Full text of Commercial and Financial Chronicle : August 30, 1919, Vol. 109, No. 2827

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Fittanaal

TV
fliumfiriH

INCLUDING
Railway & Industrial Section
Rankers’ Convention Section
SATURDAY. AUGUST 30 1919

Bank & Quotation Section
Railw:
^ Section
VOL

I<19

^ItJC

W h v o n ic U

Clearings at—

Electric Railway Section
State and City Section
NO. 2827
Week ending August 23.

PUBLISHED WEEKLY.

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,

CLEARING HOUSE RETURNS.

Tho following table, made up by telegraph, &c., Indicates that the total bank
clearings of all tho clearing houses of the United States for the week cndinir to-dnv
havo boon $7,080,229,507, against S7,802,087,501 last week and $6,389 729 690 the
corresponding week last year.
’ u U1°
Clearings—Returns l>y Telegraph.
Week e di ig Aug. 30.

1919.

1918.

Per
Cent.

Baltlmoro_________ _______________
Now Orleans................................ .......

$3,199,633,052
479,139,363
320,906,261
236,857,957
201,948,424
121,732,991
106,505,603
101,442,679
*79,000.000
69,885,019
47,771,184

S2,998,300,569
411,623,482
325,797,763
214,444,654
153,454,972
121,011,551
80,783,334
93,376,970 '
57.245,283
58,437,532
47,839,466

+ 6.7
+ 14.0
— 1.5
+ 10.5
+33.6
• + 0.0
+ 31.8
+ 0.4
+ 38.0
+ 19.6
—0.0 1

Eleven cities, 5 days______________
Other cities, 6 days...........

$4,907,822,533
962,479,270

$4,564,315,576
770,083,273

New York_________________________
Philadelphia_______________________
Kansas City........... .............................
San Francisco.......................................
Pittsburgh...........................................

+ 8 .8
+ 25.0
--------35,334,39S,849 + 11.2
1,055,330,841
+ 9.5

Total all cities, 5 days.....................
All cities, 1 day............. ...................... $5,930,301,809
1,155,927,698
Total all cities for week.................... 37,086,229.507
36,389,729.600 + 10.0
* Partly estimate.i.
------------— ------------------ -— •
Tho full dotal s for tho week covered by the above will be given next Saturdav
Wo cannot furnish them to day, clearings being made up by tho clearing bouses
at noon on Saturday, and hence In the above the last day of tho week Ins to he in
all cases estimated, as wo go to press Friday night
t0 1)0 ln
Detailed figures for tho week ending Aug. 23 follow
Clearings at-

Week ending August 23.
Inc. or
Dec.

S
s
New York_____ 4,352.525,182 3,195,254,777 +%
36.0
2,013,527,750
Philadelphia__
415,778,475 395.808,234 + 5.0 3,021,095,250
211,733,521
Pittsburgh____
135,526,558 138,262,135 — 2 .0 285,446,347
79,863,009
59,988,327
Baltimore_____
89,517.125
70,794,846 + 26.4
38,290,743
33,696,439
Buffalo.............
36,130,363
21,897,811 + 05.0
18,696,183
13,037,146
Albany........ .....
4.400.000
4,277,172 + 2.9
3,991,499
3,764,925
Washington___
14,760,761
13,139,542 + 12.3
9,980,316
6,677,643
Rochester_____
9,056,266
0,554,207 + 38.2
5,302,913
4,506,521
Scranton______
4,318,802
3,770,540 + 14.5
3,000,402
2,914,831
Syracuse_______
3,056,785
4,437,331 —17.6
3,845,081
2,596,813
Reading____
2,424,242
2,435,030 —0.5
1,990,79
1,777,411
Wilmington . _
2,835,772 + 21.1
3,435,654
2,627,083
2,321,573
Wllkcs-Barro___
2,369,609 + 17.9
2,793,509
1,825,762
1,700,184
Wheeling........
4,615,640
3,599,483 + 28.2
3,907,262
2,099,740
Trenton_____
2,754,893 + 13.5
3,125,578
2,455,767
1,651,441
York__________
1,303,359
1,264,119 + 3.1
1,030,320
921,694
Erie__________
2,166,264
2,035,274 + 6.4
1,753,565
1,276,507
Chester_______
1,293,045
1,752,207 —25.8
1,042,003
1,050,366
Grecnsburg___
900,301
758,128 + 18.7
760,000
750,000
Binghamton__
835,800
688,800 + 21.4
772,900
686,700
Altoona______
1,014.485
796,362 + 27.4
701,201
528,955
Lancaster..........
2.400.000
2,221,826 + 8 .0
1,881,055
1,531,518
Montclair_____
309,943
325,570 —4.8
355,444
337,403
Total Middle. 5,092,288,197 3,878,093,074 + 31.3 3,491,207,908 2,970,177,540
Boston________ 321,345,089 278,015,000 + 15.3 190,679,420 148,289,122
Providence_____
9,980,700
9,997,400 — 0.2
8,523,500
7,500,900
Hartford______
6,745,365
5,969,296 + 13.0
5,574,332
7.123,272
New Haven____
5,070,147
5,327,205 —4.7
3,894,144
4,050,248
Portland_______
2,300,000
2,263,689 + 1.0
2 ,2 0 0 ,000
1.907.000
Springfield..........
4,008.812
3,604,968 + 11.0
2,829,567
2,823,304
Worcester_____
3,461,009
3,510,331 — 1.4
3.071,808
3.135.001
Fall River_____
2.159,032
1,907,771 + 13.2
1,494,473
1,412,068
Now Bedford___
1,526,724
1.721,825 — 11.3
1,271,542
1,065,209
Tatw ell.... ..........
1,047,918
1 ,000 ,000
+ 4.8
944,482
814,978
Ilolyoko.............
834.603
776,993 + 7.4
721,134
739,448
Bangor...............
649,413
551,578 + 17.8
551,462
514,737
Tot. New Eng. 359.194,872 315,306.656 +13.9 227,755,864 179.375.347




Chicago___
Cincinnati
Cleveland...
Detroit.___
Milwaukee..
Indianapolis ...
Columbus ..
Toledo____
Peoria_____
Grand Rapids..
Dayton____
Evansville ..
Springfield, 111..
Fort Wayne..
Youngstown .
Akron..........
Canton_____
Lexington___
Rockford____
Quincy...........
South Bend...
Bloomington__
Decatur___
Springfield, O ..
Mansfield__
Danville___
Lima______
Jacksonville, III.
Lansing____
Ann Arbor..,
Adrian_____
Owensboro...
Tot. Mid. Wes

l
}
r

«ng Beach____
Total Pacific..

I
A
C
s
T
g
D e s M o in e s ..
S iou x C i t y . . .
W i c h i t a _____
D u l u t h _______
T o p e k a ___________
d n c o ln ________
C e d a r R a p id s.
C o lo ra d o Springs.
' ’a r g o _________
P u e b l o ________
r e m o n t _______
W a t e r l o o _____
H e l e n a ________
A b e r d e e n ______
H a s tin g s _______
B illin g s ...............
T o t. O th . W

162,347,422
50,873,851
16,341,322
22,656,953
9,390,846
58,414,570
53,136,738
16,141,672
14,156,028
17,873,834
8,113,874
8,837,937
1,278,754
3,059,714
6,719,434
8,519,015
1,981.035,1
2,991,647'
7,348,630'
2,530,000
13,987,512
2 ,000,000
1,155,273
2o4,151
395,707
10,141,863
3,117,082
29,032,348
2.762,290
T o t a l Southern _646,445,502
445,936,935
Total all_____ 7,802 .087,501 6,112,761,863
Outside N. Y_. 3.449.562,319 2,917,507,076

S t . L o u is ...........
N o w O rle a n s_____
outsville
H o u sto n .
G a l v e s t o n ________
R i c h m o n d ______
A t l a n t a __________
M e m p h i s ________
N a s h v lll o ________
ort W o r t h _____
S a v a n n a h _________
N o r f o l k ...................
B ir m in g h a m ___
K n o x v ille ________
C h a t t a n o o g a _____
Jack son ville
M o b i l e ......................
A u g u s t a _________
ittlc R o c k _____
C h a r le sto n ______
O k l a h o m a ______
M a c o n __________
A u s t i n __________
V i c k s b u r g _______
J ack son _________
T u l s a .......................
M u s k o g e e _______
D a l la s .......................
S h r e v e p o r t________

234,604.671
4.301,173,784
2,172,141,9591 ,887,645.028

808

THE CHRONICLE

[V o l . 109.

manifesto of Aug. 2nd, and on which in the main they
rested their demand for the enactment of a law em­
TH E F IN A N C IA L S IT U A T IO N .
bodying the features of the Plumb scheme which
The President is to be commended for the firm
would in effect turn over to them the entire railroad
stand he has taken in the case of the Railroad Shop­
system of the country and let them dominate it in
men against further wage increases, and Directoitheir own way. It was the manifesto referred to
General Hines for the uncompromising way in which,
that contained the celebrated utterance that the
supported by the President, he has dealt with the
railroad employees are in no mood to brook the retui n
striking railroad employees on the Pacific Coast.
of the lines to their former control, since all the plans
The position of the President on the wage question
suggested for this settlement of the problems leave
is unassailable and so is the position of Mr. Hines
abor essentially where it has stood and where it is
in the strike matter, for this strike was absolutely
determined
n o t to stand.”
without justification or excuse and in resorting to
The advocacy of the pernicious doctrines embodied
it the men broke their contracts and violated theii
in the Plumb Plan for the operation and control of
pledges.
the railroads can be ascribed to nothing else than the
The President in his statement on the wage ques­
false teachings and the wrong principles embodied
tion argues with much force that increases in wages
in the policies pursued by the authorities at Wash­
will inevitably result in still further increasing costs
ington. If now these authorities, seeing the grave
of production and therefore the cost of living, mak­
dangers that must attend further radical inclusions
ing necessary still other wage increases and involving
in the domain of revolutionary radicalism, have
the continuance of the same process through an
come to their senses and can succeed in bringing
endless series. The President also contends that
the misguided labor people to their senses also, a
any substantial increase of wages in leading lines
great forward step will have been taken in the right
of industry at tins time would utterly crush the
direction— a step tantamount almost to a new de­
general campaign which the Government is waging
parture and calculated to yield inestimable benefits
to reduce the high cost of living. And the increases
for the future. But there must be no turning back,
in the cost of transportation which would follow
no yielding to the men under fresh threats. In
from further increases in the wages of railroad em­
view of the change in the situation caused by the
ployees would, the President well says, more ceiPresident’s action (a wage increase of only 4 cents
tainly and more immediately have that effect than
an hour, and that by way of adjustment, being
any other enhanced wage cost.” The President
allowed) the men are taking another strike vote.
puts the case in a nutshell when he says that “ only
The President, because of his uniform championing
by keeping the cost of production on its present
of the demands of labor in the past, undoubtedly
level by increasing production and by rigid economy
possesses great influence with the men, and this
and saving on the part of the people can we hope
influence may on this occasion prove sufficient to
for large decreases in the burdensome cost of living
avert a strike. But whether it is or not,there must
which now weighs us down.”
be no backing down— no paltering or faltering
It is to be hoped that the shopmen and all the
no compromises of any kind.
other classes of railway employees (for they are all
A strike involving the partial or the complete
seeking new additions to their wages, on top of the
tieing up of the country’s transportation system
huge wage increases previously granted) will be
would unquestionably be a serious matter, and is
guided by the President's advice. The President
not to be lightly invited, but if strike there must be,
himself is responsible beyond everyone else for the
the issue should be accepted and the contest fought
radical attitude so generally assumed by labor in
out to the bitter end in the endeavor to show that
all industries, and particularly in the transportation
a small part of the population cannot be allowed to
service. He it was who counselled Congicss in the
hold the whole in subjection. The labor leaders
passage of the Adamson Eight Hour Law in 1910
appear to be counseling adherence to the President’s
when that body made an abject surrender on the
pleas, but the rank and file of the laborers are head­
threat of a general railroad strike in default of the
strong and having so constantly enjoyed the fruits
enactment of the measure, he having initiated all
of victory may, with appetites whetted, conclude to
the proceedings to that end, and he it is who has
take their chances on gaining further victories.
taught the laboring classes to think that they were
A policy of timidity then will be a serious mistake.
being mistreated and not getting their proper sliaie
New endeavors to placate and mollify them will
of the profits of industry. As recently as M ay 19
simply embolden them and make them feel that they
1919 in his message to Congress on that date, at a
are invincible and can carry their demands to never
time when there was no occasion for any special
pronouncement of that kind, he declared that the ending extremes.
The President should be unyielding. It must
object of all reform “ must be the genuine democrati­
always be remembered that the men so invariably
zation of industry, based upon a full recognition of
vote with almost absolute unanimity for a strike
the right of those who work, in whatcvei lank,
because experience has taught them that no strike
to participate in some organic way in every decision
will occur— that the strike vote simply puts a weapon
which directly affects their welfare or the part they
in the hands of their leaders for enforcing their
are to play in industry.” N ot only that, but he
demands. Let it once be understood that a strike
declared for a “ genuine co-operation and partnership
vote means an actual strike, the authorities no longer
based upon real community of interest and par­
yielding, and means likewise certain failure to obtain
ticipation in control.”
their demands, and the situation will be entirely
It will be remembered that it was this very pro­
.
nouncement that the leaders of the foui Raihoad changed,
This comment applies not alone to railway em­
Brotherhoods and the heads of the Railway Em­
ployees but to wage earners in all branches of trade
ployees’ Department of the American Federation of
and all walks of life. When the country was at
Labor quoted with so much satisfaction in their




A ug . 30 1919.]

THE CHRONICLE

809
war, stlikes had to be averted at all hazard because toward normal to make it possible to secure informa­
the war could not be prosecuted to a successful end tion with the same definiteness as before the begin­
with production in any way curtailed, so there ning of the conflict. Furthermore, the effect of the
was constant yielding to the men. They were able taking over of control of the railroads in the United
to get anything they wanted if only they persisted States by the Government and the inaugurating of
in theii demands. And the one demand ever present new methods of accounting has in some instances
was wage increases and more wage increases.* There interfered materially with the securing of needed data.
was profiteering of the most remorseless kind.
Ihe feature of the late season, as of the one im­
Though hostilities have long since ceased, the practice mediately preceding, was the extremely high prices
has continued. The employer has yielded to the obtained for raw cotton. Opening at 29.70c. per
employee at every stage, granting newwage increases pound for middling uplands in the New York market,
with little or no opposition, since it was the fashion the course of prices was quite generally upwards
so to do. And the process has been an easy one, too. until 38.20c. was reached on Sept. 3, this being the
The employer added the additional wage cost to the top quotation of the season and the highest point
price of his product and took good care to raise the reached in over half a century—in fact, since Nov. 2
price sufficiently not only to cover himself for the II860, lhat level was not maintained, of course,
added cost but also to leave a little extra profit but for some time thereafter the market ruled above
for himself.
30c. and in the decline of the early part of 1919 the
Manifestly the practice could not go on forever, extreme drop was to 25c. on Feb. 7. From that level
and now the President, in better position than any­ there was a recovery to 36.60 in July and the close
one else in the country to take the step, has called was at 34.20c., with the average for the season 31.04c.
a halt. If now, there is no further truckling to the 4 he significance of that average is best realized when
labor element—if there is no attempt ‘to flee from a we state that on that basis the 1918-19 yield reached
clinch with labor, if labor so wills it—then we are
the enormous value of about 1,850 million dollars,
enteiing on the load that will lead to recovery and against 1,780 millions and 1,275 millions and 800
a return, a gradual return, to a normal basis under millions for the larger crops of the three preceding
which the whole world will be the gainer. There years and less than /00 millions for the record prod
is a moral obligation resting upon every individual uct of 1914-15.
to hasten this much desired eventuality. With the
A decrease in the consumption of cotton in the
authorities bending every effort to reduce the cost United States is the outcome of manufacturing opera­
of living, further wage increases become an obstacle tions, this being observable both North and South,
in the path of progress and should be resisted.
accounted for on the one hand by the cessation of
The repeated wage increases have themselves been hostilities abroad not long after season opened, and
the most potent factor in the rise in the cost of |the consequent passing of the need for explosives and
living and since the President has now so cogently various other supplies for the American forces, and
presented the issue, no employer can assert that lie on the other, mainly by inability to secure an ade­
is doing his duty or meeting his full obligation in the quate working force. Consumption at the South
picmises if he consents to further increases in wages. dropped from 4,323,826 bales in 1917-18 to 3,504,191
As far as the wage earners are concerned, they should bales in 1918-19, and at the same time the decrease
heed the President when he urges with rare force at the North was from 3,006,066 bales to 2,578,259
that “demands unwisely made and passionately in­ bales. The commercial crop of the United States
sisted upon at this time menace the peace and pros­ [for 1918-19, as distinguished from the actual growth
perity of the country as nothing else could and thus which was about 1,232,/59 bales more, turns out to
contribute to bring about the very result which such have been the fourth in a series of short cropsand, in
demands are intended to remedy.”
fact, the smallest since 1909-10. It aggregated
11,602,634 bales, or 309,262 bales less than that of
Oui cotton crop review for the season of 1918-19, 1917-18 and some 3,450,000 bales under that of
coveiing the marketing, distribution and manufactuie of the staple, is presented on subsequent pages 1914-15. The world’s consumption of American
of this issue, and will, we believe, repay close study cotton was something under 10,500,000 bales.
The world’s aggregate crop of cotton in 1918-19,
by those interested in cotton, especially as all avail­
m
oreover,
and due mainly to the decreased use of the
able data which a most thorough investigation could
staple
in
the
United States, was more than sufficient
bring to light have been secured. We have adhered
to
m
eet
consum
ptive requirements; it follows, there­
to the plan pursued for over half a century in issuing
fore,
that
the
previously
existing surplus supply_
these reviews, of giving special attention to the
visible
and
invisible
stocks
combined—was quite
presentation of statistics relating to production and
m
easurably
increased,
and
exceeded
the carry-over
manufacture in the United States, with comments
at
the
end
of
either
of
the
three
preceding
seasons.
thereon, but no other country in which cotton is
1
his,
m
oreover,
does
not
take
into
account
the
stocks
either raised and from which reliable information can
at
Southern
m
ills
and
at
uncounted
interior
towns
be obtained, is neglected. It follows, therefore, that
and
on
plantations
w
hich
are
know
n
to
have
been
within the rather limited space devoted to them these
m
uch
heavier
on
July
31
1919
than
a
year
earlier.
reports should furnish as concise and comprehensive
a history of the world’s cotton crops as can be issued
Friedrich Ebert was formally sworn in as Imperial
at so early a date after the close of the season. Al­
President
(note the title) of Germany under the
though the war in Europe is, and has been for some
recently
adopted
Constitution, at Weimar, late
months, a thing of thepast, thedifficulties to be over­
Thursday
aftcinoon
of last week. The ceremony
come in obtaining data for these reports have not
took
place
in
the
National
Theatre. The cabled
been entirely eliminated. On the contrary, there
accounts
stated
that
the
organ
played as Konstantin
has not only been delay in securing advices from
Fohrenbach,
President
of
the
National Assembly,
abroad but conditions have not progressed far enough I
“led the President to the centre of the flower-be^




810

THE CHRONICLE

[Vol . 109.

decked hall, where the President’s tribune is situated. but it would mean infinitely greater disaster to an
It was noted that “the members of the Imperial industrial country like Germany than to an agricul­
Council and Assembly rose to welcome Herr Ebert, tural one like Russia, and the blockade against the
but that the places reserved for the National and Bolsheviki would be quickly effective.”
Independent Socialists were empty.” In handing
In a Paris dispatch last Sunday announcement was
to the President the document containing the oath,
m
ade
that the Bureau of Industrial Reconstruction
Herr Fehrenbachsaid: “You came from the people
had
been
informed that: “Germany has returned to
and therefore you will ever be a faithful friend of the
France
27,000
tons of material seized during the
working people, to whom you have devoted your life
war,”
and
it
w
as
added that “a similar quantity of
work.” He spoke feelingly of the sad fact that of
m
aterial
is
being
loaded for shipment.” In the
the four sons Herr Ebert had “sent to the colors,two
sam
e
cablegram
the
statement was made that ‘ the
have not returned,” and reminded the incoming
Suprem
e
Council
has
decided to send two more
President that he was about to assume the duties of
notes to the German peace delegation at Versailles.
a particularly difficult office.
In his reply President Ebert said: “The essence In the first note a request will be made for “restitution
of our Constitution shall, above all, be freedom, but to the Jugo-Slav Government for the Constellat coal
all freedom must have its law. This you have now mines, which were seized and exploited during the
established. We will jointly hold on to it. It will war,” while inthe second note the German authorities
give us strength to testify for the new vital principle will be asked to return to the Allies “documents rela­
of the German nation—freedom and right. Ad­ tive to damages done to invaded territories.”
dressing the Assembly Herr Fehrenbach reminded the
The financial status of Germany was discussed
members of the transition work of the National
at
some length by the financial editors of the LokalAssembly and of their duties and responsibilities,
Anzeiger”
and the “Tageblatt” of Berlin in recent
and those of the German people, under the new Con­
issues
of
those
papers. The writer in the former
stitution. He said: “It is now for the German
pointed
out
that
at that time Germany had only
people to manifest its will to live by the preservation
1.500.000.
000
m
arks
left in the Reichsbank, while
of peace and order and by unwearied labor, loyally
the
am
ount
of
paper
m
oney then outstanding totaled
. holding together in the newly created State. In
40.000. 000.000 marks. Speaking of relief measures,
the hands of the people lies our fate. We believe
in the German people.” Finally, iu &n address to the writer said: “If Finance Minister Erzberger is
the assembled crowd, fromthe balcony of the theatre, able to induce foreign credits to Germany, then
disaster can be avoided.” He questioned, however,
President Ebert besought his fellowcitizens to support
the ability of the Minister to do this, because he
the new Government and said: “Join me in a vow
regarded the undertaking as practically impossible.
of this indissoluble unity, so that from here from
the scene of imperishable deeds—it may ring through­ The financial writer for the “Tageblatt” attributed
out the Fatherland.” All the various addresses Germany’s financial plight partly to Erzberger s
were said to have been received with great enthusiasm financial policies, but called special attention to the
and applause, and it was recorded that as President “overloading of the foreign market with German
Ebert finished talking to the people outside the thea­ money, giving as an instance Switzerland, where,
he said, there are 2,000,000,000 marks, or as much
tre, the band played “Deutschland uber Alles.’
A special correspondent of a New York daily as Germany’s paper circulation in peace times.
newspaper, who, since arriving in London recently He also declared that “credit from the United States
from Germany, has sent several long and interesting is the only solution,” and added that “unless the
cablegrams to his paper descriptive of conditions in people work and increase production they^cannot
Germany, expressed the opinion in a message made expect to induce credit to come to Germany.
public here last Saturday that “Germany will be a
democratic republic eventually, applying again, in In view of the urgent need of raising large sums of
order to solve her tremendous problems, that spirit new capital, it is perfectly natural that a grea
of hustle which she showed before the war, and, in variety of ways of accomplishing this difficult task
addition, calling to her aid the best in spirit of a new should be suggested at frequent intervals by repre­
and adventurous time.” Continuing to outline his sentatives of the European Powers that suffered most
ideas regarding the future of Germany the corre­ severely from the war. One of the latest suggestions
spondent said that he did not think “there is a likeli­ was reported in a dispatch from Berlin on Thuis ay
hood of the return of the ex-Kaiser or of the Con­ morning. It was said that the Government was
servative regime.” He believes “there is less pro- considering “the feasibility of assessing men w o
Kaiserism in Germany now than at any time since he escaped active service during the war. Governmen
a
fled,” and does not think that “Germany will restore representatives were reported to have estimate
6,000,000
m
en
never
w
ore
uniform
s
and
that,
there­
the monarchial system.” In the judgment of the
correspondent “a war of revenge—prepared before fore, if an “exemption tax” averaging 20 marks a
e
a watching world—is impossible,” and he observed man were to be levied, 120,000,000 marks cou
realized.
There
w
ould
seem
to
be
good
reason
tor
that “Germany is worn and half starving, and can
only carry her burdens if the reduced strength of her doubting that any such number of men actually
workers is restored by supplies of food, and her trade escaped service, because some time before t ic war
and industries are set going again by financial credits was over even boys were reported to have been called
and raw material.” And finally the writer declared to the colors.
that “her own leaders must bestir themselves. Ger­
According to Berlin advices Germany i's taking
many now has a democratic Constitution and it will
prelim
inary steps to restore diplomatic relations with
lull many political passions. Germany will not be­
form
er
enemy countries at as early a date as possible.
come Bolshevist of her own free, if weary, will. Not
only is the whole mentality of Germany against it, To this end it was reported in a cablegram from the




A ug . 30 1919.]

THE CHRONICLE

German capital Thursday morning that Dr. Hanie.
von Haimhausen, former Counsellor of the German
Embassy at Washington, had been selected for the
post of German Ambassador to the United States.
Secretary of State Lansing was quoted in a Washing­
ton dispatch as having asserted that “no one had been
suggested by the German Government for the post
of German Ambassador.” It was said to have been
made plain in high official circles that “diplomatic
lelations will not be restored [with Germany] unti
after peace has been proclaimed, and there is no
assurance now that they will be promptly resumec
after peace has been declared by the President.”
In Washington advices the statement was also made
that “there is every indication that Dr. von Haim­
hausen would not be acceptable to the American
Government.” Among the other diplomatic repre­
sentatives said to have been tentatively selected by
the German Government are Dr. W. S. Solf, Secre­
tary for the Colonies, for Ambassador to Great
Britain; Herr Radowitz, former Under Secretary of
State, for Ambassador to China; Fritz August Thiel
former Consul to Japan, for Ambassador to Tokio.
According to Berlin cablegrams no mention had been
made of a selection of a German Ambassador to
France. Whether the men sent to represent Ger­
many in foreign capitals actually will bear the title
o Ambassador will depend, it was stated, upon
whether those countries send ambassadors or charges
d affaires to Berlin.

811

intermediary this loan could be applied to the differ­
ent countries needing it.” “These nations,” he
said, “would give to the League, as a guarantee of
payment, mortgages on their resources of all sorts,”
and he added that “Germany would participate in
the operation.”
For a long time it has been predicted that if they
were permitted to do so, large numbers of Germans
would leave their country at the earliest possible
date, in order to escape the payment of heavy taxes
and other burdens resulting from the war. A cable­
gram from Berlin Wednesday morning stated that
“5,000,000 Germans have filed with the Bureau of
Immigration applications for permission to leave the
country” It was said that the majority of them pro­
posed to settle in South America, while some had
signified a desire to go to Palestine.

To Herbert Hoover was given credit in all the
Paris advices for the summary action that was taken
by the Supreme Council with respect to bringing
to a speedy close the efforts of Archduke Joseph to
establish a Government for himself in Hungary.
That body dispatched a peremptory demand that he
resign. In dealing with the influence said to have
been exerted upon the Council by Mr. Hoover one
correspondent said: “Disagreeing entirely with the
policy that the American Mission had pursued, Mr.
Hoover faced the diplomats and forced action of a
positive character against the conspiracy, the spirit
For some weeks trustworthy reports from the of which extends through all Southeastern Europe.”
leading European capitals have indicated that the After it had become known in Paris that the Supreme
scarcity of coal in Europe was fully as serious as the Council had sent the note to Budapest demanding the
shortage of food and raw materials. Thursday resignation of Archduke Joseph, Mr. Hoover was
morning a cablegram from Berlin stated that the reported to have said: “I feel certain that the Hun­
people of the Greater City had been informed that garian people will again be able to bid the Hapsbecause of conditions in the Silesian and Ruhr coal
burgs boodbye.” A cablegram received here from
fields they would be permitted to indulge in a bath
Paris on Monday contained the text of the ulti­
only twice a month; that kitchen ranges could be
used only between 8 and 11:30 a. m. and between matumsent to Archduke Joseph, the wording of which
2 and 7 p. m. each day; the use of bath room ovens made it perfectly plain that the Supreme Council
and emergency heating devices consuming coke is would have nothing to do with a Government headed
also said to have been prohibited. The Government by him, “or any other member of the Hapsburg
furthermore, was advised to restrict the use of coal family.”
For several days prior to last Monday reports were
fdr show window illumination and to urge the early
received
from various European centres that the
closing of shops, theatres and other places of amuse­
Archduke
had resigned, as a result of a final note
ment. From Paris came cable advices in which
from
the
Supreme Council. In a dispatch from
the sensational assertion was made that unless the Paris received
during the afternoon of that day it
coal production in Upper Silesia increases “the was stated that the Council had made formal an­
Central European railways will practically cease nouncement that he had given up the office which
operation within ten days, as the coal supply will he had made for himself as head of the new Govern­
not last much longer.” At that time the Inter­ ment for Hungary. The resignation was said to
Allied Coal Commission was on its way to the Upper have actually taken place at 8 o’clock a week ago
Silesian coal district to make a careful study of to-night, although, as stated, it had been rumored
conditions there.
that the Archduke had stepped down and out several
days before. As might have been expected, the
Reverting to the question of financing Germany’s resignation followed the delivery by the Allied Mis­
most imperative needs, it will be interesting to glance sion of the note of the Supreme Council. Accom­
at the substance of an interview in Paris several days panying this telegraphic communication was a letter
ago given by Bernard Dernburg to Jules Sauerwein, from the Mission stating that the Archduke would
foreign editor of the “Matin,” in which he was re­ be given only two hours to arrive at and make known
ported to have proposed the floating “of a vast his decision. Otherwise he was informed that the
international loan in the United States for the benefit “Mission would publish the Council’s telegram
of Germany and all other European nations needing aroadcast.” The latter communication was received
money.” He is reported to have said also that “it in Budapest Saturday afternoon, and, as already
is not only our duty, but to our interest, to help noted, by 8 o’clock that evening “Premier Friedrich
France, whose finances are as desperate as ours, per­ notified the Mission that Archduke Joseph and the
haps more so.” Herr Dernburg suggested, further­ other members of the Government under him had
more, that “by the League of Nations acting as an resigned.” Steps were taken at once to form a new




Ministry. According to the advices received m
Paris from Budapest Count Crany was scheduled to
be Minister of Foreign Affairs; Karl Payer, Minister
of Home Affairs in the Peidll Government, was
designated as Minister of Labor, la id Gaiami,
Minister of Justice in the former Cabinet, was
selected to be Minister of Commerce, while it was
proposed that ex-Premier Peidll would be Minister
of Food. At that time the other places in the
Cabinet had not been filled. Cable advices from
Vienna Thursday morning were to the effect that the
attempt to form a new cabinet had failed^ the
Socialists refusing to join with Stephen Friedrich in
that undertaking.” Yesterday morning, however,
Paris sent word that he had succeeded, and that in
addition to the duties of Premier, he would assume
the post of Minister of the Interior as well.

in Copenhagen from Russia, was quoted in a dis­
patch from that centre as saying that "the burgcoisc
in Russia desired Allied intervention.” According
to a dispatch from Paris early in the week, the Peace
Conference authorities were “ discussing plans for
the protection of 30,000 anti-Bolshevik Russians
in Archangel and along the north coast of Russia,
after the departure of the British forces, which are
rapidly moving out.” London received lcpoits
Monday afternoon through Bolshevist sources that
Vladivostok was “ surrounded by insurgents and the
town is filled with refugees.” In another cable­
gram from London it was reported that Admiral
Kochak’s forces were evacuating Omsk. Thursday
morning London received an official statement that
had been issued at Moscow claiming that Pskov,
southwest of Petrograd, had been recaptured by

At the beginning of the week Paris cablegrams
stated that, according to the latest word received from
Budapest, “ Rumanian forces were still requisitioning
goods at Budapest, paying no attention to the warn­
ing from the Supreme Council.” On Thursday
morning Paris received additional advices to the
effect that “ the Rumanians continue their wholesale
seizure of private and Government property in
Hungary.” According to what was declared to be
“ reliable reports from Budapest” the Rumanians
have taken 60% of the Hungarian locomotives in
good repair; 95% of the passenger equipment and
5,000 freight cars.” Furthermore, the advices stated
that “ the Rumanians have requisitioned all the
valuable animals on 300 State farms; all the machinery
of the Hungarian State shops was said to have been
demounted, resulting in 6,000 men being thrown out
of employment; 63 carloads of coal had been seizci
from the Budapest municipal gas plant and 30 car­
loads of wool had been taken from the Hungaiian
Wool Trust.”
According to a cablegram from Basle Wednesday
morning, the Hungarian Government had demanded
“ the extradition of Bela Kun and his associates in
the former Hungarian Soviet Government.

4-Vv/x

H A lo lim ria f

m V

As the week advanced the telegraphic advices fiom
Washington indicated a more friendly attitude on the
part of Administration officials there toward the
Kolchak Government. Contrary to reports sent
out from our National Capital last week, it was
stated that the report of Roland S. Morris, American
Ambassador to Japan, who was sent to Russia hur­
riedly by our Government, to make a careful in­
vestigation of the Kolchak Government, was laigely
favorable to its founder, leader and mainstay. It
was explained that Ambassador Morris found that
“ in his efforts to achieve military success Admiral
Kolchak had been unable to give proper attention
to the formation of a popular and unified civil
government.” While asserting that his Government
was “ undeniably weak,” Mr. Morris was said to have
made it plain in his report that “ Kolchak is the out­
standing figure in the fight against radicalism in
Russia, and, in fact, the only individual on whom
the country and the Allies can depend to carry on
the fight.” In a special Washington dispatch
Tuesday morning the assertion was made without
qualification that M r. Morris “ had recommended
that the American Government grant immediate
recognition to the Kochak Government.” Yesterday
London heard that “ the Cossacks under General
Following the announcement in cabled dispatches
Kamontolv had captured 13,000 Bolsheviki and dis­
received a week ago last evening of a crushing defeat
persed 20,000 mobilized but untrained men.”
of Bolshevist forces by the Poles came the report
from London the next day that Ukrainian troops had
Advices direct from Omsk received yesterday after­
recaptured Odessa, the most important port on the
noon stated that at the fifth extraordinary Congress
Black Sea. These advices, together with the suc­
of the Siberian Cossacks recently concluded, and
cessful advance of General Denikin in southern
which was attended by more than 200 delegates, it
Russia and the British naval attack on Kronstadt,
was decided to approve the “ mobilization of the
were declared in Paris cablegrams to have “ attracted
Cossacks up to the age of 55 years.” A resolution
much attention in Peace Conference circles. ^ In
was adopted in which the Congress “ expressed i s
Russian circles in Paris it was stated that the
readiness to make all sacrifices necessary for lmal
announcement that the American Government is
victory over Bolshevism.” Admiral Kolchak is said
sending Admiral Kolchak a large quantity of sup­
to have “ appeared before the Congress and in an
plies is taken to mean that the report of Ambassador
address thanked the representatives of the Siberian
Morris on the Omsk Government was favorable.”
Cossacks for their display of patriotism.” London
On Monday Copenhagen heard in a rather loundreported last evening the capture of the towns ot
about way that General Petlura s Ukiaine tioops
Kupiansk, 61 miles east-southeast of Kharkov, and
had occupied Kiev, taken the whole ol Pedolia,
of Pavlovsk, on the Don River, by the Bolsheviki.
large parts of Volhynia and the Government of
Kiev. Tokio reported that advices had been re­
In a long special cablegram from Rome received
ceived there from Omsk stating that “ foreigners have
last Saturday, in which the work of Premier Nitti
made all preparations to leave in an easterly direc­
during the first two months of his Ministry was
tion if the Bolshevik advance threatens Omsk.
reviewed in considerable detail, the assertion was
It was even declared that trains aie being held
made that he had overcome all the political pre­
in readiness for this purpose.” Dr. Camillo M artiny,
judice and opposition with which he had to contend
head of the Danish Red Cross, who had just arrived




A u g . 30 1919.]

THE CHRONICLE

at the outset, and that now he is popular throughout
his country. The assertion was made also by the
correspondent that “ the people feel they have at last
found a man ready to assume responsibilities, and
capable of carrying out with firmness the measures
which are necessary to ensure peace and prosperity
for Italy.” In still another special dispatch from
the Italian capital two days later, the claim was made
that the Americans who had recently come to Italy,
“ to prospect for possibilities of developing and ex­
ploiting Italy’s resources” were surprised to note the
absence of disorder and the desire of demobilized
soldiers and the people generally to work. Economic
conditions were admitted to be no better than during
the war, food and luxuries alike being as scarce and
dear as ever. Premier Nitti at about the same time
issued a proclamation to all the Prefects in which he
did not give his people credit for having displayed
recently the exemplary spirit noted by the newspaper
correspondent just quoted. The Premier declared
that “ a majority of the people continue to live as
heretofore,” and added that “ besides there is a large
part of the people who instead of working more
intensely, insist on working less and demanding
greater compensation.” He called attention to the
fact that “ in 1913 Italy imported $200,000,000 more
goods than we sold, but in 1918 we imported $2,000,­
0 0 0 ,0 0 0
worth of goods more than we exported.”
He asserted that “ we must give our allies assurance
of our faith in accepting credits by continuing to
produce greater wealth in the interior of Italy.”
. According to all the advices from Europe, the
United States is to be favored during the coming
months with the presence of several distinguished
visitors, in addition to the Prince of Wales. King
Albert of Belgium, his wife and young son are
scheduled to arrive in this country next month and
to make a rather comprehensive tour. Word was
received here yesterday morning that Cardinal
Mercier, who has been contemplating a trip to the
United States for some time, had arranged to sail
from Brest Sept. 3. From Constantinople comes the
word that the Shah of Persia is planning to come to
this country after visiting Italy, Switzerland and
France. On his return trip he intends to visit Eng­
land. As an echo of the earlier days of the Peace
Conference there have been persistent reports this
week that a break has occurred between Colonel
E. M . House and President Wilson. The Colonel
was reported in London a few days ago as saying that
if any change had taken place in the relations be­
tween the President and himself he was not aware of
it. In one London cablegram the definite statement
was made that he will sail for home on Sept. 15,
while yesterday morning it was reported from the
same centre that he would accompany Viscount
Grey, who is coming to assume the duties of British
Ambassador to the United States. The claim was
made in Paris and London cablegrams that President
Wilson had at last realized that he had been badly
advised by Col. House regarding various important
matters that were dealt with by the Peace Conference
before the President left Paris. The resignation of
Paul S. Rcinsch as American Minister to Japan is
reported to have been due to his failure to agree with
President Wilson regarding the ceding of Shantung
to Japan. As usual in Washington official circles,
the resignation was attributed to “ poor health.”




813

Although last week the definite statement was
made in Paris advices that the proposed treaty with
Austria would be handed to her peace delegates
last Monday, it became known here yesterday
morning that discussion of the document by the
Supreme Council was still in progress. It developed
also that “ a new covering letter is being drafted to
accompany the reply to the Austrians, and the indi­
cations are that it will not be possible to hand over
the treaty to the Austrian plenipotentiaries for many
days y et.”
According to a special Paris cablegram, as a result
of conferences being held at that centre and in
London, the official seat of the League of Nations
may be changed from Geneva to Brussels, “ in order
to placate Belgium, which has been showing coolness
recently toward her former allies.” It was added,
however, that Geneva would be retained “ as an
additional headquarters.”
In a Paris cablegram made public here a week ago
to-day the prediction was made with confidence that
“ the Thracian question is to be settled by Greek
acceptance of the Polk compromise plan for making
an internal State of about half of western Thrace,
with Dedeagatch as its Aegean port, and with com­
mercial right of way for Bulgaria.” However the
plan might work out in detail, the correspondent
asserted that “ Greece now consents to the solution
upon which America insisted, and against which
Greece, with the support of England, France and
Italy, had protested.” He went so far as to claim
also that Greece made this concession “ because the
American delegation would not have signed a treaty
with Bulgaria which included the Grecian demand
for all Thrace.”
Debate in the French Chamber of Deputies on
the ratification of the Peace Treaty began last Tues­
day and has progressed with reasonable alacrity and
smoothness, according to Paris advices. Up to
Thursday evening, ten speakers had been heard,
all of whom criticised the treaty. Up to that time
no speaker in favor of the undertaking had been heard.
It was recorded that the members of the Clemenceau
Cabinet “ sit silent throughout the sessions.” Unless
forced into the argument at an earlier stage, announce­
ment was made that the Premier would speak last
and sum up for the Government. The following
are expected “ to help present the case of the Govern­
ment” : Louis Klotz, Finance Minister; Captain
Andre Tardieu of the French Peace Mission; Louis
Loucheur, Minister of Reconstruction, and Etienne
Clementel, Minister of Commerce. In one Paris
cablegram yesterday morning the statement was'made
that “ ratification within a short time of the Peace
Treaty with Germany seems probable,” butjtlm t
following that event the debate in the Chamber[might
be reopened.
The political opponents of Premier Clemenceau
in France are still trying to bring about the overthrow
of his Ministry. Aristide Briand, formerly Premier of
France, and spoken of as “ the most redoubtable
enemy of Premier Clemenceau,” in an address 4to
his constituency at St. Etienne, denounced^the pre­
sent incumbent of that high office in scathing lan­
guage. In part he said: “ This country fought for
liberty; it must not allow it to be confiscated. I hear
talk of the Sacred Union; the national peril has passed;

814

I want no more of the Sacred Union. Hereafter
ideas must be able to clash freely with each other.
I do not believe in this shouting and flourishing of
social reform. I do not believe in the progress of
disorder, but I reject with the same energy the
anarchy of the right and the anarchy of the left.
France must remain the nation of free ideas, the
France towards which to-morrow, as of yore, all those
who are oppressed can turn with the certitude of
being succored.”
Thursday morning a cablegram was received from
Paris in which it was stated that “ an agreement had
been signed under which American war material
and commodities will be turned over to France for
$400,000,000. Payment is to be made in bonds
bearing 5 % interest, redeemable in ten years.”
Yesterday morning announcement was made here
that a bill had been introduced in the French Chamber
of Deputies by M . Lefevre “ providing for the issue of
60,000,000,000 francs in bonds, to be repaid with
bonuses at the end of 20 years.”

The following is a summary of the imports and exports
for July and from Jan. 1 to July 31, compared with
the corresponding periods of 1918:

Following his address last week in the House of
Commons in which he spoke in the plainest and most
emphatic terms of the need of economy on the part
of both the Government and the people of Great
Britain, Lloyd George this week sent a letter to the
members of his Cabinet in which he said: “ Ihe
time has come when each Minister ought to make
clear to those under his control that if they cannot
reduce expenditures, they must make room for some­
body who can. That is the public temper, and it is
right.” Sir Auckland Geddes in a public address
early in the week declared that “ money spent by the
Government in the future would be reviewed cent
by cent.” It became known that “ the Admiralty,
War Office and Air Ministry are instructed to present
revised estimates when Parliament reassembles Oct.
2 2 .”
It was also stated that the production of ex­
plosives in England “ has been brought to a sudden
end, because already it has sufficient for its needs.”
Curtailment of expenditures in many other lines was
ordered also. As the week advanced several of the
leading newspapers, prominent among which was
the London “ Times,” were disposed to continue their
criticisms of Lloyd George on the ground of Gov­
ernmental extravagance and to demand proof that
measures would actually be put into effect to accom­
plish what he had advocated regarding economy.
The Ministry of Reconstruction has issued a pamph­
let urging the “ vital necessity for an organized system
of industrial research conducted by the State, by
municipal authorities, or by manufacturing and com­
mercial houses, and supplemented by private aid.”
Sir Arthur Steel Maitland, until recently Minister in
charge of the Department of Overseas Trade for Great
Britain, has contributed an article to the London
“ Times” in which he warns British traders and
manufacturers that “ they must be prepared for
increased intensity of competition from abroad.”
The Board of Trade statement for July shows
imports for the month valued at £153,140,032, an
increase of £44,000,794 over July 1918. Exports on
the other hand, totaled £65,315,422, or £21,671,024
more than for the corresponding month of last year.
According to a London cablegram both exports anc
imports were the highest on record. The excess of
imports over exports was £87,824,610, whereas in
J u ly 1918 imports exceeded exports by
.494,840.




[Vol . 109.

THE CHRONICLE

---------------- July--------------- ---------- From Jan. 1---------1019.
Im p o rts
...£ 1 5 3 .1 4 0 ,0 3 2
E x p o r t s ..................................
05,3 1 5 ,4 2 2
E x cess o l Im p orts...........£ 8 7 ,8 2 4 ,0 1 0

1018.
1919.
£10 9,1 3 9 ,2 3 8 £ 8 7 1 ,3 1 7 ,2 2 7
4 3 ,0 4 4 ,3 9 8
400 ,0 7 0 ,0 5 9
£ 0 5 ,4 9 4 ,8 4 0 £ 4 7 1 ,2 4 0 ,5 0 8

1918.
£ 7 0 1 ,7 2 0 ,3 5 4
2 9 0 ,4 5 7 ,0 4 7
£ 4 7 1 ,2 0 3 ,3 0 7

The London stock market was more or less irregular
all week and appeared to be under influences quite
similar to those that gave a like trend to our stock
market.
British revenues and income continue to fall below
the expenses and outgo, so that for the week ending
Aug. 23, operations resulted in still another deficit,
this time of £350,000, thus reducing the Exchequer
balance to £4,681,000 as compared with £5,032,000
last week. Expenditures for the week were £29,­
272,000 (against £21,082,000 for the week ended
Aug. 16); while the total outflow, including Treasury
bills repaid, and other items, totaled £107,830,000,
in comparison with £126,598,000 in the preceding
week. Receipts from all sources equaled £107,­
480,000, which compares with £125,519,000 last
week. Of this total, revenues contributed £25,­
187,000, against £17,488,000; savings certificates
brought in £935,000, against £925,000, and other
debt yielded £1,102,000, against £2,001,000 last
week. A total of £7,000,000 was received from
advances, against £18,000,000, while the new fund­
ing loan added £759,000, against £3,805,000, and
the Victory bonds £8,261,000, against £1,370,000a
week ago. New issues of Treasury bills showed a
falling off, and total sales were only £64,236,000, as
against £81,870,000 the week previous. This, how­
ever, was still in excess of the amount repaid and the
volume of Treasury bills continues to increase,
being now £800,447,000, in comparison with £797,­
674,000 last week. Net temporary advances out­
standing continue to decline, and are reported at
£381,577,000, a reduction of £9,000,000 for the
week.
No change has been noted in official discount rates
at leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 5 )^ % in
Switzerland; 6% in Sweden, Norway and Petrograd,
and 4 y 2% in Holland and Spain. In London the
private bank rate continues to be quoted at 3 7-16(5)
3 y 2%
for sixty days and 3 9 -1 6 @ 3 ^ % for ninety
days. Money on call in London has again been
lowered to 3 y 8% , against 3)^ % last week. No
reports have been received by cable of discount rates
at other centres.
Another small loss in gold was shown by the Bank
of England this week, amounting to £24,587, and
this was accompanied by a reduction in total reserve
of £324,000, note circulation having been increased
£299,000. The proportion of reserve to liabilities
was lowered to 22.80%, as against 22.94% a week ago
and 17.80% last year. Decreases were shown in the
deposit items, £136,000 in public deposits and £301,­
000 in other deposits. Government securities were
expanded £3,366,000, although loans (other securi­
ties) registered a contraction of £3,445,000. Despite
the reductions recently reported in its gold item,
the holdings of the English Bank are still far in excess
of those held in recent years and aggregate £88,244,­
093, which compares with £69,544,824 last year and

Auo. 30 1919.]

THE CHRONICLE

£54,303,491 in 1917. Reserves total £26,382,000,
against £30,382,094 in 1918 and £32,346,691 the
year before. Loans now stand at £79,569,000.
Last year the total was £99,253,178 and in 1917
£105,498,500. Circulation has reached a total of
£79,800,000, in comparison with £57,612,730 and
£40,406,800 one and two years ago, respectively.
Clearings through the banks for the week totaled
£536,090,000, as contrasted with £534,590,000 last
week and £403,365,000 a year ago. We append a
tabular statement of comparisons:
OF ENGLAND’S COMPAHATIVE STATEMENT.
1919.
1918.
1917.
1916.
1915.
Aug. 27.
Aug. 28.
Aug. 29.
Aug. 30.
Sept. 1.
£
£
£
£
£
Circulation-.......... 79.800.000 57,612,730 40,406,800 36,151,935 32,324,800
Public deposits........ 19.600.000 34,918,401 46,525,875 52.301,410 137,935,493
Other deposits____ 93.918.000 136,109,743 131,093,744 102.140/.01 87,921,638
Governm’t securities 29.784.000 59,454,014 57,899,020 42 188 314 44,418,357
Other securities___ 79.509.000 99,253,178 105,498,500 91 94l’ l25
145,105,473
Ites’vo notes & coln. 26.892.000 30,382,094 32,340,691 3SA05.56H
Coln and bullion__ 88,244,093 09,544,824 54,303,491 56,197,498 64,558,45$
68,433,258
Proportion of reserve
to liabilities____
Bank rate________

22.S0%
5%

17.80%
5%

18.21%
5%

24.91%
6%

24.15%
5%

Ihe Bank of France in its weekly statement reports
an additional gain of 138,575 francs in its gold item
this week. Lhe Bank’s aggregate gold holdings,
therefore, now total 5,572,423,525 francs, comparing
with 5,435,382,175 francs last year and with 5,311,­
827,467 francs the year previous; of these amounts
1,978,278,416 francs were held abroad in 1919 anc
2,037,108,484 francs in both 1918 and 1917. During
the week Treasury deposits gained 24,612,377 francs,
while general deposits were augmented to the extent
of 7,230,578 francs. Silver, on the other hand, de­
creased 939,245 francs, bills discounted were re­
duced 23,966,657 francs and advances fell off 2,068,­
760 francs. Note circulation registered an expansion
of 26,280,175 francs. The total outstanding now
amounts to 34,726,443,975 francs, comparing with
29,433,966,180 francs in 1918 and with 20,568,912,­
860 francs the year before. Just prior to the out­
break of war in 1914 the amount was only 6,683,­
184,785 francs. Comparisons of the various items
in this week’s return with the statement of last week
and corresponding dates in 1918 and 1917 are as
follows:
BANK Oh FRANCES COMPARATIVE STATEMENT
Ch a v o c s -----------------— Status ns of---------------------for Week.
Aug. 2S 1919. Aug. 29 1918. Aug. 30 1917
Gold Holdings—
Francs.
Francs.
Francs.
Francs
'
In Francc...............Jnc.
138,575 3,594,145,109 3,398,273,690 3 274 718 982
Abroa(I...................
No change
1,978,278,416 2,037,108,484 2’o37’ l08'484
Total------------------ Inc. 138,575
5,572,423,525 5,435,382,175 5 311 827 467
S»vcr...................... Dec. 939,245
296,921,023 320,498,109
26o’oi9’368
Bills discounted-Dec. 23,966,657
869,927,214 903,936,522
598 434 848
(?)
829,’l62,’o66 1 115 031 477
A‘>vancps............... Dec. 2,068,760
Noto circulation...Inc. 26,280,175 34.720.443,075 29,433.966,180 20 56.s’oi2’860
Treasury deposits..Inc. 24,612,377
91,487,347
298,568,640
Is W oO S
General deposits..-Inc. 7,230,578 2,976,591,471 3,477,305,884 2,782 774 766

The Imperial Bank of Germany, in its statement
issued as of Aug. 15, showed further losses in gold,
while heavy increases in deposits and discounts were
reported.
Coin andbullion declined 1,367,000
marks, gold 1,525,000 marks., and circulation 301,­
344,000 marks. Treasury certificates were reduced
119,321,000 marks, investments decreased 4,016,000
marks, and advances registered a loss of 3,229,000
marks. A reduction of 61,086,000 marks in securi­
ties was recorded. There were increases of 1,259,­
132,000 marks in deposits and of 1,542,297,000
marks in bills discounted. The gold holdings of
the German Bank have now been cut to 1,106,485,000
marks, which compares with 2,447,761,000 marks
last year and 2,402,450,000 marks in 1917. Circu­
lation decreased 301,344,000 marks, still leaving




815

however the huge total of 28,125,336,000 marks, as
against 12,929,720,000 marks in 1917, 8,933,910,000
marks the year before and only 1,722,758,000 in the
week of July 25 1914. However, it is pointed out
with some satisfaction that the Reichsbank has been
meeting with more or less success in its attempts to
reduce the volume of outstanding notes, as a proof of
which it is shown that the reduction has now reached
a total of 1,371,438,000 marks from the high record
total of 29,496,774,000 marks on June 30.
For the second time this year the bank statement
of New York Clearing House members, issued on
Saturday, showed a deficit instead of a surplus in
reserves over legal requirements, in round numbers,
$812,690, this being a decline of no less than $53,­
908,400 for the week. As this was accompanied
by a substantial reduction in deposits, it was at­
tributed largely to heavy withdrawals of funds by
interior banks incidental to the autumnal crop
moving requirements. Other important changes
were a decrease of $60,503,000 in the reserves in the
Reserve Bank of member banks, to $508,905,000,
while net demand deposits were reduced $50,683,­
000, to $4,008,609,000 (Government deposits of
$233,94/,000 deducted), and net time deposits
declined $5,46/ ,000 to $200,541,000. Loans were
contracted $34,911,000. Cash in own vaults (mem­
bers of the Federal Reserve Bank) increased $3,­
065,000 to $97,446,000 (not counted as reserve).
Reserves in own vaults (State banks and trust com­
panies) decreased $463,000 to $10,824,000, and re­
serves in other depositories (State banks and trust
companies) showed a contraction of $672,000 to
$11,026,000. There was a loss in aggregate re­
serves of $60,712,000, bringing that total to $530,­
755,000, which compares with $541,491,000, the
amount held in the same week of 1918. The de­
ficit in reserves below legal requirements of $812,­
690, is slightly more than the deficit reported on
June 14, and compares with a surplus held last week
of $53,095,710, and a year ago of $59,355,230.
The figures here given with regard to surplus are on
the basis of 13% legal reserves for member banks
of the Federal Reserve system, but do not include
cash in vault held by these banks which amounted
to $97,446,000 on Saturday last. The bank state­
ment will be found in more complete form on a later
page of the “ Chronicle.”

The local money market was firm but quiet.
During the latter part of the week call money ruled
at about 6% for both mixed collateral and “ all
industrial” loans. There was very little activity in
the time money market. In view of the deficit shown
by last Saturday’s bank statement, the rates on all
kinds of collateral loans were not as high as Wall
Street interests expected they would be after they had
seen last Saturday’s bank figures. The demand for
funds in the local financial district continued com­
paratively light. Speculative transactions in stocks
were small in the aggregate in comparison with the
totals of a few weeks ago. No big financing was
conducted here this week, although there were steady
offerings of corporate securities. The deficit in last
week’s bank statement was attributed largely to
withdrawals by interior banks and by the Govern­
ment. If things here had been going on the scale
that they were a month ago, undoubtedly money
would have been hard to get this week and rates as

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown
in the following:

Referring to money rates in detail, loans on call
covered a range for the week of 5 @ 6 % , as against
3 3 4 @ 8 % a week ago. Monday only one rate was
quoted, 6 % being the high, low and ruling figure for
the day. On Tuesday the high was still at 6% which
was also the renewal basis, but the low declined to
5 % . On Wednesday there was no range. No change
was reported on Thursday from 6 % as the maximum
and renewal rate; the low, however, went to 5 )^ % .
Friday’s range was 5 % @ 6 % and 6 % the basis at
which renewals were negotiated. The above rates
apply both to loans on mixed collateral and to all
industrials. This is the first time in a long period
that all differentials between the two classes of col­
lateral have been removed. In time money the
situation remains without appreciable change. A
firmer undertone has been noted, which was not sur­
prising in view of Saturday’s unfavorable bank
statement. This, however, was shown more in a
scarcity of available funds than in higher rates and
the range is still quoted at
for sixty and
ninety days and 6 % for four, five and six months’
money. Trading was quiet and whatever business
is passing was confined to the shorter maturities.
All-industrial money was quoted at 6 % for both
long and short date funds. In the corresponding
period of 1918 all maturities from sixty days to six
months were quoted at 6% .
Mercantile paper was in fair demand, but owing
to a falling off in the supply of offerings transactions
in the aggregate were small. Sixty and ninety
days’ endorsed bills receivable and six months’
names of choice character continue to be quoted at
with names less well known at 5 ^ % .
Banks’ and bankers’ acceptances have ruled firm
and still without quotable change. Total sales were
on a smaller scale than during the previous week^
though brokers reported a moderate degree of acti­
vity. Both local and out of town institutions were
in the market as buyers. Demand loans on bankers’
acceptances remain at 434% . Quotations in detail
are as follows:

Discounts—
Within 15 (lays, lncl. member
banks' collateral notes___
16 to 60 days’ maturity. . .
61 to 90 days’ maturity. . .
Agricultural and live-stockpaper, 91 to ISOdays Incl..
Secured by U. S. certificates
of Indebtedness—
Within 15 days. Including
member banks’ collateral
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—
15 fifty?? maturity
16 to 90 days' maturity____

------------Spot Delivery------------ Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
3 0 Days.

I lls o f m e m b e r b a n k s _____________ 4 X @ 4 tX *
'U s
n o n - m e m b e r b a n k s _______ 4 H @ 4
M U .............................................................. 5 X ® * X




4 * 4, ( " ) 4
4 ‘X t ('h 4 X 4 lA t @ 4
B X @ *X B X © *X

4JC*
4% ,
0

b id
b id
b id

■3
&
1
§

Kansas City.

l

St. Louis.

Atlanta.

g

Richmond.

Philadelphia.

CLASSES
OF
DISCOUNTS AND LOANS.

New York.

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

Boston.

surely would have been considerably higher than
they were.
The stand taken by President Wilson and DirectorGeneral of Railroads Hines regarding the railroad
labor situation on the Pacific Coast made bankers,
as the week came to a close, more hopeful about the
possibilities of making successful flotations of new
securities in the near future. It was rumored that
New York City will do something in the way of fin­
ancing next month. The New York Central and the
General Electric companies have fairly good-sized
issues of short-term notes maturing within the next
few months, and while definite plans have not been
made, it is understood that ways of taking care of
these obligations are being discussed by repre­
sentatives of the companies with their bankers. If
the Government maintains a firm stand toward all
classes of labor, both the investment and speculative
situations with respect to securities ought to be
considerably better. Those who have money to in­
vest would be much more likely to let it out, than
they have been in recent weeks, during which the
labor situation has been regarded as more serious
than for some years past.

E llg l
E llg l*
v

[Vol . 109.

THE CHRONICLE

816

•
>
O

0
£
1

4 4 4M 4X 4X 4X 4 4X 4X 4X 4X
4 X 4 X 4 X 4X 4X 4X 4X 4X 5 4X 5
4X 4% 4X 4M 4X 4X 4X 4X 5 5 5 5

4

4K

5

5

5

BX 5

5

BX BX BX BX BX BX

4

4

4

4

4

4

4

4

4

4

4

4

4

4

4X 4

4X

4

4

4X

4

4X

•4

4X

4X 4X 4X 4X 4X 4H •4X 4X 4X 4X 4X

4X

4 4 4 4 H 4 'A 4X 4X 4
4X 4X 4X
4X 4Xi 4X 4X i 4X ' 4X 4X 4X 4X 14X 4 X

4X
4X

>Rates for discounted bankers’ acceptances maturing within 15 days, 4%; within
16 to 60 days, 4X % , and within 61 to 90 days, 4X % ,
•Applies only to member banks’ collateral notes; rate of 4X% on customers
paper.
•Rate of 4X% on member banks’ collateral notes.
Note 1. Acceptances purchased In open market, minimum rato 4%.
Note 2. Rates on paper secured by War Finance 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, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Hates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
•

Notwithstanding numerous predictions to the
contrary, sterling exchange instead of continuing its
downward course with the resumption of business
this week, maintained the improvement shown at the
close on Friday last and, after ruling for several days
within a small fraction of the final rate of a week ago,
rallied sharply and on Wednesday, under the stimu­
lus of higher quotations from abroad and a substan­
tial buying movement on the part of several large
international banking houses here, advanced to
4 23% f ° r sight drafts, a rise of more than 3 cents
for the day and comparing with 4 1234> last week’s
low level. Thursday there was a further advance to
4 2434, but later, following the news that the Bank
of England had reduced its interest rate on foreign
balances from 434% to 3 % , reaction set in and the
quotation dropped back to 4 2134 > with the close
somewhat under that figure.
While exchange experts were somewhat at a loss
for the sudden and, in some quarters at least, rather
unexpected recovery, one prominent international
banker gave it as his opinion that probably the princi­
pal reason underlying the marked improvement in
sterling rates has been the remittances of funds
abroad for the purchase of British securities, the
present time being regarded as propitious to such
operations by American investors, because of the
discount at which sterling is ruling in this country.
Undoubtedly this was an important factor in the
rise, and when to this is added the lessening in the
supply of bills caused by the withdrawal of exporters
from the market and the announcement by Treasury
authorities at Washington that it had been decided
to pay Great Britain an amount approximating
$84,000,000 for the transportation of American
troops, an action which was well received in banking
circles as likely to benefit the position of sterling,
the rally is not so illogical after all; especially as
it may only be a temporary affair, and followed by
a renewal o f the downward movement when selling
is once more attempted on a broad scale.

A ug . 30 1919.]

THE [CHRONICLE

817

Negotiations for the arrangement of foreign credits ments for payment (sixty days) at 4 16% and sevenin this country, so far as individuals are concerned, day grain bills at 4 19%. Cotton and grain for
are proceeding in a desultory fashion, but so far as payment closed at 4 19%. This week’s gold move­
getting together for the broad financing program, ment has included shipments of gold coin to the
without which it is felt the present crisis cannot be amount of $645,000 for South and Central America,
tided over, practically nothing has been done. There $67,000 for Switzerland via Paris and $1,500,000 in
are some who are still extremely doubtful as to gold bars for Japan, and $201,000 fot China, all from
whether any scheme could be evolved which would the Sub-Treasury. From the San Francisco Mint
provide credit sufficient for the maintenance of arrangements have been made for the exportation
American export trade at anything like its present of $1,000,000 gold bars for Japan and $724,000 in
level, but among a large majority of bankers no little gold coin for China, making a total in all of 4,137,000
criticism is expressed over the apparent inability for the week.
of Washington to grasp the urgency of the foreign
credit situation. Much of the protracted delay,
Dealings in the Continental exchanges were upon
which is causing so much dissatisfaction in both a larger scale than has been the case for some little
financial and mercantile circles, it is argued, is dir­ time past. In keeping with the improved inquiry,
ectly attributable to the failure of the Administra­ rates advanced sharply and recoveries were noted of
tion to announce a clear-cut policy in the matter. as much as 24 points. Francs showed some irregu­
It is charged furthermore that numerous conferences larity during the early part of the week, but rallied
both private and semi-official have been held at later and turned firm as a result of a perceptible
which much enthusiasm was displayed, but so far diminution in offerings and a better [demand.
always, in the absence of a response from Washing­ Italian, German and Austrian exchange shared in
ton, these discussions have fallen of their own weight, the improvement, but to a lesser extent. Belgian
so to speak, and come to naught. Late last week exchange was fairly steady, though only slightly
considerable encouragement was felt over the con­ above last week’s low levels. At the extreme close
ference between President Wilson and Senator Owen, an easier feeling developed and some of the gains
but later developments lead to the belief that action were lost.
with regard to the foreign financing plan is likely to
That the improvement, following as it did so
be held up pending the ratification of the peace closely upon the heels of last week’s debacle in rates,
treaty by the United States, a consummation which came as something of a surprise is generally con­
is apparently some distance off yet. Complaints ceded by market observers who had been expecting
have been pouring in upon members of the House still further recessions this week. Some authorities,
and Senate from all parts of the country, and it is however, voice the opinion that this is little more than
now felt that at the earliest possible moment some a natural reaction and likely to prove of short dura­
attempt will be made to put through positive legis­ tion; although on the other hand it is pointed out
lation calculated to stabilize foreign exchange and that the present restriction in our exports and corres­
place the movement of American products to Euro­ ponding increase in imports may have had much
pean markets upon a firmer footing.
to do with it. The July foreign trade figures recently
Referring to the day-to-day rates, sterling exchange published indicate that imports totaled $345,000,000,
on Saturday of last week was firmer and demand bills or $52,000,000 over the June total, while exports
moved up to 4 1 9 % @ 4 21% , cable transfers to 4 2 0 @ showed a reduction of no less than $350,000,000,
4 22, and sixty days to 4 1 7 % @ 4 19%. M onday’s to $570,000,000. The change may be explained in
dealings showed an appreciable falling off in activity part by the release of German goods from Rotterdam
and rates moved within narrow limits; the range was and Amsterdam and other points where they had
not changed from 4 1 9 % @ 4 21 for demand, 4 2 0 @ been stored during the war, also to a renewal of dock
4 22 for cable transfers and 4 1 7 % @ 4 19% for sixty strikes here and elsewhere which served in some
days. Weakness developed on Tuesday in response measure to check the outward movement of commo­
to lower cabled quotations from London and demand dities. Concurrently with the check in our foreign
did not get above 4 20% and cable transfers 4 21%; trade there has been a continuation of the heavy
the low in each case was 4 19% and 4 20, respectively; selling of securities by London in this market, noted
sixty days ruled at 4 1 7 % @ 4 18%. On Wednesday, last week. However, in view of Europe’s needs and
as a result of a better inquiry for commercial bills, indebtedness to us, it is likely to be a long time before
prices improved until demand had been advanced to anything approaching to normal in exchange is
4 23% , with the range 4 2 0 % @ 4 23% ; cable transfers re-established.
moved up to 4 2 1 % @ 4 24% and sixty days 4 1 8 % @
A statement which attracted some attention was
4 21% ; a falling off in the supply of offerings was a to the effect that owing to objections by financial
factor in the upward movement. Increased firmness experts‘who are considering way£ and means of pre­
developed at the opening on Thursday, but later venting the exodus of funds from the capital and at
there was a reaction following announcement of the the same time reducing the inflated paper currency,
reduction by the Bank of England of its interest rate Herr Erzberger, the German Minister of Finance,
on foreign balances to 3 % , and demand after advanc­ has withdrawn his stamping plan. In July, Minister
ing to 4 24% , receded to 4 21; cable transfers ranged Erzberger presented a comprehensive set of measures
between 4 21% and 4 25 and sixty days at 4 19@ for the purpose of preventing evasions in taxes.
4 22% . Friday’s market was weak and nervous, These comprised provisions to prevent fraud through
with a further recession to 4 20@ 4 20% for demand, capital being taken abroad and included a plan to
4 2 0 % @ 4 21% for cable transfers and 4 1 7 % @ 4 18% require that all stocks, bonds and coupons be re­
for sixty days. Closing quotations were 4 18 for stamped by the Government, the understanding
sixty days, 4 20 for demand and 4 20% for cable being that such securities not restamped would re­
transfers. Commercial sight bills finished at 4 19%, vert to the Government. The scheme, however,
sixty days at 4 16%, ninety days at 4 15%, docu­ proved a failure. Much uneasiness is felt at the




818

German centre over the sensational depreciation of
the mark and prominent financiers in Germany are
credited with the statement that only foreign credits
can save Germany from complete bankruptcy. The
value of theAmerican dollar in Berlin has been rising
steadily. At the time of the signing of the armistice
the quotation rose from about 10 marks per dollar
to between 14 and 15, while lately it is stated that as
high as 24 marks were offered in Berlin for American
bills. As a result of this state of affairs, it is interest­
ing to recall Dr. Bernard Dernburg’s plan for financ­
ing Europe, recently outlined by cable, though very
little comment on it has been heard in American
circles, beyond that of noting its similarity to sug­
gestions already put forth. In brief, his idea is to
have a huge international loan floated in this country
by the League of Nations, the proceeds to be allotted
to the various countries of Europe, according to their
respective requirements, and mortgages on their
resources given as collateral. The Davison plan
proposes something along these lines, only differing
slightly in form.
As announced last week, the Bank of Montreal
has been authorized by the Secretary of State for
India to act as his agent for the purpose of receiving
tenders for the purchase of immediate telegraphic
transfers in rupees on Calcutta. Tenders for such
transfers were received up to Aug. 27 for not to exceed
3,000,000 rupees at not under 39% cents per rupee.
On Thursday the Bank announced as a result of its
first sale of 3,000,000 rupees, bids for over 16,000,000
with he average bid by successful tenderers slightly
over .43 cents per rupee.
The official London check rate in Paris closed at
34.05, against 33.90 a week ago. In New York sight
bills on the French centre, after advancing to 8 00,
reacted and finished at 8 08, against 8 10; cable
transfers at 8 06, against 8 08; commercial sight at
8 10, against 8 13; and commercial sixty days at
8 14, against 8 16 last week. Belgian francs closed
at 8 39 for checks and 8 38 for cable remittances,
comparing with 8 42 and 8 41 a week ago. German
reichsmarks finished at 4 85 for checks and 4 90 for
cable transfers. Last week the close was 4 85 and
4 90. Closing quotations on Austrian kronen were
2 10 for checks and 2 20 for cable remittances, in
contrast with 1 95 and 2 00 the previous week. Ex­
change on Czecho-Slovakia closed at 3 90@4 00,
against 4 00@4 10; on Bucharest at 4.80@5.00,
against 5.25@5.50; on Poland at 4.85@5.00, against
5.25@5.50, and on Finland at 6.85@5.00, against
7.00@7.10. Lire, after rallying to 9 57 and 9 55,
sagged again and finished at a newlowpoint, namely,
9 65 for bankers’ sight bills and 9 64 for cable
transfers. This compares with 9 54 and 9 52 the
week preceding. Greek exchange was weaker, and
again declined, closing at 5 52 for checks and 5 50 for
cable remittances, against 5 25 and 5 23 a week ago.
As to neutral exchange, trading was quiet and
featureless, with no definite trend in either direction.
The improvement in the Allied exchanges was
reflected to some extent in a fractional improvement
in gui’ders, but Swiss francs and Spanish pesetas
were heavy, while the Scandinavian rates moved
irregularly, remittances on Copenhagen showing a
slight net decline, while checks on Stockholm and
Christiania, after early weakness, reacted and closed
firm and higher.
Bankers’ sight on Amsterdam closed at 37'3-16,
against 36%; cable transfers at 37%, against 36%



[V ol . 109.

THE CHRONICLE

commercial sight at 36 15-16, against 36 11-16, and
commercial sixty days at 36 9-16, against 36 5-16
last week. Swiss francs finished at 5 67 and cable
transfers at 5 65, against 5 65 and 5 63 a week ago.
Copenhagen checks closed at 21.55 and cable remit­
tances at 21.70, against 21.70 and 21.90. Checks
on Sweden finished at 24.50 and cable transfers at
24.70, against 24.10 and 24.30, while checks on
Norway closed at 23.15 and cable transfers at 23.30,
against 22.90 and 23.10 on Friday of the previous
week. Spanish pesetas finished at 19.07 for checks
and 19.12 for cable remittances, which compares
with 19.65 and 19.75 a week ago.
With regard to South American quotations, very
little change has been noted and the check rate on
Argentina finished at 41%, and cable transfers at
42.00, against 41% and 42.00 last week. For Brazil
the rate for checks has not been changed from 25%
and cable transfers from 25%. Chilian exchange is
still quoted at 9%, and for Peru at 50.125@50.375.
Far Eastern rates are as follows: Ilong Kong,
81%@82, against 81%@82; Shanghai, 130%@131,
against 130%@131; Yokohama, 50%@51, against
50%@51; Manila, 49%@49%, (unchanged); Singa­
pore, 52%@53, (unchanged); Bombay, 41%@42,
(unchanged), and Calcutta (cables) 41%@42 (un­
changed) .
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,032,000 net in cash as a result of the
currency movements for the week ending Aug. 29.
Their receipts from the interior have aggregated
$9,926,000, while the shipments have reached $5,­
894,000. Adding the Sub Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of $90,111,000, the com­
bined result of the flow of money into and out of the
New York banks for the week appears to have been
a loss of $86,079,000, as follows:
TVeek ending Aug. 29.

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.
G a ln $ 4 ,0 3 2 ,0 0 0

B a n k s' Interior m o v e m e n t.......... ............
S u b T re a su ry an d Federal R eserv e
op era tion s an d g o ld e x p o r ts ----------

8 9 ,9 20,000

$ 5 ,8 94,000

15,747,000

105,858 ,00 0

I ,o s s 9 0 ,l ll ,0 0 0

T o t a l ..........................................................

825 ,6 7 3 ,0 0 0

SI 1 1.752,000

T.oss$86,070,000

The following table indicates the amount of bullion
in the principal European banks:
Banks of—

—

544 ,824
730 ,947
39 1 ,5 5 0
02 5 .0 0 0
2 9 7 .000
0 0 9 .000
4 3 8 .000
49 0 .0 0 0
9 8 0 .000
3 9 0 .000
2 9 5 .000
0 2 4 .000
7 5 9 .000
T o t a l w eek 0 7 4 ,8 4 9 ,147| 0 0 ,8 3 9 ,950|735,089,097 714,701 ,07 1 0 3 ,9 4 5 ,2 5 0 778 ,040 ,32 1
P rev . w e e k 0 7 5 ,040 ,34 1 0 0 ,9 0 3 ,9 5 0 730,010 .29 1 710 ,1 3 8 ,5 9 0 0 3 ,5 2 2 ,0 0 0 7 7 3 ,0 0 0 .5 9 0

a G o ld h oldings o f th e B ank o f F ra n ce this yea r are ex clu siv e o f >J79.131,137
held a b roa d .
* N o figu res rep orted since O cto b e r 29 1917.
c Figures for 1918 are th ose g iv en b y "B r itis h B oa rd o f T r a d e J ou rn a l” for
D e c. 7 1917.
h Figures for 1918 are those o f A u g . 0 1911.

THE N E W A T TI TU D E OF LABOR.

That there are certain reassuring aspects in the
latest developments of the labor controversy will
be freely admitted; the Stock Exchange, for in­
stance, has been very favorably affected by them.
One of them is the stand which Union and Brother­
hood leaders have been constrained to take regard-

A ug . 30 1919.]

THE CHRONICLE
819
ing strikes in disobedience of orders and in violation in wages.” Observe that the increase will be asked
of contract. The quitting of work by the Cali­ if prices remain where they are, not merely if they
fornia railway employees, in defiance both of the should go higher. The shopmen’s leaders plainly
Government and of their own union officers, evokec state that no more than ninety days ought to be
from President W. J. Lee of the Trainmen’s Brother­ allowed for bringing prices down. In other words,
hood late in the week the threat that men who fail either cost of living must come down (how much is
to obey the order to return to work would be sus­ never specified) or else the laborer will submit fresh
pended from the Brotherhood (this was after he had requisitions in the way of labor cost, thereby forcing
declared only a few days before that although the prices even higher.
strike was not authorized, “the usual penalties of
This is not in all respects an agreeable alternative,
the Brotherhood accompanying unauthorized strikes and it lends peculiar interest to the question: just
would not be exacted in this case in connection with what can be expected from the movement of prices.
any action the strikers might take,”) and from Presi­ All of the monthly compilations of commodity prices
dent Warren S. Stone of the Locomotive Engineers’ have shown that the average was reduced rather
Brotherhood the public warning that if the strike strikingly between midsummer of 1918 and last
continued, the Government will take steps to spring, but that a subsequent decided rise has brought
operate the lines.” This meant the official ap­ the average above even that of war time. The
proval in advance by the Union leaders of Director- London “Economist” “index number” of British
General Hines’s ultimatum of Thursday to the strik­ prices was reduced nearly 9% between August of
ers, that all of them “who do not report for duty last year and the end of last March; at the end of
on and after 7 o’clock on Saturday morning, Aug. July it had gone above the 1918 maximum. The
30, when and as called for duty, will be regarded as Bradstreet index of American prices showed reduc­
having terminated their employment and their tion of 10% in the average, between July 1918 and
places will be filled.”
last March, but its index number at the opening of
It is quite true that the unusually aggressive at­ this present month was above any average reached
titude of the Union officials towards the men was in war time. Examination of the articles in which
unavoidable, if they wished to preserve any sem­ this recent renewed advance had been greatest shows
blance of authority or to maintain a decent position that food and clothing were primarily responsible
for their Union. It is no secret that struggles within for the rise. For this the evident explanation was
the Union have been as acrimonious of late, in Eng­ the reduction of 400,000,000 bushels between June
land particularly but in this country also, as the and August, in the estimate of the coming American
struggles between unions and employers. But this wheat crop, and the increasingly unfavorable condi­
very fact, through forcing the responsible union tion of the American cotton crop—which now, in
leaders, who after all must represent the majority the face of the urgent demands from Europe, is not
of the employees, into an attitude of something like estimated at a probable yield much if any above the
conservatism, has made for a better situation.
deficient crop of 1918-19.
This tendency, whether temporary or not, has
It is not easy to see what will counterbalance these
been shown in other ways. The Chief of the Rail­ influences, except for the natural effect of the coming
way Brotherhood declared publicly at Cleveland, upon the market of the full wheat harvest; which,
this week, that “the solution of the wage problem with all the reduction fromearlier estimates, promises
not only on railroads but in all other lines of busi­ to be second only to the billion bushel crop of 1915.
ness^ lies in reduction of the living cost, not in in­ It may turn out—some advices from Europe seem to
creased wages.” This attitude 'is not altogether indicate the fact—that the harvest of Central and
new—the labor leaders embodied it in their declara­ Western Europe will be considerably larger than was
tions at Washington some weeks ago. But the estimated and that Europe’s requirements of Amer
reiteration of that point of view, in an emphatic ican grain will be proportionately reduced. Afte
way, is of high importance as bearing on the general all, midsummer prices are apt to be primarily in­
attitude of labor.
fluenced in the food market through exhaustion o
To the general public, the demand for higher and supplies at the end of a harvest season. But beyon <
still higher pay by laborers in the various indus­ these considerations, it would seem that we must
tries—demands based ostensibly on the rise in cost wait or the world’s agricultural energies to get fully
of living, although wages in those industries had at work next season.
already been advanced in the war period at least
That the campaign against “profiteering” will
as rapidly as prices, and although the new wage accomplish something may be taken for granted.
scale has been considered as a permanency, whereas Prices have in some cases undoubtedly been fixed at
the abnormally high prices were not—has seemed unreasonable or extortionate levels, especially by
closely analogous to the conscienceless “ profiteer­ retailers, and a very important contributory cause has
ing” of which the laboring men themselves have been the apparent willingness of a large portion o
complained so bitterly. It is a matter of some the public to submit without objection or protest to
importance, therefore, that the responsible union such exactions. It is possible that the Government’s
leaders should have come to recognize, though activities in restraint of such practices may make
tardily, the facts so clearly that they are willing to substantial impression on the general scale of prices.
put themselves publicly on record.
Many articles of ordinary use are already obtainable
On the other hand, it must be admitted that even at lower prices than a few weeks ago. It remains
this attitude of the Union leaders is in the nature of to be seen, however, whether the change is a purely
an armed truce. In his statement regarding wages temporary matter, a response to the first impulsive
and cost of living, the Chief of the Locomotive Broth­ action of the Government, or whether its influence
erhood was careful to assert in concluding that “if will be continuous.
there is a continuation of present prices for food and
If it solves the question as put by the labor unions,
other articles, the engineers will ask for an increase well and good. But back of all stands the quite



a

820

THE CHRONICLE

[V ol . 109.

to uphold them. These appeals not to push outbreak
too far were ascribed to fears, now realized, that if
the strikers persisted in abstention from work, the
Railroad Administration might attempt to run the
roads without them. In view of the action of the
Administration, it seems likely the men will heed
wise counsel and resume work. But we cannot be
sure, for conflagrations and mobs are always easier
to start than to halt. As indicating the prevailing
attitude, the fact should not be overlooked that at a
meeting of the New York branch of the American
Labor Party on Monday evening, said to have been
attended by 300 delegates claiming to represent
300,000 organized workers in and near this city, a
report was presented reciting the Plumb plan, item
DRAWING THE LINES—THE PACIFIC by item, and declaring that the time has come for
RAILROAD STRIKE.
applying it “to the railway systems of this great
The action of Director-General Hines of the Rail­ city.” Furthermore, on Wednesday the State Fed­
road Administration in peremptorily directing the eration of Labor, meeting in Syracuse and as wild as
striking railroad employees in California, Arizona usual, declared for that plan, woven in with a bunch
and Nevada to return to work or face dismissal, and of other lunacies.
Perhaps we may clear our minds alittle by inquiring
warning them that if they undertake to interfere
with the Administration in attempts by it to fill the who and how many are these persons in railroad
places of the recalcitrant men they will be arrested employ who by their action are undertaking to
and prosecuted to the full extent of the law, is a step dominate the whole population. If we take some
in the right direction, and in every way justified. recent figures by Mr. Howard Elliott, a careful man
This will appear from a recital of the circumstances whose generalizations on such a matter may be ac­
of the case. Employees of surface roads in and cepted as safe, there are in the country possibly
about the city of Los Angeles having started a strike 234: millions of railway workers, probably at least 50
and having failed in it, some of them being also mem­ millions of- direct or indirect “owners,” and say 110
bers in the railway Brotherhoods, the employees of millions or more of total population; but it is to be
the Southern Pacific and two other steam roads understood that these divisions overlap, most of the
expressed their sympathy or their sullen anger by 234 millions being included in the 50 millions, and
starting a strike of their own, regardless alike of the all the 234 and the 50 millions being included in the
Railroad Administration and of their own Brother­ 110 millions. So the smallest fraction, a very small
hood officers. The news last Monday was that “a fraction comparatively, undertake to dominate and
tense situation” existed in Los Angeles, the steam attack the 110 millions, without noting that they
lines being out of service and the surface lines being are themselves a part of the entire mass whom they
crippled. And the following was the situation on would destroy. They have so long, and with such
Sunday, according to a special dispatch to the apparent yet destructive success, followed unreason
and brutal selfishness, that they have lost sight as
“Times”:
The strike of the steam lines was without warning well as sense and possibly conceive that if they should
and hundreds of cars of perishable freight are decay­ wreck the ship on which they stand in common, with
ing on side tracks. The Pacific Fruit Express Com­ all others they can gain for themselves by seizing the
pany’s representatives report that in nearly every wreckage as it floats about them.
instance trains have been left in the middle of yards
Some persons have written to the press to suggest
or at stations, where it is nearly impossible to get at that the community should give strikers their own
them with ice to preserve their contents. Attempts
'to preserve a trainload of bananas yesterday by re­ dose in turn by boycotting them and refusing to sell
icing were brought to a standstill by striking steam or give them either food or any services; this would
line employees, who threatened the express em­ be a just and effective punishment, but it is impractic­
ployees and ordered them away from the cars. Train­ able, because people could not be made to unite upon
loads of sheep and other live stock were left to perish it and because the offenders could not be identified,
in the Los Angeles yards, the crews refusing to touch except in small villages where everybody is known.
them, and were saved only through the energetic
action of the master mechanic of the Southern Pacific, Others would “enlist” and license each individual
who, with a crew of loyal roundhouse men, rescued entrant upon a public utility service, so that a viola­
tion of his duty and his oath could cause him to be
them.
Recpipt of a wire from Chief Lee of the trainmen treated as a military deserter. The analogy is ob­
was also reported, to the effect that although this vious, and the suggestion has some justice behind it;
strike was not authorized “the usual penalties of the but its defect is that free choice about entering an
Brotherhood accompanying unauthorized strikes employment, in normal circumstances, must be
would not be exacted in this case in connection with allowed the individual. Subject to the limitations
any action the strikers might take.” But later the which must lie upon personal rights, as an indispens­
Chiefs seemed to feel an unwonted touch of alarm able condition of the social state, every man has a
lest they be unable to control the demon they have natural right to enter or leave employment, yet there
been raising, for Chief Stone then sent word to in­ is one very clear distinction between single and con­
form all the men that this particular strike was certed action: what is lawful singly is not necessarily
“illegal” and the brethren must abide by “the laws so collectively, and while any one person (for any
of the organization and carry out the contracts,” and reasons which satisfy himself) may refuse to buy the
Chief Lee told the trainmen they “must” return to product of Mr. Loewe, the “Danbury Hatter,” when
work and stand by, if they wanted the organization a number combine to boycott him and to induce, by

indisputable fact that it is higher labor costs—
especially in the many industries where both skilled
and common labor have received since 1914 larger
advances than the actual advance in prices—which
are chiefly responsible for the present cost of living.
No one seems to propose reduction in this labor cost,
even if prices are reduced. But if so, then the largest
element in actual cost of producing most materials
is to remain, under any and all circumstances, 75
to 100% above what it was when the war began.
Obviously, then, the legitimate selling price of all
such goods must retain at least that proportionate
share of the rise in costs. We have yet to see how
this part of the dilemma is to work out its solution.




A ug . 30 1919.]

THE CHRONICLE

threats, all other consumers and dealers in the country
to do the same, they engage in an unlawful conspiracy
as the Supreme Court has declared, to the unmeasur­
able disgust of M r. Gompers. Likewise, any rail­
road employee may quit his job, in a proper manner;
but when a few leaders set about a combination for
a general desertion, with the intent of stopping rail­
way operation, they become conspirators.
It is time we all comprehended this subject, stated
it to ourselves in distinctive terms, resolutely accepted
all it involves, and set our feet immovably on the
firm ground. As we have noted elsewhere, the
President’s two public statements on Tuesday are
sound in argument and correct as to the seriousness
of the situation, and his appeal to justice and reason
ought to carry weight; but he has reached this so
tardily and has paltered and surrendered so often,
that it would not be surprising if his words now fall
in part on closed ears. Had he stood firmly against
the Brotherhoods in 1910, that would probably have
followed which will probably follow now upon a firm
stand. Strike threats are carried out, locally here,
because the strikers expect the attacked public to
force some sort of surrender within a few days, and
meanwhile they are not affected, their withers are
unwrung, they are taking a little rest-spell and can lie
at home or play at Coney Island. These men have
never had any thought of striking; they have never
even tried to visualize to their own minds what such a
thing would mean. It is wholly unlikely that the
Big Four would have sent out the strike orders which
lay so explosively in their pockets in 1916; wholly
unlikely that the orders would have been obeyed,
except on some partial scale, had they been sent
out; and positively certain that in the event of the
clinch being attempted as threatened the strikers
would have been among the first to scream in pain
and seek relief. Easy to threaten to deal a blow on
all other people: but when the blow falls (if it ever
does) the men will find that they have attacked
themselves, and the rest of us can stand it as long
as they. Not that such a thing is to be lightly viewed;
but when blinded Samson asked that he might “ feel
the pillars whereupon the house standeth” he knew
exactly what he meant to do, whereas these mal­
contents of our day make threats which they do not
comprehend. If they ever become insane enough to
really try to pull the house down they will be under
it with the rest. We can trust their own care for
themselves.
But that final test of endurance need not be
awaited; there is another and better course open,
namely, to invoke the law against the offenders!
That is what the Railroad Administration now pro­
poses to do, and if the purpose is adhered to, without
flinching, it will be surprising if it docs not prove
entirely effective. At all events it is in the highest
degree assuring to find that the policy of yielding to
every demand of these railroad employees is now to
be abandoned.
Not all labor is blinded by greed and abandonment
of reason, as witness the sound declaration by em­
ployees of the Midvale Steel on Saturday last. So
much is for encouragement, and we may hope that
sanity and sense will again speak and be heard every­
where. But if not? If not, how much longer will
the 110 tardy millions permit 2% of their number to
cow them into a succession of surrenders which, if
continued, must bring up in some general catas­
trophe ?




R E D U C IN G

831
THE

COST

V IE W S

OF

L IV IN G — C A L M

NEEDED.

No marked and distinct progress can be reported
yet in the ill-planned and ill-regulated campaign to
bring down the cost of food. A bill to amend the
Lever law by including clothing among necessaries
and providing a fine and imprisonment for profiteers
has gone through the House, an attempt to also
control rents being defeated.
Of this it is only
necessary to say that the unlimited power to set
retail prices on “ any” commodity in “ any” place,
included in that law and apparently forgotten by
everybody from the President down, makes addi­
tional teeth needless; instead of “ no” penalty being
enacted for profiteers, as he told Congress in his
carefully prepared address, the $5,000 fine and the
imprisonment are provided for all violators of the
price-list when that has been declared, nobody being
given exemption. To bring in the farmers (which has
not yet been proposed) and to remove the $100,000
limit for retailers would be additions, but the attempt
to control was made in the desperation of war, was
of questionable value even then, and is utterly use­
less now.
The President can be very clear and very practical
in language at times, and he now well says that
“ only by keeping the cost of production on its present
level, by increasing production, and by rigid economy
and saving on the part of the people [here we would
interpolate three words ‘ and the Government’]
can we hope for large decreases in the burdensome
cost of living which now weighs us down.” But
as to being weighed down it is easy to see, if we but
open our eyes, that we are wasting sympathy on
railway and many other industrial workers. It is
said, for example, apropos of the promised $20 for
shoes ere long, that some shoe-workers in eastern
Massachusetts are earning $120 a week. Official
figures show that engineers of freight trains in many
States get $4,704 a year, but nine Governors get less,
five get only $4,000, the one in Vermont gets $3,000,
and the one in Nebraska gets $2,500. Sound the call
for a strike of Governors ! The profiteer is denounced
on all sides; who and where is the wretch concealed?
Were the truth known as it should be, we suspect
many specimens of him would be found among those
who are shrieking the loudest.
The profiteer and the retailer (and the two are
asserted by many readjusters to be the same)
are present objects of attack. Much is also made of
reported discoveries of great food stocks in storage,
and figures have got into print which are liable to
set people crying that the whole source of trouble
has been revealed. But these stocks have been so
quickly found and counted that it is probable the
figures are hardly more than guesses, and even if
they can be accepted as correct they are valueless
unless very carefully compared with the like stocks
in like places and at like dates in normal years.
To speak of 557 million eggs, for example, sounds
startling, and is likely to set unsafe deductions going;
but even that large total of eggs would be little more
than six dozens per head for the population in and
close to this city and no very prolonged allowance for
natural consumption, without considering whether
some of the stock is not destined for other places.
There have been reported a number of “ seizures” of
food in storage, and at this the declaimer may cry that
at last we have the rascals and now prices will descend.

823

THE CHRONICLE

H a v e w e , a n d w ill t h e y ? T h a t d e p e n d s . H e r e
c o m e fo rw a rd th e p a c k e rs , w ith th o s e la rg e -ty p e
a d v e r tis e m e n ts w h ic h d o r e a d s e n s ib ly , a n d a s k u s
w h a t e ffe c t th e s e s e iz u re s m a y h a v e , n e x t w in te r.
T h e y s a y th e s e s to re d eg g s a re th e s u rp lu s o f th e
fo u r m o n th s o f b e s t p ro d u c tio n , M a rc h -J u n e ; th e
b u t t e r is t h e s u r p lu s o f M a y - J u ly , a n d so o n . W h o
w ill b e lie v e s u c h w ic k e d m e n , a c c u s e d o f s u c h a w fu l
c rim e s , e v e n th o u g h n o t y e t c o n v ic te d o r e v e n s u b ­
je c te d to th e te s t o f p ro o f? If th e y a re w h a t th e y
a r e c a lle d , th e y w o u ld n a tu r a lly s e e k to e x c u lp a te
th e m s e lv e s b y s u c h c a u tio n s , w o u ld th e y n o t?
T h e y s u r e l y m i g h t ; b u t s u p p o s e i f w h a t t h e y s a y is
t r u e , m ig h t t h e y n o t s a y i t ? S u p p o s e i t is t r u e t h a t
“ t h e p r e s e n t m o v e m e n t m a y b e lik e n e d to th e c u ttin g
d o w n o f a tr e e in o rd e r to g e t its f r u i t? ” T h e fo rc e
a n d p e rtin e n c y o f th is illu s tra tio n a re su re ly u n ­
d e n ia b le .
S u p p o s e w e d e c la r e t h a t th e A m e ric a n s t a n d a r d
o f liv in g m u s t b e s e c u re d to in d u s tr ia l w o rk e rs a n d
t h a t s ta n d a rd re a c h e s to o r to w a rd s s te a m y a c h ts
a n d s ix -c y lin d e r a u to m o b ile s ? S o m e o f u s , th e 110
m illio n s , d o n o t h a v e th o s e b le s s in g s , b u t p e r h a p s
w e a r e n o t in “ t h e w o r k in g ” c la s s e s . S u p p o s e w e
s a c k th e s to ra g e w a re h o u se s, ru n th e s u g a r in to th e
g u tte r s a n d p itc h th e e g g s o u t o f th e w in d o w s , o r
t h a t w e e x p r e s s t h e d e p th o f o u r fe e lin g s b y h a ltin g
fo o d tra in s a n d o th e r a c ts o f d e s tru c tio n ? S u p p o se
w e in s is t t h a t s o m e b o d y e ls e — a n y b o d y — s h a ll b e a r
o u r s h a re s o f th e c o m m o n d is tre s s o f th e w o rld , o r
w e w ill s m a s h , h a l t , b u r n a n d d e s t r o y , r i g h t a n d l e f t ?
B u t s u p p o s e , o n th e c o n tr a r y , t h a t w e ra lly o u r
m a n h o o d , o r t r y to c o n s tru c t a little if w e la c k it;
t h a t w e re s o lv e to b e c a lm , s ile n t, a n d a little b r a v e ,
lik e o u r b r e th r e n w h o e n d u r e d a n d d ie d in F ra n c e
a n d n e v e r w h im p e re d a b o u t it; t h a t w e s ta n d firm ly
fo r o rd e r a n d a g a in s t a n y e x c e ss in s p e e c h o r a c t;
t h a t w e e x e rc is e a l it t le p a tie n c e a n d b e lie v e (a s w e
m a y r e a s o n a b l y b e l i e v e ) t h a t t h i n g s w ill g r a d u a l l y
m e n d if w e o n ly c o n tr o l o u r s e lv e s a n d a llo w
th e m to ?
RECKLESS

SPEN D IN G : IN FLUENCE
D E M A N D ON PRICE.

OF

S to rie s a r e to ld o f I n d ia n s w h o h a v e b e e n f o r tu n a te
(o r u n f o r tu n a te ) e n o u g h to b e c o m e m illio n a ire s , b y
r e a s o n o f t h e d i s c o v e r y o f o il u p o n t h e i r l a n d s , t h a t
p o in t a m o r a l in “ th e c o s t o f h ig h liv in g .” I t is s a id
th e y b u y w h a te v e r p le a s e s th e ir fa n c y re g a rd le s s o f
p ric e . G e w g a w s o f n o in trin s ic v a lu e , g a u d y a p ­
p a r e l, s ta g g e rin g m e a t b ills , ta x is c o n s ta n tly , e n te r
in to th e ir d a ily e x p e n d itu re s . E n te r in g a s to r e , th e
w is h , o r w h im o f th e m o m e n t, ta k e s p o s s e s s io n o
th e m , a n d th e y b u y w ith o u t s t i n t. N o s e n s e o f v a lu e
is w a n tin g , p ric e is n o o b s ta c le , th e y h a v e m o re
m o n e y t h a n th e y c a n u s e , a n d a r e re c k le s s s p e n d e rs .
Y e t th e y p r e f e r t o liv e in t e n t s a f te r th e ir a n c ie n t
c u s to m .
T h e w e a rin g o f je w e lr y is t r a c e d t o s a v a g e r y . I n
t h e ’ m id s t o f w o rld w a n t, d ia m o n d s h a v e a d v a n c e d
f o u r o r fiv e h u n d r e d p e r c e n t in p ric e , th o s e w h o b u y
te ll u s . L o o k in g d o w n o n t h e s t r e e t f ro m t h e w in d o w
a t w h ic h th is is w r itte n , i t is lin e d w ith p a r k e d c a rs .
T h e “ m o v ie s ” a re c ro w d e d d a y a n d n ig h t in e v e ry
c ity — m o tio n p ic tu r e s , i t is a lle g e d , n o w r a n k in g
a s th e fifth in d u s try . H u n d re d s o f th o u s a n d s of
w o rk in g m e n , th e c o u n try o v e r, a re n o t e a rn in g a
d o lla r, a w a itin g th e a d ju d ic a tio n o f s trik e s . V a c a ­
tio n tim e is s p e n d in g tim e . T h e v o lu m e o f r e ta il




[V o l . 109.

t r a d e is e x tr a o r d in a r y , a n d d e p o s its in t h e b a n k s
c o n tin u e to a d v a n c e . O p tim is ts s e n s e a s w ift r e ­
v iv a l in a ll lin e s o f tr a d e ; p e s s im is ts b e m o a n s o m e ­
th in g to c o m e , th e y k n o w n o t w h a t. Y e t e v e ry ­
b o d y is in a p a n ic o v e r t h e h ig h c o s t o f liv in g .
L e t u s p a s s b y th e “ re a c tio n s fro m w a r ,” th e fo r­
tu n e s m a d e in w a r in d u s tr ie s , th e s u d d e n r e le a s e
fro m b o n d b u y in g , th e a d v a n c e in w a g e s , th e w a n t
in th e w o rld o v e r th e s e a s , th e f a tu o u s id e a o f th e
d im in is h e d d o lla r , a ls o th is o g re o f u n r e s t t h a t s ta lk s
t h e l a n d , a ll t h e p r e v a i l i n g c o n d i t i o n s b u t t h i s o n e
o f s p e n d in g — w h a t is i ts in flu e n c e o n p r ic e ? W e
u n d e r s ta n d w h y m e n in e x c ite m e n t “ b id u p ” o n a n
a r tic le a t a n a u c tio n s a le . T h e y d o n o t w a n t to b e
o u td o n e in th e c o n te s t, a n d th e y , o fte n , t h in k th e y
w a n t a n d m u s t h a v e th e a rtic le , th o u g h p e rc h a n c e
t h e y n e v e r s a w i t b e f o r e . I t is p r o v e r b i a l t h a t , i f t h e
o b je c t b e o f c o m m o n k n o w le d g e , th e y o fte n p a y m o re
fo r i t th a n th e y w o u ld h a v e to p a y in th e o r d in a r y
w a y . T h e f a c t o f i t a l l is t h e y b e c o m e o b l i v i o u s t o
t h e v a l u e o f t h e a r t i c l e in use. A n d w h e n t h i s is
l o s t s i g h t o f , p r i c e is n o r e s t r a i n i n g f a c t o r i n a p u r ­
c h a s e , b e th e b u y e r a n I n d ia n o r a n A m e ric a n .
N o w i f i t is t r u e t h a t t h e A m e r i c a n p e o p l e a r e
s p e n d in g m o n e y lik e w a te r , a n d th e r e a r e s o m e
m ig h ty e v id e n c e s o f t h is , t h e n t h e y a r e m e a s u r in g
v a lu e s b y d e s ire r a th e r th a n n e e d , a n d c o n tr ib u tin g
la rg e ly to th e c re a tio n o f th e h ig h p ric e s o f w h ic h th e y
c o m p la in . A re th e r e a s m a n y “ b a rg a in d a y s ” a t
th e ' s to re s a s th e r e w e re ? W a s n o t th e b a rg a in d a y
in s t it u t e d to g e t r id o f o ld o r le f t- o v e r s to c k s , o r to
c re a te a fic titio u s d e m a n d o n th e p rin c ip le o f a ro u s e d
d e s ire ? T h e “ tric k s o f tr a d e ” a re m a n y a n d m o s t o f
u s s u c c u m b to th e m in so m e d e g re e . B u t th e m a n
w h o b u y s o n ly w h a t h e n e e d s , a n d w h e n h e n e e d s i t,
w o u ld n e ith e r s u s ta in a “ m a r k e d d o w n ” sa le o r a
m a r k e d u p o n e . H e w o u ld a p p ly th e la w o f d e m a n d
a c c o rd in g to its u ltim a te p o w e r, a n d th e le v e l o f
s u p p ly a n d d e m a n d w o u ld s o o n e r b e r e a c h e d . I t
f o l lo w s t h a t a s l o n g a s p e o p l e k e e p o n p a y i n g h i g h
p ric e s , b e c a u s e th e y th in k th e y m u s t h a v e “ b e tte r
liv in g c o n d itio n s ,” a n d s till b e tte r , a n d b u y b e c a u s e
o f a w i s h r a t h e r t h a n a l e g i t i m a t e w a n t , p r i c e s w ill
re m a in a b n o rm a lly h ig h .
T a k e a p a ir o f s h o e s n o w s e llin g f o r tw e lv e d o lla r s
t h a t f o r m e r l y s o l d f o r s i x . A t that t i m e a n a v e r a g e
b u y e r w o u ld h a v e re c o ile d f ro m th e tw e lv e - d o lla r
a r tic le a n d h a v e b o u g h t t h e s ix . H e w o u ld h a v e
a rg u e d t h a t th e r e w a s a s m u c h “ s e rv ic e ” in th e
c h e a p e r a s in th e c o s tlie r, a n d th e tw e lv e -d o lla r
s h o e s w o u ld h a v e re m a in e d u n s o ld . O f c o u rs e th e
o b j e c t i o n t o t h i s p r o p o s i t i o n w ill b e t h a t now t h e r e are
n o s ix -d o lla r s h o e s ( u s in g t h e fig u re s fo r ill u s t r a ti o n ) .
B u t th e f u r th e r q u e s tio n is , w o u ld th e r e n o t b e six d o lla r s h o e s if n o o n e w o u ld p a y m o re fo r th e m ?
S o m e o n e h a s fig u r e d t h a t t h e r a w le a th e r in a c o m ­
m o n s h o e in n o r m a l tim e s a t tw e n ty - f iv e to t h i r t y
c e n ts . I t is d if f e r e n t n o w — h o w m u c h t h e d iffe re n c e
n o c o n s u m e r k n o w s . B u t t h e c o n s u m e r does k n o w
a t a ll tim e s w h a t h e c a n “ m a k e d o ,” w h a t h e c a n
a n d o u g h t to p a y fo r a n e c e s s a ry a r tic le , a n d if h e
liv e s u p to t h e la w o f e c o n o m y a n d n e c e s s ity , h e
e x e r c is e s t h e p o w e r o f d e m a n d u p o n p r i c e t o a n
a p p r e c ia b le e x te n t a n d h e lp s to lo w e r th e c o s t o f
liv in g . P r im a r ily g o o d s a r e m a d e to u s e , n o t to s e ll.
A n d w h e n a p e o p l e w ill n o t u s e t h e m t h e y w ill n o t
s e l l; w h e n t h e y w ill n o t s e l l t h e y c o m e d o w n i n p r i c e
o r g o o u t o f e x is te n c e . S u p p ly a n d d e m a n d te n d
t o b e e q u a l, b u t w h e n t o s h o r ta g e is a d d e d in o r d i­
n a te a n d u n n e c e s s a ry d e m a n d , th e n p ric e s s o a r. T o

A ug . 30 1919.]

