494
Gulf A Ship Island. Juno
204,016 209,840 1,130.675 1,215,805
Hocking Valley___ June
1,188,960 1,106,436 4,528,293! 5,178,056
Illinois Central.
Juno
8,579,160 8,628,308 50,353,827 17.521,120
Internat A (irt Nor June
1,251,252 967,634 6,757,763 6,234,561
Kan City Mex A Or June
80,287
545,973
77,027
570,754
K C Mex A O of Tex Juno
82,126
81,943
486,545
580,836
Kansas City South. Juno
1,060,754 1,177,621 6,957,182 7,216,263
Texark A Ft Sm_ Juno
130,316
670,884
88,798
579,369
Kansas City Term
runo
108,243 107,593
625,598
575,882
Lehigh A Hud River funo
212,543 200,282 1.184.405 1,029,226
Lehigh A New Eng Iuno
309,659 461,153 1,591,508 1,752,602
Lehigh Valley......... Tune
5,484,901 5,851,604 29,325,282 27.195.520
Los Ang A Salt Lake May
1.395.316 1,112,817 6.939.405 5,376,794
Louisiana A Arkan rune
146,539 127.065 1,015,988
850,013
Louisiana Ky A Nav rune
279,087 197,606 1,682,460, 1,381,518
Louisville A Nasiiv lune
3,441,162 7,610,036 50,459,171 '12,994,793
Louisv Hend A St I, rune
239,560 237,364 1,433,646 1,259,192
Maine Central____ Juno
1,439,469 I,
341.404
8,156,465
7,068,157
Midland Terminal.. May
71,706
319,086
Midland Valley___ rune
324,200 257.066 1,874,545 1,598,487
Mineral Range_____ Id wk Jply
10,182
21,087
451,021
5!) 1,126*
Minneap A St Louis runo
I,
160,653
912,847 6,021,753 5,365,418
Minn St P A S S M . runo
3,535,373 J,
469,272
8,979,823
3,537,688
Mississippi Central. runo
76,684 105,624!
474,911
570,737
Missouri Kan A Tex une
J,
803,978 5,609,924 4,192,319
2,252,441
M o K A T R yofT ex uno
3.031,913 .416,338 1,371.309 8,749,769
M o A North Arkan. uno
112,671 111,974
703,348
682,823
M o Okla A Gulf......... fune
107,328 127,1051
610,4411 860,046
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Dale.
Current
Year.
Previous
Year.
.?
$
S
%
Missouri Pacific__ Juno
7,373,21 6,316,171 42,039,70!>40,098,953
Monongahela_____ Juno
275,93< 285,83t 1,575,78' 1,348,318
Monongahela Conn. Juno
98,48.
206,471
832,661; 1,057,204
M ontour______
Juno
113,54:
559,14.’
110,851
519,501
Nashv Chatt A St I Juno
1,460,36! 1,044,35' 9,061,39) 9,054,654
N evada- Cal- Oregoi 3d wk July
5,161
5,15!
151,931
131,885
Nevada Northern.. Juno
145,461 201,49!
820,25! 1,212,985
Newburgh A Sou Sh Juno
136,36
841,10
108,66/
525,597
Now Orl Great Nor. Juno
173,10'
178,201 1,054,88£ 1,007,588
Now Orl A Nor Eas Juno
554,6 8 C 481,147 3.095,76) 2,876,993
N O Texas A M ox.. Juno
144,97'
889,14) 1,047,946
150,20!
Beaum S L A W . Juno
80,84f
004,31'
104,89
743,078
St L Browns A M Juno
425,951 283,447 2,460,16) 1,810,590
Now York Central.. Juno
26340821 23874 695 141813 60! 122729354
Ind Harbor Belt. Juno
532,42C 503,6l.r 3.001.70E 2,450,629
Lake Erio A Wes Juno
747,74
729,001 4,429,79! 4,084,315
Michigan Contra Juno
6,395,81,’ 5,338,785 35,083,567 29,356,569
Clov C C A St L. Juno
6,010,73( 5,845,021 32,304,99! 29,301,567
Cincinnati North. Juno
245,73!
224,491 1 1,409,47! i 1,166,097
Pitts A Lako Eric Juno
2,077,85! 2,679,38!] I. 3,558,11! 13,980,010
Tol A Ohio Cent. [Juno
846,69!
831,062 1 3,970,457 4,009,038
Kanawha A Mich Juno
429,321 543,464 ! 1,975,871 2,361,361
N Y Chic A St Louis Juno
1,792,578 1,837,300 I I , 830,523 9,068,351
N Y N H A H artf.. Juno
8,964,906 9,184,513 47,535,174 44,533,000
N Y Ont A Wostert Juno
947,793 1,030,601 4,610,061 4,776,097
N Y Susq A W est.. Juno
309,538 297,367 1,834,823 1,848,691
Norfolk A Western. Juno
5,467,401 6,726,527 35,358,796 34,969,428
Norfolk Southern.. Juno
461,265 495,954 2,981,226 2,636.355
Northern Alabama. Juno
79,345
558,791
84,41 1
563,838
Northwest'n Pacific Juno
612,902 538,576 2,711,49! 2,400,215
Minn A Internat. Juno
86,276
94,002
542,550
537,164
Northwest’n Pacific May
545,246 442,053 2,128,596 1,861,639
Oahu Ry A Land Co May
124,651
115,550
578,208
563,028
Pacific Coast______ May
372,896 436,694 2,081,058 2,474,473
Pennsylvania R R _. Juno
31129117 30562 254 174626274 152123345
Balt Ches A A tl.. Juno
138,853 114,614
655,638
481,336
Cumberland Vail. Juno
459,418 443,988 2,641,772 2,259,956
Long Island_____ Juno
2,520,876 2,290,119 11,409,563 9,379,786
Mary Del A V a .. Juno
108,822
77,121
560,026
355,663
N Y Phila A Nor. Juno
631,308 632,729 3,692,713 3.008.346
Tol Peor A West. Juno
144,862 116,806
705,564
698,601
W Jersey A Seash Juno
1,056,492 918,441 4,947,149 3,974,575
Pennsylvania C o__ Juno
9,235,511 8,038,828 47,620,355 37,743,307
Grand Rap A Ind Juno
657,673 624,100 3,535,766 3,129,087
Pitts C C A St L . Juno
7,753,967 7.322.526 43,643,413 37,150,968
Peoria A Pekin Un. Juno
93,887
95,13!)
586,778
613.307
Pero Marquotte___ Juno
2,843,381 2,352,140 15,638,076 12,193,044
Perkiomen______
Juno
93,031 107,513
511,192
422,919
Phila Beth A N E._ Juno
56,444 134,380
413,489
722.505
Phila A Reading__ June
6,989,861 7.068.635 33,649,604 35,572,543
Pittsb A Shawmut.. Juno
89,179 124,587
535,973
017,831
Pitts Shaw A North Juno
82,007 108,327
488,117
601,291
Pittsb A West V a .. Juno
113,031 162,129
642,190
856,715
Port Reading____ Juno
203,992 244,870 1,259,590 1.016,720
Quincy Om A K C - . Juno
85,251
72,107
504,022
476,404
Rich Fred A Potom. Juno
696,724 642,089 3,989,783 2,844,885
Wash Southern.. Juno
519.382 336,385 2,386,528 1,581,605
R utland___
Juno
407,932 372,338 2,201,432 2,099,757
St Jos A Grand Isl’d Juno
334,543 198,938 1,396,789 1.291,731
St Louis-San F ran.. Juno
6,260,189 5,513,107 35,480,667 30,161,168
Ft W A Itio Gran. J uno
126,904
81,952
668,086
520,074
St L-S F of Texas Juno
143,727
91.149
657,350
721,479
St Louis Southwest. Juno
1,055,318 834,301 6,128,745 6.185.564
St L S W of Toxas Juno
564,170 460,297 2,925,294 3,158,773
St Louis Transfer.. Juno
73,451
79,852
471,397
488,632
San Ant A Aran Pass Juno
325,048 261,388 1.910.858 1,908,809
Scaborad Air Lino. Juno
3,356,089 3,056,042 20,449,364 17,437,962
South B u ffa lo ___ Juno
57,994 118,956
554,526
760,426
Southern Pacific__ Juno
13955 118 12065005 76.001,927 66,900,146
Arizona Eastern. Juno
314,390 255,093 1,875,671 2.179.564
Galv Harris A S A Juno
1,820,464 1,511,156 10,112,155 9,910,671
Hons A Tex Cent. Juno
739,712 645,290 4,103,179 4.135.966
Hous E A W Tex. Juno
180,846 139,518 1,100,791
976,203
Louisiana West’n. Juno
358.382 320,023 1,969,408 2,014,678
Morg La A Toxas In no
661,249 593,582 3,644,659 3,796,253
Toxas A New Orl. Juno
667,453 582,063 3,740,160 3,527,303
Southern Railway.. Juno
9,869,257 9,673,393 59,052,11.3 54.134,611
Ala Great South. Juno
871,577 723,819 4,947,457 3,904,445
Mobile A Ohio.
Juno
1.159,741 1.158.527 7,136,696 6,685,585
Georgia Sou A Fla luno
308,457 282,485 2,130,119 1,684,797
South Ry in Miss I uno
126,090
88,933
818,040
623,299
Spokane Internat’!. luno
75,146
94,823
465,129
468.308
Spolc Portl A Seattle Juno
609,834 714,720 3,378,203 3,805,946
Staten Island R T__ luno
210,244 191,294 1,073,279
763.126
Tonn Ala A Georgia 3d wk July
1,974
62,845
3,385
63.505
Tennossee Central. . runo
189,163 254,554 1.241.859 1.236.347
Term RRAssnofStL Tuno
291,109 313,147 1,768,520 1,745,399
St L Mer Bridge T runo
211,624 299,283 1,299,336 1,607,972
Texas A Pacific___ 3d wk July 680,399 512,834 18,223,326 13.190,497
Toledo St L A West. runo
599,358 637,788 3,452,878 3,562,917
Ulster A Delaware. _ runo
83,245
8 8 /6 8 8
461,718
414.258
Union Pacific______ runo
3,240,299 7,618,718 19,452,250 10,028,000
Oregon Short Lino runo
3,052,168 2,782,515 17,055,942 15,155,306
Ore-Wash RR A N uno
3,285,108 2,332,736 12,765,152 11.028,747
Union RR (P enn).. runo
669,072 657,895 3,757,636 2,849,609
U tah_____________ Vlay
73,728 104,235
428,978
497,210
Vicks Shrove A Pac. une
269,061 155,163 1,5.32,702 1,171,509
Virginian R R ______. une
,136,424 903,409 5.109.859 5,067,655
Wabash R R _______ uno
1,009,782 1.919.635 22,730,851 9,860,029
Western Maryland. . uno
,125,802 ,208,348 6,763,162 6.630.967
Western Pacific___ May
,030,598 832,085 4,222,540 4,056,244
Western Ry of A la .. . uno
178,912 206,173 1,302,075 1,135,485
Wheel A Lako E rio.!. uno
,368,986! ,190,296 5,686,277 5,532,739
Wlcta Falls A N W__ . uno
04,850
188,196
926,513
471,973
Yazoo A Miss Valley . uno
: ,737,320; ,602,524 1,035,257 9,754,221
A G G R E G A T E O F G R O S S E A R N IN G S — W e e k ly a n d M o n t h ly
*
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
Weekly Summaries.
week M ay
week May
week May
week May
week Juno
week June
week Juno
week Juno
week July
wcok July
week July
(12 roads).
(13 roads).
(12 roads).
(12 road.^5.
(14 roads).
(11 roads).
(I t roads).
(14 roads)
(12 roads).
(13 roads).
(14 r o a d s ') .
•iW e no longer Include J
Current
Year.
S
6,839,092
6,719,582
7,361.232
10,811.279
6.850,498
7.354,587
’ 7,051,650
9,255,407
6,660.394
8.288,192
7.858.562
Previous
Year.
8
6.671,104
6.571,295
6.811,778
9,505,652
6.635,242
6.983,931
7,007,841
9,310,2.34
6,254,110
7,447,070
6.844.374
Increase or
Decrease. '
8
4-167,988
4-148,287
4-549.454
4-1.305.627
4-215.256
-1-370.656
4-43,806
— 51,827
4-406,284
4-841,122
4-1.014.188
>
%
2.52
2.25
8,06
13 74
3.24
5.31
0.62
0.59
6.46
11.29
14.81
* Monthly Summaries.
M ileage.
C urr.Yr.
Job
. . . 231/00
August___ -230,743
September. .232 ISO
October__ .230.184
November. .232,274
December . .232,774
January... .232,655
February.. .232.957
M arch ___ .226.086
A p r il____ 232.708
M av______ -233.931
Prcv. Yr
Current
Year.
S
230.570 463.084,172
230.015 498.269.36b
232.378 487,140.781
230.576 484.824.750
232.259 438.602,283
232,399 438,365,327
233.199 395,552,020
233.266 351.048,747
225.631 375.772.750
233.251 388,697,891
234,339 413,190,468
Previous
Year.
$
146,022,857
362.609.501
357,772,850
377.807.933
356,438,875
335,007,571
284.131,201
289,392,150
365,090,335
370,710,999
378,05.8,163
Increase or
Decrease.
%
S
;
t 11/601315 34.00
4-135759,795 37.4C
4129307,931 36.10
4100950.817 28.30
482.103.408 23.08
4 102757756 30.03
4111420.819 39.22
401.656,597 21.31
410,670.415 2.90
417,986,895 4.85
435.132,305 9.29
THE CHRONICLE
A ug . 2 1919.]
L a t e s t G r o s s E a r n in g s b y W e e k s .— In tho table which
follows wo sum up separately the earnings for tho third
week of J u ly . T h e table covers 14 roads ands hows 1 4 .8 1 %
increaso in the aggregate over the sam e week last year.
Third Week of July.
1919.
1918.
S
S
74,747
83.438
Ann Arbor_________________
426,059
280,768
Buffalo Rochester & Pittsburgh
Canadian National Railways— 1.686,448 1,561,063
Canadian Pacific--------------------- 3,202,000 2,644,000
474,132
381,868
Colorado & Southern__________
117,250
99,373
Duluth South Shore & Atlantic.
Grand Trunk of Canada______ 1
Grand Trunk Western______ } 1,316,805 1,114,799
Detroit Grd Haven & M ilw.
Canada Atlantic____________J
10,182
21,087
Mineral Range________________
5,159
5,166
Nevada-California-Oregon------1,974
3,385
Tennessee Alabama & Georgia..
512,834
680,399
Texas & Pacific____________
Total (14 roads)____
Increase. Decrease.
S
8,691
125,385
558,000
92,264
17,877
S
145,291
202,006
7
167,565
7,858.562 6,844,374 1,171,795
1.014.188
10,905
1,411
157,607
N e t E a r n in g s M o n t h ly to L a t e s t D a t e s .— T h o table
follow ing shows tho gross and net earnings w ith charges and
surplus of S T E A M railroad and industrial com panies re
ported this week:
-Gross Earnings----- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
. $
$
$
158,372
Alabama & V icks.b___ Juno 227,154
7,349 def71,699
94,520
Jan 1 to Juno 30______ 1,331,733 1,083,550
178,861
295,486
41,113 def.36,675
Ann A rbor.b_________ Juno 332,416
198,194
1,512,520
Jan 1 to Juno 30______1,931,129
53,944
2,897,031
Atch , Top
F o .b ___ Junel3,679,380
12,926,579
1,838,113
.......
7C lie QAa 72,422,360
.loo ion 16,040,696 21,413,432
. .l &to
. S June
Jan
30...........78.416,846
GulfCol&Santa F o .b . Juno 1,530,033 1,418,267
25,394 dcfl38,584
864,031 2,038,352
Jan 1 to Juno 30--------- 8,856,832 8,873,412
Pan & Santa F o .b ..Juno
506,688
449,081 dcfl3,871 dcf95,786
Jan 1 to Juno 30______ 2,501,288 2,851,654 dcf569,222
530,931
Atlanta & WcstPoint. b.Juno
200,229
203,388
20,827
33,178
343,295
Jan 1 to June 30______ 1,335,347 1,104,953
334,517
307,624 dcf!25,401 dcfl96,935
Atlanta Birm & A tl.b_.Juno
401,058
Jan 1 to Juno 30______ 2,403,257 2,004,768 def712,l61 defl60,997
394,990
107,700
65,643
Atlantic C ity .b ________ June 394,948
376,484
194,963
Jan 1 to Juno 30______ 1,925,885 1,500,853
663,381 def907,897
Atlantic Coast L ine.b.-Ju nc 4,903,597 4,363,773
Jan 1 to June 30........... 32,858,908 26,226,235 5,793,094 6,035,224
Baltimore & O h lo.b___ Juncl5,233,216 14,852,852 2,244,276dfl,755,020
Jan 1 to June 30______79,759,851 68,991.616dfl,175,307 def780,630
173,680 def26,406 def92,102
Balt & Ohio Ch Term. b . June 175,465
821,775 dof507,620 def402,491
796,656
Jan 1 to June 30______
361,443
18,027 def 119,395
B an gor* Aroostook.b..June
373,399
2,233,051
253,187
273,076
Jan 1 to Juno 30______2,6 i l , 728
352,949
58,529 def57.230
Belt Ry of C hicago.b..Juno 319,266
25,748
79,829
Jan 1 to Juno 30______ 1,588,073 1,824,342
510.877
434,499
Bessemer & Lake Erio.b.Juno 1,368,752 1,323,763
875,529
Jail 1 to Juno 30______ 5,688,416 4,987,911 1,139,379
123,893
Birmingham Southern.!).June
38,645
5,602
15,455
708,870
Jan i to June 30______
304,739
82,544
58,837
Boston & M aino.b_____Juno 6,120,307 5,738,709
.
943,256 d fl, 115,731
Jan 1 to Juno 30______32,045,780 30,140,135 1,266,682
654,746
Buffalo Itoch & Pitts.b.June 1,042,581 1,588,118 dcf261,469 def329,836
Jan 1 to Juno 30______ 6,480,096 8,033,382 def751,626
67,895
178,499
177,462 def.37,887 def47,707
Buffalo & Susn.b...........Juno
Jan 1 to Juno 30_______ 1,006,750 1,079,002 defl65,307
44,052
Canadian P a d fic.a -------- Junol3,577,274 12,577,286 2,990,421 2,812,147
Jan 1 to June 30..............76,722,267 72,012,286 12,186,478 14,706,984
Can Pac Lines in M o.b.Juno
136,902
128,632 def63,641 defl7,418
Jan 1 to Juno 30............. 1,572,098 1,316,703 defl53,375 dofl33,757
Caro Clinch & O h lo.b..Ju no 487,640
340,510
121.722 def47,191
Jan 1 to Juno 30______ 2,764,767 2,056,680
533,063
483,960
Central of Georgia.!)— Juno 1,730,100 1,521,628
209,805 def287,499
Jan 1 to June 30______10,164,559 9,551,095
949.722 2,169,635
Central RR of N J . b __ Juno 3,555,594 3.746.780
738,423 def265,749
Jan 1 to Juno 30...........20,197,406 19,086,173 1,741,152 2,335,334
Central Now England.b.Juno 483,023
559,435
def4,584 def147,902
Jan 1 to June 36______ 3,057,399 2,763,010
58,521
266,580
Central Vorm ont.b----- Juno 507,854 „ 463,429
_____ dcf69,346 dofl35,671
Jail 1 to Juno 30______ 2,629,991 2,332,945 def439,442 dofl94,486
Char & West C aro.b_.Juno
180,090 , 212,214 def45,732 dcf34,699
Jan 1 to Juno 30______ 1,478,481 1.320,551
144,686
257,812
Chesapeako & O h lo .b ..Juno 6,711,914 5,992,909 l,386.160dfl,004,313
Jan 1 to Juno 30...........34,778,132 30,040,973 6.794,673 5,018,190
C hicago* A lton .b.........June 2,188,103 1,928,845
177,447 dofl00,696
Jan 1 to Juno30--------- 12,080,990 10,118,750
717,370
845,291
Chicago * East Ill.l)— Juno 2,003,521 2,202,990
91,952 dcf2l4,277
Jan 1 to Juno 30........... 11,510,525 11,250.236 dcf408,211
509,463
Chic & North W est.b..Juncl2,480,376 10,198,808 2,712,3 2 0 d fl,334,999
Jan 1 to June 30........... 62,550,323 51,859,519 7,096,761 3,219,777
Chic Burl & Q u in cy.b..Ju n el2,219,535 10,808,372 1,911,578 1,139,664
Jan 1 to Juno 30........... 68,485,084 62,097.596 12,587.244 10,580,023
Chicago Great W est.b.-Jun o 1,785,432 1,429,020
274,502 def417,117
Jan 1 to Juno 30........... 9,812,065 8,410,490
•
---------694,410
520,947
967,565
Chic Ind & L ouisv.b— June 1,081.445
211,967
83,336
Jan 1 to Juno30-------- 5,664,327 4,573,207
926,145
541,993
Chicago Junction, b ----- June 310,094 , 298,061
_ ,
dcf42,542 def 101,413
Jan 1 to Juno30-------- 1,688,745 1,549,371 dcf480,429 def 139,101
Chic Milw & St Paul.b_Juncl2,883,510 10,776,508 1,165,567 df2,503,892
Jan 1 to Juno 30______69,093,453 55,916,757 3,861,526 1,367,817
Chic Peoria & St L .b — June
131,898
163,957 def71,997 dcf93,84l
Jan 1 to Juno 30______
7b8,749 1,038,031 def396,935 defl26.603
Chic R I & Pacific.b
June 8,787,315 7,291,040
.
1,921,OlOdfl ,397.738
Jan 1 to Juno 30...........49,082,858 43.830.982 4,929,658 6.321,020
Chi Rock Isl * G ulf.b Juno 347,162
349,225
13,400
def9,776
Jan 1 to Juno 30______ 2,176,564 2,124,956
182,634
596,992
Ch St P Minn & O m .b.Juno 2,285,647 1,872,477
182,668 dof379,515
Jan 1 to Juno 30______12,640,379 10,652,859 1,763,795
982,745
Chi Tor Ilau & So’oast.b.Juno 291,829 , 420,404
------ def60,688 defl58,305
Jan 1 to Juno 30______ 1,847,296 1,993,359 def184,291 def92,625
Olnc Ind & W cst.b___ Juno 248,045
225,176 def45,881 dcfl36,707
Jan 1 to Juno 30___ . . 1,381,004 1.450,299 def219,480
26,228
Cine Now Orl & T P .b -.J u n o 1,380,962 1.288,745
235,440 def23.629
......
1,338,061 1,149.553
Jan 1 to Juno 30______ 8,303,699 6,604.118
Colorado & Southern.b.Juno 1,019,405
975,464
95,396 dcf49,130
Jan 1 to Juno 30_______ 6,190,811 5.733,137 1,070,370 1,367,850
520,837
Ft Worth & D e n C .b . Juno 843,422
253,317 defl29,460
Jan 1 to Juno 30______ 4,989,915 3,511.951 1,394.693
661,770
70,078
Trinity & Braz Vail b Juno
86,211
.
def61,932 dcf47.449
Jan 1 to Juno 30______
587,564
544,870 def300,776 defl24.339
Colorado & W yoming.b.Juno
95,864
92,641
20,902
6,934
Jan 1 to Juno 30______
569,387
540,792
120,130
134,590
Delaware* llu d son .b-.J u n c 2,875,039 2,949,859
511,834
439,496
Jan 1 to Juno 30...........15,938,986 15,153.911
924,066 dcf308,045
469
-------Gross Earnings-------------- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
$
$
$
Del Lack & W estern.b.June 6,230,382 5,686,552 1,527,477
367,046
Jan 1 to June 30______ 34,162,323 29,848,437 7.494,037 6,847.968
Denver & Rio Grande.b.Juno 2,569,432 2,262,846
448,033 def200,549
Jan 1 to Juno 30______ 14,098,587 13,519,245 2,143,560 2,734,759
Denver & Salt Lake.b.Juno
304,405
241,645 def22,583
2,158
Jan 1 to June 30........... 1,202,984
877,257 def512,993 def285,053
Detroit Tol & Iro n .b ...J u n o
269,601
268,023 def40,322 defl81.455
Jan 1 to June 30........... 1,716,587 1,209,080 def362,721 def469,667
Det & Tol Shore Line. b . June 210,075
145,287
97,617
23,407
946,618
592,573
412,258
Jan 1 to Juno 30______ 1,120,911
Duluth & Iron Range, b . June 1,287,086 1,100,769
794,542
552,965
Jan 1 to June 30______ 3,339,757 2,806,854 1,276,084
658,332
Dul Missabe & N .b ___ June 3,209,797 2,513,221 2,345,751 1,622,370
Jan 1 to Juno 30______ 8,300,020 5,591,885 4,890,015 2,185,386
Duluth So Shore&Atl.b.June 431,798
367,594
58,220 def 119,310
Jan 1 to June 30........... 2,151.127 1,975,264
69,500 def75,070
East St Louis C onn_b..June
94,951
86,779
def5,650 def68,784
Jan 1 to June 30______
557,456
490,611 def84,903 d e f i l l ,200
Elgin Joliet & East.b_.Juno 1,462,385 1,561,738
139,622
150,046
Jan 1 to Juno 30______ 10,254,004 8,061,735 2,542,526 1,476,880
E r ie -b ._____ __________June 7,531,199
7,223,978
570,415df2,937,855
Jan 1 to June 30______41,831,624 36,088,083 def836,907df4,095,992
808,418
842,211
140.960 defl91,111
Chicago & E rio.b ___ June
Jan 1 to June 30______ 4,952,460 4,538,314
658,248 def245,106
El P a s o * Southwest.b. June 1,005,583 1,194,757
218,176
181,612
Jan 1 to Juno 30........... 6,239,429 7,311.963 2,184,877 2,963,750
Florida East C oa st.b . ..J u n e
734,142
598,885
108,387 der99.076
Jan 1 to June 30.......... 5,390,728
5,030,537
795,530 1,967,413
Ft Smith & W estern.b.June
109,381
86,838
1,032 defl3,540
703,831
589,126
54,160
44,001
Jan 1 to June 3 0 ..........
Galveston W h a rf.b ___ June
77,240
73,947
19,799
23,280
Jan 1 to June 30_____
403,623
519,366
70,845
198,301
Georgia, b .......................Juno
397,202 504,828
12,974
58,656
Jan 1 to Juno 30______ 2,954,220 2,742,676
572,339
774,251
Georgia & Florida.b__ June
67,243
62,072 def36,259 defl5,075
Jan 1 to Juno 30______
468,555
461,987 defl62,993 def 15,286
Gr Trk Lines in N E b June
362,617
137,173
50,428 defl23,584
Jan 1 to Juno 30______ 2,130,206
998,857 def391,966 def361,910
Grand Trunk W ost_b..June 1,955,494 1,911,790
502,735
57,981
Jan 1 to Juno 30......... .10,232,842 7,975,770 1,801,716 defl90,225
Great Northern.b.......... June .8,931,273 7,737,898 1,560,666 def792,848
Jan 1 to June 30______ 47,272,184 39,057,426 5,585,352 1,304,760
Gulf & Ship Isla n d .b ...J u n e
204.016
209,840
def4.154 defl6,402
Jan 1 to June 30______ 1,130,675 1,215,805 def33,633
269,725
Gulf M ob ile* N o r .b ...J u n e
223,777
179,917
def352 def44,693
203,697
Jan 1 to June 30........... 1.244,001 1,118,494 def55,630
Hocking V alley.b...........Juno
1,188,960 1,106,436
333,632
39,673
Jan 1 to Juno 30______ 4,528,293 5,178,056
303,416
507,914
Illinois Central.!)_______June 8,579,160 8,628,308 1,232,745dr2,410,575
Jan 1 to Juno 30........... 50,353,827 47,521,120 4,379,324 5,602,468
Internat* G rtN orth.b.June 1,251,252
967,634
110,403 def360,079
Jan 1 to June 30...........- 6,757,763 6,234,561
def497,905867,498
Kan Cy Mex & Orient b June
80,287
77,027 def86,813 dcf73,311
Jan 1 to Juno 3 0 ..........
545,973
570,754 def333,810 defl95,037
K C M c x * O o f Tex. b.June
82,126
81,943 def65,776 defl3,419
Jan .1 to June 30______
486,545
580,836 dcf368,394 def41,386
Kan City Southern.b._Juno 1,060,754 1,177,621
46,380
136,263
Jan 1 to June 30______ 6,957,182 7,216.263
761,722 2,243,598
Toxarlc* Ft Smith.b.Juno
130,316
88,798
51,509
7,878
Jan 1 to Juno 30______
670.884
579,369
121,787
156,477
Kansas City T erm .b ...J u n e
108,243
107,593
25,720
2,820
Jan 1 to June 30______
625,598
575,882
65,050
115,217
Lehigh & Hud R iv .b ...J u n o
212,543
200,282
28,197
defl,497
Jan 1 to Juno 30______ 1,184,405 1,029,226
169,216
144,374
Lehigh & New E ng.b._June
309,659
461,153
85,994
128,595
309,540
389,974
Jan 1 to Juno 30______ 1,591,508 1,752,602
Lehigh V alley.b...............June 5,484,901 5,851,604
491,640 dcf820,095
,
Jan 1 to Juno 30........... 29,325,282 27,195,520 1,598,751 1,015,008
Louisiana & Arkansas.b June
146,539
127,065 def36,069 defl6,299
850,013 defl9,8U
212,175
Jan 1 to Juno 30^.____ 1,015,988
Louisville* Nashville.b.June 8.441,162 7,610,036 def97,598 def623,277
Jan 1 to Juno 30........... 50,459,171 42.994,793 5,254,721 8,026,436
Louisv Hend & St L .b ..J u n e
239,560
237,364
54,600
27,930
Jan 1 to June 30______ 1,433,646 1,259,192
269,136
294,529
Louis lty& N a v C o.b__June.
279.087
197,606
25,024 def59,625
Jan 1 to June 30______ 1,682,460 1,381,518 def48.584
270,604
Maino Central.b______ June 1,439,469 1,341,404
def8,999 def465,776
Jan 1 to June 30______ 8,156.465 7,068,157 def385,533 def307,335
39,621
90,816 def20,567
2,481
Mineral llan ge.b______June
Jan 1 to Juno 30______
415,660
538,086 def28,718
15,489
Minncap & St L ouls.b-.Ju ne 1,160,653
912,847
131,271 def317,131
Jan 1 to Juno 30........... 6,021,753 5.365,418 def69,430
206,201
Minn St I* & S S M .b .-J u n e 3,535,373 2,469,272
697,319 def652,661
Jan 1 to Juno 30........... 18,979,823 13,537,688 2,689,013
270,965
Mississippi Central.b__June
76,684
105,624
def8,748
10,519
Jan 1 to June 30______
474,911
570,737 def68.781
138,229
M issouri* Nor Ark. b _ . June
112,671
111,974 def77,589
8,413
Jan 1 to Juno 3 0 ..........
703,348
682,823 def365,808
40,592
Missouri Kan * T ex.b.Ju ne 2,803.978 2,252,441
543,373 def711,352
Jan 1 to Juno 30........... 15,609,924 14,192,319 1,580,399 1,407,166
M o K a n * Tex of T ex. b June 2,031.913 1,416,338
479,339 def470,796
Jan 1 to June 30______ 11,371,309 8,749,769
592,164 defl6,349
Missouri O k la* G ulf.b.June
107,328
127,105 def57,721 dcfll5,880
Jan 1 to June 30...........
610,441
860,046 defl09,771 defl90,661
Missouri P acific.b______Juno 7,373,211 6,316,172
850,835d f l ,525,357
Jan 1 to June 30........... 42,039.700 40,098,953 3,099,105 6,821,310
Monongahela Connec.b.June
98,485
206,473 d efll,200 defl8,117
Jan 1 to Juno 30......... 832,668 1,057,204 def107,859
112,921
Nash Chatt & St L .b ..J u n e
1,460,369 1,644,357
84,841 defl02,370
Jan 1 to Juno 30........... 9,061,398 9,054,654
152,382 1.472,722
Nevada N orthern.b___ June
145,462
201,499
54,072
91,607
Jan 1 to Juno 30...........
820,259 1,212,985
298,184
602,069
Nowburgh * So Sh.b_.Juno
136,368
108,667
8,063
26,923
Jan 1 to June 30______
841,164
525,597
143,159
37,393
Now Orl * No East.b__June
554,680
481,147
94,674 def83,139
Jan 1 to Juno 30........... 3,095,768 2.876,993
188,738
686,885
Now Orl Gt N orth .b..J u n e
173,107
178,202 def28,669
13,785
Jan 1 to Juno 30______ 1,054,885 1,007,588
15,745
270,296
Now York Central.b
June26,340,826 23,874,698 6,089,832df3,799,367
Jan 1 to Juno 30______ 141813.609 122729,354 20,945,166 12.377,872
Cincin N orth .b _____Juno 245,739
224,490
61,235 dcfl8,070
Jan 1 to Juno 30......... 1,409,470 1,166,097
312,212
93,747
Clov Cln Chi & St LbJuno 6,040,730 5,845,026 1,487,851
252,414
Jan 1 to Juno 30........... 32,304,999 29,301,567 6,445,873 5,876,937
Indiana Ilarb Belt.b.Juno
532,420
503,615
41,557 def 185,119
Jan 1 to Juno 30______ 3,001,705 2,450,629 dof218.525 def409,675
Kanawha & M ich.b.June
429,321
543,464
66,586
136,886
Jan 1 to June 30........... 1,975,871 2,361,361
83,245
593,180
Lako Erio & W cst.b.Juno
747,741
729,002 def83,019 defl08,169
Jan 1 to Juno 30........... 4.429,792 4,084.315 defl07,270
439,572
Michigan C entral.b..June 6,395,813 5,338,788 1,651,828 def169,634
Jan 1 to Juno 3 0 .......... 35,083,567 29,356,569 7,528.655 5,531,416
Pitts & Lako E rio.b..Ju no 2,077,859 2,679,389
118,019
255,722
Jan 1 to June 30........... 13,558,112 13,980.010 1,294,719 3.638,502
Toledo & O C ent.b._June
846,699
831,062
158,663 defl71,198
Jan 1 to June 30........... 3,970,457 4,009,038
69,963 def35,665
Roads.
470
------Net Earnings------ — Gross EarningsCurrent
Previous
Current
Precious
Year.
Year.
Year.
Year.
Roads.
S
$
$
dof5,101
def38,583
150,209
New Orl Tex & M ox.b.June
144,974
62,928
311,419
889,140 1,047,946
Jan 1 to June 30______
def6,884
104,894 def27,842
Boau So Lake & W _b.June
80,845
3,541
272,738
743,078
Jan 1 to Juno 30______
604,314
122,926 def 115,791
283,447
StL Browns & M ex.b.Juno
425,952
735,160
399,808
Jan 1 to Juno 30______ 2,460,168 1,810,590
391,542
20,441
Now York Cai& S tL . b-Jun o 1,792,578 1,837,300
Jan 1 to Juno 30...........11,830,523 9,068.351 2,841,664 1,231.960
1,238,510 df1,636.304
N Y N Ilav & Hart - b.Juno 8,961,900 9,184,513
.
Jan 1 to Juno 30______47,535,174 44,533,000 3,254,473 4,141,170
88,992 def95,819
NowYorkOnt& W e st-b Juno 947,793 1,030,606
98,055
280,198
Jan 1 to Juno 30______ 4,610,066 4,776,097
26,507 defl28,04S
New York Susq & W .b.Ju n o
309,538
297,367
95,117
52,276
Jan 1 to Juno 30........... 1,834,823 1,848,691
973,504 def653,801
Norfolk & Western-b__Juno 5,467,401 6,726,527
Jan 1 to June 30...........35,358,796 34,969.428 6,123,994 6,237,525
Norfolk Southern.b_____Juno 461,265
495,954 defl2,656 dof3S.8l5
339,037
def 762
Jan 1 to Juno 30______ 2,981,226 2,636,355
8,091 def 10,709
Northern Alabama.b__Juno
79,345
84,411
142,265
11,211
Jan 1 to Juno 30______
558,791
563,838
Northern P acific.b___ Juno 8,045,787 7,542,787 1,242,361 def274,8l9
Jan 1 to Juno 30...........45.570.224 42,023,234 8.863.889 9,092.479
137,134
75,498
538,576
Northwest P acific.b____June 612,902
324,814
657,849
Jan 1 to Juno 30........... 2,741,499 2,400.215
Pennsylvania B R .b ___ Jnno31,129,117 30,562,254 1,694,124 df6.437,462
Jan 1 to Juno 30........... 174626,274 152123,345 10.809,293 3,087,217
Balt Ches & A tl.b _____Juno 138,853
114,614 def 14,473 def35,674
Jan 1 to Juno 30_
655,638
481,336 def25,169 def52,9Sl
dof7,331 def54,558
Cincin Leb & N o.b_.Jun o
93,302
82,904
488,232
466,498 dof39,396 def73,712
Jan 1 to Juno 30_
12,931
47,405
Cumberland Val_b._June
459,418
443,988
675,729
245,850
Jan 1 to Juno 30........... 2,641,772 2,259,956
462,067
817,804
Long Island.b______Juno 2,520,876 2,290,119
Jan 1 to Juno 30.11,409,563
9,379,786 1,870,130 2,066,381
64 def35,701
Mary Dol Sc V a .b _..J u n o
108,822
77,121
Jan 1 to Juno 30___
560,026
355,663 dof27,104 def74,220
23,944
80,272
Monongahola . b ______Juno 275,936
285,836
352,832
384,608
Jan 1 to Juno 30........... 1,575,784 1,348,318
def0,823
36,282
N Y Phila & Norf.b__June
631,308
632,729
358.705
485.104
Jan 1 to June 30........... 3,692,713 3,068,346
Tol Peoria & W est.b--Juno
144,862
116,806 dof27,322 dof42,329
705,564
698,601 def70,510 dofl0.528
Jan 1 to Juno 30_
66.067 defl60,204
WestJer& SoaShoro b.Juno 1,056.492
918,441
Jan 1 to Juno 30______ 4,947,149 3,974,575 def259,119 def203,236
Pennsylvania C o .b ____ Juno 9,235,511 8,038,828 l,800,015d fl,131,866
Jan 1 to Juno 30...........47,620,355 37,743,307 4,125,536 def93,806
109,772 def70,390
624,100
Gr Rap & In d .b ____ Juno 657,673
104,652
185.574
Jan 1 to Juno 30........... 3,535,766 3,129,087
766,866df 1,548.300
Pitt Cln Ch St St L .b.Juno 7,753,967 7,322,526
Jan 1 to Juno 30______ 43.643.413 37,150,968 2,385.882 1.574.109
Poorla&Pekin U nion.b. June
93,887
95,139 dof89,500 def87.669
Jan 1 to Juno 30...........
586.778
613,307 def251.226 def65.957
760,520 def 111,250
Pore M arquette.b______ Juno 2,843,381 2,352,140
Jan 1 to Juno 30...........15,638,076 12,193.644 2,922.347 1,652.996
49,968
57.700
93,031
107,513
Perkiomon . b __________ Juno
231,006
149,434
Jan 1 to June 30...........