THE CHRONICLE

u se a c a n tin g p h ra s e , m u c h o f o u r p re s e n t-d a y
tr o u b le s is d u e to th e f a c t t h a t “ w e w a n t w h a t w e
w an t w hen w e w an t it.”
T h e t r u t h is , w e h a v e “ c u t lo o s e ” f r o m o u r w a r ­
tim e m o o rin g s in e c o n o m y . T h e w a r w a s a fa r-o fi!
e v e n t— a n d w e h o p e a n d w o u ld f a in b e lie v e i t is n o w
e n d e d . W e s till d ra w , so m e o f u s , w a r w a g e s a n c
s p e n d th e m la v is h ly . W e w a n t a n d m u s t h a v e ,
th e r e f o r e , th e b e s t th e r e is . O u r d e s ire s tim u la te c
th u s , g ro w s re c k le s s o f c o s t. W e ra il a g a in s t c a p ita l,
p r o p e r ty , a n d d e m a n d h a lf th e p ro fits . P e r h a p s w e
w ill s o m e t i m e c o n f i s c a t e p r o p e r t y , a n d h a v i n g n o w
n o n e to lo s e , w h y s h o u ld w e s a v e , s e e in g t h a t w e
w o u ld b u t c o n fis c a te o u r o w n ? A s f o r t h e u n p a ic
c o s ts o f w a r , in c o m e ta x e s a n d th e lik e , w h y w o r r y —
l e t t h e o t h e r f e ll o w p a y . I f t h e d i a m o n d g l i t t e r s
a n d th e m u s ic b o x p le a s e s th e e a r , w h y n o t h a v e
t h e m ? L e t u s liv e w h ile w e liv e , f o r to - m o r r o w w e
d ie . I f i t c o s ts a little m o re to s a tis f y o u r d e m a n d s ,
w e w ill p a y — a s l o n g a s w e h a v e t h e m o n e y . E c o n ­
o m y is a g o o d g o s p e l — f o r p o l i t i c a l e c o n o m i s t s . W e
w o r k , a n d w e should p l a y , l e t o t h e r s b o t h e r , w e w i l
b e fre e fro m c a re — a n d y e t th e re c o m e s a tim e (so m e
r a i n m u s t f a l l i n e v e r y lif e ) w h e n r e c k l e s s l y s p e n d i n g
to g r a tif y d e s ire w e fin d o u rs e lv e s in n e e d o f th e
p e re n n ia l n e c e s s itie s , w h ic h , re s p o n s iv e b y s y m p a th y
to o th e r d e m a n d — p ric e s h a v e b e c o m e e n o rm o u s ly
e n h a n c e d in c o s t.
T h i s i s n ’t a l l , b y a n y m e a n s . B u t i t is o n e f a c t o r .
I t is p e r h a p s u s e le s s to t a lk a b o u t i t . B u t t h e e ffe c ts
o f t h i s g r e a t w a r a r e not o v e r . I f w e resume i n h a v i n g
e v e ry th in g w e w a n t, th e o th e r re s u m p tio n m u s t w a it.
A n o u n c e o f e c o n o m y is w o r t h a p o u n d i n p r i c e .
L e s s r a ilin g a n d m o re w o r k in g , le s s s p e n d in g a n d
m o re s a v in g , w o u ld g o f a r to w a r d r e d u c in g th e h ig h
c o s t o f liv in g .
PATRIOTISM I N POLITICS: THE SIM M ERIN G
OF THE POT.

W h e re D e m o c ra ts a n d R e p u b lic a n s a re q u a rre lin g
o v e r th e L e a g u e o f N a tio n s in W a s h in g to n , w a y d o w n
in t h e im p e r ia l S t a te o f T e x a s a n e w p a r t is b e in g
f o r m e d — t o b e c a l l e d t h e “ A m e r i c a n P a r t y . ” I t is
s a i d f o r m e r S e n a t o r J o e B a i l e y o f t h a t S t a t e w ill -b e
its n o m in e e fo r t h e P r e s id e n c y . T h e p la tf o r m ,
a d o p te d b y d e le g a te s f ro m “ a ll p a r ts o f t h e S t a t e ,”
c o n ta in s s o m e in te r e s tin g fe a tu r e s . T h is n e w b a n t­
lin g w o u ld s e e m t o b e a p a r t y o f o p p o s itio n a n d
p r o te s t: o p p o s itio n , to w o m a n s u ffra g e , n a tio n a l
p r o h ib itio n , a n d L e a g u e o f N a tio n s “ u n til m o r e fu lly
u n d e rs to o d ” ; p ro te s t, “ a g a in s t fu rth e r F e d e ra l e n ­
c ro a c h m e n ts u p o n th e p o w e rs o f th e S ta te s a n d
f u r th e r e n c ro a c h m e n ts b y th e S ta te s u p o n th e lib e r­
tie s o f t h e c itiz e n ,” “ a g a in s t c o n tin u a l in c r e a s e in
ta x a tio n a n d e x tra v a g a n c e in le g is la tiv e a p p r o p r ia ­
t io n s .” T h e r e is a “ d e m a n d ” f o r t h e “ r e tu r n o f th e
r a ilr o a d s t o t h e i r o w n e r s ,” w ith G o v e r n m e n t lo a n s
to e n a b le th e m to re s u m e o p e ra tio n s , to b e u n d e r
p r a c tic a lly t h e s a m e S ta te a n d F e d e r a l c o m m is s io n
re g u la tio n a s b e fo re . T h e la b o r a n d c a p ita l p la n k
r e a d s : “ J u s t r e w a r d a n d liv in g w a g e s f o r la b o r;
j u s t a n d fu ll p r o te c tio n fo r c a p ita l, b u t th e p e o p b
m u s t n o t b e in tim id a te d b y o n e n o r p ro fite e re d b y
th e o th e r .”
A d a y o r tw o s u c c e e d in g t h e p r o m u lg a tio n o f th is
p la tfo rm w e r e a d t h a t th e “ N a tio n a l G ra n g e ” la y s
b e fo re C o n g re ss a p ro g ra m fo r th e re d u c tio n of th e
h i g h c o s t o f l i v i n g , i n w h i c h w e f i n d t h e f o l lo w in g
c h ie f s u g g e s t i o n s :




823

“ 1 . A b a n d o n m e n t o f a ll p r ic e -fix in g o n fo o d a n d
c lo th in g m a te ria ls a t th e e n d o f th e p r e s e n t c ro p
s e a s o n .”
“ 2 . A ll r e s t r i c t i o n s a n d r e g u l a t i o n s b a s e d o n w a r
p o w e rs o f C o n g re s s , in c lu d in g fo o d a d m in is tra tio n
a c tiv itie s , to b e te r m in a te d im m e d ia te ly .”
“ 3 . Im m e d ia te te rm in a tio n o f p o w e rs o f W a r
T ra d e B o a r d .”
“ 4 . I m m e d ia te re d u c tio n o f G o v e rn m e n t to c o n d i­
tio n s a s n e a r ly a s p o s s ib le , a p p r o x im a tin g p r e - w a r
s t a t u s . . . .”
I n p re s e n tin g th e s e s u g g e s tio n s i t is a n n o u n c e d ,
a c c o r d i n g t o t h e p r e s s d i s p a t c h , t h a t t h e p u r p o s e is
“ to c o u n te r a c t in flu e n c e o f p r e s e n t a g ita tio n a n d
th e r e b y in c re a s e fo o d p r o d u c tio n .” N o th in g is in ­
d ic a te d in th e w a y o f a p o litic a l m o v e , s im p ly a n
in d e p e n d e n t b o d y o f f a rm e r s p r e s e n t th e ir v ie w s to
th e a g r ic u ltu r a l c o m m itte e s o f th e tw o b ra n c h e s o f
C o n g re s s . H o w e v e r, i t m u s t b e ta k e n a s a n in d ic a ­
tio n t h a t a p o rtio n o f th e fa w n e rs a re w a k in g u p to
th e g r a v ity o f th e fo o d s itu a tio n a s i t a ffe c ts th e ir
o c c u p a t i o n s , a n d w ill n o t b e “ b a d r e a d i n g ” t o c e r t a i n
c itiz e n s a n d s o m e S e n a to r s in C o n g re s s w h o h a d t h e
t e m e r ity t o b e lie v e t h a t o n t h e w h o le t h e “ F o o d
A d m in is tr a tio n ” p ro c e s s , th o u g h p o s s ib ly a d m is s ib le
u n d e r e m e r g e n c y c a ll, w a s a n e v il in te r m e d d lin g in
its e lf , w h ic h , o n e x p e r im e n t fa ile d to ju s tif y e ith e r its
n e c e s s ity , f e a s ib ility o r u s e .
W e h a v e lin k e d th e s e tw o m o v e m e n ts to g e th e r
b e c a u s e th e y in d ic a te a te n d e n c y in t h e p u b lic m in d .
N o d o u b t o n e a n n o u n c e s t h a t t h e p o litic a l p o t b e g in s
to s im m e r. N o d o u b t th e o th e r in d ic a te s t h a t a
p a r t o f th e fa rm e rs se e m to se e n o t o n ly t h a t th e y a re
g e ttin g th e w o rs t o f th e d e a l in p r e s e n t c o n d itio n s ,
n o tw ith s ta n d in g th e h ig h le v e l o f p ric e s , b u t t h a t
m o r e t r o u b l e f o r t h e m i s t o f o l lo w . W h a t i s c l e a r l y
i n d i c a t e d is a d a w n i n g l i g h t o n “ G o v e r n m e n t a l i n t e r ­
fe re n c e ” a n d a y e a rn in g to r e tu r n to th e b u s in e s s
lib e rtie s e n jo y e d b e fo re th e w a r. Y e t a t th e v e ry
t i m e t h e s e m o v e m e n t s a p p e a r , t h e G o v e r n m e n t is
“ u p in a r m s ” o v e r th e h ig h c o s t o f liv in g , in v o k in g
a lm o s t f o r g o tte n la w s o f fo o d c o n tr o l a n d c la m o rin g
a t th e d o o rs o f C o n g re ss fo r d e p a r tm e n ta l a p p ro p ria ­
tio n s to p ro b e a n d to p ro s e c u te , w ith a n a p p e a l fro m
th e P r e s id e n t t h a t th is fo o d c o n tro l “ b e e x te n d e d
o v e r in to p e a c e w ith e n la r g e m e n t o f s c o p e a n d p o w e r .”
Is th is s u d d e n a cc ess o f v irtu o u s a d m in is tra tiv e in ­
d ig n a tio n , th is f la m in g h e ro ic f e rv o r to s c o tc h th e
“ p r o f ite e r ,” th is e le c tr ic r e a liz a tio n t h a t t h e p e o p le
a t h o m e m u s t l i v e a s w e ll a s t h o s e a b r o a d , d u e t o
b l in d i n g f l a s h e s f r o m t h e t w o - e d g e d s w o r d w i e l d e d
D e fo re t h e g a t e s o f P a r a d i s e b y t h e l a b o r u n i o n s ,
m o re fo o d o r m o re w a g e s? B u t o f w h a t u se to a s k —
w h e n t h e p a t i e n t is s i c k w h a t i s t h e u s e i n g i v i n g
N a t u r e a c h a n c e w h e n r e s o r t t o a n o th e r p o is o n lik e
m e r c u r y is a t h a n d ?
T h e r e is a n o t h e r e l e c t i o n c o m i n g o r t h e r e d o u b t ­
a b le “ A m e ric a n P a r t y ” w o u ld n o t c o m e in to e x is te n c e .
A n d w h ile w e c a n n o t a t t h e m o m e n t e s tim a te i ts
s ig n ific a n c e , w h ile n o d o u b t o th e r n e w p a r tie s a r e
d u e to b e b o r n a n d s t r u t th e i r l it t le liv e s u p o n t h e
s ta g e , w h ile w e m a y la m e n t t h a t th e r e is n o p la tf o r m
b u d g e t in o u r p o litic a l e c o n o m y w h ic h w o u ld p r e s e n t
u s w ith le a d in g is s u e s a n d s a v e u s fro m t h e flo o d s o f
im m o d e r a te p r o te s t a n d d e m a n d s , w e d o n o t lo s e
f a it h in t h e p e o p le a n d in t h e u l ti m a t e t r iu m p h o f
c o m m o n s e n s e . T h is tw ic e b le s s e d s a c r a m e n ta l c u p
o f h ig h d e v o tio n , th is w o n d e r-w o rk in g ta lis m a n ic
a m u le t o f G o v e rn m e n ta l le g e rd e m a in m a y b e e n d o rs e d
a g a in a n d a g a in , b u t s o m e tim e t h e p e o p le w ill h a v e

834

THE CHRONICLE

[V ol . 109.

When the war suddenly ceased with the Armistice,
Nov. 11 1918, the organization had gathered 228,990
students, of whom it had already turned 90,000 into
the army, fitted for immediate activity in 71 different
lines, from camouflage artists and surveyors to boiler­
makers and construction foremen, nearly all of whom
had had no previous instruction; and it had outstand­
ing 686 contracts with nearly as many different
institutions which had undertaken the task so sud­
denly asked of them, and had prepared to carry on
the work for an indefinite period.
The work was now to be suddenly closed, the ac­
counts settled and the students, all of whom were
regularly enrolled in the army, to be demobilized and
returned to their homes as promptly as possible.
The War Department had more than its hands full
with the task of bringing home and demobilizing the
army in France of over a million very impatient men.
Here again, the highest class of civilian help was
required, and was promptly forthcoming. Mr. E. K.
Hall, Vice-President of the Electric Bond and Share
Co. of New York, a gentleman of the “one dollar”
class, of whom so many have rendered distinguished
service, was charged with the task. It is his report
that lies before us.
It covers the work of a large staff of experienced
civilians which was quickly gathered. On Nov. 19th
the Secretary of War issued the orders for the demo­
bilizationoftheStudent Army TrainingCorps. Demo­
bilization was begun about the middle of Decem­
ber and was practically completed before Christmas.
This sudden arrest of the work left the educational
institutions of the country which had been engaged
in the task in a serious condition. Their contracts
ran in most cases to the following July, and they had
incurred heavy expense in the erection of necessary
buildings, and the purchasing of special equipment.
Their committments for these purposes aggregated
many millions of dollars. They faced not only
A SAMPLE.
suspension of payments under the Government con­
There has been of late in certain circles repeated tracts, but the possible loss of most of their students,
sneering at what are termed the “one dollar men,” and certain serious embarrassment.
the men prominent in civil life who during the course
It was found that, in the language of the report,
of the war, to meet the need of the Government, the response of the institutions to the call of the
freely gave their services in one department or Government had been “as magnificent as it was
another, without any or with nominal compensation. inspiring.” They had placed their facilities at the
The general, and often indisputable, value of the disposal of the Government without hesitation and
services of these men is widely understood. It will without thought of profit or reward. They had
be long before the importance and extent of the ser­ accepted contracts put before them with entire re­
vice will be summed up; now and then we get the liance that they would be justly treated. They
record in some single department. We have before seemed to be actuated solely by a desire to serve and
us one such report as yet unpublished, which, though to co-operate with the War Department. This spirit
covering a single piece of work, is sufficiently exten­ continued through the whole process of settlement,
sive and complete to show the character of the work. and of course had to be met not only in the same spirit
At the outbreak of the war the War Department on the part of the representatives of the Government,
found itself called upon to raise and equip a great but also with a care of investigation and an accuracy
army in which every 100,000 men in the Staff Corps of accounting which would secure entire accord in
would require 82,000 to be specialists, and every the final settlement and would be a worthy response
100,000 in the Infantry must have 40,000. If these to the spirit of the service that had been rendered.
could be supplied from the country at large it could The intricacy and difficulty of the task, extended as
only be by depleting domestic industries disastrously; it was over the entire country, can hardly be appre­
they had therefore to be produced by some immediate ciated.
intensive method of instruction. To undertake this
The first settlements were negotiated and paid
a Committee on Education and Special Training March 15; 579 by May 31; and the last of the 686 by
was created by the War Department. This com­ the 25th of June. $84,730 was returned by eight
mittee of three army officers was supplemented by institutions which had received surplus in excess of
seven prominent laymen, and dividing its task in actual cost; which with $58,740 excess payments
two departments of Educational and Vocational recovered from contracts prior to Oct. 1 1918, much
training, created an organization that covered the more than covered the entire cost of the work of
country.
the Business Department, which was $115,000.

an election. When the high priest of Israel threw
down his staff before Pharaoh and it turned to a
serpent, the magicians of Egypt did the same, with
the same result, but the plagues continued—and
there are those foolish enough to believe that when
it came to starving all together, the heart that had
been “hardened” softened toward the exodus. And
it may yet be that when Governmental seizure and
sale of all stored-up foods is followed by famine next
winter that the people will be allowed to go back to
their vacations, to business as it prevailed before the
war. Anyhow, this being yet a republic, we may
yet live to exclaim, “the people gave and the people
hath taken away, blessed be the name of the people.”
Though at this time the attitude of the observing
citizen may be that of watching straws to see which
way the wind blows, of one thing he must by this
time be thoroughly conscious and that is that in this
ensuing election he should put patriotism of the
highest order into his 'politics. And the one para­
mount plank, that would seem to overshadow all
others, is: a return of the Government to its owners,
the people. If that is not done by an overwhelming
demand, then it follows that “business” can never
be returned. As long as a government can be
manipulated for political effect the people will re­
main in slavery. As long as a class can threaten
successfully the defeat of sworn servants who will
not do their bidding, that long a republic is ineffective
to protect rights and liberties. And as long as the
people accept eagerly one quack nostrum after an­
other, refusing to rely upon themselves, that long
will they live in despondency and want. And unless
the people are bewildered by political chicanery there
is little doubt they will sweep the Augean stables of
political cant clean once more and “go on about their
business.”




A u g . 30 1919.]

THE CHRONICLE

825

$9,895,124 was the gross amount paid in the settle­
ments, an average of $14,424 per contract. $14,­■ JAPANESE E C O N O M I C D E V E L O P M E N T —
956,474 had been paid under the original con­■
TENDENCY TO COMBINATION— B A N K S
tracts, making the total cost of the educational work
INCREASING THEIR CAPITAL.
$24,851,599, an average gross cost per trained man of
The most obvious and probably the most impor$144 50. The influenza unhappily reduced the: tant feature of the business movements in Japan and
number of men who completed the roll of “trained the Far East generally is the tendency to combina­
men,” which was 171,835.
tions of capital and of the corporations engaged in
The work of this Business Department was done the same lines of commerce or manufacture. On the
almost entirely by men and women who welcomed the whole, Japan has prospered greatly during the entire
opportunity for patriotic service, and, with a fine period of the war. But its accumulations of capital
spirit of loyalty, despite personal sacrifices involving and available resources are much behind those of
every member of the organization, remained at their the United States, Great Britain, France, or even a
task until the work of the Department was complete. rehabilitated Germany. Combination is, therefore,
What this service was is indicated in the testi­ needed in order to meet the expected competition,
monials of the authorities. The Secretary of War after something approaching normal relations are
speaks of “the delicate and arduous task which could established among the different nations.
not have been done without such loyal and efficient
Indeed, this was the prevailing theme of a recent
service.” Colonel Morrow, Chairman of the Educa­ speech of the Japanese Minister of Commerce and
tion Committee, says: “The work required excep­ Agriculture before a gathering of prefectural gov­
tional disinterestedness and a most scrupulous per­ ernors. “It is a gratifying result,” said the Minister,
formance of duty, and a*skill that should protect the “of the war that Japan’s commerce has extended a
Government and at the same time satisfy a great great deal, and the market for Japan’s manufactures
variety of claimants; a task of peculiar delicacyaccom­ is decidedly larger than at the beginning of the war.”
plished with unqualified success.” General Lord, Yet there is imperative need of “improvement of the
Director of Finance of the Army, writes: “You goods exported,” “curtailment of the production
handled a very complicated problem that called for costs,” and some measures for dealing with the
ability of a very high and rare grade, and you have difficulties occasioned by the “increasing cost of raw
fulfilled every requirement.”
material and labor.” “In view of all the facts,”
The whole country is interested to know that ser­ continued the speaker, “the best means of making
vice of the kind of which this is only an illustration, Japan’s goods meet all competitipn in the inter­
was performed by many, both men and women, national market is to encourage the combine of enter­
animated solely with the desire to serve their country prises and plants.” To assist in these efforts the
in the hour of its need, and often with serious sacri­ Government, with a wisdom which might perhaps
fice to themselves, and with no thought of personal afford some valuable hints to our own, will reorganize
gain. It is one of the offsets to the cost of the war and inaugurate industrial laboratories, establish
which it is difficult to estimate, but which one may be show-rooms for Japanese goods, dispatch commis­
assured is no insignificant national asset. It cer­ sioners to various important commercial centres, and
tainly is not to be minimized by malicious or careless increase the number of student commercial com­
speech; and now that these men are quietly returning missioners, with the express view to the thorough
to their homes, their work deserves to be recognized. training of a class of experts.
Any who may wish to see the background against
One of the first fruits of this tendency to combina­
which this particular work was done will find the full tion has been an enormous increase in the capitaliza­
details of the most remarkable piece of intensive tion of the leading banks. For example, the Mitsui
educational work performed in the period of a few Bank has voted to increase its capital from 20,000,­
months this country has ever produced, or perhaps 000 yen to 100,000,000 yen. The capital of the
the world has ever seen, in the Final Report of the Industrial Bank of Japan is to be increased from 20,­
Vocational Section of the S. A. T. C., and the Review 000,000 yen to 50,000,000 yen. The smaller insti­
by the Advisory Board of the work of the Committee tutions, like the Tokai Bank, are also proposing to
on Education, published by the War Department.
increase their capital, as, in this instance, from
2,000,000 yen to 10,000,000 yen. In the same direc­
PHILADELPHIA B AN K IN G EXPAN SION .
tion are the movements for the proposals for; new
The following corrects an error which crept into company formations. The new joint-stock com­
our article of last week entitled “Has There Been panies proposed for last March numbered 102, which
was a decrease of 25 as compared with March, and
Adequate Banking Expansion in Philadelphia”:
of 10 as compared with April, of last year. But the
THE G IRARD NATIONAL BAN K,
Philadelphia
amounts proposed for the capitalization of these
1919.
new companies increased some 50,000,000 yen for
:— W o w rite to call y o u r a tten tion to an article March and 60,000,000 yen for April. The largest
appearing o n p a ge 722 o f the “ C om m ercia l & F in ancial of them publicly mentioned were in electricity,
C liron iclo” fo r A u g u s t 23 1919, V olu m e 109, N o . 2826, manufacturing and “trading and sundry.” Accord­
w here in th e closin g paragraph y o u state a s.follow s: “ W ith ­
ingly the calls for capital were exceptionally heavy
in a y e a r b o th th e P h ila delp h ia N a tion a l a nd th e C orn E x ­
for this year’s month of May. A long list of electrical
ch a n ge lia vo d o u b le d th eir ca p ita l, a n d th e G irard is takin g
and manufacturing companies, new and old, is pub­
a sim ilar s te p .”
In asm uch as the G irard N a tion a l B a n k has n o t con sidered lished in the commercial section of the Japan Times
fo r tho last fifto e n years an increase in its ca p ita l s to ck , w e and Mail. Negotiations, which at first fell through
d o n o t see w here y o u r corresp on d en t co u ld h av e ob ta in ed
without reaching an agreement are reported to be
tho in form a tion w h ich ho has sent to y o u a n d w e shou ld bo
re-opened
with good hope of success, fora branch of
gla d to h a v e y o u co rre ct this sta tem en t.
manufacture that has struggled rather unsuccessfully
W o are, v e r y tru ly y o u rs,
in Japan—namely, the woolen mills; and it is said
EVAN RANDOLPH,
A u g u s t

E d ito r

D e a r

C o m m e rc ia l

&

F in a n c ia l

2 8

C h r o n ic le :

S ir




V i c e -P r e s i d e n t .

826

THE CHRONICLE

(Vol . 109.

that the experimental Government woolen mill is to ment the calculation is made that Japan’s ship con­
be transferred to a private party, in order that it struction will this year aggregate nearly six-hundred
and twenty-five thousand gross tons. Since May
may be taken into the combine by October next.
These proposals for combination are not confined up to July 5th there have been diverted to Europe 136
exclusively to Japanese companies. There is a ships totalling 890,000 tons. On July 1st a newship­
syndicate of Chinese and Japanese stockholders building company was inaugurated at Kobe with an
which has acquired control of the great Fenghuanshan initial capital of 25,000,000 yen. A new outer harbor
ore beds. China will own 60% of the capital as is planned for Yokohama with a capacity of almost
against Japan’s 40%. But, inasmuch as this Chinese three times the size of the present one. The total cost
60% is mostly capital loaned by the Japanese stock­ of the proposed work is estimated at 17,500,000 yen.
The financial outlook of Japan shows the same mix­
holders, the output of the mines will be divided
equally between China and Japan. The control is ture of conditions, though not to the same extent,
lodged in the Chinese Minister of War. This is an that prevails in the other financially leading nations.
example of the course which will have to be followed At the end of March this year the national debt was
by foreign companies generally in assisting in the 2,523,240,000 yen, of which domestic loans repre­
development or the exploitation of China’s resources; sented 1,211,610,000 yen; besides which there are
the Chinese will offer these resources, but the for­ extraordinary exchequer bonds for 471,430,000 yen.
eigners must supply the great bulk of the active 10,000,000 yen of treasury notes have just been issued
capital. The Chinese themselves either have not by the Government. But since the issue is in denom­
this capital or are too timid, suspicious, and con­ inations of twenty-five yen and upwards, and the rate
servative to risk it. The enterprise of this sort of interest is greater than that paid by the savings
which perhaps in a way interests us most closely is banks, there has been some complaint that the action
the big ship merger in which Mr. Vanderbilt repre­ favored certain class interests rather than the nation
sents us and the Kawasaki, Kuhara, Yamashita, and at large. These figures seem small in comparison
other ship owners represent the Japanese. This with those to which we have become accustomed;
combination is to build and operate three principal but the relative smallness of the accumulated wealth
lines: a South American line, a Russian line and a of Japan must be borne in mind in any estimate of
their significance.
European line.
There has been a relative decline in the net yield of
The crying need of ships for the rapid and vast
increase of commerce between the United States and the ruling stocks, as shown by the report of July 1st.
Japan has for long been so urgent as to require no But since it is an average of 21.25% per annum, as
new emphasis. The total of the business between against 23.09% for July of ayearago, fora listof some
America and the port of Yokohama alone was more twenty-five of the leading stocks, the returns would
than a half billion yen in 1918; of which the exports seemto justify not much grumbling on the part of the
to America were twice the value of the imports, but stockholders. The sugar companies report from 26
only about 2% of it was carried in American ships. to 50% dividends for the year; the cotton companies
But our Government has now arranged with the from 35 to 50%; and the shipping companies from 30
Japanese builders for 30 ships of a total deadweight to 60%.
tonnage of 245,850 tons, at a cost of 843,023,750 in In spite of boycotts, and raging of the press, and
gold, and Baron Shibusawa has been selected as the beating and threatening of Chinese magistrates
arbitrator and adjudicator, in case of any differences by lawless students, and the sulking of Chinese offi­
of judgment or disputes arising between the contract­ cials at the Peace Conference, it is interesting to
ing parties. The selection is universally approved in notice that the foreign trade of Japan with China has
both countries. The writer can testify, from a some­ been quite steadily, on the whole, increasing. Dur­
what intimate personal acquaintance, that a more ing the middle decade of June last it was reported at
just, honorable, efficient, and friendly man, engaged 10,060,050 yen in export and 8,534,000 yen in im­
successfully for long in large business enterprises, ports. But it is perhaps still more interesting to
cannot be found in any country. And when so notice that, in spite of all the obstacles, whether made
many sinister and hypocritical influences are at work inevitable by the war or deliberately raised by jealous
to foster suspicion and stir up strife between the and unscrupulous rivals, China’s foreign trade has
.two countres, the words of Baron Shibusawa on notably increased. The record for 1918 was the
accepting this responsibility are full of significance. highest ever reached. The commerce with Great
After confessing that he had no technical knowledge Britain was the largest; then followed America,
of shipbuilding, and that he could not pose as a Russia, Holland and France. And although as
statesman, the Baron went on to say, “But I am counted by value, the increase is largely due to in­
deeply interested in the commercial and industrial crease of prices, it may properly be considered as
relations between America and Japan, and, be my significant of the vigor and elasticity of China’s trade
present standing what it may, I cannot forget even prospects. To quote a paper printed in Japan:
for a moment tq devote myself to the promotion of “It serves as an earnest of the development that may
more friendly relations between the two nations. be looked for with the return of peace and normal
My recent appointment gives me further opportunity conditions the world over.”
Consular reports from Athens draw attention to
to strive for this ideal.” This opportunity to exert
the
fact that trade between Japan and Greece has
still further efforts in the promotion of closer relations
and more friendly feelings between the two nations been increasing rapidly. Large shipments of Japan­
that face each other across the Pacific was particu­ ese sheetings have been arriving at the Piraeus; and
larly emphasized in the conversations which followed though the quality is said to be still somewhat in­
ferior to American sheetings, the price is so much
the Baron’s more formal address.
The “Japan Advertiser” of May 23rd gives a list less as to more than compensate. A significant
of the ships now under construction in the principal addition to the report is that Japanese manufacturers
shipyards of the nation. On the basis of this state­ ane making a careful study of the Greek requirements,




A ug. 30 1919.]

THE CHKONICLE

827

and arc arranging the matter of exchange in payment I ho fluctuations In the balances of these accounts have been as
follows:
to suit the convenience of the Greeks.
Maximum, Juno 2 6 .......................................................... .. Fr. 4,019,200,000
Ofindividual enterprisesthat arcbeingnewlystarted Minimum, Dec. 24 1918...................... ............_........... ......... 2,366.200,000
year the maximum had b e e n ............. Fr. 2 910 200 000
in Japan, it is perhaps worth our while to note a few. andllietnopreceding
minimum......................................................................... 2’.218’.200.000
A joint Chinese and Japanese concern is being formed The number of accounts current or deposit accounts opened in Paris, In
tho branch banks and in the subsidiary bureaus, advanced from 207 400
to grow and manufacture tobacco in Korea, Man­ at
the end of 1917 to 235,500 at tho end of the fiscal year 1918.
'
churia, and Mongolia; the product is to be marketed Including in this the accounts of arrears, the total of accounts of all kinds
opened on our books exceeds 251.200.
in Shanghai. A classified list of Japan’s chemical
Movements of Funds.Specie, Notes and Clearings
products cites a large number under five heads, all
Tne general movement of funds, receipts and payments. Is divided as
of which were either not made at all, or were very follows:
scantily produced, before the war. These products
........................................................................ 156,405.200,000
range all the way from fireproof brick and window Clearings.........................
427,562,800,000
glass, through a great variety of drugs and dyes, to Total
F r .5 9 1 ,0 4 9 .5 0 0 ,0 0 0
printing paper and rubber. It is pertinent to notice
Tho proportion of clearings in this total reaches 72%.
In 1917 i
also that the Fuji Rubber Industrial Company has amounted
to 336,540,100,000 francs and in 1916 to 263,745,100,000 francs
just concluded a contract by which the right of man­ The amount of the issues of promissory notes, clearings and checkamounted in 1918 to 36,261 millions, agaist 25,752 millions in 1917.
8
ufacturing and marketing its patent sponge tires in These issues are divided as follows:
,
1917.
1918.
the United States and Canada is to pass to a San „Promissory
notes.........................................
122,100,000
114,100,000
Francisco firm. With the exception of the patents C learings.................................................... .17,598,700,000 25,190,100!000
........................................................ 6,742,600.000
8,661,700,000
taken out by Ur. lakaminc, this is said to be the Checks
Circular c h e c k s ......................................... 1,288,500,000
2,294,900,000
first instance of a Japanese patent being transferred
25,751,800,000
36,260,800,000
to a foreigner. When all the factories already pro­
jected are at work, it is calculated that Japan will The figures given under these last two heads, both for the sum of trans­
actions settled by written orders and for promissory notes, clearings and
be equipped to manufacture 8,000,000 casks of checks
transmitted through our offices in Paris and in the branch banks,
show the progress realized in the way of payments without movement of
cement a year.
specie.
How the social and political changes that are During the last fiscal year, the increase was not less than 27% as com­
with the figures for the year 1917, and 62% as compared with those
looming so large on the horizon of Japan and of the pared
for tho year 1916. These results are a new proof of tho effectiveness of
the steps which wo have taken to encourage the use of checks and clear­
Far East will affect the financial and commercial ings
and of the advertising which we have engaged in in order to make known
relations of the nations involved, it is ditficult to to the public tho advantages of these methods of settlement.
Since 1915 our patrons have been able to arrange for clearing* and
predict. Japan is proposing to make very radical checks
without chargo at our windows. Moreover, our crossed circular
checks,
payable alike in all our offices, enable all persons to transfer funds
changes in its anti-alien laws. These changes are
from one point of territory to another without risk and with no other ex­
to include the removal of the prohibition of land pense than tho stamp tax.
Finally, with tho same purpose of facilitating payments without move­
ownership for foreigners; and of the refusal to extend ment
of specie, we have freed of all commission tho collection of crossed
mining rights to aliens; to change the laws restricting circular checks drawn on a banking place and remitted by our patrons
tho nature of their accounts. They can likewise leave their
coastwise trade to Japanese bottoms; and to admit whatever
notes at the bank without charge, In order to do this they need only
send
us
a
statement
before maturity of the notes to be paid.
the entry into Japan of Chinese coolies.
llie agreement of Oct. 26 1917, ratified by tho law of Doc. 20 1918, as­
I he rapid growth of the cities; the enormous sures to tho public tho maintenance of all these advantages.
early as 1911 wo had organized bureaus of compensation in certain
increase in the cost of living; the growing number and of As
our offices in tho provinces. The war hindered us temporarily from de­
strength of the labor unions and some tokens, thougl veloping those organizations as we would havo wished. We applied our­
selves to them as soon as it appeared advantageous to do so.
not at all comparable as yet to the condition in our At the end of the fiscal year 1918, the Chambers of Compensation were
regularly at Amiens, Angers, Abignon, Besancon, Bordeaux,
own country, of the increase of extreme socialistic operating
Dijon, GrenobU, Havre, Limoges, Lyons, Le Mans, Marseilles, Nancy!
and even so-called Bolshevist sentiments; these, Nantes, Nimcs, Orleans, Rouen, Siint Etienne and Toulouse.
In tho course of this year wo organized still others at Annonay, Beziers
and other connected and sequent influences and Carcassonne,
Clermont-Ferrand, Macon, Montelimar, Montpellier, Nice!
Romans,
Valence, Vienne and Villefrancho-sur-Saone. Wo will
organizations, are rendering the future of the Far continuo toRennes,
extend these establishments.
East, as of the entire civilized world, a problem to On its part, the Treasury Administration has not remained idle. The
payments by clearings on the spot or transposed, to the order of creditors
give those of serious mind no small anxiety.
of tho State or of tho Departments who have accounts open at the Bank,
REPORT OF THE B A N K OF F RANCE FOR TH E Y EA R

1918.
Wo print herewith the final installment of our transla­
tion of the report of tho Bank of France for the calen­
dar year 1918 The first part appeared in our issue of
Aug. 10, pages 030 and 631, and the second part in our issue
of Aug. 23, pages 729 and 730.

show considerable progress again this year.
Tho figures on tho credit side in 1918 were:
Spot clearings.......................................................................... F r . 9 l i 0 0 . 0 0 0 , 0 0 0
Clearings transposed.......................................................... .......... 4,225,000.000
lo t a l ....................................................................- ............. Fr.13,325.000,000
against in 1917:
Spot clearings.......................................................... 1............. Fr. 7,050.000,000
Clearings transposed.................................................................. 3.650.000.000

Total_________________________________________
Fr
According to tho terms o f the agreement of March 11 1918, sanctioned by
10,700,000,000
the law of Dec. 20 last, tho bank has undertaken to pay to tho State a sum
representing tho balance of all old typo blue print notes and small 20 and
We
shall
continue
to
lend
our
assistance
without
charge
to
the State for
25 franc notes issued provlous to 1888 remaining in circulation.
*" '
these settlements, as well as for settlements by clearings of orders trans­
An installment of 5 millions having already boon handed over definitely to
tho Treasury, in execution of tho agreement of Nov. 28 1911 a new navmmt mitted by the Treasury accountants and created by the communes of
of 6 millions has just been made to It.
Payment public institutions in tho interest of their creditors who have accounts
open either at tho Bank of France or at another banking house having an
The remainder must bo put at Its disposal on Jan. 2 1923.
account at tho Bank of France.
From the time when tho balance in circulation snail bo less than tho
Let us recall to mind finally that the Bank collects without expense
sums paid by the Bank, tho State will take chargo o f tho exchange of notes
checks drawn or passed to the order of the Treasury accountants and the
subsequently presented for repayment, provided, howover, that its final tax
officers.
profit may not be less than tho sum of 5 millions.
The law of Jan. 7 1918 Instituted the postal check. On July 1 last
A decree o f Sopt. 5 1918, passed In tho Council of State on tho motion
the Postal Administration opened local bureaus charged with the keeping
of tho Minister of Finance, in accordance with Articlo 1 o f the law of Aug
of accounts current.
5 1914, raised tho limit o f circulation to 33 billions.
Ibis now organization is called to render important services and may
help to restrict the paper currency. Our offices have opened accounts
Accounts Current and Deposits of Funds.
with tho Bureaus in their districts.
Tho paymonts to tho credit of accounts current and
The total in these accounts for the second half of the fiscal year that
deposit accounts in 1918 Were........................................
Fr 231 651 2 0 0 non
Is
to say, from tho time that they began to operate, amounted debite and
Tho withdrawals amounted to .......................... ................ 232!l59!6()0,()()0
credits together, to 142,627,000 francs in Paris and 383 177 000 francs in
tho branch banks, or in all 525,804,000 francs.
’
’
m 19 l^ tl.k tn tV r r
.............................................. Fr.463.810,800,0 0 0
In 1917, this total had been............................................ Fr.366,923,100,000
Board of Collectors in the City.
Increase

.................................................................. Fr. 96,887,700,000

The balance of accounts carro/it and deposit accounts
amounted on Dec. 24 last to..........................._................. Fr< 2,366,200 00)




Our collections in Paris and In our branch banks and'subsidiary bureaus
in 1918. as in 1917, havo been on notes dated from Aug. 4 1 9 1 4 and also
on postponed notes whose presentation has been brought about b y : the
application of tho decrees or demanded by the Interested parties debtors
or assignors.
’

[V ol . 109.

THE CHRONICLE

828

The collections o f notes In Paris were:
In 1018 on
.................. 1.390,800 notes for Fr.8,575.503,000
In 1917 on " " " " " I I ...............— .1.260.600 notes for
5,612,132,000
Or an Increase in 1918 o f . . ...........—

130.200 notes for F r.2,963,371,000

The receipts of Mar. 31 were the highest o f the year, in sums to be
collected, in the number o f notes and in the number o f residences^ they
reached 52,620 notes, for 201,635,315 francs, from 23.644 residency.
In 1918 our collectors visited 606,380 residences, against 638,250 In
1917, or a decrease o f 31,870 residences.
The number o f applications for endorsements and acceptances was
15 830 against 18,800 in 1917, or a decrease o f 2,970.
For the whole of our banking system we have b a d t o ^ uro
™
‘
tion o f 8,227,300 notes, amounting to a sum total of 18.034,336.000 francs.
Bills Dishonored.
On Dec. 24 1918 the balance o f bills dishonored In Paris, in the branch
banks and auxiliary bureaus amounted to 1,952,829.91. against 2,389,
26in2?h°enc o ^ e o 2f ^ f i s c a l year 1918 we recovered 25.549.70 francs on
bills dishonored in previous years.
Deposits of Collateral and Orders on the Bourse.
At the end o f the fiscal year 1918 our deposits o f collateral stood as fol­
lows:
Collateral.
Depositors.
7.898,319
___ 97,227
Deposits of individuals In Paris....................
..
2,111,922
___ 44,344
Deposits o f Individuals in the branch b a n k s.............441,144
T otal.....................- ...................................
Deposits o f the Syndicate o f Stockbrokers.
Together-

“
. I K 'S S S S E T —
i
«*» « ■ » o f the renewal
of the chartor in 1897, Is to-day 585. to wit:
^
Central B a n k --------------------------------------------------------- --------"
Branch b a n k s -------------------------------------------------------------------------------- 75
Auxiliary bureaus .............................. - ....................... - .....................
3fifi
Cities attached to the system.................................................................. " " ____
585

Total

W e h a v e p r e v io u s ly m e n t io n e d th a t , a c c o r d in g t o th e te rm s o f th e a g r e e ­

b lB °y th e sa m e a g re e m e n t th e B a n k h a s u n d e rta k e n to
t t o d liS
s e r v ic e in 5 0 a t t a c h e d c it ie s .
I n t h is n u m b e r w ill b e I n c lu d e d t h e c h ie r
t o w n s o f d is t r ic t s a n d c a n t o n s o f 6 ,0 0 0 o r m o r e I n h a b it a n t s w h ic h a r o n o t
B r le y .

c

*

.

C om p ^ n c.

!■ „ .»

Lille Longwy Maubouge, Mezieres. Roubaix, Sedan, Senlls, Tourcolng
and Valendennes are again in operation on their own grounds. Tho other
offices evacuated are still transacting their business in I aris.
T h e s o o f f i c e s w ill b e I n s ta lle d a g a in in t h e ir r e s p e c t i v e p la c e s a s f a s t
a s m a Z i a l c o n s l d e r a t i o n ^ a g o o d m a n y o f o u r b u ild in g s w e ^ c o m p M y

12,090.842
12,235,590

C o lm a r

^ A l s a c e

th o

and

and

d is c h a r g e

of

our

L o r r a in e , w e o p e n e d

M u lh a u s e n .

W e

a g en ts

fr o m

th e

m ilita r y

s e r v ic e

s p e c ia l o ffic e s a t S tra ss b u rg

th ou g h t

th a t,

at

g lo r io u s a r m ie s w e r e r e t u r n in g t o th e M o t h e r
w h ic h h a v e r e m a in e d s o fa it h fu lly a t t a c h e d t o

th e

m om ent

M e tz

w hen

C o u n tr y th e
h er, th e B a n k

our

o f T ran ce

o u g h t t o r e s p o n d , w it h o u t a n y d e la y , t o th o c a ll o f t h e O o v o r a m e n t . a n d .

144,748

* T n . number ol th e e order, w » r
118J13,for 136.333 trannacllonr,
In
.........................101.700 for 129,017 transactions

Advances to the State.
The total of our permanent and gratuitous advances to the State has
remained fixed by our agreements at 200 millions, to wit:
60 millions b y virtue o f the agreement o f June 10 1857
80 millions b y virtue of the agreement of March 29 1878
40 millions b y virtue o f the agreement of Oct. 31 1896
20 millions b y virtue o f the agreement o f N ov. 11 1911
This figure has continued unchanged In the course of the year. The
law o f Dec. 20 1918 carried forward the maturity o f rePa^ ^ ®f th<^®
advances to Dec. 31 1945. that Is to say to tho new dato of expiration of the
P T, h f ^ v i S ' 6 t . « Kd to the State, to execution ot the « « «
of
N ov. 11 1911. Sept. 21 1914, M ay 4 1915, Feb. 13 and Oct. 2 1917. April
4 and Juno 5 1918 amounted on Dec. 24 1918 to ^ .1 5 0 ndmons.
According to tne terms o f the agreement of N ov. 11 1911, ratified by
tho law o f Aug. 5 1914. tneso advances are productive o f an interest of 1%.
‘ Up T o
31 1917. this interest was reduced to .8 5 * % by-the>payment
o f the stamp tax on notes and a royalty equal to the product or the sum
advanced by one-eighth of the Interest.
„ i,u
qtatn
The law o f Dec. 20 1918, ratifying tho agreements made with the State
upon the occasion o f tho renewal o f tho charter placed In port uponthe
gZ s proceeds of these advances tho levy which is imposed on the Bank
?n tou or taxes on war profits, raising to .50% tho deductions made for the
benefit of tho Treasury. Tho part remaining at the Bank after the payme t

s

th e re m u s t b e

e s ta b lis h e d w it h in a p e r io d o f 1 0 y e a r s 12 b r a n c h b a n k s a n d 2 5 a u x ilia r y

....1 41,6 41
....1 34,2 14
7,427

2 0 1918

m e n t o f O c t . 2V6 ° 1 9 1 7 . r a t i f i e d b y t h o l a w o f D e c

10.010,241
2,080,601

...............456.461.000

's n &

Branch Banks and Auxiliary Bureaus
The productive transactions of the branch banks and auxiliary bureaus

___ 141,571
___
70

The number o f securities provided for drafts and repaid to Paris de­
positors reached 56,193 for 137,397.200 francs.
.
.
The number o f Russian securities kept by virtue o f the agreement made
w i t h R u s s i a In 1895 w a s 123,011 on Dec. 24 1918.
The orders on the Bourse exocuted for the account o f our patrons
amounted, purchases and sales together:
F f 509i228i50o

Jan. 1 1918.

3,362 coupons for Fr. 105,062.50

Decrease

d estroy ed — a n d

____

Increase
Decrease.-

r„ ,r,,o
. 9.628 coupons for Fr. 300,875.00
------------------------------------’— _______ r
AnK o ko
in
i n i 9 i 7 i t h a d i ^ n : : : : : : : : : " " - ' - - - i 2 . 9 9 o coupons f0r Fr. w

*■ * « « « <•«-*-•

Reserve Fund.

This account has been opened on our books In execution of the law or
Dec. 26 1914, ratifying the agreement o f Sept. 21 o f the same year, and
tho law o f Dec. 20 1918 ratifying the agreements concluded upon the
occasion of the renewal o f the charter.
The sums which are to bo paid to this account both by the State and by
tho Bank according to the terms of these various agreements, aro designed
K S S S K a i losses entailed in the settlement of our postponed
notes and of credits offsetting the adjustment In Franco, through our agency,
of notes or transactions dating prior to Aug. 4 1914. The a ^ l ^ w U l g o
to reduce the dobt of tho State or will bo paid directly to the account of the

* * - the*■ renewal
r r rofj adf
a yoar’ after tho cessation -o f *
hostilities

in a g r e e m e n t w it h t h e H ig h C o m m is s a r ia t , a s s is t , b y o p e n in g o f f i c e s m a n agecT by
111

our ow n

W e to p e

tto tT e ^ s h a ll

su pp ressed b y
T rea ty

of

a g e n t s , in

th e la w

F ra n k fo r t,

r e -e s ta b lis h in g t h e
be

o f Jan. 9
and

su sp en d ed fo r 4 8 y e a rs.

th u s

a b le t o

F ren ch

r o -e s ta b lls h

m on eta ry

soon

th e b ra n ch

1 8 7 2 . w h ic h r a t ifie d t h e a d d it io n
ren ew

c o m p le t e ly

our

sy stem

b u s in e s s

banks

to

th e

r e la tio n s

Profits and Expenses.

T h e g r o s s c o m m e r c ia l p r o c e e d s r e a liz e d d u r in g t h e fis c a l y e a r
1918
a m o u n t e d t o ...................................— .. ............. .................................................................
T h e o x p e n s e s o f a d m in is t r a t io n f o r P a r is a n d
th e b r a n c h b a n k s . In c lu d in g t h e u n u s u a l e x ­

or

p e n s e s r e s u ltin g f r o m

t h e w a r a n d , in

par­

t ic u la r , th e c o s t
m a in t a in in g a n d tr a n s ­
p o r t i n g n o t e s a n d s p e c i e , w e r o ----------------------- F r . 6 3 . 5 6 8 . 6 0 4 . 0 2

Settlements o f the branch banks.................................... 4 , 2 4 6 , 0 0 0 . 0 0
Payments to Pension Funds:
« non non nn
1 . F o r the Employees’ Pension F u n d ................... 6 , 0 0 0 , 0 0 0 . 0 0
2 . F o r t h e Women Employees’ Pension Fund 1 , 0 0 0 , 0 0 0 . 0 0
Special allowances granted to the staff, allow­
ances f o r usage at the end of the year, allow­
a n c e for the high cost of living, allowance for
fa m ily e x p e n s e s t o a g e n ts h a v in g a s a la r y n o t
e x c e e d in g

8 .0 0 0

fr a n c s ,

and

a llo w a n c e s

fo r

m u t u a l s e r v i c e s ..................................................................... 1 3 ’

’

V -

8 8 .5 1 4 .6 0 4 .0 2

Leaving the net commercial proceeds.............................. Fr.366,400,831.25
T o theso proceeds are added:
q 090
no
T h e rediscount of the second half-year 1917--------’
’
'
Tho amount brought forward on new account from the second
4,085.690.21
half-year 1917-------------------------------— -------------------------- _
.Fr .374,310,059.46
Total
From this total o f 374.316,059.46 francs there must be de­
ducted:
1. The sums paid:
To the State as general or special taxes and
royalties. . . ...........................- - - - - - -Fr.33.138.218.01
T o the standing fund established with a
view to permitting the payment to the
State of the levy of 200 millions on the
unusual profits of the period from Aug. 1
1914 to the end of the fiscal year 1917------20,000,000.00
To tho reserve fund by right of the levy on
the unusual profits of the fiscal year 1918
(law of Dec. 20 1918)................................
MO 00
T o the fund for risks.................. - ................. 6,000.000.00
To the reserve for bills dishonored............... 5.000.00U.UU
To tho fund for enlarging the Central Bank.25,000,000.00
T o the reserve for Improvements in the
branch banks.......................... ......... o a m ava'nn
2. The rediscount of the second half-year 1918- 8,433,478.00
3. Tho amount brought forward on now aoaccount for tho second half-year 1918-— 1.854.440.72^

So

^

^

^

«lent 21 1914
S A
u ' i r - r
6 , effected only at « » » * • « * £ •
stipulates that the additional interest o f 2% must be paid to the reserve
fUThe same disposition must be mado o f the levy of 50% on tho proceeds
o f the advances to the State and the levy o f 85% on the Proceeds o / the
discount of French Treasury bonds to foreign governmentsfixed byA rtW e
2 o f our agreement of Oct. 26 1917, ratified by the tow of Dec. 20 1918.
2 The said agreement provides further that the reservo fund shall receive
a payment of 200 millions.
n
o« 1 01 7
This payment for tho period running from Aug. 1 1914 to Dec. 31 1917
and thoPlevies above mentioned, starting from Jan. 1 1918. take the place
In t h o c a s o o f t h e bank, of taxes on war profits.
.
...
On Dec. 24 1918, the special reserve fund had already received 437,414,­
951.57 francs.
, .

Hellenic Loan.

As In preceding years, we Insured in 1918 the service of the 2 * % Hellenic
^The* amount of the coupons paid by us on maturities from April 1 to
Oct. 1 was:




ha. enabled the B a rijto p ay a not dividend

240

43.800.000.00

Dividends and Shares.
The gross dividend of the first half-year 1918 was fixed at...........Fr.l26.315
That of tho second half-year at---------------------- ----------------------------' _
O rfor the year....................................................................................
corresponding to a net dividend, tax deducted, of.......................F r.2 4 0 .0 0
which makes tho rate of capitalization of the stock at Its present market
PrT to dlvidtnd on tho 182.500 shares of the Bank is payable in Paris to
l l S 7 stockholders possessing 90.938 shares, and in the branch banks and
auxiliary bureaus to 22,280 stockholders, possessing 91,562 shares.

A ug . 30 1919.]

THE CHRONICLE

133,145 shares belong to persons having free disposal o f tholr goods,
and 49,355 to married women, minors, persons declared incapable of
conducting their own affairs, &c., who cannot give up their stocks without
certain authorizations or formalities.
On Dec. 24 1918 our stockholders were divided in the following manner,
as regards the number of shares they possessed:
Stockholders possessing 1 sharo-------------------------------- --------------------- 11,958
••
“
2 shares....................... - ........... _....................... 7,374
“
“
from 3 to 5 shares______________________ 7,357
3,776
"
“
from 6 to 10 shares______________
“
“
from 11 to 20 shares_____________________ 1,764
“
“
from 21 to 30 shares_____________________
680
403
“
“
from 31 to 50 shares_____________________
“
“
from 51 to 100 shares_____________________
232
“
“
moro than 100 shares_____________________
103
Total ................ ............................................... ................. ..................... 33,647
The number of persons possessing a single sharo forms moro than onothlrd of the total, and the proportion o f persons possessing one or two
shares exceeds 57%.
*
*
*
*
*
*
*
*
In concluding this summary of our transactions during the last year of
the war, let mo express our confidence in the future.
During those four years the nation has seen its economic system sub­
jected to tlio most formidable test. It lias come through in triumph. The
entire country has shown itself wonderful in its stoical and Indomitable
energy. Its will to resist and to labor has vanquished tlio destructive
forces roused against it. It emerges from this terriblo struggle, greater
because o f tlio victory, resolved to pursue tlio work o f reconstruction
with tlio samo ardor, tho samo courage, the samo persistence.
Wo shall support its efforts to just as great an extent as tho doinands for
a prompt monetary restoration allow. Wo shall promote with all our
power tho work of recovery and progress to which tho country will now
apply itself, in tho security o f a just and civilized peace.
It is a great and noble task which tho Hank will havo to accomplish.
It will dovoto itsolf to this, faithful to its past, now and old, in which it
takes legitimate pride, strong in tho confidence o f which the Government
and Parliament havo just given such ample proof.

(&\xxxzw\ gixcuts and g is n ts s im is
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.

The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis­
count basis of 5 lA % , tho rate recently prevailing. The bills
are dated Monday, Aug. 25.
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.

Tho fourth block of the French Treasury bills which, as
announced by us on Aug. 2, aro being offered in the market
up to an amount of $50,000,000, as market conditions
justify and on much tho samo scheme as the British Treasury
bills, were disposed of by J. P. Morgan & Co. this week.
Tho offering in any one week is limited to $5,000,000.
Tho rate on tho bills is 5J^%. Those in this week’s offering
aro datod Aug. 29.
NEW CREDIT TO ITA LY .

The Treasury Department yesterday (Aug. 29) extended
a credit of $9,100,000 to Italy making tho total advanced
to that country $1,001,775,945, and bringing the total
credits thus far established by tho United States in favor of
all tho Allies up to $9,072,272,568.
RUSSIAN NATIONAL DEBT.

829

loan to Poland, either Governmental or commercial,”
incidentally notes that “British bankers did not regard with
enthusiasm the activities of American bankers in financing
European countries, but that they felt there was no alterna­
tive if these countries were to be financed.” The following
is the representatives’ report as printed in the “Journal of
Commerce”:
Referring to your cable instructing us to get tho British attitude on the
matter of a loan to Poland, I drafted tho following cable, which was sent in
code:
“ No loan to Poland contemplated hero at the momont, cither Govern­
mental or commercial. Commercial crodits to a limited extent secured by
acceptances being considered for Eastern European countries as a whole,
but plans as yet unformulatcd. A committee representing the Treasury,
tho Board of Trade and the bankers is discussing ways and means toward
this end. Walter Leaf, Chairman, London County, Westchester and
Parr’s Bank, is on this committee and states bankers will not act without
co-operation of tho Government.”
“ Treasury officials state they aro not disposed to give the banks such
guarantees. Neither banks nor Treasury is disposed in any event to make
loans to Eastern European governments. Loans to industries in those
countries will be limited by the inability of Groat Britain to extend credit
because of her own needs and because of fear of security. Polish repre­
sentatives have been in London soeking loans with little success. Treas­
ury officials and bankers express themselves as quite agreeable to American
loan to Poland, either Governmental or commercial.”
Elaborating my conversation with Walter Leaf, I wish to say that Mr.
Leaf stated that British bankers did not regard with enthusiasm the ac­
tivities of American bankers in financing European countries, but that they
felt tliero was no alternative if these countries were to bo financed. Mr.
Leaf said very frankly that Great Britain could do very little financing on
tho continent o f Europe and Mr. Niemeyer of the Treasury said the same
thing. Tho bankers here feel that this is another evidence of their tem­
porary loss of financial supremacy, but they hope to soon begin to win back
their preeminence and then, as he said, they will begin to compete actively
with American bankors for this continental business.
Mr. Leaf was quite emphatic in saying that the bankers are opposed to
any further loans to governments
Ho said the bankers had been fighting
against Governmental loans for some time. The Treasury, too, is not
disposed to mako Governmental loans, and it may be recallod that Mr.
Vanderlip upon his return put emphasis upon the samo point. Tho thing
of primary importance is tho industrial rehabilitation of Europe, and there
can bo no guarantee that this will bo accomplished except by direct loans
to Industry socurod by trade bills, which in themselves will be evidence that
tho money is going into Europe.
Your cable did not state whether the loan to which you referred was to be
Governmental or commercial, but since it was for railroads and utilities, and
sinco the matter of commercial loans is being handled as one proposition for
all of Europe by tho New York bankers in co-operation with the American
Government, wo concluded that your inquiry pertained to a loan direct to
tho now Polish Governinent.
I have talked with a number of bankers, and at m y request the matter
was discussed by the Treasury officials who have in charge the extending of
loans, so that I think our cablegram is based on a true reflection of the at­
titude of the banking world and of tho Treasury.
I may say further that the bankors and the Treasury officials all feel
that aside from tho limitations on lending, which their own requirements
mako necessary, they are extremely skeptical of tho socurity, oithor of the
Government themselves or of tho socurity which the banks in those coun­
tries are in a position to offer. In view of the political situation, the sta­
bility of tho governments of Eastern Europe is extremely doubtful, and this
factor makes hazardous lending to industry itself. It may bo necessary,
for broad humanitarian reasons, to assist, these countries, but our Govern­
ment should do so with its eyes open and realizing that it may nover recover
Its outlay.

TENDERS FOR RUPEES ON ACCOUNT OF IN D IA N
GOVERNMENT.

Tho Bank of Montreal, as agent for the Secretary of State
for India, in Council, announced on Thursday last that the
offering of telegraphic transfers on Calcutta for 3,000,000
rupeos on account of the Indian Government had resulted
in tho receipt of tenders for more than 16,000,000 rupees.
Tho avorago rate bid by successful tenders, it is stated,
was slightly over 43 cents por rupee.

S. Ughot, Russian Financial Attache to the Russian
Embassy, made public the following extracts on Aug. 21, SEWARD PROSSER IN ANSWER TO SENATOR OWEN
from tho explanatory memorandum to the Russian National
ON PROFITS IN LOW EXCHANGE RATE.
Budget of 1919 prepared by the Ministry of Finance in A denial that banks are profiting 1)3’ the low rate of ex­
Omsk.
change, as contended by Senator Owen, was made b3r Seward
Tlio total of tho Russian National debt on January 1 1919, amounted to
50,926,344,402 roubles of which 8,637,283,265 roubles represent the pre­ Prosser, President of tho Bankers Trust Company of this
war debt. Tho war debt consists of 33,661,784,300 roubles of interior city, in tho following statement appearing in the New York
war loans, and 8,627,276,837 roubles of foreign was loans made up as fol­ “Journal of Commerce” on Aug. 26:
lows:
718,881,000 £ sterling in England; 3,055,000,000 francs in Franco;
135,500,000 yens in Japan; 221,000,000 lires in Italy and 5273,729,500 In
America.
For mooting tho interest on tho loans there has boon allocated 1,428,763,­
323 roubles of which 383,117,690 gold roubles for interest on foreign war
debt; for amortization there has boon assigned 58,832,843 roubles.

GREAT B R ITA IN ’S A T T IT U D E TOWARD LOAN TO
POLAND.

In the Now York Journal of Commerce of Aug. 21 Senator Owen is quoted
as saying that tho largo premium which is now being paid for American
dollars by British French and Italian importers was profit to the banks
mainly and that the banks eventually or their correspondents collected
those amounts In excess of face values.
This statement shows a complete misunderstanding of the function_of
the banks in dealing in foreign exchange. Practically speaking the banks
act merely as brokers in exchange transactions. They execute orders from
their customers to buy or sell exchange at the market price of the moment
and charge for the service a commission usually ranging from y% of 1% to
sometimes less than 1-10 of 1% depending on the size and character of
tho transaction which charge is included in the rate of exchange.
In order that tlio banks might profit along tho linos suggosted by Senator
Owen tlioy would themselves havo to purchase tho exchange created by
these commercial transactions and hold it hoping for an improvement in
tho market with all Its attendant risks. If operations of this kind had
been tho practice in tho past they would now' show largo losses to the ba ks
as is easily realized when the decline in tho exchange market is considered.

Advices from representatives of Great Britain to the effect
that no Government loan to Poland is contemplated havo
boon received by tho Bureau of Foreign and Domestic Com­
merce at Washington, it was announced in a Washington
dispatch to tho Now York “Journal of Commerce” on Aug.
28. This roport, while stating that “Treasury officials and Senator Owen’s remarks were referred to in these columns
bankors express themsolves as quite agreeable to American last Saturday, pago 731.




830

[V ol . 109.

THE CHRONICLE

BANK OF ENGLAND REDUCES INTEREST ON FOREIGN
BALANCES TO 3 % .

Private cable advices to banking interests in New York
on Thursday reported the Bank of England as reducing its
rate of interest on foreign balances from 4 % to 3%. Ths
New York “Times” in commenting on the report yesterday
said:

As nearly as could be determined what happened was that the Bank of
England lias ceased to pay 4 4 % on deposits made with It by joint stock
banks o f money representing foreign balances on deposit with the latter.
The joint stock banks have been paying 4 to 4K % on these foreign balances.
Now the Bank o f England will pay 3% and bankers hero expect that the
joint stock banks will make corresponding reductions in their rates, if
American balances in London were largo this might have an effect by
t ending to take American money out o f the London banks and put it into
the London market for short-term paper. American balances however
are said to be small so that the ruling will hardly mako much difference.
As it Is, some flow into British Treasury paper is looked for.

In stating that bankers here characterized the reduction
as a logical move, the New York “Tribune” of yesterday
said:

The Bank had been paying more on these deposits than it was getting on
its own loans’ many o f which were made at 3 4 % • The high rate which
was instituted on Nov. 15 1915 was designed to attract funds to London
and keep that city tho world's banking centre. In January the bank re­
duced the rate as applied to French Italian and Belgian balances, because
the exchange rate in relation to those countries was in favor o f London and
there was no need o f artificially acting to stabilize exchange which the
higher rate was supposed to do.
The new reduction is directed chiefly against American deposits but
bankers here declare that American deposits in London havo been per­
mitted to drop to a low sum during the weeks of declining sterling exchange.
Therefore the practical effect of the action is not expected to be great.
The cutting down o f tho rate was characterized as a recognition that tho
high rato had been ineffective.
Bankers here regarded tho decision o f the Bank of England as another ex­
pression o f the policy o f British bankers and Treasury officials not to take
any artificial steps to keep the pound sterling from depreciating. Sterling
dropped almost two cents when tho nows of the bank’s action was received.
At present the only unnatural condition associated with tho sterling mar­
ket is tho embargo on gold and much sentiment oxists ih Great Britain for
the gradual relaxation of this restriction. The removal of restraints on
South African gold is a step in tills direction. Bankers anticipate large
shipments of gold from tho mines to this country as tho premium of tho
dollar offers a great Inducement to the owners o f the metal.

N . Y. FEDERAL RESERVE BANK ON INTERRU PTION
OF SAN FRANCISCO M A ILS IN C ID E N T TO STRIKE.

3. Tho Secretary of the Treasury has authorized tho Federal Reserve
banks on anti after Tuesday, Sept. 2, to redeem in cash beforo maturity
at tho holder’s option, at par and accrued Interest to the dato of such op­
tional redemption. Treasury certificates of indebtedness of Series V J,
dated April 10 1919 and maturing Sept. 9 1919.
Tho minimum amount of subscriptions for Series B certificates asked for
was 5500,000,000 and the total subscriptions aggregate $532,152,000.
Payment for certificates of this issue was mado in certificates of other series
in tho approximate amount of $14,300,000. All Federal Reserve districts
■xcept Richmond equalled or exceeded their quotas.
The results for Series B, 1920, by Federal Reserve districts which are
ranked in the order of tho percentage o f their aggregate subscriptions to
aggregate quotas for both issues of the 1920 series to date are as follows:
Per Cent
Subscriptions
Quota
Both Issues.
This Issue.
This Issue.
District—
127.5
$14,429,000
Dallas_________________ . $12,000,000
116.2
201.904,500
New York............ ......... . 169,600,000
107.3
70,582,000
C hicago______________ . 70,000,000
106.9
37,300,000
San Francisco............ . . . 35.300,00..
105.6
20,569,000
St. L o u is...................... . 20,000,000
103.7
15,427,500
Atlanta_______________ . 14,600,000
102.7
36,276,009
Philadelphia .................... . 35,300,000
100.6
17,300,000
Minneapolis.................... . 17,300,000
100.5
20,238,500
Kansas C ity___________ . 20,000,000
45,319,000
Cleveland_____________ . 45,300,000
99.0
43,855,,r00
Boston_______ _____ — . 43,300,000
54.1
8,951,000
.
17,300
000
Richmond_____________

lr.o.o

Total............................ .$500,000,000

$532,152,000

SUBSCRIPTIONS TO FIRST ISSU E OF TREASURY
CERTIFICATES ACCEPTABLE IN PA Y M EN T
OF GOVERNMENT NOTES.

The first offering (on July 25) of Treasury certificates
acceptable in payment of Government notes was announced
in tho “Chronicle” of Aug. 2, page 430. Theso certificates,
Series A-1920, are dated Aug. 1 1919 and aro due Jan. 2 1920,
and bear interest at 4 }^% .
$533,801,500, as follows:

Quota.

The subscriptions amounted to

Subscription.

$16,185,000
79,723,000
192,326,000
21.700,000
38,175,000
36,264,500
14,858,000
17,514,000
45,330,000
2 0 ,000,000
41,935,500
9,790.500

Dallas...................... ___ $12,000,000
Chicago---------------- ___ 70,000,000
New York________ ___ lt'9,600,00
St. Louis_________ . . . 20,000,000
San Francisco-------- ___ 35,:oo,ooo
. 35,300,000
Philadelphia----------Atlanta___________ ___ 14,600,000
Minneapolis........— ___ 17,300,000
Cleveland...... ........... ___ 45,300,000
Kansas City_______ . . . 20,000,000
Boston____________ ___ 43,300,000
Richmond_________ ___ 17,300,000

Per Cent.
134.8
113.8
113.3
108.5
108.1
102.7
11.7
V 1.2
lOO.o
1 0 0 .0

96.8
The Federal Reservo Bank of New York on Aug. 28
56.5
issued a notice for the information and guidance of banking
institutions using its transit facilities that telegraphic advice Total..................... ___ $500,000,000
106.7
$533,801,500
has been received from the Federal Reserve Bank of San
Francisco stating that on account of the railroad strike in THIRD ISSUE OF TREASURY CERTIFICATES ACCEPLos Angeles all mails to and from California have been
TABLE FOR GOVERNMENT NOTES.
delayed since Aug. 21 1919, and that commencing that The third issue of Treasury certificates of indebtedness
morning there was a strike affecting all mail in and out of acceptable in payment of Government notes was announced
San Francisco.
by Secretary of tho Treasury Glass on Aug. 25. This issue,
Series C-1920, is dated and bears interest from Sept. 2 1919
TREASURY DEPARTM ENT'S FIN A N C IA L PROGRAM and is payable Feb. 2 1920, with interest at 4
As indi­
FOR SEPTEMBER—SUBSCRIPTIONS TO SECOND
cated with the announcement of Secretary Glass regarding
ISSU E OF TREASURY NOTE CERTIFICATES.
the Treasury Department’s program for tho next few weeks
Along with the announcement as to the subscriptions to (given elsewhere in to-day’s “Chronicle”), thero is no fixed
the offering of Treasury certificates of indebtedness, Series B, minimum amount for this issue, and the offering will not
1920, acceptable in payment of Government notes, Secre­ remain open for any stated period, but will bo closed without
tary of the Treasury Carter Glass on Aug. 22 indicated the notice. He likewise announced that tho “Federal Reserve
financial program of the Treasury Department for the next banks will not assign quota in respect to this issue to the
few weeks, making known a third offering of loan certifi­ banking institutions in their districts.” The offering is
cates. Tn announcing this offering (Series C, 1920), Secre­ announced as follows by Secretary Glass:
tary Glass said that there would be no fixed minimum
TREASURY DEPARTM ENT.
Office of the Secretary, Aug. 25 1919.
amount, and that the issue would not remain open for any
Department Circular No. 161 (Loans and Currency)
stated period. He also said there would be no issue of loan
Tho Secretary of the Treasury, under tho authority of tho Act approved
certificates Sept. 15. Details of the offering of Series C, Sept.
24
as amonded, offers for subscription at par and accrued inter­
1920, are given in another item in to-day’s issue of our paper. est through
the Federal Reserve banks. Treasury certificates of indebted­
Below wo give tho Secretary’s statement (made public ness, Series C, 1920, dated and boaring interest from Sept. 2 1919, payablo
with interest at tho rate of
per annum.
Aug. 25) showing tho results of the offering of certificates, Feb.'
will bo received at the Federal Reservo banks.
Series B, 1920, dated Aug. 15 1919 and payable Jan. 15 1919, Bearer certificates,
without coupons, will be issued in denominations of
and to which reference was made in our issue of Aug. 9, $500,
$1,000, $5,000, $10,000 and $100,000.
* Said certificates shall be oxempt, both as to principal and interest, from
page 532:
all taxation now or hereafter imposed by tho United States, any State or
Washington, D. C., Aug. 22 1919.
191".

2 1920,
A p p lication s

Tho second semi-monthly Issue of Treasury certificates of indebtedness,
Series B, 1920, in pursuance o f tho program for financing the current
necessities o f tho Government set forth in Secretary Glass's letter of July 25
1919 to all banks and trust companies, was oversubscribed.
• The splendid response o f the banking institutions o f the country to the
Treasury's plan for financing the current needs o f the Government as set
out in tho Secretary’s letter of July 25 gives assurance that the Treasury
may count upon unqualified and amplo support whenever needed. The
success of tho first two issues, which roa lzed a total o f •51,065,953, 500, has
placed the Treasury in a very satisfactory cash position. This makes it
possiblo to make the following announcement as to tho program for the
next few weeks:
1. There will be no fixed minimum amount for tho issue o f loan certifi­
cates dated Sept. 2 and maturing Feb. 2, Series C, 1920. The issue will
not remain open for any stated period, but will be closed without notice.
Federal Reserve banks will not assign quota in respect to this Issue to the
banking institutions of their districts.
2. There will bo no issue of loan certificates upon Sept. 15. An issue or
issues of tax certificates of longer maturity may bo substituted.




4 ,4 %

any of the possessions of tho United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (5) graduated additional incoino
taxes commonly known as surtaxes, and oxcess-proflts and war-pfttfits
taxes, now or hereafter Imposed by the United States, upon tho Income or
profits of individuals, partnerships, associations or corporations. Tho
interest on an amount of bonds and certificates authorized by said Act
approved Sept. 24 1917 and amendments thereto, tho principal of which
docs not exceed in the aggregate $5,000, owned by any individual, partner­
ship, association or corporation, shall bo oxempt from tho taxes provided
for in clause (&) abovo.
If any notes should bo offered for subscription by tho United States after
tho offering and beforo the maturity of such certificates, and tho subscrip­
tion price of such notes or tho first Installment thereof bo payable on a dato
occurring at or beforo tho maturity of such certificates, then on and after
such dato («) such certificates will bo accepted at par with an adjustment
of accrued interest in payment on tho subscription price, when payablo,
at or before tho maturity or redemption of such certificates, of any such
notes subscribed for by and allotted to holders of such certificate's: and (6)
upon ten days’ public notico given in such manner as may bo determined

A ug . 30 1919.]

THE CHRONICLE

by the Secretary o f tho Treasury the certificates o f this series may bo re*
deemed ns a whole at par and accrued interest. The certificates of this
series do not bear tho circulation privilege, and will not be accepted in
payment o f taxes or on Victory Loan subscriptions.
The right is reserved to reject any subscription and to allot loss than the
amount of certificates applied for and to close the subscriptions at any time
without notico. Payment at par and accrued interest for certificates
allotted must bo made on or before Sept. 2 1919 or on later allotment. After
allotment and upon payment Federal Reserve banks may issue interim
receipts ponding delivery o f tho definitive certificates. Any qualified
depositary will bo permitted to make payment by credit for certificates
al otted to it for itself and its customers up to any amount for which it shall
be qualified in excess of existing deposits, when so notified by tho Federal
Reserve Rank o f its district. Treasury certificates o f indebtedness of
Series VJ, maturing Sept. 9, and VK, maturing Oct. 7 1919, and o f Series T4
and T6, maturing Sept. 15 1919 (with any unmatured interest coupons
attached), will be accepted at par with an adjustment o f accrued interest
in payment for any certificates o f the Series C , 1920, now offered which
shall lie subscribed for and allotted.
As fiscal agents of tho United States, Federal Reservo banks are author­
ized and requested to receive subscriptions and to make allotment in full
in tho order of the receipt o f applications up to amounts indicated by tho
Secretary o f tho Treasury to tho Federal Reserve banks o f the respective
districts.
CARTER GLASS, Secretary of the Treasury.

S31

Tho price for Nos. 1 and 2 Northern remains the same as last year,
$2
for No. 1, and $2 184S for No. 2 at this terminal. Other prices
follow:
No. 3 Northern, $2 15H: No. 4 Northern, $2 1 1 and No. 5 Northern,
$2 07H.

Washington press advices, Aug. 28, had the following
to say regarding the new prices:
New prices fixed by the United States Grain Corporation for the lower
grades of wheat will result in northwestern wheat growers, particularly
thoso in Minnesota, North Dakota, South Dakota and Montana, receiving
many millions of dollars more for their crops this year. Representative Young
North Dakota, said to-day, after receiving the Grain Corporation’s order.
The light weight wheat was produced entirely in those four states this
year, Mr. Young said. He added that the prico of flour was not likely to
be affected, because the millers based their price upon No. 1 wheat, which
remained unchanged.
The order of the Grain Corporation was issued after officials and members
of Congress from tho four States had appealed to Mr. Raraes at New York
on Tuesday for a ruling establishing a higher price than had been paid.
Congressmen and State officials now in Washington expressed satisfaction
when infonned of the ruling. Railroad Commissioner Aandahl of North
Dakota said it would save “ $10,000,000 for North Dakota farmers.”

Announcement that the United States Grain Corporation
would at once declare the basis on which it will purchase
the various lower qualities of wheat was made on Aug. 26
COUPONS ATTACHED TO VICTORY LIBERTY LOAN by Mr. Barnes, United States Wheat Director, following
NOTES.
an all-day meeting at the offices of the Corporation in
The Federal Reserve Bank of San Francisco has issued New York, during which Mr. Barnes discussed wheat
tho following advices (under date of Aug. 20) regarding grading and prices received by farmers for wheat with various
coupons attached to Victory Liberty Loan notes:
members of Congress, representatives of farmers’ organi­
All registered Victory Liberty Loan Notes o f tho 3
and \% % issue zations and Vice-Presidents of the Grain Corporation. With
have attached an interest coupon covering interest from M ay 20 1919 to
Doc. 15 1919, Inclusive, a period o f six months and 27 days. Interest regard to the conference on the 26th and its conclusion an
on such registered notes, payable after Dec. 15 1919, will bo paid by tho announcement issued at the offices of the Corporation said:
Treasury Dopartmont direct to tho registered owner of the noto, by check,
In tho usual manner.
Tho coupons attached to registered Victory Liberty Loan Notes are
payablo to bearer. T o bo protected properly whon forwarding thoso notes
through tho mails, tho owners should Insuro tho face value o f tho coupons
attached to such notes, when such value is in excess o f $50.
On original deliveries o f registered notes with coupons attached, insurance
is effected by this bank without charge to tho subscriber. The Treasury
Department does not authorize us to pay the cost o f insurance on notes or
bonds forwarded for conversion, exchango or transfer.
Upon request from banks, bankers and trust companies, iasuranco cover­
ing coupons on registered Victory Liberty Loan notos forwarded for con­
version, oxchango or transfer will bo placed by us if Form 5 LL 17A, “ Notico
o f Shipmont of Victory Liberty Loan Registered Notes for Conversion and
Roquest for Insurance” (enclosed In our Governmonf Rond Lotter No. 99,
dated July 10 1919), is properly filled out and forwarded to this offico.
Form 5 LL 17A should bo forwarded to us under soparato cover by ordinary
mail on tho day tho notes aro shipped. A check for tho postago and insur­
ance charges should bo enclosed with the notes.

BASIS ON W H ICH U. S. GRAIN CORPORATION WILL
PURCHASE LOWER W HEAT Q U A LITIES.

On Aug. 27 the United States Grain Corpration issued
through its various zone offices to tho 20,000 licensees buy­
ing wheat from tho producers a complete scale of discounts
for lower grades of wheat which was decided upon after two
days of consideration of tho problem raised in respect to this
year’s crop owing to tho largo percentage of the crop which
has suffered from the effects of adverse weather during the
growing season. These discounts, according to a statement
issued at tho offices of tho Grain Corporation, 42 Broadway,
aro calculated to give tho producer the benefit of every
doubt as to tho relative valuo of light weight wheats, in ordor
to protect as far as possible those producers in wide sections
that have suffered unfavorable crop developments with the
production of an unusual quantity of lower grade wheat.
The announcement of the 27th said:

This scalo is cffectlvo Sept. 2nd, and all dealers will bo required to pay
producers not less than tho proper country point reflection of tho terminal
guaranteed price for No. 1 Wheat and with the rolation for other grades
as follows:
No. 2 Wheat........................................................
3 cents under No. 1
No. 3 Wheat------------------------------------------------------------- 3 cents under No. 2
No. 4 Wheat.......... ............................................................. 4 cents under No. 3
No. 5 Wheat----- -----------4 cents under No. 4
For all wheat otherwise conforming to tho specifications of No. 5 or
better, but deficient in test weight, discount No. 5 prico threo cents for
each ono pound deficiency in test.
Wheat grading below No. 5 for reasons other than deficiency in test
weight shall bo bought on its relativo merits.
Smutty Wheat—T o bo discounted for 2 cents, for slightly smutty, to
larger discounts, according to degree of smut.
Mixed Wheat— Will bo taken at discounts ranging from 2 to 5 cents
according to quality, in tho Judgment of each Vico-Prosidcnt.
Mixed Wheat and Rye Grading “ Mixed Grain” — Will bo discounted as
follows: Estimate tho average valuo of tho wheat and ryo separately at
thoir proper valuo and in their proper proportion (figuring the ryo at 60
lbs. per bus.) mako allowance for dockago or other inseparable foreign
material, and mako such deduction as seems justified, but not less than 5
cents per bushel as a penalty for tho mixturo.
Garlicky Wheat—T o bo discounted at 2 cents.

Concerning tho new scale of prices posted on the trading
floor of tho Minneapolis Chamber of Commorco, on Aug. 28,
in accordance with tho announcement of Julius H. Barnes,
head of tho Grain Corporation, Minneapolis prices, advices
of that dato said:




At tho close of the meeting Mr. Rarnes stated that the Grain Corporation
would follow this course as a protection to tho producer against under­
payment of the proper relative valuo of his wheat and in order to reassure
country buyers of the ultimate value of lower grades on arrival at tho ter­
minals. For two years it has not been necessary for the Grain Corporation
to announco a basis on which it would buy lower qualities because of the
preponderance of high grades of wheat in past crops.
The Wheat Director urged that every possiblo consideration bo given the
producer, unfortunate now in the character of his yield, and the establish­
ment of a basis as close to the guarantee price of No. 1 as could bo justified
by Interpretation in favor of the producer of each practical dodbt.
In discussing the conference Mr. Barnes pointed out that the relative
prices which the Grain Corporation might fix would bear a relation to the
guaranteed price at the terminal markets only and not to the current price
which in such markets as Minneapolis is ruling 30 to 40 cents above the
guarantee basis, and that no attempt would be made by the Grain Corpo­
ration to reflect any premium basis above tho actual guarantee price. He
added that with tho execution of 17,000 contracts between the Grain Cor­
poration and country mills and dealers any producer who felt that he was
not being fairly treated in grades and price could, by submitting a sample
through tho mails, receive a decision, binding on the buyer, as to the proper
relation to the guarantee No. 1 price at the terminals, but not as to its
relation with any premium basis currently ruling in the terminals and outside
of tho Grain Corporation buying.
Threshing and marketing in tho Northwest have now reached a stage
demonstrating the large proportion of the crop shrunken and damaged by
heat and premature ripening. Flour qualities of much of this wheat appear
tb be excellent owing to its high gluten strength and low per cent of moisture
content. Because of this shrinkage in tho berry many producers in the
Northwest aro securing yields as low as four to six bushels, where fifteen to
twenty had been confidently expected.

Those in attendance at the conference with Mr. Barnes
to fix the fair relation at which the lower grade and damaged
qualities of this year’s wheat crop should bo bought by the
Grain Corporation as compared with the guarantee price of
No. 1 wheat were Congressman George M. Young, Sidney
Anderson, Andrew J. Volsted, Craig Steenerson, John M.
Baer, Carl W. Riddick and J. H. Sinclair, Dr. Ladd of the
North Dakota Agricultural College, O. P. B. Jacobson of the
Minnesota Railway and Warehouse Commission, D. P.
O’Neil, State Board of Appeals of Minnesota; I. J. Murphy,
Railroad Commissioner of South Dakota; H. N. Owen,
Editor of “Farm, Stock and Home,” Minneapolis; J. N.
Anderson of the Equity Co-operative Exchange of St. Paul;
S. A. Aandahl of North Dakota, and N. J. Holmberg and
A. C. Smith of Minnesota.
BREAD CARD SYSTEM IN SWITZERLAND TO BE
ABANDONED SEPTEMBER 1.

Indications of the improved food situation in Switzerland
wero contained in the following press dispatches from Berne
under dato of Aug. 15:

Owing to tho improved supply of foodstuffs, the bread card will be abol­
ished in Switzerland on Sept. 1. Tho card for the distribution of fats
disappeared two months ago, but cheese and milk aro still being sold under
____ __________________________
that system.

NATIONAL FARMER'S ORGANIZATION URGES CO­
OPERATION AS FU N D A M EN TA L TO CURB COST
OF LIVING—PROPOSE LEGISLATIVE ACTION.

A delegation of tho National Federation of State Farm
Bureaus, representing farmers from every section of the
country conferred with President Wilson on August 14, at
which time thoy expressed their views on the high cost of living
—its causes and the remedy. The abnormal and unexampled

832

THE CHRONICLE

high prices, they said, were not the result of profiteering on
the part of the producer, but were attributable to a com­
bination of causes, among which were: profiteering and spec­
ulation by the middleman, extravagance by the public,
strikes and stagnation in the production of manufactured
goods and prepared foodstuffs. In conclusion they urged
as a solution of the problem that capital and labor cooperate
with the farmer and “if increased production will clarify
the situation, the American farmer will jointly, with all of
his fellow-citizens buckle his belt for a most strenuous
campaign for production; but here again he is determined he
will not work alone.”
The statement of the farm organizations delegates to
President Wilson on Aug. 14 and other details relative thereto
were given in Washington advices of the same date to the
N . Y. “Times” as follows:
The delegates, from bureaus in Ohio, Indiana, Illinois, and Iowa, were
with the President for nearly an hour, and were apparently well satisfied
with the result o f their interview. They urged the President to let wheat
alone, and stated that he had said the Government was not disposed at
this time to interfere with the price of wheat. He added, they said, that
he was working out a solution o f the problem entirely along the lines which
ho had suggested in his address to Congress.
The farmers had prepared a statement which dealt in some detail with
their viewpoint, and emphasized that it was essential that they should know
what the future held in store for them, as the time had come when they
must plan for the 1920 harvost.
In presenting their argument the delegates cited their dinner at what
they described as a "modest hotel” in Washington to illustrate their con­
tention that profiteering is being carried on by agencies between the pro­
ducer and the ultimate consumer. Five of them paid $11 for a none too
elaborate dinner, exclusive o f tips. Their figures showed that of the $11,
82 cents had gone to the farmers who produced the food.
“ Food on the table costs out o f all proportion to tho prico to the producer,”
they told tho President. “ Part o f this is due to tho short hours and high
wages o f labor, part to tho exorbitant prices of the soveral middlemen
between the producer and the consumer, and a considerable part to tho
extravagant practices o f the consumer in purchasing.
"Without going into an analysis o f who gets it, compare the difference in
price o f choice beef on tho hoof at 18 cents per pound with that of a moderate
meal for five at one o f Washington’s modest hotels, tho meal consisting of
steak, potatoes, corn, bread and butter, and coffee, and costing $11.
“ Of this $11, the producer of tho food, the farmer, got about as follows:
"Beef, two pounds, 36 cents; potatoes, 13 cents; bread, 2 cents; butter,
7 cents; coffee, cream and sugar, 4 cents; com , 20 cents; making a total of
82 cents. This is about 7% o f the total.
“ A 50% reduction in the price o f these products to the producer would
have lessened tho total cost of the whole meal on the hotel table only 41
cents, smaller by half than the customary 10% tip, which by the way is not
included in the above price for the meal.
“ This illustration shows the extremes o f exorbitant profits o f tho middle­
men and o f extravagant practices o f the consumers in purchasers, including
probably all the evils that are contributing in large measure to the high cost
o f living to the consumer. A reduction to the producer in tho price of these
foodstuffs to a point which would stagnate production o f grains and meats,
would have an inconsequential effect upon final prices to the consumer.”
Tho five delegates who ate the $11 dinner were J. G. Crocker, President
of tho Nebraska Farm Bureau; O. E. Bradfute, President of tho Ohio
Bureau; J. G. Brown, President o f tho Indiana Bureau; J. R. Howard,
President o f the Iowa Bureau, and D . O. Thompson, Secretary of tho
Illinois Bureau.
“ The high cost o f living," asserted the committee, “ is not due to tho
original price o f tho farm products to tho grower. The Government mini­
mum price for wheat does not determine the cost of a loaf o f bread. Fixing
a resale price at $1 50 per bushel would affect very little, if reflected to the
consumer, tho cost o f living for the average family.
“ The high cost o f living is not due to the storage of meats, vegetables,
fruits, eggs, and poultry in the season when these aro produced in surplus
against the season o f short supply. Food storage for speculative purposes
is intolerable.
“ Tho high cost o f living is not due to exportation o f food and clothing
any more than it is due to our heavy exports o f manufactured goods,
machinery, &c., o f which the farmer is a heavy purchaser. An embargo
on foodstuffs to bring down the high cost o f living will bo as demoralizing
to American agriculture as tho embargo placed on foodstuffs was to French
agriculture in the time of Louis X IV .
“ Moreover, the high cost of living is not merely a local or national consid­
eration. It is a world matter. Applying a first aid remedy at homo to
create and foster anarchy and revolution abroad should not bo the policy
of tho United States even at this critical juncture.
“ This question o f lack o f economy in public spending was brought within
the focus o f the American public’s attention early in July, when the railway
brotherhoods demanded o f President Wilson that ho bring down the cost
o f living immediately, threatening a demand in wage increase amounting
to a total o f $800,000,000 a year, payable necessarily from one of two
sources, revenues from increase o f freight rates or from a deficiency appro­
priation, either o f which would add to the cost o f living.
“ A lack o f practicing economies in private lifo may be illustrated without
end. Theatres end places o f amusement, resorts and watering places aro
crowded with beautifully gowned women and handsomely tailored men.
The price o f shoe shines has doubled and trebled, yet one must wait his
turn, though ho could shine his own shoes at homo for less than 1 cent.
So illustrations might be multiplied, all showing that lack o f practicing
plain economy is a great contributing factor in maintaining the high cost
of living.
“ The high cost o f living is due to shifting individual responsibility for
the present state o f affairs and each component o f the peoplo of tho nation
seeking self-satisfaction rather than tho answer to the great world question.
This is our national state o f mind. Instead o f doing our national and indi­
vidual best to produce moro goods, so that there will bo enough for all at a
reasonable price, each is trying to better his condition at tho oxpenso of the
other fellow.
“ The high cost o f living is not due to lack o f desire or effort on tho part
o f the farmers to produce to tho limit o f their physical ability. Following
a beautiful promise o f a bountiful wheat harvest a most destructive attack
o f scab and rust cut tho wheat yield very materially. Untimely heat and
drouth shortened the oats crop and adversely affected tho com crop. Tho
'“ u k
strenuous diligence o f the farm operation have, in spito of




[Vol . 109.

these adverse circumstances, put the crop across. Tho farmer has not
struck, walked out, or otherwise slackened in production.
“ The high cost of living is duo to a stagnation in production of manu­
factured goods and prepared foodstuffs. Every labor striko that shuts
down any plant engaged in the preparation of foods or the making o f cloth­
ing, that shuts down a mine or a mill, adds to the high cost o f living.
Shortly after a strike of tho United States yards and packing plant employees
the wholesale price o f fresh meats advanced 15 to 35% , directly due to tho
short kill and consequent small supply of fresh meats.
“ The American farmer does not sympathize with artificial or political
quackery for befogging the real issues, which is impotent to give even passing
relief. The American farmer is willing to squarely meet tho issue. If
prices are cut to the bone all along the lino, farm products, wages, manu­
factured goods, rents, wholesalers' and retailors' profits will bring tho de­
sired result, which he rather doubts. He will go as far along that road as
any, but ho will not go alone. Let tho whole brotherhood of man go the
full route. If increased production will clarify the situation, tho American
farmer will jointly, with all of his fellow-citizens buckle his belt for a most
strenuous campaign of production, but here again ho is determined that he
will not work alone.
" I f capitalistic monopoly- wants enough food produced that it may be
feasted, if organized labor wants food produced that it may be fed, if the donothing dawdlers want enough food produced so that they may occasionally
eat, let them stand forth now at this time, when tho farmer must determine
his 1920 food production program, and declare by deeds— cutting out pro­
fiteering in goods and wages, going honestly to the business of preparing
and purveying the necessities of lifo, going honestly to tho job or doing a
full day’s work for a full day’s pay— their willingness to cooperate. Failure
of these forces to do this now will bo a boomerang, that ere tho next cycle
o f the seasons will effect a condition of living now undreamed o f.”

At a joint meeting of the Senate and House Committees
on Agriculture, Aug. 16, A. M: Loomis, spokesman for the
National Board of Farm Organizations, submitted a plan
for remedial legislation prepared by the farmers’ organization
and which it was claimed would aid in bringing down the
present high prices. Tho suggestions embodied in the plan
were these:

1. Wheat price regulation and all price-fixing on any primary food or
clothing material to be abandoned at end of present crop season.
2. All restrictions and regulations based on war-powers of Congress, in­
cluded in Food Administration activities, to be terminated Immediately
and at tho same time clear definition to be given to the Constitutional
powers of Congress to deal with hoarding, conspiracies and combinations
to enhance prices, waste or destruction of food and similar products, under
peace conditions.
3. Immediate terminations of powers of War Trado Board.
4. Removal of all internal revenue taxes on food products.
5. Revision of tariff schedules to afford protection for farm products
equal to protection of manufactured products.
6. Immediate revision of discount and grading rules especially on wheat
and adequate representation to actual producing farmers in tho formulation
and adoption of grade and discount to bo adopted in futuro.
7. Liberal appropriations for increased work and legislative authority, if
found necessary, to extend activities on Inter-Stato Commerce Commission,
Federal Trade Commission, U. S. Tariff Commission and tho Department
of Justice, on the basis of pre-war statutes.
8. Recognition of organizations of producing farmers in making up the
personnel of committees, boards or commissions to direct enforcement of
existing or proposed laws.
9. Immediate reduction o f Government to conditions as nearly possible
approximating pre-war status by hastened demobilization of fighting forces
supernumerary Government employees and the abandonment of unneces­
sary functions o f Government to tho most economical basis possible to
secure.
10. Enactment of laws to define legality of collective bargaining among
agricultural people.
11. Enactment of laws for safeguarding o f purchasers of animal feeding
stuffs, commercial fertilizer and farm seeds.
12. Appointment of special committee to prepare and issue official state­
ments for the information of the public on tho critical conditions affecting
agricultural production for the coming year.

ATTORNEY-GENERAL PALMER ON FIGHTING FOOD
COSTS AND HOARDING— PROGRESS OF
NEW YORK FAIR PRICE COMMITTEE.

On Monday, Aug. 18, A. Mitchell Palmer, U. S. Attor­
ney-General, was in this city and attended a mooting of the
local Fair Price Committee which is headed by Federal Food
Administrator Arthur Williams. Mr. Palmer told tho
members of tho committee that ho believed what the au­
thorities in this city did in tho fight against high prices
would be closely watched and followed by all other cities.
The Fair Price Committeo met in tho Biltmoro Hotel. Mr.
Palmer, according to the Now York “Times” of the 19th,
told the Committee that “without the enthusiastic support
of you gentlemen and tho peoplo of this city wo will bj
powerless to win our fight against profiteering.”
He was further quoted as follows:
"T h e high cost of living, or, as tho French say, tho high cost of life, is, I
believe, due to a number of causes. Some of these aro world-wide in thotr
scope, the taking of men from production by tho war, the increase in taxa­
tion, &c. Such causes we must wait for time to eradicate. Tho inon’ will
come back to work and the burden of taxation will gradually bo lifted from
the people.
“ I am one of those who believe that a largo part of the high cost of every­
thing is duo to the fact that a number of unconscionable men in tho ranks of
the dealers havo taken advantage of theso other conditions which wo may
term the abnormal causes, to gouge the public. Let mo tell you right now
that such men may be gotten if wo go about it rightly.”
Mr. Palmer then went on to say that thero woro a vast number of honest
dealers who were injured by the widespread condemnation of tho dishonest
ones and he regretted that such was tho caso. Tho fact, howover, he said,
did not alter the necessity of going after tho dishonest men with all possible
energy.

A ug . 30 1919.]

THE CHRONICLE

‘ ‘ If wo can make a few conspicuous examples o f gougors and glvo the
widest sort of publicity to tho fact that such gougers havo been and will
po punished,” lie said, "in tho future there will bo little inclination to
brofiteer in this country. It is to pave tho way to mako such examples
that wo havo asked tho Federal Food Administrators to organize tho Fair
Price Committees in each State.
“ Now, tho Fair Prico Committeo, which represents, as it does, ovory cle­
ment in tho community, I expect to accomplish two things. First, by
fixing what is a fair rate o f profit between men and publishing that rate
broadcast, tho consumer will know how to protect himself. If ho con­
siders himself gouged ho can take tho matter up with tho dealer and force
that man to regulate his pricos according to tho list given out by tho Com­
mittee. This one thing, in my judgment, will keep pricos from rising.
“ Then there is another thing tho Committeo will do. It will onablo us to
mako conspicuous examples. A jury in a community where a Fair Price
Committeo has fixed a list of pricos will take that Committee’s word on tho
subjoct, and convictions o f gougers will follow."
Tho Attorney-General went on to toll how the Administration in Wash­
ington had decided to get two additional measures passed which would put
teeth into tho Federal Food Control Act. Those measures, ho said, that
had been already introduced into Congross provided that clothing should
bo included with food in tho list o f necessities o f life, and that straight out
profiteering should bo considered a crime. Under tho present law a com­
bination formed to raise prices can bo punished, Mr. Palmer explained,
but thero was no way to get at tho individual dealer who deliberately started
out to gouge his follow-citizens.
“ I may tell you," he said, "that I havo assurances from both housos of
Congross that these two measures will bo passed within a week.”
IIo took up tho formation of the Fair Prico Committees, declaring that it
was not practicable under the circumstances to rebuild tho machinery of
the Federal Food Administration in force during tho war.
“ Wo don’t want you to got tho idea that you are going to work under di­
rections from Washington,” ho said, “ wo are not going to issuo price lists
and expect you to follow them. Wo havo tried to decentralize tho wholo
organization to tho best of our ability, and wo aro making each Fair Prico
Committee responsible only in its own community. All wo ask is that you
givo what you consider a fair prico list tho widest possible publicity among
your own pooplo.”
Mr. Palmer said that Fair Prico Committees had already been organized
in three-quarters of tho States in tho Union and would be in all in a few
days. In only three States, he said, had Food Administrators declined to
tako up tho work of organizing these committees when asked to do so by tho
Government.
IIo prophesied that tho result would bo that if tho method
did not actually reduce tho cost of living, it would hold pricos level until
thoy fell o f their own weight.
“ Wo must keep prices from going up any higher,” ho said, “ and if wo do
that I think wo will find the cost will gradually go down. But wo must
stop tho vicious cycle of rising costs, rising wages and rising prices. Ono
produces the other. If we do not catch that cycle and hold costs, wages
and prices stoady, it means that this country will faco an industrial dis­
aster.”