511,192
422,919
Phila & Reading.b_____Juno 6,989.861 7,060.635 2,332.237 def363,693
Jan 1 to Juno 30______33,649,604 35,570,543 2,172,196 4,686.200
34,049
def955
134,380
.Juno
Phila Both & Now E .b.Juno
56,444
127,248
27,621
722,505
413,489
Jan 1 to Juno 30______
def
10.109
def28,872
124,587
.Juno
89,179
Plttsb & Shawmut.b___Juno
33.567
617,831 defl39,186
535.973
Jan 1 to Juno 30______
def23.072
def
6
1,166
162,129
113,031
Pittsburg & West V a.b.Juno
.Juno
52.943
856.715 def362,185
642.190
Jan 1 to June 30______
108,327 def43,054 def63,928
..Juno
82,007
Pitts Shaw & N orth.b.Juno
661,291 defl95.954 def218,186
488.117
Jan 1 to June 30______
27.285
69,270
244,870
Port Reading, b _______ June 203.992
202,930
____ ; 1,259.590 1.046,720
467.647
Jan 1 to Juno 30--------72,107 def29,658 def53,289
j.Juno
Quincy Omaha & K C .b.Jun
o
85.251
476,404 def47.484 def67,825
504,022
Jan 1 to Juno 30
217.193
286,577
642.089
696,724
.Juno
Rich Fred & Potom_b__Juno
Jan 1 to June 30______ 3,989.783 2,844,885 1.648,292 1,103,745
156,033
292.929
519.382
336,385
Washington South .b.Juno
.Juno
692,980
Jan 1 to June 30______ 2.386,528 1,581,605 1,128.443
62,223 def137,582
372,338
R utland.b____________.Juno
Juno 407,932
___ 2,201,432 2,099,757
38,851
44.203
Jan 1 to June 30______
111,287 def58,723
334,543
198,938
.Juno
St Jos Sc Grand Is l.b ___June
31,738
92,652
1,396,789 1,291,731
.Juno 6.260,189 5,513.107 1,618.222 def273,025
...........35,480.667 30,161,168 6,776.039 4.645.867
17.725 def22,106
81,952
126.904
j.Juno
Ft Worth & Rio G .b-Juno
154,481
520,074 def86.145
668.086
Jan 1 to Juno 30
38,793 defl2.319
91,149
o ..Iuno
143,727
StLSan Fran of Tox.b.Juno
168.344
721,479 def25.465
657,350
Jan 1 to June 30320,856 def62,578
834.301
St Louis Southwest.b...Juno 1.055.318
Jan 1 to Juno 306,128.745 6,185.564 1,271,515 2.204,826
460,297 defl 11,260 def265.223
j.Juno
St L Southw of Tox.b.Juno
564,170
_____ 2,925.294 3,158.773 def680,568 def53.576
Jan l to Juno 30______
19.688 def29,358
79,852
.Juno
St Louis Traasfer.b____Juno
73.451
59.610
37,062
488,632
471,397
Jan 1 to June 30
261,388 def103.695 def268.!68
i_.Juno 325.048
San Ant & Aran Pass.b.Juno
____ 1,940.858 1,908,809 def560.781 defl37.5l3
609,791 def341.213
..Juno 3.356.089 3,056,042
_____ 20.449.364 17,437.982 1.940.497 2.831.656
495.132 defl 10,015
..Juno 9.869.257 9,673,393
_____ 59.052.113 54.134,011 4.753.943 13,971.338
141,343
62,037
723.819
. .Juno
871,577
Ala Gt Southern.b__Juno
702,172
988.622
Jan 1 to Juno 30______ 4,947.457 3.904.445
def9,229 def44,271
282.485
Georgia South St Fla b Juno 308,457
114.774
237,306
______ 2,130.119 1,684.797
Jan 1 to June 30______
Mobilo & O h io.b___..Juno
Juno 1,159,741 1,158.527 def 161,476 def400.173
216.017
Jan 1 to June 30______
- - - - - 7,136.696 6,685.585 def580,837
88.933 def33,628 def69.568
>.Juno
126.090
South Ry in M iss.b.Juno
623.299 def38,885
29,052
_____
818,040
Jan 1 to June 30______
Southern P acific.b____ Junol3,955.l 18 12,065,005 3,871,842dfl. 100,376
Jan 1 to Juno 30......... .76.001,927 66,900.146 13.144,555 12.654.174
105.153
80.122
Arizona Eastern.b__ Juno 314,390
255,093
417,650
851.892
Jan 1 to Juno 30.........- 1.875,671 2,179.564
358,482
167,354
Gal Bar & San A n.b.Juno 1,820,464 1,511,156
Jan 1 to June 30............10,112.155 9,940.671 1,842.148 2,911.756
39,530
172.608
Houst & Tex C ent.b.Juno
739.712
645,290
558,892 1,063.874
Jan l to Juno 30______ 4,103,179 4,135.906
5,527
21.331
Houst E & W T ex.b.Ju no
180,846
139,518
250,681
192.097
Jan 1 to June 30______ 1,100,791
976,203
88.280
145,396
Louisiana W est.b___ Juno
358,382
320,023
955.147
673,135
Jan 1 to Juno 30______ 1,969,408 2,014.678
Morgans Louisiana St Tex
54.862
169.516
593,582
661,249
R R St S S C o .b ........Juno
510.934 1,358.121
Jan 1 to June 30______ 3,644,659 3.796.253
55.101
582,063
110,218
667.453
Texas St New O rl.b..Jun o
971,454
254.721
Jan 1 to June 30--------- 3.740,160 3,527.303
1,240
75,146
29,391
94.823
Spokane Internat'l.b— Juno
148,819
124,063
465,129
468,308
Jan l to Juno 30______
165.094
211,109
________
_ __
609,834
714,720
Spok Port
St Soattlo.b-.Juno
796,237 1,675.745
Jan i to June 30........... 3,378,203 3.805.946
fVoL. 109.
THE CHRONICLE
---- Gross li arnings------ ------- Net Earnings------Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
•S
$
S
36,556
58,815
191,294
Staton Isl Rap Tran.b.Juno
210,244
116,881
53,940
763,126
Jan 1 to Juno 30______ 1,073,279
254,554 def35,210 dof28.505
Tennessee C entral.b___ Juno 189,163
129,745
Jan 1 to Juno 30______ 1,241,959 1,236,347 def218,150
37,851 def 125,358
313,147
Term RR Assn of St L.bJuno
291,109
40,964
231,923
1,745,399
Jan 1 to Juno 30______ 1,768,520
299,283 dof84,617 dofl22,313
St L Mer Bdg St Ter.bJuno
211,624
dof8.842
Jan 1 to June 30______ 1,299,336 1,607,972 def431,501
580,761 dof372,987
Texas & P acific.b_____Juno 2,907,538 1.953,959
Jan 1 to Juno 30______16,344,972 11,649,270 1,833.566 2.183,993
29,552 def98,346
637.788
Toledo St L & W est.b ..Ju n o
599,358
454.725
627,781
Jan 1 to Juno 30______ 3,452,878 3,562,918
Ulster St Delaware.b___ Juno
83,245
88,688 def23.634 def43,412
414,258 dofl32,101 dof46,765
Jan 1 to Juno 30______
461,718'
Union P acific.b_______ Juno 8,246,299 7,618,718 2,716,045 1,712,188
Jan 1 to Juno 30______49,452,256 40,028,600 15,271,430 13,245,341
406.443
551.495
Oregon Short Lino.b.Juno 3,052,168 2,782,515
Jan 1 to June 3 0 ______17,055,942 15,155,306 4,060,610 5,191.626
400,369
262,332
Ore-Wash RR & NavbJuno 2,285,108 2,332,736
Jan 1 to Juno 30______12,765,152 11,628,747 1,897,141 2,619,150
1,047
657,895 defl65,532
Union RR of P a .b _____ Juno 669,072
174,185 def344,689
Jan 1 to Juno 30______ 3,757,636 2,849,609
155,163
59,610 def67.044
Vicks Shrevo Sc P ac.b.Juno 269,061
266,715
231,339
Jan 1 to Juno 30______ 1,532,702 1,171,509
22,507
407,094
903,409
Virginian.b____________ Juno 1,136,424
790,144 1,151,103
Jan 1 to Juno 30______ 5,109,859 5,067,655
516,480 def231,884
W a b a s h .-b ....................Juno 4,009,782 3,919,635
Jan l to Juno 30______22,730,851 19,860.029 1,963,058 1,890.805
86,636 def446,905
Western M aryland.b___June 1,125,802 1.208,348
Jan 1 to Juno 30______ 6,763,162 6,630,967 defl22,904 def59.4507,629
206,173
21,948
West Ry of Alabama.b.Juno
178,942
308,612.
301,414
Jan 1 to June 30______ 1,302,075 1,135.485
433,264 dof39,936
Wheeling St Lake Erio.b.Juno 1,368,986 1,190,296
617.617
594,464
Jan 1 to June 30______ 5,686,277 5,532.739
8.869 dcf60,292
64,856
Wichita Falls & N W .b.Ju no
188,196
def
147,811
471,973 def51,063
Jan 1 to June 30______
926,513
300,566 dof525,063
Yazoo & Miss Valley.b.Juno 1,737,320 1,602.524
Jan 1 to Juno 30______ 11,035,257 9.754.221 2,037,886 1,817,777
Roads.
a Net earnings hero glvon are after deducting taxes,
b Net earnings hero given aro beforo deducting taxes.
Fixed
Gross
Other
Net after
Gross
Income.
Charges.
Income.
Taxes.
Ear i gs.
i
$
%
$
S
ida Johnstown St Glovcrsvllle RR—
June T9
’ IS
6 mos T9
T8
101,330
93,608
579.818
518,989
40,739
31,855
173,293
172,822
3,064
3,138
18,610
17,587
43,803
31,993
191,909
190,409
34,787
32,318
194,544
199,454
Balance *
Surplus.
*
9,016
2,075
de(2,635dof9,045
EXPRESS COMPANIES.
-Month of March--------- Jan. 1 to Mar. 311919.
1918
1919.
1918.
American Railway Exp. Co.
$
$
$
$
60,229,716
Total from transportation— 21,878,998
........... 30,210,735
Express privileges— Dr_____10,972,323
Revenue from transport’n . 10,906,675
Oper. other than transport'n.
627,209
. 30,018.981
. 1,633,820
Total operating rovenues..11,533.884
Operating expenses_________ 13,586,171
. 31.652,801
. 39,765,888
Net operating revenue.def.2,052,287
Uncollectible rev. from trans.
1,370
Express taxes_______________
116,561
.d f8 ,113.087
.
7,466
.
376.131
Operating incomo______def.2,170,218
E L E C T R IC
______ df8,496,864
R A I L W A Y A N D P U B L IC
Latest Gross Earnings.
Name of Road
or Company.
Alabama Power C o ..
ZiAmer Pow & Lt C o.
Atlantic Shore Ry__
\urora Elgin & Chic
Hanger Ry St Electrli
Baton Rouge Elec C<
Ulacivstone V U & EL
(/Brazilian Trac, L& I
Cape Breton Elec Co
Cent Miss V El Prop
(.'love Paiuesv St Ka>
Colorado Power C o.
(/Columbia Gas & Elec
Coluinous (tia) El C*
C om w ’th P, Ry & Li
Connecticut Pow Co
Consum Pow (Mich).
/( ’ mill) Co (Me) P St I.
Dayton Power & L t..
g Detroit Edison___ _
gi )etr lit
United Line
Eastern Texas E lec..
Edison El of Brock’n.
jElec Light & Pow C<
pEl Paso Electric Co
Fall River Gas Work!
Federal Light St Trac.
Ft Worth Pow & Lt_.
Galv-Hous Elec C o..
g ( treat West Pow Sy:
Harrisburg Railways
6 Hudson & Manhat.
b Illinois T raction...
I Interboro Rap Tran
Jacksonville Trac Co.
Keokuk Electric C o .
Louisville Railway..
Lowe I Electric Oorp
Month.
Juno
lune
May
Juno
April
May
lune
Juno
May
May
April
nine
May
May
Juno
May
Vjiril
May
June
(uno
luno
May
May
Juno
luno
Vlay
Juno
May
luno
luno
lune
lune
(uno
May
May
luno
luno
April
May
luno
Juno
luno
luno
April
Juno
May
Juno i
Juno |
(uno
May
April
vfay
luno
April
Current
Year.
Previous
Year.
---------
U T IL IT Y C O SJan. 1 to Latest Date.
Current
Year.
5
S
80 <'.944
123.891 133,049
215,9 -> 259,059 1.372.919
1224,129 1019,920 6,448.193
14.805
71,138
14,347
756.377
192.792 156.937
413.921
83,381
71,190
172.549
29.498 23,273
201,721 204,147 1,214,240
/956200U 7903000 - 744594.00:)
53.186
8,692
12,366
2978,358 2571,001 11,041,103
277,413
40,098
46,5z9
164,734
32,98.
26./ i
733.733
150.150 147.808
1601,017 1808,929 10,762.818
243.511
51.061
46,22
389.889
95.6
106,9 14
918,256 877.375 5.298,330
610.516
95.152
101,85.
1992,372 1831.428 12,319,675
597,29
9 1.005 75.9 >7
634.657 503.096 3.281.973
201.289 254.438 1.022.445
200,133 173,606 1,411,791
1185.753 1011.620 7,837,060
2001. 11. 15 19,40 9 .169.09s
933,764
159,782 147,384
340,613 337.079 1,747,511
650.804
110.620 I02,08i
529.381
63,489
81,003
132.109
10.941
20,295
750,871
123,870 90,23
341,243
63,243 63.319
303,0 KJ 272.395 1.614,758
512,886
90,675 91.708
255.778 230,753 1,469.883
2,478,496
400.428 341.93
517.109
124.37.1 101.890
740,30 1 685,731 3.576,816
177.216
25,430
29.380
370,692
08.045 04,540
209.468
31,552
31,310
148.911
22,706 25.080
516,722 419,752 2.021,637
6,098
1341,228 1150,23 7
1019.001 (524.132 19.34 l,03n
00,984
81,207
509,015
20,548
23,151
150,760
16.157
112,989
18,700
963,769
218.575 161.528
16,267
17,780
63,812
1,668,028
364,925 320,15
484.661
72.367 04.230
13,530
11.867 ___50,447
Previous
Year.
%
854,470
1,352.912
6,381,503
78.504
594,018
367.398
126.244
1,131,251
740606,000
38.931
9,705,535
233.929
132,289
715.754
11,476,250
206,023
419.838
5.314.281
592.028
10.338,998
461,626
2.517.281
1.188,477
1.121.327
6,692.833
7,398.004
846.662
1.597.083
538.122
380.858
100,056
630.244
337,422
1,457,250
537.580
1.237.197
2.096.327
396.681
3,253.267
159.914
348,658
201,824
164.605
1.652.031
7,094,140
17,539.101
428,985
125.653
87,605
772,169
61.199
1,465,289
388.773
45.158
Latest Gross Earnings.
Name of Iioad
or Company.
471
THE CHRONICLE
A ug. 2 1919.]
Month.
a Milw El Ity & Lt Co Juno
Mississippi Riv P Co- Juno
Nashville Ity & Light May
Now England Power. May
Newp N & H Ry. G& E Juno
Now York Dock C o .. Juno
N Y A Long Island.. April
N Y & North Shore.. April
N Y & Queens C o__ April
Now York Railways. April
Northampton T ra c.. April
Northern Ohio E lec.. Juno
North Texas Electric. Juno
Ocean Electric (L I ) . . Anril
Pacific Power A Light May
Pensacola Electric Co Juno
Pnila Rapid Transit April
Phila A Western
M iy
Portland Gas & Coke. May
Port(Oro) R y.L & P C o May
Porto Rico Railways February
Republic Ity it Lt C o. May
Richmond Lt A R R .. April
St L Rocky Mt it Pac Juno
Santiago El Lt A T r. Juno
Savannah Electric Co Juno
Second Avenue (Roc) April
Southern Boulevard. April
Southern Cal Edison. June
Staten Isld Midland. April
Tampa Electric C o. .Ju no
Tennessee Power----- May
k Tonn Ity. Lt <t l* Co May
Texas Power it Lt Co May
Third A venue Sostem M ty
D D E B & B R R - . April
42dStM & StN AIty April
Union RyCo(N YC) April
Yonkers Railroad.. April
N Y City Inter R y. April
Belt Lino Railway- April
Third Avenue_____April
Twin City Rap Tran. Juno
Virginia Ry A Power. June
Wash Balt & Annap . M iy
Westchester Electric. April
Youngstown it Ohlo.lMay
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
S
1120,942 946,311 7,0<T, 101 5,637,423
192,146 182,590 1.111, 850 1,092,995
204,678 232,266 1,331 323 1,073.161
293,157 262,323 1 ,5 1 9 172 1,275.767
944,849
259,448 196,481 1,321 845
477,525 470,851 2,582 162 2,572,166
165, 410
125,226
47,557 37,698
40,523
45. 752
11,755
12,442
319, 990,
274,925
75,468
86,194
1090,708 983,452 4,052 405 3,661,872
70.6 s
83 732
17.678
20.120
746,220 593,513 4,312 935 3,468,309
282.415 259.163 1,558, 569 1,5)0,931
31, 162
25,042
7,567
9,578
816, 604
726,087
166,572 148,417
278. 628
225,754
44,152 42,733
2909.271 21588,15 11,126 351 9,81 4,092
278 422
229,204
05.053 52.110
871 285
674,614
165,495 141,631
711,453 620.294 3,544 322 3.025.087
165,30;
1 8 2 ,6 0 0
92,562 *3,186
488.136, 469,517 2,534 ,275 2,358,743
42,662 33,739
158 918
127,406
346.325 409.04, 1,9/3 ,2 9 1 2,548,396
365 ,713
62,209 55,718
325,078
118,664 96,677
673 225
555,228
66,860
67,547
621
234,114
19,862
17,670
2n 838
64,371
954,590 777,871 4,874 110 4,098,544
25,941
20,778
92 138
78,605
97.926
613 813
83,135
517,280
968 713
149,720 167,672
820,864
489,755 488.475 2,656 460 2,320,883
249.788 221.583 1,381 040 1,247,185
1000.692 886.302 4,339 ,559 3,974 036
48.672 41,447
185 226
148,978
151,699 139,618
557 847
509,100
236,874 215.045
868 556
809,127
66,244
250.977
283 873
77,951
229 695
219,646
62,253 56.724
51,864
53,331
196,135
190 .796
335,814 315,814 1,295 ,903 1,262.490
924.855 808.432 5,342 .681 4,817,574
755.786 690,380 4,392 .517 3,873,200
1 * 8 3 : ■< 21 2.639
9 /1 ,8 9 7 1
956 . I
166,694
186 .924
50,709 43,625
161,930
38.933 33.533
185 208
a Includes Milwaukee Light, Heat it Traction Co. b Includes all sources.
/ Earnings given In inilrels. g Includes constituent or subsidiary companies
h Subsidiary companies only. J Lewiston Augusta & Watorvilie Street Ry
earnings, expenses, „te. not Included in 1919. k Includes Tennessee R y.,
Light A Power Co., the Nashville Ry. A Light C o., the Tennesseo Power
Co. and the Chattanooga Rv <t Light Co. I Includes both elevated and
subway linos, j Of Ablngton and Rockland (Mass.).
Electric Railway and Other Public Utility Net Earn
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
------ Gross Earnings----- ----- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
$
339,496
309,174
1,341,228 1,150,237
Illinois Traction C o .a ..
8,256.098 7,094.140 2.296,104 1,980,879
695.679
594,704
315,708
286,800
North Statos Power Co.Juno
July 1 to Juno 30--------- 9,212,924 7.637,721 3.976,696 3,255.498
Philadelphia Company:
788,883
365.980
868,690
Nat'l Gas D ep t.a------June
264,365
Jan 1 to Juno 30--------- 7,172,005 6,492.332 3.780.575 3,146,738
70,946
42,650
56,233
57,974
Oil Department.a
June
601,749
305.728
408.768
503.620
88,025
12,686
101,343
Coal Departm ent.a..Juno
26,439
460.677
162,714
716,224
111.534
246,650
930,793
850,166
Elec Lt A Pow Dept a June
324,842
Jan 1 to June 30--------- 6,067.318 5,357,035 2,269.188 1,659.229
Street Railway Dept (excl
1,734
Pittsburgh Ry Co) a Juno
53,646
44.907
7,796
319.806
11,709
260,512
56,169
62,209
Santiago E L A Tr C o..Ju ne
23,316
55.718
23,920
365,713
325.078
130,116
143,691
aro after deducting taxes.
Pug Sd Tr. L A May ’ 19
5 mos '19
Pow Co
June T9
Southern Calif
'18
Edison Co
12 mos 19
'18
Gross
Net after
Earnings.
Taxes.
$
$
*702,133
243,744
4.529.997 1.305.537
954,590
596,824
777,871
516,061
9.511,023 5,879,808
8.275,264 5,299,969
Fixed
Charges.
$
201,113
1.024,278
258,072
243.652
3,080,908
2.728.487
Balance,
Surplus.
$
1105,132
1406,259
338,752
272,409
2,798,900
2,571.482
x After allowing Tor other Income received.
* Gross earnings from street railway lines in Seattle eliminated by sale
of property to the city, March 31. 1919.
Gross
Net
Fixed Chgs. Balance,
Earnings.
Surplus.
Earnings. & Taxes.
S
$
i
$
Juno T9 1.992.372
133,322
812,906
679,584
Commonwealth
'18 1.831,428
786.456
163.029
623,427
&
Light Co
6 mos T9 12,319,075 5.221,189 4,059.620 1,161,569
'18 10,338.998 3.962,362 3.622,317
340,045
68,045
33,936
20.804
June T9
13,132
Honolulu Rapid
64,540
25.171
12,486
'18
12,685
Transit Co
370.692
165.548
86.758
fi mos T9
78.790
348.658
74,177
'18
150,289
76,112
364.925
128,243
*52,468
83,562
j May T9
326.156
T8
134.975
79,812
*67,275
*135,682
511,558
414,813
6 mos T9 1,668,028
632,711
392,063
*293,312
18 1,465,289
746.220
173.493
250.903
77,410
June T9
Northern Ohio
593.513
209.329
144,651
64,778
'18
Electric Corp
977.663
495,357
6 mos T9 4,312.935 1.473.020
852,616
389,985
'18 3,468,309 1.242,601
64.826
14,087
11,973
26,060
June T9
Phila A Western
14,140
8.754
54,405
22.894
'18
U.R. Co.
343.248
84,509
39.718
124.227
6 mos T9
i 0.875
84.576
283.669
115.451
'18
311.526
158,596
152,930
924.855
Juno T9
Twin City Rapid
155.613
1 0,050
808,432
265.663
Transie Co
'18
950,228
505.415
6 mos T9 6.342.681 1.513.643
384.002
938.080
T8 4.847,574 1.332,082
* After allowing for other Income received.
-G ro ss1018.
1919.
S
S
- N e t a fte r
1919.
S
T a x es ------ ---— S u r p . a f t e r C h a rg es—
1918.
1919.
1918.
$
$
S
B a t o n R o u g e E le c t r i c C o —
J u n e _____________________ 2 9 ,4 9 82 3 ,2 7 3
12 m o s __________________ 3 1 4 ,121155 ,5 0 9
1 0 ,7 0 5
1 2 6 ,7 1 1
1 2 ,3 1 1
1 1 9 ,2 8 0
B la c k s t o n e V a ll e y G a s & E le c C o —
J u n e ..............
2 0 1 ,7 2 1
2 0 4 ,1 4 7
12 m o s ______ 2 ,5 2 7 ,7 2 2 2 .1 6 S .9 6 5
4 0 ,8 9 4
6 3 6 ,1 3 5
6 7 ,1 4 6
6 5 8 ,4 5 3
C a p e B r e t o n E le c C o , L t d —
J u n e ...............
4 6 ,5 2 9
12 m o s ______
5 5 6 ,4 9 1
4 0 .0 9 S
4 8 6 ,0 4 8
9 ,6 4 6
1 3 0 ,0 6 3
C o l u m b u s ( G a .) E le c t r i c C o —
1 0 4 ,8 5 2
9 5 ,1 5 2
J u n e ...............
12 m o s _____ 1 ,1 9 9 ,8 9 9 1 ,1 7 8 ,3 9 5
C o n n e c t ic u t P o w e r C o —
7 5 ,9 6 7
J u n e _____________________ 9 6 ,0 0 5
9 1 6 ,6 3 9
12 m o s _____ 1 ,1 6 3 ,9 2 3
E a s t e r n T e x a s E le c C o —
J u n e ...................................... 1 1 0 ,612002 ,0 8 1
1 ,0 1 8 ,1 2 9
12 m o s _____ 1 ,2 4 4 ,4 3 5
7 ,3 2 5
8 4 ,6 0 4
8 ,8 3 5 8 0 ,0 0 9
1 5 ,7 7 4
3 4 5 ,2 1 2
4 3 ,7 1 2
3 7 9 ,9 7 0
1 0 ,1 5 7
1 4 6 ,6 3 2
4 ,3 1 6
6 5 ,8 7 5
4 ,9 0 2
8 3 ,5 7 5
4 5 ,3 8 7
5 5 0 ,2 4 4
5 7 ,0 2 2
7 1 2 ,7 2 9
1 5 ,0 7 5
1 9 4 ,1 6 9
2 8 ,9 3 8
3 8 7 ,4 9 9
3 0 ,4 4 3
4 5 7 ,5 5 6
3 0 ,0 0 0
3 0 8 ,7 3 1
1 1 ,5 7 7
2 3 1 ,3 5 8
1 1 ,1 2 7
1 7 4 ,2 7 5
3 9 ,9 5 8
4 7 7 ,4 8 7
5 0 ,0 9 2
4 5 5 ,8 9 1
3 2 ,8 4 7
3 2 9 ,5 9 0
3 8 ,4 4 1
3 4 1 ,3 9 3
1 7 ,6 5 5
2 7 2 ,4 5 0
1 9 ,2 9 6
2 3 0 ,0 3 7
1 1 ,6 3 2
2 1 1 ,6 9 1
3 ,0 6 9
4 8 ,3 8 2
798
4 0 ,6 4 6
2 ,5 4 0
4 2 ,9 5 3
E d i s o n E l e c I liu m C o o f B r o c k t o n —
2 5 ,8 0 4
J u n e ...............
8 1 ,0 0 3
6 3 ,4 8 9
3 0 9 ,6 7 2
12 m o s _____
9 8 0 ,0 5 9
7 5 6 ,5 4 5
E le c L ig h t & P o w C o o f A b l n g t o n & R o c k l a n d
1 ,3 8 7
1 6 ,9 4 1
J u n e ________
2 0 ,2 9 5
4 8 ,6 0 7
2 1 2 ,9 2 2
12 m o s _____
2 6 2 ,9 1 6
E l P a s o E le c t r i c C o —
J u n e ..............
1 2 3 ,8 7 0
12 m o s _____ 1 ,3 7 8 ,2 5 9
.
9 6 ,2 3 6
1 ,2 7 2 ,0 6 5
2 9 ,7 5 0
3 9 1 ,0 5 2
2 7 ,0 3 8
4 3 9 ,3 9 6
2 1 ,9 0 7
3 0 5 ,9 9 4
2 0 ,3 7 2
3 6 4 ,6 3 0
6 3 ,3 1 9
6 5 1 ,6 2 3
2 0 ,0 9 5
1 4 3 ,8 2 0
1 9 ,2 8 6
1 7 2 ,8 2 2
1 9 ,9 0 3
1 4 1 ,4 6 8
1 9 ,2 6 0
1 7 2 ,5 7 5
G a l v e s t o n - I I o u s t o n E le c C o —
J u n e ..............
2 5 5 ,7 7 8
2 3 0 ,7 5 3
2 ,3 8 5 ,3 5 4
12 m o s _____ 2 ,9 2 4 ,0 1 8
6 9 ,7 2 0
8 0 2 ,4 9 0
8 2 ,8 5 7
8 2 9 ,4 1 3
3 4 ,0 7 2
4 2 3 ,6 7 5
5 3 ,5 9 9
4 8 6 ,5 3 1
F a ll R i v e r G a s W o r k s C o —
J u n e ..............
6 3 ,2 4 3
7 2 2 ,0 3 0
12 m o s _____
H a v e r h i ll G a s L ig h t C o —
J u n e ..............
2 9 ,3 8 9
12 m o s _____
3 5 3 ,6 2 7
2 5 ,4 3 6
3 1 4 ,0 9 3
3 ,8 8 2
2 6 ,2 6 3
1 ,4 8 8
3 6 ,0 1 6
3 ,2 7 7
1 8 ,4 9 3
1 ,2 5 7
3 3 ,4 2 9
H o u g h t o n C o u n t y E le c L t C o —
J u n e ..............
3 1 ,5 5 2
3 1 ,3 1 0
4 3 8 ,3 4 7
4 1 4 ,7 3 4
12 m o s _____
6 ,1 3 8
1 4 1 ,0 7 2
8 ,1 0 2
1 4 9 ,4 1 5
2 .5 1 0
9 7 ,0 7 8
4 ,7 6 0
1 1 0 ,2 4 0
H o u g h to n C o u n ty T r a c C o—
J u n e ..............
2 2 ,7 0 6
2 5 ,6 8 0
3 0 4 ,3 7 4
3 3 7 ,4 7 7
12 m o s _____
3 ,8 3 0
9 1 ,1 2 7
6 ,6 8 9
1 1 8 ,1 5 0
d e ( 2 ,2 3 5
1 7 ,8 4 0
570
4 4 ,4 2 3
J a c k s o n v ille T r a c C o —
6 0 ,9 8 4
J u n e _____________________ 8 1 ,2 0 7
7 8 1 ,5 5 1
12 m o s _____ 1 ,0 2 5 ,6 0 0
9 ,4 7 1
1 5 2 ,2 6 5
1 3 ,7 2 0
2 4 1 ,0 2 9
d e f 4 ,9 1 9
d e !2 4 ,8 7 4
d et9 3 3
7 0 ,6 0 2
K e o k u k E le c t r i c C o —
2 3 ,1 5 1
J u n e ________
2 6 ,5 4 8
12 m o s __________________ 2 8 9 ,32 45 36 ,5 9 6
4 ,9 4 8
6 3 ,0 9 7
6 ,3 8 6
6 7 ,0 8 5
2 ,6 7 2
3 5 ,6 6 2
4 ,0 9 6
4 1 ,8 2 4
K e y W e s t E le c t r i c C o —
1 6 ,1 5 7
J u n e ........... ..
1 8 ,7 0 0
12 m o s __________________ 2 2 8 ,21 56 86 .1 1 8
6 ,4 8 5
8 9 ,1 9 9
6 ,0 9 1
6 0 ,4 1 1
4 ,4 0 3
6 4 ,4 3 5
4 ,0 8 2
3 6 ,6 0 8
L o w e ll E le c L ig h t C o r p —
J u n e _____________________ 7 2 ,3 6 76 4 ,2 3 9
12 m o s __________________ 9 8 8 ,77 35 49 ,2 5 7
2 1 ,2 4 8
2 4 7 ,1 3 5
9 ,0 3 9
2 5 2 ,1 5 3
1 9 ,0 8 1
2 2 4 ,6 3 6
7 ,9 8 9
2 3 9 ,3 3 3
M is s is s i p p i R i v e r P o w e r C o —
J u n e ...............
1 9 2 .1 4 6
1 8 2 ,5 9 0
12 m o s _____ 2 ,2 3 2 ,2 4 6
2 ,1 1 5 ,0 3 3
1 5 0 ,9 9 0
1 ,7 4 2 ,5 6 3
1 4 9 ,5 8 6
1 .7 0 5 ,7 1 0
4 8 ,2 3 9
5 0 0 .6 1 2
4 5 ,3 1 7
4 4 7 ,8 1 8
N o r th e r n T e x a s E le c tr ic C o —
J u n e ................
2 S 2 .4 1 5
2 5 9 ,1 6 3
12 m o s ______ 2 ,9 2 7 ,3 9 7 3 ,0 7 8 ,8 1 8
1 0 8 ,5 2 8
1 ,0 9 8 ,6 2 7
1 0 3 ,4 1 0
1 ,4 1 7 ,8 0 3
8 3 ,4 8 7
7 9 8 ,1 2 1
7 8 ,1 9 7
1 ,1 0 9 ,8 1 6
P e n s a c o la E le c t r i c C o —
J u n e _____________________ 4 4 ,1 5 24 2 ,7 3 3
12 m o s __________________ 5 5 8 ,94 21 47 ,5 1 8
1 0 ,3 9 3
1 2 4 ,4 8 2
1 6 ,5 3 3
1 5 7 ,9 2 9
2 ,0 1 3
3 1 ,1 9 1
9 ,4 7 2
7 5 ,1 7 9
S a v a n n a h E le c t r i c C o —
J u n e _____________________ 1 1 8 ,6 6946 ,6 7 7
1 ,0 7 1 ,4 3 6
12 m o s _____ 1 ,3 0 0 .8 8 6
1 9 ,3 2 1
2 6 3 ,3 3 2
3 1 ,4 2 4
3 5 2 .0 8 2
d e f 5 ,1 9 6
d e f 2 7 ,9 1 5
8 ,3 0 7
7 6 ,1 7 3
S ie r r a P a c i f i c E l e c t r i c C o 5 8 ,8 1 8
J u n e - _____________________ 5 3 .7 8 2
7 1 3 ,3 2 4
12 m o s ___ _
6 7 3 ,5 8 1
2 4 ,8 6 6
3 0 3 ,3 3 2
2 9 ,5 8 6
3 8 0 ,9 0 2
1 8 ,9 5 1
2 3 7 ,0 7 2
2 4 ,4 4 6
3 1 7 ,2 7 3
T a m p a E le c tr ic C o —
J u n e _____________________ 9 7 ,9 2 68 3 ,1 3 5
1 ,0 0 3 ,6 4 2
12 m o s _____ 1 ,1 5 9 ,0 8 0
3 5 ,4 1 1
4 7 0 ,3 8 7
3 2 .0 4 0
4 2 0 ,5 5 3
3 0 ,7 4 2
4 1 7 ,0 9 8
3 6 9 ,5 3 6
27,776
F IN A N C IA L R E P O R T S
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have be<*n published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the “Chronicle” in which it is
published. The latest index will be found in the issue of
July 26. The next will appear in that of August 30.
Toledo & Ohio Central Railway.
{Report for Fiscal Year ending Dec. 31 1918.)
President William K. Vanderbilt Jr. says in substance:
Fede'al Compensation.— The New York Central RR. Co., jointly with
this company, the Zanesville A Western Ry. C o., the Kanawha & Michigan
Ry. Co. and the Kanawha & West Vriginia RR. C o., executed an agree
ment dated Dec. 27 1918 with the Director-General of Railroads, providing
for the possession, use and control of the railroad property and the leased
and operated lines of the companies parties to the agreement for an annual
total standard compensation of $58,122,085, this company's proportion of
which Is $1,086,651.
.
.
This amount was based upon the average annual railway operating in
come for the three years ended June 30 1917, and as required by the Fed
eral Control Act. was certified by the Inter-State Commerce Commission
as agreeing with the income reported to it, subject, however, to such changes
and corrections as the Commission might later determine and certify to
l)°Neu-URol/i'i(/ Stock.—The Director-General of Railroads allotted to the
company 750 freight cars, estimated to cost $2,138,250. and 20 locomotives,
estimated to co«t $1.024.000: a total of approximately $3,162,250
Of this
equipment 392 freight cars and 20 locomotives were delivered during the
year. These allotments were accepted by the company and the financing
of the cost thereof is being arranged between the Director-General and the
C>>Aildafuns.— The changes in the road and equipment accounts for the year
Expenditures by Fed. Mgr. for add’ns and betterm’ts— road— $995,704
Equipment assigned to the company by the U. S. RR. Adminis
tration (20 locomotives and 392 freight ca rs)..
----. 2,128.264
Less value of equip, retired in excess of expend, for additions. &c_ d e b . 48.899
Net increase_______________________________________________ $3,075,069
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1917.
1916.
1915.
1918.
436
436
436
Miles operated-----------436
Operations—
968,418
1.067.665
1,011,260
No. passengers carried..
871,601
Pass, carried one m ile.. 32,431,224 37.056.531 34,773,637 32.009,760
1.804 cts.
1.776 cts.
1.865 cts.
Rev. per pass, per m ile.. 2.354 cts.
9,450,132
7,070,735
Tons moved (revenue).. 11,491.536 10,758.418
Tons moved 1 m. (rev.).1552223,476 1537769.125 1285102.910 936,753,764
Rov ner ton per mile ._
0.565 cts.
0.447 cts.0.403 cts.
0.411 cts.
695“
■ ■---* -------'
“
910
855
800
Vvgo.Vtrain-load
(tons).
$0.94
$1.44
$1.10
$1.00
Earn, per pass, train m .
$2.86
$5.14
$3.82
$3.22
Earns, per fgt -train mile
$10,839
$23,251
$18,565
$14,239
Gross earnings per mile-
473
THE CHRONICLE
FEDERAL INCOME ACCOUNT FOR 1918, COMPARED WITH COM
PAN Y'S ACCOUNT IN PREVIOUS YEARS.
1918.
1917.
1916.
1915.
Freight revenue________ $8,776,009 $6,868,769 $5,172,703 $3,852,759
Passenger revenue__ __
763,113
691,119
617,494
577,483
Mail, express, &c______
243,601
250,201
226,404
185,020
Incidentals____________
346,937
278,453
187,246
107,090
Total operating revs. . S10,129,660 $8,088,541 $6,203,847 $4,722,352
Maint. of way, &c__ __ $1,543,243 $1,035,569
$786,127
$667,883
Maint. o f equipment__ 2.498,700
1,468,680
1,395,068
961,640
Traffic expenses_______
79,066
99,451
87,707
84,477
Transportation ________ 4,609,714
3,356,445
2,197,850
1,755,413
General & miscellaneous
222,073
154,160
144,084
140,381
Total________________ $8,952,795 $6,114,305 $4,610,835 $3,609,794
Not operating revenue.. $1,176,865 $1,974,236 $1,593,012 $1,112,558
Taxes accrued, &c___ __
361,926
371,913
299,841
276,917
Operating income____
$814,938 $1,602,324 $1,293,171
$835,641
CORPORATE INCOME ACCOUNT, YEARS ENDING DEC. 31.
1918.
1917.
1916.
1915.
Operating income______
$1,602,324 $1,293,171
$835,641
Compensation accrued.. $1,086,651
Hire of equipment_____
42,812
267,896
Dividends received____
447,390
447,390
447,390
447,390
Miscellaneous_________
231,111
201,947
200,777
194,853
F Gross corp. income__ $1,765,152 $2,294,473 $2,209,234 $1,477,884
l Deduct—
lire of equipment______
$11,250
Miscel. interest, &c___
$591,679
$541,052
556,354
$545,700
Interest on funded debt.
547,995
565,929
544,006
547,893
Joint facility rents_____
154,968
129,164
92,666
Other rents, &c______
"4,777
6,788
6,347
6,637
Deficit of 7j. & W . Ky__
229,275
111,045
220,271
239,426
Miscellaneous_________
36,933
Accts.applic. prior period
275,566
Ifi3l
i--Total deductions.........$1,086,225 $1,379,783 $1,464,933 $1,434,771
Balance, surplus----------$78,927
$914,690
$744,301
$43,113
Zanesville & Western Ry.— Results for C alendar Years.
^
,
1918.
1917.
1916.
Gross earnings...................... ...............
$989,278
$613,347
$391,535
Net after taxes---------------------- --------------------------31,941 loss 121,041
Credit to U. S. Govt, account of averago annual railway operating deficit
for 3 years ending June 30 1 9 1 7 ...
107,598
Other income________ ________ __
13,345
8,442
7,585
f
Gross income___________ ________ def.$94,253
Interest, rents, A c................................
135,021
Balance, deficit.
...........................
$229,274
$111,045
BALANCE SHEET DEC. 31.
1918.
/Isseys—
$40,383 def.$ 113,456
151,429
125,970
s
1917.
§
Liabilities—
1918.
s
$239,426
1917.
S
Road A equipm’t.31 ,863,012 28,787,943 Stock, Common.a 5,846,300 5,846,300
Inv. in affil. cos.:
Stock, Preferred.a 3,701,400 3,701,400
S tock__________8 ,201,203 8,362,215 Bonds (see "R y . A
Bonds......... ........ 2 ,000,000 2,000,000
Ind." Section).a 8,272,000 8,272,000
Notes ..................
330,000
330,000 Kquipm’t oblig’ns. 3,393,230 3,453,230
Advances______
302,900
293,752 Non-ncgo’ble debt
Other investments
13,000
to affiliated cos.
147,218
286,483
Misc. phys. prop..
10,643
151,026
Notes, Ac............11,543,199 10,543,199
Materials & supp. 1 ,345,071 1,345,070 Accounts & wages.
219,049 1,098,794
C a s h .....................