On Aug. 15 Mr. Palmer had beon in Philadelphia, thero
conferring with U. S. District Attornoy Kano and agonts
of tho Dopartmont of Justice on moans and mothods of
prosecuting and uncovoring unfair practices of food sollers.
Tho Fair Price Committee, as noted iu our issuo of Aug. 10,
pagos 037 and 038, was appointed by Arthur Williams,
who sorvod under Herbert Iloovor during tho latter’s war­
time food administration in this country. On Monday,
tho 18th, Mr. Williams announced tho appointment to tho
Committee of Charles Grismor, President of tho Master
Butchors’ Association. It also becamo known at that timo
that Michael Friedsam, President of B. Altman & Co., and
Chairman of tho Fair Prico Sub-Committee, representing
tho dry goods, clothing and shoe industries, had appointed
tho following representatives of those trades in addition
to Mrs. James L. Laidlaw and Mrs. Sarah Conboy:

833

covered hoarding, profiteering or otherwise misusing this privilege, the
person or firm will bo summoned before the Board of Health to show cause
why their permit should not be revoked.

Chairman Williams announced on Tuesday, tho 19th,
that Miller & Wirfel, wholesale grocers of this city, who
had been selling sugar at 12 and 12H cents a pound, had
given up $145 32 in excess charges. The firm settled, Mr.
Williams said on a basis of 10 cents a pound for sugar that
cost it $9 40 a hundred weight. It was announced in the
daily papors on Tuesday that Borden’s Farm Products
Company, one of the largest dairy products distributors
in this district, had made known it would observe the fanmargins of 6 cents on a pound of butter, 7 cents a dozen
on eggs and 2 cents extra when the eggs are delivered.
Subpoenas wero served through the office of the Federal
District Attorney in this city on Aug. 8 on all cold storage
warehouses in Manhattan and the Bronx, 29 in number.
Tho following letter from United States Attorney Francis
G. Caffey was sent with each subpoena:
Aug. 8 1919.
Gentlemen:— Tho accompanying subpoena calls for the production of
certain documents and papors in your possession before the Federal Grand
Jury Aug. 12 1919. It is desired to secure promptly all the data from
which it may bo determined whether or not thero exist violations of the
hoarding provisions of the Food Control law.
It would facilitate tho Grand Jury and aLso this office, and perhaps your
concern, if you could havo the information called for in the subpoena, and
such additional information as, in your opinion, has a bearing thereon,
tabulated and forwarded immediately to this office.
Data not covered by tho information you so furnish can thereafter bo
called for at tho convenience of tho Grand Jury. If you comply with this
suggestion it will not be necessary for the present to produce your original
records.
I am counting on your co-operation in assisting this office to arrive at
tho facts in connection with tho food situation. Rospectfully,
FRANCIS G. CAFFEY,
United States Attorney.

Tho subpoenas called for thep roduction of all records and
information covering the following matters:
(1) List o f food products of all kinds in your custody or control, stating
quantity of each lot. (2) Names and addresses of owners o f each lot of food
products in your custody; date each separate lot of food products was ac­
quired or received by you. (3) All contracts covering all of the food prod­
ucts in your custody or control. (4) Contracts covering food products to
bo acquired by you. (5) Your estimato of the quantity of each class of
food products to supply your normal trade for one month.

HOUSE PASSES M E A S U R E FOR P E N A L I Z I N G PROFI­
TEERING— BILL REPORTED TO S E N A T E .

The House on Aug. 22 passed the bill amending the Food
Control Act of Aug. 10 1917, and embodying practically all
of tho recommendations mado by the President and AttorneyGeneral Palmer as necessary to aid the Government in its
nationwide campaign against profiteering and high food
prices.
Not much opposition was manifested in tho House to the
bill. Sundry amendments were offered on the floor to make
tho bill more drastic by including within its scope products
and organizations not within its jurisdiction, but these
amendments wero rejected and the bill was passed in the
Dry Goods Industry— Louis Stewart, Sr., President James McCreery & samo form it had been reported from the House Committeo
Co.; Clarkson Cowl, President James A. lloarn & Son.
on tho preceding day. Among the amendments introduced
Clothing Manufacturers— William E. Goldman, Clothing Manufactur­
in tho House before passage of tho bill was one which would
ers’ Association of Now York and tho firm of Cohan, Goldman & Co.
mako kerosene and gasoline what are described in the Aot
Shoo Manufacturers— Emil Woil o f S. Weil & Co.
Cloak and Suit Industry— A. S. Fabor o f Faber & lloin, Jacob Sperbor.
as “necessaries.” Representative Strong, of Kansas, wa s
Retail Shoo Dealers—John Slater of J. & .1. Slater and President o f tho
tho author of this amendment. Attempts were also made to
Retail Shoo Dealers’ Association.
bring farmers and farm organizations within jurisdiction of
Rotail Men’s Clothing— Morris Brill of Brill Brothers.
William A. Orr, former Secretary to tho Governor, was appointed Secre­ tho measuro. Proposals to make the Act applicable to
tary to tho abovo sub-committees, and Thomas W. Churchill, former
profiteering in houso and room rents, which were adopted
President o f tho Board of Education, Advisory Counsel.
in committeo of tho whole, were eliminated in the final vote
Mayor Hylan, co-operating with tho Fodoral District Tho
bill as passed by the House on Aug. 22 reads as follows
Attornoys and their assistants hero to provont and eliminate We indicate
in italic type the new matter added to the existing
hoarding in this city, sont this lettor on Aug. 15 to Fire law:
Commissioner Thomas J. Drenuan:
I wish you woidd havo a flro Inspection mado immediately by tho in­
spectors of your department of all storage and warehouses in tho city. I
would also suggest that at the same tlmo theso inspectors mako an investi­
gation of all butter, eggs, moats, sugar and other foodstuffs stores and ob­
tain any other information in regard to tho storing and hoarding of the
necessaries of life to tho end that tho State or Federal authorities and prose­
cuting officers may bo aided in overy particular in prosecuting hoarders of
foodstuffs.

Dr. Royal S. Copoland, Health Commissioner, mado
known how his department would assist in tho campaign
against hoarding on Aug. 15, when ho issued the following
statement:
FI The Board of Health issues permits to dealers in dry eggs, liquid eggs,
frozen eggs. It issues permits to maintain slaughter houses for cattlo, pigs,
sheep and poultry, to manufacture sausago, to maintain restaurants, to
manufacture ice cream and other frozen products.
Tho Board of Health, havlg power to issuo, has also power to revoke,
permits, provided it does not act unfairly, tyrannically, unreasonably or on
false information and without reasonable ground for apprehending that tho
public safety, health or welfare may bo in danger
All of our inspectors havo been notified of our intention, and if any personlor firm having a licenso or permit from tho Board of Health Is dls-




Bo it enacted by tho Senate and House of Representatives of tho United
States of America, in Congress assembled, that the first paragraph of tho
Act entitled “ An Act to provide further for the national security and defense
by encouraging the production, conserving the supply and controlling tho
distribution of food products and fuel,” approved Aug. 10 1917, bo and the
samo is hereby amended so as to read as follows:
"That by reason of the existence of a state of war, it is essential to the
national security and defense, for the successful prosecution of tho war and
for tho support and maintenance of the army and navy, to assure an ade­
quate supply and equitable distribution, and to facilitate the movement
of foods, feeds, wearing apparel, containers primarily designed or- intended
for containing food, feed, or fertilizers; fuel, including fuel oil and natural gas
and fertilizer and fertilizer ingredients, tools, utensils, implements, ma­
chinery and equipment required for the actual production of foods, feeds,
and fuel, hereafter in this Act called necessaries; to prevent, locally or
generally, scarcity, monopolization, hoarding, injurious speculation, man­
ipulation and private controls affecting such supply, distribution, and
movomont, and to establish and maintain Governmental control of such
necessaries during tho war. For such purposes the instrumentalities,
means, mothods, powers, authorities, duties, obligations and prohibitions
hereinafter set forth are created, established, conferred, and prescribed.
Tho President is authorized to make such regulations and to issue such
orders as aro essential effectively to carry out the provisions of this A ct."
Sec. 2. That Section 4 of the Act entitled “ An Act to provide further for
tho national security and defense by encouraging the production, conserv

834

THE CHRONICLE

ing the supply, and controlling the distribution of food products and fuel,”
approved Aug. 10 1917, be and tho same is hereby amended so as to road
as follows:
"That it is hereby made unlawful for any person wilfully to destroy any
necessaries for tho purpose o f enhancing tho price or restricting tho supply
thereof; knowingly to commit waste or wilfully to permit preventable de­
terioration o f any necessaries in or in connection with their production,
manufacture, or distribution; to hoard, as defined in Section 6 of this Act,
any necessaries; to monopolize or attempt to monopolize, either locally or
generally, any necessaries; to engago in any discriminatory and unfair,
or any deceptive or wasteful practice or device, or to mako any unjust or
unreasonable rate or charge in handling or dealing in or with any necessaries;
to conspire, combine, agree, or arrange with any other persons (a) to limit
the facilities for transporting, producing, harvesting, manufacturing,
supplying, storing or dealing in any necessaries; (b) to restrict the supply
of any necessaries; (c) to restrict distribution of any necessaries; (d) to pre­
vent, limit, or lessen the manufacture or production of any necessaries in
order to enhance the price thereof; or (e) to exact exccssivo prices for any
necessaries, or to aid or abet tho doing o f any act made unlawful by this
section. Any person violating any of the provisions of this section upon
conviction thereof shall be fined not exceeding $5,000 or be imprisoned for
not more than two years, or both; provided that this section shall not apply
to any farmer, gardener, horticulturist, vineyardist. planter, ranchman, dairy­
man, stockman, or other agriculturist, ivith respect to the farm products pro­
duced or raised upon land owned, leased, or cultivated by him; and provided
further that nothing in this Act shall be construed to forbid or make unlawful
collective bargaining by any co-operative association or other association of
farmers, dairymen, gardeners, or other producers of farm products, with
respect to the farm products produced or raised by its members upon land owned,
leased, or cultivated by them.”
Sec. 3. That Sections 8 and 9 of Act entitled "An Act. to provide further
for tho national security and defenso by encouraging tho production, con­
serving tho supply, and controlling the distribution of food products and
fuel, approved Aug. 10 1917, bo, and tho same aro heroby repealed, provided,
that any offense committed in violation o f said Sections 8 and 9, prior to
tho passage of this Act may be prosecuted and tho penalties prescribed
therein enforced in tho same manner and with tho samo effect as if this
Act had not been passed.

[V ol . 109.

Tho section of the act under which tho department will bo ablo to fight
tho "little gougers” Is No. 4.
This section had applied to all dealers, irrespective of tho amount of
business they did. But as it had no penalty attached it was not enforce­
able. Section 5, which provided a licensing systom, exempted from Its
provisions retailers doing less than $100,000 annual business.

FEDERAL TR AD E C O M M IS S IO N ORDERS D IS C O N T IN ­
U A N C E OF D I S C R I M I N A T O R Y PRACTICE.

The Federal Trade Commission on Aug. 20 took action
against the Standard Oil Co. of Indiana which was charged
with leasing gasoline pumps and tanks to retail dealers on
exclusive leasing terms intended to stifle competition.
Tho order of the Federal Trade Commission prohibits the
company from entering into contracts, or from continuing
after four months to operate under existing contracts, which
provide that dealers, as a consideration for tho lease of
pumps and tanks, shall only use them for the handling of
the company’s gasolene and products.
Under tho section of the Commission tho Standard Oil
Co. of Indiana is to report to it fully within thirty days after
the four months period, tho natui’e of tho new contracts, or
arrangements, that it makes with dealers.
A LL O CA TIO N S OF P IG T IN .

Tho following announcement concerning the allocations of
pig tin by the Inter-Allied Tin Executive to the United
States for distribution at cost to American consumers, was
made on Aug. 26 by Georgo Armsby, Chief in Chargo of Tin
Industries Board:
With reference to Section 3 above which repeals Sec­ forThethelastWar
of this tin was sold on Juno 21 1919 and delivery completed
tion 8 of the Food Control Act, it is pointod out that July 19 1919. In accordance with provlous announcement tho final cost
as Section 4, amended by tho bill, imposes a maxi­ on
price has been definitely ascertained from tho books of American Sheet &
Tin Plate Co. and samo has been verified by Prico, Waterhouse & Co.,
mum fine of “not exceeding a fine of $5,000 or by chartered
accountants, as follows:
imprisonment for not more than two years, or both,” Receivedpublic
Distributed—
Quantity.
Total Cost.
Cost per Lb.
for the offenses defined in tho samo language in Section 8 From PacificandCoast
points___
812,250 lbs.
$554,468 6(5 $.682263301
and 9, their continuance would bo superfluous, especially in From points east of C h icago..21,982,866 lbs. 15,281,015 85 .69513301
view of the fact that tho maximum fine is not consistent.
22,795,116 lbs. $15,835,484 51 $.69168760
The proviso contains a saving clause to prevent inability Amount of refund to each buyer,
per pound.
to prosecute or continue prosecutions of offenses under A copy of accountant’s certificate$.02986699
with crodit note and check to balance
been sent by American Sheet & Tin Plato Co. to each buyer covering
Section 8 and 9 committed prior to tho passage of tho bill. has
amount of refund to which ho is entitled.
Tho House bill as given above was reported out by tho thoThe
Industries Board takes ploasuro in expressing its sincere appre­
Senate Committee on Agriculture on Aug. 27 with a single ciation War
of the efficient, unselfish and patriotic sorvlco rendered in this
connection
by
the American Sheet & Tin Plato Co., and by tho Sub-Com­
change. This provides that to mako unjust or unreasonable mittee on Pig Tin
of tho American Iron & Steel Institute and for the co­
a rate, or charge in handling or dealing with any necessaries operation of practically
all of the consumers of tin in tho United States.
except in cases of conspiracy or combination the rato or
charge must be in excess of that fixed by a fair price com­ D E M A N D S OF A N T H R A C I T E M I N E R S FOR 60%
mittee to be appointed by the Department of Justice. The
W A G E IN C RE A S E.
amendment follows the proviso excluding farmers or farm A 60% increase in wages, a six-hour day and a five-day
organizations from the penalties of the bill. It roads: week aro among the demands of the anthracite miners con­
And provided further, that to mako unjust or unreasonable a rate or tained in a report of tho scale committoo, understood to
charge in handling or dealing in or with any necessaries, except whero there
has been a conspiracy, combination or arrangement with reference to prices, have been adopted at tho tri-district convention of miners
such rate or chargo must bo in excess o f tho rato or charge fixed by a fair at Wilkes-Barre on Aug. 22. The Philadelphia “Press”
price committeo, and tho Department o f Justice is authorized to provide
of Aug. 22 points out that the original agreement does not
for tho appointmeut of fair price committees.
until March 31; noting that there have been sup­
With the exception noted, tho Senato committee adopted oxpiro
plemental
agreements for the period of tho war it states that
tho House committee’s report as its own.
“the
ratification
peace treaty which will officially
Mr. Palmer appearing before tho House Committeo on bring tho war to ofa tho
close
will automatically abrogate the
Agriculture on Aug. 20 declared that “tho entire food control supplemental agreements and
leavo tho original in force.”
act will be waste paper if tho Government cannot reach the
is added that tho anthracite minors aro planning to lay
retail gouger.” It was at this time that Mr. Palmer offered Ittheir
before the operators at tho earliest possible
tho amendment to mako retailors doing a business of less date. demands
The
domands
contained in tho report of the scale
than $100,000 subject to tho penalties of the act so that the
are as follows:
Government would be ablo “to go after tho little fellows as committee
1. We demand that tho next contract bo for a period of not oxceeding
well as the big ones.” The hearings on Aug. 20 were two years and that tho making of individual agreements and contracts in
tho
of coal shall bo prohibited.
reported in Washington dispatches of the same dato to the 2.mining
Wo demand that tho contract wage scalos bo increased 60% and that
N. Y. “Times” in part as follows:
tho increases secured in tho supplemental agreements of 1917 and 1918
At tho suggestion o f Attorney-General Palmer, tho IIouso Agricultural
Committeo decided to-night not to exempt retailers doing a business of less
than $100,000 from tho anti-profiteering sections in tho Food Control act.
This means, as Mr. Palmer told tho committeo this afternoon, that the
Government will be able to "go after tho little fellows as well as tho big
ones.” Tho penalty of two years’ imprisonment with an alternative fine
of $5,000 will thereby be imposed on all offenders, and this will bo applicable
to the comer grocery store as well as to the groat packers.
Up to this time, tho section of tho Food Control Act that would apply to
theso small dealers has been worthless because It contained no penalty
clause.
Tho Committee abandoned its idea of a price-fixing scheme on tho advlco
o f tho Attorney-General. Ho said such a change would involve bringing to
lifo onco more tho elaborate machinery of tho Food Administration or tho
licensing authority. In addition, he said that tho power thus authorized
would bo so drastic that it would not be sanctioned by Congress without
long delay. Chairman Haugen has been an ardent advocato of such a
system, but he said to-night that the Committee would not now insist
upon it.
While tho Committee took tho Attorney-General’s counsel in the two
particulars mentioned, it rejected his suggestion that farm corporations
organized for profit should be included in the anti-profiteering extension.
Tho members of tho Committeo aro chiefly from agricultural districts and
have great sympathy with tho farmers. Mr. Haugen said that no ovidenco
1'iad been submitted showing profiteering by tho farmers, and that they^had
n some States been "persecuted, not prosecuted.”




shall bo included in tho wago scalo as tho basis upon which tho 60% shall
bo added and that all day men*,bo granted an increase of $2 a day.
3. Wo demand that a uniform wago scalo bo established so that the
various occupations of like character at sovcral collieries shall command tho
samo wago and that shovel crows operating for coal companies shall bo paid
not less than tho rates paid by tho contractors to shovel men.
4. Wo demand that a workday of not more than six hours from bank to
bank bo established for all classes of insldo day labor, fivo days per week,
tho uniform sales to bo tho basis upon which tho advance abovo demanded
shall apply, with time and half-time for ovcrtlmo and doublo time for
Sundays and holidays.
5. Wo demand a closed shop contract, which means full recognition of
the United Mine Workers of America as a party to tho agreement.
6. Wo demand that all dead work shall bo paid for on tho consideration
basis existing at tho colliery and that whero moro than ono miner is employed
they shall recelvo tho samo rato.
7. We demand payment for all sheot iron, props, timber, forcpolling and
cribbing whero mines aro prevented from working on account of lack of
supplies, that they bo accorded tho opportunity of making a shift to some
other work.
8. Wo demand in tho settlement of grievances that tho aggrieved parties
shall have tho right to demand settlement upon a basis of equity and when
such equity settlement is requested tho conditions of 1902 shall not enter
into or prejudice tho case.
„
9. Wo demand a uniform rate of 17 cents per inch bo paid for all refuse
inialllkindslof mining up to ten feet wide.

A ug . 30 1919.]

THE CHRONICLE

10. We demand that wherever practicable coal shall bo paid for on the
legal ton basis and that dockage shall be eliminated.
11. Wo demand that all reel motors, one motorman and two brakemen
bo employed and that all other motors and engine assistants or patchors
be employed and that when motermen or engineers are repairing their
motors or engines that their assistants shall be employed to help in the work.
12. We demand that for all tools lost through no fault of employees as
a result o f squeezes, water or fire, the men should bo compensated for such
losses.
13. Where contract miners are employed doing company work, the com­
pany shall supply them with the necessary tools and failing to do so shall
compensate the miners by paying each miner for not less than one extra
hour per day for the use o f said tools and that the company shall supply
to all company men the necessary tools free o f charge.
14. Wo demand that where contract miners encounter abnormal condi­
tions in their working places, they shall have the privilege of going on
consideration work.
15. Wo demand that the supplemental agreement which terminates with
the declaration o f peaco shall bo continued until the expiration o f the con­
tract and that our officers bo instructed to immediately notify represen­
tatives of the operators o f this decision.
The committee recommended that the Scale Committeo to negotiate the
contract shall bo composed of the executive boards o f the three districts
ogether with the resident international officers and three mine workers
rom each district.

JUDGE G A R Y D EC LIN ES CONFERENCE W I T H LABOR
LEADERS— P OSSIB IL IT Y OF A S T R IK E I N STEEL
IN D U S T R Y ..

835

before that time to Mr. John Fitzpatrick, Continental Hotel, Broadway
and 41st Street, New York City.
Very truly yours,
JOHN FITZPATRICK,
DAVID J. DAVIS,
W M . HANNON,
W M . Z. FOSTER,
EDW . J. EVANS,
Committee.

As noted in the committee’s letter, Judge Gary had de­
clined on Aug. 26 to have a personal interview with its mem­
bers. He announced, however, that “if they had any state­
ment to make and would reduce the same to a written letter,
it would be received and considered by our officials.” The
committee had called on Judge Gary in accordance with
plans announced on Aug. 20 at Youngstown, where a strike
vote had been taken, which was claimed to have shown that
98% of the workers who were members of unions affiliated
with the American Federation of Labor and had voted on
the question, favored a walkout in the steel industry. The
organizations represented include unions of the blacksmiths,
boilermakers, brick clay workers, bridge and structural iron
workers, coopers, electrical workers, foundrymen, iron, steel
and tin piate workers, machinists, metal polishers, mine,
mill and smelter workers, moulders, patternmakers, plumb­
ers and steamfitters, quarry workers, railway carmen, sheet
metal workers, stationary firemen, steam engineers, steam
shovel and dredge men and switchmen.
Shortly after tho committee of labor leaders had left the
Steel Corporation’s office, Judge Gary issued the following
statement:

Replying to a communication from a committee repre­
senting workers in the steel industry which had on Aug. 26
sought to discuss with him new wage demands and working
conditions, Judge Elbert H. Gary, Chairman of the U. S.
Steel Corporat.on, stated on Aug. 27 that in view of the wellWhen Informed by my Secretary that a committeo of a labor organization
known attitude of the Corporation regarding the “closed consisting
of Messrs. John Fitzpatrick, William Z. Foster and D. J. Davis
shop” and labor unions, “the officers of the Corporation has requested
to see me I sent word to them through my Secretary that I
respectfully declino to discuss with you, as representatives did not care to have a personal interview, but if they had any statement
to mako and would reduce the same to a written letter, it would bo received
of a labor union, any matters relating to employees.” The and
considered by our officials, who would then determine what, if any,
letter of the committee to Judge Gary set forth that tho answer
to make. Nothing further has passed between us. I think it is
committeo asking an interview represented “the vast majority better for those gentlemen and for me to leave no chance for misunder­
in regard to what has been or shall be said. I have intended no
of the employees of this industry,” and wished “to place standing
discourtesy.
before you matters that are of vital concern to them, con­ personal
The committee on the same day conferred in this city
cerning hours of labor, wages, working conditions and the with
Samuel Gofnpers, President of the American Federation
right of collective bargaining.”
of
Labor,
who had just returned from Europe, where he
Judge Gary’s reply to the committee follows:
attended the International Labor Conference. According to
U N ITED STATES STEEL CORPORATION.
the New York “Sun,” Mr. Fitzpatrick, Chairman of the
New York, Aug. 27 1919.
committeo,
said on Aug. 26 with regard to the proposed
Messrs. John Fitzpatrick, David J. Davis, William Hannon, Wm. Z. Foster,
walkout if tho workers’ demands were not granted that “the
Edw. J. Evans, Committee:
Gentlemen: Receipt o f your communication of Aug. 26th instant is strike does not hinge on any action of Mr. Gompers.” The
acknowledged.
“Sun” made the following comment on the attitude of the
We do not think you are authorized to represent tho sentiment of a
majority o f tho employees of tho United States Steel Corporation and its steel trade toward a strike:
subsidiaries. We express no opinion concerning any other members of
tho iron and steel industry.
As heretofore publicly stated and repeated, our Corporation and sub­
sidiaries, although they do not combat labor unions as such, declino to dis­
cuss business with them. Tho Corporation and subsidiaries are opposed to
tho ‘ ‘closed shop.” Thoy stand for tho “ opon shop,” which permits one to
ongage in any lino of employment whether one does or does not belong to a
labor union. This best promotes tho welfare of both employees and em­
ployers. In view of tho well-known attltudo as above expressed, tho officers
of tho Corporation respectfully decline to discuss with you, as representa­
tives of a labor union, any matters relating to employees. In doing so no
personal discourtesy is intended.
In all decisions and acts of tho Corporation and subsidiaries pertaining
to employees and employment their interests are of highest importance.
In wage rates, living and working conditions, conservation of life and health,
care and comfort in times of sickness or old age, and providing facilities for
tho general welfare and happiness o f employees and their families, tho Cor­
poration and subsidiaries havo endeavored to occupy a leading and ad­
vanced position amongst employers.
It will be tho objoct of the Corporation and subsidiaries to givo such con­
sideration to employees as to show them their loyal and efficient servico in
tho past is appreciated, and that thoy may oxpect in tho futuro fair treat­
ment.
Respectfully yours,
E. II. G A R Y, Chairman.

Tho following is the letter to which the above was a reply:

New York, Aug. 26 1919.
lion. Elbert 11, Gary, Chairman, Finance Committee,
United States Steel Corporation,
71 llroadway. New York City
Dear Sir:— During a general campaign o f organization and cdu 'ation con­
ducted under tho auspices o f the American Federation o f Labor, many
thousands o f men employed in tho iron and steel industry made application
and were enrolled as members of the various organizations to which they
were assigned.
This work has been carried on to a point where wo feel Justified in stating
to you that we represent tho sentiment of the vast majority of the employees
of this industry, and acting in behalf of them, wo solicit of you that a hearing
bo given to tho undersigned committeo, who have been selected by tho duly
accredlcted representatives o f tho employees, to place before you matters
that are of vital concern to them, and concerning hours o f labor, wages,
working conditions and tho right of collective bargaining.
The Committeo called at your office at 3 P. M . Tuesday, Aug. 26, and
requested a conference. We were advised by your messenger that you
wished to bo excused from a personal Interview at this time and requested
us to havo our business in writing and whatever matters wo wished to submit
would bo taken tip by yourself and your colleagues and given consideration.
Therefore wo are submitting in brief the principal subjects that we
desired to havo a conference on. Tho Committeo has an important meeting
in another c ’.ty on Thursday next and will leave New York at five o ’clock
on Aug. 27 1919. M ay wo respectfully request that your answer be sent




Despite the danger that the labor men might feel they had been affronted,
a canvass of men in steel circles (Aug. 26) indicated no alarm over the
labor situation in the steel industry. From authoritative sources in the
trade it was learned that reports had been received in the last few days
showing that not more than 15% and possibly not more than 10% of all
tho employees in the industry have joined or were previously members of
unioh organizations affiliated with the American Federation of Labor.
Although there are a number of independent employees’ organizations In
some of the companies those are not affiliated with the A. F. of L ., and their
representatives deal directly with the officials of tho companies on all
question that might ariso. Because of these facts the best authorities in
tho industry are confident that no serious disturbances are likely.

The same paper also said:

On tho other hand, the labor leaders were vehement in their declartlon
that they could call a strike at an hour’s notice which would directly affect
400,000 workers in the steel and iron industry, and that upwards of 200,000
other workers would be affected indirectly.
Following Mr. Gompers’s arrival and the return of the delegation from
Jude Gary’s office, there was a moeting of labor leaders at the Hotel Contin­
ental. In this assembly were the following: John Fitzpatrick, Chairman
of the sub-committee of the Organization of Iron and Steel Workers, recently
formed at the convention at Youngstown, Ohio, and President of the
Chicago Federation of Labor; William Foster of Pittsburgh, Secretary of
the sub-committeo; William Hannon of Washington, D . J. Davis of Pitts­
burgh, K. J. Evans of the International Electrical Workers of Chicago,
Hugh Frayno, General Organizer of tho New York Federation of Labor, and
Glenn Plumb, counsel for the railroad brotherhoods and father of the
Plumb Bill.
After tho meeting Mr. Fitzpatrick said that Samuel Gompers wrote to
Chairman Gary of the steel trust last June asking for a conference and that
this letter was Ignored. He added that unless Mr. Gary reconsidered his
decision not to confer with the labor leaders Mr. Gompers is expected to
empower him to call a strike at once. Mr. Fitzpatrick explained that it
will not bo necessary to wait until the end of August as agreed upon at the
Youngstown conference. With authority from Samuel Gompers, he said,
the call can go forth at a moment’s notice. M r. Davis added that should
tho strike be called it would be extended to the ore carrying ships of the
great lakes and that 26 unions interested in the steel industry would be
tied up.
“ Tho steel trust issued a statement not long ago,” Mr. Fitzpatrick said,
“ in which it was said no strike we could call would affect tho industry. W e
can shut down every mill operated by the steel trust and not a wheel will
turn once we give the word. Gary has refused to see us or to listen’ to us.
Now he will both see and hear us unless he wants to shut down his*cntiro
works. We are hero for business and we know where we stand.”

Tho twelve basic demands laid down at the Youngstown
conference were:
1.
2.
time
3.

Right of collective bargaining.
Reinstatement of all men discharged for union activities with pay for
lost.
Tho eight-hour day.

[V ol . 109.

THE CHRONICLE

836

vate monopolies should be controlled, and profits restricted to
a rate that shall be fair to the consumer,” and further, “that
unnecessary oxports of food and clothing be restricted and
that all stores of hoarded supplies be uncovered and placed
in the open market.” Tho resolutions were adopted after a
two days’ meeting of the representatives at Atlantic City,
and resulted from a discussion at a meeting of divisional
representatives of the Cambria Steel Co. at Johnstown, Pa.,
before coming to Atlantic City. The Midvale Company
The committee which called on Judgo Gary on Aug. 26was employs approximately 30,000 men. The following is the
composed of John Fitzpatrick, President of the Chicago full text of the resolutions:
Federation of Labor, and Chairman of the National Com­
mittee for Organizing Iron and Steel Workers; William Z.
Foster, Secretary of the National Committee for Organizing
Iron and Steel Workers, and D. J. Davis, of tho Amalga­
mated Association of Iron, Steel and Tin Workers.
Judge Gary in a statement appearing in these columns on
Aug. 2, page 434, said he felt that the movement for unioniz­
ing the workers of the Steel Corporation would not be suc­
cessful because the workers received better treatment from
the Corporation under its policies than they could through
the efforts of labor unions.
The committee representing the steel workers sent a fur­
ther communication to Judge Gary on Aug. 27 in which
they dealt with the statements made in Judge Gary’s letter
to the committee. In this second note to Judgo Gary the
■ committee said that- if it were not granted a hearing it would
shortly bo compelled to “ouforce the decree of your employees
whom we have the honor to represent,” i. e. put into effect
the strike vote. The letter which was made public on Aug.
28 at Washington after conferences thoro botween President
Gompers officials of the A. F. of L. and the committee of
steel workers said:
4.
5.
6.

O n e d a y 's r e s t In s e v e n .
A b o l i t i o n o f 2 -1 -h o u r s h i f t s .
I n c r e a s e s in w a g o s s u f f i c i e n t

to

gu a ra n te e

A m e r ic a n

sta n d a rd s

of

liv in g .
7 . S t a n d a r d s c a le s o f w a g e s f o r a ll c r a f t s a n d c la s s if ic a t i o n s o f w o r k e r s .
8.

D o u b l o r a te s o f p a y f o r a ll o v e r t i m e w o r k a n d fo r w o r k o n S u n d a y s a n d

h o lid a y s .
9 . C h e c k -o ff sy ste m
10.

o f c o lle c t in g u n io n d u e s a n d a s se s s m e n ts.

P r in c ip le s o f s e n io r it y t o a p p l y in m a in t a i n in g , r e d u c in g a n d in c r e a s ­

in g w o r k in g fo r c e s .

1 1 . A b o lit io n o f c o m p a n y u n io n s .
1 2 . A b o lit io n o f p h y s ic a l e x a m in a tio n

o f a p p lic a n t s fo r e m p lo y m e n t .

W h erea s, T h o h ig h

c ie n t a n d

c o s t o f liv in g n oed s t o

c o n s c ie n tio u s la b o r ,

by

t h r ift

be a b a ted

and

by

ex tra v a g a n ce: an d
W h e r e a s , t h o p r ic e o f c o m m o d it ie s is r e g u l a t e d

by

d ilig o n t, e ffi­

a v o id a n c e

o f w a sto a n d

b y t h o d a y ’s l a b o r o f a

m a n a n d t h e r e a l u n i t o f v a l u o o r t h o u n i t o f c o m p e n s a t i o n Is n o t a d o l l a r ,

b u t th e p u r c h a s in g p r ic e o f a d o lla r , a n d t h a t t h o p r ic e o f a ll t h in g s , m e a n ­
i n g t h e a v e r a g e p r i c e o f e v e r y t h i n g w o u s e a n d c o n s u m o , w h i c h is c o m m o n l y

r e f e r r e d t o a s t h e a v e r a g e p r ie o o f c o m m o d i t i e s , is f i x e d , r e g u l a t e d , r a is e d
o r l o w e r e d b y t h o a v e r a g o c o m p e n s a t i o n r e c e i v e d f o r o n e h o u r ’s w o r k b y

every m an an d every w om an ; and
W h e r e a s , W o b e l i e v o t h o o n l y s u r o r e m e d y f o r t h o h i g h c o s t o f l i v i n g Is

in c r e a s e d p r o d u c t i o n a n d t h o s t a b ili z a t i o n o f p r ic e s in c o n f o r m i t y w it h w a g e s
n o w b e in g p a id ; a n d
W h ere a s , W o b e lie v o a n y w o r k m a n w h o d o m a n d s a g r e a te r p r o p o r t io n a t e
r e tu r n f o r h is la b o r t h a n h is g o llo w

w o r k m e n i n o t h e r l i n o s a r o g e t t i n g is

a s g u i lt y o f p r o fit e e r in g a s a g r o c e r w h o c h a r g e s e x o r b it a n t p r ic e s f o r th o
n e c e s s it ie s o f lifo .

and

t h a t in c r e a s e s in

w a g e s p a id

to

c e r ta in

c la s s e s o f

w o r k e r s b y t h o G o v e r n m e n t o r o t h e r s w ill r e s u lt in h ig h e r p r ic e s b e in g s e t
b y t h e p r o fit e e r s fo r t h o n e c e s s itie s o f li v in g t o a ll p u r c h a s e r s a lik e .
t h e r e fo r e ,
R e s o lv e d ,

That

th o

p e r siste n t a n d

u n c e a s in g

dem and

I t is ,

o f w orkm on

em ­

p lo y e d in a ll c la s s e s a n d k in d s o f in d u s t r ie s f o r a s h o r t e r d a y ’s w o r k a n d

a n i n c r e a s e d w a g e i n o r d e r t o m e e t t h o p r e s e n t h i g h c o s t o f l i v i n g Is u n ­
e c o n o m ic a n d u n w is e a n d s h o u ld n o t b o e n c o u r a g e d .

R e s o lv e d , f u r t h e r . T h a t p r i v a t o m o n o p o l i e s s h o u l d b o c o n t r o l l e d a n d p r o f i t s

r e s tr ic te d t o a r a t e t h a t s h a ll b e fa ir t o th o c o n s u m e r ;
R e s o lv e d , f u r t h e r . T h a t u n n e c e s s a r y e x p o r t s o f f o o d a n d

s tr ic te d a n d

t h a t a ll s t o r e s o f h o a r d e d

c lo t h in g b o re ­

s u p p lie s b o u n c o v e r e d

and

p la c e d

n th o o p e n m a rk et;
*
R e s o lv e d , f u r t h e r . T h a t c o p i e s o f t h i s r e s o l u t i o n b o f o r w a r d e d t o t h o P r e s i ­

W c h a v e r e c e iv e d y o u r a n s w e r t o o u r r e q u e s t fo r a c o n fe r e n c e o n b e h a lf
o f th o e m p lo y e e s o f y o u r c o r p o r a t io n , a n d w o u n d e r s ta n d th o fir s t p a r a g r a p h
o f y o u r a n s w e r t o b o a n a b s o lu t e r e fu s a l o n

th o p a r t o f y o u r c o r p o r a tio n

q u e s tio n t h o a u t h o r it y o f o u r c o m m it t e o t o r e p r e s e n t t h o m a jo r it y

o f y o u r e m p lo y e e s .

T h o o n ly w a y b y

w h ic h w o c a n ’ p r o v o o u r a u t h o r it y

is t o p u t t h e s t r ik e v o t e i n t o e f f e c t a n d w o s i n c e r e l y h o p e y o u w ill n o t f o r c e
a s t r ik e t o p r o v o t h is p o in t .
W o a s k e d fo r a c o n fe r e n c e f o r th o p u r p o s e o f a r r a n g in g a m e e tin g w h e re
th o

q u e s tio n

o f w agos.

h ou rs,

b a r g a in in g m ig h t b o d is c u s s e d .

c o n d itio n s

of

e m p lo y m e n t

and

c o lle c t iv e

Y o u r a n s w e r is a f l a t r e f u s a l f o r s u c h c o n ­

fe re n ce .
W e r e a d w it h g r e a t c a r o y o u r s t a t e m e n t a s t o t h o in te r e s t t h e c o r p o r a t io n
t a k e s in t h o liv e s a n d w e lfa r e o f t h e e m p lo y e e s a n d t h e ir f a m ilie s
th a t w ere tru e

o v e n in a m in o r d e g r e e

t io n s o f e m p lo y m e n t , th e h o m o lifo , th o m is e r y
w o r k e r s is b e y o n d d e s c r i p t i o n .

a n d if

w o w o u ld n o t b o p r e s s in g c o n s id e r a ­

t io n th r o u g h a c o n fe r e n c e o f th e t e r r ib lo c o n d it io n s t h a t e x is t.

T h o c o n d i­

in t h e h o v e l s o f t h e s t e e l

Y o u m a y n o t b o a w a ro th a t th e sta n d a rd

o f li f o o f t h e a v e r a g e s t e e l w o r k e r is b e lo w t h o p a u p e r lin o , w h ic h m e a n s
h a t c h a r it a b le in s t it u t io n s fu r n is h t o th e p a u p e r a b e t t e r h o m e , m o r e
f o o d , c lo t h i n g .lig h t a n d h e a t , t h a n m a n y s t e e l w o r k e r s c a n b r in g in t o th e ir
liv e s

upon

th o

co m p e n sa tio n

e f f o r t s in t h o s t e e l in d u s t r y .

r e c e iv e d
S u r e ly

fo r

p u t t in g

fo r th

th e ir

very

best

t h is is a m a t t e r w h ic h m ig h t w e ll b e

d is c u s s e d in c o n fe r e n c e .
Y o u a ls o m a d e r e f e r e n c e t o t h e a t t i t u d e o f y o u r c o r p o r a t i o n in n o t o p p o s ­
in g o r p r e v e n t in g y o u r e m p lo y e e s f r o m

jo in in g la b o r o r g a n iz a t io n s .

I t is

a m a tte r o f c o m m o n k n o w le d g e th a t th o ta c tic s e m p lo y e d b y y o u r c o r p o r a ­
t io n a n d s u b s id ia r ie s h a v e fo r y e a r s m o s t e ffe c t u a ll y p r e v e n t e d a n y a t t e m p t
a t o r g a n iz a tio n b y y o u r e m p lo y e e s .
S o m e fe w d a y s a r o s till a t th o d is p o s a l o f o u r c o m m it t e e b e fo r e th o t im e
lim it w ill h a v e e x p ir e d w h e n th o r o w ill b o n o d is c r e t io n le ft t o t h e c o m m it t o e
b u t t o e n fo r c o th o d e c r e e o f y o u r e m p lo y e e s w h o m

w e h a v e th e h o n o r to

rep resen t.

At a regular quarterly meeting of tho representatives of
the workers of the Midvale and Cambria Steel Companies
and their subsidiaries at Atlantic City on Aug. 22 and 23,
resolutions were adopted which declared tho workers as
opposed to “the persistent and unceasing demand of work­
men employed in all classes and kinds of industries for a
shorter day’s work and an increased wage in order to meet
the present high cost of living,” and that the workers ‘‘be­
lieve the only sure remedy for the high cost of living is in­
creased production.” This action is referred to more at
length in another article in this issue to-day. Workers of
the American Sheet & Tin Plate Co., a subsidiary of tho Steel
Corporation, adopted resolutions recently to the effect that
they were satisfied with present conditions and wanted no
interference from labor agitators.
M I D V A L E STEEL E M P L O Y E E S DECLARE A G A I N S T
“ U N C E A S I N G D E M A N D S OF W O R K M E N

Contrary to the usual procedure of labor, representatives
of the workmen of the various plants of the Midvale Steol &
Ordnance Co., operating under a collective bargaining plan,
adopted resolutions at Atlantic City on Aug. 23 declaring
that “the persistent and unceasing demand of workmen em­
ployed in all classes and kinds of industries for a shorter
day’s work and an increased wago in order to meet tho pre­
sent high cost of liv'ng, is uneconomic and unwise and should
not be encouraged.” Tho resolutions also declare “that pri­



a n d t o t h o C o n g r e s s m e n o f th o v a r io u s d is t r ic t s in w h ic h

P e n n s y lv a n ia

a ro lo c a te d

th o

v a r io u s p la n ts o f th o M id v a l e S te o l & O r d n a n c e C o ., a n d t o th o S ta te a n d
m u n ic ip a l a u th o r itie s ,

t o c o n c e d e t o y o u r e m p lo y e e s t h o r ig h t o f c o ll c c t iv o b a r g a in in g .
Y ou

d e n t o f th o U n ite d S ta te s , t o th o S e n a to r s in C o n g r e s s fr o m

to

th o e n d

th a t th e y

m ay

by

a ll t h o

p ow ers

and

m e a n s t o t h e m a v a ila b le , e n d e a v o r t o b r in g a b o u t n o r m a l c o n d it io n s , w ith
s p e c ia l p r iv ile g e s t o n o n o b u t ju s t ic o t o a ll, a n d s u ro a n d s w ift r e tr ib u tio n
f o r t h o s e w h o m a y a t t e m p t t o p r o f it e e r in t h o n e c e s s it ie s o f lifo .

HOBOKEN P A I N T E R S A N D P A PER- HANGERS RESCIND
WAGE DEMANDS.

In support of President Wilson’s staud against higher
wages, it was made known on Aug. 27 that painters, paperhangers and decorators of Hoboken who had been seeking
an increase of 81 50 a day, had docided to renounce their
demands and to rest content with their present pay of $6 50
per day. The New York “Times” of Aug. 27, in reporting
this, said:
T h e p a in te r s , p a p e r h a n g e r s , a n d d e c o r a t o r s o f H u d s o n C o u n t y h a d in ­
s titu te d a re fe r e n d u m

t o f i n d o u t t h o a t t i t u d e o . t h o v a r i o u s l o c a l s in r e ­

g a rd to th o p ro p o se d d o m a n d fo r $8 a d a y .

A s a r e s u lt. L o c a l 7 8 , w h ic h

c o m p r is e s m o s t o f t h o w o r k e r s in H o b o k e n , h o ld a m e e t in g y e s t e r d a y a ft e r ­
n o o n t o d is c u s s th o m a t t e r , a n d 1 2 5 m e m b e r s o f 1 5 5 v o t e d a g a in s t t h o c o n ­
te m p la te d d o m a n d , w h ic h w a s t o lia v o b e e n m a d o th o fir s t o f n o x t m o n t h .
B e fo r o p u t t in g t h o q u e s t io n t o v o t e A m lo l K a te lie r , t h o P r e s id e n t o f th e
lo c a l, a d d re s s e d th o m o n .

H o a s k e d th orn t o s t a n d b e h in d t b o P r e s id e n t

a n d n o t t o d e m a n d m o r e w a g e s a t th o p r e s o n t tiin o .
r e m in d e d

th e m ,

w a s c o n s id e r a b ly

m oro

th a n

th oy

T h o r a to o f $ 6 5 0 , ha
had

ever h ad

b o fo r e ,

a n d e x p e r ie n c e s h o w e d t h a t t h o c h i e f r o s u lt o f in c r e a s e d w a g o s in H o b o k o n
had

boon

h ig h e r r o n ts .

The

la n d lo r d s w o u ld

n o t fa il t o

ta k o a d v a n ta g e

o f a f u r t h e r r is o in w a g e s , a n d It w a s t h o d u t y o f t h o m o n t o l i v o c a r e f u l l y o n
t h e i r p r e s e n t w a g e s a n d a w a i t a d o c r e a s o in t h o h i g h c a s t o f l i v i n g .
The

B ro th e rh o o d

o f P a in te r s ,

D e co ra to rs

and

Paper

H an gers

in

N ow

Y o r k a n d B r o o k ly n a ro d e m a n d in g S 8 a d a y f o r a f iv o - d a y w e e k , a n d r o fu s o
t o tre a t w ith

th o

a s s o c ia tio n

o f con tra ctors

know n

as

th o

A s s o c ia tio n

of

M a s t e r P a in te r s .
N o o t h e r lo c a ls in H u d s o n C o u n t y lia v o a s y o t a n n o u n c e d th e ir d e c is io n
in r e g a r d t o t h o c o n t e m p la t e d d e m a n d f o r $ 8 a d a y o n S e p t . 1 .

P RE S I DENT WI L S ON I N A N S W E R TO D E M A N D S OF
S H O P ME N— A P P E A L TO PUBLI C TO A W A I T
EFFORTS TO LQWER L I V I N G COST.

That the demands of the railroad shopmon for increases
amounting to from 15 to 27 cents an hour would only serve
to result in still further increasing tho costs of production
and therefore tho cost of living, was tho gist of statements
issued on Aug. 25 by President Wilson, along with a roport
by Director-General of Railroads Hines, in both of which it
was mado plain that the demands for the increases asked for
could not be met. In granting, howovor, an adjustment of
the wages of shopmen to conform to the basis of pay of other
railroad employees, the Administration awards tho shopmen
four cents additional per hour. Following a conference with
representatives of tho shopmen on Aug. 25 tho President
issued two statements, one to tho shopmen and tho other to
the public in genoral. In tho latter tho President dealt with
the domands of the shopmen and statod that in determining
tho issue “we are not studying tho balance sheets of corpora­
tions merely, wo aro in effect determining tho burden of

A ug . 30 1919.]

THE CHRONICLE

837

taxation which must fall upon the people of the country in
general.” In referring to the fact that tho shopmen had
urged in support of their claims the serious increase in the
cost of living tho President noted that “tho cost of living has
certainly reached its peak and will probably be lowered by
the efforts which are now everywhere being concerted and
carried out.” In urging that “all wage earners of every
kind postpone questions of this sort till normal conditions
como again and we have tho opportunity for eortain calcula­
tion as to tho relation between wages and the cost of living,”
the President stated that “demands unwisely made and
passionately insisted upon at this time menace the peace
and prosperity of tho country as nothing else could and thus
contribute to bring about tho very results which such
The following is the President’s statement to the repre­
demands are intended to romody.” In his statement to sentatives
of the shopmen:
the shopmon tho President told them “wo aro faco to face
with a situation which is more likely to affect the happiness
and prosperity, and oven tho life, of our people than tho war
itself.” lie further says “all that I am now urging is that
we should not be guilty of the inexcusable inconsistency of
making goneral increases in wages on the assumption that
tho present cost of living will be permanent at. the very time
that we are trying . . . to reduce the cost of living.” Th0
following is the President’s appeal to tho public in general:
u p o n a d iffe r e n t b a s is .

T h e w ages o f oth er

r a ilw a y e m p lo y e e s a r e b a s e d

u p o n t h o r u le t h a t t h e y a r o t o r e c e iv e fo r e ig h t h o u r s w o r k t h e s a m e p a y
t h e y r e c e iv e d fr o m

p r e -w a r p e r io d .

th e lo n g e r w o r k d a y t h a t w a s t h e u s u a l s ta n d a r d o f th e

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c o n c lu s io n o f th e D ir e c t o r -G e n e r a l t h a t th e s h o p m e n o u g h t t o b e g iv e n th e
a d d it io n a l fo u r c e n t s a n h o u r w h ic h t h o r e a d ju s t m e n t a s k e d f o r w ill J u s t ify .

T h e r e a r e c e r t a in o t h e r a d ju s t m e n t s , a ls o p o in t e d o u t in t h e r e p o r t o f t h o
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t o a n y c la im s t h a t m a y b e m a d e b y o t h o r c la s s e s o f e m p lo y e e s f o r r e a d ju s t ­

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In th e r a ilw a y s e r v ic e .
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W IL S O N .

T h e W h ite H o u s e , A u g . 2 5 1 9 1 9 .

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t h e s u b m is s io n o f t h e ir c la im s t o a n e w tr ib u n a l, t o b e c o n s t it u t e d b y n e w
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i t m y d u t y t o m a k o a p u b l i c s t a t e m e n t c o n c e r n in g I t , in o r d e r t h a t t h e w h o le
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th o rn in a

a c c o m p lis h th o fir s t ta s k s o f p e a c e .

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th e re fo re d e v o lv e d u p o n

d e v o tio n , a n d o f c o m ­

m u n it y a c t io n g u id e d a n d in s p ir e d u s w h ile t h e fig h t in g w a s o n .

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t i o n , a n d v e r y f a v o r a b l e r e s u lt s a r e a lr e a d y b e g i n n in g t o a p p e a r .

r o u n d in g s o f t h o r a ilw a y s im p s t h o m s e lv c s a n d t h o flu c t u a t i n g e m p lo y m e n t
a f f o r d e d in in d u s t r ie s e x c e p t io n a l ly a n d t e m p o r a r ily s t im u la t e d b y t h e w a r

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a n d lo c a t e d a lm o s t w it h o u t e x c e p t io n in I n d u s tr ia l c e n t r e s w h e r o t h e c o s t

w o u ld c h e c k a n d m ig h t d e f e a t a ll t h is a t it s v o r y b e g in n in g .

o f l i v i n g is h i g h e s t .
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p r o b a b ly b o lo w e r e d b y
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b e h o p e le s s ly c o n fu s e d .

e v e r y w h e r e b e in g c o n ­

I b e lie v e t h a t t h e p r e s e n t e f f o r t s t o r e d u c e t h o c o s t s o f liv in g w ill b e s u c ­

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c e s s fu l, i f n o n e w e le m e n ts o f d if f i c u l t y a r e t h r o w n in t h e w a y , a n d I c o n ­

th e e ffo r ts w h ic h a ro n o w

s e ttle d c o n d itio n s o f p r o d u c t io n

a n d o f c o m m e r c e ; t h a t is , s o s o o n

a s th o

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a ttem p ts.

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T h o d o m a n d s o f th e s h o p m o n , th e r e fo r e , a n d

a ll s im ila r d e m a n d s , a r o

T h o y a r e g o o d A m e r ic a n s a lo n g w it h t h e re s t o f u s a n d m a y ,

in e ffe c t th is : T h a t w e m a k o In c r e a s e s in w a g e s , w h ic h a r o lik e ly t o b o p e r ­

s h o u ld

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fa ilu r e , it w ill o f c o u r s e b e n e c e s s a r y t o a c c e p t t h e h ig h e r c o s t s o f li v in g a s

c e r t a in l y t e ll h o w l o n g , b u t in a ll p r o b a b i l i t y o n l y f o r a li m it e d t im e .

In ­

fa il, a ft e r w e h a v e h a d t im o e n o u g h t o

e s ta b lis h e ith e r s u c c e s s o r

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c r e a s e s in w a g e s w il l, m o r e o v e r , c e r t a in l y r e s u lt in s t ill f u r t h e r in c r e a s in g

a lo n g w it h t h e r e s t.

th o co sts o f p ro d u ctio n

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g u ilt y o f t h o in e x c u s a b le in c o n s is t e n c y o f m a k in g g e n e r a l in c r e a s e s in w a g e s

A n y s u b s t a n t i a l in c r e a s e

o n t h e a s s u m p t io n t h a t t h o p r e s e n t c o s t o f liv in g w ill b e p e r m a n e n t a t t h e

a n d , th e r e fo r e , t h o c o s t o f liv in g , a n d

o n ly lia v o t o g o t h r o u g h th o s a m e p r o c e s s a g a in .

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now

u r g in g is t h a t w e s h o u ld n o t b e

o f w a g e s in le a d in g lin e s o f I n d u s t r y a t t h is t im o w o u ld u t t e r l y c r u s h t h o

v e r y t im e t h a t w e a r e tr y in g w it h g r e a t c o n fid e n c e t o r e d u c e t h e c o s t o f

g e n e r a l c a m p a ig n w h ic h t h o G o v e r n m e n t is w a g i n g , w it h e n e r g y , v i g o r a n d

li v in g a n d a r e a b le t o s a y t h a t it is a c t u a ll y b e g in n in g t o f a ll.

s u b s ta n tia l h o p e o f s u c c e s s , t o r e d u c e th o h ig h c o s t o f liv in g .
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In te r e s ts w ill b o p r o p e r ly

I m m e d ia te ly h a v e t h a t e ffe c t t h a n a n y o t h e r e n h a n c e d w a g e c o s t s .

con trol has co m e to an en d.

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h o p o f o r la r g o d e c r e a s e s in t h o b u r d e n s o m e c o s t o f liv in g w h ic h n o w w e ig h s
us d ow n .

t h in k t h a t t h e ir u n e a s in e s s is w e ll g r o u n d e d .

T h o D ir e c t o r -G e n e r a l o f R a ilr o a d s a n d I h a v e fe lt t h a t a p e c u lia r r e s p o n ­
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d u c t io n a n d b y r ig id e c o n o m y a n d s a v in g o n t h o p a r t o f t h o p e o p l e c a n w e

s ib ilit y

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B ut I do not

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em ­

p l o y e e s o f t h o r o a d s , b u t , q u i t e a p a r t f r o m t h a t , i t is c l e a r t h a t n o l e g i s l a t i o n

s t u d y in g t h o b a la n c e s h e e t s o f c o r p o r a t io n s m e r o ly , w o a r o In e f f e c t d e t e r ­

c a n m a k e t h e r a ilw a y s o t h e r t h a n w h a t t h e y a r e , a g r e a t p u b lic in t e r e s t ,

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W o a r o a c t in g n o t f o r p r iv a t o c o r p o r a t io n s b u t In t h o

i t is n o t l i k e l y

p o ss e s sio n

and

th a t th e

con trol

of

th o

P r e s id e n t o f th e
r a ilr o a d s

or

U n ite d

n ot,

S t a t e s , w h e t h e r in

w ill la c k

o p p o r tu n ity

or

n a m e o f th o G o v e r n m e n t a n d th o p u b lic a n d m u s t a sse ss o u r r e s p o n s ib ility

p e r s u a s iv e f o r c e t o in flu e n c e t h o d e c is io n o f q u e s t io n s a r is in g b e t w e e n t h e

a c c o r d in g ly .

m a n a g e r s o f t h e r a ilr o a d s a n d t h e r a ilw a y e m p lo y e e s .

F o r i t is n e it h e r w is o n o r f e a s i b l e t o t a k o c a r e o f in c r e a s e s In

T h e e m p lo y e e s m a y

t h o w a g e s o f r a i l r o a d e m p l o y e e s a t t h i s t i m o b y in c r e a s e s In f r e i g h t r a t e s .

r e s t a s s u r e d t h a t d u r in g m y t e r m o f o f f i c e , w lie t h o r I a m in a c t u a l p o s s e s s io n

I t is I m p o s s ib le a t t h is t i m o , u n t i l p e a c e h a s c o m o a n d n o r m a l c o n d i t i o n s

o f t h o r a ilr o a d s o r n o t ,

a r o r e s t o r e d , t o c s t im a t o w h a t t h o e a r n in g c a p a c it y o f t h o r a ilr o a d s w ill b o

E x e c u t i v e t o s e e t h a t j u s t i c e is d o n e t h e m .

w hon

o r d in a r y

c o n d itio n s

retu rn .

T h ere

Is n o

c e r t a in

b a s is ,

th e re fo re ,

f o r c a l c u l a t i n g w h a t t h o i n c r e a s e s o f f r e i g h t r a t e s s h o u l d b e , a n d I t Is n e c e s ­

I

I s h a ll n o t fa ll t o

b e lie v e , th e r e fo r e , t h a t t h e y

m ay

e x e r t t h e fu ll in flu e n c e o f th e

b e ju s t ifie d

h e a r t y c o -o p e r a t io n w it h th e G o v e r n m e n t n o w

in

th e c o n fid e n c e th a t

in its e ffo r t s t o r e d u c e t h e

s a r y , f o r t h e t i m e b e i n g a t a n y r a t e , t o t a k o c a r o o f a ll in c r e a s e s In t h e w a g e s

c o s t s o f liv in g w ill b y n o m e a n s b o p r e ju d ic ia l t o t h e ir o w n in te r e s ts , b u t

o f r a ilw a y e m p lo y e e s t h r o u g h a p p r o p r ia tio n s fr o m

w ill, o n th e c o n t r a r y , p r e p a r e th o w a y fo r m o r e fa v o r a b le a n d s a tis fa c t o r y

th o p u b lic tre a s u ry .

I n s u c h c ir c u m s t a n c e s , it s e e m s c le a r t o m o , a n d I b e li e v e w ill s e e m c le a r
to

every

th ey h a v e

th o u g h tfu l

A m e r ic a n ,

ta k en s e co n d

in c lu d in g

th o u g h t, an d

th o

sh opm en

th e m s e lv e s

w hen

t o a ll w a g o e a r n e r s o f e v e r y k in d ,

r e la t io n s in t h e fu t u r e .
I c o n f i d e n t l y c o u n t o n t h e ir c o - o p e r a t io n in t h is t im e o f n a t io n a l t e s t a n d
c r is is .
W O O D R O W

t h a t w o o u g h t t o p o s t p o n o q u e s t io n s .o f t h is s o r t till n o r m a l c o n d it io n s c o m o
a g a in a n d w o h a v e t h o o p p o r t u n i t y fo r c e r t a in c a lc u la t io n a s t o t h o r e la t io n
b e tw e e n w a g e s a n d th o c o s t o f liv in g .

I t Is t h o d u t y o f e v e r y c i t i z e n o f t h o

c o u n t r y t o in s is t u p o n a t r u c e in s u c h c o n t e s t s u n t il I n t e llig e n t s e t t le m e n t s
c a n b o m a d o , a n d m a d o b y p e a c e fu l a n d e ffe c t iv e c o m m o n c o u n c il.

I appeal

t o m y f e l l o w c it i z e n s o f e v e r y e m p l o y m e n t t o c o - o p o r a t o In in s is t in g u p o n
and

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a

tru co , a n d

to

co -o p e r a to

a ls o

in

s u s ta in in g

se rv a n ts

can

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u n w is e ly

m ado

and

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in s is t e d u p o n a t t h is t im e m e n a c e t h o p e a c e a n d p r o s p e r it y o f t h o c o u n t r y
a s n o t h in g e ls e c o u l d , a n d t h u s c o n t r ib u t e t o b r in g a b o u t t h o v e r y r e s u lt s
w h ic h s u ch d e m a n d s a ro in te n d e d t o r o m e d y .
T h e r e is , h o w e v e r , o n e c la im
to b o m et.

m a d o b y th o r a ilw a y s h o p m e n w h ic h o u g h t

T h e y c la im t h a t t h e y a r o n o t e n jo y in g th e s a m o a d v a n ta g e s t h a t

o t h e r r a ilw a y e m p lo y e e s a r e e n jo y in g b e c a u s e




25

W IL S O N .

1919.

The report and recommendations made to President Wilson
respecting the shopmen’s demands are given in another
article in to-day’s issue of our paper.

th o

G o v e r n m e n t in w h a t I c o n c e i v e t o b o t h o o n l y c o u r s e w h ic h c o n s c ie n t io u s
p u b lic

W h ite H o u s e , A u g .

th e ir w a g e s a r o c a lc u la te d

R E C O M M E N D A T I O N S OF DIRECTOR- GENERAL H I N E S
TO P RE S I D E N T WI L S ON A S TO RA I L ROA D SHOP­
MEN'S DEMANDS.

As set out in another item to-day the attitude of President
Wilson toward the demands of the railroad shopmen was
made known on Monday last, Aug. 25, following a conference

with Director-General Hines and representatives of the
shopmen. In deciding against the demands, except as to
an adjustment of wages which would give the men four cents
additional per hour, the President concurred in the con­
clusions of Director-General Hines, whose recommendations
were presented to the President under date of Aug. 23, but
were not made public until after Monday’s conference. As
indicated in our issue of Aug. 9 (page 540), the question
was referred to Mr. Hines by President Wilson after the
Board of Railroad Wages and Working Conditions had
found itself unable to agree as to recommendations. In his
conclusions Director-General Hines states that “it is perfectly
clear to me that the people in the United States cannot be
committed to the policy that wages of railroad shopmen in
©very city, town and village in the United States must be
brought up to a basis created in an emergency.’’ He also
makes a statement to the effect that “it is proper to say that
if railroad shop employees .be viewed as a class it appears
from the best data available that comparing the total earn­
ings of those employees now with their total earnings in the
year ending June 30 1915 the average increase in their
earnings is somewhat in excess of the total increased cost of
living from July 1 1915 to Aug. 1 1919. In stating that
“the way to re-establish the pre-war purchasing power of
wages is to reduce the cost of production and not to increase
it,” Mr. Hines refers to the steps taken by the Government
to reduce the living cost, and asserts that “this great work
would be arrested, if not defeated, through the present
adoption of the policy of moving up wages, so as to reflect
fully what is probably the very top notch of the high cost
of living. Such a movement,” he adds, ‘‘would tend to
increase still further the cost of living and injure every work­
ingman as well as every other person in this country.” The
report made by the Director-General to President Wilson
ollows:
W a sh in g to n , A u g . 2 3 1 9 1 9 .
M y D e a r M r . P r e s id e n t:— I n v i e w o f t h e i m p o r t a n c e b o t h t o t h o r a ilr o a d
e m p lo y e e s a n d t o t h o p u b lic , o f t h o w a g e d e m a n d s o f t h e s h o p e m p lo y e e s ,
a n d in v ie w o f t h o in t im a t e r e la tio n s h ip b e tw e e n t h a t s u b je c t a n d th e a ll­
im p o r t a n t s u b je c t o f th o c o s t o f liv in g , I fe e l i t m y d u t y t o m a k e t h is r e p o r t
t o y o u fo r a c t io n b y y o u , i f y o u w is h t o t a k o p e r s o n a l a c t io n in r e g a r d t o it .
T h e r e s p o n s ib ilit y re sts u p o n m e t o d e c id e u p o n its m e r its th e c la im o f th e
r a ilr o a d s h o p m e n , f o r t h e f o ll o w in g in c r e a s e s i n w a g e s :
N o io R e ceiv in g .

R e g u e ste d .

C e n ts.

C en ts.

.............. ..
.......................
....................
....................
....................

68
68
68
68
68

S h e e t m e t a l w o r k e r s ........................... ...........................

68

....................
....................

68
58

....................

63
45

M a c h i n i s t s ____________________________
T o o l m a k e r s __________________________

B l a c k s m i t h s _______________ *_-------------

C ar

|V ol . 109

THE CHRONICLE

838

.

r e p a i r e r s ............................................

C a r r e p a i r e r s , s t e e l ..............................

H e l p e r s ________________________________ ...........................
N o t e — T h e s o fig u r e s r e p r e se n t o n ly

th e

In crea se.
C e n ts.

17
22
17
17
17
17
17
27
27
22
15

85
90
85
85
85
85
85
85
85
85
60

p r in c ip a l c la s s e s .

th e ir d e m a n d s , a n d a n in c r e a s e , e f f e c t iv e O c t .
agreem en t

(to

th e

G overn m en t

w as

t h o e m p lo y e e s a n d t h o s h ip b u ild e r s o n

in

1 h a s ju s t b e e n m a d e in a n
no

w ay

a

p a rty )

th e P a c ific C o a s t.

b etw eon

A fte r th e m o s t

c a r e fu l c o n s id e r a t io n , I c a n s e e n o e s c a p e fr o m th e c o n c lu s io n th a t th e r a te s
p a id in t h o s h ip y a r d s c a n n o t b e a d o p t e d a s a m e a s u r e fo r th o r a te s t o b o
p a id

in

t h e r a ilr o a d

shops.

T h o c o n d it io n s a r e fu n d a m e n ta lly

d iffe r e n t .

T h e w o r k p e r f o r m e d b y e n p ’. o y e a s c l a s s e d a s r a i l r o a d s h o p e m p l o y e e s is p e r ­
fo r m e d in e v e r y c i t y a n d in e v e r y r a ilr o a d t o w n o f c o n s id e r a b le s iz o in th o
U n ite d S ta te s.

T h o p r in c ip a l r a ilr o a d s h o p s a r e n o t in th e la r g e s t c it ie s a n d

m a n y o f t h e p r in c ip a l s h o p s a r e in t o w n s o r c it ie s o f r e la t i v e ly s m a ll s iz e .

A t

t h e u r g e n t in s t a n c e o f t h o e m p lo y e e , t h o r a t e s f o r a ll t h e s e s h o p m e n t h r o u g h ­
o u t th e U n it e d S ta te s , w h e th e r in la r g e c it lo s , s m a ll c it ie s , o r to w n s , o r v ir ­
t u a lly r u r a l c o m m u n it i e s , h a v e b e e n s t a n d a r d iz e d o n u n if o r m b a s is .

I t ca n ­

n o t b e , th e r e fo r e , t h a t th e s e s ta n d a r d iz e d r a te s c a n b e p u t s o h ig h a s t o r e ­
f le c t th o c o n d it io n s p r e v a ilin g in t h e r e la t iv e ly fe w in d u s tr ia l c e n tr e s w h e r e
s h ip b u ild in g w a s d e v e lo p e d u n d e r h ig h p r e s s u r e d u r in g t h o w a r .
a re

th e

s h ip

yard s,

p r a c tic a lly

c e n tr e s , b u t e m p lo y e e s h a d t o

w ith o u t

e x c e p tio n ,

b o a ttra cted to

in

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d e n se ly

p o p u la te d

t h o s e y a r d s in t im e o f w a r

in c o m p e t it io n w it h m u n it io n p la n ts a n d o t h e r s p a y in g e x c e p t io n a lly h ig h
w a g e s , a n d th o e m p lo y e e s w h o w e r e a t t r a c t e d t o t h o s o y a r d s h a d t o e s ta b ­
lis h

t h e m s e l v e s in t h o s e d e n s e l y p o p u l a t e d

liv in g c o n d it io n s .

c e n tr e s w it h

p a r tic u la r ly

c o s t ly

I n o r d e r t o m e e t t h e k e e n c o m p e t it io n o f o t h e r w a r in d u s ­

t r ie s a n d t o b u il d u p t h o f o r c e s o f m e n in t h e s h ip y a r d s e x c e p t io n a l r a t e s
h a d t o b e p r o v id e d .
T h e w o r k in t h o r a ilr o a d s h o p s n o t o n ly o ffe r s y e a r in a n d y e a r o u t

(d e ­

s p it e t h e f lu c t u a t i o n s in c i d e n t t o c h a n g e s i n t h e v o l u m e o f b u s in e s s ) r e a s o n ­
a b ly s t e a d y e m p lo y m e n t , b u t a ls o o ffe r s a p r a c t ic a ll y p e r m a n e n t c a r e e r .
O n th e o t h e r h a n d , s h ip
e m p lo y m e n t.

T h is is

b u ild in g

r e p r e s e n ts t o a la r g o e x t e n t a t e m p o r a r y

b r o u g h t o u t c le a r ly b y th o fo llo w in g t a b lo , w h ic h

Is

a c t u a l u p t o A u g . 15 1 9 1 9 a n d e s tim a te d b o y o n d th a t d a t e , a s t o t h e e m ­
p lo y e e s w h o h a v e b e e n a n d w ill b e o m p lo y e d
th e p re se n t G o v e rn m e n ta l p ro g ra m

Jan u ary

1 9 1 4 . ............ ...................

Jan u ary

1 9 1 6 . .................................7 8 , 1 0 0

N o t e —- T h e s e
m en engaged

fig u r e s

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4 8 ,7 0 0

1 9 1 9 - . ................................ 3 5 4 , 6 2 5

June
D ec.

Jan u ary
1 9 1 8 - ................................ 1 4 4 , 6 0 0
N n v o m h o r l O l 8 ................................ 3 7 3 , 6 2 2
1 9 1 9 _____
. .3 6 1 .2 1 1
Jan u ary

o ffic e fo r c e s , b u t o n ly

in t h o s h ip y a r d s s o f a r a s

is c o n c e r n e d :

N o . o f S h ip b u ild e r s .

D a te.

31

Juno

30

D ec.
Juno

31
30

in c lu d e ,

in c lu d e t h o m e n

as

I

1 9 1 9 . . ................................ 2 5 0 , 8 9 4
1 9 2 0 - . ................................ 2 3 0 , 0 0 0
. -.1 5 3 ,0 0 0
N ono

19201921 _

u n d ersta n d

it,

m em bers

of

e n g a g e d in s h ip c o n s t r u c t i o n a n d

fa b r ic a t in g s h o p s a n d a ll o t h e r s h o p s a c t u a lly a p a r t o f

th e s h ip y a r d p la n t .
I t is p e r f e c t l y c l e a r t o m o t h a t t h e p c o p l o o f t h o U n i t e d S t a t e s c a n n o t b e
c o m m i t t e d t o t h o p o l i c y t h a t t h o w a g e s o f r a il r o a d s h o p m e n In o v e r y c i t y ,
t o w n a n d v i lla g e In t h o U n i t e d S t a t e s m u s t b o b r o u g h t u p t o a b a s is c r e a t e d
in a n e m e r g e n c y a n d in a la r g o ly t e m p o r a r y w a r u n d e r t a k in g c o n c e n t r a t e d
in a c o m p a r a t iv e l y f e w

d e n s e ly p o p u la te d

in d u s t r ia l c e n tr e s w h e r o liv in g

c o n d it io n s a r o e x c e p t io n a lly e x p e n s iv e a n d d iffic u lt , s o t h a t I c o n c lu d e th a t
th e p r in c ip a l c o n t e n t io n o f t h o s h o p e m p lo y e e s c a n n o t b e a d o p t e d .

*1

O f c o u r s e i f t h o e m p lo y e e s t h e m s e lv e s w e r o w illin g t o a c c e d o t o a p la n
w h e r e b y t h o w a g e s o f r a ilr o a d s h o p m o n in e a c h c o m m u n it y s h o u ld b o m a d e
w it h r e fe r e n c e t o t h e a v e r a g e w a g e s in t h a t c o m m u n i t y o t h e r c o n s id e r a t io n s
w o u ld h a v o w e ig h t , b u t t h e e m p lo y e e s a r o in s is te n t t h a t t h o s a m e w a g o
s c a le s h a ll b e p a i d in e v e r y p l a c o in t h o U n i t e d S t a t e s , r e g a r d le s s o f Its s lz o
o r o f lo c a l liv in g c o n d it ’o n s , a n d a s t h is p r in c ip le h a s b e e n a d o p t e d it n e c e s ­
s a r ily f o ll o w s t h a t e x c e p t io n a l c o n d it io n s in e x c e p t io n a l c o m m u n it i e s c a n n o t
b e ta k e n a s t h e s ta n d a r d f o r th o w a g e s o f r a ilr o a d s h o p m e n .
T h e c o n d i t i o n s In t h o n a v y y a r d s a n d a r s e n a ls c a n n o t , la r g e ly f o r

th o

r e a s o n s a lr e a d y s t a t e d , b e t a k e n a s c o n t r o llin g ; m o r e o v e r , it h a s g e n e r a lly
b e e n r e c o g n i z e d t h a t t h e r a t e s th e r e in s h o u ld r e f le c t lo c a l c o n d it io n s in t h o
p a r tic u la r c o m m u n itie s a n d t h e y h a v o n o t b e e n s ta n d a r d iz e d a t a ll e x c e p t
fo r a t e m p o r a r y s t a n d a r d iz a t io n f o r t h o w a r t o c o r r e s p o n d w it h t h o s h ip ­
y a r d ra tes.
I t is f u r t h e r u r g e d b y t h o e m p l o y e e s t h a t t h e r a t e s t h e y r e c e i v e a r e b e l o w
th ose

p a id

in

p r iv a t o

in d u s tr ie s

fo r

s im ila r la b o r .

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e m p lo y e e s

c it e

v a r io u s I n s ta n c e s o f r a te s in o x c o s s i o f 8 0 c e n t s f o r w o r k o f th is c h a r a c t e r ,
b u t th o s o c it a t io n s m o r e ly r e fe r t o c o n d it io n s in s p e c ific c o m m u n itie s .
m u s t a ls o b o r o m o m b o r o d t h a t t o
s e lv e s w e r e

T h is d e m a n d w a s c o n s id e r e d b y th o B o a r d o f R a ilr o a d W a g e s a n d W o r k ­

w h ic h

in flu e n c e d

to

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e x c e p tio n a l

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w ar

c o n d itio n s ,

e n jo y in g t h e m o s t e x c e p tio n a l p r o fit s a n d p a y in g u n u s u a lly h ig h w a g e s t o

in g C o n d it io n s , a b o a r d c o n s t it u t e d la s t y e a r b y th e R a ilr o a d A d m in is tr a tio n

m e e t e m e r g e n c y r e q u ir e m e n ts .

t o c o n s id e r w a g o m a tte r s , a n d c o n s is t in g o f th r e e r e p r e s e n ta tiv e s o f la b o r

s e n t e d t h a t t h o a v e r a g e o f w a g e s p a id in p r iv a t o in d u s t r ie s g e n e r a lly , o r in

a n d th r e o r e p r e s e n ta tiv e s o f t h e r a ilr o a d m a n a g e m e n ts .

t h o s e p a y in g u n io n s c a le s o f w a g e s t h r o u g h o u t t h o U n it e d S t a t e s f o r s im ila r

O n t h o q u e s tio n o f

a n y g e n e r a l in c r e a s o t o t h e s h o p m o n , t h o B o a r d d iv i d e d e q u a lly , t h o th r e e
la b o r m e m b e r s fa v o r in g a h

in c r e a s e t o

m a n a g e m e n t m e m b e r s o p p o s in g a n y

a

b a s is o f 8 0 c e n t s

and

th o th re o

B u t n o c o n v in c in g e v id e n c e h a s b e e n p r e ­

la b o r , w a s o r is s u b s t a n t i a ll y h ig h e r t h a n t h e r a t e s p a id
A d m in is tr a tio n .
I m y s e lf h a v o c o lle c t e d t h e a v a ila b le in fo r m a t io n fr o m

g e n e r a l in c r e a s e w h a t e v e r , a lth o u g h

by

th o R a ilr o a d

th e D e p a rtm e n t

e x p r e s s in g t h o o p in io n t h a t u n lo s s t h o c o s t o f li v in g c o u ld b o c o n t r o ll e d t h e r e

o f L a b o r , a n d t h a t in d ic a te s t h a t th o a v e r a g o r a t e p a id th o p r in c ip a l in o ta l

w o u ld n e e d t o b o a fu r th e r g e n o r a l In cre a so In w a g e s .
T h i s is t h e f i r s t t i m e w h o n t h i s B o a r d h a s t h u s d i v i d e d o n t h o q u e s t i o n o f a

t r a d e s in p r iv a t o in d u s tr ie s , h a v i n g u n io n s c a le s o f w a g e s , w e r o a t M a y 15

g e n e r a l w a g o in c r e a s e p r e s e n t e d t o i t .

In o v e ry oth er case th o B oa rd has

1 9 1 9 p r o b a b ly n o t m o r o t h a n 3 c o n ts in o x c o s s o f th o 6 8 c e n t s r a to p a id t o
th e r a ilr o a d s h o p e m p lo y e e s .
It

b e e n in a g r e e m e n t u p o n t h e p r o p o s it i o n t h a t t h e r o o u g h t t o b o a g e n e r a l

is a

q u o s tio n

w h o th o r e v o n

as to

p r iv a t e in d u s tr ie s t h o a d v a n t a g e s

in c r e a s e , a lt h o u g h in s o m e c a s e s its m e m b e r s h a v o b e e n s lig h t ly a p a r t a s t o

o f w o r k in r a ilr o a d s h o p s , in c lu d in g t h o a d v a n t a g e o f s u b s t a n t ia l a m o u n t s

th e

o f fr e o

r a ilr o a d

sh ops

B o a r d , w h o in a ll o t h e r c a s e s h a v o b e e n in fa v o r o f a g e n e r a l I n c r e a se , h a v e

t o h a v o a d iffe r e n t ia l u n d e r t h o r a t o s p a id In o t h e r p r iv a t o I n d u s tr ie s .

T h is

t h u s o p p o s e d a n y in c r e a s e w h a t o v e r f o r t h o e n t ir e c la s s o f e m p lo y e e s .

q u o s tio n , h o w o v e r , n e e d n o t b o d e c id e d , b e c a u s o th o d e c is io n m a d o b e lo w

ex ton t

of

th e

g e n e r a l in c r o a s o .

In

th is

case

th reo

m em bers

of

th o

I b e lie v e d it w o u ld b o m o r e s a t is fa c t o r y b o t h t o t h e e m p lo y e e s a n d t o th o
p u b lic t o

h a v o t h is g r a v e p r o b le m

m is s io n c r e a t e d b y
s u b m itte d t o th o

now

c o n s id e r e d a n d d is p o s e d o f b y a c o m ­

le g is la t io n .

a p p r o p r ia t e

R e c o m m e n d a tio n

c o m m itte e s

of

th e

to

th a t e ffe c t w as

tr a n s p o r ta tio n , d o

n o t m a k e i t r e a s o n a b le f o r

th o

w ill m a k e t h o r a te s f o r th o r a ilr o a d s h o p e m p lo y e e s in e x c e s s , i f a n y t h in g ,
o f a v e r a g o r a te s s h o w n in t h o e v id o n c o t h u s o b t a in a b le f r o m t h o D e p a r t m e n t
o f L a b o r f o r p r iv a t e in d u s tr ie s .
I n m a k in g c o m p a r is o n s f o r w o r k o f s im ila r c h a r a c t e r b e t w e o n w a g e s in

S e n a te a n d H o u s e , b u t

th o u n a n im o u s a d v e r s e a c t io n o f t h o S e n a te C o m m it t e e m a d e it c le a r th a t

th e r a ilr o a d in d u s t r y a n d

s u c h a c o u r s e w o u ld n o t b o p u r s u e d .
I t is a ls o t r u e t h a t t h o e m p lo y e e s t h e m s e lv e s v i g o r o u s ly o b j e c t e d t o m y

m u s t a lw a y s b o g iv e n t o t h o f a c t t h a t p r iv a t o in d u s tr ie s a r o f r e q u e n t ly a b le

s u g g e s tio n

a n d in s is t e d t h a t t h o m a t t e r s h o u ld

b o d e c id e d

by

w a g e s In

p r iv a t o in d u s tr ie s , d u e c o n s id e r a t io n

t o in c r e a s o t h e ir p r ic e s t o t h e p u b l i c w i t h o u t d i f f i c u l t y t o o f f s e t , a n d m o r o
t h a n o f f s e t , in c r e a s e s i n w a g e s , s o t h a t t o a v e r y c o n s id o r a b lo e x t o n t t h o

m e.

S in c e t h e s u b j e c t m u s t b o d e a l t w i t h , a n d n o o t h e r m o t h o d h a s b e e n o r is

w ages

fix e d

in

p r iv a t o

in d u s tr ie s

aro

fix e d

W ith o u t

any

r e p r e s e n ta tio n ;

t o b o p r o v id e d , it fo llo w s t h a t it m u s t b e d e a lt w it h b y th e D ir e c to r -G e n e r a l

e ith e r d ir e c t o r in d ir e c t , o f t h o g o n o r a l p u b l i c w h ic h e v e n t u a lly m u s t p a y t h o

u n d e r th e p o w e r s co n fe r r e d u p o n

b ill.

A ct, and

th e P r o s id o n t b y

t h is m u s t b o d o n e w it h o u t t h o a id o f a n y

H oard.
I ap proach

th o

F ederal

a c tio n

by

C on trol

th e W a g e

O n th e c o n t r a r y , t h o r a ilr o a d s , w h o th e r u n d o r p u b lic o r p r iv a t e c o n t r o l

c a n n o t In c r e a so t h o p r ic e s

t h e y c h a r g o , i.e ., th e ir tr a n s p o r ta tio n , o x c o p t

w ith th o s a n c tio n o f p u b lic a u t h o r it y .
t h is m a t t e r

m u st b e con d u cted

now

w ith

th o

c le a r e s t c o n v i c t io n

a n d f o r a ll t im e in

th a t

th o

r a ilr o a d s

t h e f u t u r e in s u c h a

in t h e r e tu r n s f r o m

r a ilr o a d o p e r a t io n .

T h is n e ce s sita te s th o m o s t c a r e fu l s c r u t in y o f r a te s o f p a y w h ic h

w a y as

t o g i v e t o r a ilr o a d e m p lo y e e s a n a d e q u a t e c o m p e n s a t io n a n d a lib e r a l s h a re
T h i s is n o t o n l y J u s t l y d u e t o t h e

havo

b e e n f ix e d b y in d u s t r ie s e n j o y i n g t r e m e n d o u s p r o f i t s w h ic h a r o n o t s u b jo c t
to p u b lic lc o n tr o l.

e m p lo y e e s w h o m a k e p o s s ib le t h o r e n d it io n o f t h o s e r v ic e , b u t i t is o b v i o u s l y

not

in t h e in t e r e s t o f g o o d s e r v ic e .

e m p lo y e e s , a n d

I t is t r u o n o w a n d w ill b e t r u o t o a c o n ­

S o t h o q u e s tio n m u s t b o v io w e d fr o m

th o p u b lic s t a n d p o in t a s w o ll a s fr o m t h o s t a n d p o in t o f t h o e m p lo y e e s .

o n ly

O f c o u r s e t h o w a g e s p a id r a ilr o a d e m p lo y e e s m u s t b e

r e a s o n a b le

in

th o m s e lv o s ,

but

r e a s o n a b ly

s a tis fa c to r y

to

n e c o s s a r lly t h o g o n o r a l a v e r a g o r a t o s n o r m a lly p a id

th o
e ls o -

t in u a lly in c r e a s in g e x t e n t in t h e f u t u r e , t h a t a s t a t o o f c o n t e n t m e n t o n t h e

w h e r o in p e r m a n e n t p r iv a t o in d u s t r ie s f o r s im ila r s e r v ic e s a r o a n im p o r t a n t

p a r t o f r a ilr o a d

fa c to r

la b o r

w ill

be

In d is p e n s a b le t o e ffic i e n t r a ilr o a d s e r v ic e

a n d t h i s c o n t e n t m e n t c a n n o t e x i s t u n l e s s t h e e v i d e n c e o f f a i r t r e a t m e n t is

c o n s id e r a tio n .

T h e fu r t h e r c la im

s o c le a r t h a t it w ill c a r r y c o n v i c t io n t o t h e r a ilr o a d e m p lo y e e s th e m s e lv e s .
I h a v e , a f t e r t h e m o s t c a r e f u l p o s s ib le s t u d y , a n d a f t e r c o n s id e u in g e v e r y ­

fo r

But

th o

d is tin g u is h in g

c o n d itio n s

m ust

novor

b o Ig n o ro d
Is m a d o t h a t t h o c o s t o f l i v i n g h a s i n c r e a s e d .

le tte r o f A u g . 5 1 9 1 9 , s ig n e d b y

In

a

t h o e x e c u t iv e s o f t h o r a ilr o a d s h o p m e n ’s

b e h a lf o f t h e r a ilr o a d s h o p e m p lo y e e s , r o a c h e d t h e fo l­

o r g a n iz a t io n s , a n d a ls o b y t h o o x o c u t iv o s o f th e e ig h t o t h e r o r g a n U a tio n a

lo w in g c o n c lu s io n s :
T h e m a i n c o n t e n t i o n o f t h o s h o p e m p l o y e e s is t h a t t h e i r d e m a n d s a r e j u s t

o n g in o m o n , o f te le g r a p h e r s , m a in t e n a n c e o f w a y m o n a n d c le r k s , t h o p r o p o s i­

b e c a u s e o f t h e r a t e s p a i d In t h o s h i p y a r d s , n a v y y a r d s , a n d a r s e n a ls .

t i o n is l a i d d o w n t h a t r a i l r o a d e m p l o y e e s a r o o n t i t l e d t o c o m p e n s a t i o n w h i c h

th in g p r e s e n t e d o n

Tho

b a s ic r a t e in t h e s h ip y a r d s w a s 8 0 c e n t s a t t h e t im e t h e s h o p m e n p r e s e n t e d




of

r a ilr o a d

e m p lo y e e s ,

in c lu d in g

th o

v a r io u s

o r g a n iz a tio n s

of

t

a in

and

w ill, a t le a s t, r o -o s ta b lis h t h e p r o -w a r p u r c h a s in g p o w e r o f t h o ir w a g o .

A u g . 30 1919.]

THE CHRONICLE

The way to re-establish the pre-war purchasing power o f wages is to
reduce the cost o f production and not to increaso it.
Tho Government is now taking vigorous steps to reduce the cost of liv­
ing and is meeting with gratifying progress. This great work would be
arrested, if not defeated, through the present adoption of the policy of mov­
ing up wages so as to reflect fully what is probably tho very top notch of
the high cost of living. Such a movement wou'd tend to increaso still
further tho cost of llvln g and injure every workingman as well as every other
person in this country.
In a statement presented to the President on July 30 W . S. Stone, Presi­
dent of the Brotherhood of Locomotive Engineers, said:
"W e beliove tho true remedy for the situation and one that will result in
lifting tho burden under which the whole people are struggling is for the
Government to take some adequate measures to reduce tho cost of the
necessaries o f life to a figure that the presont wages and income of tho
people will meet. Should this not bo considered feasible, wo will bo forced
to urge that those whom we represent bo granted an increase in wages to
meet the deterioration o f the purchasing power o f tho dollar, be that what
it may, which can be easily determined by competent authority."
W . G. Lee, President o f the Brotherhood o f Railroad Trainmen, in a sum­
mary o f a statement made by hbn before tho Board of Railroad Wages and
Working Conditions and given to the press by him on July 31 .stated that an
increaso in wages was not the proper solution o f the present economic stress
under which working men aro laboring because they will be followed by new
increases of cost o f everything which would more than absorb tho addi­
tional pay.
I therefore beiievo it would be unfair for the general public, subversive of
the efforts which tho Government is making to reduco tho cost o f living,
and injurious to railroad employees themselves, for the Railroad Adminis­
tration at this time to adopt tho principle o f moving up wages of all rail­
road employees so as to reflect the highest point yet reached in the high
cost of living. Such action would mean inovitably an increaso in freight
rates, which would stimulate an increase in the cost of everything con­
sumed by the public, and would give innumerable pretexts for covering up
additional unwarranted increases in prices on the claim that such increases
will bo necessitated by tho increased cost o f railroad transportation.
As a matter o f fact tho rates o f pay and also the earnings o f many sub­
divisions o f classes o f railroad employees have already been so advanced
as to bo ahead o f the highest point yet reached in tho general average
increased cost of living in tho country. Any effort to adopt that high point
as the minimum level for all railroad wages will be highly detrimental to the
public interest.
I have consistently urged throughout this calendar year that the greatest
problem before tho country is a reduction in tho cost of living and one of the
greatest obstacles in the way of such reduction would be substantial in­
creases in transportation rates. I am convinced that It is not reasonable
from the standpoint of the public and would not bo beneficial from the
standpoint o f railroad employees to make an increase in wages in tho
effort to overtake tho high cost of living, since tho increase would thereby
result in putting tho cost o f living that much further out of reach and
would seriously obstruct tho efforts now being successfully undertaken to
brng down tho cost o f living.
In this connection it is proper to say that If railroad shop employees be
viewed as a class it appears from the best data available that, comparing
the total earnings of tlioso employees now with their total earnings in the
year ondlng Juno 30 1915, tho average increase In their earnings is somewhat
in excess of tho total increased cost of living from July 1 1915 to Aug. 1
1919. This comes about by tho fact that in carrying out tho policy of
standardization so strongly urged by tho railroad employees great numbers
of men employed in railroad shops wero given tho benefit of a liighor classi­
fication which entitled them to wages much in excess of tho increases
indleated by tho mere difference between the old ratos of pay and tho now
rates of pay.
This condition, howover, should afford no basis for the claim that tho total
Increaso already given to railroad shop employes is oxcessivo, becauso I do
not bcliovo that such is tho caso. On tho contrary, I believe tho railroad
shop employes wero fairly entitled as a wholo to tho increases in wages
provided, and aro also faily entitled to.the additional Increaso next below
mentioned.
There has boon insistent contention that while all other classes o f railroad
employes havo had their wages adjusted in such manner that they recoived
an increased wago in addition to receiving ten hours pay (in tho pre-war
period) for eight hours work, this samo treatment was not accorded to tho
shopmon. While it has beon urged with equal insistence that tho shopmen
got offsetting advantages, it seems to mo it Ls true that in this specific
matter tho shopmon did not receive tho benofit o f equal treatment. On
that account it seems to mo fair in all the circumstances to recognize this
condition by giving tho shop employes a rate of 72 cents instead o f G8 cents
for tho classos now receiving 68 cents.
Under supplement 4 to General Order 27 and an addendum to that supple­
ment two different rates havo beon provided for car repairers, on a rate of
63 conts for steel freight car ropairmon and another a rate of 58 cents for
woodon freight car ropairmon. This distinction has beon difficult to main­
tain and has boon tho source o f dissatisfaction, and thero is a general agree­
ment among the mombers o f tho wago board that tho condition ought to bo
remedied (although tho labor representatives think it ought to be romedied
by increasing tho rates for all car repairers to tho highest ratos.)
I therefore concludo that, oxcept as stated below, the rato for all freight
car ropairmon who by supplement 4 to Gonoral Order 27 and tho addondum
thereto wero intonded to receivo cither 58 conts or 63 conts shall receive 67
conts per hour. Thero has boon great dissatisfaction becauso car Inspectors
gonorally havo received only tho rato o f 58 cents notwithstanding tho fact
that stool froight car repairmen havo received the*rato o f 63 cents. M y
conslusion is that, oxcept as below stated, car inspectors should receive
tho samo rato as above indicated for freight car ropairmon, and therefore
should recoivo 67 cents per hour.
Tho exceptions abovo referred to, as to froight car repairmen and as to car
inspectors, aro as to such employes at outlying points other than shops and
main line terminals, at which points the work, generally speaking is not con­
tinuous. Tho Increaso for freight car ropairmon and car inspectors at such
outlying points will bo 4 conts per hour. The determination as to tho points
whoro tho froight car ropairmon and car inspectors, who according to this
principle get only 4 conts increaso, will, bo takon up in. conference with
tho roprosontatlvo o f tho shopmen, with a view to arriving at a reasonable
and dofinlto working rulo.
As to all other classos covered by supplement No. 4 and not abovo specif­
ically doalt with, the rato of Increaso shall bo 4 conts an hour.
Ever slnco last September it has been tho settled principle o f tho Rail­
road Administration to make wago orders rctroactivo to a dato approxi­
mating tho dato upon which tho Board of Railroad Wages and Working
Conditions mado its report, and in this instance that roport was mado
on July 16. Tho conditions here, however, are peculiar in that tho
action o f tho Wago Board has been delayed for an exceptional longth
of time, tho presentation to tho Wago Board having beon mado last
February. In those circumstances It seoms to mo that, as a part of a




839

negotiation of a national agreement, the changes above indicated could
properly be made effective as of M ay 1 1919, and the Railroad Administra­
tion is willing to make these changes in rates o f pay effective as o f that date
for all employes who do not leave the service ponding the completion and
adoption of a national agreement with the shop men’s organization.
Very sincerely yours,
W ALKER D. HINES.
S T R I K E

V O T E

O F

R A I L R O A D

S H O P M E N .

W h ile it was decided on A u g . 2 6 to p ut to a vote o f the
local unions the question of accepting or rejecting President
W ilso n ’s appeal to railroad shopm en to defer their dem ands
for higher w ages, a later com m unication to the local unions,
issued on A u g . 2 8 , recom m ends th a t the question of suspend­
ing work be left in the hands of the officers of the organi­
zations involved , “ with the understanding that no strike
order will be issued unless such action becom es absolutely
necessary to m eet the conditions arising from the present
situ ation , or in join t action w ith other railroad organizations
for a general w age increase.”
T h e instructions of A u g . 2 8 ,
which are of a more conciliatory tone than those issued
A u g . 2 6 , also state that “ it is our honest ju d gm en t th a t a
fata l m istake w ould be m ade b y our m em bers to assum e the
responsibility of tying up the railroads a t this tim e, w hen the
President is evidently doing all possible to reduce the high
cost of liv in g .”
T h e d ay of the issuance o f these later in­
structions m arked the return of Sam uel G om pers to W a s h ­
ington (following his arrival from abroad on the 2 6 th) and
the opening of conferences of the E xecutive Council o f the
A m erican Federation of L ab or. M r . G om pers is also under­
stood to have conferred later w ith the com m ittee of railroad
shopm en.
T h e instructions to the local shopm en’s unions
on A u g . 2 6 had been sent ou t after D irector-G eneral of R ail­
roads W a lk e r D . H ines had been advised b y representatives of
the railroad shop craft com m ittee of 100 that “ know ing the
sentim ent of the m em bership” the com m ittee could n ot “ ac­
cep t as a basis of settlem ent the rates established in his propo­
sition subm itted b y the P resid ent.” B o th the P resident’s ap ­
peal of M o n d a y last (A u g . 2 5 ) an d D irector-G eneral H in e s’s
recom m endations are given under separate headings in the
“ Chronicle” of to -d a y .
Prior to the issuance of these a vote
in fa v o r of a strike, effective S ep t. 2 , had been ta k en , and
it was stated on the 2 6th th a t 95 % of the m en had registered
in favo r of a strike. T h e President’s overtures and proposed
ad ju stm en t served, it was said, to set aside the strike vote
already taken , and to p ut the question to the m en an ew .
T h e notice to the various shop crafts unions on the 26th
seeking an expression of view as to the P resident’s proposal,
was issued as follow s:
Washington, D . C ., Aug. 26.
Greetings.— Tho attached letter of tho President of tho United States,
accompanied by the proposition of tho Director-General, wero delivered
to your executive officers and national committee in conference at the White
House at 3 p. m., August 25, and are submitted to the membership at tho
urgent request of President Wilson, and it is requested that the contents
of these documents be given your most careful consideration at a summoned
or called meeting of each craft.
Shortly after the conference with the President and the Director-General
another conference was held with tho Director-General. In answer to a
direct question, tho Director-General stated that the attached proposition
was final and that there would be no wage increases granted to any other
class of railroad employes, as a class, but In tho event of unjust inequalities,
as between individuals, adjustments involving increases to equalize rates
of pay would be made where justified, except under tho conditions that aro
clearly stated in the fourth paragraph of the President's letter herewith
attached.
Knowing the sentiment of tho membership, your committee, after duly
considering tho proposition, advised the Director-General that they could
not accept as a basis of settlement the rates established in his proposition,
as submitted by the President.
Practically every class of railroad employes have now submitted requests
for very substantial increases over existing rates of pay. It is well that our
members give very serious consideration to this fact. If there is to be any
additional general increase in the wages of railroad employes the Federated
Shop Trades will receive the same consideration. Don't fail to give this
statement careful thought, and don’t forget that if the Federated Shop
Trades become involved in a strike now you are striking alone to force an
increase for the 2,000,000 railroad employes.
In view of the foregoing facts, the statements contained in the President’s
letter and the responsibility that must be assumed if a suspension of work is
to take place, your executive council has decided that it would fall in its
duty wero it to authorize a strike until the membership have had an oppor­
tunity to decide their course o f action on this proposition. It is not our
intention to shirk any of our responsibilities as executive officers and the
wishes of a constitutional majority of tho membership expressed by their
votes as hereinafter directed will be carried out.
Until tho wage questions have been disposed of there will be no action
taken in connection with reaching a conclusion on the national agreement.
Immediately on receipt of this letter each craft will hold a summoned or
called meeting, appoint a committee of tellers, who will prepare and distri­
bute blank pieces of paper upon which each member shall sign his name and
number of lodge in which he holds membership. If the member votes "yes”
it will indicate acceptance of the President’s proposition; if tho member
votes "n o” it will indicate the rejection of the President’s proposition and
that ho desires to strike to secure the wage rates requested.
Efforts should bo made to secure tho vote of members located at outside
pobits. Only members employed by railroads are entitled to vote.
This vote shall be taken as a secret ballot. Tho tellers, together with sec­
rotary, will tabulate the vote and wire the result by stating the number c f

840

[V ol . 109.

THE CHRONICLE

members voting "yes” and the number voting "n o .” This vote is to bo con­
firming by letter under seal of lodge.
Pending the issuance o f the official strike order (provided the members
vote to strike) it is earnestly requested that every member shall remain at
work.
Owing to the largo number o f members involved it must be understood
and agreed that tho respective international organizations will not bo obli­
gated to pay regular strike benefits beyond the limits o f tho funds available
for that purpose.
■
Wiro vote and send letter o f confirmation to John Scott, room 507, A. F.
o f L. Building, Washington, D. C ., at once.
J. F. Anderson, International Association o f Machinists.
F. O. Bolam, International Brotherhood o f Blacksmiths and Helpers.
William Atkinson, International Brotherhood o f B. I. S. B. and H. of A.
J. M . Bums, Amalgamated Sheet Metal Workers International Associa­
tion.
James P. Noonan, International Brotherhood o f Electrical Workers.
Martin F. Ryan, Brotherhood Railway Car Men o f America.
B .M . Jewell, acting president Railway Employees Department, A . F.
o fL .
T h e follow ing is tho com m unication issued to the local
unions on A u g . 28 b y the heads of the organizations involved ,
n am ely: tho International Association of M a ch in ists, the
International A ssociation of B lacksm ith s and H elpers, tho
International Brotherhood of B oilerm akers, Iron Shipbuilders
and H elpers, A m alga m ated Sheet M e ta l W ork e rs, Inter­
national A llian ce, International Brotherhood of Electrical
W o rk e rs, and Brotherhood of R ailw ay C arm en of A m erica.

F.

C .

B o la m ,

I n te r n a tio n a l B r o t h e r h o o d

of

B la c k s m ith s

and

H e lp e r s ;

W illia m A t k in s o n , I n te r n a tio n a l B r o t h e r h o o d o f B . I . S . B . a n d I I . o f A .;
J . M . B u m s , A m a lg a m a t e d S h e e t M e t a l W o r k e r s ’ In te r n a tio n a l A s s o c ia ­
t io n ;
J a m e s B . N o o n a n , I n t e r n a t io n a l B r o t h e r h o o d o f E le c t r ic a l W o r k e r s ;
M a r t in F . R y a n , B r o t h e r h o o d R a ilw a y C a r m e n o f A m e r ic a ;
B .
A .