13,250
591,442 T r a f f i c , A c . , b a l s .
________
274,189
Special deposits___
15,370
83,245 M at’d lnt.'unpaid.
167,618
84,850
Agents & conduc..
317,371
317,371 Mlscell. accounts. 2,022,690 1,882,354
Traffic, Ac., bals.
77,459 Accr.int.,divs.,&c.
246,187
121,121
Misccll. accounts.
433*467
955,863 UnadJ., &c., Items 2,198,084
193,411
Interest, &c., rec. 1,485,376 1,053,333 Accrued deprec’n . 1,630,997 1,805,615
UnadJ. debits, A c.
144,809
304,462 U. S. Govt. acct.. 2,111,053
Compensation due 1 ,086,651
Approp. surplus.. 1,334,889
U . S. Govt. acet.. 1 ,152,569
Add’ns to property
thro.inc.& surp.
______
1 [331,889
Profit and loss____ 5,880,775 *5,755,347
T o ta l..................48,714,691 44,653,182
______
T otal............... 48,714,691 44,653,182
* After crediting $125,428 for sundry adjustments (net), a After de
ducting $653,700 Common stock, $6,600 Pref. stock and $228,000 incomo
bonds, St. M ary’s division, held by or for carrier.— V . 108, p. 380.
A u g u s t a - A ik e n R a ilw a y & E le c t r ic C o r p o r a t io n .
Sec.
31 1918.)
H. Thomas, N. Y., Mar. 15, wrote in substance:
{R e p o r t
fo r
F is c a l
Y e a r
e n d in g
D e c .
[V ol . 109
Business Conditions.— General businoss in Augusta has continued to bo o f
tho very best, duo to tho patronage of soldiers and tho high pricoof cotton.
Relations with tho public wero at ono time during tho year strained by
reason of unjust criticism of street railway operation, owing to a misunder
standing of the company’s inability to securo either labor or material undor
war conditions. This feeling has, howover, boon largely corrected and at
tho presont time cordial relations oxist.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1918.
1917.
1916.
1915.
$1,023,832
$925,524
$838,456
$732,990
Oper. exp., inch taxes__ . *655,546
523,100
431,721
381,255
. $368,286
Int. on Ga.-Caro.Pow.Co.
1st M . 5s, and other re
quirements under oper
ating agreement datedi
. $165,670
i $45,221
Int. on Aug.-Alk. Ry. &
Elec. Corp. S. F. 5s__
145,042
Other interest__________
8,695
Amort, of debt, disc., &c.
1,860
Balanco, surplus.
$1,799
$402,424
$406,735
. $351,735
$137,500
$45,770
$137,500
$46,251
$137,500
$46,667
147,419
7,832
1,950
149,241
15,682
151,000
13,401
$61,954
$58,061
$3,167
* Includes $90,000 reserved for special depreciation, including obsoles
cence. For 1917 a similar reservation of $50,000 was made, but, instead of
being reserved out of curront earnings, it was appropriated out of surplus
after the books had been closed for tho year and tho annual roport had
been sent out to stockholders.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1918.
Assets—
S
1917.
Liabilities—
S
Property, plants,
Common stock__
franchises, &c._ 11,913,231 1 1,729,740 l’rcf. 6% cum____
Materials & supp.
117,092
85,684 Aug.-Alken Ry. A
ACcts. A hills rec.,
Elec. sk. fd. 5 s ..
less reserve.........
108,669
110,317 Augusta lty. A El.
Cash................
20,500
16,274
Co. 1st M. 5 s . . .
Notes
receivable
Ga .-Caro. I’ow. Co.
(discounted)___
______
1st s f. 5s______
Unamortlzed debt
GUIs payable_____
discount, Ac__
12,709
31,895 Notes A accounts
Miscellaneous____
24,295
33,164
payable, Ac____
Cash lor sink. fund
731
2,765 Reserves_________
Surplus........... ........
T o t a l..................12,203,227 12,010,969
— V. 108, p. 2240.
1918.
1917.
2,250,000
2,250,000
2.250.000
2.250.000
2,891,000
2.939.000
$
S
898,000
912,000
2,750,000
273,905
2.750.000
191,863
163,197
580,746
146,379
126,397
397,590
194,118
T o ta l..................12,203,227.12,010,969
Lake E rie & W e s t e r n R R .
(32
31 1919.)
President William K. Vanderbilt, Jr., says in substance:
d
A n n u a l
R e p o rt—
Y e a r
en d ed
D e c .
Mileage.— T h e in c r e a s o o f 2 . 8 9 m i l e s [to 9 0 2 . 9 5 m ile s ) is d u o t o t r a c k a g e
r i g h t s o v e r t h o T o l e d o P e o r i a & W e s t e r n R E . , a t P e o r i a , III.
Funded Debt.— T h i s w a s d e c r e a s e d d u r i n g t h o y e a r b y t h o p a y m o n t o f
a n n u a l in s ta llm e n t o f t h o L . E . & W . R R . E q u ip m e n t T r u s t o f 1 9 1 7 $ 1 1 0 ,Federal Compensation.— A s o f D o c . 2 7 1 9 1 8 , t h o c o m p a n y e x e c u t e d a n
a g r e e m e n t w it h t h o D i r c c t o r -G o n e r a l o f R a i l r o a d s , p r o v i d i n g f r o t h o o p e r a
t i o n , d u r i n g F e d e r a l c o n t r o l , o f t h o c o m p a n y ’s r a ilr o a d p r o p e r t y a n d it s
le a s e d a n d o p e r a t e d li n e s f o r a n a n n u a l s t a n d a r d c o m p e n s a t i o n o f $ 1 , 5 4 8 ,
541 6 9 .
A s r e q u ir e d b y t h o F e d e r a l C o n t r o l A c t , t h i s a m o u n t w a s c e r
t ifie d b y th o I n te r -S ta t e O o m m e r c o C o m m is s io n a s a g r e e in g w ith th o in
c o m o r e p o r t e d t o i t , s u b j e c t , h o w o v e r , t o s u c h c h a n g e s a n d c o r r e c t io n s a s
t h o C o m m i s s i o n m i g h t h e r e a ft e r d o t o r m in o .and c e r t i f y t o b o r e q u i s i t e .
New Rolling Stock— Financing.— T h o D i r c c t o r -G o n e r a l o f R a i l r o a d s
a l l o t t e d t o t h o c o m p a n y 1 8 l o c o m o t i v e s , e s t i m a t e d t o c o s t $ 9 3 6 ,0 0 0 .
T h eso
a llo tm e n t s w ero a c c e p te d b y th o c o m p a n y , a n d o f t h is e q u ip m e n t 1 5 lo c o
m o t i v e s w e r o d e liv e r e d d u r i n g t h o y e a r .
T h o e q u i p m e n t is b e i n g c o n
s t r u c t e d u n d e r c o n t r a c t s b e t w e e n t h o D i r c c t o r -G o n e r a l a n d t h o b u ild e r s
a n d t h o f i n a n c i n g o f t h o c o s t t h e r e o f is b e i n g a r r a n g e d b o t w e o n t h o D i r e c
t o r -G e n e r a l a n d t h o c o m p a n y .
Additions, &c.— T h o in c r e a s e s in t h o r o a d a n d e q u i p m e n t a c c o u n t s
d u r i n g t h o y e a r a g g r e g a t e d (n e t ) $ 1 , 2 3 2 , 6 9 9 a s f o l l o w s :
R o a d e x p e n d it u r e s b y F e d e r a l M a n a g e r , $ 4 5 1 ,4 9 9 , le s s m i s c e l n e o u s c r e d i t s , $ 7 . 8 7 6 . . ............... ............................ ...................... ..................................$ 4 4 3 , 6 2 3
Equipment— E q u i p m e n t a s s i g n e d t o t h o c o m p a n y b y t h o U . S. R I t .
A d m i n i s t r a t i o n , $ 8 0 4 , 0 0 0 , le s s v a l u o o f e q u i p m e n t r e t ir e d i n e x
c e s s o f e x p e n d it u r e s b y F e d e r a l M a n a g e r f o r n o w e q u i p m e n t a n d
a d d i t i o n s a n d b e t t e r m o n t s , $ 1 4 , 9 2 4 ______________________________________ $ 7 8 9 , 0 7 6
T h e r e w a s a ls o e x p e n d e d fo r im p r o v e m e n ts o n th o N o r t h e r n O h io R a il
w a y th o s u m o f $ 8 ,2 9 8 2 2 w h ic h w a s c h a r g e d b y t h o c o m p a n y t o im p r o v e
m e n t s o n le a s e d r a i l w a y p r o p e r t y .
OPERATING STATISTICS FOR CALENDAR YEARS.
Operations-1918.
1917.
1916.
1915.
Results.— Gross earnings from all sources wero $1,023,832, operating ex
M
i
l
e
s
o
p
e
ra ted D o c . 3 1 .
903
900
900
900
penses and taxes (including $90,000 for special depreciation including obso
7 2 9 ,2 0 5
1 ,1 1 7 ,7 0 8
1 ,3 2 0 ,5 7 9
1 ,3 3 4 ,9 5 6
lescence) wero $655,546, and not earnings from operation wero $368,286. P a s s e n g e r s c a r r i e d _______
P
a
s
s
e
n
g
e
r
s
o
n
o
in
ilo
_____
2
6
,
5
4
5
,
7
5
4
3
4
,
4
7
7
,
2
9
0
4
0
,
1
1
8
,
4
6
6
3
9
,
4
0
4
,
7
93
Interest on Georgia-Carolina Power Co. 1st M . 5s and other requirements
2 .3 6 c ts.
1 .9 3 c t s .
1 .8 3 c t s .
1 .8 3 c t s .
under the operating agreement dated July 1 1912 amounted to $165,670. R a t o p e r p a s s , p o r m i l o . .
$ 0 .9 8
$ 0 .7 8
$ 0 .7 7
$ 0 .7 5
Interest on the two other bond Issues required $190,262. Other interest E a r n s , p e r p a s s , t r a in i n .
6 ,9 3 7 ,4 8 6
7 ,2 2 3 ,0 2 8
6 ,6 8 2 ,4 1 2
5 ,7 8 5 ,4 6 4
and amortization of debt, &c., required $10,555. The resultant surplus for R o v .f r o i g h t ( t o n s ) c a r r ie d
R o v . f r ’ t (t o n s ) 1 m i l o . 1 , 0 0 2 , 8 2 9 , 7 3 9 1 0 8 2 1 5 4 , 7 9 6 9 2 2 , 6 0 8 , 0 5 6 7 6 5 , 4 5 4 , 8 6 1
tho year was $1,799.
0 .8 2 c ts .
0 .6 5 c ts.
0 .6 8 2 c t s .
0 .6 8 2 c ts .
In the electric department earnings increased $50,758, or 10.9%, and R a t o p e r t o n p o r m i l o ____
$ 4 .0 4
$ 3 .0 9
$ 2 .9 2
$ 2 .6 2
expenses (excluding special depreciation) decreased $12,193, or 7.7% . In E a r n s p o r f r ’ t t r a in m i l o .
$ 1 0 ,3 4 8
$ 9 ,0 2 5
$ 8 ,2 2 7
$ 6 ,9 3 3
the railway department earnings increased $50,651, or 11.1%, and expenses E a r n s , p e r m il o o f r o a d . .
A v . t r a m -l o a d ( r o v .) t o n s
4 9 1 .3 4
4 7 4 .1 5
4 2 8 .0 6
3 8 4 .4 5
(excluding special depreciation) increased $44,155, or 15.31%.
War Business.— During 1918 tho soldiers stationed at Camp Hancock
(ranging from a minimum of 15,000 to a maximum of 36,000) caused a FEDERAL INCOME ACCOUNT FOR 1 9 1 8 COMPARED WITH COM
PANY'S REPORT FOR PREVIOUS CALENDAR YEARS.
considerable increaso in tho gross earnings o f tho railway department.
Earnings—
1918.
1917.
1915.
19t6.
During most of Oct., Nov. and Dec., howover, tho camp was closed on
$8,252,429 $7,061,114 $6,294,928 $5,218,532
account of influenza, soldiers not being permitted to leave camp or ride upon Freight.....................
626,336
665,349
735,663
720,109
tho cars: furthermore, by order of tho city Board of Health, all riding was Passenger_____________
Mail, express and miscol.
307,580
287,595
296,097
260,634
restricted to tho seating capacity o f the cars.
157,560
108,838
77,496
40,372
Expenses.— Tho increase of expenses in the railway department was duo to Other than tra n sp orts..
war conditions which further raised tho cost of labor and materials. Needed
Total oper. rovonuo.. $9,343,905 $8,122,895 $7,401,184 $0,239,647
maintenance was deferred during part of tho year. Many of our older and
Expenses—
more efficient employees left the service and had to bo replaced with inex
Malnt. way & structures $1,275,217
$810,564
$748,524
$781,782
perienced and inefficient men.
1,404,732
1,219,761
1,198,005
In viow of tho strain involved in 1918 operating conditions, thero has been Maint. of equipment__ 2,430,194
146,976
179,983
165,024
147,789
included in operating expenses the sum of $90,000 for special depreciation, Traffic oxponses_______
2,403,736
3,285,176
2,235,389
including obsolescence. For 1917, $50,000 was similarly reserved, but, in Transportation oxpensos 4,331,306
250,320
152,223
149,981
191,077
stead of being reserved out of current earnings, it was appropriated out of Goneral expenses_______
surplus after tho books had been closed for the year and tho annual report
Total oxpensos-------------$8,440,012 $5,871,532 $4,689,268 $4,512,946
had been sent out to stockholders.
(90.33)
(63.33)
(72.33)
(72.28)
New Contracts.— During 1918 contracts were closed for 1,242 h. p. addi Per cent exp. to oarnings
$903,893 $2,251,363 $2,714,910 $1,726,701
tional to tho connected power load on the Savannah River plant. Many Non-operating rovonuo.
341,553
397,587
281.460
303,956
of the power contracts closed during 1917 wero not connected fn 1918, owing Taxes accrued, &c______
to tho inability o f our customers to obtain delivery o f electrical apparatus
$562,340 $1,853,777 $2,410,960 $1,445,241
Operating incomo___
and material, but, at the date of this report, all havo been connected.
Drought and low water (exceeding all local records) during September
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
and October forced us to cut off from service a number of our largest users
of power, and it is estimated that our rovonuo was reduced on that accuont
1918.
1917.
1916.
1915.
________ $1,853,777 $2,410,960 $1,445,241
during such period approximately $12,500. All power contracts for Operating incomo______
----------------------------------secondary power were automatically changed to primary power contracts Compensation accrued.. $1,548,542
during such period.
Rents, interest, &c.........
60,881
136,681
126,438
126,502
Returns from lighting and small power customers were satisfactory, show
Gross corp. incomo__ $1,609,423
ing an increase of 258 h. p. in small motors connected. Thero wero 54 addi
$1,990,458 $2,537,398 $1,571,803
$125,000
$125,000
$125,000
tional houses wired during tho year for prlvato individuals and 172 houses Rent leased roads______
$125,000
492,142
278,313
288,929
with five lights each for tho King Cotton Mills.
Hire of oquipmont, & c .. ________
543,750
543,750
588,300
591,325
Additions.— Tho total charges to construction during tho year wero Interest on bonds______
93,433
48,398
97,574
$181,924, o f which $50,000 (applied on account o f tho rolling equipment) Other interest_________
70,368
wero met out o f tho proceeds or tho Terminal Building property, which was War taxes accrued_____
51,352
disposed o f during tho year.
Miscellaneous_________
15,424
Bonds.— Bonds retired in 1918 by sinking funds included $28,000 Georgia- Rov. and exps. applic.
Carolina Bower Co. 1st M ., $14,000 Augusta Ry. & Electric Co. 1st 6s, _ prior period_________
239,625
$48,000 Augusta-Aiken R y. & Electric Corp. Sinking Fund 6s.
During tho year $125,000 Augusta-Aikon Ry. & Electric Corp. Sinking
Total deductions_____$1,113,134
$1,256,865 $1,017,431 $1,055,253
Fund 5s wero authenticated and deposited in tho corporation’s treasury.
Balanco, surplus_______
$496,289
$733,593 $1,519,967
$516,550
D.
A ug. 2 1919.]
THE CHRONICLE
BALANCE SHEET DEC. 31.
s
s
1918.
1917.
Assets—
R o a d & e q u l p m ’ t - 3 9 ,9 3 7 ,7 8 1 3 8 ,7 2 4 ,4 4 4
2 8 9 ,3 1 2
2 8 8 ,8 2 2
I n v e s t . In a f f i l . c o s .
1 7 ,2 8 1
2 9 ,2 3 1
O th e r In v e s tm e n ts
6 5 6 ,1 9 6
3 ,4 3 1
C a s h ________________
2 0 ,7 5 0
3 9 ,7 0 0
S p e c i a l d e p o s i t s ___
9 9 7 ,8 9 4
M a t ’ l & s u p p l i e s . . 1 ,0 1 4 ,8 6 2
A g ts . & co n d u cto rs
4 9 2 ,1 0 0
2 4 ,3 7 4
& o th . a ccts. rec.
4 3 1 ,0 3 7
2 7 ,6 0 0
M i s c e l l a n e o u s ------O t h e r d e f 'd d e b it
2 ,4 0 8
7 8 ,2 9 9
I t e m s _____________
C o n ip e n . d u e fr o m
U . S . G o v t ........... 1 ,4 7 8 ,5 4 2
U . S . G o v t . a c e t . . 1 ,5 8 9 ,2 7 8
T o t a l ......................4 4 ,5 1 2 ,4 7 0 4 1 ,6 3 6 ,9 3 3
a A fte r d e d u c tin g u n a c c r u c d
(n o t ) .— V . 1 0 8 , p . 2 4 3 8 .
1918.
1917.
Liabilities—
S
C o m m o n s t o c k ___ 1 1 .8 4 0 .0 0 0 1 1 .8 4 0 .0 0 0
P r e fe r r e d s t o c k ___ 1 1 .8 4 0 .0 0 0 1 1 .8 4 0 .0 0 0
1 1 .8 6 5 .0 0 0 1 1 .9 7 5 .0 0 0
Funded debt
L o a n s & b il ls p a y .
8 0 0 ,0 0 0
252", 8 6 3
A ccou n ts & w a ges.
1 ,1 1 0 ,0 3 7
0 ,5 7 0
M ls c . a c c ts . p a y . .
4 1 1 ,0 3 3
3 3 3 ,8 5 0
M a tu re d In terest.
2 9 3 ,7 0 0
A c e r .l n t .,t a x e s ,& c .
5 9 ,4 8 0
3 3 3 ,4 3 4
1 ,1 2 0 ,8 3 9
N o n -n e g . d e b t —
U . S . G o v t . a c c t . . 2 ,7 3 5 ,9 0 9
9 8 8 ,3 1 0
U n a d J ., & c . , a c c t s .
4 2 7 ,9 1 1
4 3 1 ,6 8 6
D e p r c c ’ n (e q u ip .).
A d d . to p ro p . th ro .
4 1 2 ,5 4 0
4 1 0 ,5 0 7
In c. and s u r p _ . '
2 ,1 9 1 ,5 3 6
P r o f i t a n d l o s s ____ n 2 ,6 2 9 ,1 9 9
T o t a l ......................44,512,470
d e p r e c ia tio n ,
& c .,
41,638,933
a g g r e g a tin g
$ 5 8 ,6 2 7
American Malt & Grain Co.
(.Statement to the New York Stock Exchange.)
This company, which recently purchased the assets of the
American Malting Co., as of July 9 made a statement to
tho New York Stock Exchange in connection with the listing
of 55,000 shares of capital stock. This statement describ
ing fully the organization of the company and capacity, &c.,
of its sevoral plants will bo found on subsequent pages of
this issue. Embraced therein are also shown tho balanco
sheet of the now company and tho balance sheet, earnings,
&c., of tho old American Malting Co.—V . 109, p. 372.
Marland Refining Co., Ponca City, Okla.
3 ’19.)
Tho financial statement recently made to the Pittsburgh
Stock Exchango, including many particulars as to acreage
owned, oil production, &c., is given in full under “Reports
and Documents” on a following page.
President E. W. Marland, at the special meeting of
stockholders held in Ponca City, Okla., on May 3, said in
substance:
{President's Address Special Meeting Stockholders, M ay
History.—
T h o M a r l a n d O il C o . w a s o r g a n i z e d In D o c . 1 9 1 6 a n d a c q u i r e d
v a l u a b le o il a n d g a s p r o p e r t ie s .
T h is c o m p a n y , to g e t h e r w it h th o 101
R a n c h O i l C o . , t h o o w n e r o f m a n y v a l u a b l o le a s e s a n d w e l l s I n t h o P o n c a
f l o l d , w a s a b s o r b o d b y M a r la n d R e f in i n g C o . in A p r il 1 9 1 7 .
M a r la n d R o fin ln g C o . a t t h a t t im e h a d a c a p it a liz a t io n o f $ 2 ,5 0 0 ,0 0 0 .
T h i s c a p i t a l w a s in c r e a s e d in F e b . 1 9 1 8 t o $ 1 0 ,0 0 0 ,0 0 0 , a n d a t t h o p r e s e n t
t im o a ll o f t h o s h a r e s r e p r e s e n t e d b y t h a t c a p it a li z a t i o n a r e e it h e r o u t
s t a n d in g o r a r o s o t a s id e fo r t h e p a y m o n t fo r p r o p e r t ie s u n d e r o p t io n .
Dividends.— S i n c e o r g a n i z a t i o n M a r l a n d R e f i n i n g C o . h a s p a i d s e v e n d i v i
d e n d s o f 2 ) 4 % In c a s h t o s t o c k h o l d e r s , a n d t li r e o s t o c k d i v i d e n d s a m o u n t i n g
Plants.— O u r r e f i n e r y a t P o n c a C i t y h a s a p r e s e n t c a p a c i t y o f a b o u t 3 , 0 0 0
b b ls . p o r d a y o f c r u d e o il.
I t is o p e r a t e d w h o l l y a s a s k i m m i n g p l a n t a t
t h is t im o , a n d m a n u fa c t u r e s g a s o lin e , b e n z in e , k e r o s e n e a n d g a s o ils fr o m
t h o c r u d e p e t r o le u m p r o d u c e d in t h e P o n c a f ie l d .
T h e r e s i d u u m is b o l n g
s t o r e d b y u s fo r m a n u fa c t u r e in t o lu b r i c a t in g o il s , w a x e s a n d fu e l u p o n t h o
c o m p le t io n o f th e Iu b o p la n t.
. . . . . .
. . , . ______
„
O u r c a s in g h o a d p l a n t N o . 1 is lo c a t e d in th o 1 m ic a f i e l d n e a r o u r r e f in e r y
a n d h a s a c a p a c i t y o f a b o u t 1 0 , 0 0 0 K a ls. o f b jo n d e d g a s o lin o p e r d a y .
O u r c a s in g h o a d p la n t N o . 2 in t h o N o w k i r k f ie l d h a s a c a p a c i t y o f a b o u t
4 , 0 0 0 g a l s , o f b le n d e d g a s o lin o p o r d a y .
C a s i n g h e a d p l a n t N o ; 3 , w h ic h w o
o w n in o q u a l p a r t n e r s h ip w i t h a n o t h e r r e f i n i n g c o m p a n y , is l o c a t e d In th o
G a r b e r f ie l d a n d m a n u f a c t u r e s g a s o lin o f r o m t h o g a s s a v e d f r o m o u r o il
w e l ls in t h a t f i e l d .
, ,
, .
.
,
,
Crude Oil— Natural Gas.— T h o r a w m a t e r i a l s u s e d In t h o s e f o u r p l a n t s a r o
p r o d u c e d f r o m o u r o w n le a s e s a n d p r o p e r t i e s .
O u r o i l p r o d u c t i o n is g r o w i n g
s o r a p id ly a n d p r o m is e s s u c h v o l u m e a n d s t a b ili t y in t h o f u t u r e , t h a t g o o d
b u s in e s s ju d g m e n t d ic t a t e s th e im m e d ia t e in c r e a s o o f o u r p la n t c a p a c it y .
O u r p r o d u c t io n , s h a re d t o s o m e e x t e n t w ith o u r p a r tn e r s a n d r o y a l t y
o w n e r s c o m e s f r o m a n u m b e r o f d i f f e r e n t H o ld s s e p a r a t e d f r o m e a c h o t h e r
b y s c o r e s o f m ile s , in c lu d in g : (a ) F r o m 5 7 w e lls in t h o P o n c a f ie l d p r o d u c i n g
i n f o u r d i f f e r e n t s a n d s ; (ft) f r o m o v e r 2 0 w e l l s i n t h o Q u a y f i e l d i n t h o B a r t l e s
v i l l e s a n d ; ( c ) f r o m o v e r 2 0 w e l l s i n f o u r d i f f e r e n t s a n d s in t h o G a r b e r f i e l d ;
( d ) f r o m 2 2 w o l l s i n t w o d i f f e r e n t s a n d s in t h o M o r v i n o f i e l d .
T h o p rodu c
t iv e n e s s a n d lifo o f t lie s o f ie l d s a n d s a n d s a r o in n o w a y d e p e n d e n t u p o n
on o a n oth er.
,
,
.
. ,
0_ . . .
Y o u r c o m p a n y o w n s o r c o n t r o ls le a s e s o n a p p r o x im a t e ly 6 5 .0 0 0 a c r e s .
O n ly a s m a ll p r o p o r t i o n o f y o u r h o ld in g s h a s a s y e t b o o n d o v o lo p e d .
j Veils.— O f t h o w e l l s d r i l l e d b y u s l a s t y e a r , 8 3 % w e r e p a y i n g p r o d u c i n g
w o lls a n d o n ly 1 7 % w o r e fa ilu r e s .
D u r in g t h o fir s t th r o o m o n t h s o f th is
y e a r 8 6 % w o r e p a y in g p r o d u c in g w e lls a n d o n ly 1 4 % w o r e fa ilu r e s .
W o
a r o d r i l l i n g a t t h is t i m o o n o u r o w n p r o p e r t i e s a n d p r o p e r t i e s o w n e d in
p a r tn e r s h ip w ith o t h e r s , 4 4 w e lls .
Plans.— I t i s o u r i n t e n t i o n w h o n t h o i n c r e a s e i n o u r c a p i t a l i z a t i o n , t o
in c r e a s e t h o c r u d e c a p a c it y o f o u r P o n c a r e f in e r y , t o b u ild in c o n j u n c t i o n
w ith t h a t r e fin e r y , a c r a c k in g p la n t a n d a Iu b o p la n t , t o in c r e a s o th o c a p a c it y
a n d n u m b e r o f o u r c a s in g h e a d g a s o lin o p la n t s , a n d a ls o t o I n c r e a s o o u r
m a r k e t in g f a c ilit ie s , b y in s t a llin g t a n k w a g o n s a n d f illin g s t a t io n s , a t p o in t s
in t h o M id d lo W e s t w h ic h w o c a n r e a c h w it h fr e ig h t r a t o s m o r e f a v o r a b l e
t o a s th a n t o t h o m o r o d is t a n t r e fin e r ie s .
.
Y o u r c o m p a n y is a t p r o s o n t s e l l i n g a g r e a t d e a l o f c r u d e o i l t o r e f i n e r i e s ,
a n d a ls o p a y in g la r g o s u m s a s c o m m is s io n s t o J o b b e r s a n d b r o k e r s , s u m s
w h ic h c a n b o la r g e ly s a v e d b y d o in g o u r o w n m a r k e t in g .
W o e s t im a t e t h a t w o s h a ll n e e d f o r t h o c o n s u m m a t io n o f o u r p la n s
a p p r o x im a t e ly $ 5 ,0 0 0 ,0 0 0 .
.
,
...
Stock Dividend.— It is tho further lntontion of your directors, with your
approval to declare a stock dividend to all shareholders of record Juno 30
1919 amounting to 25% of tho stock then standing in their names, and to
declare a cash dividend of 2 )4 % on tho shares outstanding on that date.
Valuation ___I n m y r e p o r t t o y o u in J a n u a r y , I e s t i m a t e d t h o v a l u e o f o u r
p r o p e r t y a t $ 3 ,0 0 0 ,0 0 0 ; o u r N e w k ir k fie l d p r o p e r t y a t $ 2 ,0 0 0 ,
0 0 0 - o u r G a r b e r I n te r e s t a t $ 1 ,0 0 0 ,0 0 0 ; a n d o u r Q u a y in te r e s t a t $ 2 ,5 0 0 ,0 0 0 .
S in c o t h a t t im o th e r e c a n b e n o d o u b t t h a t t h o v a lu o o f th e s o p r o p e r t ie s h a s
Ponca field
* ' * T h e * d is c o v e r y * o f ' 't h e d e e p s a n d I n P o n c a f i e l d w h e r e w o h a v o t h o u s a n d s
o f a c r e s s u r r o u n d in g th e D is c o v e r y w e ll, h a s a t le a s t d o u b le d th e v a lu e o f
th a t p rop erty
T h i s w e l l w a s d r i l l e d i n J a n u a r y a n d is s t i l l p r o d u c i n g a n
a v e r a g e o f 2 2 5 b b ls . d a ily .
T h o o i l f r o m t h o w e l l Is o f p a r t i c u l a r l y l i i g h
n u a llt v a m i a s a r e s u lt, h a s in c r e a s e d th o o u t p u t o f o u r r e fin e r y c o n s id e r
a b ly . ^ A ^ s
d is p a t c h o n J u ly 2 7 r e n o r t s t h e b r in g in g in o f t h e f o u r t h
w e l l in a m o n t h in t h o S o u t h P o n c a f i e l d , t h i s w e l l m a k i n g 5 . 3 0 0 b b l s . ]
I n t h e M e r v l n o f i e l d t h e v a l u e o f o u r le a s e s h a s a t l e a s t d o u b l e d b y r e c e n t
d e v e l o p m e n t s ; In a d d i t i o n t o t h o 1 , 0 0 0 - f t . s a n d a n d 3 , 1 0 0 - f t . s a n d w h i c h
w e r e p r e v io u s ly p r o d u c i n g , p r o d u c t i o n h a s b e e n f o u n d in a s a n d a t 1 ,5 0 0 f t . ,
a n d a l s o in a s a n d a t 1 ,8 0 0 f t .
I t is m y o s t i m a t o t h a t t h o v a l u e o f t li o o i l - p r o d u c i n g p r o p e r t i e s a n d
a c r e a g o o w n e d b y y o u r c o m p a n y t o - d a y Is n o t lo s s t h a n $ 1 5 » 0 0 0 , 0 0 0 .
I ho
v a l u e o f y o u r p r e s e n t r e f i n e r y , c a s in g h e a d p l a n t s , t a n k c a r s a n d m a t e r ia l in
y o u r w a r e h o u s e a n d y a r d s c a n n o t r e a s o n a b l y b o p l a c e d a t le s s t h a n $ 2 , 5 0 0 ,
000.
I f t o th e s e a m o u n t s w o a d d t h o $ 5 ,0 0 0 ,0 0 0 f r o m t h o s a le o f o u r
1 , 0 0 0 , 0 0 0 n e w s h a r e s , w o h a v o a t o t a l o f $ 2 2 , 5 0 0 , 0 0 0 , w h i c h I b o l i o v e w il l
b o a c o n s e r v a t iv e e s tim a te o f th o v a lu o o f y o u r a s s e ts a ft e r t h o n e w s h a r e s
indebtedness except for tank cars and payments on Osage property, and a
few small current accounts. Your current Quick assets exceed your current
Ha lities by $760,000.
_ ,, .
.
« rvr
The earnings Tor tho first quarter of this year were in excess o f 5% on
theo entire amount of your authorized caxiital stock, or at tho rato of 2 0 %
per annum
473
[Increase of Capitalization from $10,000,000 to $25,000,000, Par $5 Each.—
It having been voted to increase tho capital stock from $10,000,000 to
$25,000,000, tho shareholders of record M ay 15 purchased at par $7,325,000
of tho new stock and a further $4,444,176 was issued July 15 as a stock
dividend of 25% to holders of record on June 30 1919, making the total
outstanding stock $22,220,871. See full particulars under “ Reports and
Documents” on a subsequent page of this issue.— Ed.]— V. 108, p. 1940.
Famous Players-Lasky Corporation, New York.
10 1919— Earnings and Bal. Sheet.)
The extended report to the New York Stock Exchange,
dated May 10 1919, will be found under the heading, “Re
ports and Documents,” on a following page.—V. 109, p. 375.
{Financial Statement M a y
United States Steel Corporation
30 1919)
Tho results of the operations for the quarter ended June
30 1919, shown below, were given out on Tuesday following
the regular meeting of the directors. As for the last preced
ing quarter, the official statement does not itemize reserves
set aside for Federal taxes.
Tho extra dividend on the common stock omitted three
months ago was again omitted by the board, but the regular
quarterly dividends of 1 % % on the preferred and 1 ) 4 %
on the common stock were declared, the former payable
Aug. 30 on stock of record Aug. 4 and the latter payable
Sept. 29 on stock of record Aug. 29.
After the meeting July 29 Judge Elbert H. Gary,
Chairman of the Board, said that the domestic situation was
good; that tho export situation was fair and improving, and
that tho uncertainty of the foreign exchange market as a
problem in connection with exports would be solved by
intelligent consideration of the factors.
{Residts fo r the Quarter E nding June
RESULTS FOR QUARTERS ENDING
1919.
1918.
$
$
Not earnings (seenote)x. 34,331,301 62,557,391
Deduct—
Sink, funds on bonds of
sub. cos. doprcc. & oxtraor replace*! funds. _ 9,031,448
8,277,311
Interest in U. S. Steel
5,236,083
Corporation bonds__ 5,141,204
Prem.on bonds redeemed
215,615
238,250
Sink funds on U. S. Steel
Corp. bonds_________ 1,975,747
1,880.597
JUNE 30.
1917.
1916.
$
$
90,579,204 81,126,048
14,347,399
8,071,848
5,326,907
224,610
5,412,962
161,000
1.806,752
1,673,978
Total deductions_____ 16,364,014 15,632,241 21,705,668 15,419,788
B alance______________ 17,967,287 46,925.150 68,873,536 65,706,260
Div. on pref. stk.GJi %) 6,304,919
6,304,919
6,304,919
6,304,919
Dlv. on com. stk______ *6,353,781 *21.602,856 *21,602,856 *11,436,806
Surplus for quarter___
5.308,587 19,017,375 40,965,761 47,964.535
* 1 X % in 1919: 4M % in 1918 and 1917; 2M % in 1916.
x Note.— Tho net earnings are in all cases reported by the company aftedoducting “ all expenses incident to operations, comprising those for ordin'
ary repairs and maintenance of plants and interest on bonds of the sub. cos.’r
Also in both quarters in 1918 and 1919 allowances were made for taxes,
prior to stating the earnings, including estimated war income and excess
profits taxes. As said above the amount of the tax allowances for 1919 is
not stated in tho official report, the circular merely referring to “ allowances
for estimated proportion of extraordinary costs, resulting from war require
ments and conditions, of facilities installed and of inventories of materials
on hand, also estimated taxes (Including Federal Incomo and war excess
profits taxes).”
In 1918 the allowance for war income and excess profits taxes for the first
quarter amounted to $31,585,198 and for tho 2 nd quarter to $90,716,250.
This last-mentioned allowance included $58,716,250 for that quarter on
basis of existing tax laws, and $32,000,000 for account of additional taxes
which might bo chargeable for first six months under legislation then pend
ing.
NET EARNS. FROM OPERATIONS FOR HALF-YEAR END. JUNE 30.
1919.
1918.
1917.
1916.
*Net Earnings—
$
$
$
$
January.......................
12,240,167 13,176,237 36,074,425 18,794,912
February......................... 11,883.027 17,313,883 33,416,171 19,196,396
M a r c h ...........................
9,390,19026,471,304 43,630,422 22,722,316
Total (first quarter)..
April.......................
M a y ................................
June...........................
33,513.384
11,027,393
10.932,559
12,371,349
56,961.424 113,121.018 60,713,624
20.644,982 28,521,091 25.423,676
21,494,204 30,773,551 27,554,899
20,418,205 31,284,562 28,147,473
Total second quarter. 34,331,301 62,557,391 90,579,204 81,126,048
Total half-year________ 67,844,685 119.518,815 203,700,222 141.839,672
♦After deducting Interest on subsidiary cos’ bonds outstanding, viz.:
1919.
1918.
1917.
1916.
January..........................
$738,506
$726,892
$745,853
$805,462
February........................
738,449
724,867
745,522
796,408
March..............................
738,988
724.848
746,977
795.226
April................................
732,882
739,069
744,648
792,541
M a y ................................
731.578
762,202
742.835
790,558
Juno...............- ......... — 724.580
762,859
742,738
791,918
INCOME ACCOUNT FOR HALF-YEAR ENDING JUNE 30.
1919.
1918.
1917.
1916.
Total net earnings for
$
$
$
$
half-year.................. . 67.844,685 119,518,815 203,700,222 141,839,672
Deduct—
For sinking fund, depre
ciation and reserve fd. 21,646,150 18.669,515 25,944,975 19,240,891
Interest.......................... 10,319,002 10,507,373 10.687,730 10.857,649
Prem. on bds. redeemed.
431,230
476,500
449,225
522,000
Total deductions.........
Balanco.............
Dividend on Stocks—
Preferred (3 )4 % )-.........
Common . . . . . . _______
Rato of per cent.........
32,396,382
35,448,303
29.653.388 37,081,930 30,620,540
89,865.427 166,618,292 111,219,132
12.609,838
12,707,562
(2)4% )
12,609.838
43,205,712
(8)4% )
12,609,838 12,609,838
43,205,712 17,790,587
(8)4% )
(3)4% )
Total dividends........... 25,317,400 55.815,550 55,815,550 30,400,425
Balanco, surplus............. 10,130.903 34,049,877 110,802,742 80,818,707
Unfilled orders on hand June 30 1919 amounted to 4,892,855 tons against
8,918.866 tons, Juno 30 1918.— V. 109, p. 180.
Atlantic Gulf & West Indies Steamship Lines.
{Report fo r Fiscal Year ending D ec. 31 1918.)
Pros. Alexander R. Nic.ol, N. Y., July 26 1919, -wrote in
substance:
Revaluation.— Realizing that tho book value of your Heet of ships did not
adequately represent the replacement value, Frank S. Martin, appraiser
of marine equipment, was employed during tho past year to re-value all
of your ships, and the book value now set up reflects this appraisal, although
the total amount shown is in the aggregate $35 per deadweight ton less
than Mr. Martin has ccrUfi(>d at which the ships could be replaced. Tho
excess of the appraisal over the previous book value has been used to reduce
tho valuo of that intangible asset shown as good-will. The ships aro now
insured for approximately their book value.
O p e r a t i o n s .—- - D u r i n g 1 9 1 8 a l l o f y o u r o p e r a t i n g s t e a m s h i p c o m p a n i e s
w e re p r a c t ic a lly w o r k in g u n d o r G o v e r n m e n t c o n t r o l, a n d lo y a lly e n d e a v o r e d
t o m e o t a ll t h o r e q u ir e m e n t s a n d c o n d i t i o n s r o c iu e s t e d , a l t h o u g h a t a c o n
s id e r a b le fin a n c ia l lo s s .
N o C o m p en sa tio n R eceived fr o m
U . S . G o v e r n m e n t .— O n A p r i l 1 3 1 9 1 8
th e G o v e r n m e n t t o o k p o ss e s sio n o f th e C ly d e , M a llo r y a n d S o u th e r n S te a m
s h ip c o m p a n ie s f o r w a r p u r p o s e s , a n d u n t il D e c . 5 1 9 1 8 t h e s o c o a s t w is e
lin e s w e r o o p e r a t e d b y t h o D i r e c t o r - G e n e r a l o f R a i l r o a d s .