M .

J e w e ll,

A c tin g

P r e s id e n t,

R a ilw a y

E m p lo y e e s ’

D ep a rtm en t,

F. of L.

W ith regard to strikes of shopm en which had been in
progress early in the m o n th , Director-G eneral H in es, to
w h om , as we have already indicated, President W ilso n on
A u g . 7 referred tho question of wago dom ands of the rail­
road m en , issued a statem ent on A u g . 13 saying:
T h o sh opm en

who

h avo been

o f th e c o u n t r y a r e r a p id ly

on

u n a u th o r iz e d

r e tu r n in g

to w ork

p r a c t ic a ll y n o r m a l in m o s t p a r t s o f t h o c o u n t r y .

s t r ik e s in v a r i o u s p a r t s

and

a lr e a d y c o n d it io n s a r o

I t is a n t i c i p a t e d t h a t a t a

c o m p a r a t iv e l y e a r ly d a t o t h e s tr ik e s w ill h a v o e n t ir e ly t o n n in a t o d , w h e r e ­
upon

th o

R a ilr o a d

A d m in is t r a t io n

w ill p r o m p t l y

ta k o u p

and

d e a l w it h

th o w a g e , q u e s tio n s n o w p e n d in g .
E v e r s in c e it w a s m a d o c le a r b y th o a c t io n o f t h o S o n a to C o m m it t e e o n
I n t e r -S t a t o C o m m e r c e o n A u g . 6 t h a t C o n g r e s s d id n o t w is h t o d o a l w it h t h o
g r a v e w a g o p r o b le m s n o w p o n d in g a n d t h o r a t e p r o b lo m , w h ic h is a ls o in ­
e x t r i c a b ly i n v o lv e d , a n d a ls o w ill o f f e r n o o b j e c t i o n t o t h e R a ilr o a d A d m in is ­
tr a tio n e x e r c isin g th o p o w e r s c o n fe r r e d b y th o F e d e r a l C o n t r o l A c t t o d o a l
a t t h is la t e d a t o in F e d e r a l c o n t r o l w i t h t h is g r e a t s u b j e c t ( t h o is s u e i n v o l v i n g
h u n d r e d s o f m illio n s o f d o lla r s ) I h a v o b o o n g iv in g m y c o n t in u in g a t t o n t io n
to

th o s t u d y o f th e m a tte r w ith a v ie w

t o m a k in g a ju s t a n d r o a s o n a b lo

e x e r c is e o f th o h e a v y r e s p o n s ib ility w h ic h re sts u p o n m o .
I n t h is c o n n e c t io n I w o u ld lik e t o m a k e it c le a r t o t h o p u b l i c a n d t h o r a il­
r o a d o m p lo y c e s a lik e t h a t t h o s it u a t io n n o w

o x istin g c o u ld n o t h a v o b e e n

Washington, D. C., Aug. 28 1919.
d e a lt w it h u n t il t h is t im o .
F Greetings— Tho following Important communication has been sent to
tho chief executive officers of all organizations representing railroad em­
ployees by tho Board of Railroad Wages and Working Conditions:
A D V I C E S
O F
TV.
D .
H I N E S
T O
R A I L R O A D
W A G E
[There follows hero tho letter of Director General Hines to A. C. Wharton,
B O A R D A S T O C L A I M S O F R A I L R O A D
E M P L O Y E E S .
Chairman of tho Board of Railroad Wages and Working Conditions, which
wo publish in another item below.]
In advices on A u g . 2(3 to tho B oard of W a g e s and W ork in g
In our opinion, tho importance of this communication warrants tho plac­
Conditions Directoi’-G eneral of Railroads H ines requested
ing of it in tho hands of the entire membership.
It must bo understood that practically every class o f railroad omployces th a t tho claim s m ade b y various classes of em ployees for
has presented demands for substantial increases in wages or havo notified
tho Administration o f their intention to do so at an early dato. In effect, readjustm ent of wages be taken up p ro m p tly, it being m ado
it is our understanding that this letter is a notice to all railroad employees plain, how ever, that “ it is not proper now to m ako general
that thero shall bo no further general increases in railroad wages unless tho increases in wages on tho assum ption that tho presont cost
efforts o f the United States authorities provo unavailing in reducing tho
of living will bo p erm an en t.”
M r . H inos’s letter follow s:
present high living cost.
Aug. 26 1919.
Tho Federated Shop Trades represent approximately 22% o f tho total
Mr. A. C . Wharton, Chairman Board of Railroad Wages and Working
number o f railroad employees.
It must bo obvious that in tho event living costs aro not reduced, wage
C o n d it io n s :
Dear Mr. Wharton:— It is desirable, respecting tho claims now ponding,
increases must and will bo made, and if that is done it must also bo obvious
that tho Railroad Administration must glvo equal consideration to all or to bo filed boforo your board, to dofino tho functions which it is appro­
priate for your board to perform in view of tho decision announced by tho
classes o f employees.
As you aro well aware, President Stone o f tho Brotherhood o f Locomotivo President yesterday with refcrcnco to tho policy which tho Government
Engineers and President Leo o f tho Brotherhood of Railroad Trainmen must pursuo in regard to railroad wages as a part of tho goneral campaign
are on record to tho effect that wages must go up or living costs go down. which tho Government is waging to reduce tho high cost of living in the
Coupled with this fact practically 78% o f tho railroad employees havo made interest of all wage earners, as woll as all other Americans.
Tho position o f tho Government is that, In viow of its campaign to roduco
requests for wage increases that equal or aro greater than tho requests sub­
tho cost of living, and of tho strong prospects that substantial relief will
mitted by tho Federated Shop Trades.
Their requests have been denied except whore it can bo shown that they be achieved, it is not proper now to mako goneral Increases In wages on tho
havo not been given relatively tho same consideration. This means that assumption that the present cost of living will bo permanent, and that
only adjustments o f inequalities will bo mado whero it can bo demonstrated pending tho efforts of the Government to bring down tho cost of living tho
higher costs of living ought not to bo accepted as a permanent basis of
that such inequalities exist.
If tho Federated Shop Trades strike now, they carry tho full burden of wage adjustment; although it is recognized that if tho offorts of tho Govern­
securing the same general increase for tho 78% of tho railroad employees ment to bring down tho cost of living should fall railroad wages should bo
who havo not yet decided what action they propose to tako. Wo do not readjusted in the light of any permanent higher living costs which would
believo that wo should allow ourselves to bo placed in that position. In thereby havo to bo recognized.
Tho President has mado it clear however, that tho Railroad Adminis­
our opinion, tho next 90 days will bring the entire situation to a head, and
if a striko is to tako place every class of railroad employeo should bo willing tration is not precluded from giving prompt and careful consideration to
any
claims that may bo made by tho various classes of omployoos for read­
to join in tho movement, sharo their full measure o f responsibility, and not
leave tho issue to bo decided by the 22% of tho railroad employees ropro- justments believed to bo proper to secure Impartial treatment for all rail­
road employees.
sented by tho Federated Trades.
I therefore request that you tako up promptly tho claims which havo al­
The adjustment in wages that has been offered to the Federated Shop
Trades, if accepted, will establish increases that aro practically equivalent ready been presented and thoso which aro to bo prosontod by any classes
to the increases granted any other class of railroad employees. This must of railroad omployces to tho effect that olthor for tlxetr classos as a wholo
not bo lost sight o f in considering tho situation wo now face.
It is conceiv­ or for any subdivisions of thoso classos readjustments ought to bo mado
able that men may decide to do a thing in a manner that will lessen thoir in order to mako suro that actual treatment Is done on tho basis of tho gonchances o f ultimate success, but common sense dictates that 22% of tho oral principles of wago adjustment which tho Railroad Administration has
railroad employees should not undertake to fight tho battle for tho 78% already established.
It has been our constant endeavor since tho first wago adjustments wore
who havo asked for general wago increases, and who havo boon denied, as
wo have, any further general increases, unless tho effort to lncreaso tho pur­ mado by tho Railroad Administration to deal fairly and impartially with
all classes of railroad employees. Tho situation is so complex that absolute
chasing valuo o f tho dollar by reducing living costs proves unsuccessful.
With a reasonable degreo of certainty, wo recognize that this letter, perfection in this regard is unattainable. Nevertheless our expcrlcnco up
coupled with the recommendation wo intend to make, will draw criticisms to tho present timo may in all probability develop that cortaln rolativo
from tho individuals in our organizations who havo not as yot indicated injustices may havo been unintentionally dono, and it should bo our pur­
a dosiro to listen to reason or abldo by any criticism not of their own mak­ pose promptly to correct thoso injustices.
Tho Railroad Administration has beon firmly committed to tho policy
ing. Thero is not now, nor has thero over been, objection to honest criti­
cism. Such criticism is not objectionable; on tho contrary, is welcomo, and since last September that it cannot mako wago adjustments rotroactivo
this comment is mado for tho express purpose of directing tho attention of back of a dato approximating tho dato upon which your board makes its
the membership to members who have by various moans Introduced methods report, bocauso otherwise thero would bo unending confusion, and all
of procedure which must appeal to every right-thinking union man as detri­ effort to get a measure as to tho cost of conducting tho railroads at any
mental to tho organization that wo havo perfected as tho result of thirty given time in tho past would bo rendered hopoloss. I, therefore, hopo that
years’ untiring effort, and generally against every obstaclo that could bo your board will bo ablo to report promptly upon any inequalities which
may bo found to exist, to tho end that any correction which tho Direct
Invented to dofeat us.
In view of tho facts as abovo stated, your executlvo officers and national General may find appropriate can bo mado offoctivo at tho carllost justi­
agreement committee recommend that tho question of suspending work bo fiable dato, in accordance with tho policy of tho Railroad Administration.
In all such matters tho board will bo expected to roport not only a state­
left in our hands, with tho understanding that no strike order will bo Issued
unless such action becomes absolutely necessary to meet tho conditions ment of facts and its conclusions upon tho facts, but also its recommenda­
Sincerely yours,
arising from tho present situation, or in joint action with other railroad tion.
W ALKER D. IIINES.
organizations for a general wago increase.
Tho abovo recommendation is mado after maturo deliberation and con­
sideration o f all tho elements ontoring into this controversy. It is our hon­
S T O N E O F L O C O M O T I V E E N G I N E E R S , I N D O R S E S
est Judgment that a fatal mistake would bo mado by oiu* mombers to assumo 17
P R E S I D E N T
W I L S O N ’S
W A G E
S T A N D .
tho responsibility o f tying up tho railroads at this timo, when tho President
is evidently doing all possible to reduce tho high cost o f living. It Is but
In special correspondence from Cleveland A u g . 2 6 , tko
fair to assumo that tho President will havo tho loyal support o f a majority
of the American public in his effort to procure this much-needed relief. N o w Y o r k “ T rib u n e” reported W arren S . Ston o, President
of tho Brotherhood of L ocom otivo Engineers, as indorsing
Wo would, no doubt, bo charged with obstructing his efforts.
It should bo understood, howover, that if tho Government fails to effect President W ilso n ’s stand on railroad w ages; it quoted M r .
a substantial reduction in tho cost of living within a reasonable tlmo wo re­
Stono as saying:
serve tho right to put tho striko voto into effect.
"Tho solution of tho wago problom, not only on railroads, but in all othor
Wo sincerely trust that the contents o f this letter will bo given tho con­
lines of business, lios In a reduction of tho living costs, not In increased
sideration that this Important subject merits. Yours, fraternally,
wages J
J. P. Anderson, International Association of Machinists;




. s.

THE CHRONICLE

A u g . 30 1919.]

“ For the last year or so wo have seen wages advanced and have watched
living costs mount to tho new level. Then wo have enjoyed another raise,
and then again costs approach and soon exceed the new level.
"This race has got to stop. Tho remedy lies in checking the high cost
of living. No matter how high you make wages, living costs have demon­
strated that they can climb as fast, in fact, take delight In so doing."
W

A R N I N G

O F

I N G

D I R E C T O R - G E N E R A L
T R A I N M

E N

I N

H I N E S

T O

S T R I K ­

C A L I F O R N I A .

A warning to striking trainm en in C alifornia, A rizona and
N e v a d a th a t the law w ould be invoked to run the trains
if the striking em ployees failed to report for d u ty b y this
m orning (A u g . 3 0 ) was issued on A u g . 2 8 b y D irectorGeneral of R ailroads W alk e r D . H ines at the direction of
President W ilso n .
In his notice to the railway m en M r .
H ines stated th a t those n ot returning b y the tim e indicated
w ould be regarded as having term inated their em ploym ent
and their places would be filled. H e also warned th at “ any
one who interferes with or ipipedes the possession, use,
operation or control of an y railroad property, or railroad
under Federal control, com m its an offense against the
U nited S tates, punishable b y fine and im prisonm ent, and
will be arrested and prosecuted accord in gly.”
Besides the
issuance of the warning to the railway m en M r . H ines dis­
patched telegrams to tho Governors of California, N e v a d a
and Arizon a and to the M a y o rs of the principal cities in
those States requesting co-operation in m aintaining traffic
and in preventing interference w ith the m ovem en t of trains.
T h e strike of sw itchm en, yard m en , shopm en and trainm en
in Southern California had tied up traffic there to the extent
of practically isolating th a t section since the latter part of
last w eek.
On A u g . 2 5 a statem ent b y the Railroad A d ­
m inistration announced th at the trainm en, enginemon and
yard m en on G overn m en t controlled roads in L os Angeles
who had gone on strike in sym p a th y w ith the striking em ­
ployees of the P acific E lectric, which is n ot under G overn­
m ent con trol, had been ordered to roturn to w ork.
I t was
also stated on th a t date th at union officers had advised
D irector-G en eral H in es th at the striko was due to a m is­
understanding and th a t positive instructions had been
given th at the m en com p ly w ith their agreements w ith the
railroads. M r . H ines in his statem en t o f th a t d ay said “ it
is therefore expected th at the m en will return to w ork as
soon as these instructions can be placed before them b y their
local representatives.”
On A u g . 27 it was reported th at telegraphic instructions
had been received in Southern California from W arren S .
S ton e, President of the Brotherhood of L ocom otive E n ­
gineers, directing the m en to resume w ork.
Cleveland
press advices A u g . 2 7 confirm ing this said:
Warren 8. Stone to-day verified tho Los Angelos reports that tho men
had been ordered back to work. The orders had been issued following
several long distance telephone conversations during the night with repre­
sentatives o f tho Brotherhoods on the Pacific Coast.
To messages received from striking yardmen o f tho Southern Pacific and
Santa Fo Railroads, M r. Stone replied that under no circumstances would
tho Brotherhood support a sympathetic striko. “ Wo are anxious to get
tho men back to work,” Mr. Stone said.
Mr. Stone’s statement, addressed to the engineers, follows:
Effective at onco. Inform all members o f division that strike is illegal
from start to finish. All members o f the Brotherhood of Locomotive Engi­
neers will bo required to abide by tho laws o f tlxe organization and carry
out tho contracts mado In good faith both by tho individual roads and the
Federal Government, tailing to do so, they will bo expelled insido of 24
hours. Unless there is decided improvement, tho Government will take
stops to operate tho roads. You all know what this will mean. Impress
on overyono tho necessity of using sober thought and exercising common
senso and not be carried away by a wave o f mob law
In addition to Mr. Stono’s statement, tho following statement signed by
W. G. Leo, President o f tho Brotherhood o f Railway Trainmen, was posted
by local officers of tho Brotherhood to-night:
Advise all men o f tho Brotherhood that wo will not engage in sympa­
thetic striko, and tell our men that less than two months ago 258 members
of the Brotherhood wero expelled from the organization at Winnipeg for
sympathetic action, while many o f them lost their positions
Our mem­
bers must roturn to work and uphold their contracts, if they expect to re­
tain membership and support o f this organization.
It had previously (A u g . 2G) been announced in press
advices from L os Angeles th at all striking railroad men
there w ould ignore instructions of their national chiefs that
thoy return to w ork , and would continue their strike, ac­
cording to a decision reached early th a t d ay after an all­
night m eeting.
T h o m en , it was said, based their action
on a phrase of the orders to return to w ork, which said they
need n ot su bm it themselves to danger of m ob violenco.
T h oy said to roturn a t present would bo dangerous in that
respect.
•
A still oarlior sta tem en t, issued a t Cleveland on A u g . 23
join tly b y M ossrs. Stone and Lee after a conference of tho
four Brothorhood chiefs, said:
Pacific Electric omployoes have been refused tho right to negotiate
through tholr committees rates o f pay and working conditions similar to
thoso paid other omployoes performing the same sorvice. Pacific Electric
is owned and officered by tho Southern Pacific Railroad, but this portion
of tho Southoni Pacific (Pacific Electric) is not under Government con­
trol.




841

Several months ago employees o f Pacific Electric attempted to handle the
situation according to tho rules of their organizations, whereupon an in­
junction was secured by Pacific Electric officials, destroying the chief
executives’ authority to control the situation.
Tho entire matter has been taken up with the Director-General of Rail­
roads, and we hope the Railroad Administration will either take over the
Pacific Electric or authorize Southern Pacific officers to make satisfactory
settlement.
Wo are not at all surprised at employees o f connecting lines sympathizing
with Pacific Electric employees who have been denied the right to negotiate
rates of pay and working conditions similar to those In effect on other lines
for tho same classes, and who have also been enjoined from securing the
assistance of their Grand Lodge officers, and who are being arrested and
jailed because of their attempt to better their conditions.
I t was reported in the N e w Y o r k “ T im e s” of A u g . 2 5 ,
th a t a telegram received on the 24th b y Los Angeles officers
of the brotherhoods from M r . Lee stated th a t “ while the
strike was n o t authorized, tho usual penalties of the Brother­
hood accom panying the unauthorized strikes w ould n ot be
exacted in this case in connection w ith an y action the strikers
m ight ta k e .”
T h e follow ing is the u ltim atum to the striking m en , is­
sued b y D irector-G eneral H ines on A u g . 2 8 :
To public officers, railroad officers and employees, and citizens generally in
California, Arizona and Nevada:
A striko is in progress on the part o f the train and enginemen and yard­
men on the steam railroads being operated by the United States Govern­
ment in parts o f California, Arizona and Nevada. This strike began at
Los Angeles purely as a sympathetic strike on account of a controversy
between the Pacific Electric Railway Company and certain employees of
that company. The property of that company is not in the possession or
control of tho Government of the United States. The strike of the em­
ployees on the steam railroads was entered upon without any grievance
being presented or alleged. The strike was and is a violation and repudia­
tion of tho agreements between the striking employees and the steam rail­
roads upon which they worked and also of the national agreement between
tho United States Railroad Administration and the chief executives of the
organizations to which the strikers belong, such national agreement pro­
viding for the adjustment of all causes of complaint in an orderly manner
without suspension of work. The strike is also an illegal strike under the
laws of the organizations to which the strikers belong, and has been so
characterized by the chief executives of those organizations.
The chief executives of these organizations stated they believed that
they could induce their men to go back to work and urged that they be
given time to enable them to do this. The Railroad Administration has
given the time for this purpose. The Director-General has also by pub­
lication in the newspapers of San Francisco and Los Angeles urged upon the
strikers tho absence of justification for their action and the importance
of returning to work. Nevertheless, many of the strikers have not yet
returned to work and to a large extent the public service which the Govern­
ment must render to the publ!c is at a standstill. It, follows that the only
course which the Government can adopt is to exercise its entire power for
the purposo of rendering the public service and the President has so In­
structed.
All striking employees who do not report for duty on and aft r 7 o ’clock
on Saturday morning, Aug. 30. when and as called for duty, will be re­
garded as having terminated their employment and their places will be
filled.
Any one who interferes with or impedes the possession, use, operation,
or control of any railroad property, or railroad under Federal control,
commits an offense against the United States, punishable by fine and
imprisonment, and will be arrested and prosecuted accordingly. Any one
who obstructs or attacks persons assisting or endeavoring to assist in the
possession, use, operation, or control of any railroad under Federal con­
trol , will be guilty of tho offense described and will be dealt with accordingly.
Any one who obstructs or retards the passage of the mail or any vehicle or
person carrying tho same likewise commits an offense against the United
States punishable by fine and Imprisonment, and will be arrested and
prosecuted accordingly. In structions have been issued to the United
States District Attorneys and to the United States Marshal to take the
necessary steps to enforce these provisions o f the statutes of the U-jited
States.
Tho Governors of the States involved, the Mayors of cities involved,
and all other State and local peace officers are relied upon to lend assistance
in the performance of the public service as above outlined in every possible
manner, including giving aid in enforcement of the statutory provisions
above referred to, and also in enforcing all State statutes, municipal or­
dinances, and other local public regulations which will aid in protecting the
railroad property and its operation and in protecting those assisting or en­
deavoring to assist in the operation of the railroads.
W ALKER D . HINES
Director-General of Railroads.
T ho strike of the railway workers on the Southern P acific,
Santa F e & Salt Lake lines, which has tied up transporta­
tion in the three S tates, originated in the dem and of the
railw aym en that striking em ployees of the Pacific Electric
C o m p a n y and the Los Angeles R ailw ay interurban lines
be taken ba ck w ithout prejudice. W h e n the operating
officials of those lines refused to co m p ly w ith the dem and the
railw aym en w alked ou t in sy m p a th y .
T h e strike spread
gradually until it practically stopped passenger and freight
service in the three States affected. San Francisco yardm en
it was reported yesterday had returned to w ork, and the
early collapse of the strike was looked for.
F O U R

C E N T S

A N

H O U R

T O

S H O P M E N

W

I L L

C O S T

$ 4 5 ,0 0 0 ,0 0 0 .
F our cents an hour extra offered to tho railw ay shopm en
moans an addition of a t least $ 4 5 ,0 0 0 ,0 0 0 annually to rail­
w ay operating expenses, which under existing conditions the
G overnm ent and eventually the A m erican public will have
T H E

P U B L I C

to p a y . T h is statem ent is based on the follow ing figures,
com piled b y the Bureau of R ailw ay N ew s and Statistics
from offioial returns:

• 1917---------------------------------------1 9 1 6 1 9 1 S
C om p en A vg. A vg. A vg.

N o . H ou rs

A vera ge
N u m ber.

C ts .

C ts .

sa tio n .

W ork ed .

M a c h i n i s t s _____ .....................4 1 , 9 1 3

1 2 5 ,8 5 8 ,0 0 0

$ 5 8 ,1 5 0 ,0 0 0

45

39

46

40

C ts .

t o th e m , a n d t h e y h a v e a s m u c h r ig h t t o m a k e t h a t d e m a n d a s y o u h a v e *
T h e n th o fa r m la b o r e r s , w it h e v o n b e t t e r r ig h t w o u ld s a y “ W o p r o d u c e d
th o fo o d y o u liv e o n — b u y t h o fa r m s a n d g iv o th e m t o u s .”

74

a n d w o k n o w t h o r e s u lt.
I in t e n d t o t r y t o p r e s e n t t o t h o p e o p lo o f t h o s t a t e w h a t t h is p la n m e a n s .

B o i l e r m a k e r s . . .....................1 3 , 2 2 2

4 0 ,6 5 3 ,0 0 0

B l a c k s m i t h s . . . .....................

8 ,3 6 3

2 3 ,4 7 0 ,0 0 0

1 0 ,4 2 4 ,0 0 0

44

38

70

. . ___________
S tr u c t u r a l ir o n w o r k e r s

1 ,3 8 7

3 ,9 3 5 ,0 0 0

1 ,2 9 3 ,0 0 0

33

30

48

F ir s t, a s t o

883

2 ,4 9 5 ,0 0 0

8 8 9 ,1 ) 0 0

36

32

47

d o lla r s o f it , in

&c

T h e y a r o t r y i n g t o r u n t h i n g s t h a t w a y i n R h s f c ia

th o s h iftin g o f th o b u r d e n
W est

V ir g in ia fr o m

o f ta x a tio n ,

C a r p e n t e r s _____.................

5 4 .1 7 2

1 5 6 ,8 0 6 ,0 0 0

5 0 ,6 0 6 ,0 0 0

32

54

h o m o o w n e r s i f th e P lu m b p la n w e r e t o g o t h r o u g h .

P a i n t e r s , & c ___ ___________

1 1 ,3 1 1

3 0 ,7 8 6 ,0 0 0

1 0 ,8 2 7 ,0 0 0

35

30

57

W a y n e , M c D o w e ll,

9 ,7 7 4
________________
6 ,0 0 7
A i r b r a k e m e n . . .....................
C a r i n s p e c t o r s . ___________ 2 0 , 3 1 4

3 3 ,0 9 4 ,0 0 0

1 0 ,0 4 6 ,0 0 0

33

28

56

t h e y a ro c r e a tin g t o b u ild p u b lic r o a d s .

68

in g o f s c h o o l h o u s e s , a n d a ll p u b lic im p r o v e m e n t s .

1 9 ,8 4 2 ,0 0 0

6 ,4 9 0 ,0 0 0

32

27

7 9 ,6 0 7 ,0 0 0

2 2 ,9 9 1 ,0 0 0

28

24

59

C a r r e p a i r e r s . . .....................6 8 , 1 9 6

1 9 9 ,1 5 2 ,0 0 0

6 7 ,0 8 2 ,0 0 0

33

27

57

a day.

O t h e r s k ille d l a b o r e r s ..

5 3 ,5 2 4

1 6 5 ,0 5 4 ,0 0 0

5 6 ,9 2 9 ,0 0 0

34

29

58

o fte n

M e c h . h e lp . & a p p r e n ’s 8 7 ,4 1 8

2 5 9 ,3 3 7 ,0 0 0

7 1 ,4 7 2 ,0 0 0

27

23

47

M ercer and

o r s o m e fo u r m illio n

th o r a ilr o a d s o n

28

E le c t r ic ..

T hen w o have,

73

n o t S o c ia lis m , b u t c h a o s .

1 8 ,7 7 2 ,0 0 0

M ason s,

[V ol . 109

THE CHRONICLE

842

M in g o

to

th o fa r m e r s a n d

I t w o u ld m a k o C a b e ll,

c o u n t ie s u n a b lo

to

pay

th o

debt

I t w o u ld s t o p r o a d b u ild in g , b u ild ­

I h a v e b e e n a la b o r in g m a n m y s e lf— c a r r ie d a d in n e r b u c k e t — fo r a d o lla r
M y la b o r n o w
s ix te e n

and

is n o t r e g u l a t e d b y e i g h t , t o n o r t w e l v o h o u r s b u t

s o m e tim e s

o ig h te o n .

I

am

n ot now

and

t o b o a c a p it a lis t , b u t I a m a n A m e r ic a n , n o t a B o ls h e v ik .

never exp ect

I s t a n d fo r la w

a n d o r d e r a 'n d I a m n o t A s k i n g s o m e b o d y t o b u y p r o p e r t y a n d g i v o i t t o m o ,
3 7 6 ,4 8 3

$ 3 8 5 ,9 7 1 ,0 0 0

1 ,1 1 1 ,0 8 9 ,0 0 0

The statement then continues as follows:

__

--

34

b u t w a n t t o w o r k a n d g i v e h o n e s t s e r v lc o f o r o v e r y d o lla r I r e c e lv o .
Y o u r s v e r y tr u ly ,
(S ig n e d ) J O H N J . C O R N W E L L ,
________
G overn or.

T h o n u m b e r o f th o u r s w o r k e d b y t h e s o - c a l l e d r a i l w a y s h o p m e n I n 1 9 1 7 .
g iv o n

In t h i s t a b l e , s h o w s t h a t a f o u r - c e n t a n h o u r a d v a n c o f o r t h o s a m e

n u m b e r o f h o u r s in

1 9 1 8 w o u ld h a v e a m o u n t e d

t o o v e r $ 4 4 ,4 4 0 ,0 0 0 .

T h o p a y p e r h o u r a v e r a g e d f r o m 3 t o 6 c e n t s a n h o u r h ig h e r in 1 9 1 7 t h a n
I n 1 9 1 6 a n d f r o m 1 5 t o 3 4 c e n t s a n h o u r h i g h e r in 1 9 1 8 t h a n in 1 9 1 6 .
T h i s t a b lo d is p o s e s o f s e v e r a l v e r y g e n e r a l m is r e p r e s e n t a t io n s in r e g a r d
t o th o s h o p m e n a n d th e ir d e m a n d s fo r a 2 5 %

a d v a n c o In w a g e s t o t a k e c a r e

o f t h o h ig h c o s t o f liv in g .
T h e ir le a d e r s c la im t o s p e a k in b e h a lf o f 6 0 0 ,0 0 0 s h o p m e n , w h e n
ap paren t

t h a t 4 0 0 ,0 0 0

is a n

la b o r e r s ,

e x c e p t s e c tio n

n u m b e r 5 0 0 ,0 0 0 .
T h o c o lu m n g iv in g

o u ts U le f ig u r e .

h an d s,

w ore a d d ed

E ven
to

i f a ll

oth er

i t Is

u n s k ille d

th o r o ll it w o u ld

s c a r c e ly

_
th o a vera g o

pay

per

h ou r o f shopm en

fo r

1918

is

b a s e d o n th e o ffic ia l r e tu rn s fr o m th e o n ly r e g io n a l g r o u p c o m p le t e d t o d a te .
T h e s e r e t u r n s , h o w e v e r , a r e c o r r o b o r a t e d b y t h o s e o f l a r g o s y s t e m s In o t h e r
r e g io n s ,

in s o m o o f w h ic h

th o a v e ra g e ra n g es fr o m

51

ce n ts a n

h o u r fo r

h e lp e r s a n d a p p r e n t ic e s t o 8 5 c e n t s a il h o u r f o r b la c k s m it h s a n d 8 3 c e n ts
fo r m a c h in is ts .
M o r e o v e r , th o ta b le d e m o n s tr a te s th a t t h e a v e r a g o r a to o f p a y o f s h o p ­
m e n p e r h o u r in c r e a s e d o v e r 7 0 %

in o n e y e a r b e tw e e n 191 7 a n d 1 9 1 8 , o r as

m u c h a s t h o c o s t o f liv in g h a s r is e n s in c e 1 9 1 4 .
A s s u m m a r iz e d

by

th o N a t io n a l In d u s tr ia l C o n fe r e n c e B o a r d , th o c o s t

o f liv in g fo r th o a v e r a g e A m e r ic a n w a g e e a r n o r w a s c o m p u t e d a s fo llo iv s :
R e la tiv e
Item s—

In crea se.

m e n t s w ill n o t s u f f ic e .

85

3 6 .6 %

28

5 .0 %

C l o t h i n g ...................................................1 3 . 2 %

100

1 3 .2 %

F u e l , h e a t a n d l i g h t . ________
5 .6 %
S u n d r i e s ____________________________ 2 0 . 4 %

57
6>

3 -2 %
1 2 .8 %

A l l i t e m s ...................................... 1 0 0 . 0 %
b e s id e s

a d d in g

a

littlo

to

a

th o so w h o

a lr e a d y

i t w ill b o t h e c u e f o r la r g e d e m a n d s f r o m
p lo y e e s w h o h a v e n o t h a d a s m u c h .
is

to

com e

fro m — a d v a n ce d

had

to

shopm en

m ore

th a n

ta x -r id d e n

It

m ust

bo

in d u c e d

to

o r d c sir o o f th o G o v e r n m e n t th a t
in r a ilr o a d im p r o v e ­

I t is a b u s in e s s p r o p o s i t i o n .
th o n o t e a r n in g s u n d e r t h o r e g u la tio n s

t h i s C o n g r e s s is g o i n g t o p r e s c r i b o a n d d e c i d o w h e t h e r h o w i l l r i s k

I t is a b s o l u t e l y

n ecessary to

u n d e r s ta n d s o m o fe a tu r e s o f th o C o m m is ­

s i o n 's a c c o u n t i n g r u l e s in o r d e r t o d e a l i n t e l l i g e n t l y w i t h t h o m a t t e r y o u
h a v e in h a n d .
“ N o t e a r n in g s ” o r “ n e t in c o m o ” o r “ p r o f i t ,” a s th e s e t e r m s
a r e o r d in a r ily u s e d , m e a n s t h o r e m a in in g a m o u n t o f th o y e a r ’s r e v e n u e s ,

is t h a t ,

a ft e r p a y in g a ll e x p e n s e s o f o p e r a t io n , m a in t e n a n c e a n d ta x e s , a n d it s u p ­

th e ir s h a r e ,

p o s e d t o b o a p p lic a b le t o in v e s tm e n t a s in te r e s t o n b o n d s a n d d iv id e n d s o n

t h o o t h e r 1 ,4 0 0 ,0 0 0 r a ilw a y e m ­

th o

r a ilr o a d s .

h i s m o n e y in r a i l r o a d s o r p u t i t i n s o m o o t h e r b u s i n e s s .

W ith o u t reg a rd to w h ere th e m o n e y

or

in t o

T h o I n te r -S ta to C o m m e r c o C o m m is s io n h a s a lw a y s s o r e g a r d e d

it , a n d p r o c e e d s u p o n th o a s s u m p t io n t h a t t h o s u m m a y b o s o d is p o s e d o f .

4 -c e n t an

L e g a l l y a n d t h e o r e t i c a l l y , t h i s u n d o u b t e d l y Is t r u e , b u t p r a c t i c a l l y i t Is f a r
fr o m th o fa c t.
A n y r a ilr o a d c o m p a n y t h a t e x e r c is e d th is le g a l a n d t h e o r e t ic a l r ig h t b y

o t a l o f $ 2 k 5 ,0 0 0 ,0 0 0 f o r a ll e m p l o y e e s .

I t w ill t a k e a n a d v a n c e o f o v e r 6 %
r a i s e i n w a g e s c .n t o p o f t h o 2 5 %

in f r e ig h t r a t e s t o t a k e c a r e o f s u c h a

in c r e a s e t h a t m u s t b o m a d e t o c o v e t t h o

w a g e a d v a m es a lr e a d y m a d e b y t h e I ta ilw
W hen

p u b lic — a

th o s to c k .

h o u r r a is e , ju s t ifia b le b y t h o s a m e p r o c e s s o f r e a s o n in g , w o u ld a m o u n t t o
$ 1 8 0 ,0 0 0 ,0 0 0 , m a k in g a

ra tes

h o u r r a is e

d r iv e n

c o m o fo r w a r d a n d p u t th e ir in o n o y

T h o In v estor m u st d e p e n d u p o n
w h ic h

7 0 .8 %

4 -c e n t a n

bo

T h o m e r o r e q u e s t o r in v it a t io n

1 9 1 4 -1 9 1 9 .

1 7 .7 %

g ra n tin g

c a p ita l c a n n o t

in v e s to r s s h o u ld

Im p o rta n ce.

w it h

N ow
e n te r.

R e la tiv e

F o o d .................. ........................................4 3 . 1 %

tr o u b le

In expressing his viows on railroad legislation boforo tho
House Committeo on Inter-State Foreign and Commerce on
Aug. 22, Judge Robert S. Lovett, President of tho Union
Pacific RR., declared tho railroad problem to bo “solely a
question of railroad crodit.” According to Judge Lovett,
“tho quostion boforo Congross is to find how to got tho capital
necessary to keep up the railroad facilities which tho coun­
try must have,” and ho assorted that “any legislation that
does not accomplish that object is futile.” Judgo Lovett
took exception to tho proposal in tho Warfield plan guaran­
teeing a return to tho roads of 0%, saying in part, according
to tho New York “Times”:

In crea sed C ost

S h e l t e r . ! ____________

Tho

JU DGE LOVETT ON W A R F I E L D A N D P L U M B R A IL ROAD P LA NS.

d is t r ib u t in g a s d iv i d e n d s a ll t h is p a p e r p r o f i t o r " n o t i n c o m e ,”
c o m o to g rie f a n d b a n k ru p tcy .

w o u ld s o o n

U n lik e m a n u f a c t u r in g b u s in e s s o r o r d in a r y

c o m m e r c ia l b u s in e s s o r a n y o t h e r b u s in e s s I k n o w , t h o a m o u n t c h a r g e a b le

y A d m in is tr a tio n .

it c o m e s t o m u l t i p l y i n g t h o f i v e a n d h a l f b i l l i o n h o u r s o f r a i l w a y

t o m a in t e n a n c e a n d r e p a ir s , u n d e r t h e I n t e r -S t a t o C o m m e r c o C o m m is s io n ’s

la b o r b y fo u r c e n t s , it b e h o o v e s th o p u b lic th a t p a y s th e fr e ig h t t o s it u p

r e g u l a t i o n s , is n o t s u f f i c i e n t t o m a k o t h o r e n e w a l s a n d r e p a i r s n e c e s s a r y t o

n ig h t s a n d th in k it o v e r .
I n th e m e a n tim e 2 7 %

o f fr e ig h t lo c o m o t iv e s r e p o r t e d

u n s e r v ic e a b le o n

J u n o 3 0 1 9 1 9 t e s t ify t h a t r a ilw a y s h o p m e n a r e o n ly g i v in g 7 3 %
fo r

100%

e ffic ie n c y

m a in ta in t h o r a ilr o a d p r o p e r t y .
T h o s u g g e s tio n w h ic h I u n d e r s t a n d w a s m a d e b y o n o o f t h o la w y e r s a d v o ­
c a t i n g t h e W a r f i e l d P l a n , t h a t e v e r y t h i n g e a r n e d in e x c e s s o f 6 %
d e e m e d w r o n g fu l, a n d a s ta k e n ille g a lly fr o m

in c r e a s e in w a g e s .

p o ste ro u s.

GOV. CORN WELL OF W E S T VIRG IN IA ON “ UNREASON^
A B L E A N D OUTRAGEOUS D E M A N D S ”
OF P L U M B P L A N .

A letter in which ho describes tho proposal of the railroad
brotherhoods for tho nationalization of tho railroads, as
embodied in tho Plumb plan, as “neither sane nor fair” has
been addressed to tho officers of tho Federation of Railway
Employees at Huntington, W. Va. by Governor Cornwell
of West Virginia. Gov. Cornwell’s letter grow out of a
communication in which ho called tho attention of Governors
of~other States to the loss in State tax receipts which the
adoption of tho Plumb plan would cause. The Governors
contentions are said to have been criticised by Huntington
labor unions, this criticism prompting his letter to the officials
of the Federation of Railway Employees in which ho showed
the chaos to which tho Plumb plan would lead to. We
give the Governor’s letter herewith as made public Aug. 23:
C h a r l e s t o n , A u g . 11 1 9 1 9 .
M f.

J.

II.

W illia m s ,

R a ilw a y E m p lo y e s , H u n tin g to n ,

E.

B ren n a n ,

P r e s id e n t; M r .

W .

Va.

G e n tle m e n :— O f c o u r s e
d is a g r e e w it h ,

I regret

o r fe e l a g g r ie v e d

th a t

w ith

any
m o

of m y

fe llo w

becau so o f m y

p u b lic Q u e s t io n , b u t t h a t c a n n o t d e t e r m o f r o m
s a m e fr e e d o m o f o p in io n th a t y o u h a v e .

S e cr eta ry , F e d e r a tio n
c itiz e n s
v ie w s

of

s h o u ld

upon

any

h a v in g a n d e x e r c is in g th o

W h e n y o u a s k e d fo r a n e ig h t -h o u r

d a y I w a s w ith y o u , h e a r t a n d s o u l.
I w a s th e n a n d a m n o w , in f a v o r o f y o u r s e c u r in g n o t o n ly a fa ir , b u t a
lib e r a l w a g e , b u t w h e n y o u a s k t h e f a r m e r s a n d t h e la b o r e r s in o t h e r li n e s
o f w ork

to

go

in

debt

tw e n ty

b illio n s o f d o lla r s

th rou gh

th o

m e d iu m

of

t h e F e d e r a l G o v e r n m e n t t o b u y th e r a ilr o a d s a n d g i v e t h e m t o y o u t o o p e r ­
a t e f o r y o u r b e n e fit a n d t o u s o a s y o u p le a s o , y o u a r o m a k in g a p r o p o s it io n
t h a t is n e i t h e r s a n e n o r f a i r .
| T o m o i t is a l i t t le s h o r t o f a m a z i n g t h a t m e n p o s s e s s i n g t h o I n t e lli g e n c e
o f t h e tr a in m e n I m e e t s h o u ld b e g u lle d in t o m a k in g s u c h u n r e a s o n a b le a n d
ou tra g eou s

dem ands.

I f th e p e o p le b o u g h t t h o r a ilr o a d s a n d g a v e t h e m
your
t h in g

b e n e fit,
o f th o so

te le p h o n e £ n d
p r o p e r tie s .

te le g r a p h
T hey

have

e m p lo y e s w o u ld
as m u ch

to you
dem and

r ig h t t o

to

ru n

fd r

th e sa m e

It a s y o u

have.

T h e n t h o c o a l m in e r s w o u ld d e m a n d .t h a t t h o m in e s b o p u r c h a s e d a n d g iv e n




m ust be

t h o s h i p p e r s , is u t t e r l y p r e ­

S ix p e r c e n t is a m i n i m u m o n q u e s t i o n s o f c o n f i s c a t i o n , b u t t h e r e

is n o s t a t u t e u p o n t h o b o o k s o f C o n g r e s s , a n d n o s t a t u t o o f a n y S t a t o i n t h o
U n ite d

S ta te s , s o fa r a s I k n o w , o r h a v o r e a s o n

d e c la r e d t h a t 6 %
In v e stm e n t.

t o b e lie v o , t h a t h a s e v e r

in a n y y e a r s h a l l b o t h o l i m i t o f r e t u r n u p o n a n y r a i l r o a d

I f C o n g r e s s e n a c t s a n y s u c h la w , it w ill b o a r a d ic a l a n d n o w

d e p a r t u r e i n t h i s c o u n t r y , a n d in m y j u d g m e n t , i t w i l l p u t a n e n d t o t h o
f lo w o f n e w m o n e y in t o r a ilr o a d e n t e r p r is e s , f o r w h o w ill p u t h is m o n e y I n t o
a b u s in e s s i n v o l v i n g s u c h e n o r m o u s r is k s , w i t h n o h o p o o f r e w a r d in e v e n t
o f su ccess?
I n d e a lin g w it h r a ilr o a d c a p i t a l , h a v e n 't w o In t h is c o u n t r y b e e n in d u lg in g
in m u c h

lo o s e t h in k in g a n d

lo o s e ta lk in g a s t o

th o o ld

e x p r e s sio n s a b o u t

r a ilr o a d p r o p e r t y b e in g “ d e v o t e d t o a p u b lic u s o , " a n d it s b e in g " a f f e c t e d
w ith a p u b lic in t e r e s t ” ?
m oney

in v e s te d

in

T h e S u p r e m o C o u r t h a s r e p e a te d ly d e c la r e d th a t

r a ilr o a d s

is a s m u c h

b a n k o r a s a n in v e s t m e n t in a h o m e .
to

p r iv a t e p r o p e r t y

as m on ey

in

a

I t is s u b je c t t o r e g u la t io n s , b u t n o t

c o n fis c a t io n .

With regard to tho Plumb plan for tho nationalization of
the railroads, Judge Lovett said: “It is a rather bold movo
of tho American Bolshevists to take first for Russianization
tho ono industry that affects all tho peoplo.” Railroad em­
ployees, ho added, do not understand tho Plumb proposal,
but when they do “tlioy will repudiate and refuso to support
it.” Ho also said:
I f th e r a ilr o a d s w e r e t u r n e d

b a c k t o th e ir o w n e r s t o - d a y u n d e r e x is tin g

c o n d i t i o n s , it is n o t t o o m u c h

t o s a y t h a t h a lf o f th o r o a d s w o u ld g o In to

b a n k ru p tcy

and

th o

d iv id e n d p a y m e n t s .

d iv id e n d -p a y in g

roads

w o u ld

have

to

red u ce

th e ir

I t is u t t e r l y i m p o s s i b l e t o c o n s i d e r t h o p r i v a t e o w n e r s

t a k in g o v e r t h e r a ilr o a d s a n d o p e r a t in g

th em

a t th o p re se n t ra tes.

~~ He offerod two solutions—ono to raiso tho rates, tho other,
pay tho loss from the Federal Treasury.
~ Under private operation, Judgo Lovott said, in roply to
Representative Rayburn, tho railroads could not bo operated
“any moro economically than tho Government has.”
In arguing that crodit was tho solo question involved in
the railroad problem, Judgo Lovott said tho Government did
not propose to guarantoo intorost or dividends, but that it
was tho duty of Congross to mako rail investment so attrac­
tive as to induco privato invostmonts that will securo tho
necessary development neodod by tho public.

A ug . 30 1919.]

THE CHRONICLE

F ED ERAL TRANSPORTATIO N BOARD URGED B Y
A L B A B. JOHNSON.

I t is n o t b e l i e v e d t h a t f u r t h e r a c t i o n b y C o n g r e s s w il l a i d in m e e t i n g t h o
d e m a n d s fo r t h e t r a n s p o r t a t io n o f th o c o a l w h ic h w ill b o n e e d e d d u r in g t h e

The creation of a Federal Transportation Board with the
powor of certifying to the Inter-Stato Commerce Commis­
sion “the amount of revenue necessary to the public interest”
was urged on Aug. 25 before tho House Committee on InterStato Commerce by Alba B. Jolmson, formerly President
of tho Baldwin Locomotivo Works. In urging tho proposed
board, Mr. Johnson, who was speaking as President of tho
Railway Business Association, stated that tho board “would
preservo this excellent and highly esteemed tribunal, tho
Inter-Stato Commerco Commission, as a court to insure that
in getting things done the men of action shall not ride rough­
shod over tho citizens and commfmities who use the facili­
ties.” He urged tho importance of “men of action” as
essential in Federal regulation if railway development is to
build up the country and uncover new supplies of material
for food, clothing and other factors in tho high cost of living.
To put theso “men of action” in tho Inter-Stato Commerco
Commission would, however, in Mr. Johnson’s opinion,
“turn it into a shambles.” If Congress, said Mr. Johnson’
shall attempt to carry out tho new constructive policy through
tho Commission, then ultimately “whon tho advocates of
development have prevailed, as they will, you will have
turned over the administration of justice to men whoso
specialty is getting things done; and if you want to know
what that means, ask some shippers how they like tho rates
that were made by Mr. MeAdoo. Lot us never have rail­
road rates made by men whose primary job is getting things
dono. In their account of what Mr. Johnson had to say
the press dispatches from Washington Aug. 25 said:
IIo r e fe r r e d p a r t ic u la r ly t o a c o ll o q u y b o t w c o n C h a ir m a n E s c h a n d C o m ­
m is s io n e r C la r k , c o n c e r n in g a n o w

p r o v is io n

c o n ta in e d

843

in t h o c o m m i s s i o n

r e m a in d e r o f t h is c a le n d a r y e a r .

Tho

m a t t e r is l a r g e l y d e p e n d e n t u p o n

p r a c t ic a l c o n d it io n s w h ic h w ill n o t b e a ffe c t e d b y le g is la t io n .

A sta tem en t

s a p p e n d e d s h o w i n g s o m e o f t h o i m p o r a a n t c o n d i t i o n s is t h i s r e s p e c t a n d
in d i c a t i n g t h a t i f t h e d e m a n d t o b e s u p p l i e d is a s la r g e a s h a s b e e n p r e d i c t e d
, N a t io n a l C o a l A s s o c ia t io n th e r e p r o m is o s t o b o n o t o n ly s u b s t a n t ia l
d if f ic u l t ie s in t h o t r a n s p o r ft it io n o f c o a l b u t a ls o in t h e p r o d u c t i o n b y t h e
m in e s o f t h o c o a l w h ic h c a n b e t r a n s p o r t e d .
The

tr a n s p o r ta tio n

d iffic u lt ie s

w ill

not

be

p r in c ip a lly

or

p r im a r ily

c a r s , m a in t r a c k s , t e r m in a l t r a c k s , e t c . , w ill b o s o o c c u p ie d in h a n d lin g a
v e r y la r g e b u s in e s s o f a ll s o r t s t h a t a n a b n o r m a l a m o u n t o f a n y p a r t ic u la r
b u s in e s s s u c h a s c o a l w ill in e v it a b ly le a d t o c o n g e s t io n a n d d e la y .

t r a n s p o r t a t i o n o f c o a l t o w h a t e v e r e x t e n t is a b s o l u t e l y n e c e s s a r y t o p r e v e n t
a c tu a l h a r d sh ip .
T h e g r e a t d a n g e r t h a t c o n fr o n t s t h o p u b lic in
s h o r t a g e e it h e r in p r o d u c t i o n

by

t h is m a t t e r is t h a t a n y

t h e m in e s , o r in

tr a n s p o r ta tio n

w h ic h ,

in

m y

o p in io n ,

are

a lr e a d y

too

h ig h .

G e n e r a lly

s p e a k in g ,

t o p r o t e c t t h o p u b lic u n d e r th e s o c ir c u m s ta n c o s fr o m

c a p ita l.

T o

c la r e d , w o u ld

p u t t h e s e p r o v is io n s in

th o

la w , th o

c o m is s io n o r

had

de­

n o t c h a n g e th o p o lic y o f th o c o m m is s io n , b e c a u s e it a lw a y s

in

t il ls c o n n e c t i o n i t is im p o r t a n t t o r e m e m b e r t h a t s h o r t a g e s in t h o p r o ­

d u c t i o n o f c o a l b y t h e m in e s a n d a ls o in t h o t r a n s p o r t a t i o n o f c o a l b y t h e
r a ilr o a d s h a v e n o t b e e n e x c e p t io n a l in t h o F a ll a n d w in t e r m o n t h s , a n d a n y
e ffo r t t o s tre s s u n d u ly th e s e c o n d it io n s th is y e a r w ill p r o b a b ly b e f o r t h e
p u r p o s e o f c r e a t in g a p r e t e x t f o r in c r e a s in g th o p r ic e s o f c o a l t o t h o c o n s u m ­
in g p u b l i c , a n d t h e p u b lic s h o u ld b o g i v e n t h e b e n e f it o f r e lia b le in f o r m a t i o n
o n th e s u b je c t .
I b e lie v e i t w ill b o o f s p e c ific a d v a n t a g e t o th o p u b lic i f C o n g r e s s w o u ld
p r o v id e fo r a n o ffic ia l in q u ir y b y th o p r o p e r b r a n c h o f t h o G o v e r n m e n t
(p r e s u m a b ly t h e G e o lo g ic a l S u r v e y in t h e I n t e r io r D e p a r t m e n t ) t o a s c e r t a in
th e p r o b a b le d e m a n d fo r c o a l fo r th e r e s t o f th e y e a r , s o a s t o d e te r m in e th e
e x te n t t o w h ic h th e p r e d ic t io n s o f a b n o r m a l d e m a n d f o r c o a l a r e ju s t ifie d .
It

is

im p o r ta n t

to

e m p h a siz o

th a t

th o

r e la tiv e ly

lo w

p ro d u ctio n

s a id

M r.

Johnson,

“ h ero

w as a

p r o c e e d in g

w h ic h

began

v e r y s m a ll e x t e n t t o s h o r t a g e o f t r a n s p o r t a t io n a n d h a v o b e e n d u o t o a v e r y
la r g o e x t e n t t o ‘ n o m a r k e t ,’ o r a b s e n c e o f d e m a n d f o r t h e c o a l , a n d in s o m e
p a r t s o f t h e c o u n t r y t h e la c k o f d e m a n d f o r c o a l s till p r e v a ils .

T h o w e e k ly

s t a t e m e n t s o f t h e G e o lo g ic a l S u r v e y w h ic h a r e lis t e d in t h e a t t a c h e d e x h i b it
B ,

s h o w s t h a t b e g in n in g w ith J a n . 1 9 1 9 , a n d e x te n d in g t o J u n e 14 1 9 1 9 ,

t h e w e e k l y lo s s o f b it u m in o u s c o a l p r o d u c e d o n a c c o u n t o f n o m a r k e t , r a n g e d
fr o m

3 2 .6 t o 4 6 .5 %

a

p r o c e e d i n g w h i c h f o l l o w e d w i t h e x a m i n a t i o n o f a b i l l b r o u g h t in b y t h o
c o m m is s io n p u r p o r t i n g t o r e q u ir o a d e q u a t o r a t e s , a n d m a k in g t h o c o m ­
th e n

th o a g e n c y fo r a c c o m p lis h in g s u c h

p lu n g e d

to

its a n t i-c lim a x w ith

an

a d e q u a c y ; a p r o c e e d in g w h ic h

avow al b y

o f 4 .8 % .

o f w o r k in g t im e ; w h e r e a s , d u r in g t h o s a m e p e r io d , th e

t a k e n , it w o u ld b e e x p e d ie n t t o a s c e r ta in t h e e x t e n t t o w h ic h t h o a b s e n c e
o f d e m a n d h a s b e e n d u e t o t h e m a in t e n a n c e o f h ig h p r ic e s w h ic h d is c o u r a g e d '
th o d e m a n d .

th o re p r e s e n ta tiv e o f

tr a n s p o r ta tio n
fo llo w in g :

o f c o a l d u r in g t h e r e m a in d e r o f t h is c a le n d a r y e a r a r e th e

T h e a b il it y o f t h e r a ilr o a d s t o t r a n s p o r t a ll t h o b it u m in o u s c o a l r e q u ir e d
f o r t h e r e s t o f t h i s -y e a r w i l l ,’ o---f c ----o u r s uvpwiucut
e , b e l a r g e l yuyuil
d e p etUUiUUUU!
. . „
. n d e n t u p o ,n t h o amount
rnfinir/vl
4l,n. _____ _____
O n t h a t p o i n t n o a c c u r a t e in f o r m a t i o n s c o r n s t o b o a v a ila b ld fc

r e q u ir e d .

T h o N a t i o n a l C o a l A s s o c i a t i o n , h o w e v e r , h a s a d v e r t i s e d t h a t 5 0 0 , 0 0 0 , (HOT
t o n s o f b i t u m i n o u s c o a l m u s t b e p u r c h a s e d in t h o c a l e n d a r y e a r 1 9 1 9 't o

t h o c o m m i s s i o n t h a t t h e r e is n o g r e a t p r o b l e m o f r a t e s in r e l a t i o n t o c r e d i t s ,

m e e t th e r e q u ir e m e n ts o f th e c o u n t r y .

b o c a u s o th o c o m m is s io n a lw a y s h a s c o n s id e r e d th o r e tu r n
t h a t t h o n e w r u le w o u ld n o t c h a n g o it s c o t ir s o in t h o le a s t .

is j u s t a b o u t t h o p r o d u c t i o n

on

c a p it a l,

so

a c tio n

f o r a ta s k o f g e t t in g th in g s d o n o .

T h e e s t im a t e o f 6 0 0 ,0 0 0 ,0 0 0 t o n s

o f 1 9 1 6 , a y e a r o f g r e a t In d u s tr ia l a c t iv it y ,

w ith n o r m a l w in t e r w e a th e r a n d n o r m a l s t o r a g e o f c o a l t o b e g in w it h , w h e r e ­

I t is f o r t h e s o r e a s o n s t h a t w o a d v o c a t e t h o c r e a t i o n o f a F e d e r a l T r a n s ­
p o r t a t io n B o a r d , w ith t h o p o w e r o f c e r t ify in g t o t h o C o m m is s io n t h o a m o u n t
o f r e v e n u e n e c e s s a r y t o th o p u b lic in te r e s t.

t o a m a x i­

In th e e v e n t a n y C o n g r e s s io n a l in q u ir y s h o u ld b o u n d e r ­

S o m o o f t h e p r a c t ic a l c o n s id e r a t io n s w h ic h w ill a f f e c t t h e p r o d u c t i o n a n d
w ith

s t a t e m e n t b y th o c h a ir m a n t h a t ‘O n o o f th o g r e a t p r o b le m s w o a r e t o c o n ­
s i d e r is t h e m a t t e r o f c r e d i t s , a n d c r e d i t s i n v o l v e t h o m a t t e r o f r a t e s ; a

m is s io n

and

p u r c h a s o o f c o a l u p t o th e p r e s e n t d a t e in t h is y e a r h a v e b e e n d u e o n ly t o a

h a d c o n s id e r e d la b o r a n d o t h e r o p e r a tin g c o s t s u n d e r th o n e t r e tu r n .
" S o ,”

T h is w o u ld d e s ig n a te m e n o f

I t w o u ld p r e s e r v o t h is e x c e lle n t

a s in 1 9 1 9 t h e y e a r b e g a n w it h s t o r a g e p ile s g r e a t l y e x c e e d in g n o r m a l.
I f 5 0 0 ,0 0 0 ,0 0 0 t o n s s h a ll b e n e e d e d in t h e p r e s e n t y e a r t h e p r o s p e c t s a r e
t h a t it s tr a n s p o r t a t io n w ill b e a c c o m p a n ie d b y d iffic u lt ie s a n d , e s p e c ia lly
in v i e w o f t h e h e a v y b u s in e s s t o b e e x p e c t e d t h is f a ll , it w ill b e e x c e e d in g ly

a n d h ig h ly e s te e m e d t r ib u n a l, th o I n te r s ta te C o m m e r c e C o m m is s io n , a s a

d iffic u lt t o t r a n s p o r t th e a m o u n t r e q u ir e d .

c o u r t t o in s u r o t h a t in g e t t i n g t h in g s d o n o t h o m e n o f a c t io n s h a ll n o t r id e

d u o p r im a r ily o r p r in c ip a lly t o th e c a r s h o r ta g e , b u t r a th e r t o th e fa c t t h a t

r o u g h s h o d o v e r th o c itiz e n s a n d c o m m u n itie s w h o u s o th e fa c ilitie s .

a n a b n o r m a l d e m a n d f o r c o a l w ill b o c o n c e n t r a t e d in t o a n u n u s u a lly s h o r t

M r . J o h n s o n p r e d ic te d
bo

y io ld o d

fro m

•

th a t if a u t h o r it y o v e r th o a m o u n t o f r e v e n u e t o

th o ra tes

w ero to

bo

le ft w ith

th o C o m m is s io n

it w o u ld

b r i n g o n G o v e r n m e n t o w n e r s h i p In t o n y e a r s , i f n o t I n f i v o .
O n th is p o in t h o r e c o m m e n d e d :
1.

A

F ed eral b oa rd

t o p r o m o t e a r tic u la tio n

o f tr a n s p o r ta tio n

I t Is h i g h l y i m p o r t a n t t o r e m e m b e r t h a t s h o r t a g e i n c o a l w i l l l a r g e l y b e
duo
by

r a il,

w a t e r a n d h ig h w a y ; t o k e e p in fo r m e d o f t h o p u b lic n e e d f o r fa c ilit ie s a n d

to

c o n d itio n s

of

p ro d u ctio n

h a v in g

is s u e s ; t o

o s tim a to a m o u n t o f

r e fe r e n c e

to

tr a n s p o r ta tio n .

t o p r o d u c e u p t o t h e c a p a c i t y o f t h e m i n e s Is s h o r t a g e o f l a b o r b e c a u s e t h e r e
lia s b e e n n o s h o r t a g e o f t r a n s p o r t a t i o n .
resp ect to

r e g u la te s e c u r ity

no

F o r e x a m p l e , in t h e c a s e o f a n t h r a c i t e c o a l t h e p r e d o m i n a n t c a u s e o f f a i l u r e

m en ts

e x te n s io n s ; t o

T h e s e d iffic u lt ie s w ill n o t b o

p e r io d , w h e n t h o n e c e s s a r y u s o o f th e r a ilr o a d s f o r o t h e r p u r p o s e s w ill m a k e
it d iffic u lt t o h a n d le th e c o a l.

s e r v i c o in t h o s e v e r a l t r a f f i c s e c t i o n s , a n d o f c a r r i e r s ' p r o j e c t s f o r i m p r o v e ­
and

T h o s a m e c o n d it io n is t r u e w it h

b i t u m i n o u s m i n e s in c e r t a i n f i e l d s p r o d u c i n g t h o h i g h e r g r a d e s

r o v o n u o p r o s c r ib e d u n d e r w h a t o v o r r u le f o r a d e q u a c y o f r o v e n u o C o n g r e s s

o f s u c h c o a l, a lth o u g h a t p r e s e n t s h o r ta g e o f t r a n s p o r ta tio n h a s b e c o m e a

m a y a d op t, and

f a c t o r in

th o fu r th e r a m o u n ts , i f a n y , w h ic h

m a y p ro v e n ecessary

th o se

fie ld s .

D u r in g

th e

year

1918

e x tr a o r d in a r y

e ffo r ts

w ere

t o a t t r a c t th o c a p it a l r e q u ir e d , a n d t o c e r t ify s u c h e s tim a te , a s th o a m o u n t

m a d e b y t h e G o v e r n m e n t t o o b t a in m a x im u m p r o d u c t io n a n d t o k e e p s u f­

o f r o v e n u o n e c e s s a r y in t h e p u b l i c i n t e r e s t t o b o y i e l d e d b y r a t e s a n d f a r e s
a u th o r iz e d b y th o I n te r s ta te C o m m e r c o C o m m is s io n .

f ic i e n t m in e r s a t w o r k

2.

G iv in g th e I n te r s ta te C o m m e r c o C o m m is s io n b y s t a t u t e th o a u t h o r it y

t o r e g u la te m a x im u m

a n d m in im u m

fa r e s o f a ll in s t r u m e n t a lit ie s o f in t e r ­

s t a t e c o m m e r c o in t h o d e v e l o p m e n t o f J u s t , r e a s o n a b l e a n d n o n - d i s c r i m l n a t o r y r a t o s t r u c t u r e s , a n d th e d u t y s o t o a d ju s t ta r iffs t h a t t h e y w ill p r o d u c o
a s n e a r a s m a y b o in e a c h t r a f f i c s e c t i o n
a s n e c e s s a r y in t h o p u b l i c I n t e r e s t .

and

to keep

th em

w o r k in g u n d e r s u ffic ie n t ly h ig h

p r e s s u r e a s a m e a s u r e o f p a t r io t is m t o a c c o m p lis h th is r e s u lt .

T h e ch an ged

c o n d i t i o n s in t h e s e r e s p e c t s t h i s y e a r m a y e a s i l y l i m i t p r o d u c t i o n i n w a y s
h a v in g n o c o n n e c t io n

w th

tr a n s p o r ta tio n .

T h e se a re m a tte rs, h o w e v e r

o u ts id e th e fie ld o f th e R a ilr o a d A d m in is tr a tio n a n d a r o m e r e ly s u g g e s te d
w it h o u t e f f o r t t o d is c u s s th e m e x h a u s t iv e ly .

In explanation of the ear situation Mr. Hines said:

th o a m o u n t o f r o v e n u o c e r t ifie d

T h o p u r c h a s e o f 4 5 .0 0 0 c a r s a v a i la b l e f o r c o a l lo a d in g w a s a r r a n g e d f o r b y
th o D ir e c t o r -G e n e r a l fo r d e liv e r y t o r a ilr o a d s u n d e r F e d e r a l c o n t r o l

DIRECTOR-GENERAL H I N E S I N A N S W E R TO S E N A T E
RESOLUTION REGARDING CARS FOR
COAL S H I P M E N T .

In ansver to a resolution of the Senate asking information
as to coal transportation facilities Walker D. Hines, Direc­
tor-General of Railroads stated in a letter to the Sonato on
Aug. 15 that “the great danger that confronts the public
in this matter is that any shortage either in production by
the mines or in transportation may be exaggoratod so as to
serve as a pretext for hoavy increases in tho coal prices,
which in my opinion are already too high.” The DirectorGeneral expressed tho belief that it would be of specific
advantage if Congress instituted an inquiry “to ascertain
the probable demand for coal for the rest of the year so as
to determine tho oxtent to which the predictions of ab­
normal demand for coal aro justified. Tn .answering speci­
fically tho question as to whether further action by Congress
is required to moot tho demands for tho transportation of
coal Mr. Hines said in part:




is

e x c e s s iv e c o a l p r ic e s ,

l o s s o f t i m e o n a c c o u n t o f c a r s h o r t a g e r a n g e d f r o m o n l y .6 o f 1 %

“ th o co s t o f

it

w o r t h y o f s e r io u s c o n s id e r a t io n w h e t h e r C o n g r e s s io n a l a c t io n c a n b o t a k e n

m um

t o a d d in g

m ay be

e x a g g e r a t e d s o a s t o s e r v e a s a p r e t e x t f o r h e a v y in c r e a s e s in t h e c o a l p r ic e s

b i l l , p r e s c r i b i n g t h a t in f i x i n g a n y r a t o t h o c o m m i s s i o n s h a l l t a k o i n t o c o n ­
c h a ir m a n , M r . C la r k h a s s a id h o s a w n o o b j e c t io n

N ever­

t h e le s s t h o u n ifie d c o n t r o l o f t h e r a ilr o a d s w ill a d m it o f s p e c ia liz in g o n t h o

s id e r a tio n la b o r a n d o t h e r o p e r a t in g c o s t s .

I n r o s p o n s o t o a q u e s tio n b y th o

a

s h o r t a g e o f c a r s b u t th o f a c t t h a t t h e e n tir e r a ilr o a d p l a n t ^ l o c o m o t i v e s

th e se ca rs h a v e b e e n
w h eth er
seven

tr a n s fe r r e d

th o u s a n d

s e r v ic o .
and

The

o r w ill b e p u t in
to

have

th e

several

a lr e a d y

r e m a in in g

been

2 0 ,0 0 0

r a ilr o a d
b u ilt ,

a lr e a d y

le tte r e d a n d a r e b e in g p la c e d

A ll

s e r v ic e a s r a p id ly a s p r a c t ic a b le
c o m p a n ie s

o f w h ic h
b u ilt

aro

or

1 7 ,0 0 0
now

n ot.

T h ir t y -

have

b e in g

been

In

n u m bered

i n s e r v i c o a s f a s t a s t h i s w o r k is b e i n g

c o m p le t e d .
T h e 8 . 0 0 0 n o t y e t b u i l t w i l l b e p u t In s e r v i c o a s r a p i d l y a s t h e y
ca n b e con stru cted .
O f th e 4 5 ,0 0 0 c a r s a v a ila b le f o r c o a l lo a d in g t h u s p u r c h a s e d , 4 ,7 5 0 h a v e
not

yet

been

a s sig n e d

d e fin ite ly

to

any

ono

o r m ore

r a ilr o a d

com p an y-

3 2 .8 0 0 c a r s h a v e b e e n a s s ig n e d t o v a r io u s r a ilr o a d c o m p a n ie s a n d d e fin it e ly
a c c e p t e d b y t h e m ; t h o r e m a in in g 7 ,4 5 0 c a r s h a v o b o o n a ll o c a t e d t o c e r t a in
o f t h o r a ilr o a d

c o m p a n ie s ,

but up

to

t h is t im e th e s e c a r s h a v o n o t b e e n

d e fin it e l y a c c e p t e d , d u e t o u n w illin g n e s s o f s a id c o m p a n ie s t o a c c e p t th o
cars.

M a n d a tory

ord ers

to

r e q u ir o

th e

cars

to

be

a ccep ted

have

not

b e e n is s u e d , p e n d in g fu ll o p p o r t u n i t y fo r d is c u s s io n w it h t h e c o m p a n ie s , b u t
th e

f a c t t h a t in

th e s e in s ta n c e s t h e c a r s h a v e n o t b e e n

a ccep ted

by

th e

c o m p a n ie s is n o t d e la y i n g t h e c a r s b e in g p u t in s e r v ic e a s r a p id ly a s c o n ­
stru cted .

Mr. Hines also said:

T h o n u m b e r o f o p e n t o p ( c o a l ) c a r s in t h e U n i t e d S t a t e s is a p p r o x i m a t e l y
1 .0 6 7 ,0 0 0 ,

o f w h ic h

over

99%

are ow n ed

by

F ed eral op era ted

r a ilr o a d s

a n d a ll o f w h ic h a r e s u b je c t t o in t e r c h a n g e a b le u s e o n F e d e r a l o p e r a t e d r a il­
r o a d s a n d n o n -F o d e r a l o p e r a t e d r a ilr o a d s .
le s s t h a n

10%

T h ere aro n ow

o f th ese ca rs

A t th o p r e s e n t t im e s o m e th in g

a r o a w a it in g r e p a ir s , e ith e r lig h t o r h e a v y

a p p r o x i m a t e l y 9 0 0 ,0 0 0 o p e n t o p c a r s in t h e U n i t e d S t a le s ’

r e a d y f o r u s e w it h o u t a n y r e p a ir s , a n d a b o u t 7 5 ,0 0 0 o f t h e s e c a r s a r e s u it a b le

[Vol . 109.

THE CHRONICLE

844

W e r e s p e c t fu lly c o m m e n d
f o r c o a l lo a d in g .

T h o s e a c t u a lly In c u r r e n t u s e f o r t h e tr a n s p o r t a t io n o f

m itte e s

c o a l n u m b e r a p p r o x im a t e ly 6 0 0 .0 0 0 .

The Senate resolution adopted on Aug. 4 reads as follows

to

n u m b er Qf coa l cars n ow

r a ilr o a d s

under

sa te

been

.
. .
con stru cted

tr a n s p o r ta tio n o f c o a l t o th o c o n s u m e rs.
5 . S ta te w h a t , i f a n y , fu r th e r a c t io n b y

th e

n ecessa ry

S ta tes

lim it a t io n

to

c o m p ly

w it h

th e

cars

fo r

th e n e c e s sity th a t C o n ­

d e le g a tio n

to

e n a b le

co n s e r v e tr a n s p o r ta tio n

in

_

t h e in v e s tin g p u b lic o f t h e U n it e d

a n d fr o m e v e r y p a r t a n d s e c t io n t h e r e o f.

N o t o n l y is t h o I n v e s t o r

b u t t h c r o is a s u b s t a n t ia l r e p r e s e n ­

A n a ly s is .

S ta te s
ord er

e x c lu s iv e o f in te r n a tio n a l b a n k in g h o u s e s

p r iv a t e

p r iv a te b a n k in g h o u s e s a n d p r iv a t e b a n k s
in v e s tm e n t
b a n k e r s a n d b r o k e r s a n d t r a d e r s i n s e c u r i t i e s a r e ------------- $ 4 7 8 3 5 3 3 0 1 6 5
th e

e x clu sio n s

le g e s

above

u n iv e r s itie s

e x c lu d in g

nam ed

in d iv id u a l

in a d d it io n t o
in v e s t o r s

c o l­

& c . (w h o s o r e s o u r ce s it w o u ld b o d if f i­

c u lt t o e s t im a t e b u t w h ic h i f a s c e r ta in e d w o u ld a d d a
la r g e s u m )
r e p r e s e n t --------------- -------------- - ----------------------------------------w h ic h e q u a ls 5 7 %

o f th e to ta l resou rces

27 550 544 032

a n d a v e r y g rea t p e rce n ta g e o f th e

in s titu tio n s o f th o c o u n t r y .
T h is in c lu d e s s a v in g s b a n k s , li f e in s u r a n c e c o m p a n ie s , f ir o

m a r in e a n d

s u r e t y c o m p a n ie s , n a tio n a l a n d S t a t e b a n k s a n d t r u s t c o m p a n ie s .
T a k i n g t h o la r g e s t c it ie s o f t h o c o u n t r y t o t h e n u m b e r o f 5 6
t h e t o t a l r e s o u r c e s o f t h e in s t it u t io n s t h e r e in a m o u n t t o . . $ 2 7 9 6 7 3 1 0 3 9 8
T h e r e s o u r ce s o f th o in s titu tio n s o f th e s e c itie s t h a t h a v e
s i g n e d t h e m e m o r i a l a m o u n t t o ---------------------------------------------------- 1 9 5 1 1 6 2 7 3 0 3

which equals 70% of the total.

investors and as trustees who have invested funds entrusted to them
in railroad securities in reliance upon the exerciso b y tho Congress o f its
power to regulate com m erce we respectfully present this memorial o f our
profound concern lest remedial legislation b y Congress incident to tho
return o f the railroads shall fail to reach tho heart o f tho problem

S in c e in t h e 5 6 la r g e s t c it ie s a r e lo c a t e d t h o g r e a t in v e s t in g I n s t it u t io n s

As

r e p r e s e n tin g t h o m a jo r it y o f t h e fu n d s a v a ila b le f o r r a ilr o a d
e x c lu d in g th o s o a b o v e m e n tio n e d

in v e s t m e n t

it s e e m s f a ir t o a s s u m e t h a t t h e s e in s t i­

t u t io n s r e p r e s e n t a p e r c e n t a g e o f s u c h fu n d s fa r in e x c e s s o f 7 0 %
to th e e x te n t o f b e tw e e n 1 0 %

W e a s k C o n g r e s s t o d o n o m o r e i n r a ilr o a d le g is la t io n t h a n w a s d o n e in

and 20%

p a n ie s , fir e , m a r in e , a n d s u r e t y c o m p a n ie s

T h e k ey ston e o f

banks,

life

in s u r a n c e

com ­

N a tio n a l a n d S ta te b a n k s a n d

t r u s t c o m p a n ie s — h a v e s ig n e d t h is m e m o r ia l.

th o d e te r m in a ­

c e r ta in ly

g re a te r th a n th a t fig u r e — o r fr o m

8 0 % t o 9 0 % o f th e t o ta l.
A p p r o x im a t e ly 5 ,0 0 0 in s t it u t io n s — s a v in g s

T h e life ’s b lo o d o f th e F e d e r a l R e s e r v o S y s te m
C o n g r e s s d id n o t le a v e t o

o f r a te -m a k in g

a n d s h a ll b y la w

T h e t o t a l r e s o u r c e s o f t h o I n v e s tin g in s t it u t io n s o f t h o U n it e d

A memorial by or on behalf of the 50,000,000 citizens of
the United States owning or directly interested in railroad
securities was presented to Congress yesterday (Aug. 29)
by S. Davies Warfield, President of tho National Associa­
tion of Owners of Railroad Securities. The memorial says
in part:

O t h e r f id u c ia r y in s t it u t io n s

t io n o f a F e d e r a l R a s e r v e B a n k o r B o a r d t h e r a t io b e tw e e n F e d e r a l R e s e r v e

s u c h a s e s ta te s a n d in d iv id u a l in v e s to r s h a v e s ig n e d h o r e to t o t h o n u m b e r o f

n otes

8 189.
T h e n u m b e r o f b u s in e s s o r g a n iz a t io n s

to

be

is s u e d

and

th e g o ld

reserve.

C o n g re ss sta te d

s p e c ific a lly

t h e F e d e r a l R e s e r v o A c t t h a t r e s e r v e s in g o l d s h a ll b e m a in t a in e d t o
e x t e n t o f n o t la s s t h a n 4 0 %

in
th e

b e r s o f C o m m e r c e a n d b u s in e s s f ir m s

a g a in s t F e d e r a l R e s e r v e n o t e s in c ir c u la tio n *

B oard

’ T h e life ’s b lo o d

e x e rcise d

u n r e s t r ic t e d

o f t h e r a ilr o a d s is t h e r a t e - m a k in g p o w e r

by

a

p la n

(c o p y

o f w h ic h

Tho

T h o s a v in g s b a n k s s ig n in g th is m e m o r ia l h a v e d e p o s ito r s n u m b e r in g o v e r

A s C o n g r e s s d e c lin e d t o le a v e

5 ,5 0 0 ,0 0 0 o r t h e 9 .0 0 0 ,0 0 0 t o t a l d e p o s it o r s ln t h e m u t u a l s a v in g s b a n k s o f

F e d e r a l a g e n e v t h e fix in g o f t h e m in im u m r a t io o f F e d e r a l R e s e r v e

n o te s o u ts ta n d in g t o th e g o ld re se rv e

I t is e s t im a t e d t h a t t h o

h a v e a d o p t e d r e s o lu t io n s e n d o r s in g t h o A s s o c ia t io n
r e s o l u t i o n s a r e 's u b m i t t e d h e r e w i t h ) o x c e e d s 3 0 , 0 0 0 .

(n o w

th e In te r -S ta te C o m m e r c e C o m m is s io n ).

k e y s t o n e o f t h is p o w e r is t h e r a ilr o a d r a t e .
to

su ch as B oard s o f T ra d e, C h a m ­

a r e 1 ,6 0 0 .

m e m b e r s h ip c o n s t it u t in g th e s e b u s in e s s o r g a n iz a tio n s — in c lu d in g t h o s o t h a t

n o t e s b e y o n d t h is t o b e p e n a liz e d b y a g r a d u a t e d t a x n a m e d in fig u r e s in
th o A c t
w it h fu r th e r lim ita tio n s o n t h e p o w e r s o f th e F e d e r a l R a s e r v o

th e co u n try .
,
T h e n u m b e r o f p o lic y h o ld e r s re p r e s e n te d b y t h o life in s u r a n c e c o m p a n ie s

s o s h o u ld C o n g r a s s d e c lin o t o le a v e

t o a s im ila r F e d e r a l a g e n c y t h o fix in g o f th e m in im u m r a t io o f r e tu r n b e ­

in u n d u p l ic a t e d p o lic ie s

tw e e n t h e $ 1 7 .0 0 0 ,0 0 0 ,0 0 0 r a ilr o a d

u p o n t h e a d e q u a c y o f w h ic h r a ilr o a d c r e d it a n d t h e c r e d it s t r u c t u r e o f t h e

0 0 0 ,0 0 0 t o t a l u n d u p lic a t o d p o lic i e s .
T h e t o t a l n u m b e r o f s to c k h o ld e r s o f N a t io n a l a n d

cou n try d epen d s.

c o m p a n ie s , fir o , m a r in e a n d s u r e t y c o m p a n ie s

in v e s t m e n t a n d

th o p ro ce e d s o f ra tes

W e a s k t h a t C o n g r e s s s h a ll e s t a b lis h a d e f in it e r u le f o r

s ig n e d t o t h is m e m o r ia l is 2 3 ,0 0 0 ,0 0 0 o f t h e 3 3 ,­
banks

tru st

in s t it u t io n s

is d i f f ic u l t t o e s tim a te .

n o t e s — t h a t t h e C o m m i s s i o n s h a l l a d j u s t r a t e s t o y i e l d n o t le s s t h a n a p e r ­

o f th e v a r io u s in s titu tio n s

ce n ta g e retu rn

s ig n in g I n s t it u t io n s w o u ld b o f r o m 1 ,5 0 0 ,0 0 0 t o 2 ,0 0 0 ,0 0 0 .
T h e in s t it u t io n s o r in d iv id u a ls s ig n in g t h o m e m o r ia l a r e l o c a t e d in 2 ,4 0 6

fix e d

in t h e A c t

Ish e d b y t h o C o m m is s io n

o n t h e a g g r e g a t e in v e s t m e n t in t h o ra U now

cs ta fc-

c itie s ,

u s in g t h e s a m e m e a s u r e o f r a ilr o a d in v e s t m e n t

f o r c o m p u t in g t h is p e r c e n t a g e r e t u r n t h a t lia s a lw a y s b e e n u s e d

fo r

com ­

T h o la w a s s e r ts t h a t f a c t a f t e r a la w s u it .

500 to

W e ask

g a t io n w o u ld e s t a b lis h a s a m a t t e r o f f a c t . I f r a t e s a r e a d ju s t e d t o t h e le v e l o f
o n t h o p r o p e r t y in v e s t m e n t in t h e r a ilr o a d s d e v o t e d t o p u b lic u s o a s

s t a t e d e a c h r a ilr o a d w o u ld r e c e iv e o n its in d iv id u a l p r o p e r t y in v e s t m e n t o n ly
s u ch p r o p o r tio n o f 6 %

(a llo w e d o n t h e c o m b in e d p r o p e r t y I n v e s t m e n t in t h e

r a il r o a d s g r o u p e d f o r t h e p u r p o s e o f c o m p u t a t i o n ) t o w h i c h i t s e f f i c i e n c y in
o p e r a tio n a n d c ir c u m s ta n c e s w o u ld e n title It.
m en t a ccou n ts

o f th e r a ilr o a d s d o

s e c u r itie s Iss u e d b y

th em

S in c e t h e p r o p e r t y in v e s t ­

th e p r im a r y r e tu r n o f 6 %

d e n d s n e c e s s a r ily t o t h a t fig u r e .
o f r a ilr o a d s in e x ce s s o f 6 %

or

n o t n e c e s s a r ily r e fle c t t h e a m o u n t

w o u ld n o t lim it d iv i­

T h o m e t h o d o f a p p l ic a t io n o f t h e e a r n in g s

a n d t h e c u s t o m a r y g r o u p in g o f t h e r a ilr o a d s

in e a c h o f t h e t h r e e c la s s if ic a t i o n t e r r it o r ie s o f t h e c o u n t r y f o r c o m p u t in g
th e ra te o f re tu rn

on

th o

c o m b in e d

in v e s tm e n t

t e r r it o r y n e e d n o t b e h e r e d is c u s s e d .

ln

t h o r a ilr o a d s in

each

T h e r e a l q u e s t i o n a t i s s u e is t h e f i x e d

p e r c e n t a g e r e t u r n In t h e A c t " a l l t h e r e s t b e c o m e s m e r e m a c h i n e r y .
T h e a s s e r t io n h a s b e e n m a d e t h a t i t is o n ly n e c e s s a r y in t h is c r is is t o g i v e
a d d itio n a l p o w e r t o

th e C o m m is s io n t o a d ju s t r a te s t o y ie ld a n a d e q u a te

r e tu r n f o r s ta te d p u r p o s e s b u t w it h o u t n a m in g th a t p e r c e n ta g e r e tu r n b o lo w w h ic h C o n g r e s s
n o t b e s u p p lie d .
and on

t h o s h ip p e r s a n d t h e p u b lic k n o w r a ilr o a d s e r v ic e c a n ­

R a il r o a d o p e r a t io n is p r o d u c i n g a r e t u r n o f o n ly 1 .9 9 %

a n in v e s t m e n t o f o v e r $ 1 7 ,0 0 0 ,0 0 0 ,0 0 0 in A m e r ic a n r a il t r a n s p o r ­

ta tio n

w h ic h a p p r o x im a te s o u r t o t a l n e t o u ts ta n d in g w a r d e b t .

w ill r e a liz e t h a t a n a la r m in g s it u a t io n in A m e r ic a n
life h a s b e e n te a c h e d

upon

th e ir

re p re se n ts
banks

In com e
th e

C on gress

b u s in e s s a n d fin a n c i a l

a n d t h a t le g is la t io n w h ic h fa ils t o o u t lin e t h e r e m e d y

m a y p r o v e d is a s tr o u s

n o t a lo n e in t h e d ir e c t io n o f s e r v ic e a n d fa c ilit ie s t o

s h ip p e r s a n d t h e g e n e r a l p u b lic
fr o m

s a v in g s

b u t t o th e m illio n s o f c it iz e n s d e p e n d e n t

t h is s o u r c e .

F or

t h is

o f o v e r n in e m illio n

great

d e p o s ito r s

In v e stm e n t
in

la r g e ly

m u t u a l s a v in g s

t h e p r o t e c t io n o f 3 3 .0 0 0 ,0 0 0 p e o p le o w n in g 4 6 ,0 0 0 .0 0 0 p o lic ie s o n

t h e ir liv e s s e c u r e d la r g e ly b y r a ilr o a d s e c u r it ie s — w h ic h c o n s t it u t e t h e in ­
v e s t m e n t o f o v e r 5 0 ,0 0 0 ,0 0 0 o f A m e r ic a n
p o p u la t io n .

c itiz e n s

n e a r ly o n e -h a lf o f o u r

T h e r a ilr o a d is t h e o n e g r e a t n a t io n a l a g e n c y w h ic h h a s d e ­

v e lo p e d th e U n ite d S ta tes

u p o n w h o s e c r e d it

does

p resen t

perm an en cy

w h ic h

is

fin a n c ia l.

Tho

not

, ,,
j
,
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m e e t t h e is s u e in t h e
of

th o

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upon

w h ic h y o u r h o n o r a b le b o d y s h a ll n o w s e t t le t h o q u e s t io n o f r a ilr o a d c r e d it
is

of

su prem e

Im p o rta n ce

to

th e

co u n try .

Tho

tru s te e s

of

m u tu a l

in ­

v e s t in g in s t it u t io n s w h o a r e r e s p o n s ib le f o r t h e in v e s t m e n t fu n d s o f m illio n s
o f th e p e o p le c a n n o t c o n tin u e t o

h o ld

s e c u r itie s o f d o u b t f u l v a lu o .

lim it o f t h e r ig h t o f in v e s t m e n t in s u c h s e c u r it ie s is p r e s c r ib e d b y
m a n y o f th e S ta te s w h ic h fo r b id

th e m

p r o t e c t io n

d e n ie d .

re q u e ste d




h e r e in

be

to

o f th e

U n ite d

S ta te s

every

S ta to in

th e

so

t h e fig u r e s h e r e in

g iv o n

w ill la r g e ly

b e in c r e a s e d

______________

R A I L W A Y E X E C U T I V E S ' CONFERENCE W I T H
B A N K E R S A N D R E PRESENTATIV ES OF
RA IL ROAD A D M I N I S T R A T I O N .

At last Saturday’s (Aug. 24) conforonco of representatives
of tho Railroad Administration, the Special Equipment
Committee of the Association of Railway Executives and tho
Banking Committee of which Jerome J. Hanauer is Chair­
man, minor differences between tho soveral interests aie
understood to have been adjusted and closer co-operation
assured. Tho meeting also resultod in the appointment of
a committee of lawyers which is to report on the legal phases
of the plan for the financing of railroad equipment through
the proposed National Equipment Corporation. Last
Saturday’s meeting was called by T. DoWitt Cuyler, Chair­
man of the Association of Railway Executives. Tho con­
ference was attended by Swager Shirley, Director of the
Division of Financo of the Railroad Administration and
T. C. Powell and H. B. Spencer of tho Railroad Administra­
tion, Alfred P. Thom, counsel for tho association, Mr.
Hanauer, Arthur M. Anderson of J. P. Morgan & Co.,
H . Stanley, Vice-President of tho Guaranty Trust Company;
Albert A. Tilnoy, Vice-President of tho Bankers Trust
Company, and othors.___________________

s o lv e n c y a n d h e a lt h y g r o w th

th e w e lfa r e o f th o n a tio n d e p e n d s .
W e p r o t e s t a g a in s t a n a t t it u d e w h ic h
c r is is

c o m m u n itie s

700 per d ay

in a s h o r t t im e .

t h e C o n g r e s s t o r e q u ir e o f t h e C o m m is s io n a s a m a t t e r o f la w t h a t w h ic h li t i­
6%

and

t a k in g th o a v e r a g e n u m b e r o f s to c k h o ld e r s

it is e s t im a t e d t h o n u m b e r o f s t o c k h o ld e r s o f t h e

U n io n o f c o u r s o b e in g r e p r e s e n te d .
S ig n a tu r e s t o t h e m e m o r ia l a r e a t p r e s e n t c o n t in u i n g a t t h o r a t o o f f r o m

p a r in g t h e r a t io o f r a te r e tu r n t o s u c h in v e s tm e n t.
A r e tu r n o f 6 % o n I n v e s tm e n t is t h e ir r e d u c ib le m in im u m b e lo w w h ic h n o
in d u s tr y c a n s u r v iv e .

to w n s

But

S ta te

a n d fid u c ia r y

r a t e m a k in g a s it a s ta b lis h e d a d e fin it e r u le in r e s p e c t t o F e d e r a l R e s e r v e

r o a d s g r o u p e d in e a c h o f t h e t h r e e c la s s ific a t io n t e r r ito r ie s a s

„

it s

th e d u ty

T h o s ig n a tu r e s t o t h is m e m o r ia l

'

upon

a n d I n v e s tin g in s t it u t io n s ig n e d h e r e t o

P R E S E N T A T IO N OF M E M O R I A L TO CONGRESS B Y
S. D A V I E S W A R F I E L D ON B E H A L F OF THOSE
IN T E R E S T E D I N RA IL RO A D SECU RITIES.

t h is p o w e r Is t h e g o l d r e s e r v e .

th e

I n te r -S ta te C o m m o r c o b y r e p r e s e n ta tiv e s o f

o r m o r e im p o r ta n t re p re se n ta tio n fr o m

fo r

. . .
C o n g r e s s is r e q u ir e d in

is t h e n o t e is s u in g p o w e r c o n f e r r e d b y A c t o f C o n g r e s s .

com ­

C o n g r e s s h a s p r o b a b ly n e v e r h a d p r e s e n te d t o it a m o r e r e p r e s e n ta tiv e

or

t o m e e t th e d e m a n d s fo r th e tr a n s p o r ta tio n o f c o a l.

th e F ed era l R e se rv e A c t.

of your

le g is la t io n *

t a t io n f r o m t h e b u s in e s s a n d s h ip p in g in t e r e s t s o f t h e c o u n t r y .

th e s e v e r a l r a ilr o a d c o m p a n ie s , g i v e t h e re a s o n s th e r e fo r .
4 . S ta te fu lly th e m e th o d s a d o p t e d b y th e D ir e c to r -G e n e r a l
o f c o a l w it h

r e p o r t in g

A statement with regard to the memorial and what is
represented therein says:

e ra l r a ilr o a d c o m p a n ie s , a n d , i f t h e y h a v e n o t b e e n s o ld o r tr a n s fe r r e d t o

p rodu cers

of

A m e r ic a .

u n d e r h is c o n t r o l a n d w h ic h h a v e n o t b e e n s o ld o r t r a n s fe r r e d t o t h e s e v ­

th e

n ecessary

t h a t C o m m is s io n

p u r c h a s e d f o r t h e a c c o u n t o f th e D ir e c t o r -G e n e r a l o f R a ilr o a d s w h ic h a r e

o f s u p p ly in g

d u ty

p o w e r t o th e I n t e r -S t a t e C o m m e r c e C o m m is s io n

c o n t r o l a r e n o w s u ffic ie n t o r h a v e b e e n d u r in g th e p a s t s ix m o n t h s t o m e e t

pu rpose

th e fa v o r a b le c o n s id e r a tio n

T h o le g is la t io n t h e r e in p r o p o s e d is b a s e d u p o n

c o m p a n ie s u n d e r t h o c o n t r o l o f t h e D ir e c t o r -G e n e r a l o f R a ilr o a d s w h ic h a re

have

to

im m e d ia t e

th e S e n a te C o m m it t e e o n

In v e stm e n t as a

o f c o a l a n d t h o n u m b e r o f e m p t y c o a l c a r s b e l o n g i n g t o t h e s e v e r a l r a iL r o a d

th o d e m a n d th e r e fo r .
3 . S ta te t h o n u m b e r o f th e c o a l ca r s w h ic h

th e

g r e s s s h a ll b y la w r e c o g n iz e a m in im u m p e r c e n t a g e r e tu r n o n t h o a g g r e g a t e

ln u s e in t h o t r a n s p o r t a t io n

s u ita b le a n d a v a ila b le f o r th e tr a n s p o r ta tio n o f c o a l.
2
S ta to w h e th e r t h e c o a l c a r s b e lo n g in g t o t h e

w it h

t h e N a t i o n a l A s s o c i a t io n o f O w n e r s o f R a il r o a d S e c u r ie s ( W a r f i e ld P la n ) .

R e s o r te d b y th e S en a te o f th e U n ite d S ta te s , T h a t t h e D i r e c t o r - G e n e r a l o f
R a ilr o a d s b e , a n d is h e r e b y , d ir e c t e d t o g i v o t h e S e n a te t h e fo llo w in g in fo m a t lo n . ^

ch arged

p r in c ip le s o f r e m e d ia l le g is la t io n p r e s e n t e d a t t h o la s t s e s s io n o f C o n g r e s s

b e h e ld s h o u ld

Tho
la w

in

th o m ea su re o f

S H A N T U N G PROVISION OF T R E A T Y A M E N D E D BY
S E N A T E C O M M I T T E E — OTHER A M E N D M E N T S .

Initial action toward amending the Peaco Treaty was
taken by the Senato Foreign Relations Committee on Aug.
23 when, by a vote of 9 to 8, it adopted an amendment
whereby the Gorman rights in Shantung, China, would
revert to China instead of being given to Japan. The

A ug . 30 1919.]

THE CHRONICLE

am ondm ont to this end, proposed b y Senator L od ge, Chair­
m an of tho C o m m ittee, provides for the striking ou t of tho
word “ Japan ” from tho Shantung sections of the T re aty and
substituting the word “ C h in a .”
A ll the D em ocratic m em ­
bers of the C om m itteo and Senator M c C u m b o r, R epu blican,
vo ted against tho am en d m en t.
According to tho N e w Y o r k
“ T im e s” of A u g . 2 4 , Senator Johnson of California dofonded
tho C o m m ittee’s action as ontirely logical in an effort to
correct w h at had been “ a grievous in ju ry” to C h in a.
Ho
was not concerned, he said, over the even tu ality of tho
T re aty being recom m itted to the Paris C onference. Senator
Johnson is quoted in the “ T im e s” as saying w ith regard to
tho Shantung provision as contained in tho T re a ty :
Every American Commissioner including the President has condemned
it and overy witness beforo tho Foreign Relations Committeo has denounced
it. It presented with nono of tho prejudices in dealing with an enemy a
clean-cut moral issue. Tho members o f tho Foreign Relations Committee
had to decldo whether a friend and an ally should bo despoiled upon tho
solo ground o f expediency and fear and they havo decided for tho right.
All wo could do was to disapprove an admitted wrong and fraud practiced
upon a weak friendly and defenseless people and this wo havo done.
It may bo true as asserted by our opponents that wo cannot remedy the
wrong; at least wo aro not partios to it.
And now just as tho attempt has been mado to drive us into accoptanco
of tho Treaty without dotting an "I” or crossing a “ t” by tho wholly specious
and unwarranted assertion about tho high cost of living, tho effort will bo
mado to play upon our fears and tho fears o f tho American people, bocauso
in a matter concerning which wo were called upon to act wo havo acted in
a righteous manner at variance with tho wishes of Japan.
If it bo claimed, as doubtless some Administration people will claim, that
our action to-day will interfere with any country, then it becomes obvious
that in matters beforo us, wo can act only as other countries direct us to do.
This, apparently, is tho position o f thoso Americans who would take our
country into a Leaguo where wo havo but ono voto, while Great Britain
has six, and where our Republic would bo subject to tho direction o f foreign
nations, and in which, after robbing China, substantially, of a groat pro­
vince and nearly 40,000,000 people, wo would guarantee tho Infamy by our
treasuro and by our blood."
Senator Pomereno (D e m o cra t), in saying on tho 2 4 th ,
that ho did n ot think tho Sonato would support tho Lodge
am ondm ont, statod, tho “ T im e s” reports:
This amendment does not offer a solution of tho Shantung matter.
Not only is China not helped through any such movo, but, not having tho
protection o f tho United States if tho latter withdraws from tho treaty
and tho Leaguo o f Nations, sho is thrown moro upon tho mercy o f Japan
than over. I believe that Japan is going to givo Shantung back to China
within a reasonable time, anyhow, and that tho whole matter would bo
cleared up without any intcrferenco by tho United States.
Further am ondm ont of tho T re a ty b y tho Sonato C o m ­
m ittee occurred on A u g . 2 6 , w ith tho elim ination of tho U nited
States from representation on the various international
com m issions which are to supervise European reconstruction,
except tho R eparations C om m ission and such others as aro
to bo appointed b y tho League of N a tio n s.
W ith regard to
tho C o m m ittee ’s action on the 2Gth, wo take tho follow ing
from the N o w Y o r k “ T im e s” of A u g . 27:
By a voto o f 9 to 7, Senator McCumber being absent, tho committee
adopted an amendment proposed by Senator Fall, New Mexico, striking
from Section X X X V o f Bart III of tho treaty tho words "and associated”
where thoy occur in tho phrase "allied and associated powers.”
The effect of this amendment was to eliminato tho “ associated power” ;
that is, tho United States, from membership on tho Commission o f Sovon
Created to trace on tho spot tho new boundary between Belgium and Ger­
many.
Following this action o f tho committeo, by agreement, extended tho agree­
ment to all similar provisions in tho treaty savo ono, so that, in fifty places
In tho text, tho words “ and associated" would bo stricken out. Tho effect
In each case is tho same— exclusion o f tho United States.
Senator Fall had prepared a total o f twenty-threo amendments on this
point. Iio explained afterward that ho had abandoned several moro
amendments taking from tho Leaguo of Nations tho power to creato com­
missions.
When wo get through with tho Leaguo,” said Senator Fall, "it won’t
be creating any commissions.”
Ono exception was expressly mado by Senator Fall in presenting his
amendments. Ho asked that American membership on tho Reparations
Commission, tho most important body set up by tho Treaty, bo not affected
by tho amendment.
“ The United States has a direct interest in the work o f tho Reparations
Commission,” said Senator Fall, “ becauso this body will dispose o f German
shipping and other matters in which tho United States ought to participate.
But all theso other commissions aro no concern o f ours, and membership
upon them would s'mply servo to entangle us for years in overy manner of
European question, most o f which aro nono o f our business.”
Among tho commissions upon which tho United States would havo mem­
bership uuder the treaty aro thoso on tho Belgian boundary, for control of
tlio left bank o f tho Rhino; on tho Saar Valley boundary, on tho Bolisli boun­
dary, on tho East Prussian boundary, for tho free city o f Danzig; on tho
Slesvig-llolstein boundary, on tho enforcement o f military, naval'and air
clauses and reparations.
Tho Committeo also voted to givo ono hour at somo timo to bo sot later to
representatives o f citizens o f India who wish to protest against that coun­
try’s inclusion in tho Leaguo o f Nations.
Still another amendment to tho Treaty adopted by tho Committeo
yesterday (Aug. 28) provides that tho United States shall havo as many
representatives as tho British Empiro on tho Leaguo o f Nations assembly.
Tho voto was 9 to 8 Senator McCumber Republican standing with tho
Democrats against tho amendment. It was stated in a press dispatch in
tho Now York “ Evening Post” yosterday that tho provision as framed
would not reduce tho six votes held by Great Britain and its Dominions
on tho assembly but simply would provido that tho United States havo
equal representation.
In declaring on A u g . 2 6 his views toward tho action of tho
Sonato C om m itteo in am ending tho Shantung provision of




845

the T re a ty Senator M c C u m b e r (the on ly R epublican m em ­
ber of the C om m ittee w ho vo ted against the am endm ent)
asserted that “ b y this act they aro betraying C hina w ith a
false k iss.”
In part Senator M c C u m b e r said:
I am satisfied that no greater blow could ever bo struck against the real
interests of China than by such an amendment.
Why did tho majority of this committee pause in the midst of their
hearings to make this particular amendment, and then proceed with the
usual leisure to lay out dates for further hearings which will consume a week
or so more? Tho purpose is apparent. It is to signify to the country that
tho Scnato is hostile to this treaty. It is to put Japan in a position where
sho cannot without an appearanco of being coerced do what sho has promised
to do. It is to create trouble between this country and Japan and thereby
send tho first dagger thrust into tho body of this treaty.
Is it an act of truo friendship toward China or a mere political move
to defeat tho treaty ? If its sponsors now fail to come forward and openly
pledge that if Japan is driven out of this treaty then tho United States will
proceed singlehanded and alone to drive Japan out o f China— will renew this
world war and send our soldiers into the Orient to fight for her, then by
this act they aro betraying China with a false kiss.
They know, and we know, that this country will never go to war against
Japan to prevent Japan from doing just what wo havo allowed every other
nation to do in China without a protest. With tho League o f Nations
China obtains an assurance which is tantamount to a guaranty by all the
world that not only will Japan return to China what Germany wrested from
her in 1898, but henceforth and so long as this leaguo shall last no other
nation shall rob China of ono inch of her territory or exerciso any control
over her people inconsistent with tho claims o f complete independence and
sovereignty.
By this amendment, you make it almost impossible for Japan to comply
with her own agreement with China without suffering humiliation and by
sacrificing tho respect and natural prido of her people. By this amendment,
a third Power— whom tho opponents of tho League insist should never
interfere with tho affairs of the Eastern hemisphere— proceeds to set
asido a compact entered into between two nations of tho Eastern hemisphere,
in which wo were in no way connected, and performing this act with an
arroganco no white nation would ever submit to so long as it had a drop
of blood loft to shed for its national honor.
Thero is but one honorable, upright and proper course to be pursued by
all tho great nations of tho world, including China and Japan. Let China
keep hor treaty; give Japan an opportunity to do what sho has pledged her
national honor to do; cease this attempt to juggle this country into war
wtih Japan; bring Japan and China Into this world leaguo, and as sure as
tho sun shall riso to-morrow Japan will keep her plighted faith. China
will recoivo complete present justice and assured future protection.
A fter a conference with President W ilso n on A u g . 26
Senator H itch co ck , senior m inority m em ber of the Foreign
Relations C o m m ittee, predicted the ratification o f the
T re a ty som e tim e during Septem ber, tho defeat of the
Shantung am endm ent w ith the aid of a t least 12 R ep u b lieaji v o te s, and the vo tin g down of all am endm ents to the
T re aty that m ight cause it to be sent back for renegotiation.
“ W e aro satisfied ,” the Senator is quoted as saying “ that
tho S hantung am endm ent will be very substantially beaten.
There will be a t least a dozen R epublican votes against the
Shantung am end m ent.
Senator M c C u m b e r to -d a y put
the nail in its c o ffin .”