N o t a d o lla r
•*. c o m p e n s a t i o n , h o w e v e r , h a s a s y e t b e e n r e c e i v e d , s o t h a t a n y a m o u n t s
w h ic h m a y b o d u e fr o m t h o K a ilr o a d A d m in is t r a t io n f o r t h o u so o f th e s o
th r e o c o a s t w is o lin e s , f o r a p e r io d o f o v e r 7 f t m o n t h s , d o n o t a p p e a r in th o
in c o m e a c c o u n t f o r t h o y e a r , a lt h o u g h th o in t e r e s t , re n ta l a n d d e p r e c ia t io n
c h a r g e s h a v o b e e n in c lu d e d f o r th e e n tir e y e a r .
if N e i t h e r h a v o t h o c o m m i s s i o n s d u o f r o m t h o S h i p p i n g B o a r d f o r t h e
o p e r a t io n o f its s h ip s d u r in g th o p a s t y e a r b e e n in c lu d e d t o t h o in c o in o
a c c o u n t , a s t h e a m o u n t o f t h e s o c o m m is s io n s h a s n o t o v e n a t th is la t e d a t e
b e e n d e te r m in e d .
A ll e x p e n s e s , h o w e v e r , h a v o b e e n p a id o r c h a r g e d in
th o a cco u n ts.
E x t r a o r d i n a r y D e p r e c i a t i o n C h a r g e .— O w i n g t o t h o a b n o r m a l c o n d i t i o n s
c a u s e d b y t h e w a r , a n d t o th o e x t r a o r d in a r y a n d c o n s t a n t s tr a in w h ic h t h o
s h ip s o f t h o s e v e r a l c o m p a n ie s , w h ile in G o v e r n m e n t o p e r a t io n , h a v o h a d
t o u n d e r g o , t o t h o o x c c s s iv o c o s t o f r e p a ir s , a n d t o h ig h r e p la c e m e n t ,
o b s o le s c e n c e a n d d e fe r r e d m a in t e n a n c e c h a r g e s , y o u r d ir e c t o r s , in o r d e r
t o p r e s e r v e th o p e r m a n e n c y o f a n d to h o ld in t a c t y o u r c a p ita l in v e s t m e n t ,
h a v o , d u r in g th o y e a r 1 9 1 8 , s e t u p a m u c h h ig h e r d e p r e c ia t io n r e s e r v e
t h a n in f o r m e r y e a r s .
R e s u l t s — D i v i d e n d s .— A l l o f t h e s e i t e m s a r o r e f l e c t e d in t h o s m a l l e r n e t
in c o m e a c c o u n t s h o w n fo r th o y e a r .
O u t o f th o e a r n in g s , fo u r q u a r t e r ly
d iv id e n d s , a g g r e g a tin g 5 % o f th e p a r v a lu e o n th o o u ts ta n d in g P r e fe r r e d
s t o c k , a n d t w o s o m i-a n n u a l d iv id e n d s , a g g r e g a t in g 1 0 % o n th o o u t s t a n d
in g C o m m o n s t o c k , w e r o p a id d u r in g t h o y e a r .
V e s s e ls L o s t , C o m m a n d e e r e d a n d B u ilt S in c e A u g u s t 1 9 1 4 .— D u r i n g t h o
c a le n d a r y e a r 1 9 1 8 s te a m s h ip s ‘ ‘ C a r o li n a " a n d “ B e r w in d ," o w n e d b y N o w
Y o r k & l ’ o r t o R ic o S S . C o ., a n d s te a m sh ip ‘ ‘ S a n S a b a ,” o w n e d b y M a llo r y
S S . C o ., w e ro lo s t th r o u g h o p e r a tio n o f w a r , a n d s te a m s h ip ‘ ‘ O n o n d a g a ,
o w n e d b y C ly d o S S . C o ., th r o u g h a m a r in o d is a s te r .
T h o U . S . G o v e r n m e n t h a s p a id t h e N o w Y o r k & P o r t o R ic o S S . C o .
8 4 7 5 ,0 0 0 f o r s t e a m s h i p " B e r w i n d ” a n d h a s a w a r d e d S i ,2 5 0 ,0 0 0 f o r s t e a m
s h i p “ C a r o l i n a , ” b u t t h i s l a t t e r o f f e r h a s b o o n d e c l i n e d a s in t h o j u d g m o n t
• f y o u r d ir e c t o r s it d o e s n o t r e fle c t th e tr u e v a lu o o f th o s h ip .
N o aw ard
h a s y e t b e e n m a d o f o r s te a m s h ip s “ S a n S a b a ” o r “ O n o n d a g a ,” n e ith e r
h a s a n y s e t t le m e n t y e t b e e n e f f e c t e d w it h t h o U n it e d S t a t e s G o v e r n m e n t
f o r s t e a m s h ip s “ S i b o n e y , ” “ O r i z a b a ," “ A g w i d a l o ” a n d “ A g w i s t a r ,” a ll
o f w h ic h s h ip s , o r c o n t r a c t s fo r s a m o , w e r o c o m m a n d e e r e d b y t h e G o v e r n
m e n t e a r l y in t h o w a r .
S in c e t h o w a r s t a r t e d in A u g u s t 1 9 1 4 y o u r c o m p a n ie s h a v o l o s t , t h r o u g h
t h o o p e r a t i o n o f w a r o r m a r i n o d i s a s t e r , o r h a v e s o l d , 1(5 s h i p s o f 5 9 , 0 2 9
t o n s , a n d h a v e b u il t 1 6 s h ip s o f 6 0 ,3 1 3 t o n s , s o t h a t t h o n o t g a in in t o n n a g o
t o - d a y a m o u n t s t o 1 ,2 8 4 t o n s .
T h is d o e s n o t in c lu d e th e a b o v e -m e n t io n e d
fo u r s h ip s c o m m a n d e e r e d b y th e G o v e r n m e n t w h ile u n d e r c o n s t r u c t i o n , n o r
d o e s it i n c l u d e t h o M e x i c a n N a v i g a t i o n C o . s h ip s w h ic h w e r o b o t h a c q u i r e d
a n d so ld d u r in g th e p e r io d o f th e w a r .
P r e s e n t O p e r a t i o n s .— O f t h e s h i p s n o w o w n e d b y t h e C l y d e , M a l l o r y a n d
S o u t h e r n S t e a m s h ip c o m p a n ie s , o r c h a r t e r e d f r o m y o u r c o r p o r a t io n t o s a id
c o m p a n i e s , o n l y 1 5 a r o n o w b e i n g o p e r a t e d b y t h e s e lin e s in s t r i c t l y c o a s t
w is o b u s in e s s , w h ic h h a s n o t b e e n p r o f it a b le f o r s o v e r a l y e a r s , o w in g t o
lo w ra te s a n ti c o n s t a n t ly in c r e a s in g e x p e n s e s .
T h o r e m a in in g s h ip s o f
t h e s o l i n e s a r e e n g a g e d i n f o r e i g n t r a d o w h i c h is m u c h m o r o p r o f i t a b l e .
I n a d d it io n t o t h o 6 9 s h ip s o w n e d b y y o u r c o m p a n ie s , 6 o t h e r s h ip s a ro
n o w c h a r te r e d a n d o p e r a t e d f o r y o u r a c c o u n t , w h ile 5 9 s h ip s , o w n e d b y
th e S h ip p in g B o a r d , a r o o p e r a t e d fo r a c c o u n t o f th o S h ip p in g B o a r d o n a
c o m m is s io n b a s is .
O i l I n t e r e s t s A c q u i r e d — A t l a n t i c G u l f O i l C o r p o r a t i o n .— I n o r d e r t o f u r n i s h
fu e l o il f o r s u c h o f y o u r s h ip s a s m a y n o w o r h e r e a fte r b e f it t e d t o b u r n
o i l , a ls o t o fu r n is h c a r g o , y o u r d ir e c t o r s in F e b r u a r y o f t h is y e a r a c q u ir e d
f r o m t h e T e p e t a t e O il C o . a c o n t r o ll in g in t e r e s t in c e r t a in v e r y v a lu a b lo
o i l p r o p e r t i e s i n t h o S o u t h e r n D i s t r i c t o f t h e T a m p i c o f i e l d in M o x i c o , o n
w h i c h a r o n o w l o c a t e d t h r e o l a r g o w e l l s , a n d a f o u r t h w e l l is n o w b e i n g
d r ille d .
T h r e o M e x i c a n c o r p o r a t i o n s , k n o w n a s A g w i O il C o . , A g w i P ip o
L in o C o . a n d A g w i R e fin in g C o ., h a v o b e e n fo r m e d t o a c q u ir e t itle t o th e
le a s e s a n d r o a l e s t a t e , in c l u d i n g a c o n c e s s i o n f o r a p ip o lin o f r o m t h o w e lls
t o s e a b o a r d , a n d a te r m in a l s ite .
A ll o f t h e s h a r e s o f t h e s o t h r e o M e x i c a n c o m p a n ie s a r e in t u r n o w n e d b y
A t la n t i c G u l f O il C o r p . , o r g a n iz e d u n d o r t h o la w s o f V ir g in ia , w it h a
p a id -u p c a p it a l o f $ 2 0 ,0 0 0 ,0 0 0 , o f w h ic h y o u r c o m p a n y t o - d a y o w n s $ 1 0 ,
7 5 0 ,0 0 0 p a r v a l u e .
T h o A t l a n t i c G u l f O il C o r p . h a s a u t h o r i z e d a n is s u e
• f $ 1 0 ,0 0 0 ,0 0 0 1 s t M . 6 % 1 0 -y o a r S in k in g F u n d G o ld b o n d s , a ll s e c u r e d
b y a p le d g e o f t h o c a p it a l s t o c k s o f t h o th r e o s u b s id ia r y c o m p a n ie s , o f w h ic h
b o n d s $ 5 ,0 0 0 ,0 0 0 p a r v a l u o w ill s h o r t l y b o c e r t i f i e d a n d p l a c e d In t h o
tr e a s u r y o f t h o c o m p a n y , a n d t o p r o v id e f u n d s t o b u ild a 4 5 -m ilo 8 a n d 10
in c h p ip o lin o , t o g e t h e r w it h n e c e s s a r y p u m p in g s t a t io n s , s t o r a g o t a n k s ,
t o p p i n g p la n t , te r m in a ls , & c ., t h o A t la n t i c , G u lf & W e s t I n d ie s S t e a m s h ip
L in e s h a s a g r e e d t o p u r c h a s e th e s o tr e a s u r y b o n d s a s a n d w h e n n e e d e d .
T h o m o r t g a g o p r o v id e s f o r a 1 0 % p e r a n n u m s in k in g fu n d .
O f t h o t o t a l a u t h o r iz e d $ 2 ,5 0 0 ,0 0 0 2 d M . 6 % in c o m e b o n d s , a ll h a v o b e e n
is s u e d a n d d e liv e r e d t o t h o T e p e t a t o O il C o . , a n d $ 1 ,0 0 0 ,0 0 0 o f t h e s o b o n d s
h a v e b e e n p u r c h a s e d b y t h o A t la n t i c , G u lf & W e s t I n d ie s S t e a m s h ip L in e s
a t p a r a n d in t.
T h o p i p o l i n o is n o w i n p r o c e s s o f c o n s t r u c t i o n , a n d i t i s
e x p e c t e d t h a t t h o c o m p a n y w ill b o a b le t o d e liv e r 4 5 ,0 0 0 b a r r e ls p e r d a y
• f c r u d e o il a t Its t e r m in a l b y J a n . 1 n e x t .
Financial S t a t u s .— T h o f i n a n c i a l p o s i t i o n o f y o u r c o m p a n y , a s i n d i c a t e d
in t h o b a l a n c o s h e e t , is e x t r e m e l y g r a t i f y i n g .
A m o n g th o cu r r e n t a ssots
in t h o t r e a s u r ie s o f y o u r c o m p a n ie s a t t h is d a t o a r o $ 1 1 ,4 4 3 ,1 0 0 L ib e r t y
b o n d s , a n d $ 5 0 0 ,0 0 0 D o m in i o n o f C a n a d a 2 -y e a r N o t e s , d u e A u g . 1 n o x t .
In a d d it io n , $ 8 ,6 6 6 ,1 6 0 L ib e r t y b o n d s a r o h e ld b y t h o tr u s te e s u n d e r th o
s u b s id ia r y c o m p a n ie s ’ m o r tg a g e s , o r o th e r w is o .
Outlook.— T h o f u t u r e o f t h o b u s i n e s s w i l l b o l a r g e l y i n f l u e n c e d b y t h o
g e n e ra l c o n d it io n s d u r in g th o p e r io d o f r e c o n s t r u c t io n , b o t h a t h o m o a n d
a b r o a d , a n d y o u r d ir e c to r s lo o k fo r w a r d w it h c o n fld o n c o t o th o d e v e lo p m e n t
o f y o u r c o m p a n y in v a r io u s d ir e c t io n s .
^NSOLFlJATED^l}VCOME~ACCOUNTFOR~y^ R 3 ^ E N D E irD E C 7 ^ l.
■‘“ [ I n c h C l y d e S S . C o . , M a l l o r y S S . C o . , N . Y ~ & C u b a M a i l S S . C o . ,
C o m p a n ia C u b a n a d o N a v e g a c io n , N . Y . & P o r t o R ic o S S . C o . o f M a in e .
U . S . & P o r to R ic o N a v . C o ., N . Y . & P o r to R ic o S S . C o . o f N . Y ., S o u th
e r n S S . C o ., In te r n a tio n a l S h ip p in g C o r p ., J a c k s o n v ille L ig h to r a g o C o .,
T a m p a T o w in g & L ig h te r a g o C o ., C ly d o S S . T o r m . C o ., C a r o lin a T e r m .
C o ., S a n A n t o n io D o c k in g C o ., S a n A n t o n io C o ., S a n tia g o T e r m . C o .,
S a n t ia g o W a r e h o u s e C o . a n d W ilm in g t o n T e r m . C o .l
_
.
isno.
m il.
nnu.
O p e r a t i n g r e v e n u e s . . ........................ $ 2 6 , 6 3 3 , 5 5 0
M a in t e n a n c e , in c l . d e p r e c ’n . $ 9 ,5 7 6 ,5 9 4
T r a f f i c .......................................
3 1 7 ,4 7 5
T r a n s p o r t a t i o n . . . .........................
4 ,8 8 1 .9 5 0
G e n e r a l ........................................
1 ,7 9 5 ,8 8 7
C h a r t e r .......................
5 ,2 9 1 ,5 2 6
T a x e s ............... .........................................................
1 1 8 ,6 5 4
W a r a n d e x c e s s p r o f it s t a x e s (e s t i
m a t e d a n d r e s e r v e d ) ________
7 5 0 ,0 0 0
$ 4 8 ,2 1 2 ,0 5 5 $ 3 5 ,1 7 6 ,9 7 0
$ 5 ,2 2 7 ,3 2 3
$ 3 ,1 1 3 ,6 2 0
7 2 6 ,9 3 8
6 5 5 ,8 2 9
1 6 .6 7 0 ,1 4 1
1 5 .4 5 1 ,0 8 9
3 .4 4 7 ,9 6 4
1 ,8 9 3 ,0 8 0
6 ,5 3 8 ,6 1 6
3 ,4 6 0 ,8 0 8
4 6 3 ,4 4 0
1 2 0 ,2 9 2
T o t a l d e d u c t i o n s ........................................$ 2 2 , 7 3 2 , 0 8 6
N e t o p e r a t i n g i n c o m e . ...................
$ 3 ,9 0 1 ,4 6 3
O t h e r i n c o m o ...........................................................
8 8 2 .8 6 7
$ 3 8 ,4 7 4 ,4 2 2 $ 2 4 ,6 9 4 ,7 1 9
$ 9 ,7 3 7 ,6 3 3 $ 1 0 ,4 8 1 ,2 5 1
2 ,1 3 8 ,1 4 3
2 8 4 ,3 5 2
Deduct—
5 ,4 0 0 ,0 0 0
$ 1 0 ,7 6 5 ,6 0 3
$ 1 ,4 0 9 ,7 8 4
2 3 7 ,6 4 9
8 8 3 ,5 0 3
T o t a l d e d u c t i o n s ............................
$ 2 ,0 7 4 ,3 4 4
$ 2 ,2 2 8 ,2 6 3
N e t i n c o m o -----------------------$ 2 ,7 0 9 ,9 8 7
$ 9 ,6 4 7 ,5 1 3
P r e v i o u s s u r p l u s -------------------------------------------- $ 2 2 , 5 3 5 , 7 0 4 $ 1 4 , 6 7 6 , 0 8 9
S u n d r y c r e d i t s ----------------------- ------------------------ d e b . 7 6 3 , 6 7 2
6 2 3 ,5 0 2
$ 2 ,5 3 0 ,9 3 6
$ 8 ,2 3 4 ,6 6 7
$ 0 ,7 0 8 ,5 5 3
1 ,2 7 9 ,4 2 0
T o t a l ........................ ................................................ $ 2 4 . 4 8 2 , 0 2 0 $ 2 4 , 9 4 7 , 1 0 1 $ 1 6 , 2 2 2 , 6 4 0
P r e f e r r e d d i v i d e n d s ( 5 % ) ..................... ...
$ 6 8 7 ,1 4 5
$ 7 3 3 ,5 3 3
$ 7 1 8 ,9 9 5
C o m m o n d i v i d e n d s .................................( 1 0 % ) 1 , 4 9 6 , 3 4 0 ( 1 0 ) 1 ,4 9 6 ,3 4 0
(5 )7 4 8 ,1 7 0
do
f o r R e d C r o s s .................. ....................................................
(1 )1 4 9 ,6 3 4
D iv s . o n s u b . c o s . ’ s t o c k n o t h e ld b y
A t la n t ic G u lf & W e s t I n d ie s S S . C o .
4 ,2 3 6
3 1 ,8 9 3
4 9 ,3 8 6
T o t a l s u r p l u s D e c . 3 1 .................................$ 2 2 , 2 9 4 , 2 9 9
$ 2 2 ,5 3 5 ,7 0 4
C A P IT A L IZ A T IO N — A T L A N T I C G U L F & W E S T IN D IE S SS. L IN E S
A N D S U B . C O S .— D E C E M B E R 3 1 1 9 1 8 .
C a p it a l S to ck —
A u th o r iz e d .
Issu ed .
O w n ed .
O u tsta n d in g .
A . G . & W . I . S S . L in o s :
P r e f e r r e d ...............................$ 2 0 , 0 0 0 , 0 0 0 $ 2 0 , 0 0 0 , 0 0 0
$ 6 ,2 5 7 ,1 0 0 $ 1 3 ,7 4 2 ,9 0 0
C o m m o n _______ _________ 2 0 , 0 0 0 , 0 0 0
5 ,0 3 6 ,6 0 0
1 4 ,9 6 3 ,4 0 0
2 0 ,0 0 0 ,0 0 0
C l y d o S S . C o ...........................
7 ,0 0 0 ,0 0 0
4 4 ,4 5 0
7 .0 0 0 .
0 060, 9 5 5 , 5 5 0
M a l l o r y S S . C o ___________
7 ,0 0 0 ,0 0 0
250
7 .0 0 0 .
0 060, 9 9 9 , 7 5 0
C om p C u ban a d e N a v ..
2 ,0 0 0 ,0 0 0
1 ,2 8 7 ,5 0 0
1 ,2 8 7 .5 0 0
do
M e x ic a n a
do
. .
1 ,1 2 5 ,0 0 0
2 7 2 ,7 5 0
1 ,1 2 5 ,0 0 0
8 5 2 ,2 5 0
N . Y . & C u b a M a il S S .C o 1 0 ,0 0 0 ,0 0 0
5 2 ,9 5 0
1 0 ,0 0 0 ,0 0 0
9 ,9 1 7 ,0 5 0
N .Y .& P o r t o R ic o S S .C o
5 ,0 0 0 ,0 0 0
4 .0 0 0 .
0 04 0, 0 0 0 , 0 0 0
M i s c e l l a n e o u s _____________
1 ,1 4 8 ,0 0 0
9 8 ,3 0 0
8 7 8 ,0 0 0
7 7 9 ,7 0 0
T o t a l ................................... . . $ 7 3 , 2 7 3 , 0 0 0
$71
A u th o r iz e d .
Issu ed .
B o n d e d D eb t—
$
$
A . G . & W . l . S S . L ’s .1 5 ,0 0 0 ,0 0 0 1 3 ,0 0 0 ,0 0 0
C l y d o S S . C o ______ . 6 , 0 0 0 , 0 0 0
5 ,7 9 3 ,0 0 0
M a ll o r y S S . C o . . . . 6 ,0 0 0 ,0 0 0
4 ,9 9 1 ,0 0 0
N . Y . & C u b a M . S S .1 2 ,0 0 0 ,0 0 0 1 0 ,8 2 6 ,0 0 0
N . Y . & P . R . S S .. 5 ,0 0 0 ,0 0 0
2 ,9 6 8 ,0 0 0
U . S . & P . R . N a v . 3 ,0 0 0 ,0 0 0
L O tO .O O O
C a r o li n a T e r m .C o . 1 ,0 0 0 ,0 0 0
7 0 0 .0 0 0
C ly d o S S .T e r m .C o .
7 0 0 ,0 0 0
6 3 5 ,0 0 0
S a n A n t o n io C o . .
2 5 0 ,0 0 0
1 0 0 ,0 0 0
T o t a l ........................ 4 8 , 9 5 0 , 0 0 0
4 0 ,9 5 9 ,0 0 0
2 9 0 ,5 0 0
$ 4 2 ,1 1 5 ,5 0 0
C a n celed .
$
2 .0 9 6 .0 0 0
1 .7 4 3 .0 0 0
4 .4 0 8 .0 0 0
1 .3 7 3 .0 0 0
1 .7 6 1 .0 0 0
$ 2 9 ,1 7 5 ,0 0 0
O w n ed .
O u ts la n d 'g
$
$
1 ,9 5 1 ,5 0 0
4 1 8 .0 0 0
4 0 7 .0 0 0
7 1 5 .0 0 0
2 8 8 .0 0 0
1 1 ,0 1 8 ,5 0 0
3 ,2 7 9 ,0 0 0
2 ,8 1 1 ,0 0 0
------------------5 .7 0 3 .0 0 0
1 .3 0 7 .0 0 0
9 7 ,0 0 0
5 0 3 .0 0 0
4 8 7 .0 0 0
8 8 ,0 0 0
1 0 0 ,0 0 0
9 7 ,0 0 0
1 4 0 ,0 0 0
8 ,0 0 0
1 0 0 ,0 0 0
1 1 ,6 2 1 ,0 0 0
4 ,0 7 2 ,5 0 0
2 5 ,2 6 5 ,5 0 0
CONSOL.
B A L A N C E S H E E T D E C . 31
(S E E C O M P A N IE S
1918.
1917.
1918.
A s s e ts —
L ia b ilitie s —
S
S
S
M a r in e c q . , in c l .
C o m m o n s t o c k . c 1 4 ,9 0 3 ,4 0 0
p a y 't s a c c o u n t
P r e fe r r e d s t o c k <1 1 3 ,7 4 2 ,9 0 0
s h ip s
under
S t o c k s o f s u b .c o s
c o n s t r u c t i o n . . 4 2 ,7 5 3 ,4 5 7
2 4 ,4 9 9 ,5 0 2
not
h e ld
by
T erm . p rop , and
A t l . O . A \V. f
1 9 5 ,9 5 0
e q u i p . , e q u it ie s
C o l l , tr u s t b d s . e 1 1 ,0 1 8 ,5 0 0
In t c r m ’ l, A c .
3 ,6 5 0 ,1 7 7
3 ,5 7 0 ,9 9 0 1st 5 s o f s u b . c o s . f 1 4 ,1 2 0 ,0 0 0
C a s h h e ld b y tr *
8 ,2 4 0 .3 4 8
5 ,7 2 8 ,2 1 8 U . S . A P o r t o l t l c o
a ln v e s tm e n ts . .
1 ,9 9 5 ,8 8 6
2 ,0 7 0 ,5 3 3
N a v .C o .b d s ..
9 7 ,0 0 0
G o o d w il l, fr a n A c c ’ ts p a y a b l e . . 2 8 ,4 7 4 ,9 8 1
c h ls e s , A c _____ 1 2 ,0 1 0 ,0 1 0
4 1 ,7 0 4 ,9 9 1 I n t e r lin e f g t .b a l s
3 1 9 ,9 8 8
I n v e n t o r i e s _____
2 8 1 ,2 3 5
2 4 0 ,1 0 0 U n e a r n p a s s a g e
A c c ’ t s r e c e iv a b le 2 4 ,7 0 7 ,0 2 5
6 4 ,2 2 3
m o n e y , A c ___
5 ,2 3 4 ,3 3 7
A g e n t s ’ b a la n c e s
2 ,2 5 0 ,5 3 0
5 8 2 ,1 1 3
1 ,7 1 8 ,9 1 2 A c c r u o d in t e r e s t
I n t e r lin e f g t .b a l s
0 1 ,6 5 4
1 7 1 ,7 8 0
1 7 4 ,2 8 0 P r e f. d i v i d e n d s .
S h ip s ’ a c c t d . , A c .
1 ,4 9 3 ,3 4 9
8 0 0 ,0 9 1 C o m m o n d i v ___
7 4 8 ,1 7 0
C la i m s In s u s p . b
1 7 7 ,7 0 8
1 9 6 ,3 1 8 O p e n v o y a g e a c U n c x p l r c l In 3 u r.
c o u n t s , A c ___
7 8 0 ,1 9 2
3 2 5 ,8 5 9
4 ,0 8 9 ,9 0 2
P r e p a id r e n t s ___
4 3 ,6 3 2
3 4 ,2 5 7 D e p r c e 'n r e s e r v e
2 ,1 0 1 ,9 9 4
M k t . s t k s . A b d s 1 2 ,3 0 0 ,4 2 1
0 ,1 4 2 ,2 3 0 R e p l a c . A m a r in e
C a s h fo r c o u p o n s
e q u ip , reserv e
5 0 2 ,3 3 8
5 1 4 ,9 7 5
4 ,7 7 1 ,0 2 0
C a s h (o r p r e f .d iv
1 7 1 ,7 8 0
1 7 1 ,7 8 6 l i e s . f o r w a r A e x c .
C a s h o n h a n d ,A c
p r o f , t a x ( e s t .)
7 5 0 ,0 0 0
8 ,0 3 6 ,2 3 8
8 ,2 3 9 ,9 2 0
1 ,5 8 9 ,1 0 2
O pen voy age acS u n d ry reserves.
c o u n t s , A c ___
1 ,1 9 7 ,4 5 5
1 ,4 6 9 ,G S 0 P r o f it a n d l o s s . . 2 2 ,2 9 4 ,2 9 9
T o t a l ...................1 2 0 ,8 1 0 .0 4 8
T o t a l ...................1 2 0 ,8 1 0 ,0 1 8
1 0 2 ,8 3 7 ,0 5 2
A B O V E ).
1917.
S
1 4 ,9 6 3 ,1 0 0
1 3 ,7 4 2 ,9 0 0
1 9 5 ,9 5 0
1 1 ,1 7 4 ,0 0 0
1 4 ,4 4 9 ,0 0 0
9 S ,0 0 0
3 ,6 4 2 ,1 5 2
1 9 3 ,8 1 0
9 2 ,0 2 7
5 9 2 ,0 5 0
1 7 1 ,7 8 0
7 4 8 ,1 7 0
4 ,1 5 1 ,0 6 4
5 ,8 9 0 ,2 5 5
3 ,7 4 5 ,9 4 3
5 .4 0 0 ,0 0 0
1 ,0 4 4 ,2 4 1
2 2 ,5 3 5 ,7 0 4
1 0 2 ,8 3 7 ,0 5 2
* I n c lu d e s L ib o r t y b o n d s h o ld b y t r u s te o .
a In v e s tm e n ts p le d g e d u n d e r
t h o m o r t g a g e a n d o t h e r s e c u r itie s ,
b S ta te d a fte r d e d u c tin g re s e rv e s ,
c A f t e r d e d u c t i n g $ 5 ,0 3 6 ,6 0 0 p r e f . s t o c k h o ld in t r e a s u r y ,
d A fte r d e d u c t
i n g $ 6 , 2 5 7 , 1 0 0 c o m m o n s t o c k in t r e a s u r y ,
e A u t h o r iz e d $ 1 5 ,0 0 0 ,0 0 0 ,
i s s u e d $ 1 3 , 0 0 0 , 0 0 0 : in t r e a s u r y , $ 1 , 9 5 1 . 5 0 0 : b a l a n c o , $ 1 1 , 0 1 8 , 5 0 0 .
f A u th
o r i z e d , $ 3 0 ,9 5 0 ,0 0 0 , Is s u e d , $ 2 6 ,0 1 3 ,0 0 0 , lo s s $ 9 ,8 0 0 ,0 0 0 b o n d s r e t ir e d b y
s in k i n g f u n d o r c a n c e l e d a n d $ 2 ,0 3 3 ,0 0 0 in t r e a s u r y a n d in h a n d s o f t r u s t e o :
b a la n c o a s a b o v e , $ 1 4 ,1 2 0 ,0 0 0 .— V . 1 0 8 , p . 2 2 4 3 .
Virginia-Carolina Chemical Co.
(24 th A n n u a l Statement— Year ended M a y 31 1919.)
C O N S O L ID A T E D
RESU LTS
FOR
B a la n c e , n e t p r o f i t . . .
O t h e r i n c o m e _______________
YEARS
E N D IN G
M A Y
31.
1 9 1 7 -1 8 .
$ 1 6 ,8 3 2 ,9 1 2
2 ,9 9 8 ,5 5 2
1 9 1 6 -1 7 .
$ 8 ,5 0 2 ,4 1 6
2 ,1 4 5 ,8 3 1
1 9 1 5 -1 6 .
$ 7 ,7 3 2 ,7 9 8
1 ,9 2 4 ,7 5 0
1 ,0 1 2 ,0 0 1
x 2 , 6 2 9 ,1 2 1
4 5 1 ,3 3 5
____________
3 8 0 .5 8 1
$ 8 ,9 3 3 ,3 3 5 $ 1 0 ,1 9 3 ,2 6 8
____________
____________
$ 5 ,9 0 5 ,2 5 0
____________
$ 5 ,4 2 7 ,4 6 7
2 4 0 ,3 8 0
1 9 1 8 -1 9 .
T o t a l n e t p r o f i t s ...................$ 1 6 , 2 1 3 , 5 9 2
R e p a ir s & m a in t e n a n c e .
3 ,6 9 6 ,4 0 1
R o s 'v e f o r d o u b t f u l d e b t s
a n d c a s h d is c o u n t s o n
1 ,1 8 6 ,3 2 5
u n s e t t l e d a c c o u n t s ____
F ed era l ta x es & d o p r e c ’n
2 .3 9 7 ,5 3 1
G r o s s i n c o m e ____________ $ 8 , 9 3 3 , 3 3 5
L e s s I n t ., D iv s ., e t c .—
I n t . o n 1st M . 5 % b o n d s
$ 6 0 7 ,5 0 0
In te re st o n d e b e n t u r e s ..
2 6 2 ,2 0 9
I n t o r e s t a n d d i s c o u n t ____
1 ,3 9 8 ,3 7 0
P re f. s to c k d iv . ( 8 % ) .
1 ,6 0 4 ,1 6 5
C o m m o n d iv id e n d ...(6 % )1 ,6 7 9 ,0 6 4
T o t a l d e d u c t i o n s _______ $ 5 , 5 5 1 , 3 0 8
B a l a n c o , s u r p l u s __________ $ 3 , 3 8 2 , 0 2 7
$ 1 0 ,1 9 3 ,2 6 8
$ 5 ,9 0 5 ,2 5 0
$ 5 ,6 6 7 ,8 4 7
$ 6 2 2 ,5 0 0
$ 0 3 7 ,5 0 0
2 7 5 ,7 5 3
2 8 3 ,2 8 0
3 2 8 .0 8 3
9 1 0 ,3 4 6
1 .6 0 0 ,9 7 6
1 ,6 0 0 , 9 4 4
( 3 )8 3 9 ,5 3 2 (1 > * )4 1 9 ,766
$ 6 5 2 ,5 0 0
2 8 9 ,2 7 5
2 1 8 ,5 2 3
1 ,6 0 0 ,4 7 2
$ 4 ,2 4 9 ,1 0 7
$ 3 ,2 6 9 ,5 7 3
$ 5 ,9 4 4 ,1 6 1 ^ .$ 2 ,6 3 5 ,6 7 7
$ 2 ,7 6 0 ,7 7 0
$ 2 ,9 0 7 ,0 7 7
x Compare footnote " x ” following balanco shoot.
OFFICIAL COMPARISON SHOWING TURNOVER A N D RELATION OF
SAME TO NET PROFITS.
Total
Repairs and
Turnover.
Maintenance.
19131 4 .... $60,863,107
$1,194,281
191415 ....
62,218,078
1,476,126
67,899.444
1.924,750
191516 ....
191617 ....
83,774,580
2.145,831
2,998.552
191718 .... 122,463,670
191819 .... 136,379.926
3,696.401
CONSOLIDATED BALANCE SHEET M A Y 31. INCLUDING SUB. COS.
1919.
1918.
1917.
1916.
Assets—
$
!$
S
S
Real estate, plants, A c ..
46,352.081 45.707.718 45,556,568 44,417,352
Invest, in sub. cos., & c ..
8,241,625 8.339.234
8.302,443 7,988,215
Cash..............
7,202,091
6,776,286
4,236,124 4.047.444
Mfd. prod.,mat. & supp.
18.594,077 18,706,853 13,260,988 11,119,841
Accts. & billsrecoivablo_a31.90t.182 25,629.595 22,281,234 19.552,406
Int..ins.,Ac.,paid in adv.
803,425
658,564
451,834
517,571
Miscellaneous investm’ts
192,949
502,415
356,957
309,441
Liborty bonds................. 1,277,090
1.093,250
.......... - ...................... Insur. fund investment.
30,000
30,000
30,000
30.000
______________
G r o s s I n c o m o .................. ..................................$ 4 , 7 8 4 , 3 3 1 $ 1 1 , 8 7 5 , 7 7 6
B o n d a n d n o t o i n t e r e s t , & c _____________ $ 1 , 3 0 0 , 3 9 4
$ 1 ,3 4 7 ,7 3 7
A d d i t i o n a l d e p r e c i a t i o n __________________
____________
____ ___ .
R e n t a l s . & c .................. ..........................................
7 7 3 ,9 5 0
8 8 0 ,5 2 7
[Vol. 109
THE CHRONICLE
474
$ 1 4 ,6 7 6 ,0 8 9
Total............................ 114,654,520 107,143,915
Liabilities—
Capital stock, preferred. 2 0 , 4 2 5 , 8 9 1 2 0 , 0 1 2 , 2 5 5
Capital stock, common. 2 7 , 9 8 4 , 4 0 0 2 7 , 9 8 4 , 4 0 0
1st M . 15-yr. 5% bonds. 1 2 ,000.000 1 2 . 3 0 0 . 0 0 0
1 0 -y r . 6 % s . f . c o n v . d o b .
4 ,0 2 9 .4 4 0
B i l l s p a y a b l e _______________ 1 7 , 3 1 7 , 5 0 0
A c c o u n t s p a y a b l e ________ b 5 . 7 8 5 , 1 5 0
C o n t i n g e n t a c c o u n t s _____
1 ,4 4 5 ,0 2 2
F e d 'l t a x e s & d e p . r e c ____ c l , 0 8 2 , 4 8 0
In s u r a n c e , & c ., r e s e r v o s .
4 7 5 ,4 0 4
S u r p l u s _______________________ 2 4 . 1 0 9 . 2 3 3
4 ,6 0 9 ,3 8 5
1 3 .7 2 9 .0 0 0
3 ,3 7 4 ,8 8 6
9 9 3 ,6 9 9
2 ,5 1 0 ,6 5 7
3 7 7 ,3 3 8
x 2 1 .5 5 2 ,2 9 5
T o t a l.,
.................
1 0 7 ,4 4 3 ,9 1 5
a
....................... 1 1 4 , 6 5 4 , 5 2 0
94,476,148
87,982,270
2 0 ,0 1 2 .2 5 5
2 7 ,9 8 4 ,4 0 0
1 2 ,6 0 0 .0 0 0
4 .7 3 4 .5 0 5
9 ,9 2 9 ,8 2 8
2 ,1 0 9 ,3 1 3
1 ,1 5 3 ,0 1 7
2 0 .0 1 1 .8 1 8
2 7 .0 8 4 ,4 0 0
1 2 ,9 0 0 ,0 0 0
4 ,8 6 1 ,3 2 0
6 .1 0 2 ,5 5 0
1 ,3 3 5 .2 8 3
1 ,3 0 5 ,0 2 9
” 344*606
1 5 ,6 0 8 .1 3 5
' 3 0 6 " ,4 9 5
1 3 ,1 7 5 ,3 7 6
9 4 ,4 7 6 ,1 4 8
8 7 ,9 8 2 .2 7 0
I n c lu d e s a c c o u n t s r e c e iv a b le , $ 2 3 ,5 8 0 ,2 7 0 ; b ills r e c e iv a b le , $ 1 3 ,0 8 7 ,1 2 7 ,
l e s s e n d o r s e d a n d d i s c o u n t e d in t h o o r d i n a r y c o u r s e o f b u s i n o s s , $ 4 , 7 0 6 , 2 1 5 ;
n e t . $ 8 ,3 8 0 ,9 1 2 ; t o t a l, $ 3 1 ,9 6 1 ,1 8 2 .
x T h i s p r o f i t a n d lo s s s u r p l u s a s o f
M a y 31 1 9 1 8 w a s la t e r r e d u c e d t o $ 2 0 ,7 2 7 ,2 0 7 o y a n a d ju s t m e n t o f $ 8 2 5 ,0 8 8
" i n r e s p e c t o f F e d e r a l t a x e s f o r t h o y e a r e n d in g M a y 31 1 9 1 8 (r e s e r v e h a v in g
b e e n c o m p u t e d u n d e r la w e x i s t i n g a t M a y 3 1 1 9 1 8 , w h i c h la w w a s r e v i s e d
h o b . 2 4 1 9 1 9 , w it h h ig h e r r a t e s , a n d m a d e r e t r o a c t iv e a s o f J a n . 1 1 9 1 8 ).”
b I n c lu d e s p r o v is io n f o r F e d e r a l ta x e s , fo r m e r ly in c lu d e d b e lo w ,
c S co
n o to b a b ov e.
Note.— Under agreement of April 1 1913 tho Virginia-Carolina Chemical
Co. guarantees tho 7% dividends on $425,000 prof, stock of tho Consumers
Chomical Corporation, and retirement of the principal on or beforo April l
1933 all of tho profits In excess of tho preferred dividends belonging to the
Virginia-Carolina Chemical Co. through ownership of tho common stock.
The foregoing balance shoot includes tho accounts o f Virginia-Carolina
Chemical Co., Charleston (S. C.) Mining & Manufacturing Co and Sulphur
Mining & UK. Co.; tho two independently operated subsidiary fertilizer
companies at Baltimoro, M d., and Birmingham, Ala.; the Southern Cotton
Oil Co and other subsidiary companies, district officos and branches.—
V. 108i’ p. 2638.
Sinclair Oil & Refining Corporation.
(Report for Six Months ending Dec. 31 1918.)
M e r g e r o r a m a lg a m a t io n w it h t h e S in c la ir G u lf C o r p o r a t io n a n d o t h e r
p r o p e r tie s as th o
C o n s o l i d a t e ^ O il C o r p o r a t i o n
is P e n d i n g a n d w i l l
Sinclair
probably bo consummated shortly. Compare V. 108, p. 2247, 2335, 2533,
2636; V. 109, p. 79, 179. 278. Also see news item on a subsequent page. ltd.
INCOME ACCOUNT INCLUDING SUBSIDIARY COMPANIES.
6 Mos. to -------- June 30 Years-------Dec. 31 18.
1918.
1917.
Total net earnings from operations.. $8,501,655 $11,854,734 $10,938,320
„ „ - 000i 31,512,060
$807,0o8
Deduct— Interest on notes--------------- ]
376,722
Amort’n of disc't A exp. on 3 -yr. notes! 1,327,338
872,502
794,515
Res.for Fed. inc. & exc. prof. tax.(est)J
.
Dlvs. from Aug. 10 1916 to Feb. 1918,
both inch, $1 25 a share quarterly.
$7,174,317
24,292
$9,093,449
80,111
$9,336,747
$7,198,609
3,289,399
$9,173,560
3,639,703
$9,336,747
1,631,228
...............
3,750,000
3,888,211
$3,909,210 $1,783,857 $3,817,308
Balance, surplus_________________$3,909,210
CONSOLIDATED BALANCE SHEETS.
Dec. 31 ’ 18. June 30 T 8 .
I
S
S
Real estate, oil and gas leases, oil wells and equip
ment. pipo lines, refineries, investments in other
........
companies, A c., at appraised values----------------- 96,861,362
Additional properties acquired and refineries, pipo
linos Ac., in course of construction.........................................
„ „
„
71,285,868
Total available for depreciation, A c----------------- 96,861,302
Less— Reserve for depreciation and depletion.............................
85,838,397
7,400,297
Balanco of capital assots______________________ 96,861,362
Cash in banks and on hand.............
. . . . . . . . . . 2,353,191
Notes A acc'ts rcc., less reservo for doubtful acc ts. 3,561,182
Balanco of discount & expenses on 3-year notes—
........
Inventory crude oil and refined products.............. 6,829,608
Duo from affiliated companies...........................................
Liberty Loan bonds-------------------------------------------<60,000
78,438,100
2,442,463
4,303,066
835,728
6,767,490
523,200
505,000
170,276
18,605
565,550
A d v a n c e s o n p u r c h a s e s ----------------------------------------------------------
1 5 ,1 5 3
Miscellaneous assots.................... — ,--------- - - - —
Deferred assots: Prepaid insurance, interest, &C--
1,134,228
14,552,529
111,514,625
T o ta l__________________________________
Liabilities—
,
Capital stock (without par value): Authorized and
Issued, 1,500,000 shs., less deposited with trustee
in respect of stock option warrants outstanding,
,609,506
500,000 shs.: in hands o f public, 1 ,0 0 0 ,0 0 0 sh s..
,830,216
3-year First Lien 7% sinking fund Kold n o t^ , dated
Aug. 1 1917 (authorized issue, $20,000,000),
046,800
outstanding in hands of public------------------------566,618
Equipment trust notes, &c---------------------------------420,000
Notes payable---------------------------------------------------660,421
Accounts payablo---------------------------------------------207,752
Federal and other taxes accrued-------------------------Interest accrued------------------------------------------------187,695
Duo to affiliated companies.......................................
Reservo for contingent claims...................................
752,630
Deferred credits------------------------------------------------229,121
Depreciation--------------- ------------------------------------,003,865
Depletion and amortization.......................................
94,569,484
T o ta l........................................................................ 111,514,625
— V. 109, p. 278.
94,569,484
57,620,556
5,319,724
18,900,800
2,584,680
3,880,343
3,772,773
1,118,548
619,288
110,440
642,332
Sinclair Gulf Corporation, New York.
( Financial Statement— Year ending Dec. 31 1918.)
The text of tho report was cited V. 108. p. 1065.
Merger or amalgamation with tho Sinclair Gulf Corporation and other
properties under title of tho Sinclair Consolidated Oil Corporation, is
ponding and will probably bo consumatod shortly. Compare V. 108, p.
2247, 2335, 2533, 2636; V. 109, p. 79, 179, 278. Also seo nows item on a
subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
f 1918.
1917.
$5,600,861 $4,710,478
Less— General expense, reserve for taxes, int., A c. 3,823,992
1,096,240
Add— Miscellaneous incomo.
$1,776,869
468,413
$3,614,238
93,035
Deduct-
$2,245,282
1,218,486
$3,707,273
2,613,996
$1,026,796
$1,093,277
DECEMBER 31.
1918.
1917.
$
$
Real estate, oil A gas leases, oil wells A; equipment,
refinery terminals, tank cars, steamships, stoain49,877,244
ship charters, A c---------------------- ---------------------*693,590
598,618
Investments In subsidiary companies------------------- 1.207.450
2,260,351
Cash In banks and on h a n d ..------------ ---------------1,764,326
Notes & accounts receivable loss reserves-----------,
1,211.425
Inventory— Crude oil & refined products-----------Liberty bonds..............................................................
}i$.600
1,254,354
442,621
T o ta l........................................................................ 61.605,636
56,154,585
Deferred charges: Prepaid ins.,taxes, int., A c-------
CapUal^stock— Authorized (without par value),
1 ,0 0 0 .0 0 0 shares; less with trustee to exchange for
10-vear bonds 244.301 shares, A In treasury,
14,497 slmrw balanco, 7 4 1 .2 0 2 sh a re s.... . . . . . 40,611.288
First lion 10-year convertible 6 % gold bonds (auth.,
$2 0 .0 0 0 ,0 0 0 ) outstanding.. . . .............................. 9,426,500
645,690
Notes A equipment trust certificates------- - - ------ Notes A accounts payablo, accrued taxes, interest,
1,827,233
royalties, A c_________________________________
16,048
Deferred credits________________ _______
Minority stockholders— Frooport A Tampico Fuel
Oil Corp_____________________________________
Depletion A depreciation re se rvo ...-------------------- 6,655,913
Surplus Incomo_________________________________ x2.422.963
T o ta l........................................................................ 61,605,636
39.550,366
10,364,500
311,227
1,662,960
186,994
307,500
2,677,761
1,093,277
66,154,585
x After crediting adjustments applic’le to 1917, $302,880.— V. 109, p. 278.
General Motors Corporation.
(Balance Sheet as of March 31 1919.)
The New York Stock Exchange has authorized the listing,
on or after Aug. 1 1919, of an additional 830,000,000 6%
cumulative debenture stock, making the total amount to be
listed $80,740,800. The additional 830,000,000 applied for,
it is stated, has been sold for cash, and the net proceeds of the
issue are to be used to increase the cash working capital of
tho Corporation.
Tho balanco sheet furnished tho New York Stock Exchange compares
with that of Dec. 31 as follows:
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.)
Tho text of tho report was cited in V. 108, p. 1615.
Miscellaneous income.
475
THE CHRONICLE
A ug . 2 1919.]
A f a r . 31 T 9 .
A s s e ts —
$
R e a l e s t a t e , p la n t s
a n d e q u i p m e n t . 7 7 ,9 6 4 ,9 9 9
I n v e s t , in a ll ie d ,
A c . , c o m p a n i e s . 5 ,4 6 3 ,9 6 0
C a s h ..............................4 5 ,8 7 4 ,8 0 0
L i b e r t y b o n d s _____2 4 ,2 1 9 ,7 4 7
M a r k e ta b le s e c u r .
1 1 3 ,2 0 6
S ig h t d r a f t s _______ 1 1 ,4 8 5 ,5 8 1
D u e fr o n t U . S .
G o v t,
on
w ar
c o n t r a c t s _______ 4 ,8 1 1 .2 3 8
N o t e s A a c c t s . r e c .2 1 .3 7 5 ,6 9 S
I n v e n t o r i e s _______ 9 9 ,1 7 8 ,5 5 8
D e fe r r e d e x p e n ___ 1 ,6 3 2 ,7 4 2
G o o d -w ill, p a te n ts,
A c . , A c ___________3 5 ,7 1 4 ,8 9 3
D e c . 31 ’ 1 8 .
$
7 6 ,7 5 6 ,4 3 1
2 ,8 3 9 ,5 3 1
3 0 ,6 3 6 ,6 2 1
2 8 ,8 5 2 ,0 1 8
1 7 2 ,3 0 5
3 ,3 1 6 ,3 8 5
7 ,3 0 5 ,6 2 7
2 1 ,9 9 5 ,3 6 0
9 1 ,1 3 7 ,5 1 3
7 6 2 ,6 5 2
3 5 ,7 1 4 ,8 9 3
T o t a l ................... 3 2 7 ,8 3 5 ,4 2 2 2 9 9 4 8 9 ,3 3 6
L ia b ilitie s —
D e b . s to c k (a u th .
$ 1 5 0 ,0 0 0 ,0 0 0 ) - x 3 1 ,6 5 6 ,2 0 0 2 9 ,1 7 5 ,3 0 0
P r e f . s t o c k (a u t h .
$ 2 0 ,0 0 0 ,0 0 0 ) . . x l 7 , 1 9 0 ,1 0 0 1 9 ,6 7 1 ,0 0 0
A f a r . 31 T 9 . D « c . 3 1 T 8
L ia b ilitie s (C o n .)—
$
$
*
C o m . s to c k (a u th .
$ 2 0 0 ,0 0 0 ,0 0 0 ) x l 4 7 , 4 2 4 , 8 0 0 1 4 7 ,3 7 9 ,9 0 0
P u rch . m on ey b d s .
1 5 0 ,0 0 0
2 2 5 ,0 0 0
O u t s t a n d ’ g c a p it a l
s t o c k (p a r v a l u e )
a n d s u r p lu s o f
s u b sld . c o s . n o t
ow ned b y G . M .
C o r p . c a p . 8 t k _ _ 2 ,2 9 2 ,2 2 5
2 .9 6 0 ,4 0 1
S u r p l u s . . ..............
5 1 7 ,2 3 1
4 2 7 ,7 5 4
A c c o u n t s p a y a b l e . 2 9 ,5 0 6 ,8 0 6 1 8 ,4 5 3 ,3 1 7
N o t e s p a y a b l e ____ 1 0 ,9 5 6 ,9 6 6 1 0 ,8 0 2 ,1 5 4
T a x e s , p a y - r o ll s A
s u n d r ie s a c c r u e d 8 ,1 7 4 ,1 2 2
3 ,7 6 9 ,8 6 5
R eserves—
F o r d lv . o n p r e f.
A d eb. stock .
4 8 8 ,2 6 3
4 8 8 ,4 6 3
F o r F e d . ta x es A
e x t r a o r d . e x p . 2 6 ,8 2 7 ,9 0 4 2 5 ,8 6 3 ,8 2 3
3 ,8 6 3 ,4 2 1
F o r c o n t l n g _____ 4 ,0 6 6 ,6 6 9
P . A L . s u r p l u s . 4 8 ,5 8 4 ,1 3 6 3 6 ,4 0 8 ,9 3 7
T o t a l ................... 3 2 7 ,8 3 5 ,4 2 2 2 9 9 4 8 9 ,3 3 6
x In addition to tho stock held by tho public as hero shown the company’s
treasury held on Dec. 31 1918, $1,581,000 debenture stock, $2,498,200 pre
ferred and $3,876,300 common stock.— V. 109, p. 376.
General Cigar Co., New York.
(Report for Half-Year ended June 30 1919.)
Six Months to June 30—
1919.
1918.
1917.
Gross profits_______________________ $3,620,951 $3,045,082 $2,240,084
Administration and selling expenses.. 2,244,967
1,593,364
1,505,733
$1,375,983
50,463
$1,451,718
32,058
$734,351
31,356
$1,426,448
Total .
$163,686
Interest on
175,000
Dividends on pref. stock (3 M % )----362,080
Dividends on common stock (2 % )__
$1,483,776
$217,820
175.000
362,080
$765,707
$111,442
175,000
362,080
Miscellaneous profits, interest, A c__
T otal..................................................
$700,766 . $754,900
$728,876
Balanco, surplus___________________
$725,682
CONSOLIDATED BALANCE SHEET JUNE 30.
A s s e ts —
C a p it a l a s s e t s ___ *21
In su ra n ce, A c ., p re
p a id ................... ..
S u p p li e s , A c ______11
B il ls r e c e i v a b l e ___
A ccts.
r e c e iv a b le
le s s r e s e r v e ______2
C a s h ________________
L i b e r t y b o n d s _____
1919.
1918.
$
$
,6 8 6 ,1 4 8 2 1 ,7 0 2 ,6 5 8
2 0 5 ,9 2 1
1 9 9 ,7 8 3
,9 8 2 ,9 1 6 1 0 ,1 5 3 ,9 2 4
3 2 8 ,4 6 8
3 9 3 ,6 6 8
,6 6 4 ,3 1 5
7 1 5 .4 7 9
2 9 2 ,2 S 9
2 ,9 0 2 ,1 7 4
1 ,3 0 6 ,7 5 8
3 0 2 ,7 2 9
T o t a l ......................3 7 ,8 7 5 ,5 3 6 3 6 ,9 6 1 ,6 9 4
1919.
L ia b il it ie s —
$
C o m m o n s t o c k ___ 1 8 ,1 0 4 ,0 0 0
P r e fe r r e d s t o c k ___ 5 ,0 0 0 ,0 0 0
A c c t s . p a y a b l e , A c . 1 ,5 9 6 ,0 4 3
B ills p a y a b l e ........... 6 ,2 2 4 ,2 5 7
S p e c ’l c a p . r e s e rv e
________
R eserve
fo r
w ar
t a x e s ______ _______
4 2 0 ,3 3 9
S u r p l u s _____________ 5 ,3 9 2 ,7 6 2
In su ra n ce r e s e r v e .
x l3 8 ,1 3 5
$648,522
$117,185
1918.
8
1 8 ,1 0 4 ,0 0 0
5 .0 0 0 . 0 0 0
1 ,0 1 6 ,3 0 5
6 ,6 3 7 ,0 0 0
1 .0 0 0 .
3 1 2 ,2 9 6
4 ,8 1 0 ,2 3 1
8 1 ,8 6 3
T o t a l ...................... 3 7 ,8 7 5 ,5 3 6 3 6 ,9 6 1 ,6 9 4
* Includes as of June 30 1919 good-will, trade-marks, patent rights,
$19,326,003; real estate, buildings, machinery, equipment and furniture
and fixtures, $1,339,415, and investments In affiliated cos., $1,020,730.
x After deducting divs. on Pref. and Com. stock amounting to $537,080.
A diagram of the comparative sales for six months’ period, furnished with
the report, indicates Increase over the half year of 1915, as follows:
Sales—
1919. 1918.
1917.
1916.
Approximate Increase over 1915----------- 87H %
-50%
17H %
2^%
The recent report to tho N. Y . Stock Exchange states the annual output
as follows: 1917, $22,567,040; 1918, $25,557,020; 1919 (estimated in first
fivo months), $29,000,000.— V. 109, p. 375.
Art Metal Construction Co.
( Report for Fiscal Year ending Dec. 31
1918.)
Pros. Honry K. Smith, Jamestown, N. Y., June 16 1919,
wroto in substance:
Results.— Tho year 1918 has been one of unprecedented business condi
tions, and marked by unusual difficulties in connection with material, labor,
transportation and all other essentials for doing business, but in spite of this
wo are ablo to report a gratifying increase in output, your company having
dono during tho year the largest business in its history. Orders taken, goods
shipped and net profits for the year 1918 as compared with 1917 are as follows
Orders Taken. Goods Shipped Net Profits
1918.................................................... $6,222,438
$5,435,508
$317,306
3,387,200
179,100
1917.............- ........... - ............... ....... 3,804,200
While tho acquisition of the Crown plant at tho end of 1917, and increased
prices duo to the war, are responsible for a portion of the increase in volume
of goods shipped, there has been a considerable increase in tonnage of factory
output, notwithstanding the difficult conditions which all manufacturers
have had to meet.
Bonds Retired.— During tho year tho bond Issue has been retired by con
version into common stock and there are practically no debts of any kind
outstanding.
_
, , ,
The account of the Assets Realization Co., standing on the books at
$71,490, has boon closed during tho year, netting 310,100.
Dividends Begun.— Payment of dividends was begun on July 31, regular
and special dividends of 15 cents each per sharo being paid for tho last two
quarters of tho year. In addition to this, a special dividend of 40 cents
(4% ) per sharo was paid on Dec. 31.
Taxation.— In tho pre-war years on which the excess profits tax is based,
tho earnings of your company were below the 1 0 % exemption established
as a minimum, so that tho excess profits taxes we have to pay are extremely
heavy. Wo estimate that the total taxes of all kinds for the year will be
approximately $550,000.
War Business.— Wo have reason to be proud of the company s rocord on
war work, as it has maintained its schodulo of deliveries on large and import
ant naval contracts, and is one of the few companies which has not been
delayed on Government orders. We are fortunate in not having cancella
tions of contracts for Government work, and no settlements to make or
money tied up in canceled Government orders.
Improvements. &c.— Extensive changes have been made at the Crown
plant which wo took over at tho end of 1917, these improvements resulting
in largoy increasing tho capacity of tho plant. Machinery which has long
outlived Its usefulness has been replaced with new In different departments
of tho various plants, but no general replacements have been made.
Owing to tho war and business and financial conditions before tho war,
very little in tho way of improvements has been planned or attempted for a
number of years past, and large expenditures are now necessary to put our
plants In proper condition. Old and obsolete buildings must bo replaced in
tho very near future, and a new power plant, motors, wiring and electrical
equipment provided.
000
THE CHRONICLE
476
Outlook.— Generally speaking, the condition of your company is excellent,
as wo are in a good financial position, with an excellent place and reputation
in the trade. Prospects for the immediate future are not particularly good,
as a general resumption of building is necessary to fill our contract depart
ment with work. Our stock business has been fairly well maintalnefd but
the volume of work in all departments is much below normal, and our fac
tory capacity is not fully employed.
4
„
, . „ . .
(Treasurer Earl O. Hultquist says: "The assets of tho Crown plant, listed
at $146,441. have been distributed over our accounts under tho proper
classifications.
“ Regulations of the Treasury Department provido that patent values
written off as a measure of conservative accounting In previous years can
be reinstated on our books as invested capital. In accordance with this
regulation $395,588 of patents charged off in previous years have been re
turned to patent account and surplus credited a liko amount.
“ $428 189 has been set aside as a reserve for erection as it is estimated
that this’ amount will bo necessary to install and erect tho large amount of
uncompleted contracts outstanding.
. . .
„
“ $61 390 of investment losses In 1918 represents the closing of our account
against’ tho Assets Realization Co.; $209,611 of investment losses in 1917
represents closing of our account against tho U. S. Metal Products Co.
These claims originated in 1913, but this final loss entirely closes them from
the balance sheet.” 1
INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1917.
1916.
1918.
Orders taken___________ $6,222,438 $3,804,200
Net shipments__________ $5,435,508 $3,387,212 $2,286,375 $1,677,018
1,299,160
1,503.872
2,230,885
Cost of goods shipped— 3,733,712
Gross profits_________ $1,701,796
Admin., selling, &c., exp.
777,414
Investment losses, &c.
____ '
(net) (see text)_______
57,075
Federal taxes (est.)--------550,000
D ividends______________ al45,582
Balance, surplus...........
$171,724
$1,156,326
623,438
$782,503
484,825
$377,858
521,161
233,785
120,000
35,945
25,455
$179,102
$261,733dof.$168,758
a Payment o f dividends was begun on July 31, regular and special divi
dends of 15 cents per sharo being paid for the last two quarters of tho year.
A special dividend of 40 cents per 6hare was paid Dec. 31.
BALANCE SHEET DECEMBER 31.
1918.
Assets—
5
1917.
S
1918.
Liabilities—
S
1917.
S
857,120
53,905 Capital stock_______1,457,120
Cash_______________
756,375
600,000
956,389 Bond Issue_________
______
Accts. & bills receiv. 1,352,229
213,930 290,785
Inventories_________1,416,424 1, 189,423 Accounts payable—
118,307 Reserve for erection
Investments_______
34,295
161,833
146,441
&contlng.liabilities 453,203
---------Crown plant----------35,821 Estimated taxes____ 550,000
---------Prepaid charges-----43,801
983,582 Surplus........... .............2,491,822 1,739,131
Plant and property.. 985,104
Liberty bonds______ xl7,258
Total, each side.. . 5 ,166,075 3,648,869
165,000
Patents_____________ 560,588
x Liberty bonds, $302,258, less notes payable. $285,000.— V. 109, p. 272.
[V ol . 109,
Liabilities —
1918.
Capital stock (par $5)____________________________ $2,000,000
Equip, trust notes—duo serially 1919-1920_______
223,000
Notes payable_____________
585,000
Accounts payablo_______________________________
215,819
Unsecured bank loans___________________________
________
Accrued accounts:
Fedoral incomo & excess profits t a x e s .._______
46,331
Stato & City taxes____________________________
22,277
Int. on equipment trust notes, &c____________
4,752
18,969
Reserves for returns & allowances, A c___________
Contingent liability (seo contra) discounted trado
acceptan ce___________________________________
2,914
Endorsement of notes— Garland Gasoline C o_____ ________
Profit & loss surplus____________________________
718,549
1917.
$1,725,000
243,468
90,000
313,522
580,000
52,000
19,866
7,220
-----------120,910
45,000
705,062
T o ta l.............................................................. ..........$3,837,611
$3,902,048
x Refinery, $633,270; tanks, $237,492; tank cars, $748,825; producing
leases, pipo lines & field machinery, $1,438,008; undevelop d leases, $79,000
other, $34,097; total, $3,170,692Ieaving amount above stated less reserve
for depreciation and depletion, $526,979. y After deducting $206,895 for
depreciation and depletion carried in 1917 among tho liabilities.— V. 109
p. 179.
S ta n d a r d P a r ts C o m p a n y .
{Report for Fiscal Year ending Dec.
31 1918.)
Tho comparative incomo account was published in V. 109, p. 180.
BALANCE SHEET DEC. 31.
1918.
Assets—
S
Land,bdgs.,mach.,
equip., Ac_____ 9,930,242
Cash______ _______
781,198
Govt, securities___
59,530
Notes receivable..
102,020
Accts. receivable.. 3,G78,027
00,793
War claims______
5,792,730
Other assets......... ..
220,700
Investment In con
trolled companya2,381,100
Patents A licenses. 1,323,427
C.ood-wlll................ 3,107,477
Deferred assets___
228,418
1917.
$
9,430,723
1,013,059
134,284
100,134
2,212,017
Liabilities—
Pf. stk. 7% cum ..
Common stock___
Notes payable____
Trado acceptances
Accounts payablo.
Accrued accounts.
Dividends payablo
1918.
1917.
$
$
0,744,200 0,798,700
3,303,758 13,112,599
2,538,308 2,245,783
220,484
943,804
2,225,901
280,870
141,500
G,300,518
118,024
142,548 Patent liability___
Reserves ...............
252,222
2,179,855 Capital surplus___
10,000
1,317,813 Approp. surplus..
750,000
3,110,972 Profit & loss—sur. 1,371,170
172,720
Total.................... 27,075,745 20,150,049
178,200
447,508
10,000
750,000
1,377,005
T o ta l.................. 27,075,745 20,150,049
a Investment in controlled company includes Bock Bearing Co.— 11,655
shares common and 69 shares preferred, $1,866,785 (carried at tho actual
prico based on bash payments made and par value of securities issued in
part payment therefor), advances for purchase construction, $369,849,
and current advances, $144,526.
Note.— Tho company was reported as being contingently liable as en
dorsers on notes receivable discounted, aggregating $364,959.— V. 107,
p. 1925.— V. 109, p. 180.
S a p u lp a R e f in in g C o m p a n y .
31 1918.)
Pres. F. H. Wiekett, Sapulpa, Okla., May 15 wrote:
{Report for Fiscal Year ending Dec.
New Stock.— At a meeting of your board M ay 15 1919 it was decided to
increaso tho capital stock from $2,000,000 to $10,000,000, and to submit
the question of such increase to tho stockholders. When such increase is
authorized it is proposed to issue 200,000 shares of tho increased capital
stock immediately, offering It to tho stockholders pro rata, at a price to be
fixed by tho board of directors. The stockholders will be entitled to sub
scribe to an amount of the new stock equal to 50% o f their present holdings.
Tho balance of tho increased stock, to wit, 1,400,000 shares, will remain in
the treasury. [See last weeks Chroniclo V.109 p.l79.J
The company has been and is acquiring considerable acreage in tho Texas
field, as well as additional acreage in tho Oklahoma rield, and is entering
upon an active drilling campaign.
,
_
It is also proposed to immediately enter upon tho construction of a wax
and lubricating plant to bo located upon tho company's property at Sapulpa.
Tho construction of this plant will materially increaso tho higher priced
products, and add greatly to tho earnings of tho company.
We are also contemplating the construction of a pipo line from tho plant
o f tho company to the Osage field, thus making largo savings in the trans
portation o f crude.
.
. .. .
.
The proceeds derived from tho salo of tho increased capital stock will bo
utilized to carry on tho development campaign above outlined and for
such Corporate purposes as may bo necessary. [Eastern office 1610 Com
Kxchango Bank Bldg., Chicago.]
SU M M ARY OF INCOME A N D PROFIT A N D LOSS FOR CALENDAR
YEARS.
1917.
1918.
$5,638,366 $5,177,944
4,753,750
4,194,585
123,383
150,229
Other income.
Deduct—
Int. on notes pay. & equipment trust notes.
Discount on sales & trado acceptances--------Accounts receivable, &c., written off----------Reservation for depreciation & depletion—
Other_____________________________________
Not Income for the year---------------------------------Profit & loss surplus at beginning o f tho year------Profit and loss credits:
Premiums on capital stock sold to public— n o t ....
Net incomo— Garland Gasoline C o., Petrol Oil Co
and Leon Oil Co.— prior period, &c----------------Res. for Federal incomo and excess profits taxes.
O ther__________________________________________
Written off (abandoned wells on Rector lease)----Adjustments, See_______________________________
Taxes applicable to 1916-------------------------------------
$761,233
16,231
$833,120
30,324
$777,464
$863,454
$68,179
52,215
20,101
354.120
10,191
60,695
38,392
115,862
154,498
60,225
$272,658
705,062
$433,782
309,483
110,000
477,598
36,223
433,782
$1,123,943
$323,500
46,331
35,563
$1,220,863
$330,000
52,000
29.383
52,631
38,447
13,340
$705,062
Profit & loss surplus at end of year------------------$718,549
GENERAL BALANCE SHEET DEC. 31 1918.
1917.
Assets—
.
1918.
$2,643,713
xPlant property, after depreciation---------------------$2,643,7r
_ y$l .973,815
$419,334
$137,646
Cash____________________ - — --------- - — . . . . . .
$419,334
50,000(3H%)5,100
U. S. Liberty Loan bonds---------------------------------30,000
..............
U. S. Certificates of Indebtedness.........................
7,295
569,500
Other investments______________________________
___
40.000
Deposit account crude oil purchases-------------------175,013
206,171
Accounts receivable____________________________ Inventories of crudo oil, product in process, and
687.511
265,987
finished product— at cost-------------- --------- -------69,848
149,458
Materials & supplies— at approx, market values..
991
Int. accrued on U. S. Govt, securities----------------40,290
28,678
Insurance premiums paid in advance------------------25,427
31,878
Premiums on contracts— unextinguished-------------7,643
5,537
Other____ _________________________ v------------------Contingent asset (seo contra) trado acceptance
120,910
2,914
discounted___________________________________
45,000
Garland Gasoline Co. (endorsements on notes) —
$3,837,611
$3,902,048
GENERAL INVESTMENT NEWS
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
ROADS.
G o v e r n m e n t C o n tr o l o f R R ’ s .— Redemption o f Ctfs. —
Seo last week’s “ Chroniclo” under “ Current Events,” p. 338.— V. 109,
p. 269.
A la s k a G o v e r n m e n t R R .— Seeks A p p ro p ria tio n .—
A bill introduced in both tho IIouso and tho Sonato authorizing tho
appropriation of an additional sum of $17,000,000 “ to complete on or beforo
Dec. 31 1922, tho construction and equipment of tho railroad between
Seward and Fairbanks, together with necessary sidings, spurs, and lateral
branches,” has boon ordered favorably reported by tho IIouso Territories
Committee. This amount is in addition to tho $35,000,000 originally ap
propriated.
It is stated that tho railway is available for freight or passengers from
Soward north to Talkeetna, a distance of 227 miles.— V. 108, p. 1059.
A t l a n t a T e r m in a l C o .— N ew M ortgage .—
The Georgia RR. Commission has authorized tho company to issue
$1,200,000 bonds, creating a blanket mortgage of $2,500,000.
In connection with this new mortgage it is stated that tho amount raised
by tho bond issue will be used to rotiro old bonds and certificates of in
debtedness, while tho balance, $1,300,000, which is to bo Issued later, it is
expected, will bo omployed in improving or enlarging the present station.
It is said that no extension of tho present terminal station is now con
templated.— V. 107, p. 904.
A u r o r a E lg in & C h ic a g o R R .— Strike .—
This company’s lino was completely tied up on July 30 by tho striko of
its employees.— V. 109, p. 369.
B e a v er M ea d & E n g le w o o d — Co-oper. Contracts.—
Short lino railroad contracts were signed by Diroctor-Goneral of RRs
Hines on July 29 with this company, tho Garyvillo Northern R R ,, tho
Palatino, Lako Zurich & Wauconda R R ., the Chicago, Harvard & Lako
Genova R ll., tho Bristol R R ., and tho Nowaukum Valley RR. For
standard form of contract for short line railroads soo V. 108, p. 235.
B o s t o n & M a in e R R .— H am pden RR. D ecision & o.—
The Mass. Supremo Judical Court has withdrawn its recent ruling against
tho Hampden RR. (V. 109, p. 171) for its claim of $3,798,000 for alleged
breach or contract. It is stated that this docs not necessarily mean that
there will bo a rehearing of the case or that tho ruling against tho Hampden
R R . will bo essentially changed.
Conrad Crookcr, representing minority stockholders of tho company,
on July 29, was given until Aug. 14 to filo a brief on behalf of his clients
asking tho Supremo Court to roview a decreo of tho Mass. P. S. Commis
sion approving tho plan of reorganization.
Burton E. Eames was permitted to file a brief on behalf of George E.
Brock, Charles G. Bancroft, E. Elmer Foyo, Edward U. Curtis and Albert
Stratton, holders of $450,000 of 6% short-term notes of tho company,
which notes thoy claim were validated by the act authorizing tho reorgani
zation— V. 109, p. 171,72.
B r is to l R R .— Co-operative Contract Signed .—
See Beaver Mead & Englowood R R . above.
B r o o k ly n R a p id T r a n s it C o .— Foreclosure Suit, cfee.—
Tho Equitable Trust Co., N. Y ., on July 30 instituted foreclosure pro
ceedings in tho N. Y. Federal Court against tho company, its receiver,
Lindloy M . Garrison, and others having prior claims against the company,
because of its failure to pay tho April 1 interest on its $7,000,000 5%
50-year gold bonds dated Oct. 1 1895.
Transit Construction Commissioner John H. Delaney on Aug. 1 au
thorized tho N. Y. Consolidated RR. Co. to contract for tlio construction of
100 additional steel cars for operation on subway and elevated roads, to
cost $1,628,000, representing $12,049 for each car body and $2,117 for each
motor. Under tho contract deliveries are to bo made within 14 months.
Tho hearing beforo Deputy P. S. Commissioner Giennon on tho matter of
approving $15,000,000 Receiver’s Certificates was closed July 30. Lindloy
M . Garrison, receiver, during tho hearing stated that tho best offer ho re
ceived was 95 and int. from the Chase Securities Co., N. Y.
Seo also Rapid Transit in N. Y. City below.— V. 109, p. 370, 269.
C a n a d ia n
N o r t h e r n R y .— N otes .—
William A. Road & Co. have announced that the $10,000,000 6% Col
lateral Trust notes, recently sold by them, would be divided into $5,500,000
2H year notes and $4,500,000 5 year notes. The former are duo Feb. 1
1922, .and tho latter Aug. 1 1924. Comparo Y. 109. p, 370.
.—
C h a t t a n o o g a R y . & L ig h t C o .— Receivership Extended
Judge E. T . Sanford on July 29 ordered that the receivership bo extended
to apply to the power and light departments of the company as well as to the
street railway branch— V. 108, p. 2329.
C h ic a g o E le v a te d R y s . C o lla t e r a l T r u s t .— Strike
Tlio entire system o f the elovated and surface lines of Chicago were com
pletely tied up on July 29 by tlio strike o f about 15,000 employees. The
demands of the men, fully set forth In V. 109. p. 269, call for 85 cents an
hour, an eight-hour day and time and a half for overtimo.
.
Tho heads of the unions and the officials of the companies agreed on (a)
65 cents an hour for the surface car men now receiving 48 cents, with 17
cents an hour increase for all others; (b) 67 (tents an hour for tho elevated
car men now receiving 50 cents and 17 cents increaso for all others; (c) the
eight-hour day and time and a half for overtimo.
This offer was rejected by the employees.
. . .
,
Tho striking employees agreed to vote yesterday through the general
referendum on the compromise proposals submitted to them last Monday
by the traction companies. President Mahon and other officials predict
that cars will be running as soon as tho vote can bo tabulated.—-V. 109,
p. 370, 269.
C h ic a g o H a r v a r d & L a k e G e n e v a — Co-oper. Contract.—
See Beaver Moad & Englewood R R . above.
.—-
C h ic a g o S u r fa c e L in e s .— Strike.—
See Chicago Elevated Rys. Collateral Trust above.— V. 109, p. 269, 172.
C it y & S u b u r b a n R a ilw a y o f W a s h i n g t o n .— -No
Funds.
—Treasuror A. M. Fisher gives notice to holders of 1st M. 5s:
This company is without funds to pay the interest duo Aug. 1 1919
on tho above bonds, amounting to $1,750,000. Its earnings for tho six
months ending Juno 30 1919 have been insufficient to meet actual costs of
operating and maintaining its property, without allowance for deprecia
tion and damage reserve and without any return upon investment.
On July 9 1919 a petition was filed with tho P. U. Commission of the Dis
trict of Columbia for authority to charge a 7-cent fare, and to discontinue
all transfer and through routing arrangements with other connecting com
panies, and it is hoped the Commission may take early favorable action on
said application, so as promptly to restore the company’s earning power and
credit, and enable it to meet its obligations. It cannot, as usual, turn to
tho Washington Railway & Electric Co. (tho parent company) for assistance
on account of the present financial condition of said company, brought
about by insufficient earnings. [Interest on tho $1,850,000 Metropolitan
1st 5s, it Is understood, was paid.— Ed.]
.—
C le v e la n d R y .— Proposed Subways
See under Rapid transit in Cleveland below.— V. 109, p. 270, 172.
C o lu m b i a ( S .C .) R y . G a s & E le c . C o .— Rates.— Wages.—
Effective July 1 the company put Into effect a flat 7-cent cash faro with
tickets at four for 25 cents and reduced tho hours of its employees from 10
hours to 9 hours in accordance with tho findings of the arbitrators appointed
to look into tho matter.
An audit of tho company’s books showed that tho recent minimum loss
for any one month was about $10,000 and that tho total loss sinco Dec. 1
1918 was more than $180,000— V. 106, p. 929.
Ry.
C o r p u s C h r is t i (T e x .)
& L ig h t C o .— Receiver. —
Judge Hutchinson in tho U. 8. District Court at Houston, Tex., has
appointed O. U. Culberson receiver for this company, on tho application of
the Merchant’s Union Trust C o., Philadelphia, trustee for the bondholders.
The potltion alleged that tho company has defaulted in tho interest on its
outstanding bonds. This company is successor by change of name in
Juno 1914 to Corpus Christi St. & Interurban R y.— V. 98, p. 1071.
C u b a C o m p a n y .— D ividends .—
Tho dividend mentioned in V. 108, p. 2433 was declared on the stock of
tho Cuba Co. and not Cuba Railroad.— V. 107, p. 1099.
D e n is o n & P a c ific S u b u r b a n R R .— Federal Contract .—
Director-General o f RRs Ilines on July 31 signed tho Federal operating
contract with this company fixing the annual compensation at $4,702.
D e n v e r T r a m w a y C o .— City Restores Six-Cent F a re .—
In pursuance to tho agreement mado in tho settlement of tho recent strike
(V. 109, p. 270) the Denver City Council by ordnance restored tho street
car fare to 6 cents with one freo transfer, effective July 31. The report of
tho former mayor’s committee of citizens is under consideration in reference
to service-at-cost plan and an election is to bo held In ninety days to vote upon
some plan submitted at that time to protect both tho city and the tramway.
— V. 109, p. 270, 172.
E a s te r n P o w e r & L ig h t C o r p .— Pending Sale. —
See General Gas & Elec. Co. under “ Industrials” below.— V. 109, p. 274.
G a r y v ille N o r t h e r n R R .— Co-operative Contract.—
See Beaver Mead & Englowood R R . abovo.
G e o r g ia C o a s t & P ie d m o n t R R .— Sale U nconfirm ed. —
At a hearing held on July 26 before Judge Beverly D. Evans in tho U. S.
District Court at Atlanta to confirm tho sale o f the road, the purchasers,
Gordon & Friedman, N. Y., were allowed to withdraw their bid. Tho
receivers filed an application for a modification o f tho dccreo and order of
sale and hope to freo tho sale from certain hampering conditions which they
claim havo proved a drawback heretofore, tho principal one being that tho
purchaser assume the outstanding $32,000 bonds o f an old $600,000 bond
Issue, together with interest accrued. Tho receivers in their petition ask
that the next purchaser may buy the property freo and clear. A hearing
on tho motion was set for Aug. 14.— V. 109, p. 370, 172.
.—
H a m p d e n R R .— Decision Withdrawn
See Boston & Maine RR. abovo.— V. 109, p. 172.
I llin o is T r a c t i o n C o .— Sub. Co. Fare Increased. —
See Urbana & Champaign Ry. Gas & Electric Co. below.— Y. 109, p 370.
I n t e r b o r o u g h R a p id T r a n s it C o — Tenders.—
Tho Guaranty Trust Co. will until Oct. 1 receive tenders for tho sale
of $216,290 First & Refunding 5% gold bonds, duo Jan. 1 1966 at not
exceeding 110 and accrued interest.— V. 108, p. 2629.
I n t e r n a t io n a l R y ., B u f f a l o .— Coupon Payment.—
An advertisement published tills week says: "On presentation to the
Bankers Trust Co., 16 Wall St. and 501 Fifth Avo., New York City, all
Interest coupons duo May 1 1919 on tho Refunding and Improvement 5%
Gold Mortgago bonds with interest thereon up to July 29 will bo paid on
or after July 29 1919.” — V. 109, p. 371.
I n t e r s t a t e R a ilw a y s , P h ila .— Coupon Payment.—
Funds havo been recoived to pay tho Aug. 1 coupons on tho 4% bonds
secured by deposit of United Power & Transportation Co. stock.—V . 108,
P. 378.
K a n s a s C it y (M o .) & O u t e r B e lt R y .— Sale Authorized.—
Judge Pollock o f tho U. S. District Court at Kansas City has entered an
order authorizing the salo o f this company’s property at Kansas City on
Sept. 16 at the upset price of $131,000.— V. 108, p. 480.
.—
L e h ig h V a lle y R R .-Bonds Sold.—The -SI,779,000 General
Consols due May 1 2003, recently offered by Drexel & Co. and
tho National City Co., it is announced, havo all been sold.
These bonds, it is stated, “were issued by the company some
time ago.”
K a n s a s C it y & P a c ific R R . C o .— Coupon Payment
See Missouri Kansas & Texas Ry.below.— V. 108, p. 579.
Of this block $1,000,000 were 4 A % bonds and, it Is said, were offered
at 82 A and int.; tho rest— $779,000—were in 4 por cents and were offered
at 73 'A and interest. There are now listed on the N. Y. Stock Exchange
$26,989,000 of tho 4s and $20,697,000 4 ^ s . On Jan. 1 1919 the public
held $26,639,000 4s and $20,697,000 4j^s, while additional amounts o f tho
477
THE [CHRONICLE
A u g . 2 1919.]
issue were outstanding as collateral as follows; (1) With U. S. R R . Adminis
tration, $3,500,000 4s; (2) under 10-year 6% collateral trust agreement (a)
$4,400,000 4s, (6) $1,000,000 4 ^ s . (c) $12,000,000 5s.— V. 109. p. 173.
M is s o u r i & K a n s a s I n t e r u r b a n R y .— Refunding & c
The Kansas P. U. Commission on July 11 authorized this company,
known as the “ Strang Line" to refund its outstanding 5% bonds amount
ing to about $600,000 by the issuance of $500,000 First Mortgage 6s, all
of which will be used to take up the outstanding bonds, and of $300,000
of Second Mortgage bonds, part of which will be used to take up the 5%
bonds and the remainder to secure notes. This refinancing is being done
to provide the company with about $150,000 new money for rehabilitation
ana improvements.— V. 89, p. 1281.