J A M E S M . B E C K DESCRIBES L E A G U E OF N A T I O N S
A S V OT ING TRUST.

•

In pointing out the objections to tho entry of the United
States into the League of N a tio n s, Jam es M . B e ck , form erly
A ssistant A tto rn ey General of the U nited S tates, declared
on A u g . 23 th a t “ if the League should be ratified, even with
tho proposed reservations, and A m erica thus accepts a
m em bership, then the great struggle for preservation of
A m erican ideals has been com prom ised and not fu lly w o n .”
M r . B eck further declared th a t “ it should bo a war to the
finish, and A m erica, of all nations, should not give its
approval to an infinitely mischievous and absurd attem p t
to vest tho control of the world in a voting trust of five
nations— even if A m erica is one of the voting tr u st.” A ccord­
ing to M r . B eck , to vest tho control of the world in a “ voting
trust” of five nations was tho negation of international law
and sim ply created an imperial despotism .
T h is, ho argued,
w ould not m ake the world safe for dem ocracy, bu t would
destroy the democratic principle, hitherto observed in all
attem p ts to co-ordinate tho world b y co-operation, either
through treaties or leagues. M r . B eck , whoso views were
contained in a speech delivered a t Lewiston, M a in e , also
said in part:
Tho voting trust is already in existence, and the League of Nations simply
attempts to perpetuate its power. Indeed, it existed from the time that
America camo into tho war.
Thero can bo no assured peace for the world until the future of Russia
is determined, and if Russia is left to drift and ultimately to become an ally
of Germany it may yet appear to the historian of the future that tho capitu
lation of November last was not merely only a truce, but was, with an inter"
val of somo years, the ghastly prelude to tho ultimate defeat of the libera1
nations of tho world.
Tho voting trust commanded that there should be peace in Europe. But
its power was so impotent, even in tho hour of its triumph, that some
twenty-throe wars, largo and small, aro now and have been in progress
during tho last six months.
Becauso Japan is a member of the voting trust, after some discussion and
dissension, a province of China— as dear to that nation as Massachusetts,
Now York and Pennsylvania aro to the United States— was ruthlessly given
to Japan, and China was denied even the power to protest by a formal
rcservatIon.

846

[Vol . 109.

THE CHRONICLE

So far as America is concerned, tho chief objection to her entry into this socialization of national resources, economic undertakings, manufacture,
Misformcd League of Nations is that for a time sho not only compromises in distribution, price fixing, economic production, trado weights and measures,
principle that great tradition of independence of which she was born and to tho issuance of paper money, food, luxury, articles of industry, mines,
which she is dedicated, but nullifies the great basic principle of tho equality of insurance, tho mercantile marine, control of lake and coast fisheries, rail­
roads, automobile traffic, transportation by land, water, and air, road
nations, for which sho has always stood.
Germany will one day bo a great nation again. A peoplo so tenacious, construction, and theatres.
S u p rem a cy o f Im p er ia l L a w .
proud and persistent cannot be held in servitude for any length of time.
Individual States will havo legislative rights, but the imperial law will
Kussia will one day have a stable government.
Will cither of theso great historic nations bo content to bo the servants supereodo thoso of individual States. Each Stato must havo a liberal
of tho voting trust in the day o f recuperation ? They will unito with all constitution, with a Legislature elected by general, equal and secret ballot
other disgruntled nations to challenge the authority o f tho trust, and then by all Germans, mon and women.
America will find itself involved in another world war— not over issues of
The Constitution lays down rules for altering tho Empire territorially,
great moral moment, but in a mere sordid imperialistic struggle for the con­ providing that plebiscites shall bo held in districts affected.
trol of tho world. If we make this fatal error, not only our children but
T h e R e ic h s ta g .
tho unborn o f future generations will ruo the day.
Tho Reichstag supersedes tho temporary National Assembly. It will be
elected for a term of four years.

P R E S I D E N T E B E R T T A K E S O A T H OF O FFICE— D E ­
CL A R E S E S S E N C E OF G E R M A N CON­
S T IT U T IO N IS FREEDOM.
Friedrich E bert took the oath of office as Im perial Presi­
den t of G erm an y on A u g . 21 at the N a tio n al T h eatre in
W e im a r.
F ollow ing the form al even t, Herr Ebort replying
to a laudatory speech of H err F ehrenbaeh, President of

P o ic e r s o f P r e s id e n t.

Tho President will be chosen by the entiro German peoplo instead of by
tho Assembly, and will hold offico for a term of soven years. He will
represent the Empiro under international law, will make troaties and ac­
credit diplomats. Declarations of war or peace must be proclaimed by tho
Imperial Reichstag, and treaties with foreign States must bo accepted b>
tho Roichstag. The President, as Commander-In-Chief of tho dofonse
forces of the Empire, can employ armed forces for quelling disturbances,
or may send them against States which do not fulfill their duties, but in
doing so must notify tho Reichstag, which is givon tho power of veto.
Tho President’s ordors must bo countersigned by a Chancellor or tho Im­
perial Minister whose dopartmont is affected. Ho has tho right to pardon
criminals, but the gran.Jng of amnesty must bo voted by tho Roichstag.

the N a tio n al A ssem b ly , said:
This must remain to us if wo desire to rebuild tho Fatherland— deep love
for the homeland and the tribe out of which each of us sprang, and to this
must be joined sacred labor for the whole and tho placing of one's self in
T h e C h a n ce llo r .
tho empire’s service. Kvery contradiction between the whole and tho
The Chancellor will occupy a position analogous to that of Vico-I’resiindividual States vanishes there.
Tho essence o f our Constitution shall abovo all be freedom, but all free­ dont. lie and tho rest of tho Ministry will bo appointed by tho President.
dom must have its law. This you have now established. Wo will jointly Tho Chancellor will determine tho Empire's foreign policy, boar respon­
hold on to it. It will give us strength to testify for tho now vital principle sibility for tho Cabinet, and in case of a tie vote in tho Ministry, will havo
of tho German nation— freedom and right.
tho deciding ballot. The Reichstag is given the right to impeach tho Presi­
Ile rr Fehrenbaeh handed the President the docum ent dent, Chancellor, and Ministers. Charges upon which impeachment
proceedings are based must bear the names of 100 mombors of tho Roich­
containing tho o a th , the form ula of which President Ebert
stag before tho case can bo brought boforo tho court.
recited with a firm voice. H err Fehrenbaeh then said:
T h e I m p e r ia l C o u n c il.
You came from the people and therefore you will ever bo a faithful friend
Tho Imperial Council will be composed of representatives of individual
of tho working peoplo, to whom you have devoted your ll;o work. You will
also over be a shield to tho Fatherland, which you have done your best to States which will havo at least ono vote apiece. Tho votes of tho larger
servo and for tho sake of which you have mado a terrible and most painful States will bo based on population, being fixed on tho number of millions
sacrifice, seeing that of four sons you sent to the colors two have not re­ of inhabitants within their borders. No State can havo nioro than twoturned. It is a thorny office which in the hardest times tho Fatherland fifths of tho total number of votes in tho Council. Half of Prussia s votes
laid upon your shoulders, but with an easy conscience you can claim to bo must come from provincial administrations.
Imperial legislation cannot bo introduced in the Reichstag without tho
free from all blame or responsibility in tho country’s wretched position.
You sought to attain progress and freedom solely by peaceful develop­ consent of tho Council, unless the Government ventures to introduce bills
ment, but with defeat tho die was cast regarding the old Stato form and the which the Reichstag knows to be disapproved by tho Council. Laws may
dynasty. Kvcn thoso who preserve their love for the old instuitutions be submitted by plebiscites, if the President desires. A majority vote
recognize that fact and leave it back in a patriotic mind in order to work will nullify the law. Tne Constitution can be altered by a quorum of twothirds of the Reichstag voting for the alteration by a two-thirds majority.
and point tho way to the rebirth of the boloved Fatherland.
Tho Imperial administration is placed in control ot treaties by individual
President E b e rt’s reply to this has already been given. States with foreign countries, territorial changes and defense of tho realm.
Further details in connection w ith the event were reported German merchant vessels will comprise a unified mercantile marine. The
new German frontier comprises customs zones, tho Income from which will
b y the A ssociated Press from W eim a r as follow s:
President Ebert’s address evoked loud applause. Ilerr Fehrenbaeh then bo administered by the Empire’.
addressed the Assembly as follows:
T h e B u d g et.
“ Farewell, Weimar. Our principal task here was the Constitution and in­
Provision is made for a budget system, and tho Roichstag cannot raise
auguration o f comprehensive legislation. The Assembly’s task was to the amount of tho budget without reaching an agreement with the Council.
build out of a heap of ruins a new edifico. the key of which is now in the Imperial postal and telegraphic rates will bo determined by tho Council,
people’s hands—an edifice that offers to all parts of tho nation modest but and tho railroad systems will be taken over by tho Empire and States.
habitable quarters, and over which flies the flag of freedom and social Private roads must be given over to the Empire on demand, and tho Em­
justice. It is now for the German people to manifest its will to live by tho pire can confiscate railroads not yet taken over. In case tho dofenso of tho
preservation of peaco and order and by unwearied labor, loyally holding country requires the step, it is given the power to take over tho admin­
together in the newly created State. In the hands of tho peoplo lies our istration of all water routes.
. . .
.
fate. Wo believe in tho German peoplo.”
Judges of the ordinary civil courts will be chosen for life, and cannot be
Herr Fehrenbaeh, after being thanked for the manner in which ho had removed except by judicial decision. The age of retirement will bo de­
directed the business of the Assembly, cried:
termined later. Military courts aro abolished, save in wartime and on
“ Long live our German nation. Long live our beloved Fatherland. ’
board warships, and Stato courts, which will try those accused of political
Tho Assembly took up and repeated his words with enthusiasm.
crimes, will bo created by Imperial law.
President Ebert, accompanied by Ilerr Fehrenbaeh, tho Vice-Presidents,
M e n a n d W o m e n H a v e S a m e R ig h ts .
Ministers and Deputies, went to the balcony of tho theatre and addressed
The second main part provides that all Germans shall bo equal boforo tho
the crowd, lie said:
“ A peoplo equal and with equal rights— that is what to-day shall testify be­ law, and that men and women shall havo basically tho same rights and
fore all Germans. I now renew before you my oath of fealty to the people duties. Preferential rights and drawbacks of birth and position aro re­
and the people’s rights. Let as stand together in our people’s hard struggle moved, and titles of nobility are considered as only part of a porson’s name.
for life. Join mo in a vow of this indissoluble unity so that from hero— No more titles will bo conferred, and will be given only whon they describe
from the scene of imperishable deeds— it may ring throughout tho German a person’s occupation. Academic titles, liowovor, will still bo awarded.
No tokens of honor may bo given out by tho Government, and no German
Fatherland. Long live our beloved German people.”
Tho crowd broke into deafening cheers and tho band played Deutschland may accept a title or order from a foreign Stato.
Every citizen of an individual State is a citizen of tho Empire. Every
Uber Alles, which tho people sang lustily.
.
German will havo equal rights anywhero within tho Empire, and may live
A n outlino of the new G erm an Con stitu tion was givon where ho pleases. He will have tho right to own real estato and purchase
in Berlin dispatches of the A ssociated Press of A u g . 15 as
ood in any State. Every German permitted to emigrate will havo tho
privilege of being protected in foreign countries, and no German may bo
follow s:
delivered
up to a foreign country for prosecution and punishment. For­
Tho new German Constitution, which was passed by tho National As­
eign-speaking Germans may not bo prevented from developing the free
sembly after months of debato and which becanio effective tills week, is
use of their mother tongue. In Instruction and legal affairs tho freedom
divided into two main parts— tho “ composition and ties of tho empire” and
of the individual is invulnerable. Tho German’s house will bo Ills castle.
“ tho basic rights and basic duties o f Germans.” Tho first part consists
F r e e d o m o f S p eech a n d o f th e P r e s s .
of soven sections and tho second of five.
Postal, telegraph and telephone secrecy is gu rantced. Every German
The subdivisions of tho first part are: Tho empire and Individual States;
tho Reichstag, the Imperial President, Imperial Government, Imperial has the right to express his opinions by •written or spoken word, print or
Council, Imperial Legislation and Imperial Administration of Justice. picture. There will be no censorship save for moving pictures, for which
Those o f tho second part are: Individual Community of Life; Religion regulations will be made to suppre s objectionable films for the protection
and Religious Societies, Education and Schools and Economic Life. Tho
concluding part o f tho Constitution bears tho title: “ Transition Re­ ° f Umlerthe heading, “ Community of Life,” tho Constitution declares that
marriage constitutes tho basis of family life and tho salvation of the nation
lations.”
and it "is, therefore, under the special protection of tho Constitution on tho
Tho preamble to tho Constitution begins as follows:
“ Tho German people, united in its branches and inspired by tho will to basis of equality of the sexes. It is pointed out that it is tho duty of tho
renew and strengthen its'empire in freedom and justico, to further inner State to keep pure and healthy tho family life and that families with several
children have the right to necessary care. Motherhood, it is declared, has
and outer peaco and social advance, has voted this Constitution.”
a prior claim to the prote tion of the State. Illegitimate children shall bo
A j l i c p u b l i c a n E s t a t e . ']
placed under the same bxlily, spiritual and social conditions as legitimate
Section 1 declares tho German Empiro is a Republican Stato, soverignty ones, and youth must bt pro.ected from moral, spiritual or physical neg­
being based on tho peoplo. It describes tho territorial limits of tho empiro,
establishes tho imperial colors as being black, rod, and gold, and states that lect.
tho generally recognized rules of international law will bo held as binding of
tho empire. Tho empire will havo exclusive legislative rights governinforeign affairs, colonies, citizenship, immigration, dofonse, coinage, cus
toms, posts, tolegraphs and long distanco telephones, repopulation, mother
hood, children, youth, health, labor insurance, protection to laborers and
employees, confiscation, care o f wounded soldiers and their relatives.




M isce lla n eo u s .

A long list of the rights of German citizens, which seem obvious outside
Germany, comes next. Tho list includes the right to hold gatherings, to
belong to societies and organizations, or social, political and religious
groups. It is declared that petty officials appointed for life may not bo
discharged unless tho complaints against them aro first submitted to them.

A u g . 30 1919.]

THE CHRONICLE

Under religion, the Constitution declares that all citizens o f Germany
shall enjoy complete freedom o f belief and conscience. No State Church
exists and religion plays no part In citizenship. It is provided that there
must be universal attendance at school for a period o f eight years and that
pupils must attend advanced schools until 18 years old. It will not bo
necessary to pay tuition, and State aid will be given needy pupils and their
families. Private schools can be run only with Governmental permission.
All schools, it is provided, must make an effort to educate their students
In the spirit of the German people and in the spirit of reconciliation with
the peoples of the world. Instruction in constitutional government and
manual labor is obligatory in all schools.
The Constitution lays down basic rules for the economic future,' guar­
anteeing the rights o f spiritual work and invention, and protects art. A
system o f councils is created for Industries, by which employees will have
a voice in the decisions reached by the employers.
T h e G erm an G overn m en t in reply to the dem and of tho
Alliod Powers th at it recall from the B altic provinces, G en­
eral von der G o ltz , com m ander in chief of tho G erm an
forces in th a t region, recently stated th a t it could n ot m eet
a n y dem ands going beyond A rticle X I I of the arm istice.
R egarding the G erm an G o vern m en t’s action on this ques­
tion Berlin dispatches of A u g . 16 b y the Associated Press
said:
Tho German Government has rejected the demand of the Allies for tho
recall o f General von der Goltz, Commander-In-Chief of the German forces
In the Baltic provinces.
Germany in its note denies the charge that tho German evacuation of
Letvla has been delayed purposely and says that it has been proceeding in
accordance witli tho plan arranged at a confcro-co between tho German
commander and the British General Gough, the Allied commander on
July 19.
Germany, tho note adds, cannot meet any dema"ds going beyond Ar­
ticle X II of tho armistice. The demand for tho recall o f General von der
Goltz, it is asserted, is an encroachment on the authority of Germany,
which reserves tho right to recall the General when tho evacuation of Letvla
Is sufficiently advanced.
The note adds that great bitterness has been caused among the German
volunteers In tho Baltic region by the failure of tho Ullman Government In
Lotvia to grant Lettish citizenship to soldiers who desiro it.
Tho German Government warns tho Allies against increasing the present
possibilities of friction in Lotvia by an overhasty withdrawal of tho Ger­
man troops.
In G en eva dispatches o f A u g . 2 3 the Associated Press
reported the “ Journal de G en eve” as havin g heard that
G erm an y intends to found a League of N a tio n s, hoping
for tho adherence of R u ssia, A u stria and H u n g ary, and
later of I ta ly , Japan and the “ smaller nations dissatisfied
with the Paris conference.”
T h e “ Journal de G en eve’,
was said to have learned this from its M u n ich correspon­
d en t.

PEACE

TREATY BETWEEN BR ITAIN
A FG H A N IS TA N .

AND

847

invitations to speak. T h e general convention sessions wil1
bo held T u esd a y and W ed n e sd a y mornings and all d ay
T h u rsd a y .
T h e sections of the A ssociation-T ru st C o m ­
p a n y , Savings B a n k , Clearing H ou se, State Secretaries,
N a tio n al B a n k and S tate B a n k sections— will m eet M o n ­
d a y , T u esd a y and W ed n e sd a y afternoons. W ith an an­
ticipated attendance a t the convention of ab ou t 5 ,0 0 0 bank­
ers, including their w ives and daughters, the principal
featu re devised for their entertainm ent is a “ M a m m o th
In do or Circus R o y a l, H ippodrom e and D a n s a n t,” as it is
officially described, to be given a t the Coliseum on T u es­
d a y evening, S ep t. 3 0 . A n elaborate perform ance will
take place from 8 to 11 p . m . and dancing will follow . A d ­
m ission will bo b y card on ly .
There will bo a sm oker a t the
Statler on M o n d a y evening, S ep t. 2 9 , and an inform al,
dance at the Planters H o te l on W ed n esd a y evening, O c t. 1.
Besides dancing, there will be card parties and refreshm ents.
T h e entertainm ent has been so arranged as n ot to conflict
w ith the business sessions.

A D D R E S S E S A T M E E T I N G OF C L E A R I N G H O U S E
S E C T I O N OF A M E R I C A N B A N K E R S ’ A S S O C I A T I O N .
T h o part to be played b y the Clearing H ouse in dom estic
and world reconstruction is to be the keynote of the addresses
a t tho forthcom ing annual m eeting of the Clearing H ouse
Section of the A m erican B ankers’ Association to be held in
S t. Louis S ep t. 3 0 and O c t. 1.
“ T h e Clearing H ouse as a
F actor in Foreign T rade D e ve lop m e n t” is the title o f an
address on this subject to be delivered b y Sol W ex ler of
J . S . B ache & C o ., N e w Y o r k ; and D r . M . A sh b y Jones of
A tla n ta , G a ., will take for his topic “ T h e Clearing H ou se,
the H eart o f the Financial W o r ld .”
W a y n e H u m m er, V ice­
President of the L a Salle N a tio n al B a n k , L a Salle, 111., will
speak on “ T h e N eed for Clearing H ouses in Sm aller C o m ­
m u n ities.”
A n address b y G e o . M . R eyn old s, President of
tho C ontinental & Com m ercial N ation al B a n k , C hicago, 111.,
will bo on titled “ D om estic Reconstruction P ro blem s. ’ ’ A lo n g
technical lines there will be an address b y F . K . H o u ston ,
V ice-P resident of the First N a tio n al B a n k , S t. L ouis, M o .,
on “ A n alysis and Com parison of Clearing H ouse R u le s .”
T ho subject of acceptances will be dealt w ith b y Jerome
T hralls, Secretary-Treasurer of the D iscount Corporation of
N e w Y o r k , under the title “ P roblem s and Progress with
D ollar A cce p ta n c es.”
U nder the guidance o f Francis
C oates Jr. there will be a discussion of Clearing H ouse prob­
lems in w hich exam iners, m anagers and others interested
will participate.
T h o s. B . M c A d a m s , Vice-P resident of the
M erch an ts’ N a tio n al B a n k , R ichm ond , V a ., President of the
Clearing H ouse Section, will preside a t the sessions.

T h e signing of a peace treaty betw een G reat Britain and
A fghan istan on A u g . 8 was m ade know n in L ondon A sso­
ciated Press dispatches of tho sam e d ate.
T h e dispatches
said:
Peace has been made between Great Britain and Afghanistan. A peace
agreement was signed to-day, it was officially announced.
After tho assassination of the Amir Habidullah Khan o f Afghan.stan last
February trouble developed between the British India authorities and his
successor. Early in M ay Afghan tribesmen began an advance across the IT E M 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 .
N o bank stocks were sold a t the Stock E xchange this week
bordor into India. Sharp fighting developed in which British troops
shortly were so successful that in the latter part o f that month tho Afghans and tw elve shares were sold at auction. There were no
asked for an armistice.
This was regarded by tho British authorities, however, as a ruse to gain transactions in trust com pany stocks.
Low. High. Close. Last previous sale.
time and a sharp note was sent to tho Afghan commander. Tho fighting Shares. BANK— New York.
Aug. 1919 1019
was resumed and in Juno tho Afghans again asked for a truce, the negotia­ 12 First National Bank............... 1009 1009 1009
tions then leading up to a peace conference at Rawalpindi lato in July.
Dispatches from London in Juno said tho British Government officials
T w o N e w Y o r k Stock E xchange m emberships were posted
were convinced that tho uprising in Afghanistan was being fostered by tho
for transfer this week, the consideration being stated as
Russian Bolshevik! with a viow to embarrassing tho British.
' "S p ecial cable advices to tho N o w Y o rk “ S u n ” from Sim la, $ 9 0 ,0 0 0 and $ 8 7 ,5 0 0 , respectively.
In d ia, under dato of of A u g . 1 0, regarding the treaty said:*"
The Amir o f Afghanistan under tho peace treaty signed with Great Britain
T h e usual three-day holiday over L abor D a y well be
last week not only loses his annual subsidy o f $600,000, but in addition
loses more than $5,000,000 in subsidy which, it appoars, ho had on deposit observed b y the N e w Y o rk S tock E xchange, tho B oard of
with the Government o f India.
Governors having on W ed n esd a y last decided to grant the
potition of m em bers for a suspension of business to -d a y
G E R M A N P E A C E T R E A T Y R A T I F I E D B Y B E L G I A N (Saturday) along with next M o n d a y ’s holiday (Septem ber
SENATE.
1 ).
T h e C o tto n Exchange will likewise be closed to -d a y
T h e Belgian Senate on A u g . 2 6 approved unanim ously in addition to M o n d a y . T h e B o ston , Philadelphia and
tho poace treaty w ith G erm an y. T h e C ham ber of Doputies C hicago S tock exchanges have also decided to observe tho
ratified the treaty on A u g . 8 , as noted in the “ Chronicle” three-day recess.
A ug.

16,

page

647.

P R E S I D E N T W I L S O N I N V I T E D TO S P E A K A T CON­
V E N T I O N OF A M E R I C A N B A N K E R S ’ A S S O C I A ­
T I O N - E N T E R T A I N M E N T FEATURES.
According to an announcem ent m ade public b y the
Am orican B an kers’ Association on A u g . 25 President W ilso n
has beon invited to address the annual convention of the
A ssociation to be held in S t. Louis the week of S ep t. 2 9
and other prospective speakers are H o m er L . Fergusen,
P resident of tho C h am ber of Com m erce of tho U n ited S tates,
and D a v id R . Francis of S t. Louis, form er A m bassad or to
Russia; Ilo n ry P . D a viso n of N e w Y o rk and P . P . C lax ton ,
U n ited States Com m issioner of E du cation , h ave accepted




J . P . M o rg a n sailed for Europe on T u esda y last on the
W h ito Star S S . “ L a p la n d .”
M r . M o rg a n , it is understood,
will visit E ngland and Scotland, taking, he is quoted as say­
ing, his “ first vacation in six y e a r s.”
A nnouncem ent was m ade on T hursd ay of the acquisition
through consolidation b y the L iberty N ation al B a n k of
N oav Y o r k o f the Scandinavian T ru st C o m p a n y of N e w
Y o r k . T h e announcem ent says:
Tho Scandinavian Trust Company was founded in 1917, with offices in
Now York City, for the purpose of doing a general Trust Company business
but particularly to provide merchants of the Scandinavian countries and
tho United States, with the financial means of carrying on international
trade. The now trust company succeeded in making itself a big factor
in financing trade between the Scandinavian countries and the United

848

THE CHRONICLE

States, and has extended its activities to a general foreign banking buisness
The growth of the trust company is indicated by the increase of deposits
in June 1917 of $2,000,000 to $26,671,000 at tho present time.
In acquiring the Scandinavian Trust Company, tho Liberty National
Bank has had in mind particularly tho acquiring of tho exceptional and
specialized facilities for trade with tho Scandinavian and other North
Europoan countries which tho Scandinavian Trust Company possesses.
Alexander B. Ostrom, President of tho Scandinavian Trust Company,
will become a Vice-President of tho Liberty National Bank, lh o other
officers and the entire staff of tho trust company will bo taken over by the
Liberty National Bank.
The consolidation will carry with it a total capitalization o f $5,000,000
and will bring the total deposits to approximately $100,000,000.
Larger resources resulting from the consolidation will increase tho ca­
pacity for service to the clients of both institutions.
The banking quarters o f tho Scandinavian Trust Company at 56 Broad­
way will bo closed and tho business o f tho combined institutions will bo
conducted from tho banking office of tho Liberty National Bank a 120
Broadway.
Checks drawn on tho Scandinavian Trust Company will bo honored by
the Liberty National Bank which will assume all obligations of tho Scan­
dinavian Trust Company.
Consolidation is effective as of tho closo o f business Thursday, Aug 28
1919.

[V ol . 109.

Stato Superintendent of Banks at Albany for a charter.
Tho proposed institution is to have a capital of $200,000 an
surplus of $100,000. Those elected to servo as directors
are: Solomon Fromm, Isidor Frankenstein, Jesse H.
Wasserman, Selden I. Rainforth, Leo D. Greonfiold and
Peter J. Rinelli. It is proposed that this bank shall becomo
a member of the Federal Reserve System after tho details
of its organization are complete. It is further proposod
that tho directors by tho by-laws to be adopted shall each
of them hold at least $5,000 worth of stock which shall not
bo hypothecated. All the legal details are in tho hands of
Arthur J. Stern of No. 164 Montague street, Brooklyn,
N. Y.

Plans for the establishment by the stockholders of the
National Nowark and Essex Banking Company of Newark,
N. J., of a new company, to be known as the Newark &
Essex Securities Corporation, or some other name, wore
disclosed in a circular issued on Aug. 20. Tho announce­
A charter for the Broad Street National Bank of Red ment points out that the proposed company, while entirely
Bank, N. J., capital $100,000, has been applied for to the distinct from tho bank, would have the benefits of close and
Comptroller of the Currency.
permanent alliance with it. In outlining the plan tho
circular says in part:
The establishment of a new banking institution in this Tho bank is at present excluded from a field which it might enter with
to its stockholders but for the restrictions as to investments imposed
city is proposed. Prominent interests are identified with profit
tho national banking laws. These restrictions are wiso and necessary
the movement. The bank is to locate in tho Madison Square by
to keep tho bank’s assets chiefly Invested in commercial paper of short
or in bonds readily convertible into cash, and always available for
district and is designed to serve business interests of this maturity
day to day demands of the business of tho bank and its patrons, as
section, particularly the cotton, woolen, silk and tobacco tho
may require. Wise and necessary as those restrictive provisions
and the increasing retail business centering in that locality conditions
aro, they operato to oxcludo opportunities for safo and profitable invest­
ments
of
a
less liquid character and of such as involvo a continuance of tho
Temporary quartors have been secured at Fourth avonuo
for a longer period of time.
and Twenty-fourth street and the institution expects to investment
Sound business methods do not permit tho extension of plant and tho
begin business Oct. 15. The incorporation papers, filed expansion
of plant facilities by draft upon quick assets and working capital,
in this timo of industrial activity tho requirement of business is ofton,
with tho State Superintendent of Banks on Aug. 27 indicate and
not for loans on a banking basis, but for additional capital. This class
that the bank will have a capital of $1,000,000 and paid-up of business naturally presents itself to tho bank s officers, and, not infre­
surplus of $500,000. The board of directors will include: quently, tho aro obliged to turn away applicants for financial assistance
Bertram II. Borden, President American Printing Company; Frank N . B
Close, Vico-Presklent Bankers’ Trust Company; William Cochran, of Luke
Banks & Weeks; Richard L. Davisson, o f White & Case; Philip Do Ronde
President Oriental Navigation Company; J. Fletcher Farrell, Vice-Presi­
dent and Treasurer Sinclair Oil and Refining Corporation; Donald O.
Geddes, of Clark, Dodge & Co.; Thomas Ilildt, Vice-President Bankers
Trust Company; Arthur Iselin o f William Isolin & Co.; Percy II. Johnston
Vice-President Chemical National Bank.
Frederick A. Juilliard, of A. D. Julliard & Co.; Darwin P. Kingsley
President New York Life Insurance Company; Charles M . Macfarlane
Vice-President and Treasurer Morris & Co., Chicago; Paul Mooro, ot
Taylor, Bates & Co.; Perley II. Noyes, of White & Case; Richard E. Reeves
President Hunter Manufacturing and Commission Company; Samuel W
Rayburn, President Associated Dry Goods Corporation; Frank Morse
Smith, N . J. Baker & Bros.; Paul Sturtevant, of Harris, Forbes & Co.Everett B. Sweezy, Vice-President First National Bank; Melvin A. Tray
lor. President First Trust & Savings Bank, Chicago; Stephen II. Tyng, of
Stephen H. Tyng & Co.; Royal Victor, o f Sullivan & Cromwell; Ridley
Watts, o f Watts, Stebbins & Co.; John J. Watson, Jr., Vice-President and
Treasurer International Agriculture Corporation; Malcolm D . Whitman.
Vice-President William Whitman Company, Inc.; George Whitney, of
J. P. Morgan & C o., and Thomas B. Yuille, President Universal Leaf
Tobacco Company.

Three new appointments to the position of Assistant
Cashior aro announced by the Irving National Bank of
New York, Frederick J. Griesner, M. II. Cahill and Douglas
T. Johnston. Mr. Griesmer started as messenger and his
election follows a long period of faithtful service in every
department of tho bank. Mr. Cahill, member of tho bar.
New York State and District of Columbia, was National
Bank Examiner for three years in the Central District of
New York, later practicing law in tho firm of Cheney,
Cahill & Costello. Before the war Mr Johnston had charge
of tho bond and stock investments of the Clark estates
Singer Building, New York; ho was honorably discharged
from the army a few months ago with the rank of Captain
A. S. A. P.
Henry C. Stevens, Assistant Cashier of tho National Bank
of Commerce in New York, and George W. Curtis, of its
Foreign Department, have sailed to spend several months
studying financial and economic conditions in Central
Europe.
John Stewart has been appointed Assistant Secretary of
the Trying Trust Co. of this city. Mr. Stewart was con­
nected for thirty years with the National City Bank of
Brooklyn recently taken over by tho Irving Trust Co. Mr.
Stewart will continue with tho Brooklyn office of the trust
company.
Steps aro under way to organize the West End Bank of
Brooklyn to bo located in tho Bath Beach and Bensonhurst
sections of Brooklyn. Application has been mado to tho




for tho advancement and protection of established enterprises, the accoptanco of which would not only bn justified by conservative judgmont but
would at tho samo time render a real service to tho applicant and to the
community.
Tho stockholders of tho leading national hanks of tho larger cities havo,
without in any way infringing the letter or spirit of tho acts of Congress,
provided means for the extension of their financial service through securities
and investment companies organized under Stato L a w , and many stock­
holders of this bank feel, that, if the bank is to keep pace with its enlarged
opportunities and properly servo tho financial needs of this community,
steps should promptly bo taken in that direction. They havo in mind no
thought of any departure from tho safo and conservative lines characteristic
o f this bank’s policy in tho conduct o f its business, but look only to tho
extension o f opportunity in tho direction of legitimate enterprises justifying
confidence from tho investment standpoint.
Those stockholders who aro directors havo, thereforo, concluded to re­
commend to their fellow stockholders a plan for tho organization of a securiios and investment company, which they believe can, under conservative
control, be of very real advantage to tho community and the stockholders.
Such a corporation would, of necessity, bo entirely distinct from tho bank,
legally and actually, but. Inasmuch as the financial opportunities oxpected
would in largo part be presented through tho bank, it would bo manifestly
unfair to organize such a corporation except for tho benefit of tho stockhold­
ers of the bank, or at least under conditions which would extend oppor­
tunity to all tho stockholders to becomo beneficially interested.
The plan proposed, which already has tho approval of many stockholders,
will enable all tho bank’s shareholders to acquire their pro rata beneficial
interest in tho capital stock of tho now company. Tho bank needs for tho
conduct of its banking business not loss than its presont capital assets
represented by its capital and surplus, and can readily uso an additional
$500,000.
It is proposed to Increase tho present capital stock of tho bank from $2,­
000,000 to $2,500,000, and to offer tho increase of stock of $500,000 to the
present stockholders pro rata to their presont holdings at $200 per share.
The earning capacity of tho bank sinco the sonsolldation has been such as|
in tho judgmont of the officers and directors, to demonstrate ability to
continue the present devidend rato on tho capital stock as proposed to bo
increased. Tho result of tho increaso of tho capital stock and tho disposi­
tion of the increased shares at two hundred, will bo to bring Into tho bank’s
treasury $1,000,000, of which $500,000 will be added to the permanent
capital and $500,000 will bo temporarily carried as a paid in special surplus.
After this increase shall have been accomplished, it is proposed to organize
a corporation under tho State law with a common capital stock of $500,000
to be offered for subscription to the present stockholders of the bank and
to bo paid for by them by tho application of a special dividend of 20% to
bo declared from the surplus paid in on tho subscriptions to tho increased
capital stock. After tho payment of this dividend thero will still bo loft in
the bank capital assets as heforo tho stock increaso and, in addition, $500,­
000 now capital.
To perpetually preserve tho advantages of tho now company for tho stock­
holders of tho bank, it is proposed that the shares of tho now company shal
be owned by the stockholders of tho bank in association with tho shares of
the bank, and transferable only at the samo timo with such shares. To
accomplish this purpose it is proposed that tho certificates of stock of the
bank shall bo endorsed in such way as to indleato a pro rata beneficial In­
terest by tho stockholders in tho stock of tho new company.
While the details havo not been completely worked out, it is contemplated
that the shares of common stock of tho now company shall bo so associated
in ownership and transfer with tho shares of stock of tho national bank that
both shall bo at all times owned by tho samo persons in like proportions,
and that tho control of the directorate and management of tho bank and
of tho now company shall contlnuo in stockholders common to both until
tho stockholders shall otherwise deckle.
Tho new company will havo a common capital stock of $500,000, but,
to moot additional capital needs of tho now company, as they becomo
greater, the charter will provido for non-voting redeemable 6% preferred
stock to an amount not exceeding $1,000,000. This class of stock will bo

A u g . 30 1919.]

THE CHRONICLE

issuable as, in the judgment of the directors, business may require. Such
preferred shares, while affording additional capital resources, would not,
whatever their ownership (their transfer would be entirely unrestricted),
affect the control o f the company lodged in the holders o f the common
shares. Any issuo o f preferred stock would first bo offered for subscription
to holders o f common shares.
The plan will involve individual action on the part o f stockholders, and
no attempt will be made toward its consummation until ample opportunity
for consideration has been given to every stockholder.
Under the plan each stockholder will be entitled to subscribe for one of
the new shares of the bank, of tho par value o f $100, for each four shares
of tho bank hold, and to one share o f the securities company, o f $20 par value,
for each share o f the bank held after the increaso, thus assuring after tho
completion of the plan, to every holder o f tho bank’s shares (par $100)
an equal number of the securities company’s common shares (par $20).

849

While the booklet, we are informed, is designed primarily for
those out of contact with the larger bond markets, copies will
be furnished by the First Trust on request.
A. Glenn Stith has been elected Vice-President of the Louis­
ville Trust Company of Louisville, Ky. Mr. Stith, who ad­
vances from the post of Secretary, has been in the employ
of the company for seven years. Frank E. Hendrich has
just been made Assistant Treasurer of the institution and
Robert R. Boswell has become Assistant Secretary. Fred
W. Gates has been made Auditor.

George B. Johnson has been elected a director of the Judge A. W. Graham will on Sept. 2 assume the Presi­
Fourth-Atlantie National Bank of Boston, succeeding the dency of the American Cotton and Grain Exchange, Inc.,
late Robert W. Williamson. Mr. Johnson is President of at 71 Wall street. Judge Graham in accepting his new
office will retire as United States Cotton Futures Attorney.
the It. H. White Co. of Boston.
As President of the Exchange he will succeed Hon. Thomas
C. Burke, who voluntarily resigned in his favor. The fol­
A new bank is being organized in Springfield, Mass., lowing
been elected directors and officers of the ex­
under the title of the Atlas Trust Co., a certificate of incor­ change: have
A.
President; Thomas C. Burke,
poration having been granted by the State Board of In­ Vice-President;W. G.Graham,
W. Pratt, Secretary and Treasurer;
corporation on Aug. 1. Edwin T. McKmght, of Medford, L. S. Welling, Darlington,
James N. Williamson,
President of the Massachusetts Senate, is the prime mover Jr., Burlington, N. C.; T. S.I. C.;
Hickman, Augusta, Ga.;
in the enterprise. The Atlas Trust Co. will start with a W. S. Forbes, Richmond, Va.; E.
L. Patton, New York;
capital of $300,000 and a surplus of $75,000.
Walter Blair, New York; T. T. Graham, Brooklyn, N . Y.,
Lazard Brothers & Co., London, announce the opening and W. S. Thomson, Attorney, New York.
of an agency of their firm at 26 Rue Oudaen, Antwerp, An application has been made to the Comptroller of the
under the stylo of Lazard Brothers & Co., London, Bureau Currency for a charter for the American National Bank
d’Anvers. This agency will be under the management of and Trust Company of Enid, Okla., capital $250,000.
C. Fuog and C. O. Oglethorpe.
John Schlaglo has resigned as Assistant Cashier of the The Bank of Italy (head office San Francisco) has adopted
Philadelphia National Bank of Philadelphia to become a pension system for its employees, which provides not only
Treasurer of the Keystono Automobile Finance Company, a rotiring allowance to employees themselves, but inoludes
pensions for the widows or for the minor unmarried children
Inc.
of deceased pensioners. Provision is also made for pen­
Application for a national bank charter has been made to sions in special cases. The plan provides for the creation
the Comptroller of the Currency tl: e officials of the Drovers’ of a pension fund to be administered by a board of five
& Merchants’ Bank of Philadelphia. The institution has a trustees of which the President and First Vice-President
capital of $200,000, surplus of $60,000 and deposits of of the bank shall ex-officio be two of such members, and the
other three to be selected by the directors. The rules
$1,224,818.
governing the plan state in part:
The amount of pension payable annually to an employee shall be com
The namo of the South Bethlehem National Bank of puted
at 2 % of the average annual salary paid to the employee for the last
South Bethlehem, Pa., has been changed to the Bethlehem three years
of his service multiplied by the number of years of service; pro­
however, that no pension shall exceed 30-50 of such average salary,
National Bank, the Boroughs of Bethlehem and South vided,
in no event exceed $5,000 annually.
Bethlehem having been consolidated under the title of the andAnyshallemployee
on attaining the age of sixty-five years shall retire from
City of Bethlehem.
the service of tho bank and be entitled to a pension if he has been twenty
years in the service, unless the bank may wish him to continue in its ser­
ho consents thereto.
The Title Guaranty & Trust Co. of Baltimore ai nounces vice and
term o f service o f any employee of any bank which may have been
that J. Dukes Downes, formerly Bank Commissioner of or The
may hereafter be merged into the Bank of Italy shall be reckoned from
Oct. 17 1904, If then in the service o f such bank, or from any subsequent
Maryland, has been elected a Vice-President of the company, date
of entering such service, provided the service shall have been con­
and assumed office Aug. 15.
tinuous.
•Tho amount o f the pension which the widow, or surviving lawful chil­

the ago of eighteen, of a pensioner, shall be eligible to receive
George W. Page has becomo'’State’Bank Commissioner of dren under
these rules shall be computed on the following basis; If the wife
Maryland succeeding J. Dukes Downes, who as noted in under
be not more than ten years younger than her husband tho pension may be
of tho pension which the husband or father would have been eligible
another time, has been olected a Vice-President of the Title to50 %receive
or was in receipt of. as the case may be, at the time of his deaths
Guarantee & Trust Co. of Baltimore.
if sho be over ten years and not exceeding fifteen years younger, 40% ;
if over fifteen and not exceeding twenty years youngor, 30%; if over twenty
not exceeding twenty-five years younger, 20%; if over twenty-five
Lieutenant William F. Roberts, enrolling officer of the and
and not exceeding thirty years younger, 10%. The widow or children
ninth, tenth and eleventh NavaPDistriots with headquarters shall
not bo eligible to receive any pension if tho wife be over thirty years
at Great Lakes, loaves tho Navy' September 1 to become younger
than her husband.
In
special
cases the board of directors may, upon recommendation of the
manager of tho bond department of the Great Lakes Trust I’ onsion Board,
grant a pension to any employee or member of his family,
Company of Chicago. Boforo entering'the Navy Lieutenant the amount, term
and conditions of payment being in the absolute dis­
Roberts was manager of the bond department of tho Stock cretion of the board o f directors.
Exchange firm of Nuttal, Goddard & Hunter of Pittsburgh.
The firm dissolved, so that all of its members might join Tho statement of accounts issued by the London Joint
tho colors. Lieutenant Roberts was formerly connected City & Midland Bank, Ltd. (London, Eng.), shows the fol­
with Darr & Moore (now Mooro, Leonard & Lynch) and had lowing figures compared with those of June 30 1918 and
previously been identified with Trowbridge & Niver, and Dec. 3.1 1918:
*June 30 1918 Dec. 31 1918 June 30 1919
with J. S. & W. S. Kuhn of Pittsburgh. Prior to his ontry Liabilities—
£
£
£
8.289.072
(7,172,697
Paid-up_________________
13,833,698
into tho bond businoss ho was treasurer and financial man­ Capital
8.289.072
17,172,697
Reserve Fund----------------------------ager of the Wagner Electric Manufacturing Company of Current,
Deposit & other accounts 294,797,450 336,025.414 371,054.601
16,068,206
Acceptances ___________________
10,871,356
13,145.849
St. Louis.
Total ........................................... 319,502,504 363,516,657 403,700,951
Irvin I,. Porter, Manage** of .the bond department of the Assets—
79,426,772
in hand and at Bank of Eng. 1 63,811,127 (63,756,371
First Trust & Savings Bank, Chicago, has prepared and the Cash
2,192,14fi
1 2,001.487
in transit_____________ I
bank has issued a comprehensive pamphlet on U. S. Govern­ Cheques
65.809,169
76,068,108
Money at Call and at short notice 31,116.403
62,171,961
55,529,824
61,600,652
Investments ___________________
ment loans. Tho amount issued and outstanding of each of Bills of Exchange______________ 50.105,022 39,249,296 34,132,652
& other accs. 1 103,440,467 (99,213,615 116,874,427
the four Liberty loans and the Victory rotes, together witl all Advances ononcurrent
12,249,162
114,218,201
war loans------------ /
Liabilities of Customers for Accep­
details regarding rates, conversion and optional matunt es Advances
16,068,206
13,145,819
10,871.356
tances _______________________
is given in a form that is leadily understandable to those Bank
3,762,327
3,757,828
3,868,615
promises__________________
759,690
759,690
759,690
whoso knowledge of bonds is only elementary. Thore is Bolfast bank shares_____________
also given a table of the exemptions and the prices at which Total _______________________ 319,502,504 393,516,657 403.700.951
the bondsjyiold annual income of from four to five per eont. * Combined figures of London City and Midland & London Joint Stock




[V ol . 109.

THE CHRONICLE

850

COTTON M O V E M E N T

AN D

CROP O F

1918-19.

Our statement of the cotton crop of the United States
for the year ended July 31 1919 will be found below. It
will be seen that the total crop this year reaches 11,602,634
bales, while the exports are 5,649,439 bales and the spinners’
takings are 5,822,419 bales, leaving a stock on hand at the
ports at the close of the year of 1,228,748 bales. The whole
movement for the twelve months is given in the following
pages, with such suggestions and explanations as the peculiar
features of the year appear to require. The first table indi­
cates the stock at each port July 31 1919 and 1918, the
receipts at the ports for each of the past two years and
the export movement for the past year (1918-19) in detail,
and the totals for 1917-18 and 1916-17.

In the above are given the takings lor consumption. The
actual consumption for two years has been:
Northern mills’ stocks Aug. 1 . . .
Takings a.........................

-------- 1918-19------------------- 1917-18-------Bales.
Bales.
1,054.330
I'QT9’9§S?
5.822,419
7,314,167

T o t a l.................
8,876,749
8,384,222
Consumption a— North_________ 2,578,2591
3,006,0661
S ou th ................3,604,191/6,082,450 4,323,82617,329,892
Northern mills’ stock end of year

794,299

1,054,330

a Takings and consumption include 201,586 equivalent bales foreign
cotton (Egyptian, Peruvian, &c.) in 1918-19 and 222,043 bales foreign
cotton in 1917-18.

Cotton Consumption in the United States and Europe.
UNITED STATES.—The cessation of hostilities in Europe
last November and the final signing of peace treaties in
July, were the events of primal importance within the late
cotton year. As a result of the war, the United States—its
merchants and manufacturers we mean—benefitted largely,
and a distinct impetus was given to our trade in cotton
manufactures with the outside world, particularly with
South America. Whether the advantage gained is to be
held in its entirety or in considerable part, however, will
depend upon the manner in which the new trado is catered
to. Aside from the fact that the season of 1918-19 witnessed
the conclusion of the war the feature taking precedence
of all others to those interested in cotton was the extremely
high price obtained for the staple. And especially as it
was secured despite a somewhat marked contraction in
consumption in this country and an important increase in
4
the stocks of the raw material held here. It was quite
natural to expect, under the circumstances, that the high
level attained in the previous season would hardly bo main­
tained much less overtopped. But such anticipation was
not
long in being proven fallacious. In fact, the opening
a Theso figures are only tiie portion of the receipts at these ports which arrived
month—August—witnessed a sharp rise, carrying the
by rail overhand from Tennessee, &o. d Shipments by rail to Canada.
The foregoing shows that the total receipts at the Atlantic quotation for middling uplands at New York up to 37.30o
and Gulf shipping ports this year have been 6,012,140 bales, on the 28th, or 1.30 cents above the level reached the previous
against 5,862,681 bales last year, and that the exports have April, and the highest price in nearly 52 years. Nor was
been 5,649,439 bales, against 4,488,245 bales last season, that the limit, for on Sept. 3 there was a further advance
Great Britain getting out of this crop 2,627,964 bales. If to 38.20c., a price that displaced all high records back to
now we add the shipments from Tennessee and elsewhere Nov. 2 1866. Furthermore, predictions were made from
direct to manufacturers, and Southorn consumption, we have time to time later, by those to whom the wish was father to
the thought, that 40c. would be exceeded and 50c. probably
the following as the crop statement for the three years:
reached before the end of the season. But the figuro namod
(38.20c.) continued to be the top price to the close although,
1918-19. | 1917-18. 1916-17.
Year ending July 31.
Receipts at ports____________ ____________ bales 6,012,140 ' 5,862,681 6,895,037 after declining to 25 cents in February there was an advance
Shipments from Tennessee, &c., direct to m ills.. 2,086,303 | 1,725,389 1,702,234 to 36.60 cents in July.
The close was at 34.20c., and the
8,068,443! 7,588,070 8,597,271 average for the season 31.04c., this latter contrasting with
Total...........................................................
4,323,826
4,378,298
3,504,191
Manufactured South, not Included above.
29.65o. in 1917-18 and 19.12c. in 1916-17.
11,602,634 11,911,896 12,975,569
very high level, it is to be noted, was maintained in
The result of these figures is a total crop of 11,602,634 theThis
face
of a declining consumption here and a restricted
bales (weighing 5,925,386,182 pounds) for the year ended export movement,
the former becoming more noticeable
July 31 1919, against a crop of 11,911,896 bales (weighing after
the Government, its need for supplies for the armies
6,073,419,502 pounds) for the year ended July 31 1918.
having materially decreased, began the cancellation of
NORTHERN AND SOUTHERN SPINNERS’ takings contracts.
In fact the South, imbued with the idoa that
in 1918-19 have been as given below:
the conclusion of peace would bring an urgent and heavy
Total crop o f the United States, as before stated----------- bales. 11,602,634
Stock on nand at commencement o f year (Aug. 1 1918)—
demand for supplies from Germany and other directions to
141,499
At Northern ports......................................
At Southern ports......................................
772,856— 914,355
which
the flow of cotton had been entirely embargoed or
At Northern Interior markots__________
14,373— 928,728
greatly restricted, adopted and quite well adhered to the
Total supply during the year ending Aug. 1 1919------------ 12,531,362 policy of holding much of its stock for higher prices. How
Of this supply there has been exported
to foreign ports during the year______a5,457,230
this policy acted is indicated by the fact that of a stock of
Less foreign cotton Imported.6-------- bales 201,586 5,255,644
5,326,803 bales of cotton held at mills and in public storage
Sent to Canada direct from West________
192,209
Burnt North and South.c-----------------------7,342
in the United States on May 31—the heaviest on record at
Stock on hand end of year (Aug. 1 1919) —
At Northern ports__________ _____ _____
103,748
that date—about 3,250,000 bales were held in storage at
At Southern ports_____________________ 1,125,000 1,228,748
25,000 6,708,943 ports or interior towns, this comparing with approximately
At Northern interior markets........ .........
2.150,000 bales out of 4,042,574 bales the previous year.
Total takings by spinners in the United States for year ending
Aug. 1 1919____________ ______ _____ __________ _________
5,822,419 Furthermore the season ended with the stock of cotton and
Taken by Southern spinners (Included In above total)----------3,504,191
linters at mills and in public storage of 3,978,522 bales of
Total taken by Northern spinners...............— ............. .........
2.318.228
which about 2,850,000 bales at Southern ports mills and
a Not Including Canada by rail. 6 Includes about 100,793,091 lbs
foreign, mainly Egyptian, equaling 201,586 bales of American weights
interior towns against 3,575,105 halos and about 1,500,000
c Burnt Includes not only what has been thus destroyed at the Northern
and Southern outports, but also all burnt on Northern railroads and in bales respectively. Notwithstanding the high prices for
Northern factories.
.
the raw material manufacturers on the whole enjoyed a
These figures show that the total takings by spinners prosperous year although for a time the margin for profit
North and South during 1918-19 have reached 5,822,419 was considerably reduced. The aggregate consumption of
bales, of which the Northern mills have taken 2,318,228 cotton for the year in the United States, as already intimated
bales and the Southern mills have consumed 3,504,191 bales.
Distribution of the above three crops has been as follows was smaller than in 1917-18 and it fell below 1916-17 and
1916-17.
1917-18.
1918-19.
1915-16 by a little larger amount, but exceeded by a very
Bales.
Bales.
Bales.
Takings for Consumption—
2,990,341
3,112,788 considerable sum 1914-15 or any earlier year.
2,318,228
4,378,298
4.323,826
3,504,191
One of the seemingly important developments of the
7,314,167
7,491,086
Total takings for consumption------ 5,822,419
season was a further expansion in the exports of cotton
Exports—
4,242.201
5,530,970 goods, on the top of steady augmentation in the efflux in
5,457.230
246,044
190,271
192,209
T o Canada by rail.
the preceding four twelve-month periods. But the figures
5,721,241
5,649,439
4,488,245
2,400 here are in a measure misleading. As expressed in value
7,342
Burnt during year.
11,479,200 11,802,412 13,214,727 there was a very satisfactory increase, but in volumo there
Add— Stock Increase minus cotton
was actually a decrease, prices having beon much higher than
109,481
6239,158
Imported...................................... —
123.434
in
the preceding season. The quantitatived ccreaso, more­
11,602,634 11,911,896 12,975,569
over, was quite widely shared in. A considerable falling off
6 Deduction.
Receipts Y ea r end’ g.
July 31
1919.

July 31
1918.

T e x a s . . 2 .0 9 2 ,0 2 3 1,734,843
L o u l s l 'a 1 .6 3 5 .4 4 4 1 ,6 6 4 ,2 6 7
G e o r g i a . 1.341.562 1,297,731
155,516 107.29C
A la b a m a
97,153
F lo r id a 3 6,099
M ls s ’ ppl
2 17 ,226 2 0 2 .8 3 4
144,947
207 ,2 3 6
2 52 ,708 257,861
V l r In la
N e w Y ’k
0 12 ,970 0161,811
B o s to n .
030,177 011 2,37 7
077,461
022,514
B a ltl’re o4 ,1 0 (
o 8 ,0 6 5
P h lla —
P o rt, M e

D e t .,& c

.............

T o ta ls —
T h i s y r . 6 ,0 1 2 ,1 4 0
P r e v .y r

.............

E xp orts Y ea r ending July 31 1919.

Great
B ritain.

F rance.

9 40 ,370
6 58 ,388
468 ,6 4 3
8 6 ,9 4 5
9,922

198,800
2 81 ,406
203,131

12,869
15,110
59,062
311,691
3 1 ,175
13,055
2 0 ,7 2 5

1,000
8 ,2 1 5
31
57.61C
5 ,5 7 f

_______

_____

................

.............

Other.

T otal.

Stocks.

July 31 July 31
1918.
1919.

49 9 ,0 3 4 1,638,213 211,851 142,378
351,693 1,291,487 176.121 3 16 ,425
168,123 839,897 294,172 157,494
9 ,1 9 5
8 6,945 2 5,656
9,922 23,321 10,474
_______
_____
_______
.....
.....
14,792 35,742 3 0,709
023
63.83C 65,162 39,381
4 0 ,505
59,093 9 2,975 6 6,800
653,669 75,004 9 3,754
284,351
7,702 19,404
3 8,754
2,003
14,055
4 ,7 5 0 16,000
1,000
6,621
5,832
2,574
2 3,299
.....
—
—
......
124,029
124,02!
5 ,720
599,245 I 599,245 10,456
(2192,209
192,209
...........
...........

^2,627,964 755,778 2 ,2 6 5 ,6 9 7 5 ,6 4 9 ,4 3 0 1228748
6 4 4 ,9 8 2 1 .5 6 7 ,1 6 5 4 ,4 8 8 .2 4 5 , .......... 914 ,355
5,8 6 2 ,6 8 2,278,09?
6,895,037 2 ,6 8 0 ,9 0 6 1 ,0 1 0 .2 7 6 2 .0 3 0 ,0 5 9 5 ,7 2 1 ,2 4 1 ’ -------- 679,285




A u g . 30 1919.]

THE CHRONICLE

851

in tho shipments of staple goods to Mexico was to be noted, which would be most affected. A movement to radically
probably not a surprising outcome with conditions thero curtail
cotton area was started in February, the ultimate
moro or less chaotic or unstable. There was also, however, object being
to bring about a one-third reduction in the spring
a quite noticoabm loss in the volume of tho outgo to tho planting, flow
success was attained was indicated by
West Indies, tho Philippines and Canada, and a lessor decline our acreage reportlittle
issued
in tho movemont to Africa and India. On tho other hand, ment made public July I.on Juno 1 and that of the Govern­
Argentina, and South America as a whole, as well as Central Stops looking toward tho formation of tho American
America and Australia and New Zoaiand, came into greater Cotton
Export Financo Corporation, designed to assist in
prominence as outlets for our cottons. Trade with China tho moving
of tho cotton of tho Southern States and to
continued to bo distinguished by its negligibility. In tho promote foreign
in raw cotton were taken at Memphis
aggregate for all countries our cotton goods oxports in 1018­ on April 10. Ittrado
was
then decided to form a 8100,000,000
1919, according to the official statistics issued by tho De­ corporation to begin business
820,000,000 of the stock
partment of Commorco, reachod a valuo of 8232,680,723, had been subscribed and paidwhen
for.
June it was finally
against 8169,378,223 in 1917-18 and 8130,299,842 in’l9l6-17.’ decided to securo an initial workingInfund
of 825,000,000,
An increase in tho latest twelve months of 863,302,500, or amounts ranging from 81,000,000 to 87,500,000
being appor­
37%, is here indicated. But if we turn to the details of quan­ tioned among tho leading cotton-growing States.
In July,
titative outflow we find either that there has been a decrease however, it appeared that tho plan had fallen through.
or such increase as is shown is much tho greatest in value. Contemporaneously, tho organization of tho Union Ware­
Using cloths as ono illustration, wo noto that while value housing
was determined upon at tho annual
advancod 28% in 1918-19, quantity decreased 17%. Fur­ mooting Corporation
of
the
National
Association of Cotton Manufac­
thermore, a valuo increase in hosiery of 76% was realized turers. Under the initial plans,
storage capacity for 1,500,­
from a quantitative gain of 32%, and in yarn tho respective 000
bales would be provided, with tho ultimato goal provision
percentages are 83 and 27.
care of 3,000,000 bales. Tho immediate removal
Aside from the usual developments of tho season, there foralltaking
embargoes ami restrictions affecting tho sale and export
were in 1918-19, as in 1917-18, many that directly or indi­ of
cotton was agam urged in resolutions adopted at a confer­
rectly affected raw cotton or tho goods manufactured from of
ence
in Dallas on April 7. With tho war at an end, the War
it, but as leforenco of a moro or less oxtonded description Department
May 23 disposed of its surplus of cotton linwas made thereto in tho “Chronicle” at tho time, brief ters—about on
700,000
bales—realizing therefor about $15,­
roforonco will suffice hero. In August 1918 tho Price­ 000,000, or some 85,000,000
than their approximate cost.
Fixing Committeo of tho War Industries Board, in ac­ An incident of tho season less
was
taking over and sale by
cordance with an agreement ontored into on July 1, an­ tho Alien Property Custodian ofthoseats
on the various ex­
nounced a schodulo of prico differentials on various classes changes of New York City, including five
on the Cotton
of cotton goods to remain in effect until Oct. 1, and lator they Exchange.
were continued until Jan. 1. Tho same month tho War Iho exportation of cotton in all directions except from
Department announced tho policy agreed on concerning Pacific Coast ports to Japan, &c., was hindered moro or less
exceptions to bo mado to the covenant to bo inserted in all during
by shortage of cargo room, as oven aftor tho
wai contracts against tho operation of contract brokers and armistico1918-19
was
declared
the transportation of moro essential
other illegitimate business agents. Tho fixing of tho prices commodities, such as foodstuffs
reconstruction materials,
of raw cotton became tho subject of much discussion in took precedence over tho staple. andBut
as tho season advanced
September, and led to tho appointment of two committees, the situation steadily improved, and for
tho twelve months
ono to investigate tho entiro cotton situation, and tho other tho shipments in the aggregate were well abovo
for tho
to control, during tho period of tho inquiry, tho distribution preceding year, tho revocation of licensing those
regulations
of tho staple by purchasing all of tho cotton needod by tho assisting. With the methods of safeguarding tho ocean
United States and tho Allies, at prices to be approvod by tho traffic lanes much better than theretofore, and the activities
President. No action was taken on tho matter of prices of tho submarines concluded not long after the opening of the
however, a statement having been issued on Oct. 9 by tho season,
the loss of cotton ships was comparatively negligible.
War Industries Board to the effect that, apparently, no Inability
secure an adequate working force again served
necessity oxisted therefor. But on Oct. 29 tho Committee to hamper tooperations
in cotton manufacturing establish­
on Distribution announced that by an agreement reachod
Tho situation in this respect, however, was not as
betweon various bodies, fabrics manufactured on Govern­ ments.
bad as in either of tho two preceding seasons, the demand for
ment account would thereafter be judged by their strength, goods
having been as active especially after the arrang­
serviceability and suitability for purposes intended rather ing of not
tho
and the ultimato cancellation of many
than by the grade of cotton used, this to apply also to goods Governmentarmistice
contracts.
was tho rule through­
for civilian trado. In this way a greater use of lowor grades out tho soason at such anCurtailment,
important contro as Fall River.
was brought about, serving to stabilize tho prico.
In tho matter of earnings from the operations of the mills
On Nov. 14, at a meeting of Senators and Representatives tho
situation was very satisfactory, but most so in tho
from tho cotton-growing States, and members of tho Cotton
half of tho year. This is indicated by tho Fall River
Spates Advisory Board, stops were taken to securo relaxation first
quarterly
dividond statements. Without attempting to go
of regulations affecting tho distribution of cotton, by the into tho subject
at length we note that our replies from
adoption of a moro liberal licensing system for shipments manufacturers, quite
generally indicate that the financial
abroad, and tho providing of additional tonnage for tho returns from operations
were very satisfactory. Tho
traffic. November also witnessed tho removal of restrictions margin for profit was as a rule
greater than in tho preceding
on exportations of cotton to various countries, and the with­ year,
but
tho
universal
report
is
decreased as
drawal of regulations as regards specification of grade and a result of tho shortago of labor.thatAsproduction
regards
tho
we
staplo on applications for export. A further dovelopmont of cannot do better than quote a valued and veryfuture,
tho month was the issuing of a proclamation by the Cotton correspondent who remarks “the outlook for tho reliable
States Marketing Board calling upon handlers of cotton at year in so far as orders and new business is concernedcoming
is all
tho South to hold cotton for at least 35 cents per pound, basis
anyono could wish for. Tho one bad feature, however,
middling. That this movo was of little effect is indicated isthatthat
48-hour week under which we are obliged to
by tho circumstanco that at no time after it was startod did oporato tho
cuts
down very materially our production which
tho averago price at farms (according to official announce­ increases tho cost
of doing business.”
ment) go above 29 Kc. until after Juno 1.
Consumption
of
raw material, as already intimated,
On Jan. 18 tho President was urged to raiso tho ombargo was less than in thethopreceding
in the United States,
on cotton so that shipments could bo made to all non-onomy but groater than in any previousseason
year with the exception of
countries it was not then allowed to go, and that with tho 1916-17. The current loss is discernible
in both sections of
declaration of poaco exports to Austria-Hungary bo per­ tho country and finds explanation in greatest
measure in
mitted. In roply to a further petition on Fob. 27, tho Presi­ tho cancellation of contracts for goods for Government
dent is statod to have indicated tho impossibility of lifting account and tho groat decrease in tho uso of linters, tho
tho embargoes until after tho formal declaration of poaco, necessity for supplios of oxplosives made therefrom having
but said ho would do all ho could to reliovo tho situation! coasod
with tho signing of tho armistice. Tho consumption
About tho samo time it was stated to be tho policy of the War of linters
tho various ways for which they are availabl e
Department, in tho disposition of surplus stocks of toxtilos dropped, iniu fact,
to placo tho samo on sale for domestic distribution only after bales in 1918-19. from 1,118,840 bales in 1917-18 to 455,337
all othor channels of disposition had been exhausted, and to Labor unrest was somewhat of a feature of tho season .
make such sales only aftor conference with the industry but asido from tho strike at Lawrence was not as important




[V o l . 109.

THE CHRONICLE

853

hand were practically nil on July 31. Furthermore, as
a feature as insufficiency of labor, which served to hold down first
rule, tho mills are stated to be well under orders for some
the volume of production. Operatives in Rhode Island, who amonths
In fact, wo are credibly informed that the
had struck in July of 1918 returned to work on August 17, product tois come.
sold to October and a moderate amount
or shortly after the opening of the new soason, ponding an disposed oflargely
from October to January.
investigation of wages and conditions by the War Labor For the fourth
successive season the crop of cotton secured
Board. Desire for vacations caused the hands in mills at has been well below
reasonable expectations. Early in the
New Bedford to cease work for part of a week in November, season with the condition
the plant above the average
but there was no disorder. On Nov. 19 a move for a further hopes were entertained thatofthe
would bo very much
advance of 15% in the wage scale, to date from Dec. 1, larger than in the previous year,yield
but
tho decided de­
was started at Fall River. This demand the manufacturers terioration occasioned by drought in lateafter
and August, the
declared to be impossible to meet, under then prevailing consensus of opinion was that anotherJuly
short crop had to
conditions, and requested that operatives go on at the exist­ be faced and the estimate of the Department
of Agriculture
ing rate. The operatives evidently recognizing the justice which appeared on Dec. 10 was quite generally
accepted
of the manufacturers’ position voted on Nov. 29 to hold as an approximately correct forecast. That estimate
gave
the question of an advance in abeyance pending develop­ the anticipated outturn as 11,700,000 bales of 500 lbs. gross
ments in the cotton goods market. The next concerted weight each (not including linters) and it was substantially
move by cotton-mill labor was for a 48-hour working week, confirmed in March by tho final ginning report of the Census
agitation for which began in January at Lawrence, and it Bureau showing a production of 11,8^,138 running bales,
resulted in a disorderly strike there, the operatives at that not including linters, this aggregate boing raised to 11,906,480
centre demanding 54 hours pay for 48 hours work. At bales in a subsequent report. This result, of course, covers
Fall Rivor and quite generally elsewhere, with the exception the total ginned during the season as distinguished from the
of Lawrence the 48-hour week went into effect oarly in aggregate given in our present report, whioh is tho com­
February without disorder on the basis of pay for tlio time mercial crop—tho amount of cotton and linters marketed
worked. With the outlook in tlio cotton goods trado better, between Aug. 1 1918 and July 31 1919. Proper comparison
the 15% increase asked for in November was voluntarily
granted to virtually all cotton mill workers on May 20, requires, therefore, that lintors (which the Census Bureau
reports do not include, and which for the crop year totaled
to go into effect Juno 2, and this served to end the strike at 928,913
bales) must be added to tho aggregate ginned
Lawrence, which had lasted some 15 weeks and involved at
its heighth fully 25,000 workers. A strike of Now Bedford as given above. Doing this wo havo as the Census Bureau
total 12,835,393 bales, or 1,232,759 bales more than the
mill engineers and firemen, which was the cause of throwing commercial
crop as compiled by us. Of this differenoo over
between 20,000 and 25,000 operatives out of work was settled
June G. The original demand of the engineers was for a half a million bales is accounted for by tho increase in the
minimum wage of 842 week, but the closed shop eventually stocks in public storage in the interior of tho South leaving
becamo an issue. After several conferences it was arranged amount in private storage or yet hold by farmers to make up
that the union operatives should return to the machines and the balance.
work with operatives who were not union members, while SOUTHERN cotton mills notwithstanding a further
the manufacturers agreed to take back all the strikers and addition to their spinning capacity in tho late year, rooorded
adjust wagos later. A strike of the weavers on automatic a decline in consumption, this being duo in part to the influ­
looms in the American Printing Co., mills at Fall River enza epidemic but mainly to inability to secure an adequate
against the working of the looms during the noon hour, which supply of labor. Following tho plan inaugurated by us over
started on June 23, was abandoned July 7 without any con­ thh’ty years ago, we have since July 1 taken a virtual census
cessions being made by the mills. On July 14 tho Doffers of the Southern mills and have secured extensive and inter­
Union at Fall River decided to order strikes at individual esting information bearing upon tho operation and develop­
mills in an effort to enforce its demands for a readjustment ment of tho establishments. Tho information given by
and advance in the wage scale, and a request of tho manu­ each mill covers not only current operations, but projected
facturers that the matter be held in abeyance until November future development, and is concise, yet comprehensive. It
when the next general readjustment is due was refused. gives the number of spindles and looms active or idle during
The manufacturers then gave notice that if tho Union put the season, including now mills started and additions to old
its plan in operation ovory mill would be immediately shut plants—also the actual consumption of cotton for tho year,
down. Finally the Doffers voted to leave the matter to an stated in bales and pounds, the avorage count of yarn spun
investigating committee. The latest advance of 15% at and full details as to now mills, whether already under con­
Fall River makes the new wage basis 39.71c. for weaving a struction or merely projected and contemplated expansion
cut of 47K yards of 64x64 28-inch printing cloths, or very in existing factories—in fact, all the information that is
much the highest rate in the history of the cotton manufac­ really essential to an intelligent and thorough-going review
turing industry there. As a matter of interest we append of the cotton manufacturing industry of tho South. The
a compilation showing the course of wagos at Fall River aggregates of our detailed roturns are as follows; establish­
ments that have been idle all tho season and are not likely
during the past forty-two calendar years:Wage
Wage
Wage '
to resume operations are oxcluded from the compilation:
Wage
Year.
per
Cut.
Year.
per
Cut.
Year.
per
Cut.
Year.
per Cut.
21.78c.
19.80c.
17.32c.
18.00c.
21.78c.
23.96c.
19.66c.

. . . . . . _

1892..........(19.63c. 1902
v21.00c. 1903
18.00c. 1904
1893
1894
16.00c. 1905
1895
18.00c. 1906
1898
16.00c. 1907
1899
(18.00c. 1908
\19.80c.
. . . . .

.

19.00c.
1877
1878
.18.00c.
1880.............21.00c.
1884
.18.60c.
1885
.16.50c.
1886
.18.150.
1888............. 19.00c.

1912............ 21.62c.
22.71c.
1916.......... 24.980.
27.48c.
1917.......... ,30.23c.
\34.02c.
1918............39.12c.
1919............39.710.

Number of
Southern

States. Mills

Virginia .
No. Caro.
So. Caro.
Georgia Florida - ­
Alabama.
Mlsslss’pl
Louisiana
Texas . . .
Arkansas
Tenn'see.
Missouri.
Kentucky
Okla'ma
Totals
1918-19

16
329
159
143

Spindles.
Alice.

I Running.

Aver­
Looms
Run.

572,726
661,326 14,460
4,586,436 4,536,336! 67,276
4,927,718' 4,700,114105,224;
2,458,853 2,390,943, 44,069

age
No.
Yarn.
20
23
26
16

Consumption.
Avge. i
Net
Weig't
212,266492.61
1,067,712482.03
709,287,481.43
785.449480.94

Pounds.
104,565,148
514,671,308
384,802,009
377,763,866

The printing cloth situation at Fall River the past twelve
months calls for no extended summarization. At the open­
334,695493.03 105,013,878
‘ 66 1,158,768 1,143,253 18,939! 18
17,447,840
30.105483.25
ing of the soason 28-inch 64 x 64 goods ruled at 14c., tho
147,242 3,435! 20
165,272
15
17,210,698
35,404 485.30
97,944 2,150 10
97,944
4
highest on record, but almost immediately values began to
36,287,523
72.970497.25
130,950 3,337 12
133,806
15
0,155,980
12,377497.44
13,700
133 11
13,700
2
decline, assisted later in their downward course by the can­
47,961,036
08,038 489.21
388,261 6,007 18
390,721
28
7,351,062
14,974490.92
31,336
730 11
cellation of orders following the cessation of hostilities.
31,336
2
13,638,292
27,038;493.46
96,696! 1,166 15
96,696
8
3,605,483
7,210500.01
The recession, in fact, did not culminate until March 7,
5,712
04
8
5,712
1
when the price had dropped to 6.75c. In the meantime
1,696,464,083
788 14,039,688 14,243,813 260,989 20.75 3,504,191484.12
the quotation for tho raw material had moved up from
4,323,826 483.60 2,091,273,080
269,700
29.f0c. to 38.20c. on the Now York market—tho latter the 1917-18 786 14,309,59914,111,021
4,378,298 483.892.118,648,116
highest price recorded since Nov. 2 1866—then falling off to 1916-17 775 14,040.67613,937,107264,976
4,002,446 483.37 1,935,485,738
13,256,006
13.055,293,258,968
27.50c. in early December, only to recover to 33c. near the 1915-16 752
close of the month and drop back to 25c. in February. On 1914-15 754 13,017.969 12,737,498253,202 22 3.164,896 479.84 1,518,640,395
1,007,010,962
March 7 middling upland stood at 26.45c. Printing cloths 1907-08 717 10.451,910 0,864,198 205,478 20 2,234,395
did not remain long at the low level noted above. On the 1902-03 594 7.039,633 0,714,589 153,748 19H 2,049,902 479.85 983,649,984
contrary, an upward trend set in March 11 and by July 19 1897-981 391 I 3,670,290 3,574,7541 91,829 18 H 1,227,939 470.04 677,180,180
the recovery had been to 13c. Concurrently cotton has Figures for vears prior to 1913-14 cover period from Sept. 1 to Aug. 31.
V ^ - M u c h new machinery has been put In operation within the past few
been advancing and on July 14 middling uplands was quoted months
tho number of spindles appreciably without affectlng consum{vat 36.60c. in the New York market. Full production was Uon t o ’ aIncreasing
m a S a l extent. These returns Include consumption of foreign cotton
by
the
mills
and
of
linters In mattress factories. Ac.
not possible with shortage of help quite universal, con­ i qq10 foregoing
compilation denotes that in practically
sequently with demand improved it is asserted that notwith­ every Stato there has
been a docroased consumption of cotton
standing advances in prices for all classes of cotton stocks in




THE CHRONICLE

A u g . 30 1919.]

in 1918-19. North Carolina continues to be tho leading State
in amount of tho rasv material usod if not in the number of
spindles. The net results for the season in tho aggregate for
the Southern States is a decroaso in consumption of 819,635
bales, or 394,808,997 pounds, leaving the 1918-19 total
3,504,191 bales, which compares with approximately 2,578,­
259 bales at tho North, or an excess for tho nowor manufactur­
ing field of 925,932 bales. The reports at hand from tho
South, when gono over in detail, denote that 3 old mills, with
6,912 spindles, havo ceased operations permanently, and 5
mills, containing 41,448 spindles, havo started up, making a
not gain of 2 mills and 34,536 spindles during tho season. The
full extension of capacity in 1918-19, however, is not expressed
by that total, for tho equipment of old mills was increased
to tho extent of 235,553 spindles. The aggregate not gain
for the season was, therefore, consequently 270,089 spindles.
Further extension of tho Cotton-manufacturing industry
in tho Southern States in the near future is also indicated by
our returns. As gatherod from our returns, it is expected
that a number of now mills will start up during the fall and
early winter. Additions to old mills, moreover, arc under
way, or in contemplation, so that altogether the prospective
augmentation in capacity within the next twelve months
will reach approximately 500,000 spindles.
A further moderate augmentation of tho spinning capacity
of tho mills of tho United Statos occurrod in the soason lately
ended. Extension of manufacturing facilities, however, has
been mainly in tho South, the augmentation in spindleage
there having been 270,089 spindles, giving a current total
of 14,639,688 spindles against approximately 19,600,000
spindles at tho North. At tho South a number of new mills
havo started up and tho capacity of tho oldor establishments
has been added to. This fact is conclusively proven by our
recent investigations, but for reasons given elsewhere in
this review the increased capacity is not reflected in tho
volumo of consumption. Our usual statement of spindlos
in tho United States is as follows:
Spindles—
1918-19.
N o r t h .____________19,600,000
S o u t h ........................14.639,688

1917-18.
19,500.000
14,369,599

1916-17.
19,400,000
14,040,676

1915-16.
19,050,000
13.256.066

T o ta l.................. 34,239,688

33,869,599

33,440,676

32,306.066

—The outstanding event of the past twelve
months in tho cotton industry of Europe has been tho end
of tho world war by tho arrangement of tho armistice last
November and the signing of peaco a few weeks ago. It
must bo said that at tho beginning of tho soason thero were
vory few indications of tho cessation of hostilities at such an
early dato. Buyers wore certainly surprised and if it had
been thought that tho war was coming to an end thero would
not havo been the active business which was done last sum­
mer . Developments of an important nature have transpired
in Great Britain but reconstruction has come about rather
slowly in other parts of Europe and the long poriod of tho
armistico and tho continuance of tho blockado havo pre­
vented the renewal of trade with tho late onemies of the
Allied and Associated countries.
Great Britain.—Last August prices of yarn and cloth
in Great Britain wore exceptionally high. Production was
restricted to a considerable oxtont and demand had definitely
overtaken supply, with tho result that values were very much
inflated. An activo business was being done as it was
boliovod in most quarters that tho war would go on for an­
other twelve months. Very soon, however, tliore wore signs
of a breakdown of the resources of tho Central Powers, an
important factor to this end being tho entry of America into
tho war. Four or five wooks beforo tho armistico was signod
it was realized in trado circles that tho end was not far off.
Thero was a distinct chango of attitudo on tho part of buyers
and in all directions a waiting policy was adopted and prices
for manufactured articles began to decline. Order lists of
spinners and manufacturers were steadily reduced and thero
woro distinct fears of difficulties in completing contracts as
a result of the depreciation in values. This sort of thing
wont on for sovoral months and ultimately a serious depres­
sion was experienced. Tho restriction upon tho running of
machinery by tho Cotton Control Board was canceled,
but most producers were not able to start moro spindles and
looms as business was vory slack. Unomploymont in both
spinning and weaving sections began to show itself and in
the spring thero wero tons of thousands of Lancashire work­
people standing idle. It is a mattor for considerable satis­
faction that during tho poriod of stagnation and tho sovoro
drop in values thero woro no cases of financial difficulties,
although numerous firms lost a lot of money. By tho end of
EUROPE.




853

March, prices in yarn and cloth had declined to the extent
of about 50%, compared with the rates ruling in the previous
September, and tho opinion began to gain ground that
inflation had come to an end. Spinners and manufacturers
wero only in a position to book orders at figures which
showed either no profit at all or at a definite loss. Early
in April the tone of the Manchester market presented a
distinct change. Demand from abroad began to assert it­
self and a buying movement set in, which has continued
up to the present time.
In the piece goods section tho first foreign outlet to exhibit
activity was China and that market bought very extensively
at bottom prices. Of course, during the war far Eastern
outlets purchased very little Lancashire cloth and it was well
known that stocks in Shanghai and Hong Kong and also in
the up country districts had been allowed to run down very
low. The replenishment of supplies, therefore, was natural
and it must be to tho credit of Chinese merchants that they
acted very wisely in being the first to operate at the lowest
figures which have prevailed during tho past season. The
largo buying which has taken place has been well spread over
a wide range of goods and in addition to gray and white shirt­
ings being purchased freely there has been an extensive turn­
over in fancy materials of various kinds, especially dye
cloths. With regard to India there has been an increasing
trado during tho last few weeks, but negotiations between
Manchester merchants and dealers in Calcutta, Bombay,
Madras and Karachi havo been considerably hampered by
tho disorganization of tho cable service between Great Brit­
ain and tho East. In ordinary times prices can be wired
abroad in response to offers and a reply received within fortyeight hours, but in numerous instances it has taken fourteen
days between quotations being telegraphed and the receipt
of an answer. As prices have been hardening all the time
acceptances when received have not been practicable and
this constant delay has undoubtedly adversely affected busi­
ness with India. Latterly buyers on the other side have
given their representatives in Manchester moro discretion
as to the placing of orders and a larger business has been done
in this way. It has recently been found that exporters have
not been able to secure tho delivery required in many staple
makes as earlier on China had filled manufacturers with
contracts.
The monsoon in our dependency last year was not alto­
gether a success and famino conditions prevailed in certain
districts. The rains this season aro doing fairly well and
trado prospects in India as a whole may be described as
healthy. Stocks abroad are not heavy and leading authorities
aro of opinion that India has still a lot of stuff to buy. It is
safe to say that Calcutta and Bombay have not done their
fair share in the recent extensivo buying movement. A feat­
ure of interest during tho last four months has been the
activo demand for near Eastern outlets. Buyers for Egypt
have operated on a free scale. Cairo as a distributing centre
for that part of the world is becoming much more important.
Latterly prices have seemed to bo a secondary consideration
on the part of merchants if it has beon possible to secure
deliveries within a reasonable time. The markets of the
Levant have provided an increasing trade in a variety of
goods. An extensive demand has also beon experienced for
Constantinople. It may bo stated that throughout the
Near East supplies are badly wanted and dealers are undoubt­
edly in urgent need of larger shipments. Quite an encour­
aging demand has been met with for the smaller outlets of
tho far East, such as Java, S ngaporo and the Straits Settle­
ments. Thero has been room for improvement in the off­
take for South America, and it is understood that last autumn
dealers abroad were caught rather badly by having heavy
stocks of dear goods. Of course, war contracts which during
hostilities wero of considerable importance havo come to an
end and on the whole satisfactory arrangements have been
mado by tho authorities and makers for the completion of
ordors which had to bo executed. Tho home trade has been
rather patchy. The fall in prices after the signing of the
armistico was very harassing for the wholesale establishments,
but since then thero has been an active demand from the
British public and values, of course, have stiffened again.
It may bo pointed out that prices for cloth are gradually
gotting back to tho figures ruling last summer. A wellknown make of gray shirtings was sold at the end of March
at 25s. a piece, whereas manufacturers are now wanting
36s. a piece. Other goods have advanced to a similar extent
and extraordinary prices are now being paid for fancy de­
scriptions. The following table gives particulars of our
xoreign trado in yarn and cloth for 12 months ended June 30:

THE CHRONICLE

854:

[V ol . 109.

There is considerable anxiety in Lancashire as to future
supplies of raw cotton. It looks as though tho Amorican
crop for tho season 1919-20 will be comparatively small and
It has been an extraordinary year for spinners of yarn. lower pricos in the near future seom very improbable. Tho
For all counts and qualities record pricos were paid last British Government has decided to abandon control of Egypt­
August and the margin of profit for spinnors was exception­ ian cotton as from July 31 this year. At tho time of writing
ally wide. Values were certainly inflated as the output it is anticipated that in August thero will bo an advance in
of the spindles was not equal to the requirements of users. prices as the rates now ruling are relatively cheap compared
In the opinion of many people the limitation of production with American cotton. The British Government is being
by the Cotton Control Board was not very equally divided, pressed to develop cotton growing throughout the Empire.
in that, speaking relatively, more looms were allowed to An important report has been published by a Government
run than spindles so that supplies of twist and weft were Committee on tho outlook in India for producing finer grades
not sufficient to meet the wants of makers of piece goods. but a good deal of work will have to bo done beforo India
From the signing of the Armistice up to the end of March can grow largo quantities of cotton suitable for uso in Lan­
depreciation in prices of a very serious extent occurred. cashire. Developments however, should take place before
In 32’s twist a decline from 56J^d. por lb. to 35 ^ d. per lb. verv long in Egypt and tho British Cotton Growing Asso­
took placo. Difficulty was experienced in getting buyers ciation is still doing its best to further its objects. The
to accept deliveries against dear contracts. During tho last spindles in Great Britain are estimated at 57,000,000.
few months an increasing business has been done and quo­ The consumption of American cotton in Great Britain during
tations have been put up at a faster pace than tho advances the next twelve months is estimated at about 3,200,000
in tho raw material, with the result that tho margin of profit bales.
for spinners has been widened considerably. In both European Continent.—Tho effects of tho war have not
Amorican and Egyptian numbers tho trado position is now passed away to a sufficient extent for roliable reports to bo
very prosperous and limited companies are reporting big ascertained as to tho conditions prevailing during tho past
profits. It is anticipated that tho stocktakings at tho end year in European countries. Tho groat stumbling block to
of next December will bo of a record character. Tho demand progress has been tho difficulty of securing supplies of raw
in yarn for foroigu countries has recently developed to an cotton, and, of course, tho blockado upon Germany and
important oxtont. Tho license system in connection with Austria-Hungary made it impossible for those countries to
trado with Continental countries has been abolished and free start working again with any freedom. The timo has arrived
buying has occurrod for all tho countries of Northern Europo, however, when wo may oxpoct striking developments and
and also France. A substantial turnover has also transpired there is every anticipation of largo oxports of raw cotton
for tho Levant. A feature of interest during the last fow from tho United States to ail Europoan countries.
weeks has been tho active operations for China. Business It was only a fow days ago that communications with
during tho war for that part of tho world was practically Germany wero re-established and most poopio are very much
at a standstill but thoro is now evory indication of an increas­ in the dark as to tho industrial conditions thero. Until
ing trado. India has also provided an encouraging turnover, tho raw material is secured spinnors are bound to bo handi­
capped, but no doubt henceforward thoro 'will bo serious
especially in fine counts.
to start production again. Lancashire spinners
In one way and another labor probloms have been prom­ attempts
are
expecting
to experience a big demand for yarns as looms
inent during the year. It will be remembered that in June in Germany aro
not likely to wait until the spinners thoro
1918 tho oporativos secured a raise in wages of 25% on list
in a position to supply thorn with twist and weft. The
rates, it being arranged that no further change should take are
are estimated at about 8,000,000.
place for six months. Last November the Trado Union spindles
Cotton
manufacturers in Franco since the beginning of
Officials put in an application for a further advance. The this year have
got to work again but it has been necessary
demand of tho operative spinnors and card room workors for
a
good
deal
of machinery to bo roplacod. Somo of it
was for an advance of 40% on current wages which meant has been broken up
by tho onomy and in certain parts owing
about 06% on list rates. At a joint meeting with tho em­ to disuse fresh supplies
had to bo obtained. An ex­
ployers an offer of 40% on list rates was made but refused tensive business has beonhave
dono by British yarn producers
by tho leaders of the operatives. Strike notices were issued although on certain occasions
tho import restrictions of tho
and owing to no settlement being reached a strike began on Government have checked trado.
Spindles aro estimated
December 7tli. Mr. Lloyd George intervened and got tho
5,000,000.
parties togethor with the result that a settlement was ar­ at Everything
possiblo has been dono to re-establish tho
ranged on the basis of an advance of 50% on list rates. industry in Belgium,
progress has beon slow and it may
Mills wore idle for nearly a fortnight. In the meantime the bo some time beforo but
is anything like equal to
workpeople in tho weaving branch of tho industry made a pre-war days. In thoproduction
mean
timo
yarn is badly wanted by
claim for 50% on curront rates which meant about 82% manufacturers of cloth.
on list rates. Tho masters described tho application as It is understood that last autumn ail tho mills in Holland
unreasonable and unjustifiable. Tho trado union officials were at a standstill and tho industry thoroughly disorganized.
decided to place their cases boforo tho Government Commit­ Looms howevor, havo beon started very rapidly during tho
tee on Production and ultimately that body arbitrated, the
fow months and the cloth produced has been largoly
award being for 50% on list rates. Along with this applica­ last
from
British yarn. Tho liconse system has beon abolished.
tion there was a claim for a minimum wage for weavers of According
to recent advices, spinnors and manufacturers
85% of normal earnings. After somo negotiations with the in tho Netherlands
aro looking forward to a very active
masters it was arrangod that joint conferences should take state of trade in tho coming
year.
place to soo if some arrangement could bo come to on the
practically impossible to obtain roliablo reports
matter, and it was agreed that if in six months no settlement as Ittohasthebeon
conditions in Russia. The industrial upheaval
could bo found tho quostion should go to arbitration. That has upset the
in all districts. Certain mills howovor,
time has now expired and somo definite decision will have havo producedtrado
goods on a fair scalo and advantage has boon
to be givon at an early date. At tho beginning of this year taken of local grown
Supplies in most parts havo
tho operatives in all branches of the industry started an not been equal to tho cotton.
requirements
of the population. The
agitation for a reduction in working hours. The claim was spindles aro estimated at about 0,000,000.
for hours to be reduced from 5 5 ^ to 44 per week with a raise Owing to tho ond of the war thoro has boon a trado im­
in wages so as to enable tho workpeople to seouro tho same provement in Denmark and after unomploymont on a con­
wages for tho shorter hours as for 55 lA . Negotiations be­ siderable scale moro work has boon providod for the opera­
tween tho employers and tho trado union officials wero of a tives. Advices from Austria havo boon very scarco and
very complicated character and in Juno a serious crisis arose. irregular
conditions havo prevailed.
Tho deliberations had got to a point whoro the employers Tho outstanding
feature at the prosont time throughout
offered to reduce hours to 48 per week with an advance in Europe is undoubtedly
tho urgent demand for raw cotton
wages of 25%. Tho workpeople, howovor, pressed for a
there will certainly be big attempts to socuro larger ship­
week of 46}^ hours and a riso in wages of 30%. A doadlock and
from tho United States during tho noxt fow months.
ensued and the operatives went out on striko. After the ments
Wo
are
indobted to a special and woll-informod Europoan
spinning mills and weaving sheds had boon idle for nearly correspondent
for tho forogoing roviow of tho spinning indus­
throe weeks a settlement was arrangod on tho basis of a 4 8 try in Great Britain
and 9n tho Continent in 1918-19, and for
hour week with an advance in wages of 30%. It is agreed the estimates of consumption
in Europe for tho latest soason
that thore shall bo no change in hours for eighteen months incorporated in our compilation
below. Takon in conjuno
but wago ratos may be varied after April 30th next.
E x p o r ts —

Y a r n 3 ...........................................p o u n d s .

1 9 1 8 -1 9 .

1 9 1 7 -1 8 .

1 9 1 6 -1 7 .

1 2 8 .4 1 9 ,9 0 0

1 1 8 .7 3 5 ,1 0 0

1 4 0 ,9 8 0 ,1 0 0

C l o t h . . " . * .................................... y a r d s . 2 , 9 4 4 , 3 2 4 , 1 0 0

4 ,7 1 7 ,3 9 2 ,4 0 0

5 ,0 7 2 ,0 5 7 ,3 0 0




THE CHRONICLE

Aua. 30 1919.]

tion with our remarks on tlio situation in the United States,
presented further above, it covers quite fully the countries
of the world that take chief important rank in cotton manu­
facturing.
To complete the narrative of the world’s progress in cot­
ton production and manufacture several other countries of
lessor, though gradually increasing importance, must be
included. Wo use official data in those cases so far and
for as late periods as it can be obtained, and wo present
bolow tho results reached, showing (1) the cotton consump­
tion of each manufacturing country for a period of four
years; and also tho total annual and average weekly con­
sumption; (2) the world’s production of cotton (commercial
crops) for the same years, and (3) the spindles in all manu­
facturing countries from which reliablo information can be
secured as they stand to-day compared with like results in
formor years.
Japan, which stands next in importance to Europe and the
Unitod States, increased its consumption of the raw material
slightly during tho season—at least, that is tho conclusion
wo roach from partial returns at hand. India has ap­
parently used loss cotton, and in the absenco of any official
returns, which will not bo available for some littlo time yot,
as tho Bombay Mill Owners’ Association now makos up
its statistics for the twelve months ending Aug. 31, we
adopt as a closo approximation about 2,075,000 bales of 392
lbs. not each, equaling 1,626,800 bales of 500 lbs. averago.
For Moxico and Canada we havo no other rocourso oxcopt
to adopt tho imports into each country as a measure of con­
sumption; in tho case of the formor no recont statistics cover­
ing homo yield or mill operations have been obtainable, and
Canada has no source of supply other than through imports,
and in tho lato year tho inflow from other than tho Unitod
States was only about 10 bales. No statistics of value can
bo secured from China or Brazil. “Other Countries,” con­
sequently, include oxports of cotton from tho Unitod States
and Europe to localities other than those specifically men­
tioned in tho table; also tho cotton burned or lost at sea.
Tho compilation appended, therefore, embraces substantia ly
the entire distribution or consumption (expressed in bales
of 500 pounds net weight each) of the commercial cotton
crops of tho world, and tho portion taken by each country.
T I I E W O R L D 'S A N N U A L C O T T O N C O N S U
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
D a les.
C o u n t r ie s —
D a les.
G r o a t B r it a i n _______________ ................ 2 ,5 0 0 ,0 0 0
2 ,9 0 0 ,0 0 0
C o n t i n e n t .................................. ................. 3 ,4 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0

1 9 1 6 -1 7 .
D a les.
3 .0 0 0 .
4 .0 0 0 .

1 9 1 5 -1 6 .
D a les.
04 0.000 0 .
05 0. 00 0 0 .

T o t a l E u r o p e ........... ........... ................ 5 ,9 0 0 ,0 0 0
U n i t e d S t a t e s — N o r t h ---------................ 2 ,5 1 9 ,5 5 0

7 ,0 0 0 ,0 0 0
3 ,1 9 3 .3 9 2

9 ,0 0 0 ,0 0 0
3 ,2 3 8 ,7 4 8

5 ,9 0 0 ,0 0 0
2 ,9 9 1 ,4 0 0
4 ,1 8 2 ,5 4 6

M P T IO N .

E a s t I n d i e s __________________ ................
J a p a n ____________^____________ _________
C a n a d a ___________ ___________ ................
M e x i c o ...........................................................

1 ,6 2 6 ,8 0 0
1 ,8 7 0 .0 0 0
1 9 8 .2 4 6
1 .0 0 0

7 .1 7 3 ,9 4 6
1 .6 3 1 ,1 7 2
1 ,8 5 0 ,0 0 0
2 4 9 ,4 6 8
1 0 ,0 9 2

O t h e r c o u n t r ie s , A c ...............................

3 7 5 .0 0 0

3 .7 4 0 ,7 3 2
4 8 5 .0 0 0

'3 0 0 ,0 0 0

5 3 6 .0 0 0

T o t a l w o r l d .......................... ................ 1 5 .8 8 3 ,5 2 4
A v e r a g o w e e k l y .......................................
3 0 3 ,5 2 9

1 7 .2 9 9 .6 7 8
3 3 2 ,0 8 6

1 8 ,9 2 4 ,9 2 3
3 6 3 ,9 4 1

2 0 .3 4 3 ,7 5 2
3 9 1 ,2 2 6

1 .7 2 3 ,3 6 0
1 ,7 7 4 ,9 0 0
1 9 0 ,9 1 5
5 ,0 0 0

1 ,7 2 3 ,0 1 1
1 ,7 4 7 ,3 8 2
2 0 8 ,0 4 0
1 9 ,6 0 0

855
N U M B E R O F S P IN D L E S IN T H E W O R L D .

1919.
G r e a t B r i t a i n .............. 5 7 ,0 0 0 .0 0 0
C o n t i n e n t ...................... 4 3 ,2 0 0 ,0 0 0

1918.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1917.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1916.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1915.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

T o t a l E u r o p e _____1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0
U n ite d S ta te s—
N o r t h ........................ 1 9 ,GOO,0 0 0 1 9 ,5 0 0 ,0 0 0
1 9 ,4 0 0 ,0 0 0
1 9 ,0 5 0 ,0 0 0
1 8 ,9 0 0 ,0 0 0
S o u t h ........................ 1 4 ,6 3 9 ,6 8 8 1 4 ,3 6 9 ,6 9 9
1 4 ,0 4 0 ,6 7 6
1 3 ,2 5 6 ,0 6 6
1 3 ,0 1 7 ,9 0 9
T o t a l U . S .............. 3 4 ,2 3 9 ,6 8 8
6 ,6 5 5 ,0 0 0
E a s t I n d i e s ................
J a p a n ..............................
3 ,1 0 0 ,0 0 0
C h in a a n d E g y p t . .
1 ,1 4 0 ,0 0 0

3 3 ,8 6 9 ,5 9 9
0 ,6 5 3 ,8 7 1
3 ,0 7 5 ,4 3 5
1 ,1 4 0 ,0 0 0

3 3 ,4 4 0 ,6 7 6
6 ,7 3 8 ,6 9 7
3 ,0 4 1 ,9 3 0
1 ,0 1 0 ,0 0 0

3 2 ,3 0 6 ,0 6 6
6 ,8 3 9 ,8 7 7
2 ,8 7 5 ,6 3 4
1 ,0 5 0 ,0 0 0

3 1 ,9 1 7 ,9 6 9
6 ,8 4 8 ,7 4 4
2 ,7 7 2 ,9 8 2
1 ,0 5 0 ,0 0 0

T o t a l In d ia , A c . .
C a n a d a ...........................
M e x i c o ...........................

1 0 ,8 6 9 ,3 0 6
1 ,3 6 7 ,9 4 1
7 6 2 ,1 4 9

1 0 ,8 8 0 ,0 2 7
1 ,0 0 0 .0 0 0
7 6 2 ,1 4 9

1 0 ,7 6 5 ,5 1 1
1 ,0 0 0 ,0 0 0
7 6 2 ,1 4 9

1 0 .6 7 1 ,7 2 6
9 6 5 ,0 0 0
7 6 2 ,1 4 9

1 0 ,8 9 5 ,0 0 0
1 ,3 7 5 ,0 0 0
7 6 2 ,1 4 9

T o t a l o t h e r ...........
2 ,1 3 7 ,1 4 9
2 ,1 3 0 ,0 9 0
1 ,7 6 2 ,1 4 9
1 ,7 6 2 ,1 4 9
1 ,7 2 7 ,1 4 9
T o t a l w o r l d .................1 4 7 .4 7 1 ,8 3 7 1 4 7 ,0 6 8 ,9 9 5 1 4 6 ,2 8 3 ,4 5 2 1 4 5 ,0 3 3 ,7 2 6 1 4 4 ,5 1 6 ,8 4 4

In the above we use estimates for Great Britain and the
Continent that we believe to be approximately correct. The
results for the United States are, of course, our own figures,
and those for India are taken from the official reports of the
Bombay Mill Owners’ Association, except that the latest
totals are approximations, Japan’s aggregates are officially
communicated, China’s figures are compiled from consular
reports, and for Canada and Mexico the totals are in part
estimated.
Great Britain’s trade in cotton goods with foreign coun­
tries, as indicated by the volume of exports, decreased con­
siderably during the year. The statement of exports (reduced
to pounds) by quarters for the last two seasons is subjoined.
These years end with July 31. Three ciphers are omitted.
GREAT

B R IT A IN ’S C O T T O N

GOODS

EXPORTS

------------------------ 1 9 1 8 -1 9 -------------------a Y a r n s P ie c e G o o d s
T o ta l
(0 0 0 4 o m itt e d .)
P ou n d s.
Y ard s.
P ou n d s.
1st q u a r .— A u g .- O c t
. . . 2 6 ,5 5 8 7 4 1 ,5 2 0
1 7 9 ,4 5 3
2 d q u a r .— N o v .- J a n
. . . 3 2 ,5 4 1 6 5 9 ,9 1 3
1 6 9 ,5 9 6
3 d q u a r .— F e b . - A p r
. . . 4 2 ,5 5 4 6 9 6 ,3 3 4
1 8 5 ,3 3 6
4 th q u a r .— M a y - J u l y . . . 4 8 ,2 4 2 8 4 1 ,0 1 6
2 1 8 .7 9 6
T o t a l .....................................1 4 9 .S 9 5 2 ,9 3 8 ,7 8 3

7 5 3 ,1 8 1

FOR

TW O

YEARS.