M isso u r i K a n s . & T e x a s R y .— Sub. Co. Coupon Payment.
Notice was given this week that coupons for interest matured Feb. 1
1919 on the Kansas City & Pacific R R . Co. First Mortgage bonds, due 1990,
would be paid upon presentation at the office o f agent for receiver, 61 Broad
way, New York City, on and after July 31 1919.— V. 108, p. 2330.
.—
N e w a u k u m V a lle y R R .— Co-operative
See Beaver Mead & Englewood R R . above.
Contract Signed.—
.—
N e w O r le a n s R y . & L i g h t C o .— Notes Not P aid
In reply to an inquiry we are advised that neither the principal nor the
interest due June 1 1919 on the $4,000,000 7% One-Year Gold Notes were
paid. Compare V. 109, p. 371.
.—
N e w Y o r k R a ilw a y s .— Transfer Charge
See under “ Rapid Transit in N . Y . City” below.— V. 109, p. 371, 270.
.—
N o r t h e r n O h io T r a c t i o n & L ig h t C o .— Earnings
Yearsending June30—
1919.
1918.
1917.
.1 9 1 6 .
Gross earnings__________ $8,070,623 $6,750,455 $5,864,695 $4,513,599
Operating expenses------- 5,421,704
4,339,549
3,389,007 2,319,211
Gross income_________ $2,648,919
Fixed charges_________ 1,288,541
Preferred dividends___
312,182
$2,410,906
1,047,183
300,992
$2,475,688 $2,194,388
953,141
860,937
261,318
233,770
Balance, surplus_____$1,048,196
$1,062,731 $1,241,229 $1,099,681
— V. 109, p. 371.
P a la t in e L a k e Z u r ic h & W a u c o n d a R R .— Contract. —
See Beaver Mead & Englewood R R . above.
.—
P it t s b u r g h R y s .— Fare Increase Upheld
Judge Troxler recently (week ended July 19) handed down an opinion
ruling that a faro-fixing clause in an electric railway franchise cannot block
a justifiable increase in rates. The ruling was made on tho appeal of the
borough of Wilkinsburg in its contest of the 1918 fare increase by the com
pany from 5 cents to 6 A and 6 cents. Wilkensburg franchises include a
5-cent faro clause.— V. 109, p. 371.
P o u g h k e e p s ie & W a p p in g e r s F a lls R y .— Bonds Auth.
The N. Y . P. S. Commission has authorized the company to issue $130,000
6% First Mtge. bonds, proceeds to be used for construction work and
extension. The bonds cannot be sold until tho sale price is fixed by the
Commission.— V. 107, p. 2758.
P u b lic S ervice C o r p . o f N . J .— Zone
See Public Service Ry. below.— V. 108, p. 1937.
Ry.
Fares .—
.—
P u b lic Service
— Zone Fares
The New Jersey P. U. Commission on Aug. 1 granted an application for
a proposed zone fare system by which the company will charge 3c. fare for
the first zone mile and 2c. for each additional zone mile with no transfers
((except outlying three zones). The new system becomes effective Sept. 14,
but the Commission reserves tho right to abrogate tho temporary relief
when conditions warrant.
The company submitted three propositions: Nine-cent fare base; 5c., with
2c. for each zone thereafter, and the 3c. base for the first mile and 2c. for
each mile thereafter, without free transfer.
The zoning system will supplant tho present 7c. fare with an additional
cent for a transfer.— V. 108, p. 1937.
.—
R a p id T r a n s it in C le v e la n d .— Proposed Subways
The “ Engineering News— Record” o f July 24 has a three-page illustrated
article dealing with the proposed subways for Cleveland.— V. 199, p. 271.
R a p id T r a n s it in N . Y . C it y .— Contracts Awarded —
Two-Cent Transfer Charge Goes into Effect.—
Transit-Construction Commissioner John II. Delaney on Aug. 1 awarded
a contract for tho construction of 11 stations on the Pelliam Bay Park branch
of the Lexington Ave. subway, to A. \V. King, for $810,279, which was the
lowest bid. Commissioner Delaney also awarded a contract to P. N.
Brown & Co. for a station of the Brighton Beach line under the Flatbush
Ave. station of the Long Island UK at $85,781.
.
Tho charge of 2 cents for transfers, authorized by P. S. Commissioner
Nixon, on the surface lines of the New York Railways and the Brooklyn Rapid
Transit Co. went into effect yesterday morning. According to schedules
filed by the companies the charge for transfers will be made by the Hallways
company at 99 of the 113 points where they havo been given without charge,
and in Brooklyn the charge will be made at 959 of tho total of 1,008 points.
The only free points will be those designated in tho franchises.
It has been estimated that the extra 2 cents will increase the income or
thfe Railways Company between $700,000 and $800,000 a year and that of
tho Brooklyn Rapid Transit Co. about $1,200,000.— V. 109, p. 371.
.—
R e a d in g T r a n s it & L ig h t C o .— Purchase of Stock
Sco General Gas & Elec. Co. under “ Industrials” oelow.— V. 107, p. 1928.
R h o d e I s la n d C o .— Authorized Receivers to Arbitrate —
Judge Doran in tho Superior Court at Providence on July 30 authorized
the receivers of the company to arbitrate their controversy with the car
men’s union. The decree reads “ that when ’ the strikers return to work and
accept ono of two plans outlined In the decree the receivers shall submit to
arbitration three questions: (a) How much the wages shall be; (6) the data
for that wage to take effect; (c) what the working conditions shall be.
Any award of the board of arbitration shall, before it becomes binding,
be approved by the Court.— V. 109, p. 371.
S h o r e L in e E le c tr ic R y ., C o n n e c t i c u t .— Strike.—
The employees of this company’s line went on strike on July 16, com
pletely crippling the system. The demands In the main wore 62 A cents
an hour and an eight-hour day. Tho men at present receive about 42H
cents an hour.— V. 104, p. 2344.
S p o k a n e & I n la n d E m p ire R R .— 6-Cent Fare Order Ext.
Tho Washington P. S. Commission on June 30 extended for a period
of 90 days its order of April 9 granting this company and the Washington
Water Power Co. permission to charge a 6-cent fare.— V. 108, p. 1611.
S u n s e t R a ilw a y .— Federal Contract Signed.-—
Director-General of RRs Hines on July 31 signed the Federal operating
contract with this company fixing tho annual compensation at $64,562.—
V. 103, p. 2157.
T o le d o R y s . & L i g h t C o .— Ouster Ordinance Blocked.—Press dispatches from Toledo on July 30 state that petitions, signed by
more than 12,000 voters, were filed on that date with the City Clerk de
manding a referendum on the ouster ordinance which was to become
operative by Aug. 1. The filing of these petitions automatically suspends
operation of the ouster ordinance until the voters have an opportunity to
pass upon it at the November elections.— V. 109, p. 271, 73.
T w in C it y R a p id T r a n s it C o .— New Franchise.—
A tentative draft of tho now franchise prepared by City Attorney C. D.
Gould has been submitted to the Minneapolis City Council’s Street Railway
Committee and to the Minneapolis St. R y . Co. In its final form as accepted
by the Council and the company, the franchise will be submitted to the
voters for ratification.
Tho new franchise is for a period of 25 years and grants to the com
pany the right to operate electric cars upon specified streets and park
ways. Some of its salient features are: (a) The company Is permitted
478
THE CHRONICLE
[Vol . 109.
American Rolling Mill Co., Middletown, Ohio.—$20,000,000 7%
$7,000,000—
$2,500,000
—The share
holders on July 18 authorized an issuo of $20,000,000 7%
Debenture Preferred stock, the immediate issue of which is
to bo $7,000,000, and this amount, it is understood, has been
underwritten by Clark, Dodge & Co. of New York, $1,300,
000 thereof to be offered in exchange for tho $1,300,000 (>%
Preferred stock now outstanding.
Tt is also proposed to offer $2,500,000 (25%) new Com
mon to the Common shareholders at par.
to earn a roturn of 7% on a valuation o f 524.000,000 with an additional
1% over and above interest on all new money invested by the company to
construct lines or extensions ordered by the city; (6) the franchise not to
Debenture Preferred Stock, Present Amount to Be
operate as a guaranty for the 7% return and in no event shall taxes or other
Offer of Exchange to Holders of Old Preferred
appropriations bo levied to provide payment of the 7% return.
(c)
An initial 5-cent faro when franchise goes into effect; (d) city superStock—Issue of
Neiv Common at P ar.
vision of expenditures and establishment of a reserve fund to stabilize the
fares charged; (e) upon failure of tho company to carry out the Council’s
order regarding extension, &c., capital value shall be reduced to 6% and
remain at 6% until compliance with order, also tho company shall not be
paid tho additional 1% on new money invested; (/) all disputes regarding
interpretation must bo submitted to arbitration, but the control of service
shall not be submitted to arbitration.
(or) The company to forfeit all rights and privileges upon failure to fulfil
any clause o f the franchise; (/*) the company must meet at any timo a dele
gation representing 50% of its employees wishing to present any question
rolatiro to wages or working hours; (i) employees' hours are fixed at 54
hours per week and not moro than 10 hours out of any 24 hours; (j) pur
chase of tho property by tho city at the ond of five or ten-year periods at
Tho Debenture Preferred stock will bo preferred both as to assots and
a valuation of $24,000,000 of Jan. 1 1919 upon one year’s written notice.
dividends and will be entitled to cumulative dividends at tho rato of 7%
Tho new franchise when it goes into effect will abrogato tho present per annum, payable quarterly (Oct. 15, &c.); also beginning Oct. 1 1920,
one expiring in 1923. See V. 108, p. 2529.
a sinking fund of 10% of tho net earnings (after payment of all Preferred
dividends) will provide for the retirement of this issuo, but such allot
U n it e d R y s . o f S t. L o u is .— Six-Cent Fares Extended
ment shall not exceed 214% of tho outstanding Debenture stock. All or
Tho Missouri P. S. Commission has granted an application of tho com any part of the issuo will be subject to call at company’s option at 110 and
pany oxtending tho 6-cent fares until Oct. 3.— V. 109, p. 271.
dividends. Without the consent of 75% of tho outstanding Debenture
stock tho company will be forbidden to increaso the authorized issue of
U r b a n a & C h a m p a ig n R y . G . & E . C o .— Fare Increase
either class of Preferred stock or to make any mortgage or other lien.
Tho Illinois P. U. Commission has granted the company (a subsidiary of
tho Illinois Traction) an increase in fares from 5 cents to 7 cents for city Statem ent by President George M. Verity, M iddletown, July 22 1919.
The demand for the high-grade products of your company has boon such
railway service, applicable in Urbana and Champaign beginning on Aug. 1.
I<our tickets will be sold for 25 cents. The company petitioned for an that it is necessary to increase the capacity of your plant.
During tho war tho company installed additional open-hearth steel
increase to a 10-cent faro.— V. 105, p. 2544.
capacity of approximately 150,000 tons per year, in order to tako care of
W a s h i n g t o n W a t e r P o w e r C o .-6 -C e n t Fare Order Ext
its share or Government requirements for munition stool. Therefore, all
that will bo necessary now will bo to supply tho additional finishing ca
Seo Spokane & Inland Empire RR. above.— V. 108 p. 2242, 1015.
pacity to tako up the oxcess steel now manufactured.
W a y c r o s s & W e s t e r n R R . — Stock and Bonds
The providing of tho additional finishing capacity will givo your company
approximately 10,000 tons per months of additional finished products.
The Georgia R R . Commission has authorized tho company to issue $50
This will not only reduce cost of production but general overhead as well
000 of capital stock and $147,000 in five-year 0% notes.— V. 108, p. 380.
and will add approximately ten million dollars to annual sales. This will
also enablo your company to meet tho growing demand of its now and
W e a t h e r f o r d M in e r a l W e lls & N o r t h w e s t e r n R R .—
customers for larger service.
Director-General of RRs Hines on July 31 signed tho Federal operating regular
In order to accomplish this, additional financing will bo necessary. The
contract with this company fixing tho annual compensation at $31,148.—
present authorized capital stock is $1,500,000 Prof, stock, of which $1,300,
V. 105. p. 182.
000 is outstanding, and $20,000,000 Common stock, of which $9,900,975
is outstanding.
.
W e s t V ir g in ia T r a c t i o n & E le c . C o .— Not in Sale
Tho Board of Directors recommends that tho stockholders authorize an
See General Gas & Elec. Co. under “ Industrials” below.— V. 108, p. 975. Increase
of capital stock to $41,500,000 by authorizing tho issue of $20,000,
000 of 7% Debenture Preferred stock. It is proposed to issue at tho present
Z a n e s v ille & W e s t e r n R y . —A nnual Report
only $7,000,000 of this amount, $1,300,000 to bo offered for exchange
See Toledo Sc Ohio Central Ry. under "Financial Reports” above. time
for tho purpose of retirement of the presont Preferred stock and tho balance
-V. 100, p. 2759.
of $5,700,000 for the purpose of building additional finishing mills.
In order to provido tho necessary working capital to tako care of tho
increased business, tho company proposes to offer to tho Common stock
holders approximately $2,500,000 Common stock at par ($25) por share’
on tho basis of one sharo of new stock for each four shares now held.
Tho company conf'rms tho statement that it has decided to build ai’dl
Change of Name
This company on July 15 changed its namo to that of Canadian Packing tional sheet and jobbing mills to tako care of tho increased business along
this lino. Tho mills will bo installed in tho Middletown, Ohio plant at an
C o., Ltd.— V. 109. p. 174.
expenditure of approximately $5,000,000]— See also V. 109, p. 372.
.—
—
.—
.—
.—
.—
INDUSTRIAL AND MISCELLANEOUS.
Allied Packers of Canada, Ltd.—
.—
Allied Packers, Inc., New York City.— Director.—
William McMaster, of Montreal, has boon elected a director of this com
pany.— T . 109, p. 174, 74.
American Brass Co.— Director.—
Alton Farrel has been elected a director to succeed Edward Holbrook
deceased.— V. 109, p. 372.
American Hide & Leather Co.— Earnings .—
Results for Quarter and Twelve Months ending June 30 1919.
1919— 3 Mos.— 1918.
~ 12 Mos.— 1918.
1919—
Net earnings......................$1,259,150
$995,913 $3,352,180 $3,007,882
Bond interest....................
47,760
53,690
200,190
230,870
Sinking fu n d .................
37,500
37,500
150,000
150,000
Int. on sinking fund bonds
80,115
74,185
311,310
280,630
American Sewer Pipe Co.— To Change Name,
&c. —
Press dispatches from Pittsburgh on July 30 state that the stockholders
will vote Aug. 8 (a) on changing the par value of the Common stock from
$100 to $50; (b) to authorize an issue of $2,000,000 7 % Cumulative Preferred
stock, and (c) to retire the outstanding bonds, amounting to about $1,134,
000; (d) to change tho name of the company to tho American Vitrified
Products Co.
The capital will be increased to $7,500,000 and 40,000 shares of Common
will bo held in the treasury to be exchanged for Preferred stock when
offered for conversion in tho ratio of 2 shares of Common, par $50, for one
share of Preferred stock, par $100.— V. 108, p. 173.
American Ship & Commerce Corp.— Stock Sold.—
Chandler & Co., New York, announeo by advertisement on
another page the sale of 300,000 shares of stock (no par
Balance, surplus............ $1,093,781
$830,538 $2,690,680$2,346,382
value) recently offered for subscription at $40 per sharo.
Extra Dividend of 2% on Account of Accumulations .—
A regular divldond o f 1% % has been declared on tho Preferred stock,
along with an extra dividend of 2% , both payable Oct. 1 to holders of record
Sept. 13. This, it is understood, will reduco tho accumulations to about
114% . In Oct. 1918 2% was paid extra in Liberty bonds.— V. 108, p. 1823.
American Light & Traction Co.— Earnings.—
Gross income
Expenses__
Results for Years ending June 30.
1918-19.
------—
1916-17.
1917-18.......................
$4,211,398 $5,226,705 $5,503,731
239,680
315,682
332,210
. $3,971,717
Surplus and reserve June
30, beginning year . 12,634,795
1915-16.
$5,652,314
187,345
$4,911,023
$5,171,521
$5,464,969
11,907,183
11,374,789
10,194,492
$16,606,513 $16,818,206 $16,546,310 $15,659,461
Gash divs. on prof, stock: $854,172
$854,172
$854,172
$854,172
Cash divs. on com. stock: 2,300,822
2,085,922
1,892,477
1,715,250
Stock divs. on com. stock: 2,300,822
2,085,923
1,892,478
1,715,250
Total dividends ----- $5,455,817
Surplus bal. June 30----- $11,150,696
Iho general balance sheet shows:
reserve of $11.150,690.— V. 108, p.
$5,026,017 $4,039,127 $4,284,672
$11,792,189 $11,907,183 $11,374,789
Cash, $1,521,739, and a surplus and
1823.
A m e r ic a n L in e n C o ., F a ll R iv e r , M a s s .—
Dividend .—
-V. 106. p. 925.
A m e r ic a n M a lt & G r a in C o .—
and Prospects.—Tho
Official Statement— Status
financial statoment made to the New
York Stock Exchange upon the listing of the stock will be
found under “Reports and Documents” on a subsequent page.
Russell H. Landale, who has just been elected President,
outlines the prospects for tho company’s business as follows:
In view of the present and future demand for export malt, with the
steadily increasing use of malt in brewing beers of an alcoholic content of
loss than hair of 1% under formula prepared by somo of tho foremost
chemists In this country, tho five plants of the American Malt & Grain Co
aro in full operation and from present indications will hereafter run to full
capacity, which is over 8.000,000 busheis per annum.
It is my opinion that only those near beers made solely from choice malt
and hops will prove acceptable to the public and profitable to the brewers
I he latter will sooner or later turn their entire attention to brewing what
has been found to bo a most palatablo, refreshing and healthful beverage
and one which will romain tho sole surviving reminder of tho ante-prolnbition days.
Whether the courts finally determine that beers or near beers can or
cannot contain moro than one-half of 1% alcoholic content does not affect
the maltster. In any event vastly more malt will bo required, to the great
benefit of the consumer and tho maltster.— V. 109, p. 372, 272.
A m e r ic a n R a d ia to r C o .— Common Div. Increased
A quarterly dividond o f 4% has been declared on tho Common stock, pay
able Sept. 30 to holders o f record Sopt. 22. This compares with 3% paid
quarterly since March 1918. Late dividond record follows;
Late Dividends—
f’ lO-’ l l . ’12-’ 13. '14. ’15. ’ 16. '17. ’ 18. 1919.
.........cashllO yly. 10 yly. 11M 16 16 13 12 3 ,3 , 4,
Common
Extra, stock. &c...............(.
io stock lOstk . . . . 50stk 4bds. 4 bds.
In Fob. 1918 paid oxtra 4% in 4% Liberty bonds, and In Mar. 1919
an oxtra 4% In 4>£% Liberty bonds.— V. 108, p. 1817, 1722.
.—
Karl G. Roebling, President of John A. Roebling & Sons Co., lias been
elected a director.— V. 109, p. 372. 272.
American Steel Foundries.— Earnings.—
■
An unconfirmed statement appearing in a financial paper states the net
earnings for the half-year ended June 30 1919 as about $2,250,000 before
deducting taxes, contrasting with net profits from operations of $4,015,825
for the entire year 1918.— V. 108, p. 2631, 2530.
American Telephone & Telegraph Co.— Offer to Pur
chase Minority Stock of Mountain States Telephone A Tel. Co.—
This company which owns 70% of tho $34,168,600 stock of tho Mountain
States Telephone Sc Telegraph Co., has offered to buy tho minority stock
on or beforo Sopt. 30. giving $114.28 in its own stock for each $100 shares
of the Mountain States Co.
Property Returned to Owners.—
Seo under “ Current Events” on a previous pago of this issue.— V. 109,
I). 372, 272.
.—
A r u n d e l S a n d & G r a v e l C o ., B a lt .— Merger Terms
President Frank A. Furst, in circular issued July 24, says in substance;
All stock issued by the associated companies must be deposited with
the Fidelity Trust C o., Indorsed in blank, on or beforo Aug. 25 1919
As soon as tho merger can be completed the Trust Co. will give in exchange
a certificate of stock in the Maryland Co. upon the following basis:
I1resent
Tar of
Stock in No. Neto
Can. Stk.
Shares.
Neic Co. $50 Shs.
Balto. Trans. C o___________ $60,600
$100
$100,000 3.333
Patapsco Ballast C o________ .
300,000
100
Ml ,000
.04
Frank A. Furst Realty C o__ .
185,000
100
575,000 6.216
Arundel Shipbuilding C o___ .
75,000
100
37,500 1.
Md. Dredging Sc Contr. C o .. . 300,000
100
1,200,000 8.
D. L. Taylor C o ................... .
108,000
100
1,415,760 6.94
. *985,000
*985.000 1.
100
-t 1,475,000
50
11,475,000 1.
* Preferred, f Common.
Though reference is made in the above table to the preferred stock now
outstanding of tho Arundel Sand& Gravel Co., that stock is actually un
affected by the proposed consolidation. Such preferred stock, however,
should be deposited as aforesaid for exchange for a like number of shares
of preferred stock in the new Maryland Co. of tho same preferences and
par value. [Tho new consolidated company, it is said, will be tho Arundel
Corporation, with $7,000,000 of auth. capital stock.]— Seo also V. 109.P.373.
A t l a n t i c G u lf & W e s t I n d ie s S S . L in e s .— Treasurer, Ac.
Charles R. Page, recontly a director of tho U. S. Shipping Board, has been
elected a director and also Treasurer, to succeed A. R. Nicol. Mr. Nicol
recently succeeded Galon L. Stone as President, and Mr. Stone was made
Chairman of the Board.
Seo "Annual Reports” on a preceding pago.— V. 108, p. 2243.
.—
A t l a n t ic G u l f O il C o r p o r a t io n .— Capitalization. A c
See Atlantic Gulf & West Indies Steamship Lines under "Annual Reports”
above.— V. 108, p. 1823.
( T h e )B a r r e t t C o m p a n y .— Official Statement— Status. -An
official circular dated July 22 contains tho toxt of tho letter
sent by President William Hamlin Childs on July 18 to a
stockholder who wrote asking tho truth with respect to
sundry “bull” rumors regarding tho company. The letter
says in substance:
A ug, 2 1919.1
THE CHRONICLE
The only safe course Is to bo skeptical about unofficial statements. The
statements to which you refer belong in that class.
From January to May we experienced an exceptionally dull and dis
appointing season incidental to the general readjustment of business from
war and peace, with most of our plants operating only part tim e and some
ot our nulls entirely shut down. Manufacturing costs were very highwages are still advancing but we are attempting to keep our prices in line
with costs, although competition is extremely active in many important
b e n o e x t r a d i v i d e n d s o f a n y k i n d t h is y e a r is p r a c t i c a l l y c e r t a i n
The
H ? 0 1 « u ,U0 i°f 1,10 <^ o i n m o n s t o c k o n J u l y 1 w a s a p p r o x i m a t e l y S I 3 0 p e r s h a r e
P 2 7 3 ^ s e n s a t i o n a l r u m o r s c o n c e r n i n g t h e c o m p a n y . — V . 1 09
Bishop Navigation Co. Ltd.— Offering of Bonds.— A. E.
Ames & Co., Now York &e., aro offering at prices ranging
from 99.76 and int. to 98.16 and int., to net 634%, by adver
tisement on another page, $1,000,000 First Mortgage 6%
Serial Gold bonds, dated July 15 1919, due $100,000 annually
each July 15 1920 to 1929, inclusive. The bankers state:
I n t . ( J . A .r .) p a y a b l e a t t h e R a n k o f N o v a S c o t i a , T o r o n t o o r M n n t . r m l
j r i t s a g e n c y in N . Y . C i t y .
R e d e e m a b l e i n w h o l o o r in p a r t o n a n v in i ’
d a t o a t 1021$ a n d in t . o n 00 d a y s ' n o t ic e .
D e n o m . $ 1 ,0 0 0 a n d S 'i O O f e + t ”
T h o C h a rte re d T r u s t & E x e c u to r C o ., T o r o n t o , tru s te e .
'
”
Capitalization
A u th orized
Issu ed
C o m m o n s t o c k . . ------------------------------------- - ---------- ---------------s j ,5 0 0 0 0 0
to y non
F i r s t M o r t g a g e b o n d s ( t h i s i s s u e ) ________________________
1 ,0 0 0 0 0 0
1’ o n n ’nnn
T h e s e b o n d s a r e a c l o s e d f i r s t m o r t g a g e o n t h e 8 . S ‘ T v e r H e a t h ” ’ ai>
p r a is e d b y t h e C a n a d ia n A p p r a is a l C o . a t $ 2 ,1 0 9 ,0 0 0 .
eaw ‘
ap'
D irectors. — I t . M . W o l v i n ( P r e s . ) , P . I I . M a r k e y . K . c
(V ie e -P r e c )
I I . \V. B r o w n . J . \ V . N o r c r o s s . P . S . I s a r d ( T r e a s . ) , T . I t . E n d e r b y ( S e c ! ) ,
Brier Hill Steel Co.— Officer.—
N . B . F o ls o m
has been
e lo c t e d ’ T re a s u re r to s u c c e e d
F o l s o m — V ^ lO S 1^ p J ' iV c T ^ ^ h a S b e e n
John
S ta m h a m rh
m a d e A sst> T r o a s - t o
Brooklyn Edison Co.— New
su cceed
M r!
President.—
M . 8 . S lo a n h a s b o o n e le c t e d P r e s id e n t t o s u c c e e d N . P . I lr a d v r e ig n e d
M r . B r a d y w ill c o n t i n u o a s C h a i r m a n o f t h o B o a r d o f D i r e c t o r s ’ a n d t h e
E x e c u tiv e C o m m it t e e .
M r B r a d y is P r e s id e n t a n d M r . S lo a n o p e r a t in g
M a n a g e r o f t h o N o w Y o r k E d i s o n C o . , w h i c h is c o n t r o l l e d b v t h e C o n s o l !
d a t e d G a s C o . o f N o w Y o r k .— V . 1 0 8 , p . 8 8 1 . 8 7 3 .
y
C on soU '
Canadian Packing Co., Ltd.— New Name.—
Central Foundry Co.— Application to List.—
S ee A llie d
P ack ers o f C a n a d a ,
L t d .,
above.
A p p lic a tio n h a s b e e n m a d e t o th o N o w Y o r k S to c k E x c h a n g o t o lis t
C e n tr a l B o u n d r y C o .— M e r c a n t ile T r u s t C o . c e r t ific a t e s o f d e p o s it w h e n a n d
a s is s u e d in li e u o f $ 1 ,1 )0 0 ,0 0 0 o r d i n a r y P r e f e r r e d s t o c k a n d f o r $ 3 0 0 0 0 0 0
C o m . s t k . d e p o s it e d u n d e r th o a m a lg a m a t io n p la n fo r e x c h a n g e f o r s t o c k o f
th e I r o n P r o d u c t s C o r p o r a t io n , a s s t a t e d in V . 1 0 8 , p . 2 5 3 0 .
Central Power Co. (of Delaware).— Offering of Bonds.—
Halsey, Stuart & Co., N. Y., &c., and McCoy & Co., Chic.,
are offoring at 94.85 and int. to yield 7)4% $1,375,000 First
Mortgage five-year 6% Gold bonds, Series “A” dated Julv
1 1919. Duo July 1 1924.
I n t . p a y a b l e J . & J . in C h i c a g o o r N e w Y o r k , w i t h o u t d e d u c t i o n f o r
fe d e r a l in c o m e ta x e s n o w o r h e r e a fte r d e d u c t ib le a t th e s o u r c e
n o t in
excess o f 2 % .
D e n o m . $ 1 ,0 0 0 , S 5 0 0 a n d $ 100 ( c * ) .
R e d e e m a b le a s a
w h o lo o r in p a r t a t 1 0 0 a n d h it . u p o n 3 0 d a y s ’ n o t ic e .
T h e m ortg a g o p ro
v id e s a fix e d m a in te n a n c e , r e p la c e m e n t , a n d d e p r e c ia t io n fu n d o f 1 2 1 4 % o f
a n n u a l g r o s s in c o m e fr o m o p e r a t io n o f m o r t g a g e d p r o p e r t y b e g in n in g
W
illia M
l o p f Tr 0u s t ^ n t a l
&
C “
r c la l T r u n t
Data from letter of President Martin
J.
&
S a v in g s B a n k
and
Insull dated July 26 1919
C om pany. O r g a n i z e d u n d e r t h e l a w s o f D e l a w a r e in D e c
1014
a c q u ir e d th e p r o p e r tie s o f th e G r a n d Isla n d ( N e b .) E le c t r ic ' C o
s’u h s l S
q u c n t l y e x t e n d in g it s t r a n s m is s io n lin e s t o n e a r b y t o w n s a n d c o n s t r u c t i n g
a n h y d r o -e le c t r ic
p la n t o n
th e
L oup
R iv e r , a b o u t
25
m ile s n o r th
w est
of
G ran d
Is la n d .
It
has
r e c e n t ly
a c q u ir e d
th o
n r o n e r tl^
o f th o K e a r n e y W a te r A E le c t r ic P o w e r s C o . a n d th e M id w -iv
/4 s
( V . 1 0 8 , p . 2 0 2 6 ) o p e r a t i n g in K e a r n e y , N e b . a n d v i c i n i t y .
T h e th e a t r ic a l
s y s t e m is n o w e n t i r e l y i n t e r c o n n e c t e d ( s e r v i n g d i r e c t l y o r i n d i r e . Y w a i
t o w n s a n d p o p u l a t i o n ( 1 9 1 5 5 1 , 9 3 0 ) a n d is s e r v e d b y t h e c o m n a n v ' s t w n
h y d r o - e l e c t r i c s t a t io n s w it h a p r e s e n t r a t e d c a p a c i t y o f 2 9 0 0 K v v nnH
s u s c e p t ib l e o f d e v e lo p m e n t t o a r a t e d c a p a c i t y o f 5 ,0 0 0 K W
In a d d it io n
o w n s t w o m o d e r n r e s e r v e s te a m s t a t io n s w it h a r a te d c a p a c it y o f 9 S
transinission huesm" y owns
,7 0 ' 7
m,les o f Poetically now high tension
Cumulative __________ _____________ I^OOO^OO^^OO^Oog
' a s s a s s a s s r 0 ’'1 ■ ......... .. ;
D e b e n t u r e d u e 1 9 2 5 ________________ _________ ___________
2 5 0 000
1 ’oK n ’n n o
[T h o c o m p a n y o n J u ly 31 file d n o t ic e w ith th o S e c r e t a r y o f S t a t e o f
D e l a w a r e i n c r e a s i n g i t s c a p i t a l s t o c k f r o m $ 1 , 7 5 0 , 0 0 0 t o $ 'l n o n n o n i
x T li o m o r t g a g e p r o v id e s f o r t h o is s u e fr o m t im e t o t im e o f d iffe r e n t
s e r ie s o f b o n d s , a ll e q u a l l y s e c u r e d b e a r i n g s u c h d a t e , r a t e o f in t e r e s t
r e d e m p t i o n p r i c e a n d m a t u r i t y a s t h e B o a r d o f D i r e c t o r s m a v d e t e r . . , ! . ', , .
$ 1 ,3 7 5 ,0 0 0 h a v e b e e n a u t h o r iz e d fo r c e r t ific a t io n b y t h e B o a r d o f D i r e c t o r s ’
P u rp ose o f Issu e. — T h e p r o c e e d s h a v e b e e n u s e d t o p a y f o r a n o r t h , n o f
t h e p r o p e r t i e s a n d f o r t h e r e f u n d i n g o f a ll p r e v i o u s is s u e s o f b o n d s u p o n
th e v a r io u s p r o p e r tie s .
|U1
This Is su e. — S e c u r e d b y a n a b s o l u t e f i r s t m o r t g a g e o n a l l n r n n o r t i . . «
r ig h ts a n d fr a n c h is e s n o w o w n e d o r h e r e a ft e r a c q u ir e d
N o a d d it io n a l
b o n d s u n d e r th o m o r tg a g e c a n b e Issu ed e x c e p t o n a c c o u n t o f n m , ’h v
u p o n w h ic h t h e y a r e a n a b s o lu t e fir s t m o r tg a g e li e n .
A d d it io n a l b o n d s m a v
b e Issu e d a t n o t e x c e e d in g 7 5 % o f t h o c a s h c o s t o f p la n t e q u ip m e n t o r
o t h e r p r o p e r t y , a n d th e n o n ly w h e n n o t e a r n in g s a r e 1 M tim e s a n n u a l
m t o r o s t c h a r g e s o n a ll fir s t m o r t g a g e b o n d s o u t s t a n d i n g , a n d t h o s e p r o p o s e d
E a r n in g s a n d o x p e n s e s y e a r e n d e d J u n e 3 0 1 9 1 9 : G r o s s I n c o m e c a r .s 7« o .
a v a i l a b l e f o r F i r s t M o r t g a g e b o n d I n t e r e s t , $ 1 4 8 , 0 2 7 ; I n t e r e s t o n X I 175 n o n
F ir s t 0 s , $ 8 2 ,5 0 0 ; b a la n c e s u r p lu s . $ 0 0 ,1 2 7 .
S1 •J 'o . U 0 0
F ran ch ises. — P e r p e t u a l f r a n c h i s e in G r a n d I s l a n d ; a l l o t h e r f r a r r h i c n .
e x t e n d b e y o n d t h o m a t u r it y o f t h o b o n d s , a ll b u t t w o e x t e n d in g i „ „ '.
beyon d 1940.
u u u in g
10 o r
M a n a g e m e n t .— T h o e n t i r e o u t s t a n d i n g c a p i t a l s t o c k is o w n e d b v * i , „
M id d le W e s t U tilitie s C o .
lu e
Chandler Motor Car Co.— Terms of Exchange.—
Charcoal Iron Co. of Amer., Detroit.— Action Postponed
Tho shareholders failed to vote on July 31 on tho proposed cant ini i„
8 e o M a x w e ll M o t o r C o . b e lo w .— V . 1 0 8 , p . 2 1 3 5 .
crease from $2,839,350 to $5,000,000.
Compare V. 109, p.
75.
Charlostown (Mass.) Gas & Elec. Co.— Rale Increase__
T h o M a s s . B o a r d o f G a s a n d E le c tr ic L ig h t C o m m is s io n e r s h a s o r d e r e d
t h a t o n a n d a ft e r O c t . 2 0 191 9 th e n e t p r ic o fo r g a s s o ld b y th e c o m p a n y
s h a ll n o t e x c e e d $1 0 5 p e r 1 ,0 0 0 c u . f t . , c o m p a r e d w i t h t h o c u r r e n t r a t o o f
$1 1 0 , a p p r o v e d b y t h o C o m m is s io n a s a w a r m e a s u r e .— V . 1 0 7 , p . 1 3 8 7
C h ic a g o T e le p h o n e C o .—
Director.—
N. C. Kingsbury has been elected a director and a member of tho execu
tive committee to succeed U. N. Bothell, rosignod.— V. 108, p. 2531.
C h ile C o p p e r C o .—
Production (Lbs .).—
, , T
„ 1919.
Month of Juno .................................... 5,003,430
Slxfmontha to June 30.......................... 28,315,430
— V-il09.iP.i274.
1918.
9,280,000
49,432,512
1917.
6,114,984
44,918 984
— Negotiations .—
C o m m o n w e a lt h P e t r o le u m C o ., N . Y
This company, which recently increased its authorized capital stock front
200,000 shares to 3,000,000 shares of no par value, and is understood to bo
the proposed purchaser of stock in the Union Oil Co. of California under tlio
recent offer (V. 109, p. 279) is now reported to be negotiating for the con
trol of: (a) The Columbia Oil Producing Co. of Los Angeles, having out
standing $3,418,891 capital stock in $1 shares, on which it pays quarterly
dividends of 1y, cents a share, or 6 % p . a. (V. 85. p. 1404); also (b) Midway
Oil Co. of California, for a consideration said to be $3,000,000. The
moving spirits in the purchase of the Union Oil Co. stock were commonly
reported to be Henry Lockhart Jr., Charles 11. Sabin and Percy Rockefeller,
all of New York.
C o n a n i c u t C o t t o n M ills C o r p .—
Dividend Increased.—
Press reports state that a quarterly dividend of 3% has been declare*
payable July 23. This compares with 2% paid quarterly since August
1918.— V. 107, p. 505.
C o n s o l id a t e d G a s C o . o f N. Y .—
See Brooklyn Edison Co. above.— V. 108, p. 2244.
C o r n P r o d u c t s R e f i n i n g C o . N . Y . — E arnings
.-—
Results for Quarter and Six Months Ending June 30 1919.
1919—3Mos.— 1918
1919—GMos.— 1918
Net earnings*...........
$5,039,130
$3,216,158
$7,996,331 $7,129,901
Other income...........
127,741
180,337
190,929
180,337
Total incom e--------S5,166,871
$3,396,495
$8,187,260 $7,309,33*
Int., and deprec-----577,711
568,824
1,155,800
1,139,63*
Preferred dividends. (1^)521,972 (1 M) 521,971(31$) 1043945(31$) 1043941
Balance surplus----$4,067,188
$2,305,700
$5,987,515 $5,125,755
* Net earnings from operations, after deducting charges for maintenance
and repairs, and estimated amount of excess profits taxes, &c.— V. 10»,
p. 175.
(W m .) C ra m p & S o n s S h ip & E n g in e B u ild in g C o .—
A c .—
Secretary Charles T. Taylor in a circular says in substance:
Official Circular as to Voting Trust, Amalgamation,
Your directors have instructed the Secretary to notify each stockholder
as follows:
Tho stock of tho company is deposited under a voting trust that does
not expiro until July 1 1923.
Both tho board and tho voting trustees believe it is to tho best interest
of tho company that tho present management be continued.
Thero is no official knowledge of the affairs of tho American Ship A Com
merce Corporation other than the circulars of said corporation.
No corporate actipn is requirod or contemplated by the Cramp Co.
f ‘ ven though certain shareholders of Cramps interested in tho America*
Ship A Commerce Corporation may doposit their shares with such new
company, there is no obligation on tho part of any Cramp shareholder
to exchange his shares.
Tho business of tho company is very satisfactory.
It is tho intention of tho board of directors and voting trustees to con
tinue their efforts in tho interests of tho shareholders. Compare V. 109,
p. 274.
D a fo e - E u s t ic e C o ., I n c ., D e t r o i t . — Organized.—An ad
vertisement appearing on a previous page of this issue given
the following data. The company has been organized under
the laws of Delaware. Capitalization consists of 100,000
shares of stock, no par value, of which 60,000 shares are
pooled under limited contract to be retained by controlling
interests of the company. There are no bonds, mortgages or
Preferred stock outstanding.
Data from Letter of Pres.
&
Gen. Mgr. Bert M. Eustice, Dated July 23.
Company.— Tho business was founded 10 years ago for the manufacture
of canvas products and automobile canvas specialties and is to-day the
foremost manufacturer in its line. Plant consists of a modern fireproof
factory containing 40,000 sq. ft. with an addition of 20,000 sq. ft. under
way, located on tho Detroit River.
Products.— Principal product at present time is tho Ustus Limousotte,
one of tlio most useful attachments ever devised for Ford cars, which in
combination with the regular Ford top makos practically a limousino of
striking appearance. Contracts have already been closed for over 75,00*
of those limousottes and contracts are pending for an additional 3 5 ,0 0 0 for
delivery this season. This limousette is also mado to fit other cars, such
as tho Dodgo, Chevrolet, Maxwell, Ac., and models arc completed for above
cars and production is expected within a short time. Tho Ustus protective
cover line also comprises a complete and carefully worked out assortment
of standardized protective canvas covers for farm implements, tractors and
hay and grain stacks and for general farm purposes.
Earnings.— Tho gross business last year from products other than tho
Ustus limousottes was over $1,500,000, and a conservative estimate of the
not earnings for tho fiscal year ending May 31 1920 is $435,000, wliichiis
0010)1 f e p o o r !*.<»nnr A n r a
Preft?r“
479
>- w -jr a t t
!
~ L.
--T T
Dallas (Tex.) Power & Light Co.— Notes Called.—w
All of tho outstanding First Mtgo. 7% gold notes dated Feb. 1 191*
have been calk'd for payment Aug. 30 at 100>$% and interest at the Old
Colony Trust Co., Boston, Mass.— V. 109, p. 274, 175.
Dayton Power & Light Co.— E arnings .—
— 5 M os. to—
„
May 31 ’ 19
Gross earnings..............................
$1,211,658
Operating oxpenses.........................
758,212
— Calendar Years—
1918
1917
$2,430,728
$1,880.61*
1,661,950
1,266,544
Net earnings..
Other income.
$453,446
12,665
$768,778
33,301
$614,07$
10,334
Total incom e___________________
Charges, etc____________________
Preferred dividends (6 % p. a .)__
$466,111
213,167
77,571
$802,079
500,163
179,553
$624,407
305,97*
177,75*
Balance surplus______
V. 109, p. 375, 274.
$175,374
$122,363
$140,675
D u P o n t A m e r ic a n I n d u s t r ie s , I n c . —
Stock Holding .—
See E. I. du Pont do Nemours & Co. below and also V. 108 p. 2435.
E. I. d u P o n t d e N e m o u r s
General Motors Corporation.—In
C o .—
Interest in Stock tj'
view of numerous inquiries
Chairman Pierre S. du Pont in letter to stockholders says:
&
In tho annual report for 1918 there is a sentence reading: ‘‘The officers of
E. I. du Pont de Nemours A Co., are fortunate in having secured a 27.6%
interest in this (General Motors) corporation, as it now stands equipped
with factories for producing all kinds of cars, tractors and trucks, together
with the greater part of tho accessories needed in their manufacture.”
Tho wording of this sentence is not clear and has brought inquiry as t*
whether this investment is owned by the company or by its officers person
ally. Stockholders have been confused by reason of the fact that the iter*
on the assets and liabilities statement designated "Securities held for perma
nent Investment," does not account for the company’s holdings of motor
stocks. Your company owns the equivalent of 27.6% of the commo*
stock of General Motor Corporation, the purchase of the same having
been mado by du Pont American Industries, Inc., all of whoso stock Is
owned by E. I. du Pont de Nemours A Co.
Tho investment was financed by advances to du Pont American Indus
tries, Inc., on open account and tho balance due as of Dec. 31 1918, appears
in tho first item of tho statement and constitutes a part of ‘ ‘advances t*
subsidiary companies” specifically stated. Since Dec. 31 the acquisitlom
has been definitely financed through tho purchase by E. I. du Pont do
Nemours A Co. of stock of du Pont American Industries, Inc., in settlement
of tho open account.— Compare V. 108, p. 2435.— V. 109, p. 75.
E a s tm a n K o d a k C o .—
Obituary.—
Henry A. Strong, First Vice-Pres. A Treas., died July 27.— V. 109, p I f* .
[V ol . 109.
THE CHRONICLE
480
F am ous
P la y e r s -L a s k y
Official Statement.—On
C o r p o r a t io n ,
N ew
Y o r k .—
following pages under the heading,
“Reports and Documents,” will be found the very full
statement made by the company to tho New York Stock
Exchange in connection with the listing of the company’s
capital stock.
Tho statement gives tho history of the organization of tho company,
names of tho subsidiaries acquired and their capitalization, and also tho
consolidated operating profit and loss account and tho consolidated balanco
sheet of tho Corporation for tho calendar year 1918, and for tho 13 weeks
ended March 31 1919, as well as a list of tho officers and directors of tho
company, &c.
An issue of 25,000 new shares was recently offered to stock
holders of record July 5 at 8100 per share and was fully
subscribed by them. Dominick & Dominick and Ilallgarten
& Co. underwrote this issue, but inasmuch as tho share
holders took the entire amount, they were not called upon
for any part of their underwriting. v
This issue brought tho outstanding capital stock to 200,000 shares, tho
total amount authorized.
Tho company on July 2 acquired the Charles Frohman, Inc., theatrical
producing company. Compare V. 108, p. 2633; V. 109, p. 375, 176.
Balance Sheet as of May 1 upon Completion of Present Financing.
A s se ts.
L ia b il it ie s .
Plant & equipment______
Patents, goodwill, &c____
Inventories ____________
Other Current assets.........
$899,S82
113,388
364,857
202,429
Common stock__________
Preferred stock...............
Bonds........................
Current liabilities.............
Surplus & profit.................
$554,200
185,000
400,000
40,658
197,678
$1,580,557
Total (each side)...........
Tho proceeds of this issuo will bo used to retire tho floating debt and
to provide for working capital and expansion.
Net earnings for the first 5 months of 1919 were at tho rate of over 6
times the annual interest chargo.
(H . H .) F r a n k lin M fg . C o . ( F r a n k lin A u t o m o b i le ) ,
S y r a c u s e , N . Y .— 85 0 0,0 0 0 Preferred Stock Called for Pay
ment—Option to Holders .—
This well-known maker of tho Franklin car has called for redemption a
110 and div. its entire issuo of $600,000 7% Preferred, and is offering to
tho holders of the same tho right to reinvest at 100 in a now issuo of 7%
l ’referred stock, which it is supposed will bo for a considerably larger amount
though tho details regarding it havo not been completed.
Tho company has announced its intention to enlarge its plant by tho
erection of a 8400,000 building, increasing tho total annual output to
18,000 automobiles yearly as against a reported 1 1 ,2 0 0 yearly at present.
Tho “ Syracuse Post” says: “ On July 1 1915 tho company called in an issue
of $130,000 Preferred stock at 111) and int., and on Jan. 1 1916 a 100%,
stock dividend was paid on the Common in addition to tho regular dividend.
— V. 108, p. 384.
F is h o r B o d y C o r p . — Offering of Notes.—Bankers Trust
F r e e p o r t T e x a s C o . — Special Dividend .—•
Co., Guaranty Trust Co., Liberty Securities Corp. and Tho
havo declared a special dividend of $1 per sliaro, payablo
Hallgarten & Co., New York, are offering at prices ranging Aug. 20directors
to holders of record Aug. 11. In May last a dividend of $2 was
which was tho first distribution mado sinco M ay 1918, when $1 50
from 99% to 90% and int. to yield 6%% to 0%% according paid,
paid. See V. 108, p. 2025, 1940.
to maturities (see advertising pages) 85,000,000 0% Serial wasPurchase
of Mexican Oil Property.— “Wall Street Journal”
Gold Notes. Dated Aug. 1 1919. Maturing 81,000,000 July 22 said:
annually on Aug. 1 1921 to 1925, incl.
Freeport Texas Co. has purchased producing oil properties near Panuco,
Interest payable F. & A. at Bankers Trust C o., N . Y ., trustee, without
deduction for any tax, assessment or Governmental chargo, except any
Federal income tax in excess of 2% , deductible at source. Denom. 81,000
(c*). Redeemable as a whole or in series (in which latter case tho series
first maturing must be first redeemed), on any int. date upon 60 days’
notice, at tho following prices with int.: 102 A for notes then having 4
years or more to run; 102 for notes then having 3 years or moro, but less
than 4 years to run; 1 0 1 M for notes then having 2 years or moro, but less
than 3 years to run; 101 for notes then having 1 year or moro, but less
than 2 years to run; 100'A for notes then having less than 1 year to run.
D a ta
fr o m
L e tter o f
P r e s . F . J . F is h e r
D a ted
D e tr o it, J u ly
30
1919.
Company.— Incorporated under tho laws of Now York Aug. 21 1916 as
a consolidation (V. 103, p. 581) of Fisher Body Co., Fisher Closed Body Co.
and tho Fisher Body Co. of Can., Ltd. The plants, 23 in number, are
located at Detroit, Mich., and Walkerville, Ont., have a present floor space
of 2,500,000 sq. ft., number of employees 1 0 ,0 0 0 , volumo of business
840,000,000 (1909 30,000 sq. ft., number of employees 200, volumo of
business 8305,000).
_ ,
The customers Include tho Ford, Cadillac, Buick, Hudson, Essex, Studobaker and Chandler companies.
During tho war the corporation received extensivo contracts from the
Government for quantity production of aeroplanes and quickly became
one of tho leading factors in that business. This work has now been com
pleted, tho accounts with tho Government have been settled, and tho
corporation is again devoting its entire energies to tho manufacture of auto
mobile bodies.
Purpose of Issue.— To refund current debt, provide additional working
capital and procure further manufacturing facilities required to meet tho
heavy demand for its products.
Provisions.— Tho company and its subsidiaries (1) will not mortgago or
pledge anv property now owned or hereafter acquired. This covenant
shall not prevent the acquisition of property subject to purchaso money
mortgages or other liens not exceeding 75% of tho value thereof, nor tho
pledge of U. S. Government obligations; (2) will at all times maintain
quick assets, equal to at least 1 A times all obligations, direct or contingent
except notes of this issue then having moro than 4 years to run, purchaso
monoy mortgages maturing later than one year and notes secured by U. 8 .
Government obligations; (3) will not declare or pay any div. upon its Com.
stock which would reduce quick assets less than 1% times tho amount of
theso notes then outstanding and of all other obligations, direct or con
tingent, except purchase money mortgages maturing later than ono year
and notes secured by U. S. Government obligations.
1919.
1918.
Earns. Yrs. end. Apr. 30 (V. 109, p. 71) 1917.
Net rov. beforo U. S. & Can. Gov. tax $2,779,788* $4,148,967 $3,228,289
* Of which $615,043 was earned by constituent companies prior to tho
formation of Fisher Body Corp.
_
.
Average annual earnings of tho 3-ycar period were equivalent to over
4 times the maximum annual interest requirement on theso notes. After
provision for all United States and Canadian Government taxes, averago
annual net profits were $2,230,000, equivalent to over 7 times the maximum
annual interest requirement on theso notes.
Capitalization Upon Completion of the Present Financing.
Authorized. Outstand’g.
6 % Serial Gold notes____________________________$5,000,000
§5,000,000
Preferred stock, 7% cumulative (par $100)_______ *6,000,000
4,334,000
Common stock (no par value)___________________ shs.200,000 shs.200,000
*$5,000,000 issued, of which $666,000 retired by Sinking Fund.
Assets.— The net current assets as of April 30 1919, after giving effect to
tho present financing, amount to $8,879,000. Total net tangible assets
applicable to these notes amount to $15,991,000, or over 3 times tho amount
of this note issue.
Compare annual report for fiscal year 1919 in V. 109, p. 71.
F is k R u b b e r C o .—
Application to List .—
The company has applied to tho N. Y . Stock Exchange to list 85,891,000
Second Preferred 7% Cumulative Convertible stock and $16,764,000
Common stock.— V. 108, p. 2436.
F o u n d a t i o n C o m p a n y N . Y .—
Dividends, Stock, & c .—
An extra dividend of 1% has boon declared on the Preferred stock along
with tho rogular quar. of 2% , both payable Aug. 15 to holders of record
Aug. 9. Two dividends of $5 each havo also been declared on tho Common
stock, ono payablo Aug. 15 and tho other Oct. 15 both to holders of record
Aug. 9.
Tile stockholders will voto Aug. 14 to amend tho Certificate of Reorganiza
tion of said corporation so as to increaso tho amount of its stated capital
from $580,000 to $800,000. and so as to reduce tho number of shares into
which the presont capital is divided, consisting o f 5,000 shares of Prof,
stock of tho par value of $100 each, and 16,000 shares of Common stock
without nominal or par valuo, to 2 0 ,0 0 0 shares, and to consent to tho
classification of tho capital stock as 20,000 shares of Common stock with
out nominal or par valuo:— V. 106, p. 718.
F r a n k lin (P a .) M a n u f a c t u r in g C o .— Offering of Bonds—
Glover & MacGregor Pittsburgh are offering at prices
ranging from 100 to 90.38 and int. to yiold from 6% to 7%
according to maturities, 8400,000 (closed) First Mortgago
6% Serial gold bonds, datod May 1 1919, duo in 8 semi
annual series, May 1 1920 to Nov. 1 1923. Circular shows:
Interest payablo (M . & N.) at Lamberton National Bank (Trustee),
Franklin, Pa. free o f Pennsylvania state tax and normal Federal tax not
in excess of 2% . Redeemable at 102 and int. on 30 days notico. Denom.
$500 and $1,000 (c).
Ml
Company was incorporated in 1898, owns and operates three mills, two
at Franklin, Pa., are engaged in tho manufacture o f journal box packings,
also asbestos products, including millboard, felt, pipe coverings, etc., and
ono at Stoneboro is used In manufacturing tho well known brand of 85%
magnesia for steam heated surface insulation, magnesia blocks, pipe cover
ings, otc., used for heat insulation on locomotivo and stationary boilers,
hoatlng plants, steam lines, etc.
Mex., from tho Compania Petrolera Los Perforadores and Cia I’ctrolia
Pan-Americana, S. A. They aro expected to insure it an ample fuel oil
supply for its Texas sulphur operations at prices far below tho curront
market level, for a long time to como.
Freeport Texas has a favorablo contract with a Mexican oil interest for
its fuel oil, which does not expire for somo 18 months. With tho expiration
of this contract tho wells in the Moxican field, which aro temporarily capped,
will bo released for production.
Tho purchase of tho oil tracts includes river frontage at Panuco and pipo
lino rights to tho stream thereby fortifying Frooport Texas against interrup
tion in delivery of oil from tho fields to its river barges and thonco to gulf
' It is stated that oil from this field can bo placed in tankers at about 18
cents a barrel and delivered to tho Freeport Texas property at slightly less
than 50 cents a barrel. Tho current cost of Tuel oil in Texas is reported
around $1.25 a barrel and sometimes higher.
.
Tho mammoth steam-heating plant of Freeport Texas Co. requires about
4,000 barrels daily, of fuel oil. A saving of 75 conts a barrel on this quan
tity of oil means an economy for tho corporation of about $3,000 daily.—
V. 108, p. 2633.
G a s & E le c t r ic C o ., N. Y.— Acquisitions,
Ac.—W. S. Barstow & Co., Inc., 50 Pino St., New
York, announce in their weekly news lottcr of July 30:
G eneral
Merger,
A c q u i s i t i o n o f C e r ta in E a s te r n P o w e r & L ig h t C o r p o r a t io n P r o p e r t i e s .
Arrangements have been mado for tho acquisition by the General Gas &
Electric Co. of the Pennsylvania and Now England properties formerly
owned by the Eastern Bower & Light Corporation. This acquisition is a
result of plans worked out by tho General Gas & Electric Co. interests with
the various protective committees of tho Eastern Power & Light Corpora
tion. They do not include, however, the West Virginia 'fraction & Elec
tric C o., one of tho former Eastern Power & Light Corporation sub
sidiaries. [Comparo page 113 of "Electric Railway” Section.]
M e r g e r o f N e w E n g l a n d P r o p e r t i e s a s V e r m o n t H y d r o - E l e c . C o r p .— U n d e r w r i t i n g .
The New England properties of the Eastern Power & Light Corporation
are to be combined with certain of the properties in New England now owned
by the General Gas & Electric Co., making a strong power company which
will make additional water power developments in Vermont and New Hamp
shire. Securities of this new company, to be known as the V e r m o n t H y d r o
E l e c t r i c C o r p o r a t i o n , havo been underwritten by prominent Boston banking
houses and application has been made to the Stato Public Service Commis
sions of Vermont and New Hampshire for tho necessary authority to com
plete the organization of the company.
A c q u i s i t i o n o f S to c k i n M e t r o p o l i t a n E d i s o n a n d H e a d i n g T r a n s i t & L i g h t C o . ,
I m p o r ta n t P en n s y lv a n ia P r o p e r tie s — P r o p o s e d E x te n s io n s .
Tho General Gas & Electric Co. will acquire the $3,000,000 Common stock
of the Metropolitan Edison Co. and will acquire $3,100,000 Common stock
and $1,300,000 0% Preferred stock of the Reading Transit & Light Co.
[Compare each company, pages 113 and 114 of "Electric Railway Section.)
Tho acquisition of the Common stock of the Metropolitan Edison Co.,
which owns all the Common stock of the Pennsylvania Utilities Co., a
former subsidiary of the General Gas & Electric C o., will give the General
Gas &. Electric Co. control of a very important power system in Pennsyl
vania with combined annual gross earnings of almost $4,000,000.
Tho power plants at Easton and Reading aro to bo connected with a
transmission lino which will be extended also to connect with the Dover
plant of tho New Jersey Power & Light Co. With these extensions com
pleted, the power system controlled by tho General Gas & Electric Co. will
extend from just east of Harrisburg up to the system of the Public Service
Corporation of Now Jersey with another line extending almost as far as
Philadelphia.
C o m b in e d
E a r n in g s
In c lu d in g
N ew
A c q u is itio n s — A d d itio n a l
D ir e c to r s .
Combined gross earnings of all companies to be controlled by the General
Gas & Electric Co. after this acquisition for 12 months ending May 31 1919
were $8,478,143. Combined operating income for the 12 months ending
May 3 1 1919 was $2,361,789, an Increase of over $712,000 over the 12 months
preceding. Over 67% of the gross earnings of tho General Gas & Electric
C o.’s subsidiaries aro from electric light and power and gas.
The directors of the General Gas & Electric Co. are to bo increased in
number to permit of the representation or additional banking interests
which have become identified with tho company in this transaction.—
V. 108, p. 1613.
General Motors Corp.— 27.6% Interest in Stock.—
See (E. I) du Pont do Nemours & Co. abovo.— V. 109, p. 375.
(B . F .) G o o d r i c h C o .—
Preferred Stock Listed .—
Tho Governors of tho Chicago Stock Exchange havo admitted $15,000,000
additional 7% Cumulative Preferred stock to tho list, making the total
amount listed $39,600,000.— V. 109, p. 375.
H . W . G o s s a r d C o . C h i c a g o . — Further D a ta — In con
nection with tho offering of 81,000,000 7% Cumulative Prof,
stock by Ames, Emorich & Co. and F. B. Hitchcock & Co.,
Chicago, at 98 and div., as noted in last week’s “Chroniclo,”
wo give the following information from a lottcr of Pres. II. W.
Gossard to tho bankers datod July 24 1919:
History.— Business established in 1897, as a co-partnership, with an orig
inal investment of $4,000 and incorporated In March 1901 as The H. W.
Gossard C o., consists of the manufacture and sale of front lacing corsets
and brassieres. At the present time over 5,000 retail stores are distributing
our goods to tho public, among them In Chicago aro Marshall Field A C o.,
Charles A. Stevens & Bro., Mandel Brothers, Carson, PIrio, Scott & C o.,
and Rothschild & Co., in New York, Gimbel Bros., Stern Bros., James
McCreery & C o.. Bonwit, Teller & C o., &e. &c.
Factories In Chicago, Belvidero and Dixon, 111.: Elkhart, Ind.; Janesville,
Wis.: Allentown, Pa., and Toronto. Can., aro all modern in construction
and equipment. Does a largo export business to Australia and South
America; and prior to tho war did a largo business in Paris and London.
Capitalization (no bonds) upon completion of Present Financing.
Authorized. Outstanding.
$1,000,000 $1,000,000
Preferred Stock 7% Cumulative (par $100)-----Common Stock (no par value)________________
75,000 sh.
75,000 sh.
Purpose of Issue.— All proceeds aro to bo used either for paying for the
the old Prof, stock issue which has been called for redemption or for exten
sions and additional working capital.
Provisions.— (a) A sinking fund provision requires that each year, com
mencing Aug. 1 1920, tho company shall set aside cither $50,000, or 12%
of Its surplus not profits after paying Prcf. stock dividends, which ever sum
Is larger, (b) Tho company agrees at all times to keep net current assets
equal to 150% of tho Prof. Stock outstanding, (c) The company shall not,
without tho consent of 75% o f tho outstanding Pref. Stock, mortgage any
of its assets.
Balance Sheet July 1 1919 after giving effect to Present Financing.
L ia b ilitie s .
Assets.
Plmt and property...........
$497,937 Preferred stock................. $1,000,000
Inventories .......
1,243,656 Com. stock 75,000 shares of
no par valuo rep. by___
798,207
Notes & accts. rec..... .........
675,633
374,104
Cash...................
254,237 Notes A accts. payabcl___
122,369
Accrued liabilities.............
Due from employees on cap.
153,255
101,090 Capital surplus..................
stk. subscr....................
382,911
Deferred assets..................
64,761 Undlv. profits (former co)
Miscellaneous___________
17,534
Total (each side)...............
$2,830,846
Net before
Net after
Net Sales Federal taxes Federal taxes
$159,637
$1,956,455
$161,318
Year ending Juno 30 1916_______
102,733
1,268,662
103,913
Six months ending Dec. 31 1916—
155,492
2,743,719
190,841
Year ending Dec. 31 1917-----------297,213
3,418,639
371,556
Year ending Dec. 31 1918_______
2,241,924
251,215
326,215
Six months ending June 30 1919—
$1,153,843
$966,289
Total four years_________________ $11,629,398
288,461
241,572
Yearly average_________ _____ —
2,907,350
Net tangible assets aro equal to $2,323,329, or over $232 per sshare of
- ref. stock issued, and net current assets aro equal
to $1,687,985,
.
. . . . . ____ or over
$168 per share of Pref. stock. Net earnings, after making reserves for
taxes, for tho first 6 months df 1919 amount to $251,215, or at the
rato o f moro than 7 times tho Prof, stock dividend requirements; the average
earnings after taxes for tho 4 years ended June 30 1919, were $241,572 or
about 3 Yi times tho dividend requirements on the present issue of Pref.
stock.— V. 109, p. 375.
G r a n b y C o n s o l. M in in g S m e ltin g & P o w e r C o . L t d .—
Production—
1919— June— 1918
1919—6 Mos.— 1918
Copper lbs .............................. 2,637,184 3,438,521 12 254,746 22.897.367
V. 109, p, 76.
(W . T .) G r a n t C o . o f M a s s . —
—Blake Bros. & Co., N. Y. and Boston, and Imbrio & Co.,
N. Y., &c., are offering at 100 and div., to yield 8% as a
cumulative participating stock or 7% without participating
dividend, 8500,000 Cum. Participating Pref. stock, par 8100.
(See advertising pages.)
O ffe r in g
o f
P re ferre d
S to ck .
Redeemable as a whole or in part at $ 1 1 0 and div. and entitled to $ 1 1 0
and div. in event o f voluntary dissolution. Div. payable quarterly Jan.
1 &c. Sinking fund beginning 1921 o f 3% per annum o f the outstanding
Participating Pref. stock. Stock may bo bought for the sinking fund up
to $ 1 1 0 a sharo.
Tho stock shall recoivo up to an additional 1% div. [payable April 1]
whenever net earnings for ono year available for div. on the Com. stock
exceed $80,000. This additional div. Is cumulative and no div. shall be
declared or paid on tho Com. stock in excess o f $80,000 in any year, unelss
all arrears on the additional div. shall have been fully paid.
To be now
Capitalization (no bonds outstanding)
Issued
Issued.
7% Cumu. Participating Pref. stock (with this
$500,000)....................................................................
$650,000
*$150,000
Common stock__________________________________
Preferred stock__________________________________
1150,000
♦Common stock recently sold at $625 a sharo showing an equity of $937,
500 behind tho Participating Preferred stock.
t Tho holders o f 1,475 o f these shares have agreed to exchange them at
par for Cumulative Participating Preferred stock leaving only 25 shares,
which it Is expected will be exchanged at an early date.
Company.— Incorp. under laws of Massachusetts. Business consists of
the operation of a chain of 25 and 60-cont department stores looated in im
portant cities throughout the Eastern half of tho United States. While
they sell merchandise ranging in price from 1 cent to 50 cents, 90% of the
business is done in 25 and 50-ccnt merchandise.
Purpose of Issue.— Proceeds of this $500,000 (incl.in the $650,000) new
Participating Prof, stock aro to be used to open additional stores and for
additional working capital.
Sales & Trading Profits years ending Jan. 31.
1915.
1916.
1917.
1918.
1919.
Sales........ ......... $2,567,014 $3,061,690 $3,636,253 $4,510,776 $6,029,083
Prof(bcforo dcp.
taxesAbonuses)
176,303
244,760
267,835
278,341
328,557
Tho averago net profits for tho past 6 years, after Federal taxes, bonuses
and depreciation, were equal to almost 15 times tho dividend on the then
outstanding Pref. stock and aro equal to almost 3 y, times tho 7% dividend
on tho $650,000 participating Pref. stock.
Balance Sheet Jan. 31 1919 adjusted to show Present Financing.
Assets—
Liabilities—
Furniture A tlxturcs.............
$168,806 Capital stock........................ $800,000
Cash A accts. rec..... .........
266,406 Current liabilities.................
139,476
918,423 Reserves, A c ........................
94,060
Inventory...............- ............
Liberty bonds, Ac................
76,160 Surplus.................................
524,026
Uncxpircd Insurance, Ac----128,438
Total (each side)................ - ..............- ........ - .......................... .............$1,558,232
Directors.— W. T . Grant (Pres.), E. 8 . Almy, C. E. Freeman (Sec. &
Treas.), J. A . Lowell Blake, Max Radt.
H a r tm a n C o r p o r a t i o n .—- S
e m i-A n n u a l
Mos. to—
June 30 T9
Net profits after taxos..................
$1,010,020
Dividends............ - ......................... (2^)300,000
— 6
R e p o rt
.—
— Calendar Years—
1918
1917
$795,333
$509,316
(5)600,000 (3^)450,000
....................
$710,020
$195,333
$59,316
Balance Sheet.
June 30'19 Dec.31’ 18
June 30’ 19 Dec. 31 ’ 18
Liabilities—
S
$
Assets—
$
5
Good-will, A c ____ 4,992.992 4,992,902 Capital stock___ 12,000,000 12,000,000
Real est. A tlxturcs 990 ,133 1 ,010,544 First
mtg. bonds.
165.000
“ .............................
165,000
Investments
__
75,000
75,000 Notes payable __
430.000
225,000
Inventories........... 1,794,891 1,968,952 Accruals for taxes
Acct’s A notes rec. 7,932,534 6,646,173
etc.
556,838
329,366
C a sh ....................
214,005 169,870 Accounts payable
554,191
389,690
U.8 . Liberty bonds.
440,265 282,043 Net surplus......... 2,766,702 2,056,682
Prep'd exp. items..
32,910
20,164
T otal............. 16,472,731 15,165,739
Total
. . .10,472,731 15,165,739
V. 108, p. 1163. 977.
Balanco surplus.
Hercules Powder Co.— H alf Yearly E arnings .—
1918
1917
1916
6
Mos. to June 30— 1919.
G ross receipts........... $12.173,832 $19,880,967 $26,692,312 $27,720,650
Net earnings (all
sou rces)...
...
$1,488,421
$2,624,050 $3,351,117
$9,824,659
Preferred dividend . (3>4)187,250
187,250
187,250
187,250
Available for impts.
or for common divs
$301,171
$2,436,800 $3,163,867 $9,637,409
Tho net earnings, as above, aro stated after deducting all expenses
Incldont to manufacture and sale, ordinary and extraordinary repairs,
maintenance of plants, accidents, depreciation, &c. From tho earnings
of the siximonthslonded June 30 1919 provision has been mado for war
taxes under existing laws. The company during the present calendar
year has been paying on Its $7,150,000 common stock 4% quarterly (2%
regular and 2 % extra) amounting in the aggregate for the six months to
$572,000
CONSOLIDATED BALANCE SHEET.
June30 ’ 19. Dec.31 '18Ju/ie30T9. Dec.31 ’ 18
$
Liabilities—
S
Assets—
S
$
Plants A prop’ty.13,615,159 13,071,799 Common stock... 7,150,000 7.150.000
Cash.................... 2,338,417 5,986,004 Preferred stock_ 5,350,000 5.350.000
Accounts receiv__ 2,064,079 2,839,861 Bills payable------ 1,034,000 5,677,165
886,212 Accts. payable—
531,843 1,049,818
Invest, securities. 892,120
46,812
46,812
Liberty bonds___ 4,199,581 3,817,759 Preferred dividend
24,419
28,091
Mat'ls A supplies. 2,827,726 4,420,326 Deferred credits..
Finished products. 1,899,896 1,793,265;Fed. tax A oth.res. 2,091,479 2,652,846
Govt, accounts— 4,276,708 9,712,893 Contact advances 401,120 4,740,515
144,457 Profit and loss___ 15,710,171 15,981,000
Deferred charges.. 229,831
Total ..............32,343,517 42,672,576
— V. 108, P. 2333.
T ota l................32,343,517 42,672.576
H e r s h e y C h o c o la t e C o .— Notes Sold.—Graham, Parsons
& Co. and Cassatt & Co., Philadelphia, announce the sale,
by advertisement on another page of S3,000,000 Serial 6%
Debenture Gold Notes, dated Aug. 1 1919, due $1,000,000
each Aug. 1 1922, 1923 and 1924. The Bankers state:
Interest payable F. & A. at Guarantee Trust & Safe Deposit C o., Phil
adelphia, trustee, without deduction of the Federal income taxes legally
deductible at the source, not, however, in excess of 2 % . The company
will pay the Pennsylvania State Tax on Notes held in Pennsylvania. Uenom
$1,000 (c*). Redeemable as a whole, or each Series as a whole, on any int.
date upon 30 days* notice at 101 and int.
#
.
. ..
Company.— In continuous and successful operation since its organization
in 1900; the company was incorporated under tho laws of Pennsylvania
in 1908 and is engaged in the manufacture of chocolate products bearing
the well known “ Hershey" name and having a country-wide distribution
and market.
•
. ,
x # u
Assets.— The company and its subsidiaries have net quick assets of about
$5,083,036, and total net assets of about $21,618,626.
.
E a r n i n g s .— The average annual net earnings including subsidiaries ror
the 6 years ended Dec. 31 1918, before Federal taxes, applicable to interest
charges, were $2,828,924, which is equivalent to over 15 times annual
interest charges on this entire issues of notes, and for the calendar year
1918, were $5,860,460.
_
This Issue.— A direct obligation of the company. The indenture pro
vides (1) that so long as any of the notes are outstanding the Company
will not create any additional funded debt upon its properties (including
the properties of subsidiary companies) except ordinary bank loans running
not longer than 8 months and purchase money obligations against properties
that may hereafter be acquired. (2) Also that net quick assets of tho
company and its subsidiaries shall at all times be equal to the aggregate
amount of their debt, including the amount of these Notes then outstanding.
(3) That fixed assets will be maintained at 400% of the amount of these
Notes outstanding.
Net Earnings Applicable to Interest, Federal Taxes, Divs. A Surplus.
1908.-.$286.93511911 ..$1,053,70711914 -$2,061,67711917 -^ • 4 3 9 .1 2 7
1909___ 523,287 1912 - 1,504,953 1915 - 1,787,083 1918 — 5,860.460
1910___ 960.31811913 — 1,651,38711916— 2,173,8141
H u r le y M a c h in e C o .— Common
Dividend Increased.—
The directors on July 16 increased the dividend on the $1,160,000 out
standing Common stock from 7% to 8 % p. a. Tho first quarterly divi
dend of 2% will be paid Oct. 1.— V. 106, p. 718.
I m p e r ia l T o b a c c o C o . o f G r e a t B r it a in .—
Stock.—
Press reports state that this company will increase its authorized capital
stock from £24,000,000, consisting of (a) £9,000.000 ordinary, (b) £6,000,
000 5H % cum. pref. A, (c) £6,000,000 6 % non-cum. Pref. B and (d)
£3,000.000 10% non-cum. Pref. C to £33,000,000 by the creation of £9,
0 0 0 ,0 0 0 ordinary stock.
..
,,
, „
. .
Holders of the £8,369,872 of outstanding ordinary stock of record Aug. lo
It is stated, will bo allowed to subscribe for 1 0 0 % new ordinary stock at
par £1 per share must pay therefor on or before Oct. 20.
The outstanding pref. stocks as listed in tho London Stock Exchange
include: £4,959,249 " A ” 5 ^ % ; £5,260,469 “ B ” 6 %; £2,638,218 “ O 10%.
a Smoking by women is given as one cause of the increased consumption
o f tobacco since the war.— V. 108, p. 1163.
I n d ia n P a c k in g C o r p . —■Stock Sold.—Miller & Co., New
York, announce the sale of 425,000 shares (no par value)
by advertisement on another page.
D a ta from L e tte r o f P res. F. L. P e ck , D ated G re e n B ay. W is., J u ly 24.
Company.— Company [incorp. in Delaware July 22 19191 has acquired and
owns all the stock of the Indian Packing Co. and the Green Bay Packing
Co., both of Green Bay, Wis., and the New England Supply Co. o f Providenco, R. I. These companies have been engaged the larger part of tho
past three years (the New England Co. for a longer period) In the manu
facture and distribution to wholesale grocers and sales for export of products,
which consist wholly of ‘ a full line of canned meats.” Products are known
under the trade name of "Council Brand.”
Earnings.— For the two years of completed operations, net profits, not
Including final adjudication of amount payable for Federal taxes, show a
total of $1,616,091; against this there has been set up a sufficient reserve to
cover this factor. Net profits for 6 months ended June 30 1919 were about
$984 330 against which no reserve for State and Federal taxes has been
set up. For the next 12 months estimated gross earnings will amount to
$ 1 0 0 0 0 ,0 0 0 . and with some additions arranged for the volume of sales
should reach $ 2 0 ,0 0 0 ,0 0 0 annually.
Capitalization consists of 425,000 shares, no par valuo. The company
has no bonds, notes or Preferred stock.
Consol. Bal. Sheet as of May 31 1919, After Giving Effect to Present Financing.
Liabilities—
Plantf A c ........................... $933,368 Capital stock (425,000 shs.
without par value)------- 4,368, <14
80,061
1 .0 0 0 .0 0 0 Accounts payable----------479,545
C « s h .................................. 1.805.547 Fed. inc. taxes (T 8 ) unp’d
49,000
Liberty Loan bonds______
27,100 Wisconsin State taxes-----45,865
55,721 Due to officers A employees
Notes receivable-----------6,619
Accounts receivable______
232,908 Accrued pay-roll________
Inventory_______________
875,759
........... ............................................
..
Total (each side)...........$5,029,805
9,402
Deferred
charges-----------Note.— No provision has been made In this balanco sheet for Federal
taxes on the profits for the five months ended M ay 31 1919 in view of the
uncertainty of the amount of taxes which may be assessed for tho entire
year, since they will be affected by the introduction of the new capital.
Management.— The officers are: Frank L. Peck, Pres.; Hugo It. Heyinann,
V -P ros • George B. Gifford, Treas.; John M . Clair. Sec., who, together
with Nathan J. Miller, of Miller A Co., N. Y ., will compose the board
o f directors.
Jones & Lamb Co., Baltimore .— Preferred
Stock.—
Stein Brothers and the Mercantile Trust A Deposit C o., Baltimore,rare
offering at 97H and divs. $600,000 of an authorized $1,000,000 7% Cumu
lative Prior Preference stock, par value $100. There is also outstanding
$1,181,700 Cum. Pref. stock and 11.817 shares (of no par value) Common.
Lake Superior Paper Co.— Four Overdue Coupons from ls£
0s to be Oaid Feb. 1 1920, Less Discount of 6 2-3% Per A nn.
M.
Asst. Secretary J. C. Gibson. Toronto, Aug. 1, give sthe following notice
to the holders of the ($5,000,000) 6 % First Mtge. 30-year gold bonds of 1911:
After tho expiration of six calendar months from the date hereof the talon
o f four postponed interest coupons exchanged for tho four coupons for
interest (on the above bonds) which fell due on the first day o f Sept. 1914.
the first days of March and September 1915 and March 1916, will be paid
at a discount of 6 2 -3 % per annum, calculated from the date o f the expira
tion of this notice upon presentation of the same at the principal office o
tho Imperial Bank of Canada at Toronto or Montreal or at the office r>
Maitland. Coppell A Co., 52 William St New York City.
Under tho terms of the said supplemental trust deed [dated Jan. 20 191 ol
after the expiration of this notice the company is entitled to and will deduct
482
THE CHRONICLE
the said discount, whethor the postponed interest coupons shall havo boon
presented for payment on that date or not. (Comparo plan, V. 100, p.
1171.)— V. 103, p. 941.
Lincoln Mfg. Co., Fall River, Mass.— Dividend.—
A quarterly dividend of 5% lias been declared on the stock, payable Aug.
1 to holders of record July 15.
Feb.
1919........................ 3%
1918........................2H %
— V. 105, p. 1714.
M an .
2 H>%
3%
A ug.
N ov.
5%
3A %
To come
5%
Mackay Compahies .— Return of Properly
Total.
(?)
14%
to Owners.—
See under "Current Events” on a previous page of this issue V. 109, p.
370.
McCrory Stores Corp.— Sales.—
1919
$821,242
4,846,170
Month o f Juno_________
Year to date___________
Y. 108, p. 2634, 2216.
1918
$773,939
4,062,912
% In crea se
19.28%
Manasota (Fla.) Lumber Corp.—Offering of Bonds.—
R. Lancaster Williams & Co.. Inc., Baltimore, are offering
at 92K> and interest, yielding over 7%, §750,000 10-year
First Mortgage 6% sinking fund gold bonds, dated Feb. 1
1919, due Feb. 1 1929.
Those bonds are guaranteed, principal and interest, by the Manasota
Land & Timber Co-. They are redeemable as a whole, or in part, on any
interest date at 105 and interest in lots of $5,000 or more.
Manati Sugar Co.— Extra
Dividends .—
Extra dividends of 2 A % in cash and 5% in Common stock havo been
declared on the common stock along with the regular quarterly dividend
of 2 A % in cash. The regular dividend is payablo Sept. 2 to holders of
record Aug. 15 and the extras Sept. 8 to holders of record Aug. 28. The
company has arranged to call all outstanding bonds at 110.
Bonds Series F Called for Redemption Unless Converted.—
The directors havo voted to call for redemption at HO and int. on Sept.
2 at Central Union Trust Co., 80 Broadway N. Y ., all its outstanding 1st
M . 6% bonds of 1914 Series FF duo M ay l 1931 except such as may be
presented at said Trust Co for conversion into common stock $ for $ on
or before Aug. 27.— By conversion and tho sinking fund all the bonds other
series F havo already been retired and of theso considerably less than
$2,000,000 aro still on tho hands of tho public.— V. 108, p. 1940.
Manomet Mills.— Special
Dividend of
$2
per Share .—
The directors havo declared a special dividend of $2 per sharo along with
tho quarterly disbursement of $2, both pavablo Aug. 5 to shareholders of
record July 29. Similar amounts were paid in Feb. and M ay last and each
of the four quarters of 1918.— V. 108, p. 1825.
Marland Refining Co.— Official Statements— New Stock—
company, a block of whose stock
was placed some time ago by F. S. Smithers & Co. of New
York City, has recently (on July 25) had $22,220,871 of its
capital stock listed on the Pittsburgh Stock Exchange. The
official statement published by tho Exchange regarding tho
company, its financial record, acreago owned, oil production,
balance sheet, &o., will be found on a subsequent page.
This statement should be read in connection with the re
marks of President Marland as to the recent stock issuo
cited under “Financial Reports” above.—V. 108, p. 1940.
Maxwell Motor Co.— Merger Plan.—An announcement
regarding tho proposed merger is expected early next week.
In the mean timo the following authoritative statement
gives the terms of exchange as now proposed.
Listed in Pittsburgh.—This
The plan contemplates an exchango of securities o f tho two companies
for a no par value stock in a new company in the following proportions:
Maxwell 1st I’ref. 120%, Maxwell 2nd Pref. 66)4% , Maxwell Com. 70%,
Chalmers l ’ref. 95% and Chalmers Com. 15%.
It also contemplates an issue o f $10,000,000 notes convertible into tho
new stock on terms yet to be announced.— V. 108, p. 2334, 2026.