--------------------1 9 1 7 -1 8 --------------a Y a r n s P tec eG o o d s
T o ta l
P ou n d s.
Y ard s.
P ou n d s.
4 2 ,1 1 2 1 ,2 7 2 ,3 5 2
2 9 1 ,7 7 2
2 9 ,8 1 4 1 ,1 4 8 ,0 1 1
2 5 6 ,0 5 6
2 7 ,0 9 7 1 ,0 5 8 ,3 4 3
2 3 3 ,3 8 6
3 3 ,7 2 6 1 , 0 5 9 , 0 '5
2 4 6 ,2 2 3
1 3 2 ,7 4 9 4 ,5 3 7 ,7 9 1

1 ,0 2 7 ,4 3 7

a I n c lu d in g t h r e a d .

The totals in pounds in the above compilation are as com­
puted by us, but are believed to be approximately correct.
They indicate that the export movement this season has
been only 753,181,000 pounds, or 274,256,000 pounds less
than tho total of the previous season, and some 864 million
[jounds smaller than the record aggregate of 1912-13.
To complete the year’s history of tho cotton goods trade
in Great Britain we append data as to prices, the statement
covering the last three years:
000
000

1 9 1 8 -1 9 .
M U .
U p­
la n d
C otton

A ug.
8 ep t.
O ct.
N ov.
D ec.
Jan.
F eb.
M ar.
A p r il
M ay
June
fu ly

3 1 ...
3 0 ___
3 1 ...
3 0 ...
3 1 ___
3 1 ...
2 8 ...
3 1 ...
3 0 ...
3 1 ...
3 0 ...
3 1 ...

d.
2 5 .1 0
2 3 .8 0
2 1 .4 4
2 0 .5 0
2 1 .4 0
1 6 .5 9
1 7 .1 8
1 5 .8 0
1 8 .3 2
2 0 .4 0
2 0 .1 4
2 0 .5 6

3 2 -C o p
T w is t.

d.
54 H
56 H
53 H
4 4 )4
39
3 0 )4
28
2 5 )4
28«
38
39 H
4 3 )4

1 9 1 7 -1 8 .
S h irt­
in g s ,
P er
P ie c e .
s.
34
34
33
31
28
24
22
19
20
24
26
29

d.
3%
6 )1
6
6
9
7 )4
3
9
10)4
7 )4
0
3

M id .
U p­
la n d
C otton
d.
1 8 .2 5
1 8 .6 2
2 1 .4 2
2 2 .4 7
2 2 .6 8
2 3 .1 5
2 3 .7 4
2 4 .3 2
2 1 .2 5
2 1 .3 3
2 2 .5 9
2 0 .3 4

3 2 -C o p
T w is t.

d.
26 K
26
31
37 H
39 y ,
3 9 )1
4 0 )1
43
4 5 )4
4 7 )1
5 4 )1
ISOM

1 9 1 6 -1 7 .
S h irt­
in g s ,
P er
P ie c e .
s.
16
16
17
20
21
22
22
22
25
26
28
29

d.
3
OH
7 )4
1 )4
3H
0 )1
OH
6 )1
6
1 )4
0
1 )4

M id .
U p­
la n d
C o tton
d.
9 .4 7
9 .5 0
1 0 .7 7
1 2 .1 1
1 0 .6 3
1 1 .0 2
1 1 .6 0
1 2 .7 7
1 3 .0 0
1 4 .5 3
1 9 .4 5
1 9 .0 5

3 2 -C o p
T w is t.

S h irt­
in g s ,
P er
P ie c e .

d.
14 H
1 4 )1
1 6 )1
1 8 )4
17 1 -1 6
1 6M
16 1 -1 6
17 3 -1 6
1 7 )4
1 8 )4
2 5 )4
2 4 )1

s.
d.
9 3
9 7
10 5 ) 4
10 8 H
10 7 ) 4
10 8
10 5 ) 4
10 10)1
11 0
1 1 1 1 )1
16 2
1 5 1 1 )1

From tho foregoing table it would appear that tho world’s
total consumption for 1918-19 records a decrease from the
aggregate for a year ago of 1,416,144 bales and is 4,460,228
balos loss than the record result for 1915-16. The sourcos
now add a brief summary by months of the course of
from which cotton has been drawn in each of tho last five thoWeManchester
goods market during tho season closing with
oars are stated in the subjoined table of tho world’s com- July 31 1919, and
also of the Liverpool cotton market in
norcial crops, in balos of 500 pounds net each:
the same form for the same period. These summaries have
been prepared for this occasion with great care, and the
details will, we think, prove an interesting and serviceable
record for reference.
AUGUST.— Manchester.—The question of deepest con­
cern in tho cotton goods trade during August was that
relating to supplies of tho raw material, which had become
very much depleted. On this point developments were
not of a very reassuring nature. The Control Board had
obtained from the Government assurances sufficiently
definite, it appeared, to warrant tho formulating of a plan
for increased employment which would not only bo a measure
of relief to the operatives but serve to promote trade gen­
erally. The success of the scheme, however, would be
dependent upon freer receipts of cotton and it was dis­
Tho abovo statement indicates, in compact form, tho appointing, therefore, that the expected inflow of American
Under such conditions the
world’s supply of cotton (exclusive of that raised in Russia) staplo was innotthomaterializing.
spinning section preferred to strike rather
in each of tho fivo years, tho amount consumed and also tho operatives
than lose tho rota system. A census of cotton stocks taken
extont to which visiblo and invisible stocks were augmented at
tho end of July showed the supply to be dangerously
or diminished.
low, and tho imports continued inconsiderable. Further­
Tho augmentation of the spinning capacity of tho mills of more, uncertainty existed as to whether the shortage in
would put additional handicaps on the industry, and
tho world has been moderato the past season. Tho only coal
out for tho army had not yet ceased. Spinners,
important addition has been in tho Southern part of tho combing
continued to make phenomenal profits, and
Unitod States, spindles thoro now numbering over 14j4j mil­ howover,
improved their position. Yot, as there was
lions, or a gain over last yoar of 270,089 spindles. Our manufacturers
not yarn enough to go round at the current rate of pro­
compilation for tho world is as follows:
duction, a probable stoppage of looms had to be faced at
W O R L D 'S C O M M E R C I A L

CROPS OE CO TTO N .

C o u n t r ie s —
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 5 -1 7 .
1 9 1 5 -1 0 . 1 9 1 4 -1 5 .
(A m o u n t c o m i n g f o n c a r d ) . D a les.
D a tes.
D a les.
D a les.
D a les.
U n l e t d S t a t e s ............................ 1 1 ,4 1 0 .1 9 2 1 1 ,5 4 7 ,0 5 0 1 2 ,0 7 0 ,0 9 9 1 2 ,6 3 3 ,9 6 0 1 4 .7 0 0 ,4 0 7
E a s t I n d l c s . n ............................ 4 .0 0 0 ,0 0 0 3 ,8 5 0 .0 0 0
4 ,1 0 0 ,0 0 0
3 ,0 2 5 ,0 3 4 3 ,3 3 7 ,0 0 0
E g y p t ............................................ 1 ,0 0 0 .0 0 0 1 .1 8 8 ,0 1 0
9 8 3 ,2 2 8
8 9 2 ,1 7 2 1 ,2 3 5 ,4 8 7
B r a z i l, A c . d .............................
6 8 0 ,0 0 0
5 0 0 ,0 0 0
2 7 0 .0 0 0
2 2 0 ,0 0 0
2 4 0 ,0 0 0

T o t a l ....................................... 1 7 ,0 9 0 ,1 9 2 1 7 ,0 8 5 ,0 0 0 1 8 ,0 2 3 ,3 3 7 1 7 ,3 7 1 ,1 0 6 1 9 ,5 7 8 ,9 5 4
C o n s u m p t i o n , 52 w e e k s . . 1 5 ,8 8 3 ,5 2 4 1 7 .2 9 9 ,0 7 8 1 8 ,9 2 4 ,9 2 3 2 0 ,3 4 3 ,7 5 2 1 8 ,7 4 0 ,0 0 9
S u r p lu s f r o m y e a r 's c r o p . . 1 ,2 0 0 ,6 6 8
* 2 1 4 ,0 1 8
V is ib le a n d I n v is ib le s t o c k :
S e p t . 1 b e g i n n in g y e a r . 4 ,2 0 3 .4 7 8 4 ,4 7 7 ,4 9 6
S e p t . 1 e n d in g y e a r _____ 5 ,4 7 0 ,1 4 0 4 .2 0 3 ,4 7 8

* 9 0 1 ,5S 0

* 2 ,9 7 2 ,5 S 0

5 ,3 7 9 ,0 8 2
4 .4 7 7 ,4 9 0

8 ,3 5 1 ,6 6 8
5 ,3 7 9 ,0 8 2

8 3 2 ,2 8 6
fc
7 ,5 1 9 ,3 8 3
8 ,3 5 1 ,0 6 8

a I n c lu d e s I n d i a ’ s e x p o r t s to E u r o p e , A m e r ic a a n d J a p a n a n d m ill c o n s u m p t i o n
I n d i a , I n c r e a se d o r d e c r e a s e d b y e x c e s s o r lo s s o f s t o c k a t B o m b a y .
In d R e c e i p t s I n to E u r o p e , A c . , f r o m B r a z il S m y r n a , P e r u , W e s t I n d i e s , A c . , a n d
J a p a n a n d C h in a c o t t o n u s e d In J a p a n e s e m ills .
* D e f i c i e n c y In t h e y e a r ’ s n ew s u p p l y .




856

THE CHRONICLE

[V ol . 109.

to bo realized, for tho movement caused by tho pros­
a time when cloth demand was well ahead of supply. likely
was generally downward, although undoubtedly tho
So acute had the situation become that the question of pect
in the crop outlook had a good deal to do with
controlled prices for yarn generally was under consideration. improvement
the course of prices. The Cotton Control Board took a
A notable feature of the month was the revival of demand census
October in which yarns wero included for tho first
in the trade for India, and a good deal of business was done time. inBusiness
goods was exceptionally quiot all the
in light goods for the various markets thero. Doubtless, month, the feelingin being
that tho futuro was too uncertain
a largo proportion of the buying was done by merchants for booking engagements much
ahead. Not only was thero
here who had yet to educate their markets to the extra­ tho doubt as to what Germany’s
peaco overtures would
ordinary prices ruling, and certainly some were buyers bring, but yarn was vex*y scarce and dear,
and tho operatives
against their better judgment,.because it was the only way were putting in a claim for a stiff advance
of wages—tho
to secure delivery. But while India did well enough, China spinners and cardroom workers 40% and tho weavers,
it was
was motionless, and the prospects there were as bad as ever. understood, 50%, with a “fall-back” wage of 85% of normal
There was a fair miscellaneous demand from smaller markets earnings as a further concession to the weaving section.
of the Far and Near East, from Egypt, France, various
Tribunal appointed by tho Govornmont to investigate
African and South American markets, and even from Persia Tho
the complaints which led to the spinnors’ striko reported
and Greece. The home trade was quiet, but Government against
them, on the grounds that they wero not entitled to
demand continued fair, and altogether manufacturers con­
siderably extended their engagements. The exports of yarns payment for tho 15 y2 hours’ compulsory unemployment,
they had sought the wrong romedy. Tho employers
and goods from Great Britain for the month, all reduced to and
recommended, howover, to moot them in the matter of
pounds, reached 64,239,000 lbs., against 110,361,000 lbs. were
as they were considerably worse off than beforo tho
m August 1917. Liverpool.—The market for the raw wages,
war,
and, by comparison with other trades, wero bearing a
material tended upward quite steadily and at times disproportionato
share of the burdens arising from increased
radically during the month, and at tho close ruled 4.76d prices. Tho wholo
was to come up for discussion at
above the final July price. Middling upland opened at a conference Nov.mattor
with a wago advance probable.
20.32d., was up to 22.08d. on tho 7tli, dropped to 21.46d. The yarn sliortago was1 dealt
first by allowing spinnors
by the 9th and rose to 24.18d. by tho 20th. From that to make up for tho timo lost with,
the strike, and next by
level there was a decline to 23.89d. by tho 22nd, but by tho ordering tho stoppago during during
tho week which began on tho
29th there was an advance to 25.40d. and tho close was 21st of all looms except those which
wore engaged on balloon
at 25.10d«
for the Government. Tho woavers and others con­
SEPTEMBER— Manchester.—September was an espec­ cloth
wore granted full Control Board pay for tho week,
ially trying month in the cotton goods trade. Frequent cerned
in view of tho great cost of doing this, tho levies on tho
and wide fluctuations in tho price of the raw material made and,
wero doubled. Expectations at the closo of
transactions difficult within the bounds of safety and the manufacturers
the month wore that restrictions of all kinds would oither
troubles of the spinner and manufacturer were increased be
modified shortly or swept away entirely. Exports of
by the strike of the operative spinners against tho arrange­ yarns
and goods in October reached 55,860,000 lbs., against
ments of the control, this latter aggravating the situation 87,666,000
lbs. for tho same period of 1917. Liverpool.—
as regards yarns, which wero already in very limited supply. Tho downward
tendency noted in September continued in
Furthermore, the talk of price fixing for the raw material October, with fluctuations
very frequent and sometimes
in the United States was a decidedly unsettling influence. wide, and a further very decided
not decline recorded.
As understood here tho American Government was aiming Middling uplands opened at 23.90d., and,
steadily,
at two things—first, as a preliminary, the stabilization of was down to 22.02d. by tho 11th. Tho dropping
was up
prices, and, next, a distribution of tho available supplies to 22.35d. on tho 15th, down to 22.09d. quotation
on tho 17th and
which would secure to it and to the Allied countries tho recovered to 22.28d. by tho 21st. Thereafter
was no
cotton they needed for essential work. Stabilization was important check to tho decline, and tho closo wasthero
21.44d.,
yet to come, but everybody hoped for it, and trusted that or virtually tho same as ono year earlier, with atyarns
and
when tho inevitable decline came it would be spread over so cloths ranging very much higher in 1918.
long a period that the dreaded depreciation would lose some
of its terrors. The official purchasing scheme, it was an­ NOVEMBER.— Manchester.—Tho outstanding featuro of
nounced, would be carried out through the usual market
month in tho cotton goods trade was tho signing of tho
agencies. The spinners’ striko, a rank-and-file movement, the
armistice with Germany on tho 11th. Tlio Liverpool
involving about 100,000 operatives, was directed nominally cotton market took throe days, following tho usual weokagainst tho abolition of tho system by which operatives end interval, for its celebrations, and the Manchester market
wero “played off” in rotation, but had its real origin might just as well have done tho samo, for business, which
in the reduction of the mill hours standard to 40 per week, had been very slow for a month, came to a standstill. Foreign
which meant, of course, that tho advance of 25% in wages and homo buyers alike had formed an opinion that when
did the men little or no good. They might, perhaps, the war was over prices would come down, and they had been
have borne tho sacrifice, seeing that it had not been usual operating cautiously. India seemed to bo anxious to cancel
in the cotton trade to pay compensation for a reduction contracts and to put down prices at onco. Tho Manchester
of the working hours, but they knew that the employ­ trade, however, refused to accopt tho viow that an immediato
ers were making extraordinary profits on yarns, and it did slump was inevitable, and as tho rosult of meetings called
not appear to them to be just that workers should bear a by tho Chamber of Commoroo both shipping and homo
burden in such circumstances. The Prime Minister was trade houses decided to refuso all applications for tho cancella­
in Manchester at the time of the strike, and took an early tion of contracts, the general opinion boing that, with tho
opportunity of appealing to the men to return to work for markets of tho world bare of supplies and the shipping posi­
the sake of the armed forces, who needed some of their tion improving, thero must bo a big demand soon, ovon at
productions, promising that if they complied the Govern­ tho stiff rates prevailing. At first tho course of cotton
ment would appoint a tribunal to inquire into their griovanco. prices seemed to strengthen tho caso of thoso who looked for
They agreed to act upon tho suggestion, and on Sept. 28 lower prices, but later, howover, thero was somo rocovory.
last tho Government announced the personnel of the Business was still far from brisk in Manchester, but tho tone
tribunal and it was understood that the inquiry would be at tho close of the month was decidedly steadier than it was
opened shortly in the Manchester Town Hall. The manu­ week or ten days earlier. At tho timo when prices
facturers’ complaint of tho scarcity of yarn was dealt with lowest tho Government of tho United States made an ord
by the Control Board. In order to make up for tho time prohibiting speculative short soiling, and on tho following
lost during the striko spinners wero allowed to work 55 Yi day the Liverpool Cotton Association issued regulations with
hours per week for five weeks, and as a further measure a similar object, and also limiting tho fluctuations of a single
towards equalizing supply and demand the consumption day to a halfpenny por pound. Tho lattor restriction, how­
of yarn was reduced by only allowing a manufacturer en­ ever, proved impracticable, owing to tho Now York market
gaged on American yarns to run 60% (instead of 66%) of getting out of parity, and tho former rule of a ponny per
his looms, unless there were special circumstances which pound limit had to bo roadopted. Soon afterwards tho
would justify the uso of a larger proportion. Business in Government was able to promiso an increase in the cotton
cloths during the month was comparatively light for most supply, and on tho strength of that promiso tho Control
outlets, but demand from Egypt continued good and some Board announced on the 19th that tho mills could rosumo
large contracts in heavy materials wero arranged for tho full timo in tho following weok with, however, tho im­
British and French Governments. Exports of yarns portant proviso that only 55% of tho spindles and 65%
and goods from Great Britain aggregated 59,355,000 lbs., of the looms could bo run until further ordors, and for
against 93,705,000 lbs. in September 1917. Liverpool — thoso it would bo necessary to obtain licenses. In viow
The general trend of the market for the raw material in of tho operatives’ applications for largo wage advances
September was downward; middling uplands opened at in tho second week of Decomber, thero had boon somo ex­
25.03d. and advanced to 25.88d. on the 4th but was down pectation that the levies upon the mills would bo dropped,
to 24.58d. on tho 6th. From that level the price roso to but tho Control Board decided to continuo them, on a lowor
25.21d. by the 11th but by the 24th had dropped to 22.87d. scale, and stated that unemployment grants would be givon
Thereafter tho tendency was in the main upward, with tho for six months longer, to onablo tho Board to fulfil its obliga­
close at 23.80d., or 1.30d. under the final for August.
tions to the trado unions and to assist tho trado in overcoming
difficulties which must arise during the next few months.
OCTOBER.— Manchester.—Tho situation in the cotton tho
wages movement followod tho usual course. Tho
goods trade in October apparently had moro elements of Tho
and cardroom operatives asked for a 40% advanco
a disturbing nature to contend with than had been the case spinners
tho current rate of wages, which was 60% abovo tho
in September. Not tho least of theso was the question on
and refused an offer of a further 40% increase
whether peace was near or distant, and what would bo tho standard,
the standard. Tho delegates’ instructions apparently
result of its coming. American expectation that it would upon
force raw material prices up to still higher levels did not seen* precluded them from accepting any compromise, evon if




W (

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THE CHRONICLE

857

downward and at times decidedly so. Middling
they wero disposed to do so, and consequently a further steadily
opened at 21.24d., or 16 points lower than the
conference on tho 25th also proved fruitless. The weavers uplands
close, declined to 18.99d. by the 9th, was up to
asked for a 50% advance on current rates, a minimum December
19.88d. on the 13th, and after hovering around 19d. for a
wago of 85% of tho amount earnable in full time employment, few
fell to 17.50d. on the 20th, to 16.58d.on the 21st,
liberty to deal with inequalities in tho rates paid in tho and days,
was down to 15.84d. on the 24th. From that level
various districts and tho continuance of Control Board pay­
ments for unemployment, this last mattor not having been there was a recovery to 16.68d. on the 30th and the close
sottled at that timo. The employers repliod that they could was at 16.59d.
not discuss an application for an advance not based on the FEBRUARY— Manchester.—February was in no sense
list prices, that the amount asked for was most unreasonable, an active period in the cotton goods trade. On the con­
and that there was no likelihood of an agreement on the trary, during the first fortnight transactions were of very
question of a “fail-back” wago. The operatives refused to limited
volume and consequently a discouraging develop­
agree to an adjournment of tho meeting for the purpose of ment. In
fact in the manufacturing districts as a whole
modifying their claim so as to meet these objections, and practically one-half
of the looms were idle and many opera­
announced that they would tako their case to the Committoo tives were unemployed
who had returned to civil
on Production’. The spinners’ and cardroom operatives’ life were re-employed on Soldiers
their
old
or looms where it
officials took 'ballot votes of their members on tho question was possible, but in very many casesmules
nothing
be done
of a strike, and there wero very large majorities in favor of because of lack of orders. Partly due to thecould
unfavorable
that courso being adopted if necessary. As matters stood situation few munition girls applied for their former places,
at tho close of tho month, therefore, a big strike in the second knowing
that it would be useless to do so when so many
week of December, was possible. The exports of yarns and others were
waiting for employment. As most of the opera­
goods from Great Britain wero 59,503,000, against 87,451,000 tives who were
out of work wero receiving Government
lbs. for tho same month in 1917. Liverpool.—Tho markot donation pay, however,
some an allowance from the
for the raw material tended downward in November. The Control Board as well, theyandaccepted
the position philosophi­
oponing was at 21.26d. for middling uplands, or 18 points cally, but employers, of course, were much
for the
lower than tho October close, and tho quotation was down to future. But the month had not far advancedconcerned
before
a
buying
19.9Gd. on tho 15th. From that level there was a rise to movement for China sot in, continuing to the close. As buy­
20.73d. by the 19th, but again the price turned downward ers
China had not dono much in a long time it was inferred
and after dropping to 20.32d. on the 21st stood at 20.50 at thatforthey
must have come to the conclusion that their business
the close.
would be gone if they continued their waiting policy. This
DECEMBER.— Manchester.—Tho cotton goods market however, had little effect on the demand for India which
in December was quiet on tho whole and the turnover of goods had been of a waiting nature for some months. The erratic
was small. At the close, however, a more optimistic feeling and sometimes violent fluctuations in the raw material
prevailed and buyers seemed to show increasing interest naturally retarded business. The prospect at the close
at the lower basis of prices. The month opened with the seemed distinctly better. Tho authorities had begun to
wage dispute in Lancashire at an acute stage and there were realizo the necessity of reopening the world’s markets and
fears of a strike taking place that would involve.all tho oper­ let ships ply to all the ports at the earliest possible moment.
atives in tho spinning branch of the industry. Various They were feeling their way cautiously but gave the im­
conferences were held, but it was understood that tho trade pression that all possible aid would bo extended, and with
union officials had decided not to consent to arbitration on peaeo finally concluded restrictipns would be completely
any terms whatever and consequently the operatives walked revoked. A general license was issued authorizing trading
out. Toward tho middle of tho month, however—specifi­ with various Eastern markets, but still requiring exporters
cally on Dec. 14—a provisional agreement was reached to obtain licenses and comply with certain other restrictions.
between the employers and tho union officials and work Arrangements were made to grant permits for travel to South
was resumed in tho mills on the 18th, after a stoppage of Russia to persons who had business interest there, provided
about two weeks. Under the arrangement made an advance they undertook the journey at their own risk, and that tho
of 50% on standard list ratos was awarded to the work­ naval and military authorities did not object. While it was
people with the understanding that there would be no realized that business would bo on a small scale at first it was
further change in wages for six months. Tho settlement thought that if firms had local agents on the spot they would
on the terms mentioned was largely due to the fact that bo in a better position than others when trade became larger
while negotiations were under way it was announced that again. Tho big shipping companies were showing anxiety
tixe Government Committoo on Production had awarded to get a footing on any revival that occurred, and it was
an advance of 50% on standard list rates to the weavers, anticipated that the cotton trade would get the full benefit
and in consequence spinning employers wero practically of largo reductions in certain freight rates which had been
forced to improve upon their previous offer which was 40%. announced. The application of the operatives for a reduc­
As regards tho operations of the mills tho year showed tion of their working hours from 55 to 44 per week, with­
record profits. In fact, 40 companies whose reports were out any reduction in the wages earnable, was discussed at a
available, showed profits on share capital of over 34%, as conference of employers and operatives on the 17th inst.
compared with about 13% in 1917. The exports of yarns Tho employers promised to give their considered reply on
and goods from Great Britain wero 52,199,000 lbs., against March 20. In the meantime two joint, committees were
79.035.000 lbs. for tho same month in 1917. Liverpool.— to ondoavor to find a basis of agreement. Exports of jmrns
Tho market for the raw material tended downward during and goods from Great Britain aggregated 58,042,000 lbs.,
the first ten days of tho month, as middling uplands, which against 75,156,000 lbs. in February 1918. Liverpool.—
opened at 20.25 d., or 25 points under the November close, After opening 9 points up from the January final the market
was down to 19.97d. by the 10th. From that level there for the raw material made a moderate further advance, then
was a quite steady rise to the 30th, when 21.40d. was reached, tended downward until the middle of the month, but later
roso again and eased off toward the close. Middling up­
and so the markot closed.
started off at 16.68d. and moved up to 17.28d. on the
JANUARY.— Manchester.—A little more animation was lands
By the 17th the price was down to 16.82d., but an
noted in the cotton goods market as January advanced, but 4th.
of 86 points—to 17.68d.—was witnessed by the
it was more in the nature of inquiry than otherwise, as there advance
Thereafter the trend was toward a lower level with
was no appreciable expansion in the volume of business 21st.
transacted. At any rate there was less depression apparent tho close at 17.18d.—an advance of 59 points over the final
than for quite a little timo theretofore. If tlioro had been for January.
any tendency, liowover, to view the course of events com­ MARCH.— Manchester.—March was a comparatively
placently it would have been disturbed by tho announcement inactive period in tho cotton goods market. A fair amount
of big reductions in cotton froight ratos, which, of course, of business for China was in evidence, but for other mar­
would be expected to have their effect upon prices. With kets as a whole very little was done and at the closo, as
tlio cessation of munition shipments from the United States a result of a lack of orders, much machinery was idle.
ships had more space for general cargo, and it was found Delay in cables continued to be a hindrance to business as
necessary to offer to carry it on much easier terms than had did the ban upon private codes, and tho maintenance of
prevailed. Restrictions on both manufacturing and export­ blockade restrictions in Northern Europe was an even more
ing were gradually being removed. Beginning with tho hampering influence. Holland was said to be in urgent
27th the Control Board permitted American spinning mills need of greater supplies from Lancashire, but nothing be­
to run 65% of their total spindles, Egyptian spinning mills yond the stipulated allotment of goods was permitted to go
90%, and manufacturers 75% of their looms. With tho forward lest shipments be made thence to Germany before
release of onougli men from the army the restrictions on the the conclusion of the peace treaty. A new element of trou­
use of machinery, it was expected, would probably be ble was injected into the situation in connection with ex­
removed entirely. The Government departments in London, change. Until after the middle of the month the Govern­
too, wero canceling some of the minor restrictions on trado, ment stabilized exchange in Franco, Italy, and the United
especially with Greece and with tho Turkish and Levantine States as far as it was possible to do so, but then withdrew
firms who import goods into Argentina, Paraguay, and their support, in order that business might get back to its
Uruguay. Another Tittle gain was that certain fats required normal condition. The consequence was that the franc
in the cotton mills were no longer controlled as regards prices, and the lira fell in value, measured by tho pound sterling,
and permits from the association which had acted for the whilo the dollar appreciated. France had for somo time
Government was unnecessary. The operatives were seeking been a largo buyer of Lancashire cotton manufactures, and
to secure a reduction in their hours of labor, but this move­ many sellers were ready to deliver goods wanted in that
ment had not yet fully developed. Shipments of yarn and country, but the requisite import licenses were not forth­
goods from Great Britain were 57,894,000 lbs., against coming. The delays caused impatience, but it was to be
89.610.000 lbs. in January 1918. Liverpool.—The course remembered that the excess of imports over exports and the
of tho market for the raw material in January was quite fall in the exchange value of the franc caused great concern




858

THE CHRONICLE

(Vol . 109.

to the French Government, and explained why they did in the market for the raw material during April. Opening
not facilitate imports to the extent that they could. In at 15.88d., an advance of 8 points from tho March close,
Italy the tendency would be for buyers to reduce their the price for middling uplands continued to move upward
ordors to the lowest possible limits. On the 28th it was with no important interruption until 18.59d. was roached
announced that the “rationing” of individual spinners of on the 29th, dropping from that level to 18.32d. at the
Egyptian cotton had been abolished, and that certain un­ close, or a net advance of 2.52d.
fulfilled orders placed with the Commission might be can­ MAY.— Manchester.—The feature of the month in the
celed at the option of the purchasers. Another announce­ cotton goods trade was the marked revival in demand that
ment which appeared at the same time was to the effect began with the removal of tho restrictions against oxports
that the Spinners’ Federation had given up the idea of to Holland, Scandinavia and Switzerland. The cancel
abolishing discounts on yarn contracts. A solution of the ing of the black lists, moreover, was an important factor
working hours question was suggested by the employers in the trade. Tho most depressing influence against which
on the 21st. They offered to reduce the week, without an manufactures had had to contend for a quite extendod period
adjustment of wages, from 553^ to 49H instead of 44, and to had been the lack of animation in the demand for India—
arrange a test of the effect upon production. The opera­ the country’s greatest market. But in May decidedly
tives asked for an adjournment until April 10 to consider more inquiry for goods for that quarter was in evidence.
the matter, and it was granted. Later a Committee of the Buyers for many markets had evidently reached the con­
Industrial Council unanimously recommended a 48-hour clusion that further waiting for a fall in prices would be
week in virtually all trades, and the cotton operatives futile; in fact they paid higher prices than they could have
regarded that as strengthening their case for a further con­ secured goods at a month earlier, but that did not depress
cession. For the moment, however, the trouble was not them so long as the general tendency was upwards. The
excessive hours of labor, but excessive short time and abso­ long Easter stoppage seemed to havo been very opportune.
lute unemployment. Yarns and goods exports for the It enabled manufacturers to clear off stocks, and very soon
month from Great Britain totaled 55,411,000 lbs., against afterwards the revival for which thoy had been waiting
71,789,000 lbs. in 1918. Liverpool.-—A somewhat important materialized. Mill owners wore able during the month
decline was the feature in the market for the raw material to take back many of the unemployed operatives, and oven
during March. Opening at 16.58d., a drop of 60 points then some had to ask for longer periods for tho delivery of
from the February closo, the price for middling uplands goods under contracts. There wero some dull days, but
continued to move downward quite steadily until 15.28d. on others the turnover was considerable, and there was
was reached on the 20th. The trend then turned upward even talk of a boom having arrived. Yarn and cloth prices
and there was an advance to 15.83d. by tho 24th. Later advanced. It was necessary to raiso thorn, in anticipation
fluctuation resulted in a net loss of 3 points, the close hav­ of the increased cost of production to result from tho opera­
ing boon at 15.80d., or a drop from tho February final of tives demanding a reduction of hours without a loss in wages,
1.38d.
. but they would have gone up in any event. Spinners’ margins
APRIL.— Manchester.—An incident of the month tending improved. The operatives balloted at tho closo of tho month
to impart a more cheerful feeling in the cotton goods trade on the question whether they should accept tho employers’
was the announcement by the Allies Economic Council of offer of a 48-hour week, with a riso of 15% in wages, or insist
the decision to abandon the system of restricting Holland, upon a larger concession. Tho results announced indicated
Norway, Sweden, Denmark, and Switzerland to “rations” that they were prepared to go on strike rather than accept the
of goods and that from the 29th Switzerland, Holland, and terms offered; however, few people anticipated a strike,
Denmark would be allowed to import articles which had although there might bo a short one if a settlement was not
been absolutely prohibited to them, subject, however, in effected quickly. Tho months’ yarns and goods exports
both cases, to the retention of guarantees against re-exporting from Great Britain wero 70,220,000 lbs., against 89,371,000
to enemy countries. For two years or moro tho exports lbs. in May 1918. Liverpool.—Tho outcome of fluctuations
of cotton- yarn to the countries named wore so restricted in the raw material during May was an important advance.
that owners had to close many of the mills, especially in Spot trading values were discontinued with tho closo of April
Holland. When the armistice came and tho cotton trade and market values wero resumed May 1, tho latter being 40
in England passed from prosperity to depression, through points under tho former. Middling uplands oponed tho
the cessation of the war business and tho absence of month at 16.95d., and after advancing to 17.29d. on tho
orders for civilian wear, tho partial loss of the European 2d dropped to 16.96d. by the 8th. Thereafter tho trend
markets became harder to bear, especially as the restrictions was almost steadily upward with tho closo at tho highest
could not be worked without putting exporters to consider­ point of tho month—20.44d.
able trouble in applying for licenses and very often compelling JUNE— Manchester.—A bettor demand for both yarns and
them to store goods with customers in Northern Europe that cloth than at any time sinco the business for war account
they were not only willing but anxious to take off their hands. was completed was in ovidonce in Juno, tho turn over at
The Manchester Chamber of Commerce, therefore, strongly times, in fact, having been heavy. Tho inquiry from both
supported the demand that trade with neutrals should be India and China was vory oncouraging. and, notwithstanding
liberated, and it is quite likely that their representations the voiding of some orders by cablo delays .bookings wero
assisted the Government in obtaining a favorable decision quite satisfactory. Orders from other markets with which
from the Allies’ Economic Council. The Chinese demand for little or nothing had been done for a moro or less oxtonded
cloth continued during the month and India did moro, period also wero coming in and tho ratification of tho peace
but the total business was still much less than required to treaty was oxpectod to bo followed by an important domand
keep machinery active. An order was issued in Easter- from the Continent. Business had already been done with
week, suspending the black lists of foreign traders. Govern­ tho occupied portion of Germany and somo othor territories.
ment officials had shown enormous industry in compiling The consequence of tho ronewod activity, combined with tho
and revising these lists, in order to prevent anyone from increase in the cost of production, owing to tho reduction
profiting by doalings in goods from tho Allied countries. in mill hours and tho riso of 30% in wagos, had beon a
Some of them, no doubt, could put a good deal of business general advance in prices. Yarn prices roso week by week
in our way if so disposed, and the Government probably during both May and Juno, tho increase in 32’s cop twist in
thought this business would be permanently thrown into the latter month having boen about 2 Ltd. per pound.
the hands of tho Germans if the boycott was maintained Egyptian spinnings wore in particularly good domand, and
after tho reasons for starting it had ceased to exist. The mill-owners wore at times disinclined to accept all tho busi­
Easter holiday is not usually a very long one in the Lan­ ness that was offered. There was also a marked improve­
cashire cotton trade, but in the circumstances of this year ment in cloth prices. A goneral strike of tho mill-workors
it was felt to be necessary to close the spinning mills engaged reported to number half a million, bogan Juno 23, as a series
on American cotton from the 10th to the 28th April. It of conforencos had faiiod to bring about an agreement on
was also suggested that other similar stoppages would the hours and wages question. Tho disputo was provision­
take place later if the state of trade did not improve. The ally settled on tho first day of tho stoppago through tho
employers took tho operatives into their counsel on tho sub­ intervention of tho old Control Board, and work was to bo
ject, and proposed arrangements which would enablo the resumed Juno 30 but only a fow of tho hands returned.
latter to receive Government pay, excopt for tho first three Tho operative spinners’ representatives Avoro parties to tho
days of their unemployment and for tho ordinary holidays. settlement, but it was rojected by tho gonoral body of their
For this part of the period tho old Control Board undertook union, a final decision to that effect having been'made on
to provide, and the operatives readily acquiesced in the June 28. Under tho terms of tho provisional settlement all
scheme on this footing, as it gave thorn a long Easter holiday, tho operatives woro to vote by ballot during tho following
without much loss of incomo, and promised better trade week or two on tho question whether thoy would accept a 48to follow. What tho employers expected as the result of hour w'eek (instead of tho 463ij which they wanted), coupled
the stoppago was a clearance of tho yarns they had made for with an advance of 30% in wagos and an agroomont that theso
stock, an increase in thoir margins of profit, and, sooner or terms should not bo varied boforo tho ond of next year.
later, either a reduction in tho price of cotton or an effective Tho working woolc had boon ono of 55 V6 hours. Tho month’s
chock upon further advances. Tho immediate effect was yarns and goods exports from Groat Britain woro 77,050,000
to make manufacturers more anxious to get supplies of yarn, lbs., against 86,393,000 lbs. in June 1918. Liverpool. Tho
and that appeared to be responsibile for an advance in the market for tho raw material Avas without definite tendency
price of cotton. The news that spinners wero free to supply in June, although tho result of tho month’s fluctuations Avas
Northern Europe with yarns and manufacturers to supply a slight decline. Middling uplands oponed the month at
cloth made no particular impression, at any rate at first. 20.38d., a decline of 8 points from tho May final, but Avas
Yarns, which had been drooping almost every week since doAA'n to 19.87d. on tho 11th. A recovery to tho opening
the turn of the year, began to revive when the Easter stoppage price occurred on tho 12th, but again the prico easod off
was announced. Yarns and goods exports for tho month standing at 19.30d. on tho 18th. Tending upward there­
from Great Britain totaled 71,883,000 lbs., against 86,341,000 after the quotation ruled at 20.39d. on tho 27th but tho
lbs. in 1918. Liverpool.—A marked advance was the feature closo Avas at 20.14d.




A ug . 30 1919.]

THE CHRONICLE

JULY.— Manchester.—Tho outstanding developments of
July affecting tho cotton goods industry in greater or less
degree wero the series of labor strikes—the general strike
in tho cotton trade, a considerable striko of coal miners and
a partial striko on tho North Eastern Ry.—and an increase
in tho price of coal, in effect on the 21st, this latter expected
to be followed by a rise in the price of gas, machinery,
olectricity and various kinds of stores. Production was
consequently curtailed and the trade had to recognize that
a 48 hour week meant a substantial reduction in tho pro
ductive capacity of tho mills. The market, however, con­
tinued buoyant, and millowners were enabled to raise
the prices of yarn and cloth, and still get sufficient orders
to keep them engaged, in many cases, until next spring.
Heavy buying for India and China and a good trade with
Egypt, the Levant, and various other markets of a similar
kind indicated that high prices do not in all circumstances
kill the trade with poor countries. With the Peace Treaty
ratified a growing demand from the Continent was antici­
pated, although it was to bo oxpeotod that shipments to
France, very large for sometime, would fall off as the French
mills got into working ordor. Cable delays wero still a serious
hindrance to business, but the removal of the censorship,
and with it the ban on private codes, was helpful to some
extent. The prolongation of tho strike to tho end of its
third week through the rank and file of tho operative spinners
rejecting tho first provisional settlement and tho trade union
difficulty whioh this separato aotion caused, made mer­
chants and manufacturers alike very chary about entering
into engagements in the first half of July. Cotton prices
did not go down as a result of the stoppage, but it was pre­
sumed that it i{ad checked a further advance. Tho final
settlement, however, led to another Id. or so por pound
being added to the prico of fully middling on the spot at
Liverpool, and tho turnover thero increased to a moderate
extent. Yarns and goods exports for the month from Great
Britain totalled 71,526,000 lbs., against 71,113,000 lbs.in
July 1918. Liverpool.—Tho market for the raw material
was without pronounced tondoncy during July. Middling
uplands opened at 20.14d., or unchanged from tho June final,
was down to 19.Old. on tho 3d, but moved up to 21.41d. by
the 15th. From that level thero was a drop to 20.75d. by
tho 17th, but on tho 21st tho quotation stood at 21.54d., and
continued abovo tho 21d. mark to the 30th, when thoro was
a decline to 20.21d. Tho closo was at 20.56d., or 22 points
abovo the price on July 31 1918.
Wo now give a compilation which covers the figures of
consumption in detail for each of tho principal countries
embraced in the statement of tho world’s annual consump­
tion alroady presented, and the total of all. These figures
aro not tho takings of the mills, but tho actual consumption,
and are in all cases expressed in hales of 500 pounds. The
figures in the table cover tho years from 1896-97 to 1918-19,
inclusive, and aro given in thousands of bales. The figures
for 1913-14 to 1918-19, ino. cover tho twelve months ended
July 31; all oarlior years are for the period Sept. 1 to Aug. 31:
Europe.

1,004
1,141
1,314
1,139
1,060
1,384

Av.Oy’rs 3,339 4,628 7,907 2,089 1,389 3,478
03,185
3 ... 5,148 8,333 2,048 1,907 4,015
03,017
4 ... 5,148 8,165 2,001 1,907 3,908
03,620
5 ... 5,148 8,768 2,194 2,116 4,310
03,774
6 ... 5,252 9,026 2,440 2,286 4,720

1,174

620

159 13,398

1,304
1,368
1,474
1,580
5,460 9,352 2,575 2,375 4,950 1,552
5,720 9.410 2,093 2,134 4,227 1,661

667
693
756
874
907
891

199
176
305
223
238
192

1890-97
189718981809-00...
1900190119021903190419051900-07...
1907-0 8 ...

Continent.

2,738
2,962
3,553
3,850
3,727
4,037

600-16. bales
j)00s omitted

Great
Britain

3
£

East Indiet

United States.

3,224
3,432
98.
„
93,5111
9 ...
3.334
03.20U
1 ...
03,253
2 ...

4,368
4,628
4,784
4,676
4,576
4,836

3,892
3,690

A
i
7,592
8,060
8,303
7,910
7,845
8,089

I
1,776
1,808
2,244
2,355
2,150
2,207

1
902
1,151
1,309
1,501
1,577
1,830

3

414
634
703
711
632
726

132
191
142
157
152
179

Av.Oy’re 3,529 5,313 8,842 2,225 2,131 4,350 1,484

781
881
1,055
1,087
1,357
1.352
1,522

10...
3,175
13,776
1...
12...
4,100
13...
4,400

1913-

14*..
4,300

5,400
5,460
5,720
6,000
6,000

8,635
9,230
9,880
10,400
10,300

2,260
2,230
2,590
2,082
2,701

2,267
2,255
2,620
2,849
2,979

4,533 1,517
4,485 1,491
5,210 1,607
5,531 1,043
5,680 1,680

Av.0 y’ra 3,922 5,727 9,649 2,486 2,572 5,058 1,599 1.209
15...
3,900 5,000 8.900 2,769 3,037 5,806 1,649 1,538
16...
4,000 5,000 9,000 3,239 3,871 7,110 1,723 1,747

19141915-

191619171918-

13,000
7 . .. 4,000 7,000 3,194 4,237 7,431
12,900
8 *.. 3,000 5,900 2,991 4,183 7,174
12,500
9 *.. 3,400 5,900 2,519 3,393 5,912

...

.... -vai

V

1,723
1,031
1,627

U11U j.^1LT 1 1UU IJUWJV/V/U UU V/Ul l OOtlUll ■

1,775
l ,850
1,870

11,880

12,888

14,016
13,773
13,416
14,416

14.478
14;310
15.612
16,435
10,999
16,281

223 15,686
278
449
448
612
618
676

17,104
16,189
10,760
18,660
19,541
19,858

497 18,012
854
701
996
745
574

18,747
20,344
18,925
17,300
15,883

Another general table which wo havo compiled of late years
is needed in connection with tho foregoing to furnish a com­
prehensive idea of tho extent and tho expansion of this in­
dustry.^ It disclosos tho world’s cotton supply and the sources
of it. Tho special points wo have sought to illustrate by the
statements aro, first, the relative contribution to tho world’s
raw material by tho Unitod States and by other sources, and,
socond, to follow its distribution. Figures for 1896-97 to
1912-13 are for tho year ending Aug. 31:




WORLD’S SUPPLY AND DISTRIBUTION OF COTTON.

500-id.
bales.

Visible
and
Invisible
Supply
Beyin­
ning of
Year.

Commercial Crops.
Total
Actual
Consum plion.

------------------------------------— —i

United
States.

All
Others.

Total.

Balance o f Supply
End o f Year.
I

visible.

In­
visible.

189697...*1,931.000
8,435, 868 3,438 ,000 11,873,868 11,880,3321,295,636' 628,000
18979 8 ... 2,923,636
10,890, 000 3,316 290 14,206,290 12,888,768 1,905,158 1,336,000
1898-99...'3,241,158 11,078, 000 3,694 934 14,772,934 14,014,7282,371,364 1,628.000
1899-00
3,999,364 9,137, 000,3,092 897 12,229,897 13,772,772 1,071,489;1,385,000
190001.-.2,456,489
10,218, 0003,414 454 13,632,454 13,415,916 1,549.027 1,124,000
1901-02
2,673,027 10,380, 380 4,033 ,569 14,413,949 14,414,908 1,306,0684,366,000
Average ‘-------6 years, j ___
10,023,2073,498,358:13,521,56513,397,911
1902-0 3 . ..2 ,672,068 10,511,020 4,215, 667,14,726
1903-0 4 . ..2 921,061 9,841,671 4,317, 67014,159
1904- 0 5 . . . |2 770,244 13,420,056 4,464, 00017.884,
1905-0 6 .„|5 042,633 11,002,904 4,568, 629 15,571,
1906- 0 7 .. .|4 178,938 13,306,846 5,205,
18,512
1907-0 8 ... 5,692,723 11,257,538 4,186,
15,443
Average
6 years.
11,556,672
16.049,657

14,477,6941,177,6771,743,384
14,310,158 1,085,237]1,735,007
15,611.607 2,501,469 2,541,164
16,435,228 1,702,485 2.476,453
16,998,898 2,215,497 3,477,226
16,281,2721,600,104 3,254,989
15,685.819

1908-09... .4,855,093 13,496 7514, 489,169 17,985,920 17,164,4871,875,1403.801,386

10,224 923 5, 021,605 15,246,1
190910---£,676,526
16,188,563 1.367,6243,364,867
1910-11
3,732,491 11,804 749 5, 057,988 16.862,737 16,750.4841,537,249 3,307.495
19114,844,744
1 2 ...
15,683 945 4, 845,970 20,529,915 18,565,732:2,095,478 4,713,449
19121 3 ...
6,808,927
13,943, 2205, 254,759 19,197,979 19.544.0072,015,211 4,447.688
6,462,899
14,494, 762 6, 419,898 20,914,660 19,858,1762,877,300 4,642,083
19131 4 ...
Average
6 years.
13,274,725 5,181,565 18,456,290 18,011,908!
19141915191619171918-

1 5 ...
7,519,383
1 6 ...
8,351,668
1 7 ...
5,379,082
1 8 ...
4,477,496
1 9 ...
4.263.47S

14,766.467 4,812,487 19,578,954 18,746,669 4,496,284 3,855,384
“ “ 17.371,166 20.343.752 3,045,485.2,333,597
12,633.960 4,737,206
12,670,099 5,353,238 18,023,337|18,924,923 2,585,490)1,892,006
11,547,650 5,538,010 17,085,660;17,299,678-------------'*
—
2,795,980:1,467,498
ll!410ll92!5|680l00Q!l7,'09b|l92'l5l883|524 4.377,017i 1,093,129
To Illustrate the preceding, take the last season, 1918-19, and the results would
be as follows:
Supply— Visible and Invisible stock beginning of year.................. ..ba les. 4,263,478
Total crop during year______________________________________17,090,192
Total supply— bales of 500 lbs.................. ................ ..... ..21,353,670
Distribution—Total consumption, &c.................. .......... ............ ................ 15,883,524
’
Leaving visible s to ck .......... .................................-4,37*7,017 ’
Leaving Invisible stock ........................................... 1,093,129
Total visible and Invisible stock at end of year.............. 5,470,146

Overland and Crop Movement.

—The movement of cotton overland in 1918-19
was considerably less than in 1917-18. There was a more
or less noteworthy increase in the shipments via Mounds,
Cincinnati, Louisville and to the Pacific Coast, but this was
much more than offset by the decided drop in the movement
via St. Louis and Eastern points. To indicate the rela­
tion the gross overland bears to the total yield in each of
the last eleven years, we append the following:
Overland.

Crop of—

Total Yield.
Bales.

1918-19............. 11,602,634
1917-18............. 11,911,896
1916-17_______ 12,975,569
1915-16_______ 12.953,450
1914-15............. 15,067,247
1913-14............. 14,884.801
1912-13............. 14,128,902
1911-12_______ 16,043,316
1910-11 ............. 12,132,332
1909-10............. 10,650,961
1908-09............ 13,828,846
Change from season of ’08-’09

Gross
Overland.

Increase or Decrease.
Of Crop.

Bales.
2,421.283
2,929,052
2,728,469
2,499,150
2,146,152
1,758,069
1,678,983
1,931,496
1,314,745
1,154,642
1,626,387
to ’ 18-’ 19.

Of Overland.

Per Cent.

Per Cent.

Decrease 2.59
Decrease 8.20
Increase 0.17
Decrease 14.03
Increase 1.02
Increase 5.35
Decrease 11.94
Increase 32.24
Increase 13.90
Decrease 22.98
Increase 19.40
Decrease 16.10.

Decrease 17.34
Increase 7.37
Increase 9.18
Increase 16.45
Increase 22.06
Increase 4.78
Decrease 13.10
Increase 46.95
Increase 13.86
Decrease 29.03
Increase 38.07
Increase 48-88

With these explanations, nothing further is needed to
make plain the following statement of the movement over­
land for the year ending July 31 1919, as compared with
tho figures for the two preceding seasons:_____

1918-19.! 1917-18.! 1916-17.

s
3

1908-0 9 ... 3,720 5,720 9,440 2,448 2,464 4,912 1,653

1909191019111912-

Total

«

859

Amount shipped.—
Via St. Louis_________
Via Mounds, &c______
Via Rock Islan d_____
Via Io u isv ille ________
Via Cincinnati _______
Via Virginia points___
Via other routes E ast..
Via other routes West .
Total gross overland.
Deduct shipments—
Overland to New York, Boston, &c_________
Between interior tow n s____________________
Galveston inland and local m ills___________
New Orleans inland and local m ills ________
Mobile inland and local mills_______________
Savannah inland and local mills____________
Charleston inland and local mills__________
North Carolina ports inland and local m ills..
Virginia ports inland and local mills________
Total to be deducted.....................................

Bales. I
609.0351
536,674
25,283
115,794!
70,728
192,107
113,031
758,631

Bales. I Bales.
,195,7961 .037,453
496,579 290,336
24,563
6,708
109,412 126.103
40,956
71,400
223,638 436.117
194.010 158,291
644.098 602,061

2,421,283,2,929,052 2,728,469
73,726:
*54,078
19.584
101,2301
12,446
14,846
27,427
13,141
18,502

1,755 287,823
,242 *202,991
,743
69,465
.928 342,061
,054
10,683
,719
54.325
',062
24,887
,000
7.985
,160
26,015

334,9801,203,663 1.026,235

Leaving total net overland a .......................12,086.303 1,725,389 1,702.234
oThls total includes shipments to Canada by rail, which during 1918-19
amounted to 192,209 bales, and are deducted in the statement or consump­
tion. {(Includes Florida. ’ Includes foreign cotton consumed at South.

CROP DETAILS.'—We now proceed to give the details
of the entire crop for two years.

LOUISIANA.
----------1918-19----------------------- 1917 18---------Exported from New Orleans:
To foreign ports__________ 1,291,487
736,664
To coastwise ports________ 259,698
379,503
Inland, by river and ra il*..
66,612
499.130
Manufactured *____________
34,618
37,798
Stock at close of year________ 376,121— 2,028,536
316,425— 1,969,520
Deduct—
Received from M obile_____
36,552
7,799
Received from Galves’n.&c.
36,676
133,913
Received from New Y o r k ..
3,439
71
Stock beginning of year___ 316,425— 393,092
163,470— 305,253
Total movement for year___
1,635,444
* In overland we have deducted these two items.

1,664,267

The year 1912-13 consequently includes Aug. 1913, which
is also a part of 1913-14, but in no case does any year include
more than a twelve-month period.

-1917-18518,966
569
645,124
17,710
123,500
48,174
142.247
15,247— 1.503,537
127,069
77,694
1,043—

205,806

1,297,731
1,341.562
Total movement for year_____
1,341.5012
i,zv/
,t3i
* The amounts shipped inland and taken for consumption (14,846 bales)
e deducted in overland.
ALABAM A.
----------1918-19----------------------1917-18----------Exported from Mobile:
79,408
To foreign ports__________
86,945
36,546
To coastwise ports*_______
57,633
9,195— 124,149
Stock at close of year________
25,656— 170,234
Rec’ts from New Orl., & c ..
Stock beginning o f year___

5,523
■ 9,195—

14,718

8,759
8,100

16,859
107,290

155,516

Total movement for year___

* Under the head o f coastwise shipments from Mobile are included 7,512
bales shipped inland by rail for consumption, &c.. which, with consumption
(4,934 bales), are deducted in the overland movement.
TEXAS.
-1918-19--------------------- 1917-18----------Exported from Galveston, &c.:
To foreign ports (except
799,923
M e x ico )________________1,637,783
To Mexico from Galveston,
3,167
Texas City, &c_________
430
925,888
To coastwise ports*_______ 497,105
142,378— 1,871,356
Stock at closo of year________ 211,851 2,347,169
Deduct—
Received at Galveston, &c.,
29,669
from Texas City, &c_____ 112,168
136,513
106,844Stock at beginning of year 142,378— 254,546
Total movement for year_____
2,092,623
1,734,843
* Includes 19,584 bales shipped inland for consumption, See., doductcd
In overland movement.
SOUTH CAROLINA.
----------1918-19---------- ----------1917-18---------Expostod from Charleston:
14,610
To foreign ports— U pland..
182
To foreign ports— Sea Island
To coastwise ports—
177,557
Upland*________________ 187,089
1,851
10,312
Sea Island*____________
Stock at closo of year:
30,192
35,652
Upland___________________
517— 210,117
247,935
90
Sea Island________________
Deduct—
1.045
Received from Savannah__
—
Stock beginning of year:
6,237
30.192
Upland_________________
7,283
1—
30,709—
517—
Sea Island_____________
202,834
217,226
Total movement for year__
* Included in this item are 27,427 bales, the amount takon by local mills
and shipped to interior, all of which is deducted In overland.
FLO R ID A .

-1918-19_—

Exported from Ponsacola, &c.:
9,922
To foreign ports____________
T o coastwiso ports________
15,614
Stock at close o f year______
23,321—
D ed uct—

Roc’d from New Orleans,&c.
Stock beginning of yoar____

2,284
10,474—

----------1917-18----------

_
48,857

34,707
071.855
10,474—

117,036

12,758

15,866
4,017—

19,883

97,153
36,099
Total movement for year__
* These figures represent this year, as heretofore, only the shipments
from the Florida outports. Florida cotton has also gone inland to Savan­
nah, &c., but we have followed our usual custom of counting that cotton
at the outports where it first appears.
a 74 bales sent inland by rati deducted in overland.
NORTH CAROLINA.
-1917-18----------1918-19Exported from Wilmington:
68,069
To foroign ports__________
63,830
39.563
To coastwiso ports*_______
62,271
46,034
Coastwiso from Wash’n, & c ...
55,354
193,047
39,381Stock at close of year________
65,162— 246,617
Deduct—
48,100—
48,100
Stock beginning of yoar____
39,381—
39,381
144,947
207,236
Total movement for year__
* Of these shipments, 13,141 balos, covering shipments Inland by rail
from Wilmington and local consumption, aro deducted in overland.
V IRGIN IA.
----------1918-19-1917-18Exported from Norfolk:
101,983
59,093
203,904
250,425
Exp. from Newport Nows,&c.:
To coastwiso ports________
4,766
*4*531
Takon for manufacture--------66,800— 377,453
92,975— 407,024
Stock end of year, Norfolk____
Deduct—
14,203
32,162
R ec’d from Wilmington, &c.
55.354
46,034
Rec'd from other Nor. Caro.
59,355— 119,592
Stock beginning of year______
66,800— 154,316

Years.
Bales.
1918-19_____ 11,602,634
1917-18..........11,911.896
1916-17_____ 12,975,569
1915-16..........12,953.450
1914-15..........15,067.247
1913-14_____ 14,884,801
1912-13..........14,128,902
1911-12......... 16,043,316
1910-11 ..........12,132,332
1909-10..........10,650.961
1908-09_____ 13,828.846
1907-08......... 11,581.829

Years.
Bales.
1906-07......... 13,550,760
1905-06..........11,319,860
1904-05..........13,556,841
1903-04......... 10,123,686
1902-03..........10,758,326
1901-02_____ 10.701,453
1900-01_____ 10,425,141
1899-00......... 9,439,559
1898-99..........11,235,383
1897-98..........11,180,960
1896-97......... 8,714,011
1895-96......... 7,162,473

Years.
Bales.
18919 5 9,892,766
1893-94.......... 7,527,211
1892-9 3 .......... 6,717,142
1891-92.......... 9,038,707
1890-91 .......... 8,655.518
1889-90.......... 7,313,726
1888-89.......... 6,935,082
1887-88.......... 7.017,707
1886-87______ 6,513,623
1885-86.......... 6,550.215
1884-85.......... 5,669,021
.

GEOKGIA.
---------1918-10—
Exported from Savannah:
To foreign ports— U pland.. 717,944
739
To foreign ports— Sea Island
To coastwise ports:
Upland *.......
372,084
Sea Island*____________
25,397
Exported from Brunswick:
To foreign ports__________ 121,214
To coastwise ports________
36,489
B u rn t____________________
7,342
Stock at close o f year:
Upland .................
289.271
4,901— 1,575,381
Sea Island_____________
Deduct—
Rec’d from New Orleans,&c.
76,325
Stock beginning of year:
Upland ________________ 142,247
Sea Island.........................
15,247— 233,819

D ed u c t—

[Vol . 109

THE CHRONICLE

860

Weight of Bales.

The average weight of bales and the gross weight of the
crop wo have made up as follows for this year, and give last
year for comparison:
Y e a r e n d in g J u ly 31
M ovem en t
T h rou gh .

N u m b er
o f B a les .

T e x a s ____________
L o u is ia n a ________
A l a b a m a ________
G e o r g i a b ________
S o u th C a r o lin a .
V ir g in ia _________
N o r th C a r o lin a .
T en n esseo, & o ..

Y e a r en d in g J u ly 31

1919.

W e ig h t in
P ou n d s.

2 ,0 9 2 ,6 2 3 1 ,1 0 3 ,1 0 5 ,2 8 8
8 4 7 ,3 7 2 .6 0 0
1 ,0 3 5 ,4 4 4
8 1 .9 4 6 .0 4 6
1 5 5 ,5 1 6
7 0 1 ,6 0 1 .4 1 7
l ,3 7 7 , 0 f , l
1 0 7 ,5 2 6 ,8 7 0
2 1 7 ,2 2 6
1 2 6 ,3 5 4 ,0 0 0
2 5 2 ,7 0 8
1 0 2 ,9 9 6 .3 9 2
2 0 7 ,2 3 6
5 ,6 6 -1 ,2 2 0 2 ,8 5 4 ,4 8 3 ,5 6 9

N u m b er
o f B a les.

A v er.
W g h t.

1918.

W e ig h t in
P ou n d s.

A ver.
W gh t.

9 1 6 ,2 0 5 ,2 8 5
1 ,7 3 4 ,8 4 3
8 6 7 ,5 1 5 ,8 1 0
1 ,6 6 4 ,2 6 7
5 5 ,7 9 9 ,3 8 3
1 0 7 ,2 9 0
7 1 1 ,7 5 (.5 1 0
1 ,3 9 4 ,8 8 4
2 0 2 ,8 3 4
1 0 0 ,4 0 2 ,8 3 0
1 2 7 ,0 4 1 ,1 9 5
2 5 7 ,8 6 1
7 2 ,2 7 3 ,4 7 3
1 4 4 ,9 4 7
0 ,4 0 4 ,9 7 0 3 ,2 2 1 ,8 2 8 ,0 1 0

5 2 7 .1 4
5 1 8 .1 3
5 2 6 ,9 3
5 0 9 .2 7
4 9 5 .0 0
5 0 0 .0 0
4 9 7 .0 0
5 0 3 .9 5

5 2 8 .1 2
5 2 1 .2 0
5 2 0 .0 8
5 1 0 .2 0
4 9 5 .0 0
4 9 5 .0 0
4 9 8 .6 2
5 0 3 .0 2

1 1 ,9 1 1 ,8 9 6 6 ,0 7 3 ,4 1 9 ,5 0 2 ! 5 0 9 .8 0

T o t a l c r o p . . . 1 1 ,6 0 2 ,6 3 4 5 ,9 2 5 ,3 8 6 .1 8 2 5 1 0 .6 9
b I n c lu d in g F lo r i d a .

According to tho foregoing, the average gross weight por
balo this season was 510.69 lbs. against 509.86 lbs. in 1917-18
or 0.83 lbs. more than last year. Had, therefore, only as many
pounds been put into each balo as during tho provious
season, tho crop would have aggregated 11,621,595 bales.
The relation of the gross weights this year to provious years
may be seen from the following comparison:
Average
Weight,
Weight, Pounds. per bale.

Crop.
Season of—
1918-19 ____________________
1917—18.......................................
1916-17..........................- .........
1915 -1 6 ..________________,__
1914-15 _____ _______________
1913-14 .....................................
1912-13 ____________________
1911-12--------- ------------- --------1910-11 ______ ___________
j 909-10 ____________________
i 90.8-09 ____________________
1907-08 ___________________
1906-07 ____________________
1905-615 ___________________
1904-05 ____________________

No. of Bales.
11,602.634
11.911,896
12,975, >69
12,953,450
15.067,247
14.884.801
14,128.902
16.043,316
12.132.332
10.650.961
13,828,846
11.581,829
13.550.760
11.319.860
13.556.841
10 123.08ft
10.758.326
10,701.453

5,925.380.182
6.073.419,502
6,654,058.545
6.640.472,269
7,771.592.194
7.600,449,245
7,327.100.905
8,260.752.953
6,217,382.145
5.400,008.818
7.115.746.869
5,907.070.895
6.981,842.670
5.788,728,073
6,996.731,233
5,141.417,938
5,471.143.917
5,403,210,514

510.69
509.86
512.82
512.64
515.79
514.65
518.59
514.80
512.46
507.00
514.56
510.03
515.46
51137
516.10
507.86
508.55
504.90

1902-03 ____________________
1901-02......................................
Note.— All years prior to 1913-14 aro for the period Sept. 1 to Aug. 31.

Sea Island Crop and Consumption.

Wo have continued throughout tho season of 1918-19 tho
compilation of a weekly record of the Sea Island crop, but
on account of the pressure of other matters upon our columns
have boon unable to publish the statement. Tho rosults as
now given below agree in all essential particulars with our
running count, and with that of tho Cotton llocord of Sav­
annah. It will bo noticed that tho crop of 1918-19 shows a
heavy decrease from that of 1917-18. FLORIDA.
--------- 1918-19---------- ----------1917-18---------Receipts at Savannah,bales.. -----34,033
Receipts at Jacksonville------- 13,086
Deduct—
278
Receipts from Savannah . .
408
„
33,76
Tot, Sea Island crop of Florida
12,678
GEORGIA.
32,483
Receipts at Savannah, balos.16,156
Receipts at Brunswick______ ____
Receipts at Norfolk_________ ____
10*392— 42,875
Sent interior mills*_________ 5,735— 21,891
D ed u ct—

Receipts from F lorid a______
Receipts from Charleston, &c.

____
40—

461-

40

401

21,851
42,414
SOUTH CAROLINA.
Receipts at Charleston---------10,067
6,986
Receipts at Savannah----------— 10,067
-----6,986
Deduct—
.
Receipts from Savannah___
—
-----15—
16

Total Seal Isl. crop of Georgia

Total Sea Isl. crop of So. Car.

10,067

6,971

257,861
Total movement for year__
252,708
* Includes 13,971 bales shipped to tho interior, which, with 4,531 bales,
taken for.manufacturo, aro deducted In overland.
TENNESSEE, &C.
Shipments—
.
----------1918-19---------- ----------1917-18
To manufacturers— direct— net
1,725,389
overland_________________ 2,086,303
T o New York, Boston, &c.,
365,755
by rail___________________
73,726

Total Sea Island crop of U. S.

44,596

83,140

Total marketed from Tennes,,,
seo, &c___________________
2,160,029
2,081,144
Total product detailed in tho foregoing by States for tho yoar
ended July 31 1919........................................................................ 8.098,443
Consumed in tho South, not Included--------------------------------------- 3,504.191

90 10,494
517 10,067 10,584
South Carolina__
Georgia-------------- 15,247 21,851 37,098 4,901 32,197
12,678 12,678^10,131 2,547
Florida__________
Now York_______
Border ports_____
60.360 15,122 45,238
T o ta l_________

Total crop o f the U. S. for year ended July 31 1919-----balos. 11,602,034

Of Which
Exported to— Total
Vor'gn
Ex­
1 Slock Leav'g
Siock
Total Aug. 1 fordis- Great Havre, ports.
Aug. 1 Net
1918. Crop. supply 1919. ttib'n. Bril' n. <fcc.
Supply Year Ending
Aug. 1 1919.

Ports of—

How
Distiibuled

182
723
*271

*160

182
883

*27i
3*322 3,322

1,176 3.482 4,658

Below wo give tho total crop each yoar since 1884-85. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31. Island this yoar is 44,596 balos, and with tho stook at tho




861

THE CHRONICLE

A ug . 30 1919.]

beginning of the yoar (15,764 bales), we have the following as accurate than the 188 pounds given above for 1914-15, and
167 pounds more truly represent the yield in 1915-16 than
the total supply and distribution:
This year’s c r o p ________________________________________________ 44,596 180 pounds.
Stock August 1 1918 ___________________________________________ 15,764
Total year's supply______________________________________halos. 60,360
Distributed as follows—
Exported to foreign ports__________________________ bales.4,658
Stock end of year_______________________________________15,122— 19,780
Leaving for consumption in United States_______________________ 40,580

We thus reach the conclusion that our spinners havo
taken of Soa Island cotton this year 40,580 bales, or 25,420
bales less than in the previous year.
Tho following useful table shows the crops and movement
of Soa Island for tho seasons 1909-10 to 1918-19 in detail:
F o r e ig n E x p o r t s .

C rop.
S ea son .
F lo r ­
id a .

d e o r o ia

S outh
C a ro­
li n a .

T exa s
& c.

T o ta l.

G reat
B r ita in .

C o n t i­
n en t.

T o ta l
E x­
p o r ts .

A m e r i­
ca n
C on­
su m p­
tio n *

Export Movement of Cotton Goods from United States.
1919.
Y ea rs
E n d in g
June 30.

1918.

T o ta l V a lu e .
%

Y ard s.

1917.

T o ta l V a lu e .
S

Y ard s.

T o—
2 0 6 ,8 2 1
1 .3 0 9 ,2 5 0
1 7 3 ,0 8 8
A r a b i a ____
1 ,7 1 0 ,0 0 0
C a n a d l a . - 4 5 ,0 0 0 .5 0 1 1 0 ,9 5 4 ,4 5 6 5 6 ,2 3 8 ,2 0 1 1 0 ,0 0 3 ,3 2 1
7 ,9 8 3 ,6 3 3 3 8 ,8 1 5 ,2 5 8
4 ,7 3 3 ,0 5 0
C e n t . A m . 4 8 ,0 3 2 ,1 2 7
W . I n d l e s . 8 9 .0 3 7 ,0 6 9 1 7 ,3 1 9 ,8 6 9 1 3 4 ,6 3 7 ,3 7 7 1 7 ,4 6 7 ,6 8 7
S o . A m e r . 1 3 2 ,3 3 2 ,2 8 1 3 1 ,0 6 4 ,5 6 1 7 8 ,4 0 2 ,9 1 5 1 3 ,1 7 8 ,6 4 7
1 ,2 3 9 ,1 0 6
4 ,1 2 1 ,4 5 2
7 ,7 8 7 ,4 3 8
5 3 2 ,0 2 5
C h i n a _____
A s ia & O ’ la 8 7 ,9 3 2 .3 4 8 1 7 ,9 6 6 ,7 2 0 1 3 0 ,4 7 7 ,2 8 0 1 7 ,6 4 0 ,9 1 6
7 5 9 ,9 0 4
1 6 2 ,9 6 5
1 ,2 3 2 ,1 4 8
2 2 0 ,5 8 0
E a s t I n d ie s
A ll o t l i e r s . 1 5 8 ,1 1 1 ,8 8 1 d l 4 5 7 8 2 5 8 6 2 3 9 ,2 3 2 ,4 4 4 d 1 0 5 4 2 8 9 0 9

Y ard s.

[T o ta l V a lu e .
]
S

1 6 ,9 6 2 ,0 0 0 '
1 ,1 3 2 ,0 6 7
7 6 ,3 4 3 ,8 6 5 1 0 ,0 7 7 ,0 9 8
6 8 ,6 0 1 ,7 2 2 ;
5 ,4 2 8 ,3 3 5
1 2 6 ,6 2 1 ,6 8 1 1 2 ,1 9 4 ,4 6 1
1 6 6 ,1 0 3 ,5 4 4 1 6 ,7 0 5 ,1 0 9
3 ,8 3 1 ,4 9 4 !
3 5 8 ,9 1 1
1 1 0 ,7 5 7 ,8 5 9 1 1 ,1 8 5 ,6 4 2
7 ,0 2 8 ,5 3 2
7 2 1 ,6 4 3
1 1 3 ,9 4 3 ,1 9 9 d 7 8 , 4 9 6 ,5 7 6

T o t a l ___ 5 7 0 ,3 0 2 ,7 9 9 2 3 2 ,6 8 0 ,7 2 3 6 8 4 ,9 2 7 ,0 7 5 1 6 9 ,3 7 8 ,2 2 3 6 9 0 ,1 9 3 ,8 9 6 1 3 6 , 2 9 9 , 8 4 2
d I n c lu d e s v a lu e s o f e x p o r t s o f c l o t h i n g , y a r n , w a s t e , & c .

1 9 1 8 -1 9
1 9 1 7 -1 8
1 0 1 6 -1 7
1 9 1 5 -1 0
1 9 1 4 -1 5
1 9 1 3 -1 4
1 9 1 2 -1 3
1 9 1 1 -1 2
1 9 1 0 -1 1
1 9 0 9 -1 0

1 2 ,6 7 8
3 3 ,7 5 5
4 3 ,0 8 0
3 0 ,3 6 7
3 5 ,6 8 6
3 4 ,0 0 0
2 0 ,7 8 0
6 0 ,9 0 2
3 5 ,1 9 0
3 9 ,2 6 1

2 1 ,8 5 1
4 2 ,4 1 4
6 7 ,5 0 6
4 7 ,9 4 3
3 6 ,6 3 0
3 9 ,3 8 4
3 9 ,0 0 8
5 6 .8 2 4
4 1 ,0 7 3
4 2 ,7 8 1

1 0 ,0 6 7
6 ,9 7 1
3 ,4 9 5
0 ,2 1 1
5 ,4 8 8
1 0 ,4 7 3
8 ,3 7 5
5 ,1 4 0
1 3 ,3 3 8
1 4 ,4 9 7

4 4 ,5 9 6
8 3 ,1 4 0
______ 1 1 4 ,0 8 1
______
8 4 ,5 2 1
8 7 7 ,8 1 2
8 3 ,8 5 7
______
6 8 ,1 6 3
______ 1 2 2 ,8 0 6
______
8 9 ,0 0 1
9 6 ,5 3 9

1 ,1 7 6
037
1 ,4 7 8
2 ,6 2 4
1 ,7 1 1
1 2 ,3 5 9
8 ,5 2 8
1 9 ,0 6 7
1 6 ,5 0 5
2 4 ,7 4 4

3 ,3 4 2
1 ,7 8 3
695
1 ,7 3 9
4 ,1 3 5
5 ,2 8 7
4 ,0 6 7
7 ,8 1 6
6 ,4 2 0
4 ,6 8 4

4 ,6 5 8 4 0 ,5 8 0
2 ,4 2 0 6 0 ,0 0 0
2 ,1 7 3 1 1 3 ,3 7 2
4 ,3 6 3 8 0 ,0 3 2
5 ,8 4 0 7 3 ,3 1 3
1 7 ,0 4 6 7 7 ,3 7 4
1 3 ,1 9 5 4 4 ,8 6 2
2 7 ,4 8 3 9 5 ,5 8 8
2 2 ,9 2 5 6 2 ,8 2 5
2 9 ,4 2 8 6 7 ,5 6 2

• T h o c o lu m n o f " A m e r i c a n C o n s u m p t i o n ” I n c lu d e s b u r n t In th e U n i t e d S t a t e s .
N o t e .— Y e a r s p r io r t o 1 9 1 3 -1 4 e n d A u g . 3 1 .

The New Crop.

There is very little, if anything, of a conclusive nature
that can be said of the crop now maturing, that is not already
known. Our “ Acreage Report” issued in late Juno indi­
cated a decrease of 7.45% in the spring planting and, further­
more, that, due to adverse weather conditions, tho plant
was more backward than usual in developing. Tho condition
of the crop on June 25, as officially announced, moreover,
was much below the average for tho date given; in fact, the
lowest on record for tho time of yoar with deterioration from
May 25 very marked in all the leading producing States;
the start, consequently, was far from satisfactory. During
July, actually betweon June 25 and July 25,' tho official
weokly weather bulletins and various private reports de­
noted that deterioration of the crop was continuing, as a
result of oxcessive rainfall in important sections and tho
depredations of tho boll weevil. This was confirmed by
the official pronouncement of August 1 which showed
that tho average condition of cotton for the wholo bolt had
doclino 2.9 points, making the percentage on July 25 only
67.1 of a normal, or 6.5 points below that of tho samo time
in 1918, tho situation being then the poorest at date in our
history. As a part of the roport, and based upon tho average
condition July 25, an average yield of 156.8 lbs. per aero was
forecasted, this pointing to an aggregate crop from tho area
as estimated by tho Department of Agriculture of 11,016,000
balos, not including linters. Since July 25, the weekly
weather bulletins of the Department havo apparently indi­
cated no appreciable change in tho genoral situation so
it is fair to presume that tho report to be issued Sept. 2,
and covering the status of tho crop on August 25, will show
no great variation from that of July 25, and therefore bo
hotter than for the like dato a year ago when condition
was given as 55.7.
With the foregoing before him, and tho subjoined table to
refpr to, the reader should bo able to formulate for himself
_soine idea as to tho crop promise, making duo allowance
as tho season progesses for developments as they may occur.
Tho compilation shows at a glance the area for a series of
years and tho aggregate yield and product per acre (commer­
cial crop), as made up by us, and tho condition percentages
July 25 as reported by the Department of Agriculture:
A rea ,
A cres.
3 8 ,0 4 5 ,0 3 4
1010 20
1 9 1 8 - 1 9 ........... ................4 1 ,1 0 7 ,4 2 9
1 9 1 7 - 1 8 ...........
1 9 1 0 - 1 7 ........................ .3 9 ,5 8 7 ,2 7 1
1 9 1 5 - 1 0 ........................ .3 5 , 1 9 0 ,4 9 3
1 9 1 4 - 1 5 ...........................3 9 ,4 7 7 ,5 0 7
1 9 1 3 - 1 4 ..........
1 9 1 2 - 1 3 ........................... 3 7 ,3 7 7 ,2 7 6
1 9 1 1 - 1 2 ...........................3 7 ,5 8 1 ,0 2 2
1 9 1 0 - 1 1 ______................3 5 ,3 7 9 ,3 5 8
1 9 0 9 - 1 0 ..........
1 9 0 9 - 0 9 ______
1 9 0 7 - 0 8 ...........
1 9 0 6 - 0 7 ______
1 9 0 5 - 0 0 ______
1 9 0 4 - 0 5 ..........

C o m m er cia l C r i p , P r o d u c t p e r A c r e , C o n d itio n ,
B a les .
P ou n d s.
J u ly 2 5 .
* 1 5 0 .8
6 7 .1
1 1 ,6 0 2 ,0 3 4
7 3 .6
137
1 1 ,9 0 8 ,2 9 0
7 0 .3
148
1 2 ,9 7 5 ,5 6 9
7 2 .3
160
1 2 ,9 5 3 ,4 5 0
7 5 .3
180
1 5 ,0 6 7 ,2 4 7
7 0 .4
188
1 4 ,6 0 9 ,9 6 8
7 9 .0
180
1 4 ,1 2 8 ,9 0 2
7 0 .5
180
8 9 .1
1 6 .0 4 3 ,3 1 6
209
1 2 ,1 3 2 ,3 3 2
7 5 .5
168
1 0 ,6 5 0 ,9 0 1
7 1 .9
153
1 3 ,8 2 8 ,8 4 0
8 3 .0
203
1 1 ,5 8 1 ,8 2 9
170
7 5 .0
1 3 ,5 5 0 ,7 6 0
8 2 .9
211
7 4 .9
1 1 ,3 1 9 ,8 6 0
192
1 3 ,5 5 0 .8 4 1
9 1 .6
207

♦ A g r ic u lt u r a l D e p a r t m e n t J u ly 2 5 e s t im a t e n o t I n c lu d in g li n t e r s .

It is necessary to state in connection with tho foregoing
data, that tho yield per acre for 1914-15, 1915-16, 1916-17,
as figured upon tho ‘‘Commercial Crops”—tho amounts
actually marketed during tho period Aug. 1 to July 31—
does not correctly represent tho truo results for tho reason
that a considerable amount of cotton was hold back in
1914,15 and most of it came forward in tho two later seasons.
Consequently 208 pounds per acre would bo more nearly




Movement of Cotton at Interior Towns.
Year ending July 31
TOWNS.

Receipts.

Ship’tS.

Year ending July 3 1

1919.

Stocks.

Receipts.

Ship'ls.

1918.

Stocks.

5 ,0 0 4
4 ,0 8 7
5 4 ,9 1 0
6 6 ,3 2 0
4 9 ,6 2 0
5 7 ,5 4 8
4 1 ,3 7 4
4 1 ,1 2 0
1 7 2 ,9 0 9
1 7 6 ,8 3 8
1 3 1 ,1 1 0
1 2 7 ,0 4 9
1 0 ,0 6 2
1 0 ,6 0 0
1 5 7 ,1 9 9
1 6 4 ,1 9 5
2 5 6 ,2 1 2
2 5 9 ,3 4 1
4 6 0 ,6 7 9
3 8 7 ,5 3 8
5 6 ,7 8 6
7 0 ,8 5 3
2 3 2 ,1 2 5
2 5 5 ,2 8 6
5 6 ,1 4 7
5 3 ,6 9 6
1 1 1 ,2 8 1
1 3 6 ,9 2 8
1 9 ,3 5 6
2 0 ,6 2 1
1 5 3 ,2 5 7
1 4 3 ,6 3 3
1 3 8 ,7 5 1
1 5 0 ,2 7 9
4 0 ,7 7 0
4 4 ,0 7 9
4 5 ,4 6 4
4 9 ,1 2 1
3 7 ,2 7 5
3 6 ,8 5 0
4 7 ,2 9 6
3 9 ,8 6 3
6 0 6 ,6 5 1
6 0 9 ,0 3 5
6 5 ,5 8 4
6 1 ,9 6 3
1 2 ,0 0 0
1 1 ,9 5 7
1 2 9 ,4 4 8
1 4 0 ,0 7 5
5 ,6 6 4
5 ,8 3 2
5 0 ,5 8 3
4 7 ,4 5 7
2 7 ,4 0 4
2 7 ,4 0 3
4 1 ,0 6 4
4 1 ,1 0 2
1 0 5 ,4 9 1
1 1 7 ,5 7 0
1 4 ,6 6 4
1 3 ,0 4 7
9 3 0 ,6 7 9 1 ,0 7 3 ,3 3 8
1 1 ,8 5 4
1 2 ,1 7 1
7 ,2 9 8
7 ,2 3 5
1 7 ,6 4 4
li h 8 5 6
4 9 ,2 5 3
5 0 ,6 9 0
9 2 ,8 2 4
9 6 ,0 6 0
3 2 ,1 3 7
3 1 ,3 4 2
2 ,0 0 3 ,8 6 3 1 ,9 4 3 ,0 3 5
1 3 4 ,9 0 3
1 3 4 ,8 4 0
4 0 ,0 4 4
4 0 .6 8 9

1 ,9 7 8
4 ,4 9 3
4 ,4 5 5
1 5 ,9 0 2
4 9 ,2 5 5
5 9 ,6 3 3
3 4 ,5 6 2
8 ,3 6 2
3 3 ,8 3 1
4 7 ,8 2 3
4 6 ,1 9 5
1 ,7 8 7
2 3 4 ,6 4 4
1 9 ,9 7 7
2 3 8 ,8 0 8
1 4 ,7 5 8
1 5 0 ,1 4 6
1 3 9 ,0 3 0
2 ,2 1 6
1 2 ,3 5 0
1 1 ,3 4 4
1 9 ,9 2 6
1 2 6 ,9 2 2
1 1 8 ,6 1 8
2 4 ,0 8 4
3 3 7 ,7 6 9
3 4 0 ,9 7 2
4 3 9 ,2 9 4
1 2 7 ,8 9 7
4 1 0 ,1 6 2
6 0 ,6 2 7
6 0 ,3 9 0
1 7 ,6 8 7
1 7 0 ,1 1 4
1 6 8 ,2 6 8
3 1 ,5 6 1
5 7 ,7 0 5
5 4 ,9 1 6
7 ,8 8 2
1 9 3 ,5 1 2
1 9 9 ,2 1 3
3 7 ,3 4 0
1 0 ,1 3 3
1 0 ,5 6 0
1 ,5 6 9
1 0 5 ,2 1 5
9 2 ,4 3 0
7 ,8 7 6
1 1 6 ,5 1 2
9 ,1 0 6
1 3 1 ,2 6 3
3 6 ,4 7 4
8 ,6 0 9
3 6 ,0 5 9
6 ,0 3 1
5 1 ,2 9 7
5 1 ,1 3 7
2 8 ,5 0 4
2 ,4 3 1
2 9 ,8 9 8
3 9 ,0 9 9
3 2 ,0 5 3
1 ,1 3 8
1 1 ,3 1 1 1 ,2 0 0 ,1 3 8 1 ,1 9 5 ,7 9 6
6 3 ,4 5 2
5 6 ,8 7 5
5 ,5 7 9
1 1 ,2 5 3
27
1 1 ,2 9 1
1 5 3 ,5 4 5
1 5 7 ,0 8 8
2 5 ,0 0 0
1 7 ,2 2 9
1 5 .8 3 1
1 ,7 7 4
6 8 ,2 5 2
7 2 ,6 6 5
3 5 ,3 4 2
3 5 ,3 6 2
37
4 4 ,3 8 8
4 4 ,0 0 7
838
1 4 1 ,3 1 2
1 4 4 ,9 9 3
2 5 ,4 6 9
1 1 ,0 9 6
1 3 ,5 9 1
6 ,1 3 2
1 6 9 ,9 3 0 1 ,4 2 2 ,2 3 4 1 ,2 5 8 ,9 4 2
8 .2 1 2
8 ,2 6 1
601
2 6 ,9 9 2
2 7 ,0 3 9
2 1 ,2 6 3
2 0 ,5 5 9
2 ,9 7 5
5 3 ,5 5 5
1 ,4 8 0
5 3 ,4 1 8
1 3 4 ,3 5 3
1 3 2 .9 3 2
7 ,9 3 6
6 2 ,0 3 2
6 0 ,8 9 9
338
1 4 7 ,7 9 1 1 ,9 3 1 ,5 9 6 1 ,8 6 8 ,1 3 6
1 0 3 ,6 8 1
2 ,8 2 9
1 0 6 ,4 4 7
2 7 ,9 5 3
2 8 ,2 0 7
907

1 ,0 6 1
4 ,4 9 2
434
1 ,5 3 3
1 6 ,0 4 8
1 8 ,8 1 9
1 ,6 7 8
1 2 ,9 3 0
2 0 ,9 5 5
5 4 ,7 5 6
3 ,6 2 0
8 ,4 0 0
5 ,4 3 1
1 1 ,6 9 3
304
1 7 ,5 0 0
2 0 ,6 3 4
5 ,3 0 0
2 ,3 7 4
2 ,0 0 6
8 ,5 7 1
1 3 ,6 9 5
9 ,2 0 0
70
1 4 ,3 7 3
16 8
4 ,9 0 0
38
800
1 3 ,3 9 0
4 .5 1 5
3 1 2 ,5 8 9
284
63
769
43
4,70(1
1 ,1 3 3
8 6 ,9 6 3
2 ,7 6 6
262

T o t a l , 41 t o w n s ________ 6 ,7 6 3 .4 9 3 6 ,6 7 3 ,6 8 2

7 7 9 ,0 7 1 7 ,8 8 0 .1 6 0 7 ,5 4 5 .8 4 2

6 8 9 ,2 6 0

A la b a m a , E u f a u l a . . .
M o n t g o m e r y ________
S e l m a ________________
A r k a n s a s , H e l e n a _____
L it t l e R o c k _________
P in e B l u f f ...................
G e o r g i a , A l b a n y ______
A t h e n s _______________
A t l a n t a _______________
A u g u s t a _____________
C o l u m b u s ____________
M a c o n _______________
R o m e ________________
L o u is ia n a , S h r e v e p o r t
M is s is s i p p i, C o lu m b u s
C la r k s d a lc __________
G r e e n w o o d __________
M e r i d i a n ____________
N a t c h e z _____________
V ic k s b u r g ____________
Y a z o o C i t y ................
M is s o u r i, S t . L o u i s ___
N . C . t G r e e n s b o r o ___
R a l e i g h . . ......................
O h i o , C i n c i n n a t i ______
O k la h o m a , A r d m o r e ..
C h l c k a s h a ...................
H u g o ................................
O k l a h o m a __________
S o . C a r o , G r e e n v ille ..
G r e e n w o o d ...... ............
T e n n e s se e , M e m p h is .
N a s h v i l l e ____________
B r e i i h a m ____________
C l a r k s v i l l e __________
D a l l a s ________________
H o n e y G r o v e ..............
H o u s t o n _____________
P a r i s . .............................
S a n A n t o n i o _________

Prices of Cotton and Cotton Goods.

To complete the record we subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
years. We begin by showing the highest and lowest quota­
tions for 64 squares 28-inch printing cloths at Fall River in
each of tho last twenty-six seasons—1893-94 to 1918-19
inclusive. Data for earlier years will be found in previous
issues of this report.
H ig h .

H ig h .

L ow .

Cts. Cts.
1918-19. ...1 3 .0 0 6.75
1917-18. ...1 4 .0 0 7.25
1916-17. . . . 8.00 4.25
1915-16. . . . 4.25 3.25
1914-15. - - . 3.50 2.88
1913-14. . . . 4.00 3.62
1912-13.
4 06 3.75
1911-12. - - . 4.00 3.12
3.88 3.62
1910-11-

1909-10. . . .
1908-09. . . .
1907-08. - - 1906-07. . . .
1905-06- . . .
1904-05- - . 1903-04.
1902-03- - . 1901-02. . - -

H ig h

L ow .

Cts. Cts.
4.25 3.62
3.62 3.00
5.25 3.00
5.25 3.38
3.81 3.37
3.50 2.62
4.12 3.00
3.37 3.00
3.25 2.37

1900-01.-. .
1899-00... .
1898-99... .
18 97-98-- .
1896-97. - .
1895-96-.. .
1894-95-.- .
1893-94.— .

Cts.
3.25
3.50
2.75
2.62
2.62
3.06
2.88
3.00

Low.
Cts.
2.37
2.75
1.94
1.94
2.44
2.44
2.50
2.61

From tho foregoing it will be observed that printing cloths
ruled higher in 1918-19 than in any preceding year included
in the compilation only excepting 1917-18 and the same is
truo of any period in the history of the country. At tho
same time the average price of cotton exceeded that of any
season sinco 1866-67.
The raw material opened the season at a higher level of
valuo than at the beginning of any preceding cotton year
since 1869. The opening quotation, however, was not near
tho high of the season, later developments carrying the
price to the highest level in over 50 years. Specifically
after middling uplands had risen to 38.20c. on Sept. 3, the
liighest lovol attained since Nov. 2 1866, thore was a drop
of over 13 cents, or to 25c. on Feb. 8. Thereafter, although
there were wide fluctuations up or down from time to time
the trend was quite generally upward until 36.60c. was
roachod on July 14, weather reports after tho opening of the
planting season being tho prime factor. The Department of
Agriculture’s estimate of production, issued in December,
confirming short crop ideas, and the Census Bureau’s
final ginning statement, which tended to strengthen that
feeling, were of less than usual influence with prices already
so high.
At New York the quotation for middling uplands Aug. 1
1918 was 29.70c. this being an advance of 60 pointr over
the July close, the rise following the announcement of the
Department of Agriculture’s report on condition July 25,

862

THE CHRONICLE

which showed a greater deterioration in the plant during the
previous month than ever before recorded in that particular
poriod and leaving the status of the crop at date but little
higher than in 1917 when it was tho lowest in fully half a
century. The trend of values was quite steadily upward
thereafter during August, and at times very decidedly so,
on reports of further damage by drought in the Southwest
and on the 28th tho ruling quotation was 37.30c. tho highest
level attained since Nov. 2 I860. The market then eased
off a little and the close of tho month was 36.50c. Tho
Department of Agriculture report on condition Aug. 25,
issued on Sept. 3, and showing a very decided deterioration
in the status of the plant duz'ing the preceding month, as a
result of drought in important producing localities, led to a
sharp advance in prices on that day, middling uplands touch­
ing 38.20c. or 90 points above the high level attained in
August. Subsequently there was a gradual, though not
uninterrupted, decline to the 21st, when the ruling quota­
tion was 32.65c., but a recovery followed that carried the
prices up to 34.95c. at the close. Price fluctuations were
frequent in October and tho general trend was downward
on generally favorable weather and absence of killing frosts
which fostered expectations of a bettor top crop in many
localities and a consequent more or less material increase
in yield. From the September close the quotation for mid­
dling uplands dropped to34.30c. on 1st, was up to 34.45c.
on the 2nd , but declined to 32.05c. by tho 9th. Rocovory
to 32.85c. occurred by tho 18th, but again prices foil off
and the 22nd found tho quotation at 32c. From that level
there was a rise to 32.40c. by the 26th, but thereafter the
quotation fell away steadily to tho close, which was at
30.20c. During November a further decline was witnessed,
tho quotation for middling uplands on tho 13th having been
tho lowest since May 24th with tho close nearly 3 cents under
the prico ruling at tho corresponding date in 1917. After
opening at 29.05c, or 1.15c., below the October final, mid­
dling uplands roso steadily until 31.60c was reached on the
6th and held fairly steady around that figure until after the
signing of the Armistice with Germany when (on the 13th)
there was a decline to 27.75c. By the 22nd, however, tho
prico was up to 30.50c. but tho markot tuimod downward
again, dropping to 28.10c on tho 30th. An important
incident of tho month was tho action of tho Committee of
Cotton Distribution of tho War Industries Board in pro­
hibiting speculative short selling on the New York and New
Orloans Cotton Exchanges. Developments in December
tended to advance prices even though the announcement of
the Department of Agriculture’s estimate of the crop, indi­
cating a little greater yield than quite generally anticipated,
was a momentarily weakening factor. Middling uplands
opened the month at 27.50c. or 60 points under tho final
quotation for November, advancing to 29.75c. by tho 6tli
but receding to 28.55 in tho course of tho next fivo days.
At that point tho market turned upward, however, and on
the 28th ruled at 33c. A drop of 70 points on the 30th
was partially recovered on the last day of tho month, tho
close having been at 32.60c. or 85 points higher than on tho
same date in 1917.
At the oponing of tho calendar yoar 1919 middling
uplands ruled at 32.40c., or 20 points under the December
close, and tho general trend of prices thereafter was generally
downward—decidedly so at times—the slacking up in con­
sumption in tho United States and labor unrest hero and
abroad having been not inconsequontal influences in tho situ­
ation. A partial recovery, however, was to be noted toward
tho close, but the not result for the month of January was
a declino of 565 points. Starting off at 32.40c. middling
uplands dropped to 31.60c. by the 7th, recovered to 31.85c.
on tho 9th and after boing down to 30.85c. on tho 11th tho
price advanced to 31.70c. on tho 13th. Subsequently tho
trend was quite steadily downward until 25.60c. was reached
on tho 23rd, and although there was a recovery to 27.95c.
by the 28th, tho close was 100 points lower at 26.95c. There
was no special feature to the market in February although
tho persistent talk that strong efforts would bo made to bring
about a radical reduction in tho spring planting served to
check any pronounced declining tendency. Middling up­
lands oponed tho month at 26.75c., or 20 points under tho
January close, moved up to 27.85c. on the 3rd but was
down to 25c., tho low of the month, by the 8th. From that
level there was an uninterrupted advance until 27.20c. was
reached on the 17th. Thereafter, however, the trend was
downward with tho close at 26c. Tho market for cotton
moved upward during March under the influence of what
were considered to be favoring developments and at tho
close ruled 2.30c. lii^hor than at the end of February. Tho
most potent factor in tho advanco was the conviction that
the signing of the peace treaty was not far off and that with
that goal reached there would bo the possibility of the re­
sumption. of exports to countries long barred from trading
with us. A strengthening element, moreover, was the
passage on tho 3rd of a rider to the wheat bill forbidding
tho delivery of a number of tho lower grades on contracts;
opening at 26.10c., middling uplands advanced with no
important setback until 28.70c. was reached on tho 17th.
From that level there was a declino to 27.40c. by tho 26th,
but part of tho loss was recovered later and tho close was at
28.30c. Developments during April woro of a naturo to
stimulate a further moderate rise in tho valuo of cotton.
Tho now cotton contract was one element, but'thoso of more
importance was a growing conviction that tho signing of




[V ol . 109.

the peaco treaty was imminent and an improvement in tho
demand for goods. Oponing at 28.65c., or 30 points above
the final March quotation, middling uplands advanced to
29.25c. by tho 5th, eased off to 28.30c. by the 16th, but
thereafter tho trend was quite generally upward until 29.65c.
was reached on the 29th. The close, however, was 50 points,
down, at 29.15c. The tendency of the market in May was
upward under the influence of crop advices and tho active
business in tho goods trade. Middling uplands started off
at 29.40c., an advance of 25 points over the April close, and
after dropping to 28.75c. by the 8th, moved up to 34c. by
the 26th, and the final quotation of the month was 33.15c.
The market during June was largely under the influence of
weather news from tho South, and as that on the whole
covered reports of too much rain and a consequent greasy
condition of the crop, the tendency of prices was upwards.
At first, however, there was a downward turn, the quotation
for middling uplands dropping from 32.80c. at tho opening
of the month to 30.35e. on the 6th. From that level there
was a rise to 32.95c. by the 12th, a recession to 32.50c. on
the 17th, a quick recovery to 33.60c. on the 19th and an easing
off to 33.15c. on tho 20th. Advancing steadily thereafter,
the price stood at 34.95c. on tho 26th, but by tho 28th was
down to 34.35c. Tho close, however, was at 34.90c. July
opened with the Agricultux'al Department’s report on
acreage and condition a factor, and its announcement on
tho 2nd, showing a status of tho crop about as expected, bxxt
a decrease in area less than anticipated, was followed by a
moderate decline in prices, middling uplands, which had
ruled at 34.15c. on tho 1st, dropping to 33.40c. From that
'level, however, there was a steady advance on unfavorable
crop reports, that carried the quotation up to 36.60c. by
tho 14th. Subsequently tho coux’se of the market was
downward in tho main, with the closo at 34.20c. The opening
price of middling uplands at New York for tho season was
29.70c., tho lowest quotatioxx was 25c. (Fob. 8), the highest
was 38.20e. (Sept. 3), and the closo 34.20c., with tho average
for the twelve months 31.04c. To indicate how the prices
for 1918-19 comparo with those for earlier yeai’s, wo have
compiled from our records tho following, which shows the
highest, lowest and average prices of middling uplands in
the New York market for each season.
H ig h .
c.
1 9 1 8 -1 9 ...
1 9 1 7 -1 8 ...
1 9 1 6 -1 7 ...
1 9 1 5 -1 0 ...
1 9 1 4 -1 5 ...
1 9 1 3 -1 4 ...
1 9 1 2 -1 3 ...
1 9 1 1 -1 2 ...
1 9 1 0 -1 1 ...
1 9 0 9 -1 0 ...
1 9 0 3 -0 9 ...
1 9 0 7 -0 8 ...
1 9 0 6 -0 7 ...
1 9 0 5 -0 6 ...
1 9 0 4 -0 5 ...
1 9 0 3 -0 4 ...

..3 6 .0 0
..2 7 .6 5
..1 3 .4 5
..1 0 .6 0
..1 4 .5 0
..1 3 .4 0
-.1 3 .4 0
..1 9 .7 5
..1 0 .4 5
..1 3 .1 5
..1 3 .5 5
..1 3 .5 0
..1 2 .6 0
..1 1 .6 5
-.1 7 .2 5

L ow .
c.
2 5 .0 0
2 1 .2 0
1 3 .3 5
9 .2 0
7 .2 5
1 1 .9 0
1 0 .7 5
9 .2 0
1 2 .3 0
1 2 .4 0
9 .0 0
9 .9 0
9 .6 0
9 .8 5
6 .S 5
9 .5 0

A vera ge.
c.
3 1 .0 4
2 9 .6 5
1 9 .1 2
1 1 .9 8
8 .9 7
1 3 .3 0
1 2 .3 0
1 0 .8 3
1 5 .5 0
1 5 .3 7
1 0 .4 2
1 1 .3 0
1 1 .4 8
1 1 .2 0
9 .1 3
1 2 .5 8

1 9 0 2 -0 3 .
1 9 0 1 -0 2 .
1 9 0 0 -0 1 .
1899 0 0 .
1 8 9 8 -9 9 .
1 8 9 7 -9 8 .
1 8 9 6 -9 7 .
1 8 9 .5 -9 0 .
ISO 1 - 9 5 .
1 8 9 3 -9 4 .
1 8 9 2 -9 3 .
1 8 9 1 -9 2 .
1 8 9 0 -9 1 .
1 8 8 9 -9 0 .
1 8 8 8 -8 9 .
1 8 8 7 -8 8 .

/ / lo ll.
C.
______ 1 3 .5 0
........... 97,
........... 12
____ 1O il
........ O.’ s
........... 8l.i
........... 87S
........ 9*8
----------7*8
----------8 >/,
........... 8 %
........... 1211
i
----------11 *A
______ 11

L ow .
c.
8 .3 0
7%
8 If,
61,
5%
6%
7\<»
7 I f,
5 » f,
6%
6%
8

A terage.
c.
1 0 .2 6
9 jf,
9U
9 ls
O ff,
6%
7%
81.8
6%
7%
8 J f«
7*4
9?8

9*8
9%

lO J f ,
1 0 J f.

loq

........ m

U ‘X»

In the following wo present a statement of tho year’s ex­
ports from each port, showing directioix shipments havetaken. It has been quite difficult to get at details by
reports from northern districts this yoar, but the totals by
countries are believed to bo correct. Similar statements
have been given in all provious roviows, and a comparison
as to the extent of the total movement at each port can be
made with back years.
G a lveston .
N ew
a
O rle a n s .
L iv e r p o o l _____
M a n c h e s t e r ...

F a l m o u t h _____
H a v r e _________
M a r s e ill e s _____
R o t t e r d a m ___

C openhagen. .
C h r is t ia n i a ____
G oth en b u rg . .

B a r c e l o n a _____

6 9 6 ,2 3 4
2 4 3 ,6 4 5
500

198*,800

1 5 ,4 8 6
4 7 ,1 0 2
1 8 ,6 3 4
1 0 ,0 3 6
4 ,1 5 0
6 7 ,1 7 2

2 0 7 ,2 2 2
1 ,0 0 0
6 6 ,9 1 3
2 8 ,0 8 9

P o r t B a r r io s ..
C o l o m b i a _____
P h il ip p i n e s ___

..............

W llm ’ lo n

N or­
fo lk .

N ew
Y ork .

6 4 7 ,1 0 4 4 5 4 ,6 9 0 1 5 ,1 1 0 5 9 ,0 6 2 3 0 0 ,6 5 6
8 ,7 9 7 1 3 ,9 5 3
1 ,5 0 0
224
2 ,4 8 7
9 ,3 1 1
2 8 1 ,4 0 6 2 0 1 ,3 2 0 8 ,2 1 6
31 5 7 ,6 1 9
1 ,8 1 1
2 2 /5 6 1
440
1 5 ,4 1 8
5 ,4 0 0
4 0 ,9 9 9
1 2 ,2 1 0
1 1 .5 S 6
1 4 ,7 8 4
2 ,5 3 6
1 0 ,4 3 4
2 ,1 2 8
1 7 ,0 7 1
3 ,3 0 0
400
1 6 ,6 2 7
4 5 ,0 2 3
0 ,1 7 5
3 4 ,2 0 6
2 0 8 ,6 5 5 1 4 1 ,7 6 4 4 0 ,5 0 5

F ren ch W . I . .
H ong K o n g ...
430
3 2 ,8 0 0

S a va n ­
n a h .A

360
2 9 ,5 8 5
2 ,5 0 0
50
202
1 ,3 2 4
*
500

1 5 2 ,8 4 4
3 ,7 6 6
900
1

O llier
P o r ts .

T o t a l.

1 7 3 ,6 4 0 1 ,3 4 6 ,3 9 6
1,151
2 6 9 ,0 4 6
724
2 ,4 8 7
9 ,3 1 1
6 ,5 7 6
763?067
1 ,8 1 1
2 3 ,3 4
1 ,1 0 0
7 8 ,4 0 3
174
7 1 ,0 7 2
3 3 ,4 1 8
1 2 ,5 7 2
550
1 5 ,1 3 4
1 ,0 0 0
8 7 ,3 7 1
3 ,3 0 0
150
1 7 ,1 7 7
1 ,1 2 3
2 9 3 ,7 4 9

1,000

400

8
200
7 1 3 ,1 0 5
7 ,7 7 6
80
3

800
1 9 5 ,5 9 7

6 1 1 ,0 8 1
3 1 ,8 5 5
900

1
8

990
7 7 5 ,4 9 0
1 0 ,2 7 6
130
205
1 ,3 2 4
500

800

1 9 5 ,5 9 7

’ T o t a l .............. 1 ,6 3 8 ,2 1 3 'l , 2 9 1 ,4 8 7 * 8 3 9 ,8 9 7 !6 3 ,8 3 0 5 9 ,0 9 3 6 5 3 ,6 6 9 1 ,1 0 3 ,2 5 0
a I n c lu d e s f r o m T e x a s C i t y t o L iv e r p o o l , 2 8 ,8 4 1 b a le s ; t o H o v r o , 1 8 ,8 3 5 b a le s ; t o
G e n o a , 1 5 ,8 0 0 b a le s ; f r o m I ’o r t N o g a lo z t o M e x i c o , 4 3 0 b a le s ,
d I n c lu d e s f r o m B r u n s w ic k t o L iv e r p o o l . 1 2 1 ,2 1 4 b a le s .
k " O t h e r P o r t s " I n c lu d e f r o m J a c k s o n v i lle t o L iv e r p o o l , 9 ,9 2 2 b a le s ; f r o m
M o b i l e t o L iv e r p o o l , 8 6 ,9 4 5 b a le s ; fr o m C h a r le s t o n t o L iv e r p o o l , 1 2 ,8 6 9 b a le s ;
l l a v r o , 1 ,0 0 0 b a le s ; B a r c e lo n a , 5 2 3 b a le s ; G e n o a , 4 0 0 b a le s .
F ro m B o sto n
t o L iv e r p o o l , 3 0 ,0 2 4 b a le s ; t o M a n c h e s t e r , 1 ,1 5 1 b a le s ; t o H a v r e , 5 ,5 7 6 b a le s ;
a n d t o C a n a d a , 2 ,0 0 3 b a le s .
F rom
B a lt i m o r e t o
L iv e r p o o l ,
1 3 ,0 5 5
b a le s ;
t o R o t t e r d a m , 1 ,0 0 0 b a le s .
F r o m P h il a d e l p h i a t o L iv e r p o o l , 2 0 ,7 2 5 b a le s ;
t o B e lg iu m , 174 b a le s ; t o
N orw ay,
550
b a le s ;
to
R o tte rd a m ,
1 0 0 b a le s ;
t o S w e d e n , 1 ,0 0 0 b a le s ; t o P o r t u g a l , 1 5 0 b a le s ; a n d t o S p a in , 6 0 0 b a le s .
F rom
S a n F r a n c is c o t o J a p a n , 1 1 7 ,1 9 2 b a le s ; t o C h in a , 5 ,8 2 9 b a le s ; t o P h il ip p i n e s , 8 0 0
b a le s ; t o M e x i c o , 2 0 0 b a le s ; a n d t o H o n g K o n g , 8 b a le s ; f r o m W a s h in g t o n D i s t r i c t
t o J a p a n , 5 9 5 ,9 1 3 b a le s ; t o C h in a , 1 ,9 4 7 b a le s ; a n d t o C a n a d a , 1 ,3 8 5 b a le s .
F rom
D e t r o i t , A c . , — B o r d e r p o r t s — t o C a n a d a , 1 9 2 ,2 0 9 b a le s .

Aue. 30 1919.]

THE CHRONICLE

T H E E N G L IS H GOLD A N D

S IL V E R M A R K E T S .

W e reprint the follow ing from the w eekly circular of
Sam uel M o n ta g u & C o . of L on d on , w ritten under date of
J u ly 31 1919:
gold:
Tlio Bank o f England gold reservo against its note issue is £86.231.285
a slight increaso o f £33.180 as compared with last week’s return. During
tho week gold to tho valuo o f $11,302,000 has been shipped or engaged for
shipment from the United States of America. Of this amount $2,303,000
is for South America and Mexico. $401,000 for France and England and
$8,598,000 for China and Japan.
SILVER.
Owing to the continued scarcity o f stocks, spot silver has continued in
good demand and a premium has been maintained. Tho price has risen
considerably and has carried with it the price for forward delivery.
IN D IA N CU RREN CY RETURNS.
In Lacs of Rupees—
....ly .7.
July 15.
July 22
Notes in circulation____________________ 16212
16242
16390
16654
Silver coin and bullion in India ...............4410
•1410
4553
4922
Silver coin and bullion out o f India______ 200
200
200
Gold coin and bullion in In d ia ____________1774
1774
17-79
1874
Gold coin and bullion out o f India_______ _____
Securities (Indian Government)__________ 1608
1608
1608
Securities (British Government)_________ 8250
8250
8250
Tho coinago during the week ending 22d inst. amounted to 122 lacs
o f rupoes. Tho proportion o f tho metallic reserves (gold and silver com­
bined) to tho total note issue was 40.8% on the 22d inst. This compares
with 31.2% , tho low figure reached about a year ago. namely July 7 1918.
When considered from tho point o f viow o f sizo— not percentage— tho im­
provement is much more apparent, for the combined metallic holding on
July 22 1919 consisted o f 6,796 lacs as compared with 3.615 on July 7 1918’
The silver holdings, which at the present time are really tho more important,
compare still moro favorably— namely 4.922 lacs as against 1,481 lacs, an
incroaso of no less than 239%. When we remomber that a largo portion
of tho noto issuo is held by tho banks and therefore necessarily immobilized
so far as encashment is concerned the fact is certainly reassuring. Tho
groat premium upon gold (about 25%) which has ruled in the Indian
bazaars would seem to indicate that a sale in tho open market of somo portion
of tho gold holding (1.874 lacs, or at Rs. 15 to tho pound sterling, £12,490.­
000) would bo desirable. If such a transaction wero effected on condition
that payment was mado, not in notes but in silver rupees, considerable
profit would accrue to tho reserves, and tho need for acquiring silver for
coinago— which has so pressed upon tho Indian Government— would be
correspondingly lessened. On tho 26th inst. over 2,000,000 ounces of silver
wero shipped to China and Japan from San Francisco. Tho stock in Shang­
hai on tho 26th inst. consisted o f about 16.550,000 ounces in syceo and
$ 1 2 ,2 0 0 ,0 0 0 . as compared with about 17.850,000 ounces in syceo and
$12,200,000 on tho 19th inst. Tho Shanghai oxchango is quotod at 5s. 6 d.
tho tael. Quotations for bar silver per ounce standard:
Cash.
Two Mos.
Cash.
Two Mos.
July 25............55 1-lfld. 54Kd.
July 31..........55 9-16d. 55Kd.
July 26............55 l-16d. 54K<1.
Average.........55.239d. 55.031d.
July 28----------55 3-10d. 55d.
Bank rate_____________________ 5 %
65 l-16d.
July 29...........55 'Ad .
Bar gold, per oz. standard..77s. 9d.
July 30----------55 5-16d. 5 5 ^ d .
Tho quotations to-day for cash and forward delivery are ll-16d. and K(l.
respectively above those fixed a week ago.

863

C o m m e r c ia l a n d B X isc e lla u c o n s g le m s
A u c t i o n S a le s . — A m o n g other securities, the follow ing,
not usually dealt in at the Stock E xch an ge , wero recently sold
a t auction in N e w Y o r k , B oston and P hiladelphia:
B y M essrs. A drian H . M u lle r & Sons, N e w Y o r k :

Shares. Slocks.
20
60
12
1,100

per sh. Bonds.

$
Chat. & Phen. Nat. B a n k ...310
$342,500 Garden City Sugar & Land
J. Rummcll Company____$25 lot
income 6s, 1939______________ $250 lot
First Nat. Bank of N . Y ____1009 $15,000 Coast & Lakes Contracting
Un. N . J. R R. & Canal_____ 185)4
6% notes......... ........................... $150 lot

B y M essrs. R . L . D a y & C o ., B o ston :

Shares. Stocks.

per sh. Shares. Stocks.

$
National Shawmut Bank............ 257)4
Citizens National Bank_________ 152)4
Roxbury Trust Co.......................120
Wamsutta Mills............................. 147)4
Hill Manufacturing.................102-103)4
Canadian Conn. Cotton Mills,
common.......................... .......... 85
2 Newmarket Manufacturing____165)4
23 Naumkeag Steam Cotton______ 201)4
10
25
67
10
19
5

persh•

$
15 Nashawena M i l l s ........ .......... 160
22 Lowell Bleachery rights.......... 16
15 Tidewater Portland Cement___ 50c.
30 Montpelier & Barre Light & Pow.
preferred__________________ 65
6 Montp. & Barre L. & P ., com_ 5
4 Boston Wharf
.................... .. 87)4
20 Hood Rubber, preferred_______ 104J4
8 Arcadia Mills.......................... 120

B y M e ssrs. W ise , H o b b s & A rn o ld , B o ston :

Shares. Stocks.

$per sh.'Bonds.

14 Aetna Mills, common.....................150
50 U . S. Worsted, 2d pref_________ 52
3 Continental Mills_______________ 95
8 Greenfield Tap & Die, pref......... 96K
15 Robertson Paper, pref., $50 each 50

Per cent.

$7,000 Sierra & San Fran. Power
2d 5s, 1949, Series B .................... 48 flat
60.000 rubles Russian Govt. 5)4s,
War Loan of 1916________ $4,100 lot
9.000 rubles Russian Govt. 5)4s,
War Loan of 1915.........................$550 lot

B y M essrs. Barnes & L oflan d , P hiladelphia:

Shares. Stocks.

per sh. Shares. Slocks.

per sh.

S
$
Kentucky Oil & Refg., $5 each. 1
5
Guarantee Trust, Atlantic City 215
Land Title & Trust............. ...5 0 0
10 Victory Insur. of Phila., $50 ea.
Quaker City Natl. B ank..126-130)4
Paid $40, to be paid $60..55-55)4
Commercial T r u s t.................... 276)4 10 Peoples Nat. Fire Ins., $25 each 19
Rights to subscribe to Comml.
4 American Pipe & Construction. 12
Trust Co. at $200________ 77)4-78
7 Commonwealth T . I. & T _____ 233)4
20 Mutual Trust Co., $50 e a c h ... 48
$1,000 Standard Gas
Elec. corn-.
5 Chelten Trust-________________ 140
6s, 1926.............................................. 91)4

100
2
15
3
328

Bonds.

&

Percent.

C a n a d ia n B a n k C le a r in g s .— T h e clearings for the week
ending A u g . 21 a t C anadian cities, in com parison w ith the
sam e w eek in 1 9 1 8 , show an increase in the aggregate of
2 4 .4 % .

Weekending August 2 1 .

"»1CUl J/OUi-1919.

1918.

Inc. or
Dec.

1917.

1916.

Canada —
$
$
S
S
%
Montreal............................. 108,785,870 86,242.875 + 26.1 81,605,865 65,012,557
Toronto_________________ 77,641,996 60,090,553 + 29.2 55,081,600 42,552,746
AVlnnlpeg......... ................... 33,110,928 29,572,998 + 12.0 32,786,614 42,687,077
Vancouver________ _____ 13,205,12$ 11,0S0,957 + 19.2
9,284,051 6,550,000
Ottawa...............................
8,345,944 5,916,354 + 41.1 5,261,137 4,323,028
Quebec.................................
5,315,871 4,700,951 + 13.1 4,265,972 3,482,488
Halifax......... .......................
4,164,290 4,193,246 —0.7 2,978,335 1,968,809
Hamilton......... ...... ............
5,802,859 5,885,460 — 1.6 4,439,033 3,436,455
St. John________________
3,289,607 2,344,480 +40.3
1,851,867 1,854,017
Calgary ..............................
6,350,863 5,394,057 + 17.7 6,420,286 3,866,753
London...............................
3,025,577 2,209,597 +36.9 1,953,662 1,658,295
Victoria_________________
2,443,721 2,098,174 + 16.4 1,625,920 1,524,656
Edmonton______________
4,849,398 3,025,193 + 60.3 2,294,963 1,851,183
Regina............. .............
3,600,788 2,955,612 + 21.8 2,670,539 2,395,876
Brandon................ ........
650,088
549,746 + 18.2
561,844
507,960
Saskatoon___ _________
2,045,687 1,456,605 +40.4 1,503,994 1,224,057
Moose Jaw____ ____ _
1,484,232 1,335,506 + 11.2 1,057,409
898,883
Lethbridge..........................
679,614
703,597 — 3.4
983,117
620,317
Brantford______________
1,097,000
875,815 + 25.2
708,890
551,645
Fort AVilliam.................
810,791
581,121 + 39.5
646,338
535,423
New AVestminster.........
617,614
413,802 +49.3
391,149
330,096
Medicine H at ............. .
438,882
477,697 —8.2
443,846
336,421
Peterborough____ ____
749,692
604,953 +23.9
518,697
625,115
Sherbrooke ....................
1,033,474
945,776 + 9.3
527,944
597,950
Kitchener ......................
862,451
582,261 + 48.1
528,578
426,905
AA’ indsor______ _____
2,269,462 1,155,102 +96.5
Prince A lb e r t ... ______
399,200
240,416 + 66.0

W e liave also reeoivod this week the circular w ritten under
dato of A u g . 14 1919:
GOLD.
Tho Bank of England gold reserve against its note issuo is £86,170,805,
a slight increase o f £21,150 as compared with last week’s return. Ship­
ments or engagements to ship havo boon announced from tho United States
of America, viz.: China and Japan, $14,701,000; South America, $645 000
and England, $300,000. On tho other hand, $1,000,000 has boon received
in Now York from England. Owing to tho official increaso in tho exchange
valuo o f the rupee, tho amount o f fine gold per rupee to bo deposited in
Ottawa against T .T . on India has been raised to 10.3585 grains.
SILVER.
Tho market has continued to show romarlcablo strength. Tho cash prico
to-day is tho highest recorded sinco Juno 1874. Tho demand for quick
delivery pressed daily upon a market no longer possessing tho ample stocks
which usod to bo noarly always available beforo tho Indian Govcrnmon
had swept It bare. Such stringency was created that tho premium of
2 l-16d. on tho 1 2 th inst. (considered as ponce and fraction) exceeds all
former records. This scarcity o f spot silver is natural, not artificial as it
was in November and Decomber 1911, when tho Indian Spociq Bank specu­
lation mado corners in delivery, in tho course o f Which iid. premium was
Total Canada............. 293,071,033 235,632.904 + 25.4 220,514,190 189,696,202
reached on each occasion. A similar operation in 1910 ied to a premium
of yHd. Tho former was about 3% , and the latter just under 3'A% of the
respectivo prices, as compared with a percentage o f slightly over 3 K %
on tho 12th inst. Tho Indla Council raised the limit this Weok for immediate
N a t io n a l B a n k s . — T h e follow ing inform ation regarding
T .T . allotments on India to Is. lOd. per rupee— equal to a silver equivalent
of 59.2d. por standard ounce. As tho silver contents of a rupeo is .3717 of national banks is from the office of the Com ptroller of the
a standard ounce, oven at this enhanced exchango valuo silver cannot to-day C urrency, Treasury D ep artm en t:
bo bought here and shipped to India for coinago at a profit to the Govern­
ment, after making allowanco for freight, insurance, &c. Silver to tho
APPLICATIONS FOR CHARTER.
valuo o f $2,389,000 has been shipped from San Francisco to China and Japan. For organization of national banks:
Capital.
Tho First National Bank of Pine City, Minn_________________$50,000
IN DIAN CU RREN CY RETURNS.
Correspondent, R. P. Allen, Pine City, Minn.
In Lacs of Rupees—
July 22.
July SI.
Am7. 7.
Tho Caspian National Bank, Caspian, M ich_________________ 25,000
Notes in circulation____________________ 16654
16711
16831
Correspondent, Chas. E. Lawrence, Palatka, Mich.
Silver coin and bullion in India.... ........... 4922
4940
4981
Tho First National Bank of Jakehamon, Tex_________________ 25,000
Silver coin and bullion out o f India__________
75
Correspondent, Edwin B. Cox, Ranger, Tex.
Gold coin and bullion in India__________ 1874
1913
1914
The American National Bank of Byars, Okla_________________ 25,000
Gold coin and bullion out o f In d ia___________
3
Correspondent, V. V. Haney, Asher, Okla.
Securities (Indian Government)_________ 1608
1608
1608
Tho First National Bank of Raymond, Wash_________________ 50,000
Securities (British Government)_________ 8250
___
___
8250
Correspondent, Joseph G. Heim, South Bend, Wash.
Tho coinago during tho weok ending 7th inst. amounted to 132 lacs of
Tho American National Bank & Trust Co. of Enid, Okla______ 250,000
rupees. Tho stock in Shanghai on Aug. 9 consisted o f about 17,200,000
Correspondent, T. E. Vessels, Enid, Okla.
ouncos In syceo and $11,200,000, as compared with about 16.800,000 ounces
Tho Broad Street National Bank of Red Bank.'N. J __________ 100,000
in syceo and $10,900,000 on tho 2d inst. Tho Shanghai exchango is quoted
Correspondent, Alston Beekman, Red Bank.
at 5s. lOd. tho tael. Quotations for bar silver per ounco standard:
The Farmers’ National Bank of Watsonville, Calif___________ 100,000
Two. Mos.
Cash.
Correspondent, O .O . Eaton, Watsonville.
Cash.
Ttco Mos.
Aug. 8 ---------58(1.
56Hd.
Aug. 14____ 58 Kd.
57d.
The Hinder National Bank, Hinder, AV. Va__________________ 25,000
Aug. 9--------------- 58Kd. 56 7-16d.
Average------ 58.52d.
56.666d.
Correspondent, Martin Himler, Himler, AV. Va.
Aug. 11--------------- 58Hd. 56 9-10d.
Bank rate_____________________ 5 %
Tho First National Bank o f Kilkenny, Minn_________________ 25,000
Aug. 12--------- 58 K d .
56 ll-16d. Bar gold, per oz. standard--77s. 9d.
Correspondent, M . J. Murphy, Kilkenny.
Aug. 13--------------- 58Kd. 56 15-16d.
The Griffin National Bank, Griffin, G a........................ ............. 100,000
Correspondent, M . J. Janes, Griffin.
Tho quotations to-day for cash and forward delivery aro 1K d. and Id.,
The First National Bank of Afton, N. Y _____________________ 25,000
rospoctively, above those fixed a weok ago.
Correspondent, Church & Hill, Afton, N. Y.
To succeed Church & Hill, private bankers, Afton.
Tho City National Bank of Sweetwater, Tex_________________ 100,000
E N G L IS H F I N A N C I A L M A R K E T S — PER C A B LE .
Correspondent, E. C. Brand, Sweetwater.
To succeed the Continental State Bank o f Sweetwater.
T h e daily closing quotations for securities, & c ., a t L ondon , Tho First National Bank of Aurora. C olo------------------ --------------- 25,000
Correspondent, T. F. Gilligan, Denver, Colo.
as reported b y cablo, have been as follow s tho past weok:
To succeed tho Aurora State & Savings Bank, Aurora.
L ondon,
A u g . 2 3. A u g. 2 5 . A u g . 26. A u g . 2 7 . A u g . 2 8 . A u g . 29
For conversion of State banks:
P*
W eek e n
ll ig A u g . 2 9 — Sat.
M on.
T u es.
W ed .
T h u rs.
Fri.
The National Bank of Swansea, So. Caro...... ............................. 50,000
S ilv e r , p e r o z ............................. ( 1 . 6 0 K
60K
61K
6 1 )4
58M
58
Conversion of the Bank of Swansea.
C o n s o ls , 2 'A P e r c e n t s ------------H o l i d a y 5 0 ) 4
51M
51K
51
51 y»
Correspondent, B. E. Craft, Swansea.
B r it i s h , 5 p e r c e n t s ..................... H o l i d a y 9 4 M
94K
94K
9 4 )3
94K

8250

B r it i s h , 4 K p e r c e n t s ................ H o l i d a y 8 7 ) 3
F r e n c h R e n t e s ( in P a r i s ) - . f r . _____
_____
F r e n c h W a r L o a n ( l n P a r ) , f r . _____
_____

87K
6 1 .3 5
8 7 .9 7

8 7 )4
6 1 .3 5
88

8 7 '4
61 3 '5
8 8 .3 5

8 7 )4
_____
_____

T ho prico of silver in N o w Y o rk on the sam e d ay lias been:
S liv e r in N . Y . , p e r o z — c t s . 1 1 3 )4




1 1 3 )4

11 4

1 1 5 )4

H I

1 0 8 )3

T o ta l..................................................................„ ...........................$975,000
CHARTERS R E -EXTEN DED.
Tho First National Bank of Las Vegas, New Mex. Charter ro-extended
until close of business Aug. 24 1939.

THE CHRONICLE

864:

CHARTERS ISSUED.
.
Original organizations:
Capital.
Tho First National Bank o f Clover, So. Caro_________________$25,000
President, G. F. Hambright; Cashier, V. Q. Ilambright.
Tho Burley National Bank, Burley, Idaho___________________ 50,000
President, Albert Ploeger; Cashier, F. E. Warnko.
Tho First National Bank o f Rosebud, M ont__________________ 30,000
President, M . B. Slusher; Cashier, Joseph Muggli.
Tho Citizens National Bank of Lenapah, Okla------------------------ 25,000
President, F. E. Banowotz; Cashier, J. II. Banowetz.
Lafayette National Bank of Buffalo, N. Y __________________ 750,000
President, George M . Zimmerman: Cashier, Wm. L. Koester.
The First National Bank o f Shelly, Idaho____________________ 25,000
President, Soren Yorgesen; Cashier, T . E. Madding.
The First National Bank o f Fairmount, 111___________________ 30,000
President, G. R. Catlett: Cashier, Shirley T. Catlett.
Succeeds the Exchange Bank o f Fairmount.
.
Conversion of State banks:
Capital.
Tho Citizens National Bank of Smithfield, No. Caro--------------50,000
President, W . M . Xanders; Cashier, T. C. Evans.
Conversion of the Johnston County Bank & Trust C o., Smithfield.
The Citizens National Bank o f Albuquerque, Now M ox______ 100,000
President, Neill 13. Field: Cashier, J. W. Leech.
Conversion of the Citizens Bank of Albuquerque.
The First National Bank of Wetonka, So. Dak______________
25,000
President, F. II. Gannon: Cashier, J. B. Hamilton.
Conversion o f the First State Bank of Wetonka.
Total...........„ ..................................................... - ............. ........... $1,110,000
D IV ID E N D S .
T h e follow ing shows all the dividends announced for tho
future b y largo or im portant corporations:

Dividends announced this week are printed in italics.
Name o f Company.

Per
Cent.

When
Payable.

3K
IK
$1.50
2
2
IK
K
2K
2
IK
50c
87 Ke
1
'2K
87 Kc.
IK
IK
IK
IK
75c.
IK
IK
50c.
IK
2K
2
2K
2K

Sept. 4
Sept. 2
Sept. 10
Sept. 2
Sept. 2
Sept. 30
Sept. 30
Oct. 1
Oct. 1
Sept. 2
Sept. 1
Sept. 1
Sept. 1
Sept. 20
Sept. 10
Sept.. 15
Sept. 2
Sept.. 2
Sept.19
Aug. 30
Aug. 30
Sept. 1
Sept. 11
Oct. 1
Oct. 1
Oct. 1
Sept. 4
Sept. 4

Railroads (Steam).

Alabama A Vicksburg........... .....................

Atch. Topeka & Santa Fe, com. (quar.)
Atlantic Coast I.lne Co. (quar.)..............
tBaltlmore & Ohio, preferred........... ........
Boston & Albany (quar.)..........................
Buffalo A Susquehanna, com. (quar.) —
Common (extra)_____________________
Canadian Pacific, common (quar.).........
Preferred____________________________
Cin. N . O. A Texas Pacific, pref. (quar.)
Cleveland A Plttsb., spec. guar, (quar.)
Regular guaranteed (quar.)........... —
Cripple Creek Central, pref. (quar.)-----tDcluwarc A Hudson Co. (quar.)...........
......................

Erie A Pittsburgh(.guar.)...
FondaJohnstownAClou., pref. (quar.)..
Illinois Central (qu ar.).-...........................
Maine Central, preferred (quar.)----- - - ­
Norfolk A Western, common (quar.)-----Pennsylvania RR. (quar.)..........................
Pittsburgh A West Virginia, pref. (quar.)
Plttsb. Youngst. A Ashtabula, pref. (qu.)
Reading Co. first preferred (quar.)-----Southern Pacific (quar.)_______________
Union Pacific, common (quar.)------------Preferred.................................— ............
A
_____
_____________________________
Street and Electric Railways.

Vicksburg Shreveport Pacific, com
Preferred
Arkansas Val. Ry., L. APower, pref. (qu.)
Atbe sRailwayAElectric, com. (quar.)..

Central Arkansas Ry. A Light, pf. (qu.)
Cities Service Co., com. A pref. (mthly).
Comtnon (payable In common stock..
Common and preferred (monthly)__
Common (payable In common stock)
Common and preferred (monthly) —
Common (payable In common stock)
Cities Service, Bankers shares (monthly)
Detroit United Ry. (q u a r.)______

EasternWisconsinElectricCo,, pref. (qu.)
El Paso Electric Co., common (quar.)
IromcoodABessemerRy. ALt., pref.(qu.)

—
Frankford A Southwark Pass. Ry. (qu.)

Northern Ohio Electric Corp., pref. (qu.)
Northern Texas Flee. Co., com. (quar.)
Preferred . ______________________
Philadelphia Co., 5% preferred-------Rochester Ry. A Light, preferred (quar.)
Preferred, Scries B (quar.)------San Joaquin Lt. A Pow. Corp., pref.(qu)
Second A Third Sts. Pass. Ry. (quar.)..

Terre Haute TractionALight, preferred.
WashingtonRy. A Elec., pref. (quar.)—
Wisconsin-MinnesotaRy. ALt., pf. (qu.)
Banks.

Amqricai Beet Sugar, pref. (quar.)
AmericanCan, preferred(quar.)

Amer. Internal. Corp., com. Apref. (qu.)

Amer. Public Service, pref. (quar.)




Holders of rec.
Holders of rec.
Aug. 31
to
Holders of rcc.
Holders of roc.
S ep t.16
to
Sept. 16
to
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of roc.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.

Aug. 14a
July 31a
Sept. 9
JulyJlOa
Aug. 30a
Sept. 30
Sept. 30
Sept. 2a
Sept. 2
Aug. 23a
Aug. 9a
Aug. 9a
Aug. 15
Aug. 28a
Aug. 30a
.Sept. 10a
Aug. 6a
Aug. 15a
Aug. 30a
Aug. la
Aug. 14a
Aug. 20a
Aug. 26a
Aug. 30a
Sept. 2a
Sept. 2a
Aug. 14a
Aug. 11a

Miscellaneous (C o n tin u e d )
Bolding Paul Cortlcelll, Ltd., preferred.
Bethlehem Steel, common (quar.)______
Common B (quar.)________ __________
Non-cumulatlve preferred (quar.)____
Cumulative convertible preferred (qu.)
B la ck slo n e V a lley G a s A E l e c ., c o m . (q u a r .)
B ooth F is h e r ie s , p r e fe r r e d (q u a r .) ........... .......

Borden's Condensed Milk, pref. (quar.).
Preferred (quar.)_______ _____ _______
B r it is h -A m e r i c a n T o b a c c o , o r d i n a r y ...........

Brooklyn Edison (quar.)_____ __________
Brown Shoe, Inc., common (quar.)_____
Buckeye Pipe'Line (quar.)......................
California Packing Corp., com. (quar.).
Preferred (quar.)________________
Calumet A Arizona Mining (quar.)_____
Calumet A Hecla Mining (quar.).............
Cambria Steel (quar.)______________
E xtra........................ ...........................
Canada Steamship Lines, com. (quar.)..
Preierred (qu a r.)____________________
Canadian Car A Foundry, pref. (quar.).
Pref. (extra, on acct. accum. d ivs.)..
C a n a d la n G en e ra l E le c tr ic , c o m m o n (q u a r .)
P r e f e r r e d . ........... .. ................................................
C a r b o -lly d r o g e n C o . o f A m e r , p r e f. (q u a r .)

Case (J. I.) Threshing Mach., pref. (qu.)
C en tra l L ea th er , p r e fe r r e d ( q u a r .) __________

Ccrro de Pasco Copper (quar.)________
C h eseb rou g h M f g . C o ., C o n s 'd (q u a r .) _____
E x t r a ____________________________________
C h ica g o T e le p h o n e (q u a r .) _____________
C h ild s C o m p a n y , co m m o n ( q u a r .) ______
P r e fer red (q u a r .) .......................................
C itiz e n s G as o f I n d i a n a p o l i s ........... ..........

Colorado Power, preferred (quar.) —
ColumbiaGraphophone M fg., com. (qu.)
Common (payable in common stocp). .
Preferred (quar.)..............................
C o m p u tin g -T a b u la lln g -R e c o r d ln g (q u a r .) .
C o n n e c tic u t P o w e r , p r efe rr ed ( q u a r . ) . .
Consolidated Cigar, pref. (No. 1 ) ----------

Consolidated Gas (N. Y.) (quar.) —
Cons'd Gas, E . L. A P., Balt., com. (qu.)
Continental Motors Corp., pref. (quar.)
Continental Oil (quar.)....... ........................
Copper Range Co. (quar.).......................
Cosdcn A Co., preferred (quar.)................
Crescent Pipe Line (quar.)_____________
C r o w ’ s N e s t P a ss C oa l ( q u a r .) ........................

Crucible Steel, preferred (q u a r.)...........
Cuban American Sugar, common (quar.)
Preferred (quar.)___________________
Deere A Co., pref. (quar.)........................
Diamond Match (quar.)............................
D o m in io n F o u n d r ie s A S te e l, c o m m o n —
P r e fe r r e d ____________________________________
D o m i d o n G la ss, c o m m o n ( q u a r .) -------------P re fe r r e d ( q u a r .) ...............................................
D o m in io n I r o n A S tee l, p r e f . (q u a r .) ------D o m in io n S teel C o r p ., L t d ., c o m . (q u a r .) .
D o m in io n T e x tile , L t d ., c o m m o n ( q u a r .) . .
d u P o n t ( E . I . ) d e N e m A C o ., c o m . (q u a r.)
D e b e lu r e sto ck (q u a r .) ..................................
d u P o o l (E . I . ) d e N e m . P o w d ., c o m . (q u .)
P refer red ( q u a r .) ........................ ......................
F irs t a -’ d s e co n d p r e fe r r e d ( q u a r .) --------E a ste rn S teel, c o m m o n (in 4 th L . L . b on d s)

Sept.15 ♦Hollers of rcc. Aug. 30
Sept. 1 Holders of rec. Aug. 15a
Eastman Kodak, common (extra)______
Sept. 2 Holders of rcc. Aug. 15a
Sept. 1 Holders of rec. Aug. 15a Eastman Kodak, common (quar.)______
Preferred (quar.)____________________
Sept. 1 Holders of rec. Aug. 15a
Oct. 1 Holders of rec. Sept. 15a Elk Horn Coal Corp., common (quar.)..
Preferred (quar.)------------------ -----------Oct. 1 Holders of rec. Sept. 15a
Nov. 1 Holders of rcc. Oct. 15a Fairbanks, Morse A Co., pref. (quar.)..
Farrell
(William) A Sons, Inc., prcf.(qu.)
Nov. 1 Holders of rec. Oct. 15a
49.1c. Sept. 1 Holders of rec. Aug. 15a Federal Mining A Smelting, pref. (quar.)
2
Sept. 1 Holders of rec. Aug. 16a Federal Utilities, preferred (quar.)-----Foundation Co., com m on ..__________
IK Sept. 2 Holders of rec. Aug. 20a
2K Sept. 15 Holders of rcc. Sept. 2a F r e e p o r t G a s , p r efe rr ed (q u a r .) ____________
G a len a -S ig n a l O il, o ld A n ew p r e f . (q u a r .) .
$4.50 Oct. 1 Holders of rec. Sept, la
General Asphalt, preferred (quar.)-------to Sept. 1
IK Sept. 2 Aug. 16
General Chemical, common (quar.)-----IK Sept. 2 Holders of rec. Aug. 18
2
Sept. 2 Holders of rec. Aug. 18a General Chemical, preferred (quar.)-----3
Sept. 2 Holders of rec. Aug. 18a General Cigar, pref. (quar.)--------------$1.25 Sept. 1 Holders of rec. Aug 9a General Electric (quar.)_____________
IK Sept. 2 Holders of reo. Aug. 25a Gillette Safety Razor (quar.)________
Holders of rec. Aug. 25a Globe Rubber Tire M fg., com. (quar.)
IK Sept.
G lobe S o a p , c o m m o n , f i r s t , s e co n d a n d
IK Sept. 15 Holders of rec. Aug. 30
S p e cia l p r e fe r r e d sto ck s (q u a r .) _______
$3
Oct. 1 Holders of rec. Sept, la
3
Sept. 1 Aug. 23
to Sept. 1 • Goodrich (B. F.) Co., common (quar.)..
Preferred (quar.)....... ...........................
Aug.
26
Sept.
1
IK
IK Sept. 2 Holders of rec. Aug. 20a ’ Goodyear Tire A Rubber, com. (quar.)

♦IK
K
IK
K
/1
K
/I
K

n

Chemical National (bi-monthly)..
3K
Trust Companies.
Lawyers Title A Trust (quar.)----IK
Miscellaneous.
Acme Tea, first preferred (quar.)..
IK
Acme White Lead A Color Wks., pf.(qu.) 37 Kc.
$1
Ahmcek Mining (quar.)_______ ...
1
A
...........
Ajax Rubber, Inc., common (quar.)------ $1.50
75c.
American Bank Note, pref. (quar.) —
...........
IK
S2
American Bosch Magneto (quar.)-------_______
IK
American Chicle, preferred (quar.) —
IK
1
American Cotton Oil, common (quar.).
40c.
American Druggist Syndicate__________
American Express (quar.)_____________
IK
American Fork A Hoe, common (quar.).
IK
Preferred______________________
3K
American Gas A Electric— ■
Common (payable In common stock). /2 K
Amer. Hide A Leather, pref. (quar.)
IK
2
Preferred (extra)________________ —
*$1.2C
l
Amer. Laundry Machinery, com. (quar.)
American Locomotlvo, common (quar.).
IK
Preferred (quar.)___________________
IK
2
American Multigraph, common (quar.)
1
American Power A Light, com. (quar.).
------*1K
3
American Radiator, common (quar.).
1
American Smelt. A Refining, com. (qu.)
Preferred (quar.)_____________
IK
IK
K
Common (extra)_____________________
Preferred (quar.) (No. I l l ) __________
IK
Amer. Sumatra Tobacco, pref. (No. 19)
3K
American Telegraph A Cable (quar.) ..
IK
2
5
American Window Glass, preferred___
3K
IK
Second preferred (quar.)_____
IK
5
Atlantic Refining (quar.)______
3
Atlas Powder, common (quar.).
75c
25c
Preferred (extra).

AjaxOil, Class (motthly)

Books Closed.
Days Inclusive.

Name o f Company.

2

Sept. 1 Aug. 26

to

Aug. 31

Oct.

to

Oct.

rec.
rcc.
rec.
rcc.
rec.
rec.
rcc.
rcc.
rec.
rcc.
rec.
rcc.
rcc.
rcc.
rec.

Aug. 20a
Aug. ‘20a
Aug. 30
Sept. 5
Aug. 30a
Sept. 15a
Sept. 13
Sept. d 15
Sept. 16a
Sept. 20
Aug. 15a
July 31a
Aug. 30a
Sept. 5a
Oct. 5a

1 Sept. 14

Sept. 1
Sept. 2
Sept. 3(1
Sept. 15
Sept. 15
Oct. 1
Oct. 2
Oct. 1
Oct.
1
Oct.
1
Sept. 2
Sept. 15
Oct.
i
Sept.15
Oct. 15

Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

1

Oct.
1 Holders of rec. Juno 20
Oct.
1 Holders of rec. Sept. 13a
Oct.
1 Holders of rec. Sept. 13a
Sept.3C ♦Holders of rec. Sept. 15
Sept. 1 Aug. 24
to
Aug. 31
Sept. 30 Holders of rcc. Sept. 13a
Sept.3( Holders of rec. Sept. 13a
to Sept. 1
Sept. 1 Aug. 23
Sept. 1 Holders of rec. Aug. 21
Oct.
1 ♦Holders of rcc. Sept. 15
to
Sept. 30
Sept. 3( Sept. 23
Sept. 15 Aug. 30
to Sept. 7
Sept. 1 Aug. 16 to
Aug. 24
Oct. 2 Holders of rec. Sept. 2a
Oct. 2 Holders of rec. Sept. 2a
Oct. 2 Holders of rcc. Sept. 2a
Sept. 1 Holders of rcc. Aug. 15a
Sept. 1 Holdors of rec. Aug. 30a
Oct. 15 Holders of rec. Sept. 20a
Sept. 2 Holders of rec. Aug. 15a
Sept. ' Aug. 21
to
Sept.21
Sept. 2 Holders of rcc. July 29a
Sept. 2 Holders of rec. July 29a
Sept. 15 Holders of rec. Aug. ?3a
Sept. If Aug. 31
to
Sept. 9
Sept. 31 Holders of rec. Sept. 15
Sept. 31 Holders of rec. Sept. 15

[V o l . 109
Per
Cent.

When
Payable.

Sept.
Oct.
Oct.
Oct.
2
Oct.
Sept.
SI
♦ I K Oct.
Sept.
IK
Deo.
IK
Sept.
6
Sept.
2
I K Sept.
Sept.
32
Sept.
31
* 1 K Oct.
Sept.
SI
Sept.
•S3
75o. Sept.
25c. Sept.
1
Sept.
IK Oct.
IK Oct.
MM Oct.
Oct.
2
3 K Oct.
*8Kc. Sept.
I K Oct.
IK Oct.
Sept.
$1
Sept.
3
50
Sept.
*2
Sept.
1
Sept.
IK Sept.
SI.25 Sept.
1
Sept.
25c. Oct
(*) Oct.
IK Oc„.
*1
Oct.
I K Sept.
(») Sept.
I K Sept.
Oct.
2
I K Aug.
Sept.
*3
50c. Sept.
8Kc. Sept.
75c. Sept.
* 1K Sept.
IK Sept.
2K Sept.
IK Sept.
I K Sept.
2
Sept.
1
Aug.
Aug.
2
Oct.
1
I K Oct.
I K Oct.
I K Oct.
Oct.
2
4 K Sept.
1K Oct.
* 1 K Nov.
*1 K Nov.
1-K Sept.
<2 K Oct.
Sept.
5
2K Oct.
I K Oct.
75c. Sept.
75c. Sept.
I K Sept.
S2.33 Oct.
K Sept.
Sept.
IK
Oct.
S3
I K Sept.
Sept.
*2
I K Sept.
2
Sept.
I K Oct.
I K Sept.
Oct.
2
52.50 Aug.
I K Sept.
3K

IK

IK
IK

♦IK

Sept.

1
Nov.
IK Oct.

Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Aug.
Oct.
Sept.
Heywood Bros. A Wakefield Co,, pref..
Sept.
3
H u lln n to n D e v elo p m en t A G a s , p r e f.( q u .)
IK Oct.
33
Imperial Oil, Ltd........... .......... ............
Sept.
I m p e r ia l T o b a cco C o . o f C a n a d a , c o m m o n .
♦IK Sept.
P r e f e r r e d _______________________________
Sept.
*3
Independent Brewing, common (quar.). *50c. Sept.
Preferred (quar.)________________
*87 Kc Aug.
I n d ia n R e fin in g , c o m m o n (q u a r .) ------3
Sept.
P r e fer red (q u a r .) ______________________
IK Sept.
Inland Steel (quar.)________________
Sept.
2
International Cotton Mills, com. (quar.) $1
Sept.
Preferred (quar.)________________
IK Sept.
International Harvester, pref. (quar.)..
IK Sept.
I n te r n a tio n a l Salt (q u a r .) ........... ..............
♦IK Oct.
I n te r s ta te I r o n A S teel, p r e fe r r e d ( q u a r . ) . .
1K Sept.
Isle Royale Copper Co. (quar.)_______
50c Sept
K e a n e co lt C o p p e r C o r p o r a tio n (q u a r .) —
25c Sept.
C a p it a l d i s t r i b u t i o n ---------------------------------25c Sept.
Keystone Tire A Rubber, common____ /15
Sept.
K e y s t o n e T ir e A R u b b er, c o m m o n (q u a r .)
30c. Oct.
Kirshbaum (A. B.) Co., common (quar.)
1
Sept.
L a B elle I r o n W o r k s , co m m o n ( q u a r .) _____
IK Sept.
P refer red ( q u a r .) ........... . . 1 . ......................
2
Sept.
L a c k a w a n n a S teel, co m m o n ( q u a r .) ...........
♦IK Sept.
Lake of the Woods, com. (quar.)...........
3
Sept.
Preferred (quar.)..................................
IK Sept.
Lehigh Coal A Navigation (quar.).........
Aug.
31
Liggett A Myers Tobacco, com. (quar.)
3
Sept.
L ig gett A M y e r s T o b a cco , p r e fe r r e d (q u a r .)
IK Oct.
Lindsay Light, preferred (quar.)..............
IK Sept.
M a c k a y C o m p a n ie s , co m m o n ( q u a r . ) . .
IK Oct.
P r e fer red (q u a r .) ..................... .................
1
Oct.
Mahoning Investment (quar.)...........
IK Sept.
Manatl Sugar, common (quar.).........
2K Sept.
Common (extra)__________________
2K Sept.
Common (payable in common stock). /5
Sept.
Manhattan Shirt, common (quar.)......... 43 Kc. Sept.
May Department Stores, com. (quar.)..
IK Sept.
May Department Stores, pref. (quar.).. *1K Oct.
3

SI
IK
Great Northern Paper..........................
IK
Harblson-Walkcr Refrac., com. (quar.).
IK
Harblson-Walker Refrac., pref. (quar.).
IK
Hartman Corporation (quar.)_______
IK
llart.Schaffner A Marx, Inc., com. (qu.)
1
Haskell A Barker Car (quar.)..................
$1
1
H e rcu les P e tr o le u m , C la ss A ( m o n t h l y ) . .

G ossa rd ( H . IF .) C o ., c o m m o n ( N o . 1) —
G rea t A l ia d i e A P a c ific T e a , p r e f . (q u a r .)

Books Closed.
Days Inclusive.

Holders of rcc . Sept. 1
Holders of reo . Sept. 15a
Holders of rcc . Sept. 15a
Holders of rec . Sept. 15a
Holders of reoi. Sept. 15a
Holders of rec . Aug. 20a
♦Holders of rcc . Sept. 15
Holders of rec Aug. 30a
Holders of rec:. Deo. la
See note y below
Holders or rec . Aug. 21a
Holders of roc . Aug. 20a
Holders of rcc Aug. 23
Holders of rec . Aug. 30a
♦Holders of reo . Sept. 15
Holders of rec Sept. 5a
♦Holders of rcc . Aug. 25
Holders of rec . Aug. 30a
Holders of rec . Aug. 30a
Holders of reci. Sept. 1
Holders of rec Sept. 15
Holders of rec . Sept. 26a
Holders of rec . Sept. 26a
Holders of reci. Sept. 13
Holders of rcc . Sept. 13
Holders of rcc. Sept. 15
Holders of rec. Sept. 10
Holders of rcc. Aug. 22a
Holders of rec. Aug. 30a
Holders of rec. Aug. 30a
♦Holders of rec. Sept. 29
Sept. 10
Aug. 30 to
Sept. 10
Aug. 30 to
Sept. 28
Sept. 14 to
Holders of rec.Aug. 30a
Holders of rec. Sept. 10a
Holders of rec. Sept. 10a
Holders of rec. Sept. 10a
♦Holders of rec. Sept. 25
Holders of rec. Aug. 26a
Holders of reo. Aug. 15a
Holders of rec. Aug. 12a
Holders of rec. Sept. 15a
Aug. f
♦Holders of rcc. Aug. 26
Holders of rec. Aug. 20a
Holders of rec. Aug. 12a
Aug. 24
to Sept. 15
♦Holders of rec. Aug. 26
Holders of rec. Sept. 16a
Holders of rec. Sept. 15a
Holders of rcc. Sept. 15a
Holders of rcc. Aug. 15a
Holders of rec. Aug. 30a
Hol lers of rec. Aug. 20a
Holders of rcc. Aug. 26a
Holders of rcc. Sept. 15
Holders of rec. Sept.15
Holders of rec. Sept. 13
Holders of rec. Sept. 5
Holders of rcc. Sept. 15
Holders of rcc. Aug. 30
Holders of rcc. Oct. 10
•Hoi lers of rcc. Oct. 20
•Holders of rcc. Oct. 20
Holders of rcc. Sept. 2a
Holders of rcc. Oct. la
Holders of rec. July 31a
Holders of rec. Aug. 30a
Holders oi rec. Aug. 30a
Holders of rcc. Sept. 2a
Holders of rec. Sept. 2a
Sept. 1
Aug. 21
to
Holders of rcc. Sept. 20a
Holders of rec. Aug. 25a
Holders of rcc. Aug. 15
Aug. 14
Aug. 9 to
Holders of rec. Aug. 26
♦Holders of rec Aug. 30
Holders of rec:. Aug. 16a
Holders of rcc . Aug. 21a
Holders of rcc . Sept. 17a
Holders of rec . Aug. 25a
Holders of reo . Sept. 15«
Holders of rec . July 31
Holders of rcc . Aug. 31a
♦Holders of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Aug. 29
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders oi rec.
Aug. d‘24 to

Aug. 30
Nov. 5a
Sept. 19a
Aug. 15
Aug. 26
Aug. 31
AUg. 25
Aug. 20a
Oct. 10a
Aug. 20a
Aug. 20a
Sept. 15a
Sept. 5
Aug. 15a
Sept. 15
Sept. d2

♦Holders of rcc.
♦Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rcc.
♦Holders of rec.
Aug. 21
to
Holders of rec
Holders of rec.
Hollers of rec.
Hoi lers of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec,
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rcc.
♦Holders of rcc,

Aug. 29
Aug. 29
Sept. 5a
Sept. 5a
Aug. 9a
Aug. 21
Aug. 21
Aug. 9a
Sept. 15
Aug. 31
Aug 30
Sept. 5a
Sept. 5a
Sept. 2a
Sept.19
Aug. 20a
Sept. 15a
Sept. 15a
Sept. 10
Aug. 20
Aug. 20
July 31a
Aug. 15a
Sept. 15
Aug. 30a
Sept. 6a
Sept. 6a
Aug. 25
Aug. 15
Aug. 28
Aug. 28
Aug. 22a
Aug. 15a
Sept. 15

Aug. 30 1919.1
Name of Company.
Miscellaneous (C
oncluded)

Per When
Cent. Payable.

Books Closed.
Days Incluslre.

* From unofficial sources, t Declared subject to the approval of Director-Generai
of Railroads,
The New York Stock Exchange has ruled that stock will not bo
quoted ex-dlvldend on this date and not until further notice.
Transfer books not closeu for this dividend,
Less British Income tax.
Cor"
rectlon. « Payable In stock. /Payable In common stock,
Payable In scrip*
On account of accumulated dividends, i Payable In Liberty Loan bonds. 1 Red
Cross dividend,
Payable In U. S. Liberty Loan
bonds,
At rate of 7%
per annum for the 3H months ending Aug. 31, 2.0416.
Onc-twcntieth of a share of common stock.
Payable to holders of Coupon No. 74; all transfers received In order In London
on or before Sept. 10 will be In time to be passed for payment of dividend to transicrecs.
Declared 7% payable one-half Sept. 3 and one-half March 1 1920.

t

Mcrgcnthalcr Linotype (quar.)------------2H Sept. 30 Holders of rec. Sept. 3a
Michigan Drop Forge, com. (monthly).. 15c. Sept. 2 Holders of rec. Aug. 16
Michigan Stamping (monthly)--------------- 12Hc. Sept. 2 Holders of rec. Aug. 16a
Michigan Sugar, common (quar.)...........
x Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)--------- -------- -----------i x Sept. 15 Holders ol rec. Aug. 31a
Middle States Oil Corporation—
lc. Sept. 1 Holders of rec. Aug. 20a
Monthly (No. 23)____________________
lc. Oct.
1 Holders of rec. Sept. 20a
Monthly (No. 24)____________________
elOc. Sept. 1 Holders of rec. Aug. 20
Payablo In stock_____________________
______________
2 X Sept. 30 Holders of rec. Sept. 5a
Minnesota Sugar, common (quar.)-------2 X Sept. 2 Holders of rec. Aug. 16
Sept. 2 Holders of rec. Aug. 16
Preferred (quar.)_______ _____ _______
1
Moline Plow, first preferred (quar.)-----i n Sept. 1 Holders of rec. Aug. 18a
Second preferred (quar.)........................
IX Sept. 1 Holders of rec. Aug. 18a
Oct. 1 Holders of rec. Sept. 13
------------________________ ____
* i x Oct. 1 Holders of rec. Sept. 13
Montreal Cottons, Ltd., com. (quar.)..
X Sept. 15 Holders of rec. Aug. 31
Preferred (quar.).....................................
1X Sept. 15 Holders of rec. Aug. 31
-------- * i x S ep t.15 ♦Holders of rec. Aug. 30
ifc
75c. Sept. 1 Holders of rec. Aug. 15a
National Acme (quar.)..............................
National Aniline Chemical, pref. (qu.)
IX Oct. 1 Holders of .rec Sept. 15a
National Biscuit, common (quar.)
IX Oct. 15 Holders of rec. Sept. 30a
Preferred (quar.)..........................
IX Aug. 30 Holders of rec. Aug. 16a
d3
Sept. 10 Aug. 20
National Candy, common...............
to Aug. 26
Common (extra).............. ............
d-2'A Sept. 10 Aug. 20 to Aug. 26
First and second preferred-------3 x S e p t.10 Aug. 20
to
Aug. 26
National Cloak & Suit, preferred (quar.)
IX Sept. 2 Holders of rec. Aug. 22a
Nat. Enameling & Stpg., com. (quar.).
I'A Aug. 30 Holders of rec. Aug. 11a
Sept.
30
Preferred (quar.)..................- ...............
Holders of rec. Sept. 10a
IX
2
National Grocer, common (quar.).........
Sept. 30 Sept. 20
to
Sept. 30
National Lead, common (quar.)--------IX Sept.30 Holders of rec. Sept. 12a
Preferred (quar.)...................................
IX S ep t.15 Holders of rec. Aug. 22a
National Sugar Iteflnlng (quar.)..............
IX Oct. 2 Holders of rec. Sept. 8
National Surety (quar.)......... .................
3
Oct. 1 Holders of rec. Sept. 19a
S2
National Transit (extra)---------------------Sept. 15 Holders of rec. Aug. 30a
Nebraska Power, preferred (quar.)-------i x Sept. 1 Holders of rec. Aug. 20
New York Air Drake (quar.)-----2X Sept. 26 Holders of rec. Sept. 3a
N. Y. & Queens El. I,t. & P ., pref. (qu.)
1
Sept. 2 Holders of rec. Aug. 22a
New York Transit (quar.)_______
4
Oct. 15 Holders of rec. Sept. 20
Nlles-Delmont-Pond, common (quar.)..
2
Sept. 20 Holders of rec. Sept. 2a
♦25c. Oct. 20 ♦Oct. 1 to
Oct. 16
North American Co. (ouar.)____
IX Oct. 1 Holders of rec. Sept. 15a
Ogilvle Flour Mills, Ltd., pref. (quar.)..
IX Sept. 2 Holders of rec. Aug. 22
Ohio Cities Gas. common (quar.)
SI
Sept. 1 Holders of rec. Aug. 15a
Ohio Oil (quar.)...............................
SI.25 Sept. 30 Aug. 31
to
Sept. 24
Extra....... ............ .......................
to
Sept. 24
Sept .30 Aug. 31
ifc
_____ * i x ♦Sept.15 ♦Holders of rec. Aug. 30
Osceola Consolidated Mining (quar.)___ SI
Sept. 30 Holders of rec. Aug. 30
____
IX Sept. 15 Holders of rec. Aug. 30
___
I'A Sept.30 Holders of rec. Sept. 15
__________________
IX Sept. 30 Holders of rec. Sept. 15
ifc
I'A Oct. 1 Holders of rec. Sept. 19
*IX Oct. 1 ♦Holders of rec. Sept. 20
______________
*IX Oct. 1 ♦Holders of rec. Sept. 20
Philadelphia Electric (quar.).................... 43.75c Sept.15 Holders of rec. Aug. 20a
___
2
Oct. 1 Holders of rec. Sept. 15
Pittsburgh Brewing, common (quar.)__
50c. Sept. 15 Holders of rec. Aug. 30a
Preferred (quar.) ............... ...................
87 He Aug. 30 Holders of rec. Aug. 20a
Pittsburgh Steel, pref. (quar.)................
IX Sept. 1 Holders of rec. Aug. 15a
Pressed Steel Car, common (quar.)____
2
Sept. 3 Holders of rec. Aug. 13a
Quaker Oats, common (quar.)________
3
Oct. 15 Holders of rec. Oct. la
Preferred (quar.)______ ____________
1H Nov. 29 Holders of rec. Nov. la
Quaker Oats, pref. (quar.)......................
I'A Aug. 30 Holders of rec. Aug. la
2
Sept.30 Holders of rec. Sept. 16a
____________________
IX Sept.30 Holders of rec. Sept. 6a
Reo Motor Car (quar.)_______________
♦25c. Oct. 1 ♦Holders of rec. Sept. 15
Republic Iron & Steel, com. (quar.)___
1H Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)___________ _______
IX Oct. 1 Holders of rec. Sept. 15a
___ dIX Sept. 1 Hol lers of rec. Aug. 20
..... ...................- <12
Sept. 1 Holden of rec. Aug. 20
Rlordon Pulp At Paper, Ltd., pref. (qu.).
IX Sept. 30 Holders of rec. Sept. 24
______
23 H Sent. 3
___________
Sept. 20 ♦Sept. 10 to
Sept.21
Santa Cecilia Sugar Corp., com. (No. 1)
IX Nov. 1 Holders of rec. Oct. 25a
Preferred (quar.) (No. 5).........
IX Nov. 1 Holders of rec. Oct. 25a
Savage Arms Corp., common (quar.)___
IX Sept. 15 Holders of reo. Aug. 30a
First preferred (quar.)_______________
IX Sept.15 Holders of rec. Aug. 30a
Second preferred (quar.)........................
IX Sept. 15 Holders of rec. Aug. 30a
__
1X Oct. 1 Holders of rec. Sept. 15
*27c. Oct. 20 ♦Holders of rec. Sept. 30
Shattuck Arizona Copper (quar.)--------IX Sept.30 Holders of rec. Sept. 15
5
Sept. 2 Holders of rec. Aug. 15
Southern Pipe Line (quar.)_______
*5
Sept. 30 ♦Holders of rec. Sept. 12
South Penn OH (quar.)..................
5
Oct.
1 Holders of rec. Sept. 15
2
Oct.
1 He lders of rec. Sept. 15
..........................
Southwestern Power & Light, pref. (qu.)
IX Sept. 1 Holders of rec. Aug. 20
3
South West Penn. Pipe l ines (quar.)__
Oct. 1 Holders of rec. Sept. 15
2
Standard G a s * Electric, pref. (quar.)..
Sept. 15 Holders of rec. Aug. 30a
Preferred (payable In common stock). r
Sept. 15 Holders of rec. Aug. 30a
Standard Milling, common (quar.)_____
2
Aug. 30 Holders of rec. Aug. 20a
Common (extra).......................................
2
Aug. 30 Holders of rec. Aug. 20a
Preferred (quar.)________ ___________
1H Aug. 30 Holders of rec. Aug. 20a
Standard Oil (California) (quar.)...........
2 H Sept. 15 Holders of rec. Aug. 15
Standard OH (Indiana) (quar.)................
3
Sept. 15 Aug. 19 to Sept. 18
E xtra.................... ......................................
3
Sept. 15 Aug. 19 to Sept. 14
Standard Oil (Kansas) (quar.)__________
3
Sept. 15 Holders of rec. Aug. 30a
E xtra..........................................................
3
Sept. 15 Holders of rec. Aug. 30a
Standard OH (Kentucky) (quar.)______ *3
Ott.
1 ♦Sept. 16 to Oct. 1
Standard Oil of New Jersey (quar.)____
5
Sept. 15 Holders of rec. Aug. 19a
Standard Oil of New York (quar.)...........
4
Sept, lo Holders of rec. Aug. 22u
Standard Oil (Ohio).....................................
3
Oct. 1 Aug. 30 to Sept. 17
E xtra............................ .......... ...................
1
Oct.
1 Aug. 30 to Sept. 17
Standard Pans, preferred (quar.)............
Holders of rec. Sept. 20a
IX Oct.
Steel Products, preferred (quar.)_______
IX Sept. 1 Holders of rec. Aug. 15a
Strombcrg Carburetor (quar.).................. SI
Oct. 1 Holders of rec. Sept. 17a
Studebakcr Corporation, com. (quar.)..
1
Sept. 2 Holders of rec. Aug. 20
Preferred (quar.)____________________
IX Sept. 2 Holders of rec. Aug. 20a
................................ 81.25 Oct. 1 Holders of rec. Sept. 17
.....................................
2
Oct.
1 Sept. 11 to Sept. 30
............... ....................... ..
2H Sept. 30 Holders of rec. Sept. 12
Thompson-Starrctt Co., preferred______
4
Oct. 1 Holders of rec. Sept. 20a
5
Tonopah Extension (quar.)......................
Oct.
Holders of roc. Sept. 10a
E xtra....... ............................................ ......
5
Oct. 1 Holders of rec. Sept. 10a
_____
IX Sept. 13 Hel lers of rec. Atig. 30
2
Underwood Typewriter, com. (quar.)__
Oct.
1 Holders of rec. Sept. 5
Preferred (quar.)..... .......... .....................
IX Oct. 1 Holders of rec. Sept. 5a
Union Bag At Paper Corp. (quar.)______
IX Sept. 15 Holders of rec. Sept. 5a
Union Tank Car (quar.)_______________
*IX Sept.25 ‘ Holders of rec. Aug. 29
United Cigar Stores, preferred (quar.)..
IX Sept. 15 Holders of rec. Aug. 29a
..... ............ ..
IX Oct. 1 Holders of rec. Sept. 15a
..............................
Nov. 1 Holders of rec. Oct. 15a
United Orug, 2nd pref. (quar.)................
IX Sept. 1 Holders of rec. Aug. 15a
Unite 1 Paper Heard, preferred (quar.).. * 1
Oct. 15 ♦Holders of rec. Oct. 1
U. S. Cast Iron Pipe & Fdy., pref. (qu.)
IX Sept. 13 Holders of rec. Sept, la
U. S. Envelope, common and preferred.
3.H Sept. 1 Holders of rec. Aug. 16
U. S. Gypsum, preferred (quar.)_______ *IX Sept. 30 ♦Holders of rec. sept. 15
U. S. Industrial Alcohol, com. (quar.)..
4
Sept. 15 Holders of rec. Sept. 2a
U . S. Steel Corp., common (quar.)_____
IX Sept. 29 Aug. 30 to Sept. 2
Preferred (quar.).......................... ..........
Aug. 5
IX Aug. 30
Valvollnc Oil, common (quar.)_________
Holders of rec. Sept. 13
2.H
Vlrglnla-Carollna Chemical, com. (extra)
2
Oct. 1 Holders of rec. Sept. 16a
Wabasso Cotton (quar.)_______________
2
Oct. 2 Holders of rec. Sept. 13
Wayland Oil A Gas, common (quar.)___
10c Sept.11 Holders of rec. Sept. 2
Weber & llellbroner, preferred (quar.)..
IX Sept. 1 Holders of rec. Aug. 20
White (J. G .) Co., preferred (quar.)____
IX Sept. 2 Holders of rec. Aug. 15
White (J. G.) Engineering, pref. (quar.)
IX Sept. 2 Holders of rec. Aug. 15
White (J. O.) Management (quar.)____
IX Sept. 2 Holders of rec. Aug. 15
White Motor (quar.)___________________ $1
Sept. 30 Holders of rcc. Sept. 15a
Wilmington Gas, preferred..... ...................
to Sept. 1
3
Sept. 1 Aug. 24
Woods M fg., Ltd., common (quar.)____
IX Sept. 1 Holders of rcc. Aug. 25
Woolworth (F. W .) Co., com. (quar.)___
Sept. 1 Holders of reo. Aug. 11a
2
Wool worth (F. W .) Co., pref. (quar.). .
I X Oct. 1 Holders of roc. Sept, 10a

2

MidlandSecurities (quar.)

%

MontanaPower, common(quar.)
Preferred (quar.)

£4

1

MuskogeeGas Klee., pref. (quar.)
&

Niplssiig Mines Co., Ltd. (quar.).

OklahomaGas Elec., pref. (quar.)
PackardMotor Car, preferred(quar.)
Pennsylvania Rubber, common (quar.)
Preferred (quar.)
Pennsylvania Water Power (quar.)..
Pettlbone, MullikenCo., first pref. (quar.)
Secondpreferred (quar.)
Pierce-ArrowMotor Car, pref. (quar.)

Railway Steel-Spri >g, common (quar.)..
Preferred (quar.)

a

b

h

m

Sears, Roebuck&Co., preferred(quar.)
Sherwin-Williams Co. of Can., pref. (qu.)

1

SlutzMotorCar(quar.)
Swift AcCo. (quar.)
TexasCo. (quar.)

1

TonkePros., Ltd., preferred(quar.).




a

87Xc.
X

iX%

n

2

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
a n d T r u s t C o m p a n ie s .— T h e follow ing detailed statem en t
shows the condition of the N e w Y o r k C ity Clearing House
m em bers for the week ending A u g . 2 3 .
T h e figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
N EW YO R K W E E K L Y CLEAR IN G HOUSE RETURNS.

(Statedinthousands of dollars—that is, three ciphers (,0001 omitted.)
CLEARING
HOUSE
M EM BERS
(,000 omitted.)
W eek en d in g
Aug. 23 1919.
Members of
Fed. Res. Bank
Bk of N Y , NBA

Nat Bk of Comm

N Y County Nat

Comm’l Exch__

U S Mtge & Tr.
Fidelity Trust..

SouthPortoRicoSugar, common(quar.)..
Preferred (quar.)

13

d

g

x
y

RepublicRubber,first preferred(quar.)
Seco dpreferred (quar.)
Rltz-CarllonHotel, preferred
St. JosephLead(quar.)

UnitedDrug, common (quar.)
First preferred(quar.)

865

THE CHRONICLE

Columbia Bank

1

Loans,
Reserve
Net
with
Time
Net
Capital. Profits. Discount, ensn
ln
Invest­
Legal Demand
De­
V ult. Deposi­ Deposits. ; posits.
Nat’l, Juno 30 ments,
tories.
ifcc.
State, June 30

A 'a f’ l

Bank
Circu­
lation.

Tr.Cos, June 30

Average. Average Average Average. , 4 ter age Avge.

s

$

2,00C
2,500
f3.00C
6.00C
1,50C
25.00C
3,000
1,000
300
5,000
25,000
500
h7,000
3,000
2,550
2.00C
4,200;
1,500
5,000
1,000
1,000
10,000!
j 6.00C
1.00C
1.00C
10,000
g50C
20C
40C
1,000
1,000
25C
l,0OC
3,000
1,500
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1.200
3.000
1,000
1,000
2,000
1,000
j3,000
5,000
1,000

5,867
7.64C
13,041
12,392
0,937
54,313
9,85C
971
125
6,317
26,840
1,164
h0,50C
18,118
3,275
2,531
8,319
8,164
19,990
600
4.13S
33,348
17,555
414
7 IS
18,475
g2,227
886
745
2.11S
1,377
395
3,971
4,737
1,388
1.285
2,473
17,766
4,500
29,479
1,300
7,037
1,600
11,009
1,389
729
4,440
1,242
11,428
12,240
732

s

$

s

54,444
425 5,01 1
34,487
68,084
1,492 10,044
61,383
34,208
565 2,925
22.612
161,544
159,74C 9,915 25,570
1,016 3,560
34,292
26.386
540,86C 14.6S9 78,286 *608,051
1,581
7,889
86,519
58.210
462 2,225
17.161
20,070
117
4,805
447
3,452
1,845 12,598
92.823
122,506
387,422 2,734 34,559
272,857
21,476
1,146 3,128
19,844
126.730 5,387 13,143
94.030
137,659 4,570 19,401
132.742
45,454
1,110 4,985
37,113
2,275 3,961
49,871
28,652,
130,160 5,592 17,475
128,896!
702 3,151
44,081
24,1581
1,772 20,731
207,930
158,588;
67 b 1,303
8,459
8.921
920 2.351
16,603
20,788
1,466 19,537
316,259
14,8,483.
125,981
4,499 15,142
121,432,
679 1,888
13,428
13,067:
159 1,225
7,778
6,705j
7,290 33,364
329,412
288,976
1,088 2,408
22,135
18,436
.146
8,067
990
7,0281
405
1.024
8,473
8.517'
1,276 2,560
19,518
18,860
384
14,066
1,669
12,346
225
1,124
10,509
8,353
52,224
1,069 7,901
52,163
477 7.272
73,502
51,910.
886 1,712
24,435
13.885
480 2,437
16,422
16,989
849 3,945
44,449
26,0751
1,033 36,296
307,115
259,335
649 6,4 47
66,304
49,380
526,992 3,773 56.171 *468,231
295
14,001
1,397
10.721
81,669
9,243
73,561
941
2,749
30,717
27,400'
538
89,650
8.957
60,214,
505 2,565
26,640
18,119
500 2,418
22,582
19,207
645 3,968
45,371
32,316!
378
1,159
16.676
11,484
03,570'
61,457 2,074 7,692
124,797 4.233 15,070 ♦143,695!
573 2,315
17,801
15,857^

1,101

S

2,915
32
2,056
4.376
______
30,160
6.291
512

S

762

___ _

1,782
2,000

____

1.427
433
137
296
5,156 4,885
4,597 —
8 0 .........
9,990 2,824
..
..
5 0
342
S4
4
1,149!..........
50|
51
3,114; 4,909
414
(49
_____
643
4,174 8,067
1,175 1,426
585;
198
15.045; 1,100

_____
—

______ _____
25)
210
37
396
396j
247
250;
70
2,688! 1,973
425!
411
448
394
5,9 3 0 !.........
11.3131.........
6,120 _____
33,899 _____
463
6,915 ........
2,038
2,374 __ _ _
1.876 _____
1.285 _____
1,358 _____
733
50
1,830 ____
9.678|.........
433 —

Average......... 207,600 384,151 4,824,594 97,506 533,388 c3,901,333! 185,687 35,874
Aug.
Aug.
Aug
Totals, actual co nditlon Aug

23 4,805,034
16 4,840,579
9 4,795,719
2 1,817,748

97,446 SOS,905 c3,882.144 181,854136.154
94,381 569,408 3,933,377! 188,26635,868
94,924 566,657 3,924,396 193.183135,995
91,059 587,597 3,964,751482,554 36,797

State Banks. LWot Me abers of Federal Re serve Ra
16,803 2,199
647
829
5,219
250
24,901 2,577
1,000 1,340
56,367 3,584
1,031
2,000
State....................
Bowery.............

Average--------

4,799

3,750

Totals, actual co nditlon
Totals, actual co nditlon
Totals, actual co ndit lon
Totals, actual co nditlon

Aug.
Aug.
Aug
Aug

23
10
8
2

050
304
2,238
2,545|

17,366
5,072i _____ _____
26,207;
35 ____
33,296| 16,988 ........

103,290

9,007

6,037

81,941

17,023 ........

103,359
103,505
103,374
102,587

9,036
8,753
8,703
9,545

6,113
6,823
6,674;
6,1661

S2.120I
S3,235!
83.6671
83,902!

17,213
16,709 ____
16,127 ___
15.307 —

28,119
15,341

956 .........
5 7 0 .........

N\ot Members of Federal ReserveBa\nk

Trust Companies.
Title Guar & Tr 5,000112,464
Lawyers T & Tr| 4,000 5,417j
Average_____ | 9,000 17,881
Totals, actual co nditlon 'Aug. 23
Totals, actual condition Aug. 1C
Totals, actual condition Aug 8
Totals, actual co nditlon Aug 2

44,076
24.375

928;
809!

3,928
1,465

6S.451

1.728

4,763,'

43,460

1,526 .........

68,532
67,752
67,080
67,754

l,78si
1,608!
1.547
1,739

4,913
4,875
5,054
4,652;

44,3451
42,680!
43,130
43,750;

1 .4 7 + .........
1,033 _____
829| ____
1,055] ____

Gr’d aggr, avge220,350406,833 4,996,3354 08.241 544,188ld4,026,734'204,236;l35.874
Comparison, pre!v. week|--------- + 68,968 + 672-25,357
— 2,399 — 3 ,249j — 189
^-------Gr’d aggr, act’lcond’n Aug. 23 4,976,925108,270 519,931 e4,008,609 200,541,36,154
Comparison, pre v. week|--------- — 34,91l| + 3,528-61,175 — 50,683— 5,467; +286

1

Gr’d
Gr’d
Gr’d
Gr’d

aggr,
aggr,
aggr,
aggr,

act’lcond’ n
act’lcond’n
actTcond’n
act’lcond’n

|Aug. 16 5,011,836 104,742 581.106
Aug 8 4,966,173 105,174 578,385
|Aug 2 1,988,089 102,343 598,415
July 26 4,861,063108,562,549,894

4,059,292:206,008135,868
4,051,199 210.139135.995
4,092,403 198,916 36,797
4,007.455 194,S5S37,462

* Includes deposits in foreign branches not Included In total footings, as follows:
National City Bank, 899,160,000; Guaranty Trust Co., $41,877,000; Farmers’ Loan
& Trust Co., 835,460,000. Balances carried In banks In foreign countries as reserve
for such deposits were: National City Bank, $23,678,000; Guaranty Trust Co.,
815,618,000; Farmers’ Loan & Trust Co., S5,049,000. c Deposits In foreign
branches not Included, d U. S. deposits deducted, $264,059,000. e U . 8 . deposits
deducted, 8233,917,000. Bills payable, rediscounts, acceptances and other liabili­
ties, $791.364,000. f Asof July 3 1919. t» As of July 1 1919. h As of July 19 1919.
j As of July 24 1919.

THE CHRONICLE

866

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.

Trust companies*__
Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.

23___
16___
9___
2 ___

a
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

S
S
$
S
$
533,388,000 533,388,000 512,743,900 20.644,100
294,620
6.037.000 15,044,000 14,749,380
9.007.000
4.763.000 6,491,000 6,519,000 dcf.28,000
1.728.000
10.735.000
10.546.000
11.044.000
11.585.000

544.188.000
569.545.000
569.373.000
558.909.000

Cash
Reserve
in Vault.

Reserve
in
Depositaries

554.923.000
580.091.000
587.417.000
570.494.000

534,012,280
534.504.840
537,510,740
535.622.840

20,910,720
45.556.160
42,906,260
34.871.160

Actual Figures.

Members Federal
Reserve Bank___
State banks*............
Trust companies*__
Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.

23___
16___
9___
2___

S
9.036.000
1.788.000
10.824.000
10.361.000
10.250.000
11.284.000

b
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

S
$
$
S
508,905,000 508,905,000 510,134,340 dcfl229,340
367,400
6.133.000 15,149,000 14,781,600
49,250
4.913.000 6,701,000 6,651,750
519.931.000
581.106.000
578.385.000
598.415.000

530.755.000
591.467.000
588.635.000
609.699.000

531,567,690
538,371,290
537,497,430
542,559,110

def .812,690
53,095,710
51,137,570
67,139,890

* Not members ol Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks In­
cludes also amount of reserve required on net time deposits, which was ns follows:
A uk. 23, $5,570,610; Aug. 16, $5,700,330; Aug. 9, $5,568,090; Aug. 2, $5,431,320.
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 In­
cludes also amount of reserve required on net time deposits, which was as follows:
Aug. 23, $5,455,620; Aug. 16, $5,647,980; Aug. 9, $5,795,490; Aug. 2, $5,476,620.

S t a t e B a n k s a n d T r u s t C o m p a n ie s N o t i n C le a r in g
H ouse.

—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in Now York City not in the Clearing House, as
follows:
SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by Slate Banking Department.
Differences from
Aug. 23.
previous week.
Loans and Investments................................................. $823,353,000 Inc. $9,456,200
Specie.............
9,106,900 Inc.
502,400
50,400
17,220,100 Dec.
Currency and bank notes.................
Deposits with Federal Reserve Bank of New Y ork ..
69,651,200 Dec. 2,582,000
Total deposits__________________________________ 878,203,300 Inc. 12,311,400
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 803,020,500 Inc. 4,601,700
Reserve on deposits............ - ...................................... 140,294,900 Dec. 1,245,600
Percentage of reserve, 19.9%.
RESERVE.
--------Slate Banks-------— Trust Companies—
$74,717,600 13.52%
Cash In vaults................................... $21,270,600 14.02%
31.293,200
5.66%
Deposits In banks and trust cos___ 13,013,500
8.57%
.334,284,100

Total

22.59%

$106,010,800

19.18%

Capital as of June 30Surplus as of June 30Loans & investments.
Spccle........ ..... .........
Currency A bk. notes
Deposits with the F.
It. Bank of N. Y - .
Deposits.......... .........
Reserve on deposits..
P. C. reserve to dep ..

Trust Companies.

State Banks.
Differences from
previous week.

Aug. 23
1919.

Aug. 23
1919.

Differences from
previous week.

S
$
$
$
105.550.000
26,000,000
175,518,400
45,708,300
645,203,400 Inc. 7, 957,666 2,125,212,600 Inc. 5,071,200
916,200
11,952,400 Dec. 8,048,200
8,147,800 Inc.
64,900
25,907,100 Dec.
669,000
21,809,600 Inc.
57,979,800
733.826.300
111.526.300
20.7

Dec. 1,653,700 221.414.000 Dec. 3,165,100
Dec. 3,191,500 2,208,917,500 Inc.121,542,200
845,700
Dec. 1,680,300 313,956,600 Inc.
0.1%
17.6% Dec.
Dec.
0.1%

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 . —Follow­
ing is the report mado to the Clearing Iiouso by clearing
non-member institutions which are not included in tho
“Clearing House Return” on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
*
( Stated in thousands of dollars—that is, three ciphers [0001 omitted.)
N et
Capital. P rofits.
C L E A R IN G
N O N -M E M B E R S
N a t .b k s .J u n e 3 0
Week ending S t a t e b k s .J n e 30
Aug. 23 1919. T r . c o s . J u n e 30

L oans,
D is ­
c o u n ts , Cash
In v est­
in
m ents, Vault.
< tc .

Members of
Fed’l Res. Bank.

Average Average Average A verage Average Average
$
s
$
5
$
$
130
18 7
218
1 ,6 9 7
1 1 ,0 5 9
1 5 ,4 9 1
___
1 0 ,1 5 8
351
1 ,4 1 4
1 2 ,4 1 9
205
___
112
1 ,0 6 0
6 ,7 0 2
18 9
8 ,3 9 7
1 ,0 1 8
___
897
4 ,3 2 6
18
6 ,3 8 8
___
1 ,1 4 4
5 ,0 3 2
1 1 ,3 6 4
3 48
6 ,6 1 3
387
73 2
7 ,3 0 0
—
5 75
8 ,9 9 5

Reserve
N et
N et
with D em a n d T im e
Legal
D e­
D e­
D ep osi­ posits. posits.
tories.

N a t'l
Bank
Circu­
lation.

B a tte ry P a rk N a t M u t u a l B a n k ---------N e w N e t h e r l a n d ..
W I t G ra c e & C o ’s
Y o r k v llle B a n k . .
F ir s t N a t , Je r C ity

3
1,5 0 0
200
300
500
200
400

$
1 ,5 3 8
60S
3 19
954
651
1 ,3 2 4

T o t a l ..........................

3 ,1 0 0

5 ,3 9 6

6 3 ,0 5 4

1 ,5 5 3

6 ,9 4 4

4 6 ,1 5 8

6 ,6 4 3

N ot M em bers o f the
Fed’ l Reserve Bank
W a s h in g to n H g t s .
C o lo n ia l B a n k ____
I n t e r n a t io n a l B a n k
N o r t h S id e , B k l y n .

100
500
50C
20 0

45 0
1 ,1 8 0
233
23 3

2 ,9 1 6
1 2 ,6 3 9
6 ,4 8 2
5 ,3 1 3

343
1,3 5 2
73 0
4 16

163
1 ,0 8 7
858
290

2 ,6 9 0
1 3 ,1 5 5
0 ,1 0 1
4 ,0 7 5

___

T o t a l ___________

1 ,3 0 0

2 ,0 9 8

2 7 ,3 5 0

2 ,8 4 1

2 ,3 9 8

2 6 ,6 8 4

687

5 74

State Banks

____
364
323

___
___
____
—
—

Trust Companies
N ot M em bers o f the
Fed’ l Reserve Bank
H a m i l t o n 'I’ r , B k l n
M ech T r , B ayo nne

50C
200:

1 ,0 7 6
40 8

8 ,06 E
8 ,8 4 5

497
3 11

298
339

5 ,9 7 7
4 ,2 3 8

1 ,0 0 0
4 ,3 4 4

___

T o t a l ___________

70 0

1 ,4 8 5

1 6 ,9 1 4

808

637

1 0 ,2 1 5

5 ,4 0 1

—

00
O
CO
o

Members Federal
Reserve Bank___

Reserve
in
Depositaries

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
Week Ended Aug. 23.

Averages.
Cash
Reserve
in Vault.

[V o l . 109

1 0 7 ,3 1 8
+ 893

5 ,2 0 2
— 34

9 ,9 7 9
—7

c 8 3 ,0 5 7
— 16 7

1 2 ,7 3 4
— 38

5 74
— 14

8 ,9 8 0
8 ,98C
8.98 C
8 ,9 8 0

1 0 5 ,3 6 7
10 1,8 4 8
1 0 1 ,4 4 1
1 0 3 ,0 1 9

5 ,3 5 2
5 .26 C
5 ,3 5 8
5 ,4 5 0

1 0 ,3 5 3
9 ,4 5 7
9 ,7 3 5
9 ,9 6 3

8 5 ,1 8 1
8 0 ,0 7 1
8 2 ,6 5 0
8 3 ,6 8 2

1 2 ,7 9 0
1 2 ,7 4 1
1 2 ,7 2 1
1 3 ,0 4 9

568
5 78
580
582

5 ,1 0 0
G r a n d a g g r e g a t e ..
C o m p a r is o n p r e v lo us w e e k
G r 'd a g g r , A u g . 9
G r ’d a g g r, A u g . 2
G r 'd a g g r , J u l y 26

5 ,1 0 0
5 , 10C
5 , 10C
5 ,1 0 0

—

a U. S. deposits deducted, $3,225,000.
payable, rediscounts, acceptances and other liabilities, $7,606,000.
—Tho Bills
Excess reserve, $43,640 Increase.
averages of the New York City Clearing Iiouso banks and
trust companies combined with thoso for tho State banks
and trust companies in Greater Now York City outside of B o s t o n C le a r in g H o u s e B a n k .— We give below a sum­
tho Clearing House, are as follows:
mary showing the totals for all tho itoms in tho Boston
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
Clearing House weokly statement for a serios of weeks:
GREATER NEW YORK.

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 it y .

BOSTON CLEARING HOUSE MEMBERS.
Week Ended—
Mar.
Mar.
Mar.
Mar.
Mar.
April
April
April
April
May
May
May
May
May
Juno
Juno
Juno*
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.

1 ...........
8 ..............
15..............
2 2 .- ..........
29..............
5..............
12..............
19..............
20.............. __
3 ________
10..............
17..............
23________
31_______
7________
14..............
21..............
28..............
5.......... .
12________
19..............
26..............
2 ..............
9..............
16________
23.............. —

Loans and
Investments.

Demand
D e p o s its .

*Total Cash
in Vault.

Reserve in
Depositaries.

$
5,583.221,600
5,629,541,700
5,049,123,500
5,698,070,800
5,633,730,000
5,590,229,300
5,630,305,500
5,730,276,600
5,694,610,000
5,735,152,000
5,817,600,300
5,830,948,700
5,750,364,000
5,708,665,600
5,S77,228,200
6,929,099,200
5,817,958.200
5,732,760,300
5,804,258,400
5,820,469,000
5,804,693,200
5,698,786,600
5,690,625,100
5,785,809,200
5,741,263,800
5,819,688,000

$
4,566,358,800
4,571,345,100
4,633,702,000
4,733.613,800
4,618,029.500
4,747,993,000
4,722,746,700
4,689,495,300
4,736,482,100
4,773,617,400
4,822,202,600
4,873,611,200
4,861,516,200
4,885,307,200
4,904,243,900
4,880,382,900
4,846,699,100
4,759,196,800
4,860.090,300
4,804,154,700
4,872,061,700
4,810,097,600
4,819,601,900
4,842,504,500
4,827,551,800
4,829,754,500

$
131,342,200
128,952,600
132,655,200
130,905,000
134,143.000
130,736,900
135,497,500
134,131,300
136,428.700
139.041,500
134,432,800
141,466,900
136,791,200
133,474,700
136,878,600
137,691,300
134,955,500
134,566.800
131,398,300
144,478,700
142,504,200
145,451.400
133,989,100
132,963.800
133,444,000
134,568,000

%
643,761,000
647,186,900
658,275,500
692,405,000
627,395,900
682,805,200
651,649,200
672,170,700
632,036,200
665,625,800
677,399,900
671,089,000
689,984,100
676,577,«00
691,657,300
671,663,300
679,994,600
665,490,300
684,431,000
649,207,500
688,989,600
658,572,500
674,880,200
690,30 4,800
685,210,500
658,155,000

* This Item Includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.

Circulation..............................
Loans, dlsc’ts A Investments.
Individual deposits, lncl. U.S.
Duo to banks.......... ...............
Time deposits.... ......... ...........
Exchanges for Clear. House-Due from other banka---------Cash In bank * In 1’ . It. Bank
Reserve excess In bank and
Federal Reserve Bank........

Aug. 16
1919.

Aug. 9
1919.

$
4,737,000
541,999,000
455,909,(00
112,777,000
11,688,000
19,217,000
85,366,000
68,550,000

$
4,753,000
564,382,000
456,015,000
112,211,000
11,685,000
20 340,000
76,911,000
05,543,000

Changes from
previous week.

Aug. 23
1919.
$
4,687,000
543,991,000
404,670,000
107,324,000
11,637,000
15,495,000
81,886,000
64,651,000

Dec.
Inc.
Inc.
Dec.
Dec.
Dec.
Dec.
Dec.

S
$50,000
1,992,000
8,767,000
5,453,000
51,000
3,722,000
3,480,000
3,899,000

16,840,000 Dec. 4,950,000 21,790,000 18,096,000

P h ila d e lp h ia B a n k s . —Tho Philadelphia Clearing House
statement for the week ending Aug. 23 with comparative
figures for tho two weeks preceding, is as follows. Resorvo
requirements for members of tho Federal Resorvo systom
are 10% on demand deposits and 3% on timo doposits, all
to bo kept with the Federal Resorvo Bank. “Cash in
vaults” is not a part of legal rosorvo. For trust companies
not mombers of tho Federal Resorvo systom tho reserve
required is 15% on demand doposits and includes “Resorvo
with legal depositaries” and “Cash in vaults.”
Week ending Aug. 23 1919.

N e w Y o r k C it y S t a to 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 returns of “Stato banks and trust com­
panies in Now York City not in the Clearing House,” furnished
by tho State Banking Department, the Department also
presents a statement covering all tho institutions of this
class in tho City of New York.
1 For definitions and rules under which the various itoms
are made up, seo “Chronicle,” V. 98, p. 1661.
: Tho provisions of the law governing tho reserve require­
ments of Stato banking institutions as amonded May 22
1917 were published in tho “Chronicle” May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
tho computation of tho reserves were given in the “Chroniclo”
April 4 1914 (V. 98, p. 1045).




Two ciphers (00) omitted. Members of
F.R.System
Capital................................
Surplus and profits............
Loans, dlsc'ts A Investm’ts
Exchanges for Clear.IIouse
Due from banks................
Bank deposits.-................
Individual deposits...... .
Time deposits___________
Total deposits................ ...
U.8.deposlts(not Included)
Ites've with Fed.Res.Bank
Res’ve with legal deposit’s
Total reserve A cash held.
Reserve required-----------Excess res. A cash In vault

S30,275,0
82,153,0
744,987,0
21,362,0
115,320,0
143,070,0
501.611,0
6,099,0
050,780,0
54,655,0
13,157,0
07,812,0
50,981,0
10,831,0

Trust
Cos.
$3,000,0
7,78 4,0
29,459,0
379,0
18,0
280,0
21,005,0
21,285,0
2,995,0
858,0
3,853,0
3,133,0
720,0

Total.
$33,275,0
89,937,0
80 4,446,0
21,741,0
115,338,0
143,350,0
522,616,0
6,099,0
072,065,0
28,080,0
54,055,0
2,995,0
14,015,0
71,605,0
54,114,0
17,551,0

Aug. 16
1919.

Aug. 9
1919.

$33,275,0
89,919,0
798,776,0
23,873,0
116,178,0
145,297,0
523,243,0
5,897,0
074,437,0
28,080,0
53,376,0
2,427,0
14,24 4,0
70,047,0
54,043.0
10,00 4,0

$32,775,0
89,938,0
79.8,5-16,0
24,879,0
105,979,0
142,726,0
512,427,0
5,768,0
660,921,0
20.247.0
54.736.0
2,349,0
14,204,0
71,289,0
53,624,0
17,665,0

* Cash In vault Is not counted as reserve for Federal Reserve bank members.

867

THE CHRONICLE

A u g . 30 1919.]

Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement were given in the statement of Dec. 14 1917 published in the “Chronicle” Dec. 29 1917, page 2523.
St a t e m e n t

s h o w in g

p r in c ip a l

resource

and

l ia b il it y

it e m s o f m e m b e r b a n k s

located

in

central

reserve

and

other

SELECTED CITIES AS AT CLOSE OF BUSINESS AUG. 15 1919.

Aggregate Increases o f 162.8 millions In loans and Investments, of which
38.7 millions represent net additional investments in Treasury certificates,
accompanied by gains o f 121.1 millions in net demand deposits and of 73.1
millions in Government deposits are indicated in tho Federal Reserve
Board’s weekly statement o f condition on Aug. 15 o f 769 member banks
in leading cities.
Practically no changes are shown in tho totals o f United States bonds and
Victory notes on hand, while war paper holdings show a decrease for all
reporting banks o f 6.8 millions. Ail other loans and investments show an
increase for the week o f 132.3 millions, by far the greater part o f this in­
crease being shown for the banks outside of New York City.
For the first time the statement segregates the amounts of loans secured
I.
Three ciphers (000) omitted.

Boston.

by stocks and bonds, other than United States securities. The new item
aggregates 2,946 millions, of which 1,310.3 millions represents the amount
of such loans carried by the New York City banks.
Aggregate holdings of United States war securities and war paper in­
creased from 3,456.6 to 3,488.3 millions and just as the week before consti­
tute 23.4% of the total loans and investments of all reporting banks. For
tho New York City banks an Increase in this ratio from 26.9 to 27.7% is
noted. The week saw considerable concentration of Government deposits
at New York City banks, while gains in other demand deposits (net) were
more evenly distributed among all reporting banks. As against a reduction
of 4.5 millions in cash on hand the banks report an increase of 5.8 millions
in their reserve balances with the Federal Reserve banks.

Data for ail reporting banks In each district.
New York Fhiladet. Cleveland. Rlchm’d . Atlanta.

Number of reporting banks........ .....
U. 8. bonds to secure circulation__
Other U. 8. bonds*______________
U. 8. Victory notes.............. ...........
U. 8. certificates of indebtedness..

46
SI4,607
17,379
11,088
57,116

Total U. 8. securities....................
Loans secured by U. 8. bonds, & c..
Loans secured by stocks and bonds.
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.

$100,190
59,832
209,871
637,236
76,256
22,899
752,957
111,822
56,237
14,035
62,400

Three ciphers (000 omitted.
St.Louis. Minneap. Kan. City Dallas.

Chicago.

San Fran.

Total.

100
S20.583
54,213
51,041
198,389

34
S17.155
16,167
11,681
35,050

35
$7,120
11,115
7,092
29,702

76
$14,216
23,202
11,639
34,711

43
$18,727
18,740
4,757
31,710

$961,677 S119.157 $236,674 $140,839 $117,773 $324,226
43,841
97,743
724,357 167,298 104,794
31,225
1,421,539 188,02S 283,050 102,748
42,783 326,248
2,932,948 439,700 777,S39 300,768 275,508 1,206,592
36,286
684,183
69,188
89,761
30,296 176,502
16,199
63,799
118,788
16,138
30,770
12,836
4,934,278 666,540 821,362 335,649 260,036 1,373,773
91,941 115,230 444,476
331,708
21,945 292,616
47,534
322,574
35,496
15,950
19,357
41,157
71,564
50,979
90,613
439,987 136,331
91,356
148,622
17,400
14,358
5,235
10,318
25,775

$80,053
26,183
137,257
271,859
39,482
11,707
318,502
99,991
22,464
22,032
10,663

$55,029
12,814
37,491
222,820
23,935
7,952
257,073
56,907
16,516
5,805
271

$83,768
17,826
75,037
426,709
50,411
15,054
441,652
77,999
24,718
34,165
13,571

$73,934 $144,470 S2.437.790
6,855
26,753 1,319,521
99,372 2,945.970
22,546
165,035 570,575 8,227,5.89
60,734 1,359,099
22,065
9,665
20,898
346,705
192,654 511,298 10,865,774
30,204 207,942 1,882,70
624,49
14,144
8,347
14,113
34.0S6 1,005,06
2,549
9,145
320,29

109
818,060
295,606
130,481
487,530

56
SI 1,598
35,011
16,913
55,635

88
S41,858
63,638
40,137
91,041

82
$25,744
37,868
16,046
61,181

44
$14,715
26,528
16,297
60,233

769
' 56
$34,605 $268,988
41,892
641,359
328,407
11,235
56,738 1,199,036

2. Data for Banks In Federal Reserve Bank and Branch Cities and All Other R eporting Banks.
Three ciphers (000) omitted.
Number of reporting banks........ ..
U. S. bonds to secure circulation.
Other U. S. bonds*____________
U. 8. Victory notes.... .................
U . S. certificates of indebtedness

New York.
Aug. 8.

Aug. 15.

71
$40,163
265,392
115,890
394,738

Aug. 8.

All Other
Reporting Banks.
Aug. 8. Aug. 15.

All F.R.Bank Cities. F. R. Branch Cities.

Chicago.
Aug. 15.

Aug. 8.

Aug. 15.

Aug. 8.

260
44
260
$1,419 $105,070 $103,421
21,930 382,865 383,367
24,954 190,611 187,677
113,921 741,123 789,062

Aug. 15.

Total.
Aug. 15.

171
$62,837
116,361
76,157
255,398

170
339
339
769
$62,837 $102,324 $102,730 $268,988
116.5S4 142.0S9 141,408
641,359
75,637
61,903
65,093
328,407
248,946 163,781 161,028 1,199,036

Total U. S. securities.............. $816,183 $872,806 $160,761 $162,224 $1419669 $1463527 $510,753
Loans secured by U. 8. bonds, Ac. 672,703 681,693
72,822
70,731 1,066,324 1,061,249 135,740
Loans secured by stocks and bonds
/ 2236028
/1310336
/256.351
All other loans and Investments.. 3,890,975 \2611952 916,422 \669,274 7,325,898 15164516 1,771,699
Reserve balances with F. R . bank 647,334 648,428 120,433 118,193 1,018,166 1,015,136 170,311
Cash In vault..................................
107,884 106,976
59,905
36,935 205,926 202,994
37,201
~et demand deposits___________ 4,500,260 4,531,300 880,209 014,692 7,168.515 7,693,235 1,457,960
line deposits................................
271,106 267,938 167,851 168,140 821,845 821,190 545,141
overnment deposits....................
77,031
33,698 411,872 488,861
49,173
231,717 304,768
Ills payable with F. R . bank___
36,585 748,484 677,249 193,801
416,977 390,999
50,761
'Ills rediscounted with F. R . bank
29,958
143,143 137.199
6,494
5,831 262,129 247,161
•tlo of U. 8. war secure, and war
24.4
paper, total loans & invest’ t, %
24.3
26.9
20.0
24.1
27.7
20.1
Including Liberty bonds.

$504,004 $470,097 $470,259 $2,437,790
134,975 124,222 123,297 1,319,521
/ 339,874
/ 370,068 2,945,970
\1470852 1,943,686 \1592221 8,227,589
177,355 164,868 166,608 1,359,099
61,482
82,229
85,389
346,705
1,488,588 1,668,247 1,683,951 10,865,774
547,694 515,708 513,817 1,882,701
624,494
62,503
58,776
76,857
187,475 146,225 140,342 1,005,066
29,129
46,723
44,007
320,297

71
$38,363
267,103
111,872
455,468

44
$1,369
21,501
23,952
113,939

23.5

19.4

Aug. 8.

771
$262,760
698,571
1,729,178

$2,400,519 $2,690,509
1,326,286 1,158,467
11,041,283
1,353,345
351,220
10,744,722
1,882,694
551,406
1,088,510
338,810

23.4

19.2

Feb. 14.

770
$270,231
641,315
328,671
1,160,302

23.4

9,962,704
1,225,311
336,454
9,942,569
1,628,370
552,634
1,078,930
322,897
26.

The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Aug. 22:

Substantial reductions in reserve deposits, togothcr with a considerable
Incroaso in tho holdings o f war paper, are indicated in tho Federal Reserve
Board’s weekly bank statement issued as at closo of business on Aug. 22 1919.
During tho week war paper holdings o f the Reserve banks increased by
40.1 millions, while other discounts on hand declined 9.1 millions. Ac­
ceptance holdings, owing to tho renewed demand for this class of paper
by banks all over tho country fell off 11.5 millions. Holdings of war paper
by the Chicago St. Louis and Minneapolis banks include 69 millions of
war paper discounted for other Federal Itcservo banks, as against 71.4
millions tho week before, and acceptance holdings o f tho Cleveland and San
Francisco banks are inclusive o f 41.4 millions (as against 42.5 millions)
acquired from other Reservo banks. Redemption by the Government of
temporary certificates o f Indebtedness, issued the week before to tho Now

York and Chicago banks, accounts for the considerable decrease under this
head. Aggregate earning assets show a decline for tho week of 38.4 millionsGovernment deposits increased 44.7 millions, reserve deposits declined
98.5 millions, largely at the New York bank, and other deposits, including
foreign Government credits, decreased 11.1 millions. Net deposits work
out 67.5 millions less than the week before. Federal Reserve note circula­
tion increased 12.6 millions, while the Reserve banks' aggregate net lia­
bilities on account o f Federal Reserve bank note circulation is given as
215.8 millions, or 6.1 millions more than the week before. Export with­
drawals of gold were partly offset by gold deposits and account for a decline
of 8.3 millions in the gold reserves. Total cash reserves declined about 9
millions. The banks’ reserve ratio, largely because of the reduction in
deposit liabilities, shows a rise from 50.9 to 51.3%.

The figuros for tho system as a whole aro given in the following table, and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks. Tho Federal Reserve Agents’Accounts (third table folio wing) gives details regarding transactions
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks.
C
R
L
F
R
B
C
B
A
. 22 1919
o m b in e d

esources

and

ia b il it ie s

of t h e

Aug. 22 1919 Aug. 15 1919
RESOURCES.
G o l d c o in a n d c e rtific a te s .....................................
G o l d s e t tle m e n t f u n d , F . R . B o a r d ___
G o l d w i t h fo r e ig n a g e n c ie s ______________

260.507.000
679.480.000

250.651.000
591.206.000

ederal

Aug. 8 1919

8

262.745.000
618.636.000

eser ve

anks

at

the

lo se

of

u s in e s s

ug

Aug. 1 1919 July 25 1919 July 18 1919. July 11 1919. July 3 1919. Aug. 23 1918.
263.275.000
641.596.000

270.601.000
691.532.000

273.810.000
591.190.000

279.545.000
554.812.000

282.943.000
664.290.000

385.072.000
553.060.000
5,829,000

T o t a l g o ld h e ld b y b a n k s _________
G o l d w i t h F e d e r a l R e s e r v e a g e n ts .......................
G o l d r e d e m p tio n f u n d _______________

839.987.000 841.857.000 881.381.000 905.171.000 862.133.000 865.000,000 834.357.000 847.233.000 943,961,000
1,127,028,000 1,118,894,000 1,084,047,000 1,071,307,000 1,108,051,000 1,134,173,000 1,163,068,000 1,155,278,000 1,018,767,000
40,323,000
107.270.000 121.836.000 119.328.000 111.997.000 124.967.000 112,927,000 114.399.000 126.435.000

T o t a l g o ld re s e rv e s _____ _______________
L e g a l te n d e r n o t e s , s li v e r , & c ..........................