Merck & Co., Y.—Offering of Preferred Stock.—Lehman
Brothers and Goldman,- Sachs & Co., N. Y., are offering at
101.50and div. $3,500,0008% Cumulative Preferred (a. & d.)
stock, par $100. (Seo advertising pages).
N .
Dividends payablo quarterly, Jan. 1, &c. Redeemable in wholo or in
part at any timo at 115 and div. The company must retire annuallycommencing July 1 1921, 3% of tho largest amount of Prof, stock outstand
ing at any timo at redemption price, out o f tho surplus profits after divs.
on tho Preferred stock.
Capitalization (Presently to He Authorized and Issued)—Preferred stock, 8% cumulative (from July 1 1919)____________ $3,500,000
Common stock (without par value)__ ;_________________________40,000 shs.
D ata from L etter o f Pres. G e o r g e M erck, D ated N. Y ., J u ly 25 1919.
Company.— Business started as a partnership in 1891 with a capital of
$200,000, which continued until 1901. Tho company was incorp. in 1908
under the laws of New York with a capital of $250,000 and an issue of $750,
000 debentures. In Dec. 1917 tho capital stock was increased to $1,000,
000 and the debentures were retired.
At first tho business consisted of importing o f drugs and chemicals, and
began manufacturing about 16 years ago. Plant is at Iiahway, N. J.
Owns in Itahway and in Linden Township, adjoining, approximately 170
acres. Tho plant occupies about 35 acres and consists of moro than 40
buildings, all modern and up-to-date. Main offico is located in N. Y . City,
branch offices and warehouses at St. Louis and Montreal, and a small plant
at Midland, Mich.
Products.— Handles a general line of what is known as fine chemicals,
chiefly for medicinal purposes; in all, about 4,000 different articles for
medicinal, photographic, technical, and household uses, standardized re
agent chemicals and disinfectants. Is ono o f tho largest producers of
chloral hydrate, iodine preparations, bismuth preparations, acetanilid,
salicylic acid, methyl salicylate (artificial oil of wintergreon) and other
salicylates, important alkaloids, as well as other articles, and. In addition,
has exclusive agencies for some of tho most important articles in our lino.
Provisions.— (1) Without the consent o f at least % of each class of out
standing stock, given separately, tho company cannot mortgago any part
of its property nor increaso tho amount of tho Preferred stock nor issue any
stock having any preference or priority over or equality with said Preferred
stock. (2) Tho stockholders shall have ono vote for each sharo of stock.
Preferred or Common, held by them.
Note.— 38,000 shares of the Common stock will bo deposited under a
trust agreement at tho instance of the Alien Property Custodian, for the
purposo of continuing the American character or tho company.
Balance Sheet Dec. 31 1918, After Giving Effect to Present Financing.
JK.ssets —
Real estate, bldgs., &c__ $1,522,453
Good-will, trademarks,&c.
1
C a s h ...................................
307,338
Investments____________
208.000
Accounts & notes recoiv’le 1,045,197
Miscellaneous___________
90,576
Inventories_____________ 2,375,557
Deferred assets__________
414,500
Liabilities —
Preferred stock__________ $3,500,000
Common stock (40,000
shares, no par)________
200,000
Notes payablo__________
600,000
Trade accounts payable..
197,521
Miscellaneous___________
60,744
Federal taxes 1918 (cst.)__ 96,000
Reserves for contlng., & c. 500,000
Surplus_________________
809,356
Total each side____________________________________________ $5,963,621
Sales and P rofits. — Before deduction (a) o f additional compensation to
Mr. G. Merck not chargeable under tho proposed plan of organization; (2)
•f loss on sale of investmnts not connected with tho business; (3) of special
donations to Red Cross, &c., in 1917 and 1918; and (4) of Federal income
a n d excess profits tuxes:
Year —
[V ol 109
Sales.
Profits.
Y ear —
Sales.
P rofits.
1 9 13
......$3,926,280 $320,742 1916
..... $6,609,254 $1,366,839
428,648 1917 .............. 8,142,184
1914 ................ 4,220,953
989,165
1915 ................ 6,913,638 1,513,357 1918 ............... 8,024,289
606,897
— V. 108, p. 2026.
Metropolitan 5-50c. Stores, Inc.— E. F.
Rorebeck Pres.
—
Edwin F. Rorebeck, who resigned last week after five years’ scrvlco as
activo Vice-President of tho Metropolitan Trust Co. of N. Y. City, has been
clioson President of tho Metropolitan 5-50c. Stores, Inc. An authoritative
statement says:
"This company recently acquired tho Geo. Kraft Co. operating 30 stores
in the Middle West, thus Increasing tho number of units operated by the
Metropolitan to 114. The expansion required tho service as President of a
man versed in the largest financial anti business affairs and in a position to
dovote his entire timo to its growing business. Mr. Rorebeck succeeds
S. .1. Tucker, formerly Vice-President of tho Citizens Commercial Trust Co.
of Buffalo, who has recently entered into private banking business on his
own account in Buffalo.
The Metropolitan 5-50c. Stores, Inc., recently increased its authorized
capital from $8,000,000 to $20,000,000, and it is understood that under
M r. Rorobeck's administration it will open new stores as fast as sound
commercial practice justifies."
Middle West Utilities Co.— Sub. Co. Bonds Offered.—
Midway Gas Co., San Francisco.— Properties Acquired.—
Seo Central Power Co. (of Del.) abovo.— V. 108, p. 2026.
Minneapolis Steel & Machinery Co.— Offering of Pre
ferred Stock.—A. B. Leach & Co., N. Y. & Chicago, and
Minnesota Loan & Trust Co., Minneapolis, aro offering at
par and divs. $2,000,000 7 % Cum. Prof. (a. & d.) stock,
par $100 (see advertising pages).
Seo Central Power Co. (of Del.) above.— V. 109, p. 270,77.
Dividomls payable quarterly. Mar. 30, &c. First div. payablo Sept. 30
1919. Callable upon 60 days notice on any div. date at 105 & divs.
Sinking fund beginning in 1922, 15% of net earnings after divs. and taxes.
Data from Letter of Pres. G. Al. Gillette, Dated Minneapolis, June 9.
Company.— Established in 1902: has since developed up-to-date plants for
tho fabrication of structural steel and for tho manufacture of all kinds of
machinery. Main plant at Minneapolis occupies 25 acres; modern build
ings have 16 acres of floor space; equipment includes modern labor-saving
machinery. Owns two subsidiary companies, tho Twin City Co. and the
Minneapolis Steel & Machinery Co. of Canada, Ltd. Maintains branch
houses or sales offices at 17 cities and towns in tho U. S. and 3 in Canada
Capitalization upon Completion o f Present Financing.
Auth.
Outstand'g.
Preferred stock (7% cumulative)___________________ $3,000,000 $2,000,000
Common stock___________________________________ 3,000,000 1,500,000
Purpose o f Issue.— 'The proceeds will be used to provide working capital
for the very greatly increasing business.
Calendar Years—
Capital
Stock.
Surp.&Undiv.
Profits aft.Depr.
Plant.
Account.
Volum e o f
B usiness.
1912.............
-$1,250,000
$298,401 $1,078,754 $2,799,994
3,473,436
1914
- - - .......................... 1,250,000
447,811
1,220,963
6,913,252
1916
................
1,250,000
2,126,201
2,063,587
7,129.439
1917 .................................... 2,000,000 2,083,287
2,506,700
1918 .....................- ............ 2,000,000
2,186,472
2,569,536 11,898,478
4,118,277
2,607,065
1919 (4m on th s).,.............. 2,000,000 3,560,974
Against plant account a reserve for depreciation has been created from
year to year amounting now to $696,210.
E a rn ings B efore and A fte r Paym ent o f Governm ent Taxes — Cal. Y ears.
1915.
1916.
1917.
1918.
’ 19 (4m os.)
Before taxes.............. $379,725 $1,389,664 $985,011 $1,521,358 $1,432,876
After taxes_________ 379,725 1,306,738 723,776- 559,420 Not stated
Net earnings, after deduction of all taxes for the past 7 years havo aver
aged $490,000 per year, or .i'A times tho div. requirements on tills issue
of $2,000,000 stock.
Consol. Bal. Sheet A p r il 30 1919, A fte r Giving E ffect to Present F in a n cin g.
Liabilities —
Assets__
Plant & miscell. equ lpt..$2,643,694 Common stock__________ $1,500,000
Deferred charges________
53,455 Preferred stock__________ 2,000,000
Sundry stocks. Sec_______
25,577 Accounts payablo_______
572,167
Cash & agents’ balances. . 1,731,f>80 Bills rendered___________ 1,964,421
743,769
U. S. securities__________
343,592 Reserve for taxes________
877,294
Other investments_______
112,985 Other reserves__________
Notes & accts. receiv___ 2,527,871 Undivided profits & surp. 3,560,975
Inventories_____________ 3,779,773
Total assets and liabilities________________________________ $11,218,626
Net assets, $7,060,975. Ratio of net assets to issue of $2,000,000 pref.
stock, 353.05%. Net quick assets, $5,215,544. Ratio of not quick assets
to issue of $2,000,000 pref. stock, 260.77%.
Provisions.— (a) Net assets must equal 300% of all pref. stock outstand
ing. (b) Net quick assets must equal 150% of outstanding pref. stock,
(c) Additional $1,000,000 of stock can bo Issued only when above require
ments aro met on entire stock outstanding and to be Issued and then only
when net earnings for past three years havo averaged 4 times pref. stock
divs. on stock outstanding and to bo issued, or upon a 2-3 voto of pref.
stockholders, (d) No notes may bo Issued or guaranteed running moro
than one year, nor can any mortgago bo created oxeept a contract about to
bo concluded with the U. 8. Govt, amounting to about $400,000 and ma
turing one-fifth each year for 5 years, except upon a 2-3 vote of prof,
stockholders.
Directors and Officers.— James L. Record, Chairman of board; George M .
Gillette (President), John li. Rich. Lewis H. Gillette, .Sumner T . McKnight,
Karl DeLaittro, Albert C. Cobb, E. A . Merrill (V.-Pres. & Treas.), W. C.
Rich (Secretary).
Mountain States Telephone & Telegraph Co.— Offer.
Mullins Body Corp.— Listed— Directors and Officers.—
The Boston Stock Exchango has listed temporary certificates for 10,000
See American Telephone & Telegraph Co. abovo.— V. 109, p. 178.
shares Preferred stock (par $100) and 70,000 shares Common stock (no par).
Officers— W . 11. Mullins, Pres.; R. M . Modisotto, V.-Pres.; William P.
Carpenter, Treas.; Charles C. Gibson, Sec.; Henry C. Nelson, Gon. Mgr.
Directors.— William P. Carpenter, Charles C. Gibson, Robert M . Modi
sotto, J. Harvey Blackburn, Henry C. Nelson, James A. Fnyne, Nathan
A. Middleton, John E. Rovensky, Carroll G. Walter.— V. 109, p. 376,
277, 178.
Nashawena Mills.— Special
Dividend.—
A special dividend of $2 has been declared on the $3,000,000 capital
stock, along with tho regular quarterly dividend of $2, both payable Aug. 5
to holders of record July 29. Like amounts were paid in Feb. and May
last.— V. 108, p. 1825.
Nevada-California Electric Corp.— Sub.
New Jersey Zinc Co.— Earnings.—
Co. Bonds.—
See Southern Sierras Power Co. below.— V. 108, p. 1940.
Quarters ending June 30—
1919.
1918.
1917.
Income after expenses, taxes, mainte
nance, depreciation, &c___________ $1,971,337 $5,342,643 $6,497,692
Interest on mortgage bonds_________
40,000
40.000
40.000
75.000
Reserve for retirement of bonds_____
75,000
75.000
l ,530,000
Reservo for Federal taxes___________
365,000
581,925
Dividends______________________ (4%) 1,400,000 (8)2.800,000(12)4,200,000
Surplus.
....................................
$91,337
$897,643 $1,600,767
N ote. — Extra dividend of 2% , payable July 10 1919, aggregating $700,
000, declared out of the undistributed earnings of the six months ended
Juno 30 1919— V. 108, p. 2635.
New York Edison Co. -Obituary.—
Nonquit Spinning Co.— Special Dividend.—
A special dividend of $2 has been declared on tho $2,400,000 capital stock
Treasurer Josoph Williams died July 24.— V. 107, p. 797.
in addition to tho regular quarterly dividend of $2, both payablo Aug. 5 to
holders of record July 29. Similar amounts were paid In Feb. and May
last and each of tho four quarters of 1918.— V. 108, p. 1825.
Owens Bottle Co.— Earnings
.—
0 Mos. to
The Common, on the sale of one share, receded 1K . to 683M , with closing
offerings at 700, and no formal bids.” Compare V. 108, p. 2636.
15 Mos. to
12 Mos. to
June 30 ’ 19. Dec. 31 ’ 18. Sept. 30 ’ 17.
Manufacturing profit and royalties.. $1,374,491 $4,355,111. $3,833,069
49,183
----------------Other income______________________
Total income
................... $1,423,674 $4,355,111 $3,833,069
Opera tlngcxplmsas1111.......................
473,823
1,174,485
988,239
Net earnings o f Owens C o------Net earnings of subsidiaries---------
$949,851
752,928
$3,180,626
1,538,032
$2,844,829
1,165,873
Total not
...................SI,702,779 $4,718,658 $4,010,702
Federal taxes............. .......................
263,791
698,179
...........
Depredation? ~&cl 111II...........................................
l.OObOOO
4,403
Net profit
— V. 108, p. 2027.
483
THE CHRONICLE
A u g . 2 1919.]
.....................$1,438,988
$3,015,512
$4,008,299
Owl Drug Co., San Fran.— Pref. Stock Subscribed fo r .—
The company July 1 gave its stockholders opportunity to participate
in the offering o f $600,000 additional 8% Preferred stock, fixing July 15
as the last day for acceptance of the offer. Prompt advantage was taken
of this and the 6,000 shares (par $100), were at once absorbed by the
present stockholders. This issue makes the total Preferred stock o f the
company around $2,000,000. Since the issuance of the first of this Preferred
stock 12 years ago it has never sold under par.— “ San Francisco News
Bureau.” — V. 109, p. 178.
Republic Motor Truck Co.— No
Dividend .—
The directors on July 23 took no action on the declaration of a common
dividend. In Feb. last a dividend of $1 was paid.— V- 108, p. 2533.
(R. J.) Reynolds Tobacco Co.— New Note Issue .—
Company has sold to a group of bankers composed of Bern
hard, Scholle & C o., the Bankers Trust Co., N. Y., and the
Wachovia Bank & Trust Co., Winston-Salem, N. C.
§15,000,000 Three-year 6% notes, to be dated Aug. 1 1919,
maturing Aug. 1 1922. The bankers announce that the
notes will be offered shortly to the public.
The notes are being issued for the purpose o f financing the company's
growing business, including tho purchase of tho new crop of leaf tobacco.
The company has no bonded debt outstanding and none may be issued
during the life of tho notes. Tho earnings for the last five years have
averaged over $6,000,000 a year.— V. 109, p. 277.
Robertson Paper Co.— Offering of Pref. Stock.—Earnest
E. Smith & Co., Boston, are offering at par, $50 per share,
$450,000 8% Preferred stock, participating equally with the
Common in dividends above 8 % .
(J. C.) Penny Co. N. Y .—Offering of Preferred Stock.— Roseville Cal. Water Co.— Bond Offering.—
Stephens Sc Co., of San Francisco aro offering $100,000 1st Mort. 6%
Georgo II.B'iirr & Co.,Merrill, Lynch & Co. N . Y. and Cas bonds
the Roseville Water Co. of Roseville, Placer County Cal., a city
satt & Co., Philadelphia are offering at 98 and div. to yield of someof4500
inhabitants.
over 7 % % , $3,000,000 7% Cumulative Prof, stock (a. &d.)
Saco-Lowell
Shops, Boston.— New Stock.—
par 8100, (seo advertising pages).
“ Saco-Lowell Shops directors have voted to increase Common stock by
Kedeomablo as a whole or in part at 105 and div. An annual sinking fund
averaging 5% of the total amount of Pref. stock outstanding, with an aver
age minimum of S150.000 annually, provides for the purchase of the issue
at not to exceed the redemption price. Div. payablo quarterly March 31 &c.
Data from Letter o f Chairman J. C. Penny dated N. Y. July 23, 1919.
Company.— Business, started in 1902 as a partnership, was incorporated
in 1913 under the laws of Utah. Operates 197 department stores in 25
States and is the largest chain of department stores of its kind in the world.
Since the inception of the company, it has been tho policy to reinvest a very
substantial portion o f the earnings in the business. Business on a cash basis.
Federal Dividends Amount Added to
Net
No. of
Profits
Taxes
Paid Re-invested Surplus
Sales
Stores
1 9 1 3 ____
1 9 1 4 ____
1 9 1 5 ____
1916____
1 9 1 7 ____
19 1 8 ____
1919(ost.)
48
72
86
127
177
197
$333,609
406,331
559,078
1,074,827
1,748,288
2,001,113
2,750,000
$2,637,000
3,500,000
4,825,000
8,415,000
14,880,000
21,336,000
28,000,000
$19'.),316
225,601
1S6,691
$5,591
847,822
1,305,359
1,100,000
408,760
661,200
526,600
S68,700 $134,293
144.000
180,670
88,500 372,386
267,300 660,177
432.000 236,266
169,154
255.000
__
Capitalization upon Completion of
______
_____
_____
Authorized Outstanding
Financing
(no
bonds).
7% Cumulative Pref. stock___________________ $10,000,000 $3,000,000
Common stock_____________________________
5,000,000
1,581,000
Net earnings before taxes in 1918 were equivalent to about 70% on tho
Pref. stock, and after taxes over 23%.
Balance Sheet as at Dec. 31 1918 after giving effect to Present Financing.
Liabilities.
Assets.
&
Furniture fixtures Ac____
C a s h .......................................
Inventory...............................
Accounts receivable_______
Liberty bonds........................
Total (each side)__________
$302,497
1,697,976
6,188,369
2,992
304,150
---------------$8,495,983
Preferred stock___________
Common stock.....................
Accounts payable..............
K ps. for ex. prof. A Inc. tax
Reserve for fire losses........
Surplus__________________
$3,000,000
1,581,000
756,319
1,305,360
43,963
1,809,342
Provisions.—-The company agrees (1) not to pay div. on its coni, stock
unless net quick assets after Pref. div. are 150% of the outstanding 1 ref.
stock, and also unless its total quick assets equal at least 175% ol its total
liabilities. (2) not to create any funded debt maturing later than one year
from date of issue (except purchase money mortgages) without tho consent
of 66 2-3 of the outstanding Pref. stock. (3) Not to issue any additional
Pref. stock unless the annual net earnings for tho preceding year, applicable
to dividends, shall equal at least 3 times the annual dividend requirements
on the Pref. stock outstanding, and tin; stock proposed to be issued, and
further, unless the net quick assets after the payment of Pref. dividends on
tho outstanding stock equal at least 150% of tho Pref. stock outstanding
plus that proposed.
50% from $2,350,000 to $3,525,000. Stockholders of record July 25 have
the right to subscribe at $150 a share to the extent of 50% of their holdings.
Rights are selling around $15.
.
.
"Saco-Lowell Shops Common has been paying $12 a share annual divi
dends for some time. Stock is preceded by $1,250,000 6% Preferred. —
“ Boston News Bureau.” — V. 10b, p. 928.
Sagamore Mfg. Co., Fall River Mass.— Dividend.—
Press reports state that a quarterly dividend of 6% has been declared,
payable July 31 to holders or record July 23. In the previous quarter 4%
was paid.— V. 107, p. 507. S
San' Joaquin- Agricultural" Crop.— Offering of Bonds.—
Stephen & Co., San Francisco are offering at par and int.,
500,000 First Mortgage 6 % Gold bonds. A circular shows:
' Luted .lul'y 1 19l<i. Due July 11927. lilt, payable J. & J . at Savings 'Union
Bank & Trust C o., San Francisco trustee or at Guaranty Trust C o., lx . Y .
Denom. of $1,000 (c). Callable at 102. Normal Federal income tax of 2%
paid bv the company. Tax exempt in California. Sinking fund becom&s
operative in 1921. Company owns and operates 13,760 acres of land In
the Chowchilla Ranch, Madera County, Calif., near the cities of Fresno
and Merced valued at $990,600.
,
.
.
Net earnings 1918, $42,295; 1919 (est.) at $60,000, equal to twice the
bond interest.
Savage Arms Corporation.— E arnings.—
Results for Quarter and Six Months ending June 30
1919— 6 Mos.— 1918.
1919— 3 Mos.— 1918.
$793,883 $3,094,669 $1,815,502 $5,419,264
______
15,194
7,253
-----
4,511,558
520,939
2,621,801
350,2,2
17.500
350
8,750
175
12,524
7,820
0,262
3,910
256,664
233,342
127,432
l ib ,222
$323,171 $ 1,053,051
$605,824
Surplus_____________
$323,304
— V. 109. p. 278.
Total earnings_________
Interest_______________
Reserved for taxes, &C-.
Firtit Prof. div. (7% p.a.)
2d Pref. div. (6% p. a .).
Common div. (6% p. a.)
Saxon Motor Car Corporation.— Distribution .—
Officials of the company are quoted as saying that a payment of 20% on
tho company’s indebtedness, with interest, will be made as of Aug. 1.
It is suggested unofficially that in view of this payment, the reorganization
plan recently proposed may be modified.— V. 108, p. 12,9.
Sinclair Consolidated Oil Corporation (of N. Y.).—
Merger Company.—This company was incorporated at Al
People’s
Gas
Light
&
Coke
Co.,
Chicago.—
Rates.
Tho Illinois P. U. Commission on July 25 reduced tho gas rates for the bany on July 29, pursuant to the plan for the merger of the
average consumer 3 cents per 1,000 cu. ft., effective Aug. 1. Thq company
sought to increase tho rato 6 cents per 1,000 cu. ft. for the average consumer. Sinclair Oil properties.
Balance, surplus-------------------------$625,804
$914,029
$288,225
Officers.— John C. Jay Jr. lias been elected President to succeed Charles
Clifton, who was mado Chairman of the Board.— V. 109. p. 78.
Tho new company, it is stated, will take over the assets or the Sinclair
Consolidated Oil Corporation of Delaware, Sinclair Oil & Refining ( o. and
Sinclair Gulf Corporation, Ac. See “ Financial Reports on a preceding
page and compare V. 109, p. 278, 79.
It was announced yesterday that a special meeting of stockholders of
Sinclair Consolidated Oil Corporation (of Delaware) will be held on Aug. 11
to ratify the proposed sale of all of tho corporation s assets to Sinclair Con
solidated Oil Corporation (of New York). The New York corooration, it
is stated, will Issue in payment for these assets all of its capital stock, con
sisting of 1,000,000 no par value shares, and assume all of the Delaware
corporation's liabilities.
„ , _ ,
..
.
.___
No authoritative list of the assets of the Delaware corporation has been
given out, but they are reported to include (a) most of the $1,000,000 stock
of tho Union Petroleum C o., purchased, it is said, at a cost of about 53,
750,000 for 85% of the issue. The Union company, owning extensive dis
tributing facilities, notably at Philadelphia, Chicago and Kansas City,
export stations at Marcus Hook, Pa., and Westvvego, La., refinery at
Wellsville, N. Y ., and pipe lines. The “ Oil Trade Journal says that the
Union Petroleum Co. in 1918 had total sales amounting to $39,813,069
(contrasting with $293,489 in 1898), of which $18,105,591 were domestic,
and $21,707,477 were foreign. (2) Several properties in Burkburnctt oil
fields. Compare V. 108. p. 2247, 2335, 2533; V. 109, p. 1/9.
Tile stockholders on July 28 voted to increase tho maximum capital stock
from $33,0 0 0 ,0 0 0 to $68,000,000 by tho issuance o f $15,000,000 new 8 %
"
lative Preferred_stock,
and $20,000,000 Class “ B”
- . -par value
,
„$100,
„.
Cum
ulative________
Common stock (non-voting), par value $2«5. See full particulars, V. 109
p. 179, 277; V. 108, p. 2636.
On a proceeding page will be found a digest of the Sinclair Oil A Refin
ing Co. and the Sinclair Gulf Corporation. These companies, it is under
stood will shortly be consolidated together with possibly other properties,
under the title of Sinclair Consolidated Oil Corporation, with an authorized
capitalization of 5,000,000 shares of no par value.
Press reports state a dividend of 4% has been declared on tho stock, pay
able Aug. 1 to holders of record July 23.— V. 108, p. 1064.
The directors have declared an extra dividend of 1% per sharo, along
with the regular quarterly dividend of 2% per share, payable Aug. 15 to
holders of record July 31. A like amount was paid in Feb. and Aug. 1918.—
V. 107, P- 508.
The new rates which are to continuo until April 1 1920 are: (a) For the
first 350 cu. ft., 35 cts.; (6) for tho next 10,000 cu. ft. per 1,000, 85 cts.;
;) for consumption over 10,000 cu. ft. and less than 50,000 cu. ft. per
f t,000, 80 cts.; (d) over 50,000 cu. ft. per 1,000, 65 cts.
Tiio old rates were: (a) For tho first 350 cu. ft., 37 cts.; (5) for tho first
10,000 cu. ft. per 1,000. 88 cts.; (c) for consumption over 10,000 cu. ft. and
less than 50,000 cu . ft. per 1,000. 82 cts. (d) over 50,000 cu . rt., per 1,000 65c.
Tho now rates will permit tho company to earn about $2,480,000 over
operating oxpenses, interest charges on outstanding bonds, &c. Tho reve
nues from gas and forfeited discounts which tho Commission says tho com
pany is reasonably entitled to earn will not be less than $23,250,000 a year
— V. 109, I). 179.
Pierce Arrow Motor Car Co.— Report.—
Quarter ending June 30—
Not inebmo------------------------- - -
Interest, depreciation, taxes, &c.
1919.
$969,263
343,459
Pierce Oil Corporation .—New
1918.
$1,523,421
609,392
Decrease
$554,158
265,933
Stock.—
Pocassot Manufacturing Co.— Dividend.—
Pressed Steel Car Co.— Director.—
Sinclair Consolidated Oil Corp.— Earnings
Solvay Process Co.— Extra
etc.—
Dividend.—
Southern Sierras Power Co., Cal.— Bonds.—
The California RR. Corifmission has authorized the company to issue
$500,000 First & Refunding Mtge. bonds at not less than 85 and int,,
Procter & Gamble Co., Cincinnati.—§45,750,000 6% proceeds
to be used for refunding a part of tho company’s open account in
Pref. Stock Authorized but None Sold as Yet.—The stockholders debtedness. Tho company claims that from Dec. 1 1914 to Dec. 31 1918
expended $1,011,057 in improvements, additions and betterments to its
on July 28 voted to increase tho authorized capital stock from itplant,
retiring during tho same period property representing a cost of $210.
§20,250,000, made up of 2,250,000 8% Cumulative Preferred 767, leaving
a net investment of $800,290. Most of the money was ad
by the Nevada-Caiifornia Power Co. and tho Nevada-Califomia
and §24,000,000 Common, to §72,000,000, tho now stock vanced
Corp.— V. 108, p. 177.
to^consist of a now class of §45,750,000 6% Cumulative Electric
Spanish River Pulp & Paper Mills, Ltd.— New Notes.—
Preferred, par valuo §100.
The “ Cincinnati Enquirer” of July 28 cites an announcement on behalf of A press dispatch from Montreal states that Peabody,
the management to tho effect that it lias not been decided what portion of IToughteling & Co., Chicago, have bought §3,500,000 2d
tho $45,750,000 o f tho new 6% Preferred will bo issued nor when It will bo
issued, and further that the now issue is not for the purpose of meeting any Mtge. 10-year notes, the proceeds to be used to retire the
immediate need of funds, but to put tho company in position to secure 6% “A” debentures and the installation of two new paper
necessary capital when and as needed. The Enquirer” adds that this
statement “ seemed to help the old stock, which sold up 2 points, at 1498, • machines.—V. 108, p. 2637.
J. 11. Real has been elected a director to succeed James II. Reed resigned
— V. 109, p. 376.
484
THE CHRONICLE
Standard Tank Car Co.— Offering of Guaranteed Certi
& Co., Philadelphia are offering at 100 and
int. yielding 6% by advertisement on another page $200,000
6% Equipment Trust Certificates Series “A” dated July 1
1919, duo $130,000 semi-annually J. & J., from Jan. 1 1920
to July 1 1925. Total auth. $360,000. The bankers state:
ficates.— Bioren
Denom. $1,000. Callable at any int. period at 101 and int. Guaranteed
p. & i. by Standard Tank Car Co.
The combined net earnings of the Standard Car Construction Co. and
the Standard Car Equipment C o., now merged into the Standard Tank Car
Co., after deducting all operating expenses and making liberal charges for
depreciation, wero SI,661,414 for 1917, and S i,719,910 for 1918 before
making allowances for Federal taxes and other extraordinary deductions.
Iho net earnings o f tho combined properties for the first 4 months of 1919,
after deducting operating expenses and depreciation, amounted to S874.300
before making allowances for Federal taxes. The company was incor
porated May 3 1919 in Delewaro. Compare V. 109, p. 278.
Stewart-Warner Speedometer Co.— E arnings .—
.
3 Mos. to June 30. -6 Mos. to June 30
...
1919.
1918.
1919.
1918.
Net earnings before Federal taxes..S824,229 $716,728 $1,373,883 $944,310
— V. 108, p. 675.
Stutz Motor Car Co. of America, Inc.— Stock Increase .—
stockholders, it is announced, will be asked to authorize an increase
° f 25,000 shares in the capital stock, these shares, of no par value, to bo
offered to shareholders at $100 a share, after being underwritten by a syn
dicate composed of A . A. Ryan and associates.— V. 108, p. 2533.
Tacony Steel Co.— Sale of Pref. Stock.— Frazier & Co.
N. \ ., &c., announce the sale at 97 and div., yielding about
8.25%, of $500,000 8% Cumulative Pref. (a. & cl.) stock,
par $100. (See advertising pages):
Dividends payablo quarterly, Jan. 1, &c. Redeemable in whole or in
part at 105 and div. A sinking fund is provided by setting aside quarterly,
beginning with Oct. 1 1919, a sum equal to 54 of 1% of tho maximum
amount of Pref. stock at any time issued.
Capitalization—
Authorized. To he Iss'd.
Purchaso Money M ort. (Tacony Steel Co. o f N. J.) $1,200,000 $1,200,000
Preferred (non-voting) stock (par $100)___________ 1,500,000
500,000
Common stock (par $5).................................... ...........
125.000
106.350
Data from Pres. John B. W arren, Tacony Steel Co. (of N. J.) July 28.
Purpose of Issue.— To combine the operation and control o f tho Tacony
Steel Co. (of N . J.) and tho Tacony Ordnanco Corp. (of N. Y.) in one
company, known as Tacony Steel Co. (of Del.).
Company.— Incorporated in Delaware and will own all tho outstanding
stock o f tho Tacony Steel Co. (of N. J.). This latter company owns and
operates tho plant at Tacony and also owns tho entire outstanding capital
stock of the Tacony Ordnance Corp. The business now conducted bv tho
Tacony Steel Co., has been in successful operation for 20 years. Manu
factures high grade steels in rolled bars and forgings.
Tho Tacony Ordnance Corp.— Was organized in 1917, and entered into a
contract with the U. S. Government for tho manufacture of forgings for
heavy artillery, which work has been successfully completed. Tho plant
consists of an open hearth department, forgo department, machino shop,
heat treatment plant, power plant and laboratory. Tho Tacony Steel
Co. (of N. J.) has entered into a contract with tho U. S. Government for
tho purchase of the ontiro plant operated by tho Ordnance Corp., payment
being financed in part through tho placing of a 81,200,000 5% Purchaso
Money Mortgage covering the combined properties, maturing serially up
to 1930.
Tho two plants are adjoining and located at Tacony, Philadelphia, and
occupy about 40 acres with tidewater facilities on tho Delaware River.
Tho present depreciated value of tho combined properties as appraised by
Day & Zimmerman is $4,387,825.
Net sales and net profits, Tacony Steel Co. (of N. J.)— Calendar years.
_T „ ,
1916.
1917.
1918.
Net sales..........._........... ........................... $1,791,899 $1,615,938 $2,146,288
Net Profits (before taxes)_____________
364,143
227,645
337,076
The earnings of the Ordnanco Corporation aro not included as it was
not in operation until 1918, and its entire business was a Government con
tract which does not reflect the earning ability of the corporation.
Consolidated balance sheet as of July 1 1919, after giving effect to this financing.
Assets
TAabllltles
—
—
Property, bl'.lgs. * Equip___ S2,808,474
Preferred s t o c k ______________
Inventory.................................
150,MS C o m m o n s t o c k _____ __________
368,336 P u rch a se M o n e y M o r t g a g e ..
Cash & current assets.............
1,200,000
C u rr e n t.................................... .......
S u r p l u s .........................................
08,997
1,431,012
Total (each side)..................S3,336,358
Texas Company.— Stock and
$500,000
106,350
Dividend .—
John J. Mitchell, director o f the company, is quoted as saying: “ We
probably shall follow our usual routine around the year end of offering 20%
of now stock at par to stockholders, increasing outstanding amount by about
$17,000,000, but wo have not definitely decided that matter yet, nor have
wo decided what increase wo shall make in the dividend rate, although wo
have discussed that matter also.” — V. 108, p. 2637.
Transue & Williams Steel Forging Co.— Earnings .—
The “ Chronicle” has confirmed tho following statements:
Six Months to June SO—
1919.
1918.
Net earnings after taxes and depreciation________
$388,153
$284,709
Earnings per share.......................................................
$3.88
$2.84
For tho full year 1919 friends o f the company believe the earnings after
allowing for taxes should amount to $8 a sharo or substantially moro than
in 1918.— V. 109, p. 379.
Union Cotton Mfg. Co., Fall River, Mass.— Dividend.—
A quarterly dividend of 4% has been declared on the $1,200,000 stock,
payable Aug. 1 to holders of record July 23, contrasting as follows:
Feb.
May.
Aug.
Nov.
Total
1919.................................................. 3%
2%
4% To come
?
- V ! m T T 7 « i V ...........................4%
8%
20%
8%
i0 %
United Cigar Stores Co.— To Close Sundays.—
The company announces that beginning this week all the stores with the
exception of some at summer resorts will be closed on Sundays.— V. 109,
p. 379, 279.
United Drug Co.— Application
to List .—
Application has been made to the N. Y. Stock cxchango to list $7,500,000
additional 7% Cumulative Pref. stock bringing tho total amount up to
$15,000,000— V. 109, p. 279, 79
United Gas & Electric Corporation.—E arnings .—
Summary Statement of Earnings for the 12 Months ended June 30.
l » iv .
lain.
Bal. or earn, of sub. oper. cos., after fixed chgs___ $1,399,641 $1,406,003
Deduct— Reserve for renewals and replacement*
313,206
404,750
Earn, appli. to stock of sub. cos. owned by public
317,056
392,936
^ ,,
,
Net income from bond invest, and other sources____
$769,379
294,257
$608,317
208,117
T o ta l.............
$1,063,636
Deduct— Int. on the U. G. & E. Corp. bonds_____
$558,000
Int. on the United G. & E. Corp cert, of indebt.
134,806
Amortization of debt discount................. ...............
58,649
$816,434
$558,000
135,948
56,750
„ ,
$751,455 $750,698
Balanco................................................ ........... .............
$312,181
$65,736
For sub. co. earnings, see "Earnings Dept.” above.— V. 108, p. 2242.
United Retail Stores Candy Co.— New
Company.—
This company has been chartered in Delaware with a capital of 1,250,000
shares of no par value, with a view to establishing 100 retail candy stores
[V o l . 109
throughout the United States. Shareholders of tho Unitod Retail Storos
Corporation will be given the right to subscribe, share for sharo, in tho candy
company at $10 a share. It is expected that tho first of tho new retail
candy stores will be opened within a month. Tho now company will oper
ate in conjunction with tho United Cigar Stores Co. of America, having at
its disposal tho realty company of the latter organization.
United Retail Stores Co.— Candy Company— .—
Utah Copper Co.— Wage Increase .—
_ The company has advanced tho wages of its employees at Bingham and
See United Retail Stores Candy Co. above.— V. 109, p. 379.
Garfield, effective July 16. Tho increases rango from 60 cents, 70 cents
and 75 cents per day and bring tho minimum wago paid up to $3.85 per day.
— V. 109, p. 279.
Vermont Hydro-Electric Corp.— Merger.—
Weetamoe Cotton Mills Corp.— Dividend.—
According to press reports a quarterly dividend of 4% has been declared,
See General Gas & Electric Co. above.
payable Aug. 1 to holders of record July 23.
in the last quarter.— V. 106, p. 1809.
This compares with 2% paid
Western Union Telegraph Co.— Return of Property.—
379°° Unc*er "Current Events” on a previous pago of this'issue.— V. 109, p.
White Motor Co., Cleveland.— Capital
Stock.—
A press report says that a committee of the board has been appointed to
consider a further increase in tho capital stock.— V. 109, p. 68.
Willys-Overland Co.— No
Interest in Tire Co.—
In an advertisement on another pago President John N. Willys donies
that he or any of the companies which ho controls are or ever have been
interested in the stock of the Overland Tire Co. or its business and affairs,
and chat any of the products of said Overland Tiro Co., .are being handled
by or through the Willys-Overland Co., or any of tho interests controlled
by him.— V. 108. p. 2638.
C U R R E N T
N O T I C E S
— "New York State Transfer Tax Law” is the title of a 45-page pamphlet
with index, prepared for the Equitable Trust C o., of New York by Franklin
Carter Jr., the head of tho Income Tax Department of that institution.
The pamphlet includes "Article 10, chapter 62, Laws of New York, 1909,
being chapter 60 of the Consolidated Laws of tho State of New York as
amended, with all amendments: including amendments made by Chapter
626 of tho Laws of 1919, which were approved by tho Governor on M ay
14 1919.”
In size and general excellence as to clear presentation, side headings,
argo typo and heavy paper, this pamphlet corresponds with tho earlier
pamphlets prepared by Mr. Carter regarding tho Federal Revenue Act of
1918 the New York State Incorno Tax Law for Individuals ct.c.
— It. M . Grant & C o., 31 Nassau St., this city, St. Louis, Boston, Chi
cago and Portland, M o., aro advertising a full-pago list of municipal bonds
representing 102 communities in 30 States, which tho firm owns and offers
to investors desiring to exempt their income from Federal incorno taxes.
All the bonds offered aro direct general obligations payable from an ad
valorem tax levied on all of tho taxable property within the issuing munici
pality. Tho opportunity is offered tho investor to purchaso tax-freo in
vestments in any part of the country from Maine to California and from
the State of Washington to Florida. Yields appear in tho adv. Circulars
giving complete descriptions of any issue In the list advertised in to-day’s
“ Chronicle" will bo sent on request.
— Hawkins, Delafield & Longfellow, attorneys and counsellors at law at
20 Exchange Place this city, announce tho death of Eugene I). Hawkins,
the senior partner, on July 9. Tho business of the firm will be continued
by tho surviving partners, in the samo partnership namo: Lewis L. Dela
field, Frederick P. Delafield, Frederick W. Longfellow, Alfred Gregory,
Lewis L. Delafield, Jr., and Edward J. Dimock.
— All the stock having been sold, Frazier & C o., Broad and Sansom St.,
Philadelphia: 65 Broadway, this city, and 19 South St., Baltimore, arc to
day publishing in tho “ Chronicle” as a matter of record only their adver
tisement of tho $500,000 Tacony Steel Co. of Tacony, Pa., 8% cumulative
Pref. stock. Prico 97 and acc. div., yielding about 8.25%. Full particu
lars of the offering appear in tho record advertisement.
— Columbia Trust Co. has been designated co-depositary with Girard
Trust C o., Philadelphia, for receiver’s certificates of tho Second Avenue
ItR. Co., and it has been appointed depositary for 1st Mtge. 5% bonds of
New York & East River Ferry C o., and has boon appointed transfer agent
for Pref. stock of Pierce, Butler & l’ ierco M
@FedFRASER