2,074,285,000 2,082,587,000 2,084,758,000 2,088,475,000 2,095,151,000 2,112,100,000 2,111,824,000 2,128,946,000 2,003,051,000
52,215,000
67,852,000
65,872,000
65,381,000
68,416,000
67,362,000
69,136,000
68.387,000
66,407,000

T o t a l r e s e rv e s ____________ . . . _________
B i lls d is c o u n te d :
S e c u re d b y G o v t , w a r o b lig a t io n s ---------A l l o t h e r ................................................................................
B i l l s b o u g h t in o p e n m a r k e t _________

2.142.701.000 2.151.723.000 2.152.118.000 2.156.327.000 2.161.023.000 2.177.481.000 2.180,211,000 2.195.353.000 2,055,266,000

T o t a l b ills o n h a n d ._____ _____________
U . 8 . G o v e r n m e n t b o n d s ____________
U . 8 . V i c t o r y N o t e s ------------------------------U . 8 . c e rtific a te s o f in d e b te d n e s s ------A l l o t h e r e a rn in g as s e ts _____ _________

2,137,221,000 2,117,714,000 2,215,359,000 2.222,730,000 2,243,158,000 2.200,428,000 2,296,348,000 2,225,707,000 1,630,321,000
30,624,000
27,098,000
27,095,000
27,086,000
27.0S4.000
27.131,000
27,130,000
27,094,000
27,098,000
286,000
209,000
280,000
363,000
377,000
280,000
374,000
274,000
237,847,000 295,727,000 229,724,000 217.9S2.000 212.028.000 209,941,000 206,054,000 200,068,000 *23,479,000
62,000

T o t a l e a r n in g as s e ts ___________________
B a n k p r e m is e s ______________________
G o l d in tr a n s it o r In c u s to d y In fo re ig n
c o u n t r i e s ____ (...............................................................
U n c o lle c te d item 's a n d o t h e r d e d u c tio n s
f r o m g ro s s d e p o s its .........................................................
•5 % r e d e m p . fu n d a g s t . F . R . b a n k n o te s
A l l o t h e r re s o u rc e s ___________________

2,402,375,000 2,440,813,000 2,472,458,000 2,468,086,000 2.482,55S.OOO 2,437,816,000 2,529,907,000 2,453,282,000 1,684,486,000
11,806,000
11,684,000
11,737,000
11.805.000
11,784,000
11,699,000
11,806,000
11,801,000

T o t a l r e s o u r c e s ...................................................................

5.444.096.000 5.553.188.000 5.450.301.000 5,395,952,000 5.366.371.000 5.504.405.000 5.483.197.000 5.423.108.000 4.353.987.000

LIABILITIES.

1.663.048.000 1.522.992.000 1.605.583.000 1.612.639.000 1.616.210.000 1.579.728.000 1,684,948,000 1.632.639.000
211,262,000 220.347.000 225.535.000 235.300.000 251.392.000 248.347.000 251.367.000 262.389.000
362,911,000 374.375.000 381.241.000 374.791.000 375.556.000 372.353.000 360.035.000 330.679.000

102.748.000

89.631.000

85.258.000

763.170.000
11,382,000
9,905,000

838,399,000
11.313.000
9,503,000

708,043,000
10.803.000
9,816,000

739,617,000
10,735,000
9,386,000

690.495,000
10.613,000
9,898,000

857,194,000
10.077.000

10.100.000

740,994,000
10.052.000
10.334.000

742,527,000
9,956,000
10,306,000

853.508.000
540.247.000
236.566.000

601,983,000
958,000
11,294,000

• C a p i t a l p a id i n _______ ______________ ___
S u r p lu s ............... ...................................... _ .................... ........................
G o v e r n m e n t d e p o s its .............................................................
D u e t o m e m b e r s , re s e rv e a c c o u n t_______
D e f e r r e d a v a i la b ili t y it e m s ............................................
O t h e r d e p o s its , in c h f o r . G o v t , c r e d i t s ..

77,750,000
82.851.000
82,811,000
84.730.000
83.317.000
82.958.000
83.807.000
83.532.000
84.400.000
1,134,000
81.087.000
81.087.000
81.087.000
81.087.000
81,087,000
81.087.000
81.087.000
81.087.000
103.330.000
68.357.000 116.038.000 137.090.000 151.170.000 136.328.000 173.027.000
55.590.000 108.686,000
1.679.834.000 1.778.365.000 1.756.807.000 1,742.478,000; 1.718.396.000 1.712.796.000 1.726.329.000 1.687.608.000 1.459.480.000
605.812.000 670.539.000 555.485.000 581.232.000 535.178.000 651.735.000 591.250.000 561.896.000 450.947.000
98.098.000 109.210.000 107.882.000 113.731.000 117.444.000 125.069.000 114.678.000 128.698.000 112.597.000

T o t a l g ro s s d e p o s its ________________ _
F . R . n o te s In a c tu a l c ir c u la t io n ..........................
F . R . b a n k n o te s in c ir c u la tio n — n e t ll a b .
A l l o t h e r lia b ilit ie s .....................................................................

2.487.074.000 2.616.704.000 2.528.860.000 2,505,798,000 2.487.056.000 2.626.690.000 2.583.427.000 2.514.530.000 2.196.051.000
2.553.534.000 2.510.904.000 2.632.057.000 2,506,820,006 2.504.497.000 2.512.048.000 2.538.127.000 2.552.348.000 2.032.837.000
16.864.000
215,795,000 209,709,000 205,318,000 290.915,000 193,849,000 186,911,000 184,806,000 181,570,000
29.351.000
17,770,000
12,899,000
10,762,000
16.565,000
14,711,000
21,876,000
19,172,000
20,384,000

Total liabilities........................................... 5,4 44.Q96.no ) 5.553.188.000 5,450 301 009 5,395 9 V 2 . 0 8 366 871 OOP 5.504.405.000 5.483.197.000 5.423,108,000 4,353,987,000
• includes One-Year Treasury Notes.
~




THE CHRONICLE

8 6 8

Aug. 22 1919 Aug. 15 1919. Aug. 8 1919
Gold reserve against net deposit llabll.
Gold res. agst. F. R . notes In actual clrc'n
Ratio ol gold reserves to net deposit and
F. R. note liabilities combined.
Ratio of total reserves to net deposit and
F. R. note liabilities combined..
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
against net deposit liabilities..

47.8%
48.7%

47.3%
48.8%

[ V o l . 109

Aug. I 1919 July 25 1919 July 18 1919. July 11 1919

48.5%
47.5%

51.3%
47.2%

47.9%
49.2%

48.9%
49.0%

July 3 1919. Aug. 23 1918.

45.3%
50.3%

47.8%
50.2%

59.2%
52.1%
56.7%

48.1%

48.0%

47.9%

48.9%

48.7%

49.3%

48.2%

49.2%

51.3%

50.9%

50.9%

50.5%

50.2%

50.9%

49.8%

50.8%

61.7%

61.4%

61.4%

61.4%

61.2%

62.0%

60.5%

61.7%

56.7%
73.7%

Distribution by Maturities—
S
$
$
94.915.000
93.764.000
93.019.000
1-15 days bills bought In open market..
1,488,314,000 1,439,073,000 1,541,882,000
1-15 days bills discounted______
23.628.000
22.839.000
87.338.000
1-15 days U. 8. ccrtlf. of Indebtedness..
1-15 days municipal warrants________
72.696.000
87.549.000
91.369.000
16-30 days bills bought In open market.
53.405.000
47.316.000
63.535.000
16-30 days bills discounted......................
11.751.000
6,146,000
5,000,000
16-30 days U. S. certlf. of Indebtedness..
16-30 days municipal warrants............
31-60 days bills bought In open market.. 145.246.000 154,529,000 152,212,000
97.738.000
144.035.000
99.241.000
31-60 days bills discounted............ .
23.497.000
22.713.000
19,875,000
31-60 days U. 8. certlf. of Indebtedness..
31-60 days municipal warrants_________
38.533.000
44.641.000
50.054.000
61-90 days bills bought In open market..
84.993.000 129,709,000 127,428,000
61-90 days bills discounted_____________
24.606.000
23.606.000
22.484.000
61-90 days U. 8. certlf. of Indebtedness..
61-90 days municipal warrants_________
Over 90 days bills bought In open market
9,652,000
13,665,000
11,781,000
Over 90 days bills discounted....................
158,776,000 155,140,000 155,899,000
Over 90 days certlf. of Indebtedness........
Over 90 days municipal warrants_______

S
S
$
S
S
5
88.278.000
74,344
91.115.000
86,021,000 11006,967,000
74.463.000
1,521,353 1,532,918,000 1,528,103,000 1,665,558,000 1,568,510,000
4,660,000
16.388.000
18.625.000
18,896.000
19,229
16.601.000

Outstanding__________________________ 2,748,740,000 2,734,254,000 2,725,263,000
195,206,000 193,350,000 193,206,000
Held by banks______ __________ ______

2,715,374 2,723,601,000 2,728,902,000 2,760,288,000 2,740.893,000 2,163,837,000
208,554 219,104.000 216,864,000 222,161,000 188,545,000 131,000,000

Federal Reserve Notes—

85,446
88.439
6,015

81,152,000
103.924,000
4,111,000

58 957.000
86,-141,000
92,000

68.234.000
47.463.000
1,010,000

69,071.000 1 169,570,000
108,566,000
13.000

165,047
103,937
28,233

146,190,000
99.788.000
13.801.000

123.987.000
132.487.000
13,981.000

146.607.000
136.509.000
12.486,000

49,954
115.283
36,314

73.751.000
109,773,000
20.103.000

101,131,000
58.502.000
28.936.000

64.079.000
60.365.000
28.922.000

18,927
128.191

21,199,000
157,412,000

22,842,000
150,544,000

26,418,000
145.011.000

109.976.000 | 223,723,000
117.978.000
4,685,000
6,212,000
41,000
65.611.000 \ 216,473,000
71.579.000 i
771,000
22.234.000
5,000
\ 22,588,000
28,395,000 1
13,365,000
152,713,000
16,000

In actual circulation________________ 2,553,534,000 2,540,904,000 2,532,057,000

2,506,820 2,504,497,000 2,512,048.000 2,538,127,000 2,552,348,000 2,032,837,000

Received from the Comptroller________ 5.019.040.000 4.972.780.000 4.912.140.000
1.872.902.000 1.831.709.000 1.787.679.000
Returned to the Comptroller_______

4,864,540 4.829.860.000 4.811.300.000 4.750.900.000 4.686.700.000 2,940,240,000
1,741,197 1.700.712.000 1.670.622.000 1.626.124.000 1.682.475.000 497,152,000

Amount chargeable to Fed. Res. agent 3,146,138,000 3,141,071,000 3,124,461,000
397,398,000 406,817,000 399,198,000

3,123,343 3,129,148,000 3,140,678,000 3,130,776,000 3,104,225,000 2,443,088,000
407,969 405,547,000 411,776.000 370,487,000 363.332,000 297,251,000

Issued to Federal Reserve banks____ 2,748,740,000 2,734,254,000 2,725,263,000

2,715,374 2,723,601,000 2,728,902,000 2,760,289,000 2,740,893,000 2,163,83,,

Fed. Res. Notes (Agents Accounts)—

In hands of Federal Reserve agent___
How Secured—

221,248

221,248,000

223,698,000

231,995,000

228,998.000

220,239,00 °

By gold coin and certificates___________ 226,248,000 227,248,000 223,248,000
By lawful money_____________________
By eligible paper_____________________ 1,621,712,000 1,615,360,000 1,641,216,000
104.350.000
87,962,000
84.764,000
Gold redemption fund_________________
With Federal Reserve Board.__________ 796.430.000 803,684,000 776,035,000

1,644,067 1,615,550,000 1,694,729,000 1,697,221,000 1,585,615,000 1,145,070,0 „ft
63,419,0U"
81,549
88,576,000
93,817,000
84,912,000
89,745,000
768,510 801,891,000 820,830,000 842,494,000 >82 463,000 735,109,00”

T otal________ ______________________ 2,748,740,000 2,735,254,000 2,725,263,000

2,715.374 2,723,601,000 2.728,902,000 2,760,289,000 2 T « >,893,000 2,163,837,000

2.140,965 2.171.374,000 2,112,717,000 2,210,078,000 2,150,698,000 1,573,109.000
2,039,265,000 2,037,453,000 2,150,291,000
WEEKLY STATEMENT OF RESOURCES AND LIABIBITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG 22 1919.
Two ciphers (00) omitted.

Boston. New York.

Phlla.

Cleveland. Richmond Atlanta.

S

Chicago. St. Louis. M inneap Kan City

$
S
S
S
$
7,910,0 24,082,0 2,524,0
140,0
8,384,0
10,930,0 131,176,0 30,169,0 34,150,0 53,127,0

Dallas.

San Fran

S

$
10,076,0 9,511,0
4,744,0 36,168,0

Total.

S

RESOURCES.
S
5,432,0
Gold coin and certificates........ Gold Settlement Fund, F. R . B’d 67,162,0

S
$
S
628,0 27,465,0 2,365,0
161,390,0
87,585.0 42,304,0 52,566,0 29,399,0

Total gold held by banks........ 72,594,0
Gold with Federal Reserve agents 70,252,0
Gold redemptlou fund_________ 16,735,0

248,975,0 42,932,0 80,031,0 31,764,0 18,840,0 155,258,0 32,693,0 42,534,0 53,267,0
283,279,0 77,566,0 120,662,0 25,852,0 44,006,0 265,462,0 53,891,0 34,261,0 41,120,0
24,908,0
7,219,0
798,0 7,678,0 5,273,0 26,279,0 5,910,0 4,589,0 4,472,0

Total gold reserves____ _____ 159,581,0
Legal tender notes, silver, &c__
8,163,0

557,162,0 127,717,01201,491,0 65,294,0 68,119,0 446,999,0 92,494,0 81,384,0 98,859,0 34,360,0 140,825,0 2,074,285,0
68,416,0
269,0
124,0 2,115,0
259,0
49,108,0
858,0
434,0
1,309,0
72,0
1,155,0 4,520,0

Total reserves............ ............. 167,744,0
Bills discounted: Secured by Government war obligations (a). 107,103,0
All other...................................
8,517,0
Bills bought In open market (b). 35,746,0

619,361,0 180,285,0 100,181,0 73,373,0 78,167,0 188,450,0 60,095,0 30,664,0 35,704,0 38,712,0 50,893,0 1,563,048,0
3,836,0 29,253,0 20,348,0 16,899,0 211,262,0
46,978,0 17,192,0 11,110,0 14,272,0 13,374,0 20,025,0 9,458,0
811,0 85,303,0 362,911,0
812,0 46,660,0 7,425,0 4,861,0 45,722,0 8,500,0 21,195,0
23,0
105,843,0

Total bills on hand.................. 151,436,0
U. S. Government bonds............
539,0
U. S, Government Victory bonds
14,0
U. S. certificates of Indebtedness 21,436,0

772,182,0 198,289,0 157,951,0 95,070,0 96,102,0 254,197,0 78,053,0 55,695,0 64,980,0 59,871,0 153,095.0 2,137,221,0
27,098,0
1,234,0
376,0 4,477,0
1,257,0
1,385,0
1,094,0
1,153,0
116,0 8,868,0 3,960,0 2,633,0
209,0
_____
_____
______
50,0
5,0
140,0
65,170,0 25,902,0 21,923,0 8,495,0 11,979,0 32,612,0 17,068,0 7,450,0 12,772,0 6,300,0 6,740,0 237,847,0

Total earning assets_________ 173.425,0
800,0

838,659,0 225,676,0 180,968,0 104,799,0 10S,762,0 291,286,0 96,274,0 63,401,0 86,620,0 70,137,0 162,468,0 2,402,375,0
11,806,0
400,0
308,0
500,0
875,0
437,0
402,0
463,0 2,936,0
691,0
3,994,0

Uncollected Items and other de-

6% redemption fund against
Federal Reserve bank notes.. 59,291,0
Gold In transit or In custody In
1,072,0
Foreign C ountries..................
341,0
All other resources......................

260,507,
579,480,

15,420,0 45,679,0 839,987,
16,488,0 94,189,0 1,127,028,
2,452,0
957,0 107,270,C

606,270,0 127,986,0 202,349,0 65,728,0 69,428,0 448,154,0 97,014,0 81,456,0 98,983,0 36,505,0 141,084,0

102.748.0

102,748,0
186,543,0 71,669,0 66,836,0 62,417,0 29,454,0 85,299,0 47,776,0
2,249,0
2,306,0

1,293,0
752,0

.966,0
997,0

448,0
1,052,0

579,0
329,0

1,799,0
1,547,0

840,0
609,0

15,970,0 67,539,0 28,823,0 41,562,0
374,0
93,0

460,0
486,0

852,0
543,0

450,0
850,0

763.179.0
11,382,0
9,905,0

Total resources.............. ......... 402,673,0 1,742,769,0 427,776,0 452,991,0 234,881,0 209,015,0 831,021,0 243,204,0 161,294,0 254,939,0 136,719,0 346,814,0 5.444.096.0
LIABILITIES.
84.730.0
5,011,0
22,019,0 7,752,0 9,339,0 4,224,0 3,331,0 11,905,0 4,000,0 3,023,0 3,893,0 3,292,0
6,941,0
Capital paid In........ ...................
81.087.0
4,577,0
5,207,0
32,922,0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0
2,589,0 2,320,0 3,957,0 2,029,0
Surplus . . ........ ........... .................
1,864,0 6,073,0 10,302,0 6,184,0 4,579,0 5,044,0 3,140,0 12,237,0 103.330.0
9,698,0
28,812,0 7,514,0 7,883,0
Government deposits..................
Due to members, reserve account 105,027,0 666,383,0 102,338,0 124,153,0 55,397,0 44,752,0 247,589,0 63,293,0 51,813,0 81,417,0 45,745,0 91,928,0 1.679.834.0
Deferred availability Items____ 51,181,0 149,359,0 62,409,0 53,308,0 52,434,0 21,201,0 70,893,0 39,096,0 12,407,0 46,071,0 23,934,0 19,319,0 605.812.0
98.098.0
43,484,0 7,304,0 6,702,0 3,797,0 2,941,0 10,381,0 3,928,0 2,301,0 3,819,0 2,123,0
5,485,0
5‘,833,0
All other deposits_____________
Total gross deposits................ 171,739,0
F. R . notes In actual circulation. 195,600,0
F. R . bank notes In circulation
— net liability.......... ................ 21,436,0
1,750,0
All other liabilities_____________

888,038,0 179,565,0 192,046,0 113,492,0 77,967,0 339,165,0 113,100,0 71,100,0 130,951,0 74,942,0 128.969,0 2.487.074.0
749,975,0 208,527,0 225,448,0 104,455,0 112,991,0 434,786,0 106,260,0 77,231,0 92,966,0 40,807,0 198,488.0 2.553.534.0
42,056,0 25,046,0
1,575,0
7,759,0

18,807,0
1,491,0

7,900,0 11,091,0 33,001,0
1,003,0
830,0 2,454,0

16,449,0
806,0

0,990,0 16,050,0
630,0
1,122,0

8,812,0
837,0

8,150,0
1,619,0

215,795,0
21,876,0

Total liabilities_____________ 402,673,0 1,742,769,0 427,776,0 452,991,0 234,881,0 209,015,0 831,021,0 243,204,0 161,294,0 254,939,0 136,719,0 346,814,0 5,444,096,0
Memoranda— Contingent liability
Discounted paper rediscounted as endors er on:
68.990.0
16,990,0
50,000,0
2,000,0
Bankers’ acceptances sold to
(a) Includes bills discounted for
(b) Includes bankers' acceptances bought fr om other F. R. banks:
Without, their endorsement__

______

..............

..........

5,484,6

______

______

38,990,0

15,000,0

15,000,0

______

______

______

68.990.0
..........

..........

35,879,6

41,363,6

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG. 22 1919.
Two ciphers (00) omitted.

Boston.

New York.

Phila.

Cleveland. Richmond Atlanta.

Chicago. St. Louis. Minneap. Kan.City.

Dallas.

San Fran.

Total.

S
$
s
S
$
$
5
S
S
S
Federal Reserve notes:
S
$
s
Received from Comptroller__ 369.320.0 1,717,420,0 432,780,01386,560,0 236,680,0 244,000,0 680.840.0 224,120.0 137,380,0 172,720,0 105,160,0 312,060,0 5.019.010.0
Returned to Comptroller____ 139.161.0 753,452,0 186,427,0.124,271,0 98,914,0 65,074,0 194.243.0 83,115,0 40,913,0 63,203,0 38,522,0 85,607,0 1.872.902.0
Chargeable to F. R . Agent__ 230,159,0
In hands of F. R. Agent______ 28,020,0
Issued to F. R . Bank, less amt.
returned to F. R . Agent for
redemption:
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand..
Gobi redemption fund______
Gold Set'm’t Fund, F. R. B’d.
Eligible paper, mtn’m required

963,968,0 246,353,0 262,289,0 137,766,0 178,926,0 486,597,0 141,005,0 96.467.0 109,517,0 60.638.0 226,453,0 3,140,138,0
135,000,0 29,380,01 24,720,0 28,478,0 60,610,0 24,440,0 16,710,0 10.360.0 9,860,0 17.120.0 6,700,0 397,398,0

202.139.0

828.968.0 210.973.0 237.569.0 109,228,0 118,316,0 462.157.0 124,295,0 80.107.0 99.657.0 49.518.0 219.753.0 2.748.740.0

12,252,0
58,000.0
131.887.0

8.831.0
18.125.0
220.248.0
183.740.0
13.052.0
2.500.0
19,539,0 19',677,6 12.537.0 1,352,6 4.506.0 8",837',6
1,960,0 2,409,0 3',760,6 2.473.0 1 r,04 ..i! 101.350.0
5.184.0 79,141,0 796.430.0
80,000,0 57,889,0 90,000,0 24.500.0 37,000,0 256.625.0 51.931.0 18.800.0 37.360.0
545.689.0 139.407.0 116.907.0 83.436.0 74,310,0 196.095.0 70.404.0 45,846,0 58.537.0 33.030.0 125.404.0 1.621.712.0

202,139,0

828,968, o'216,973,0 237,569,0 109,288,0 118,316,0 462,157,0 124,295,0 80,107.0 99,657,0 49,518,0 219,753,0 2,748,740,0

ered to F. It. Agent_________ 151.430.0
F. R. notes outstanding________ 202.139.0
6,539,0
F. R . notes held by bank_______

771.993.0 141,724,0 156,981,o| 91,111,ol 88,819,0 254.188.0 76.329.0 50.908.0 64.980.0 59.871.0 130.925.0 2.039.265.0
828.968.0 216,973,0 237,569,0 109,288,0 118,316,0 462.157.0 124,295,0 80.107.0 99.657.0 49.518.0 219.753.0 2.748.740.0
78,993,0 8,446,0 12,131,0) *4,833,0) 5,325,0 27,371,0 18.035.0 2,876,0 6,691,0 2,711,0 21,265,0 195,206,0

F . R . notes In actual circulation. 195,600.0

749,975.0 208,527.0 225,418.0 104,455.0 112.991.0 434.780.0 106,260.0 77.231.0 92,966.0 46,807.0 198,488.0 2,553,534.0

T o t a l . . . . . . . .............. .




ffijauhers*

aette,

29 1919.
—Traders at the
Stock Exchango paid little or no heed to last. Saturday’s
bank statement, notwithstanding the fact that the statement
showed a reservo held by the Clearing House banks over
$800,000 loss than the required amount, as against a
surplus of about $53,000,000 the week before. Practically
ovory active stock sold on Monday above last week’s closing
prices and on Tuesday under tho favorablo influence of
President Wilson’s appeal to tho shopmen and other employees
in railway service, there was still a further advance to the
highest quotation of this week until today. Moreover the
money market has remained relatively steady throughout
tho week.
To-day’s market was notably strong, owing chiefly, no
doubt, to tho attitude of Government officials in dealing
with the railway labor situation. Evidently Wall Street
is of opinion that that situation will bo less menacing in the
near future than it has been in the recent past; otherwise
why should a long list of active stocks close from 3 to 10
points higher than they opened this morning?
A glanco at the following pages will show that Crucible
Steel lias advanced 27 points within the week, Chandler
Motors, 23; Mexican Petroleum, 18%; Baldwin Locomotives,
9; American Tobacco, 8; Keystone Tire & Rubber, 9; Corn
Products, 7%; American Car & Foundry, 8%; So. Pac.
(ex. div.), 7%; Texas & Pac., 6%; Union Pac., 3% and
many others from 3 to 5 points higher.
Tho following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
W a ll

S treet,

F r id a y

N ig h t,

A u g .

R a ilr o a d a n d M is c e lla n e o u s S t o c k s .'

STOCKS.
W e e k e n d in g A u g . 2 9 .

S ales
fo r
W eek

P a r . S hares

R a n g e s i n c e J a n . 1.

R ange fo r W eek .
H ig h est.

L o w e st.'

S ver
4 y»
27
27 90
5%
27
25 105
23 117
29 8 1 %
28 100M
28 56
23 118
25 105
29 98
29 106
29 69
25 40
25 4 9 %
2£ 45
25 9 5 %
21 9 0 %
9%
28
25! 12 %

$ v e r sh a r e .

ax R u b b e r r ig h ts _____ 5,500
3%
lerica n E x p ress___100
100 90
n A r b o r H R .............10O
200
5%
101
ib a n -A m Sugar, p i . 100
c t ro lt E d is o n _______100
100 117
Fairbanks C o ( T h e ) . . 25 1,000 7 9 %
F isher B o d y p r e f____ lOl*
100 100 M
100 56
In tern a tion a l S a lt___1001
K a y s e r (J) & C o , 1st p ref
100 118
K e lly -S p rln g f 8 % p r e f . . 1,295 101
97
K c ls y W h eel, p r e f___100
M o n ta n a P ow er pref .101*
100 106
69
N o rfo lk & W est p r e f. 100
40
P a cific C o a st C o ____ 100
49 %
S econ d preferred . .1 0 0
40
P e ttib o n e M u l l & C o . . l 0 0
95%
R e m in g to n , 2d p r e f . .1 0 0
90%
R o y a l D u tch N Y tr ctfs
8%
S tro m b crg C a rb r ig h t s ..
U n it R e ta il Stores rlghtsl52,850 10 %

A uk
A uk
A uk
A uk
AUK
A uk
A uk
A uk
Aug
Aug
Aug
AUK
A uk
Aug
Aug
Aug
Aug
Aug
A uk
Aug

L o w e st.

J

H ig h est.

sh a r e . 1S p e r sh a r e . S p e r sh a r e .
4 H Aug
A u g 26
3 % Aug

Aug
Aug
Aug
A uk
A uk
A uk
A uk
A uk
Aug
Aug
A uk
Aug
Aug
Aug
Aug
A uk
A uk
A uk
Aug

27
25
29
23
28
28
28
23
25
23
29
29
25
25
27
25
29
23
26

82 % A p r 103
Apr
1
CM
1 0 1 M F e b 106
Jan 118
no
7 9 % A uk 8 1 %
F c l) 101M
91
F eb 57
53
A ug 118
117
102 % A u g 105
Jan 100
89
104
Ju ly 106 M
69
A u g 76
40
A uk 47
4 9 % A ug 55
M a y 61%
30
95 % A uk 98 %
8 5 % A uk 90 %
8 ‘A A uk 10
A u g 19
9

M ay
J u ly
M ay
M ay
Aug
M ay
M ar
Aug
Aug
M ay
Feb

Ju ly
M ay
M ar
J u ly
Ju ly
A uk
A uk
A uk

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IR Y , W E E K L Y A N D Y E A R L Y .
W e e k E n d in g
A u g . 29 1919.

T o t a l ........................

S ta te, M u n .
A F o r e ig n
B onds.

S to ck s.
R a ilr o a d ,
-----------------------------------------------A c . ,
S h a r es. | P a r V a lu e . |
B onds.

S24 ,97 2,50 0
59,9 7 3 ,5 0 0
84.5 3 0 .0 0 0
62.3 1 9 .0 0 0
69.3 0 3 .0 0 0
78,5 0 3 ,1 2 5

$475,000
1.124.000
1.504.000
1.089.000
1.005.000
1.904.000

4 ,2 7 9 ,6 5 o '$ 3 7 9,60 1,1 25

$ 7 ,1 01,500

S a t u r d a y ............... ..
M o n d a y .......................
T u e s d a y ......................
W e d n e s d a y ...............
T h u r s d a y ....................
F r i d a y .........................

2 98 ,640
6 7 5 ,200
9 5 1 .300
6 98 ,365
761 .300
8 9 4 ,845

1919.

1918.

U . S.
B onds.

$241,00 0
2 5 7 .000
399.000
864 .000
626 .000
3 2 4 ,000

$ 3 ,9 2 6 ,0 0 0
10.342.000
8.5 9 5 .0 0 0
12.312.000
8.5 0 4 .0 0 0
*7,352,500

S 3 ,7 1 1 ,000' S51,031,500

J a n . I to A u g . 2 9 .

W e e k E n d in g A u g . 29.

S a les at
N e w Y o r k S lock
E xch a n g e.

|

1919.

|

4 ,2 7 9 ,6 5 0
2 ,1 5 6,227
2 0 0 ,2 6 8 ,9 7 5
S tock s— N o . shares___
P a r v a lu e ...................... $ 3 7 9,60 1,1 25 $20 3 ,0 6 8 ,0 2 5 $18 ,2 8 5 ,5 7 6 ,5 5 5
S47.200
H ank shares, p a r ..........

Ponds.

1918.
88,9 3 8 ,1 1 7
$ 8 ,3 0 1 ,6 9 2 ,1 0 5
$14 ,800

G ov ern m en t b o n d s . - ..
S tato, n m n ., A c . , b on d s
R R . an d m lsc. b o n d s . .

$51 ,0 3 1 ,5 0 0
2,7 1 1 ,0 0 0
7 ,101,500

$27 ,8 3 8 ,0 0 0
9.6 5 3 .5 0 0
5.2 6 6 .5 0 0

$ 1 ,5 7 1 ,3 7 7 ,7 0 0
205 .5 9 1 .5 0 0
354 .7 5 0 .5 0 0

S 69 4.9 93.0 00
145,053 ,00 0
180 ,071 ,50 0

T o t a l b o n d s ...............

$60 ,844 ,00 0

$ 4 2 ,7 5 8 ,0 0 0 ' $ 2 ,1 3 1 ,7 1 9 ,7 0 0

$ 1 ,0 2 0 ,7 1 7 ,5 0 0

D A IL Y T R A N S A C T IO N S A T T H E B O S T O N . P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
B o sto n .
W e e k e n d in g
A u g . 29 1919.

S h a r es.

\ B on d S a les.

P h ila d e lp h ia .
S h a r es.

B on d S a le s.

B a ltim o r e .
S h a r es.

B on d S a les.

T u e s d a y ....................
W e d n e s d a y _______
T h u r s d a y ............... F r i d a y .......................

9 ,3 3 5
18,304
37,721
2 0 ,2 4 0
17,570
2 2 ,2 8 0

$43 ,800
121,850
04,850
7 0 ,650
2 7 ,9 5 0
9,000

5 ,134
6,714
8,276
7,7 9 0
6,484
10,579

$14 ,500
15,500
5 6 ,000
3 0 ,850
3 3 ,100
16,000

822
4,110
3 ,8 6 7
2,976
4,215
1,789

S7.600
19,000
2 8 ,000
3 3 ,000
53,600
12,000

T o t a l......................

125,450

$338,10 0

4 4 ,9 7 7

$ 16 5,96 0

17,785

$153,20 0

S a t u r d a y ............... -

decline and Third Ave. 4s have held their own. Southern
Pacific 5s are conspicuous for an advance of 4% points,
St. Paul 4%s are 1% points higher, Atchison 4s 1% and
Ches. & Ohio 5s 2, while several industrial issues have re­
covered fractionally.
U n it e d S t a te s B o n d s . —Sales of Government bonds at
the Board include $5,000 4s reg. at 106, $1,000 4s coup, at
106 and about the usual movement of the various Liberty
Loan issues.
F o r

fo r

th e

w e e k 's

t o -d a y ’s

ra n g e

see

-p r i c e s

fo u rth

o f a ll

p a g e

th e d iff e r e n t

is s u e s

a n d

fo llo io in g .

D a l ly R ecord o f L ib e r t y L o a n P r ic e s . l lu y .2 3 . A u g . 2 5 . A u g .2 5 . A u g .2 1 . A u g . 28. A u g . 29.

‘ H ig h
( L ow .)
(C lose
T o t a l sales In S I ,000 u n its ---------S e c o n d L ib e r ty L o a n
( H ig h
4s, 10-25 yea r c o n v , 1942 (L ow .1
(C lose
T o t a l sales In S I ,000 u n its .............
S e c o n d L ib e r ty L o a n
( H ig h
4s, c o n v e rtib le , 1932-47
( Low .
(C lose
T o t a l sales In S I ,000 u n its —
T h ir d L ib e r ty L o a n
f H ig h
4 M s o f 1928
(L o w
(C lose
T o t a l sales In S I ,000 u n its ___
T h ir d L ib e r ty L o a n
f H igh
4 M s o f 1st L L c o n v , ’ 3 2 -'4 7 (L o w .
(C lose
T o t a l sales in S I ,000 u n its ___
T h ir d L i b e r t y L o a n
( H igh
4 M s o f 2d L L c o n v , ’ 2 7 -’ 42( L o w .
I C lose
T o t a l sales in S I ,000 u n its —
F o u rth L ib e r ty L o a n
( H ig h
4 M s o f 1933-38
(L o w .
(C lose
T o t a l sales in S I ,000 u n its ___
F o u rth L ib e r ty L o a n
( H ig h
4 M s , 1st L L 2d c o n v ,’ 32-47( L o w .
I C lose
T o t a l sales In $ 1 ,000 u n its ___
V ic to r y L ib e r ty L o a n
( H ig h
4 M s , c o n v g old n otes,’ 22-2 3 ( L o w .
F ir s t L i b e r t y L o a n
3 M s, 15-30 y e a r, 1932-47

j dose

T o t a l sales In S I ,000 u n its___
V ic t o r y L ib e r ty L o a n
f H ig h
3 M 8 , c o n v g old n otes,’ 22-2 3 ( L o w .
(C lose
T o t a l sales In $ 1 ,000 u n its _______

99.92
99.86:
99.92

112

9 2 .90
9 2 .78
92.78|
172
94 .2 0
94.00
9 4 .10
84
9 4 .90
94.76
94.90
803
9 4 .3 0
94.16:
9 4 .30
130
93.02;
92.78]
93.00
546
9 3 .20
9 3 .10
9 3 .20
1,524

99.92|
99.88
99.88|
166
9 2 .86
92.74
9 2 .76
525
94.20
9 4 .20
94.20
26
9 4 .92
94.76
9 4 .90
1,500
94.22'
94.20
94.22,
28
93.00,
9 2 .90
93.00
1,010
9 3 .20
9 3 .00
9 3 .20
4,084
—

9 9 .64
9 9 .58
99.64
505
9 9 .66
99.56
99.56
371

99.64
9 9 .54
9 9 .58
2,780
99.64
9 9 .56
99.64;
144

99.90;
99.82
9 9 .86
1,530
92.88
92.74
92.84!
362
94.20,
94.20
9 4 .20
47
9 4 .90
9 4 .76
94.88
1,629
94.22
94.22
94.22
19
93.02
9 2 .90
92.98!
1,089
93.18
92.96
93.10
2,569
100.50
100.50
100.50

99.94
99.72
9 9 .86
1,224
9 2 .90
92.70,
92.82
536
94.28
9 4 .20
94.24
78
9 4 .90
94.76
9 4 .86
2,511
94.40
94.30
94.34
88
9 2 .96
92.80
9 2 .90
1,390
93.18
93.00
93.08
4,408

9 9 .9S
9 9 .90
99.96
330
9 2 .84
9 2 .68
92.82
313
94.3C
94.3C
9 4 .3C
131
94.91
94.76
94.91
1,359
94.41
94.36
94.36

—

—

99 .5 8 '
99.50!
99.54!
957
99.58
9 9 .50
99.54
397

99.5S
9 9 .48
99.5-1
1,383
99.62
99.51
99.61
60S

9 9 .98
9 9 .9 0
9 9 .96
297
9 .286
9 2 .6 6
9 2 .70
198
9 4 .3 0
9 4 .30
9 4 .3 0
39
9 4 .9 0
9 4 .80
9 4 .86
1,311
9 4 .30
9 4 .30
9 4 .3 0
12
92.98
9 2 .80
9 2 .88
1,386
9 3 .28
9 3 .12
9 3 .28
2,917

24

92.91
92.81
92.91
1.313
9 3 .2C
93.02
93.18
3,611
1

|

99.60|
9 9 .4 6
99.54!
1,06
99-60,
99.54
99.54
356'

.

------9 9 .5 4
9 9 .50
99.52
449
9 9 .7 0
9 9 .5 0
9 9 .5 0
731

Foreign Exchange.

— The market for sterling showed
distinct improvement during the tveek and prices were
appreciably higher. Continental exchange reflected the
movements in sterling and hero also advances were recorded.
Tho neutral exchanges wore dull and about steady.
To-day's (Friday’s) actual rates for sterling exchange were 4 17% @
4 18M for sixty days, 4 20@4 20% for cheques and 4 20 % @ 4 21M for
cables. Commercial on banks sight 4 19% @ 4 20%, sixty days 4 16% (§>
4 17%, ninety days 4 15% @ 4 16M . and documents for payment (sixty
days) 4 16% ® 4 17%. Cotton for payment 4 19% @ 4 20% and grain
for payment 4 19% @ 4 20%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 8 13 @
8 14 for long and 8 09@8 10 for short. Germany bankers’ marks are not
yot quoted for long and short bills. Amsterdam bankers’ guilders were
36 11-16@36 9-16 for long and 4 37 % @ 4 36 15-16 for short.
Exchango at Paris on London, 34.05; week’s range, 33.90: high and
34.06 low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty
Sixty Day
Days.
Cheques.
Cables.
High for the w e e k ___________________. . 4 422M
4 25
22M
4 24 M
Low for tho week____________________
4 19K
4 20
- - 4 417%
17%
Paris Bankers' Francs—
High for the w e e k ___________ ________
. . 8 80600
7 98
8 00
Low for the week_____________________ 8 15
8 12
8 10
Germany Bankers' Marks—
High for tho week______________
4 95
5 00
Low for the week________________
4 65
4 75
Amsterdam Bankers' Guilders—
High for the week__ :_________________
..336
6 13-16
13-16
37 Vs
37 3-16
Low for tho week_________________ ____ 36 1-16
36%
36%
Dom estic Exchange.— Chicago, par. St. Louis, 15@25c. per 31,000
discount. Boston, par. San Francisco, par. Montreal, 338.125 per
81,000 premium. Cincinnati, par.

Outside Markets.—

“ Curb” trading was in smaller
volume this week, business being without special feature.
Fluctuations in prices were irregular and within narrow limits
for the most part, the general undertone being firm. Air
Reduction was comparatively active and advanced from 56
to 59 with the close to-day at 5 8 % . Allied Packers was
erratic, fluctuating between 54 and 58, the final figure to-day
being 5 5 A American Shipping & Commerce after early
loss from 36 to 34 A ? sold up to 38 and finished to-day at
3 7 % . Bethlehem M otor gained two points to 2 7 % . A
heavy business was done in Coca-Cola down from 43 to 40
and up finally to 4 0 % . Colonial Tire & Rubber gained
8 points to 33 with the final transaction at 32 . Columbia
Graphophone advanced from 4 4 % to 4 7 % , and reacted to
46. Indian Packing was prominent for a rise of over 5
points to 3 4 % . The close to-day was at 3 3 % . Lima Loco­
motive after early loss from 86 to 83 , recovered to 90.
Savold Tire issues were quiet. N . Y . Savold Tire dropped
three points to 30. Savold Tire Corp. moved down at first
two points to 38 then up to 43. It reacted to 37 and sold
finally at 39. Parish & Bingham Corp. improved over
five points to 40. Vanadium steel was conspicuous for
activity and strength advancing from 38 to 4 9 % . It re­
acted finally to 4 1 % . Oil stocks were prominent in the
trading, Sinclair Oil issues especially so. Sinclair Cons. Oil
from 5 5 % to 59, fell back to 56 and recovered finally to
5 7 % . Sinclair Gulf advanced from 5 5 % to 59, receded to
5 5 % , but sold back to 5 7 % . International Petroleum from
2 8 % reached 32 and closed to-day at 3 1 % . Merritt Oil
Corp. moved up from 2 1 % to 2 4 % and ends the week at
2 3 % . Mining stocks dull. Bonds quiet. A complote
record of “ curb” market transactions will be found on page

-Sales of Stato bonds at
tho Board are limited to $3,000 Now York Canal 4s 1961
at 99.
Tho market for railroad and miscellaneous bonds shows
no sign of returning activity but has been steady to firm
throughout tho weok. Some of tho local tractions have
reversed thoir recent tendency. Inter. Mot. 4%s liavo
recovered 3 and Inter. R. T. 5s over 2 points of their late 879.
S t a te a n d R a ilr o a d B o n d s .-




869

THE CHRONICLE

A ug . 30 1919.]

870

N ew

Y o rk

S to ck

E x ch a n g e— S to ck

H IG H A N D LOW SALE PRICES—PER SHARE, N OT PER CENT.
Monday
Aug. 25

Saturday
Aug. 23
$ per share

88% 8912

*80
82
♦9
1212
*9212 94
4 0 l2 407*
50*s 50%
25
251.1
*19*2 207*
1561.1 156%
55% 57%
*7
11

*12% 1512
8%

8%

2412 24%
41% 417*
63
63%
92% 93%
♦124
125
237* 2434
*69
71
58
58
*3 7 "
*62%

105
189

Tuesday
Aug. 26

Wednesday
Aug. 27

Thursday
Aug.'IS

Friday
Aug. 29

$ per share S per sha. e 5 per share $ per share $ per share
91% 92
89% 90%
89% 90
91
9284
88% 92
*80
82
82
81% 81% *81
81% 81%
80% 81%
1178 1178 *10
12
*10
12
12
12
11% 12
94
94
*94
97
*94
97
*94
97
94
94
41%
42
41
41%
40%
41%
41%
42%
40% 42%
*50% 52
*51
52
52
52
51
51%
25
25
25% 25% *25% *2*5% *24% 25%
24% 25%
21%
20% 20% *20
20% 2034 *19% 217* *20% 22
155% 156%
153% 155
155
155t* 157% 153% 156% 153
57
57%
56% 5678
56% 57
57
58
56
58%
*7
11
*7
11
*7
11
*7
11
*1234 15% *1234 15% *1234 15% *1234 15%
10
10
9
9%
13% 13%
*9
9%
*8%
9%
*9
97*
97*
9%
*9*
**9*%
24% 24%
23% 24% *23% 26
24
25%
2434 24%
41% 42
40% 41%
40% 41%
42% 43%
41
43%
64% 64%
62% 64
63
63
64% 65%
62% 65%
95
953i
95
95
95
95
951.1 96
93% 95
123% 123%
115
124
*115
125
125
*124
125 *120
24% 25%
2412 2434
24% 25
25% 26
24% 2434
72% 72%
*70
72
72
72
71% 73
71
71
61
61
60
60
60
60
60
61
60
60

44*
71

22

22%

*36% *4*4*
*66
71

22% 22%

*437*
*66%
24

44*
71
243*

*41*

*4*4*

66% 66%

*44*

*4*4*

66% 66%

*44* *4*4*
*62% 71

106
189%

108
190

105
189

10%
16%

*14* *14%
*95
110
*4
4%
*5
10
1534 15%
24% 24%
18
18
86% 87
413i 42
*8
97*

110

4%

10

16%
26%
19

88%
43

10

40
937*

6
19*2
19%
52

19%
*50

10% *9%
*20
22
50
*10534 108
*75
80
1634 167*

*121** *1*2%
*27* *27%
47% 47%
73*
7%
*72%
*25
*60
*47
32%

20

*7*3%
29
70
90
32%

*17% *1*7%

947*
24%
♦60

60
3234
80
79
36
38
18%
25%
16
29
95%
25%
62

3034

123%
71

3034

* n % ' 12 *
*20
25
207* 207*
*53
56
*30

38

*40
3534
68%
93

45
37
69
94

2%
2

37%

2%
2

38%

102* 1*0*2*
*98% 99
43% 43%
*48
54
*85
88
9334 93%
112% 113
49% 49%
*103% 1037*
123% 125%
*54
♦91

54%
93

11% 11%

28% 2834
113% 113%

10%

*75
17%

85
18%

13%
19%
28%
49

14
1934
29%
4934

35%
73

36
74%

*34*
73%
*2 5
*60
*47
•32%
20%
14%

35%
7434
29
70
49
34%
2078
15

734

8%

997* 101%
863.1 88
43
44
15
15
17% 19%
61
62
*53* *6*0*
32
35
*7 8
80
77% 8034
*3 5
36
*37
38
17% 1934
26
26
16
17
2934 30
*18% *18%
95% 98%
24% 26
61% 623*
413.1 471.1
*1 8
20

12%

101

10%

*12*
*52
9%
*17%

55
9%
20

*20

89

8684

15
19%
61%

42%
15
17%
62

*53* *6*0*
34% 3534
80
*78
8178
80
*34% 36
*37% 38
19% 20%

13
17%
2734
47%

87%
4334
15
18%
62

*55* *6*0*
33% 34
*78
80
78
80
*34% 36
*37% 38
18
19

97%
25%
61
46
*18

9934
26%
63
48%
20

95%
25
61%
43
*18

97%
25%
62%
46%
20

18*11
96%
24%
61%
43%
18

44 ■
44
123% 124%
69% 70
10*4 1034
22% 22%
10
10
31
31

*40
123%
70
10*3
22%
10
30*4

1134
21
*53
*9%
*19

12
21
55
9*i
20

46
*40
39%
48
*69% 71
91
90
258
*2%
2
2%
37% 38
92
*90
101*1 101%
99
*97
*44
45
50
*48
85*1 86
*93% 94
112
110

52%

51
105
1323.J
llft l*
54%
93
11%
31%
118%

49

46
37%
70
947*

^1

123% 1*2*5*%
*64% *5*5*%
*91
93 j
1178 12
27% 303i
113
116341

50
*103
125*4 I29*s 1271s
l lf i lo
5434 56
54%
♦91
93
*91
11%
11% 11%
32
29%
31
116
116*4 119
51%

12%
21%
*53
9%
*19

73%
29
70
49
33%
20%

600 D e n v e r & R io G ra n d e ____ 100
D o pref..................
100
1 8,800
D e tr o it U n ited R y __________ 100
D u lu th S S Sc A tla n t ic ____ 100
P referred.................................100
4 ,7 0 0 E r ie ............................................... 100
Do
1st p r e f_____________ 100
4 .5 0 0
D o 2d p r e f..........................100
300
7 ,0 0 0 G rea t N orth ern p r e f_______100
Iron O re p r o p e r t ie s ..N o par
8 ,6 0 0
200 G u lf M o b & N o r tr c t f S .. .1 0 0
P referred__________
100
T . i o o Illin ois C e n tra l.......... .. ____ 100
2 .5 0 0 ln t e r b o r o C on s C o r p . . .No Par
D o p r o f____ _______ ____ 100
2 ,4 0 0
100 Iow a C e n t r a l .......... ........____ 100
1 ,900 K a n sa s C it y Southern.____ 100
Do
p r e f........ ........... .. . . . 1 0 0
L a k e E rie & W e s te rn ..____ 100
P referred ...................... ____ 100

2,000
202
**2*.700

1,100
11,200

88 I 2

18

43%
16
19

60
34%
80
79%
36
38
18%

*55
*34
*78
79%
*34%
*37%
19%

60
35
80
80%
36
38
19%

44*450

15%,
26

15
25

101

zlOO* 1*0*0*
87%
43%

15
26

7 ,5 0 0

13,900
300
1 ,400
3 ,2 0 0

400
17*i 17*3.1
18*J
98% *102% 105 199 ,300
25% 25% 19,400
25%
62
62
3 ,0 0 0
62
45% 48*| 8 3 ,8 0 0
45*4
100
♦17
18
19%
1,400
100
100
*40
48
49
14,200
12534 127
125
2 ,2 0 0
70% 70%
70%
1,100
1038 *10
11
700
22*4
22*4 2234
10
4 ,1 0 0
10
10
4 ,7 0 0
31
31%
31
300
*19
19*8
12% 12%
3 ,6 0 0
12%
21%
55
9%
20

44%
*40
37*i 38
69-% 70
93%
91
*2%
2*4
2%
2%
37% 38<4
90% 90%
100
97
*97
99
44% 44%
50
*48
86
86%
*93% 94
111% 112%

22
55
9*4
*19

22
55
934
20

46
*40
38% 40-%
*69% ____
a88% 91
2%
2%
2
2
39%
38
92%
*90
92% 97
*97
99
44
44
50
*48
86
88%
9334 9334
111% 111%

55
55*4
93
*91
1138 l l » s
30
31%
117% 121%

1,000
100
1,400

9 ,0 0 0
900
13,700
2 ,0 0 0
2 ,4 0 0
11,200
100
6 ,9 0 0
400
8 ,8 0 0
400
1 ,400

200
5 1,700
300
9 6 ,0 0 0
100
4 ,7 0 0
553g 5634
100
91
91
100
11% 11%
31% 32% 15,500
14,600
122
120

175
175%
50% 52% *52% 57*
105
103% 103% *103
13134 134% 132% 134*s

STOCKS
N EW YO R K STOCK
EXCHANGE

Shares
Railroads
Par
8.800 Atch Topeka & Santa F e .. 100
400
Do pref...........................100
3.000 Atlanta Birm & Atlantic.. 100
300 Atlantic Coast Line R R ..100
7,500 Baltimore & Ohio________100
900!
Do pref...........................100
1,1001 Brooklyn Rapid Transit..100
600
Certificates of deposit_____
12,700 Canadian Pacific.......... ...... 100
6,300, Chesapeake & Ohio______ 100
_____ I Chicago & Alton R R --------- 100
..........
Preferred............. ............100
300 Chicago & East 111 tr rects----100,
Preferredtr rects__________
1.000 Chicago Great W estern...100
900
Do pref............................100
12,300 Chicago Mllw & St P aul.. 100
7.000
Do pref............................100
2.800 Chicago & Northwestern.. 100
100
Do pref_______________ 100
8,900 Chic Rock Isl & P a c........... 100
800
7% preferred................... 100
1,300
6% preferred....................100
______ Chic St P M in n * Omaha.. 100
400 Clev Cln Chic & St Louis. .100
265
Do pref..............
100
500 Colorado & Southern--------100
______
Do 1st p re f___________ 100
...........
Do 2d pref...................... 100
800 Delaware & Huuson______ 100
300 Delaware Lack & Western..50

2 3 ,5 0 0
900
300
2 .4 0 0
6 ,7 0 0
10,300
400
9 .4 0 0
500

*53
3334
*78
78%
*34%
*37%
18%

*26

22

Sales
for
the
Week

*13% *1*3% 25*666
*18
19
1,200
25 ,1 0 0
27% 29
3 ,0 0 0
49
49%
500

* 11

153s
25

18%
52
12

49
49%
108*4 108%
*75
80
*17
17%

87%
43
17
18

16%
30

21
55
93,,
20

*20

85%
4234
♦13
17%

15%
*26

21
*53
9%
♦18%

18%
*50
*9%

73
*25%
*60
*47
32%
*19%

21

46
*40
37% 41
70*4 70%
89% 93%
234
2%
2% 2%
2
2% 2%
2%
37*4 39
37% 3S3i
92%
*90
92% *90
102 102 *101 103
99
*98
*98
99
*44
45
50
*48
86
88%
*93% 94
11034 11034 110% 111*4
*40
3612
69%
90%

*12% *1*3*1
*18
19
27% 27!
48% 49

17
30

1534

22

*34* *3*4*
71% 72%
*25% 29
*60
70
*47
49
31% 32%

15
18%
61%

*43
49
124*1 126
70
*69
10% 10*4 10*4
*22% 23%
23
103.1
10% 10*4
32
31% 32%
21
21
12% 12*4
*1*2*34

*21* *2*1

12%
17%
263.4
47%

88%

4334 4334

19
52
12

49
49
*105
110
*75
85
16% 17

101% 166* 100% *100

23% 23%
*43
49
123% 125%
70
70
22 %
10
31

*20

2178
49%

no

14
19%
287*
49

10

123
*70

49%

110

19
*50
*9%

19%
52

12%
1734
261.1
48

20

*99% 1*0*0*
*85% 86%
43% 43%

*53
32»4
*78
78
*35
*37
18%
25%
16
♦26

R e c o r d , D a ily , W e e k ly

an d

Y e a r ly

O C C T P Y IN G T H R E E PA G E S
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t iv e , s e e p r e c e d i n g p a g e

L ehigh V a lle y .................................50
Lou isville A N a s h v ille _____100
M a n h a tta n R y g u a r _______ 10 0
M ln n e a p & S t L ( new) _____ 100
M in n S t P & S S M ..............10 0
M issou ri K a n sa s & T e x a s . 100
Do
pref______ _____________ 100
M issou ri P acific tru st c t f s .1 0 0
Do
pref tru st c t fs ______ 100
N a t R y s o f M e x 2d p r e f .. . 1 0 0
N e w O rl T e x & M e x v t c . . 100
N e w Y o r k C e n tr a l___________ 100
N Y C h icago A S t L o u i s .. 100
First preferred____________ 100
Second preferred_________ 100
N Y N H & H a r tfo r d _____ 100
N Y O n tario & W e s te r n ___ 100
N o r fo lk S o u th e rn ___________ 100
N o rfo lk & W e s te r n --------------- 100
N orth e rn P a c ific ____________ 100
P e n n sy lv a n ia __________________ 5 0
P eoria & E a s te r n ........... ...........100
P ere M a r q u e tte v t o _______ 100
Do
prior pref v t c ____ 100
Do
pref v t c ____________ 100
P itts C ln C h ic & S t L o u i s .. 10 0
P ittsb u rgh & W e s t V a _____100
Do
pref___________________ 100
R e a d in g ...........................
50
Do
1st p ref....................... . 5 0
Do
2 d p re f.......... .................... 5
S t L ou ls-S an Fran tr c t f s . .1 0 0
Preferred A tru st c t f s . . 100
S t Lou is S ou th w e ste rn _____100
Do
pref.................
100
S eaboard A ir L in e .................... 100
Do
pref......................
100

Do

p re f.

P r e fe r r e d c e r t if i c a t e s d o p _ _
T w i n C i t y R a p i d T r a n s i t . . 100
U n i o n P a c i f i c _________________100
Do
p r e f___________________100
U n i t e d R a il w a y s I n v e s t . . . 100
Do
p r e f___________________100
W a b a s h .......................................... 100
Do
p r e f A ________________100
Do
p r e f B ________________ 100
W e s t e r n M a r y l a n d (n < u > )-.1 0 0
D .o
2 d p r e f ______________ 100
W e s t e r n P a c l f l o ______________100
Do
p r e f .........................
100
W h e e l in g & L a k e E r ie R y . 1 0 0
Do
p r e f___________________ 100
W i s c o n s in C e n t r a l .................... 100
I n d u s t r ia l & M is c e lla n e o u s
A d a m s E x p r e s s ______________ 100
A d v a n c e R u m e l y ______ _ ___ 100
Do
p r e f___________________ 100
A j a x R u b b e r I n c 1 ___________ 50
A la s k a G o l d M i n e s ___________ 10
A la s k a J u n e a u G o l d M i n ’ g . 10
A ll ls -C h a lm e r s M f g ..................100
Do
p r e f ___________________ 100
A m e r A g r i c u lt u r a l C h e m . . l 0 0
Do
p r e f ................................... 100
A m e r ic a n B a n k N o t e _______ 5 0
P r e fe r r e d _____________________5 0
A m e r ic a n B e e t S u g a r ______ 10 0
Do
p r e f ......................
100
A m er B o sch M a g n e to . .N o par
A m e r B ra k e S h o e A F d r y .-lO O
P r e fe r r e d ___________________ 100
'A m e c jc h tl C a n _______________ 100
D o ' p r e f................................... 10 0
A m e r ic a n C a r A F o u n d r y . 100
100
Do
p r e f .........................
A m e r ic a n C o t t o n O i l ..............10 0
Do
p r e f................................... 100
A m e r D r u g g is t s S y n d i c a t e . 10
A m e r ic a n H id e A L e a t h e r . 100
Do
p r e f .........................
100

PER SHARE
• Range Since Jan. 1
On basis o f 100-3/iare lots
Lowest
$ per share
88 A u g 8
80% A u g 25
6 M ar31
92
A u g l9
39% A u g lS
50
Apr21
18% Jan27
1938 M ar21
153
A u g l2
53% Aug21
7% Jan 13
10% M a y 9
8% A u g 8
13*2 A ug26
7% Jan21
22% A u g21
34% F eb 15
60% A u g21
91
Aug 8
123% A ug21
22% Jan21
68 % A u g 8
55% A ug21
65% M a y 12
32
F e b l7
64
Apr 2
19»4 Jan22
48% Jan 3
45
F eb 4
101
Jan20
172% M a r l 8
3*4 Jan 8
6% F e b 3
80
Feb24
2% F eb 11
5% A p r 8
15
A u g21
23% Aug21
16% A u g lS
84% A u g 8
31% Jan 2
7% Feb27
31% J a n l 6
90
Aug21
3% M ar24
11% M ar29
2% F eb 13
16*4 Jan30
49% J a n 2 1
7
Feb26
16% Apr21
47% Aug21
104% A u g l9
70
M ar28
9% Jan21
8 5 i2 A u g 7
4% F eb 10
8% J a n l3
2234 Jan21
45% A u g20
6% F eb 6
28% A p rlO
69% Jan21
25
A p r l9
63
A p r l5
42% A p r l9
25*4 F e b l3
18% Jan21
14% A u g26
98% A u g 8
84
Aug 8
42% A ug27
434 M ar26
12% Jan21
56
M ar27
39
Apr 7
44
A p r2 9
30% A ug21
78% A u g l8
74% A u g 8
34% A u glO
36
A p r3 0
10% Jan21
22
Jan27
14% A u g l3
25
A u g28
7*a F eb 13
16*4 F eb 3
92% A u g 8
23
Aug 8
59*4 Aug21
27% Jan21
13% Jan 4
5 M ay 1
10 M a r 4
38
JanlO
119% A u g 8
69% A u g ll
7% Jan 9
15
J a n l3
7% Jan20
30
AUg20
19
Jan23
9% Apr21
23 J u n e l9
17
F eb 3
52% Feb 20
7»4 M a r 5
17
Jan30
30% Jan22
29% A pr26
21
Jan21
56% Jan20
66
J a n 13
2% A u g 9
1*4 Jan
30
Jan21
81% Jnn23
92% A u g29
98
Jan 9
33
Jan25
42
Jan 2
62
Jan 3
84*4 J a n l3
84% M a y 7
90 M a y 13
160
Jan 2
42% F eb 11
98% J a n 6
84% F ob 10
113
J a n l8
39% Jan 2
88
Jan
10*8 Jan24
13% Jan 4
71% Jan 2

Highest
$ per share
104 M a y 2 7
89 Jan 4
15% J u ly 24
107 M a y 2 9
68% M a y 2 7
59% M a y 2 7
33% Ju ly2 3
28% Ju ly2 3
170% J u ly 10
68% M a y 17
12% M a y l 5
17% J u ly 17
13% July23
17% Ju ly2 4
12 J u ly l7
30% M a y 19
52*4 J u ly l7
76 J u ly l7
105 M a y 2 6
133 Jan 17
32% J u ly l7
84 Jun e 0
73 Ju ly 17
82
Jan 7
5 4 % Jun o 6
74 J u ly 12
3134 M a y 5
58% J u ly 24
51% M a y 2 9
116 M a y 2 9
217 M a y 7
15% J u ly l4
24 J u ly 14
105 M a y 13
6% J u ly l5
11% J u ly 21
20% M a y 19
33 Ju ly 16
23*4 J u ly 17
100% M a y 2 7
5234 J u ly 10
12% J u ly 25
40% J u ly 18
104 M a y 16
9% J u n o 2
31% J u n e l2
934 J u ly 21
25% M a y 19
57 M a y 21
14 July21
2 5 M a y 19
60% Jun o 2
122*4 M a y 17
88
Jan 25
24% J u ly 17
98% M a y 2 9
16% J u ly22
25% Ju ly 18
38% J u ly 9
58*4 Jun e 7
14
M a rlO
45 J u ly l4
83*4 Ju n o 6
33% Ju ly 10
70
Apr 2
53% J u ly 7
40% J u ly 17
24% J u ly l8
20 M a y 2 9
112% M a y 19
99% M a y 2 7
48% M a y 19
20 J u ly l7
28% J u n e ll
07*4 J u ly l5
49 M a y 2 1
70 Ju n e 7
44*4 Jun e 9
84% Jun e 7
93% J u n e 6
38% F eb 4
39% M a y 10
2734 J u ly 17
37 M a y 2
23% Jun e 9
37% Jun elO
12 J uly23
23*4 Ju ly 17,
115 Jun e 2 !
33 M a y lO
72% M a y 2 7
70% Ju ly 2
25% Ju ly2 3
13% J u ly 2 0
25% J u ly 2 6
60 Jun e 3
13812 M a y 2 9
74*4 M a r 5
15% J u ly 1
31*4 J u ly 1
13% J u ly 2 3
38 M a y lO
25% J u ly 9
14% J u ly l7
30% J u ly 9
28 J u ly l4
61% Jan 9
12% J u ly 17
24% J u ly l7
41% M a y lO
64
58%
76
113
4%
3%
50
96%

M ay23
J u ly 3
Jun e 9
J u ly 14
Jan 15
J u ly 14
J u ly 7
Ju n e 2
11334 M a y 1
108 M a r lS
55 J u ly lS
4 8 % J u n e3 0
98% J u ly lO
05 M a y 2 9
120 Ju ly2 4
97 J u ly l7
175% A u g 2 8
63 J u ly 7
1 0 7 % Jun elO
134% A u g28
119 Ju ly 11
67% J u ly l4
93 A p r 3
14% M a r 7
43% July31
136*4 J u ly l4

PER SHARE
Range for Previous
Year 1918
Lowest

Highest

J per share $ per share
81
M ar
99*4 N o v
80
Jan
9212 N o v
5
D ec
10% J u n e
89% A p r 109
N ov
4812 D e c
62
N ov
53
Apr
64% N o v
25% D e o
48% Jan
135
M ar
49*4 J a n
7
Apr
10% D e o
5
Jan
6
Apr
18% A p r
37% A p r
66% A p r
89% M a r
125
J u ly
18
Apr
56*4 J a n
46
Jan
69
S ept
26
F eb
58*4 M a y
18
Apr
47
Apr
40
Apr
100% A p r
160
Apr
2% J a n
5
Apr
80
Apr
2% F eb
4*8 M a y
14
Apr
23% Jan
18% Jan
86
Jan
25% Jan
8
M ar
27
M ar
92
Jan
4*4 D e o
1 7% D e c
2% J a n
15% A p r
45
Jan
7% O c t
18
Apr
53% D eo
110
Jan
80
D ec
7% A pr
80% Jan
4*8 J a n
6% Jan
20
Jan
41
Jan
4% M a y
17
Apr
67% Jan
1 3% O c t
55
J u ly
40
O ct
27
Apr
1 8% J a n
14
N ov
10 2
Jan
81% Jan
4 3 % June
4% A p r
9% M a y
52% A pr
30
Apr
2578 J u n e
22% Jan
61
Jan
70% Jan
35
Jan
35
M ar
9% A p r
21
Apr
19
O ct
28
O ct
7
Apr
15% A p r
80% Jan
20% A pr
57
Jan
14
M ay
1 2% D e c
4 June
8% M a r
32
D eo
109*4 J a n
09
Jan
4*4 J a n
10% A p r
7
Apr
30% D ec
1 9% D e o
10
D eo
20
Jan
13
Jan
46
Jan
8
Apr
17% A p r
29% D eo
42
11
25%
49
1%
1%
17*1
72%
78
89%
31%
41*4
48
x82

D eo
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
M ar
June
N ov
S ept

174% O ot
62% N o v
11
N ov
18
N ov

9 * May
11
32
54%
8638
107
137
32%
88
75
82
40
70
27%
55
48
119 »i
185
7
13%
90

N ov
N ov
S ep t
N ov
N ov

Jan

N ov
N ov
N ov
D eo
N ov
N ov
N ov
N ov
D eo
N ov
S ep t
N ov

Jan
Jan

4*4 O ot
8%
23%
30%
27%
106%
34%
10
35%
105%
9%
47%
5%
24%
59%
117g
25
65%
124*4

N ov
N ov
N ov
NOV
N ov
N ov

May
DeoN ov

Jan
Jan

N ov
N ov
N ov
N ov
O ct
N ot
No

100% D
15% N
97%
6*4
13%
31%
62
1038
36%
84%
34
65
48
4578
24%
21%
112%
105
50%
678
18%
64
50
58%
4038
82
96%

N

N
N
No
N ov
N ov
D ee
N ov
N ov
N ov
N ov

May
N ov
D eo
N ov
NOV
N ov
N ov
NOV
N ov
NOV
NOV
N ov
N ov
O ct

39 May
40

17%
33%
25
40%
12
25%

J u ly

Deo
Nov
Nov
Jan
Nov
Nov

1 10

N ov
N ov
N ov
D ec
Jan
Aug
Aug
Jan
O ct
7634 N o v
12 J u n o
20 M a y
11*4 J u ly
44% Jan
26% J u n e
1734 F eb
32 Jun e
24*4 N o v
60 J u n e
12*4 N o v
26
N ov
39*4 O c t

34%
75%
29%
21%
7%
16
65%
137%

80
Jan
26*4 N o v
627g N o v

72% Deo
6% N o v

3% June
37 May
8 6 % May
106
101
35%
42%
84
91%

O ct
Aug
M ay
Aug
F eb
M ay

* 9 0 ' J u ly
160
D eo
34% Jan
89% Jan
68% Jan
106
Jan
25
Jan
78
M ay

*90* July
175 Jan
50*4 May
99
Deo
93
Deo
115 Deo

*1*1% " in n

*22*% S ep t
947s A u g

50

Jan

44*4 O ct

88

Deo

* Bid and asked prices; no sales on this day. t Ex-rlghts. I Less ihan 100 shares, a Ex-dlv. and rights. * Ex-dividend. U For fluctuations In rights, see page 869-




New York Stock Record— Continued— Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
H IG H A N D LOW SALE PRICES— PER SHARE, N OT PER CENT.
Saturday
Aug. 23

Monday
Aug. 25

Tuesday
Aug. 26

Aug. 27

y

Thursday
Aug. 28

Friday
Aug. 29

Sales
for
the
Week

STOCKS
N E W Y O R K STOCK
EXCHANGE

871

PER SHARE
Range Since JarPt 1
On basis o f 100 -share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1918
Lowest

Highest

$ per share
431.1 43%

$ per share S per share
e S per share
4214 43
*44
50
44
45
45
*60
70
70
7 0 18 *67
*65
70
04
957g
9314
1 941.4 9 6 l2 925S
%
93*8 941
73
713.1 73%
75
76*4
7 3 l2
7 3 l 2 751
*93
95
95
9512
95
*95
96
847S 8 5 l2
8384
8512 87
85
86 I4 881
100 *104
♦103
*103
*103
*103
106
58
57
587s
5712 59
57
5 6 l2 58
*90
93
*90
♦87
93
*89
90
75
7 4 18
75 i2
75*8 77M
751g
78
751.1 761
*103
104
*103
*103
105 *103
105
*103
104
12012 *110
*118
*118
122
*118
122 *118 12 2
*93
100
*93
*93
100
93
100
*93
100
—
38>8
39lg 40
39% 4 0 7f
95% 95%
- ___ ____
126l2 127
12878 1*3*2*12 129
131
129
1307*
*110
119
*116
119
>116
118
*116
1181
793,i 8078
82
84*8
8112
833*
8
78
*91
95
*9234 95
*9234 95
* 9 2 i2 95
102
10238
102
102l2 1017g 102
1 0 1 1 2 10 2
21878 220
219 2191
219
219
218 219
218>8 2 2 1
*100 100% 1003s 1001 *100 101 '100 100 4 *100
10014
1093i 110l2 107
110
110
11412
2 113
119
*105 l2 100l2
*105
106
105I2 1051-^
5 0 i2 5 0 i2
5 6 i2
5712 60
5712 59
5 7 i 2 59
22*»
23 l2
24
25*4
23lg 241 4
23
24
♦50
*56
59
5914 *57
61
59
591?
00
6578
67
6878
665g
4
66*8 68
27S
278
3
21?
212
*53
*5 2 i2
5 3 18 *5*4*1?
2 52% 531?
*75
*75
*75
82
*75
80
*75
♦75
80
§75
75
*1111
91*4 ♦90
90
90
150
150l2 148
150l2 153lg
148
151
*72
75
*73
*73
75
731s 73 lg
103
104%
104U 108*4
4 1063.1 1113.
*116
117
*116
120 *113
121
118% 119
118
118l2
*110
114
*110
114
*110
113
110 11012 * ------- 113
134 184 *1I2 11
*U 2
*1%
ii 4
1*4
*1*2
1*4
85 >8 85*8
83lg 831 8 ------'841*8 *84% "sai's 8434
8 4 l2 8612
8214 8414
83 i4 853i

S per share Shares I n d u s . & M ls c e ll. ( C o n ) Par S per share
$ per share
$ pet share i per share
45
48%
2 ,4 0 0 A m erica n I c e ........ ................ .1 0 0
3 7 i2 A u g21
76% June 6
1112 J a n
49
O ct
*65
70
200
D o pref................................100
5434 Jan 20
76U Ju n e 6
38*4 Jan
61
O ct
94% 96
3 2 .4 0 0 A m er In tern ation al C o r p .,1 0 0
5238 F eb
115i2 J u ly 11
5 U 2 Sept
6 0 i2 O ct
74
75
2 9 .0 0 0 A m erican L in seed __________ 100
44% M a r
82 J u ly 7
27
Jan
4
7
l
2
D
eo
95*4 95*4
600
Do
p rel_________________ 100
85
M ar
98*g A p r 15
6914 Jan
92
D eo
S7*s 88 % 39 .2 0 0 A m erican L o c o m o t iv e ______ 100
58
Jan21
9 7 i 2 J u ly l4
5 3 i2 Jan
71*4 M a y
*102
106
Do
pref....................
100 100
J a n 14 109*4 J u ly 2
z95
Jan 102*8 D e o
57
57%
2 ,9 0 0 A m er M a lt & G ra in ____N o par
53*4 Ju ly2 4
63
A u g lS
*89
91
A m Sm elt Secur pref ser A . 100
9 2 12 F e b 11
9 4 i 2 J u n e l2
*89* M ay * 9 6 ” N ov
*75% 7578 1*3*366 A m er S m eltin g & R e fin in g . 100
62 ig F eb
8934 J u l y l 6
73 M a y
94*4 O ct
*103
105
Do
pref_________________ 100 102i2 A u g l9 109*8 J u ly l7
103 Sept llO U N o v
*119
121
A m erica n S n u ff____________ 100 105
J a n l l 130 M a y 5
8
5
O
ct
107
D ec
*93
100
Do
p r e fe r r e d .................... 100
93
Ju ly lO
99
J a n l6
§85
A u g 585
Aug
40
407S 11,900 A m Steel F o u n d tern ctfs .3 3 %
3314 M a y 10
47 J u ly 7
953.J 9534
200 P ref te m p r t fs ______ N o par
9 4 i2 A u g l9
9612 A u g l4
130
1317g
7.100 A m erica n Sugar R e f in in g .. 100 I I D 4 Jan21 142 J u ly 7
98
Jan 116 M a y
*116
118
Do
pref......... ......................100 113i2 J a n 6 119 M a y 2 4
108% M a r 114% D e c
82
84
39*400 A m er Sum atra T o b a c c o . . . 1 0 0
73
A u g21 120i 2 J u n e l2
Jan
60*4
145 M a y
*921? 95
Do
p r e fe r r e d ....................100
9 2 i2 A u g l9 100 M a y l 2
81
Jan 103 J u n e
100U 1 0 U 2
*7*120 A m er T ele p h o n e & T e l e g . . l 0 0
96*4 A u g l4
108*8 M a rlO
90%
A
u
g
109%
Feb
221*8 223
2.100 A m erican T o b a c c o ________ 100 19178 F eb
2557S Ju ly2 5
140% Jan 198*4 D e c
*100
10 1
100 D o p ref (new) _________ 100 66*8 M a y 14 106 Jan 6
92% Sept 100% D e o
1171s 120
2 8 ,000 A m er W o o le n o f M a s s _____ 100
45U J a n l6 137 J u l y l 6
447g Jan
607g M a y
*105
106%
100 D o p ref.................
100
943g F e b 8 1 1 0 3 | ju n e 5
92
Jan
96*4 D e c
59% 59%
5 .700 A m er W ritin g P a p er p r e f . . 100
27*8 Jan
687g A u g 4
20 % A p r
39% A u g
23% 24
14,700 A m er Z in c L ead & S m e l t .. . 2 5
11
Jan31
29
J u ly l4
1
1
D
e
c
21*8
J u ly
*591 2 61
400
D o p ref...................................25
40
Jan21
65 July24
38*4 D e c
53% J u ly
67*4 68*4 2 0 ,500 A n a co n d a C o p p e r M i n i n g . . 50
5 6 i2 F e b 6
7778 J u ly 16
59
D e c z74% O ct
1.300 A ssets R e a liz a tio n ___________ 10
1
Jan
5*4 A u g 12
2% N o v
% D ec
*5 2 l2 54
2 .300 A ssocia ted D r y G o o d s ____ 100
17U Jan
59
A u g7
12 M ay
18% D e c
*75
80
Do
1st p referred _______ 100
61
M a r l9
82
A u g l4
51
M
a
y
63
D ec
*75
80
....... 6 D o 2 d preferred _______ 100
58ig F e b 8
SOU M a y l 3
36% Jan
36% J a n
92
92
800 A ssocia ted O il______________100
68
Jan
96U M a y 8
54
Apr
71
O ct
150
15412
9.700 A tl G u lf & W I SS L i n e . . . 100
92
F e b 8 188 i2 J u n e 7
97*4 Jan 120% F e b
*70
74%
100 D o p ref_________________ 100 64 Jan29
7 6 i2 M a y 8
58
Jan
67% NOV
1 10
1 1 2 % 2 32,600 B a ldw in L o c o m o t iv e W k s .1 0 0
647g Jan29 1 24 l2 J u ly l4
56% Jan 101*4 M a y
120
12 0 %
800 B a rrett C o ( T h e ) ...................100 103
Jan
145 J u ly 7
85
Jan 110
D ec
114
D o p r e fe r r e d ___________ 100 110
F e b lO 119 M a y 29
99% Ju n e 107% D e e
....
” 366 B a top lla s M in in g _____ ______ 20
114 Jan20
2% M a y 13
B ethlehem Steel C o r p ____ 100
5 5 i2 Jan20 107*4 J u ly 15
60
D ec
96 M a y
85% 87
71*.400
D o C lass B c o m m o n .. 100
55*8 Jan21 HOI 4 J u ly 15
59*4 N o v
94 M a y
D o p r e fe r r e d ___________ 100
9 0 i2 Jan 30 108 July21
84
D ec
94 S ep t
‘ "266
D o cu m c o n v 8 % p r e f . . . 101*8 Jan22 115 J u n e 9
I 884 18*4
1812 18
96% Jan 106*8 A or
18l2 19
18<g 181 8
18
18>s
18% 18%
2,100 B o o th F ish eries________ No par
17% A ug21
102
25 July24
♦98
21
102
*98
Jan
28% S ep t
♦98
102
*98
102
*98
102
*98
10 2
B ro o k ly n E d is o n , I n c _____ 100
9
7
A
p
r
l6
102
A
u
g
1
*75
83
*79
82
*78
83
*78
83
*78
83
B rook ly n U n ion G a s _______100
77*4 A p r 3
92 M a y 2 9
*89% 93"
78
Aug
93% N o v
*90
95
*90
95
91
91
100
B
row
n
S
h
oe,
I
n
c
___________100
71
Feb
*961.1 9 7 i 2
112 i 2 J u ly 16
9 7 i2 "
62 Jun e
74
N ov
_
*971 2 98
100 D o p r e fe r r e d ....................... 100
97
A u g lS 101 M a y l 4
*101.1 1 2 i 2 12
95
Jan
98
Apr
1214 *121*4 1*2*8
lllg
1 1 % 117S
1 U2 111?
1 .000 B ru n sw ick T e r m & R y S e c . 100
8 i2 M a r2 2
130
15's A u g i l
136
136
618 Jan
136
1618 J u n e
136
14212 13612
2 138 138 *135
139
1,100
Bu
rn
s
B
r
o
s
..................
100 128
Aug21 166 A p r 23
12
127» 12ls 125g 123g 13
108
F
eb
6
1
i2
O ct
1212
123
4
2
1 2 I8
12*8 127g 11.400 B u tte C o p p e r & Z in c v t c . . 5
518 F eb 2 0
14i2 A u g :
3012 31
127 g J u ly
518 D e c
31
331» .*31
*31
32
31% 33
1,500 B u t t e r l c k ................................... i o o
16
Jan27
8% 291 ",
3914 July30
263 i 28 l4
7 i2 M a y
18i2 N ov
2778 28*8
26*4
27>4 2734
27
27% 11.800 B u tte & S up erior M in in g .. 10
167g F e b 11
3 7 i2 J u ly 11
33
3314
6 H 2 Jan
33 i 2 M a y
33%
313s
33
315g
317g 32
32
33%
6 .2 0 0 C a d d o C en tral O il & R e f . . 100
30
Aug21
54U M a y 2 7
6812
68
6 9 i2
69% 693.1
6712
67'g 67*4 367% 68 %
2 ,6 0 0 C a liforn ia P a ck in g ____ N o par
48*4 Jan
75*8 July24
4412 45%
451.1
36% Jan * 5 0 * N o v
45
44
463g
44
451?
44% 467S
. . . C a liforn ia P e tro le u m .......... 100
20*8 Jan
527g Ju ly2 4
803t *80
247g NOV
12
Jan
81
81
805g
81
81
81
82
82%
1.000
D o p r e f . ....................... . . . 1 0 0
6418 Jan .
84*4 Ju n e 9
77
36
Jan
73
7 0 i2 D e o
75
77
76
77's
76
*74
78
*76
77%
500 C a lu m et & A rizon a M in in g . 10
56*4 M a r 15
86*4 Ju ly2 4
61
D ec
10078 10078 1007g 1007g
71 M a y
200 C a se (J I ) T h resh M p f c t f . 100
9 1 i2 J a n l4 101
A u g l9
73
Jan
9 2 i2 D e c
.... ....
100 C en tra l F o u n d r y ___________100
2 0 i2 Jun e20
45 J u ly 28
18 N o v
4U 2 Apr
50
50
56
55
*5*5**
900
D o p r e fe r r e d ....................100
27
Apr _
74U
J
u
ly
2
8
92
93
33
N
o
v
9078 96
53
Apr
943s 97
94
967g
9514 96%
,700 C en tra l L ea th er................. . . 1 0 0
5 6 i2 F e b 8 1 16 i2 July24
*10734 112
54*4 D e c
109
73*8 F e b
109U *108
110
109
112 *107
12
300
D o p ref................................100
104i2 Jan
52
5234
114 J u ly 16
5 2 12 5 3 i 2
1011
2
D
e
c
108
N
ov
5 3 's 5514
54
53% 5412
54
54*4
1,800 C erro d e P a sco C o p ___ No par
31
Jan22
6 7 i2 J u ly 11
41
39
N ov
29U M a r
42
41
41
500 C erta in -T eed P r o d u c t s .N o par
3014 A p r l2
5 1 78 J u ly ie
30
O ct
4 0 i2 N o v
.............
Do
1st p referred ________ 100
84*4 j Une21
9 0 i2 J u ly23
231
238
84 i4 J u ly
87 Ju n e
238
210"
238* 2*4*9* * 2 3 5 i2 242 l2 240 244
2351 2 251
5 ,3 0 0 C h a n d ler M o t o r C a r .............100
103
J a n l8 26734 J u ly 9
6SI4 Jan 1097g D e e
75
75
75
75
78
78
300 C h ica g o P n eu m a tic T o o l . . 100
68
A p rlO
8134 June27
68 Jun e
70*4 J u n e
23ig 231 2 *23* *2*3*12
23*4 2438
23>g 2334
8 .8 0 0 C h ile C o p p e r ............................. 25
1718 Jan21
2914 July21
14i2 A p r
24
O ct
44
42U 43>g
4 4 l2
43
443g
433.1 4414
5 .0 0 0 C h in o C o p p e r _________________ 5
32ig F e b '6
50*8 J u ly l6
313g D e c
47U M a y
*75
82
*75
81
*75
81
*75
81
C
lu
e
tt,
P
e
a
b
o
d
y
&
C
o
____
100
.............
603g F eb 27
9 5 i2 J u ly 2
45
Jan
65
N ov
107*1
*105
108
108
105
100
D o p r e fe r r e d ................. . . 1 0 0 103i2 Jan 7 108
Jan 25
95
Jan 105
44
N ov
4212
44*8
4 3 12 437g
44
3 .2 0 0 C o lo r a d o Fuel A I r o n .......... 100
34*4 F eb lO
56 J u ly l4
34*4 Jan
54% M a y
59'8 61*2
0134
60
62
6012
13,000 C o lu m b ia G as A E le c .......... 100
3 9 14 F eb 1
65
J u ly 7
447g D e c
28*4 M a r
*51
52
52
52
5212
52
700 C o m p u tin g -T a b -R e c o rd in g 100
37*4 Jan 4
633| J u ly l4
30
Jan
39
J u ly
*59
61
5912
58
58
*58
60
400 C on solid a ted C ig a r ____ No par
54
A u g l8
7 5 June27
*78
81
*78
82
81
*78
82
300
D o p r e fe r r e d ................. . 1 0 0 378
A u g 15
863g J u ly 11
947g 95 la
95*8
2 94*4 95
1.800 C on solid a ted G as (N Y ) . . 1 0 0
8718 Jan27 106*8 J u ly l5
82*4 Ju ly 105*8 N o v
18l2 1938
19
2 18% 19%
8 ,5 0 0 C on s In ter-S ta te C a ll M g . . 10
5 7s A p r2 3
2 1 12 July31
7% S ep t
13 J u n o
92
941 2
937g
2 93% 94%
7 .1 0 0 C on tin en ta l C a n , I n c _____ 100
6 5 i2 F eb lO 103*4 Ju n e 7
65% O ct
95
Feb
---------Do
p r e fe rr e d ___________ 100 IO 414 Jan 3 110 J u n e l7
1 2 lg 1 2 i 2
99
1212 I 2 I4 *1*2*78
J u ly 107
D ec
"1238 1178
2 * i i % *1 2 % 2 1 .4 0 0 C on tlm n ta lC a n d y C o r p No par
I U 4 A u g lR
1478 A u g
7434 *72
75
*72
75
75
*723.1 75
200 C on tin en ta l In su ra n ce.......... 25
68
Jan 3
7 5 J u n e l2
"7534 76581
44
F eb
79%
60
D ee
79U 807g
_ 8012
78*g
2
79% 82
49 .4 0 0 C orn P ro d u cts R e f i n i n g ..1 0 0
46
Jan21
100 l 2 10 fll 2 10612 107
95*4 Ju ly2 6
297g Jan
50% N o v
106% 108 *106*4 109
1 *106
108
600
D o p ref................................. 100 102
Jan23 1097g Ju ly2 5
139
140%
z90% Jan 104
D
ee
t 139
152*4 146
15012
2 156 164% :222.800 C ru cib le Steel o f A m e r ic a . 100
52ig F e b 7 164*8 A u g29
100 1
52
747g M a y
Janl
. 100 % 10 0 %
1003.4 10 1
10 1
10 1
500
D o pref................................. 100
3134
91
Jan 2 105 J u ly
31
86
Jan
91*4 J u n e
:
31% 33
*3134 *3*2*34
31*s 321 2
32%
33%
17.600 C u b a C a n e S u g a r_____ N o par
20*8 Jan27
4 1 78 J u ly 7
*78
27% A p r
34
78%
N ov
78% 79%
79
79
79
793 8
791* 79%
2 .2 0 0
D o pref.................................100
6 9 i2 M a r 1
*230 2
8 7 i2 J u ly 2
77% D e c
*230
83
Feb
♦230 245
*230 24 l i 2 *235 250
240% 2497g
450 C u b a n -A m erlca n S u g a r . . . 100 150
Jan 8 25 0
*99
1
A u g lS
136
A u g 152
Jan
*99
104
101*4 1013
100 D eere A C o p re f....................... 100
93*4 F e b l7 103 Ju ly2 8
*1212
90 June
96
Feb
12*4 13
1234 13
123.4 13
13% 13%
1.800 D o m e M in es, L t d .....................10
10*8
Jan31
92
18>4
M
a
y
12
6 June
15
N ov
96% 96% *89
96
93
93
*100
10
2
600
E
lectric
S
tora
g
e
B
a
t
t
e
r
y
.
.
100
55
Feb 8
36
96U A u g26
48
Apr
56% O ct
36% 37
36 l8 37
36*8 367 8
37
37%
2 .2 0 0 E lk H orn C oa l C o r p ________ 50
27
Jan23
*41
43
J u ly l6
22
Jan
*41
31% N o v
47
*41
47
*41
47
*41
47
---------D o p r e fe r r e d ____________ 50
42
A u g21
*29
49
J u ly23
37
M ar
32
43 % N o v
32
*30
30»g *30
32
*30
32
200 E m era on -B ra n tln g h a m ____ 100
28lg A u g 8
*92
4 3 June27
*92
97% *92
95
*92
95
*92
95
............
D o p r e fe r r e d ___________ 100
94 J u n e l3 101 June26
101 1
103% 104% 1037g 104U 103*4 103*41 ------900 E n d lc o tt-J o h n s o n .....................50
80 Jun e30 1 21 i2 July31
103
103
200
D o p r e fe r r e d ..................... 100 1017g A ug21 105 J u ly l7
*96*
95%
94U
!
97% 100%
97
9 8 i2 *98*
98
99%
8 ,1 1 0 F a m ou s P layers L a sk y No par
93
A ug21 123 J u ly l7
*1312 10
*13i2
*13% 16
*13t2 16
*131 2
_______F ederal M in in g A S m eltin g 100
9'g F eb 2 0
2 3 i2 J u ly l5
*32
34
9
♦32
D ec
*32
15
O ct
34
*32
34
3214
1 ------100
D o p r e fe r r e d .....................100
31
A
u g21
4814 J u ly l4
27
88
89 iS
Jan
44% O ct
88
88
8614 88*4
87
J 877g *9*2*%
4 .1 0 0 Fisher B o d y C o r p _____ N o par
38U Jan 8 97>2 J u n e 9
447g 45
26
Jan
447g 45%
*44% 4514
43
Ju
ne
43
445g
4314
1 43
44% 13.500 Fisk R u b b er
42ig A ug21
467g A u g l5
4 6 78 4 7 i 2
46
47
48
497g
47
481.4
4 7 i2
> 48% 51*4 2 0.100 F reep ort T e x a s C o ____ N o par
42*8 A u g lS
64Sg J u ly 14
30
30
30
30's
30% 31
3014 301.4
1
30% 31
30U
2
.8
0
0
G
a
ston
W
A
W
I
n
c
_
.
.
A
ro
par
25lg Jan21
38*4 J u ly 11
79
7934
25*4 O ct
Feb
39
7814 79 l2
797g 807s
79*4 81
79
!
79% 82%
5 .2 0 0 G eneral C ig a r, I n c _________100
47
Jan
957g J u ly 23
162
162
34
Jan
■160
162
58 J u n e
162
165
*161
165
165
:
1643.1 167
1,350 G eneral E le c tr ic ___________ 100 144i2 F e b 3 1737g J u ly lO
231
237
127*4 Jan 158% O ct
22812 236
230% 235% 227U 2 3 1 l2 232
:
! 233*4 239
6
1
.6
0
0
G
eneral
M
o
t
o
rs
C
o
r
p
_____
100
118i2 Jan21 243 Jun e 6
*89
90 i4
106*4 Jan 164
Aug
90
9012
90% 90*4
90
90
*90
*90
91
500
Do
pref_____ ______
100
82
Jan 6
9 5 Ju n e 3
*85l.t 8 5 i2
75% O ct
F eb
86
86
88
86 % 86 %
86 U 867g
86
86
86 *i
2 ,7 0 0
D o D eb en tu re s t o c k . . 100
8 2 i2 F eb 17
94*4 A p r l4
721.1 7 3 12
72% 75
711.4 7314
73
74%
73
74
7478 11.800 G o o d r ic h C o (B F ) ................100
56>2 Jan lO
S97g J u ly 9
38
1027* 10 3
Jan
59%
O ct
10234 10234 102 ]
* 10 1
103
600
D o p ref......................
100 102
A u g 7 109t2 A p r 16
*07
71
95% D e c 104
*67
70
D ec
♦67* *7*1** *67
71
*67
67
67
100 G ra n b y C on s M S A P ____ 100
*4134 43
64
Apr21
8 0 Jan 3
74
Jan
86
O ct
417S 42%
415g 417g
417g
42
42
1,600 G reen e C a nanea C o p p e r . IOO
3 8 78 A p r2 5
5534 553|
4 7 l 2 J u ly l4
38% Jan
58% N o v
58
58
59
500 G u lf States Steel tr c t fs _ .1 0 0
4 9 i2 F eb
87
81 J u n e 2
87
58*4 D e c 1 1 1 % A p r
*86
8512 8 5 l2 *851 2
90
*87* *87**
300 H artm an C o r p o r a t io n _____ 100
54U Jan 8
58
59%
96*4 J u l y l 6
37
M ar
55
D eo
59% 71%
5 7 l 2 60
583.4
60
60*i
8 .5 0 0 Ila sk el A B arker C a r ___ No par
40
Feb 6
59
713g J u ly l4
59%
34
Jan
49% J u ly
593,1 61%
59*8 60*8
59
60% 60*4 16.800 Inspiration C o n s C o p p e r . . . 2 0
4212 F e b 6
257g 26
687g J u ly ie
41% D e c
58% O c t
26% 26%
26i.t 2 6 i2
2
5
's
*25
27
700
In
tern
a
t
A
g
rlcu
l
C
o
r
p
____
100
813.J 813.1
10i2 Jan 2
3734 J u ly l4 j
10
Jan
19 Jun e
82
813.4 8134 83
82
*82
84
500
D o p ref_________________ 100
48
Jan 4
13012 131
91*8 J u ly l4 l
38
Jan
65 J u n e
131
130
132
130
132
132%
1.200 In ter H a rv ester (new) ____ 100
llO ig Jan21 149*8 J u ly 7
104
O ct 12 1
N ov
118%
118%
100
D o P referred , t?«jr..‘ . . 1 0 0
IHI4 Auc21 120 June23 107 O ct 114% D e o
*56% 6734
5412 563i
*541*4 5614
55*4 58
55*8 56*8
56
57*4 9 8 ,5 0 0 In t M e rca n tile M a rin e ____ IOO
2 H 4 Jan31
6734 J u ly 11
115% 11714 115
21
Jan
O ct
33
117l2 116
117% 115
11618
115*8 11714 116% 117*4 4 6 ,1 4 0
D
o
p
ref................................100
92*4
F
eb
lO
12812 M a y 2 8
26
261
83% Jan 125% N o v
25*4 261.
26% 26%
257g 26
25% 26% 16.100 In tern ation al N ick el ( T h e ) .2 5
25*8 26 i4
2412 F e b 3
337g June26
53U 5534
5134 55%
27
Jan
N
ov
35
55% 57%
54 i 2 557g
55% 57
18.600 In tern a tion a l P a p e r_______100
30U Jan 3
71
Ju ly 1
70
77
24% Jan
*75
45% M a y
77
76
*76
76
77
*75
77
600
D o sta m p ed p re f_______100
62
J a n l3
80
July22
25*8 26
2534 25*4
58
Jan
Jan
65%
25% 26
23*8 251g
23
24%
3 .4 0 0 Jew el T e a , I n c .........................100
23
A u g29
48
M a r 15
27
D ec
65
40% N o v
65
05
*60
65
70
60
60
600
D o p r e fe r r e d ................... 100
60
A u g29
36*4 3634
91
M ar 6
88
Apr
365a 305g
97% Jan
37
38%
36%_ 373s
36*4 37%
2 .1 0 0 Jon es B ros T e a . I n c _______100
31 June26
44
J u ly ie
127
127
126
127
1257g 127% 126i2 12812
129
:132
14,200 K e lly -S p rln g fleld T i r e .......... 25
68
Jan21 139*8 J u l y i e
♦61
69
41
Apr
*61
72
D eo
627g 6278
70
61
61
63
63%
1.100 K elsey W h eel, I n c . . .............100
39
Jen24
78
Ju ly2 5
36<g 365g
24% J u ly
O ct
36>4 36*4
35
36% 37%
3 6 i2 37
30% 37% 11,700 K cn n e c o tt C o p p e r ____ N o par
29ig F eb 13
43
J u ly 15
29
M
a
r
73ig 353S
73
41%
N
ov
78 i2
78
817g
77 i 2 8 OI4
80% 82% !
K e y s to n e T ir e A R u b b e r . 10
62*4 Aug21 126 l2 J u ly 14
K
resge
(S
8
)
C
o
.......................
100
106lg Jan20 170 Ju ly2 5
*76% 77% *741 2 76l2 *78* *7*9** *7738 *7*9%
83
Jun
e
N
ov
105
7714
*79*
79% '
L a ck aw an n a S teel.............. . 1 0 0
62t2 Jan21
9314 J u ly 15

11634 11*1

9712

tto o n d page p recedin g.




§ Less th a n 100 sh a res,

t E x -rig h ts,

a E x-<llv. an d rig h ts,

x E x -d lv ld e n d .

1 F o r flu ctu a tion s In rig hts see

New York Stock Record— Concluded— Page 3
For record of sales during the week of stocks usually Inactive, see third page preceding.

872

HKJHAM) LOWSALKPRICES—PERSHARE, NOTPERCENT.
hursday Friday
onday 1 Tuesday Wednesday TA
Saturday M
Aug. 29
ug. 28
Aug. 27
Aug.2a 1 Aug. 26
Aug. 23
8 per sh
are A pershare S pershare 8 pershare S pershare

50%
*50
30
30
* 190 230 *190 230
12
*100
112 *109
*62
67
*6312 67
15
*112
115 *112
* 220 221
14
*112
115 *112
*72% 77
*72% 77

220 2247
*29%

47%
72%
3518
*971-2
*108%
169
*107
27%
49%
*69%
*36%
114

32 “ ”30

56
*50
30% 32
*200 240
*110% 12
65
65
*112
.15
218 221
14
*112
*72% 77

30"

30

30

47%
48
48
48%
74
73*4 74
73%
36
36
36
36
98% *97
*97
100
.10% 108*4
110 *108
173
74
170
173
.15 *107
112 *107
27
27%
27
27%
49%
49%
48% 49%
72
72% 72%
71
36%
37%
36% 37%
114 118
109
114

*50
*31
*200
*110%
65
*112
*218
*112
*73

56
32
229
112
65
115
225
114
77

30

30

48%
46*4
72
74%
35
36
97
00
108*4 108%
77% 172%
12 *107
27%
28
49%
51%
72
63
36%
36%
111%
l it

*50
60
31% 31%
*187 220
*109
.12
*64
67
*112
15
220 220
*112
14
75
75
*64
31 ‘
30

*50
*29%
*187
*109
*64
*113
219%
*112
75

60
31%
220
112
67
115
220
114
75

Sales
for
the
Week
Shares

...................

1,000
200
1,400

PERSHARE
Range Since Jan. 1
Onbasisof 100-sftars lots
Highest
Lowest
$ persh
are
$ pershare

STOCKS
N E W YOGK STOCK
EXCHANGE

t& Myers Tobacco..100
preferred__________100
Do 2d pref____________ 100
orillard (P )........................... 100
Do preferred__________ 100

200
Do

. 100

pref.

500

46%
47
73%
73%
*36
35
98
*97
108% *108%
176% 174
112 *107
27%
27%
50%
49*4
62*4
70
36%
36*4
113% 112%

3,700
47
47%
47%
2,100
73
73%
73%
1,400
36
36
36%
300
99% *98 100
200
110 *108 110%
.79
180 188*4 91,900
15 *107 112
5,200
27%
27*4 27%
51
51
51% 30,400
64%
61% 63% 14,600
1,500
*36% 38
37
2,700
118% ...................

82
107
16
73%
103
78
106%
18%
112
58
70
59
72%
52%
50*4
10
7%
55%
67%
40
40
110%

82
.07
16%
75%
.03
78
111)
18%
114
01
70
59
73
52%
50*i
10
7
55
50
40
40
111%

1st pref.
2d pref..

___ 100
___ 100
38- _ 100

Do

preferred__________ 100

Do

pref.

.1 0 0

Do
preferred............. ..1 0 0
rational Cloak * Suit____ 100
81
Do
preferred_________ 100
107
Cable
4,100 _Tat Conduit
16%
3,600 Nat Enam'g & Stamp'g.__100
75
Do
pref_______________ 100
103
1,000 National Lead____________ 100
80
Do
pref_______________ 100
300
106
1,300 Nevada Consol Copper______ 5
18%
1,200 Now York Air Brake____100
115
3,100 New York Dock___________ 100
58
61
*59
Do
preferred_________ 100
300
65*2
70
*64
North American C o.......... 100
59
59
*56
Nova
Scotia
Steel & C oal.. 100
3,700
73*4
72%
72%
53% 39,400 Ohio Cities Gas (The)......... 25
51*4 52%
100 Ohio Fuel Supply-............. -.2 5
50*i
10% 21,400 Oklahoma Prod A Refining..5
10%
10
2,000 Ontario Silver Mining-------100
7%
7
*6%
1,800 Owens Bottle_______________25
56%
57%
____
t ,300 Pacific Gas A Electric_____ 100
68
67
2,400 Pacific Mall SS_____________ 5
40
40%
39
39
1,100 Pacific Teleph A Telcg-------100
40
*37
111 114*4 133,400 Pan-Am Pet A Trans______ 50
109% 110*4
Do pref..._____________ 100
3,900 Penn-Seaboard St’l v t c
40% 41
41
41%
40% 41
39% 39%
39% 42
39% 40
400 People’s G I. A C (Chic).. 100
42
42
42
42
43% *42% 43%
42
*42
42
42
42
1,800 Philadelphia Co (Plttab) . .. 5 0
34% 34%
34%
31*4 35
34*4 34*4
34
34*4 35%
34
34
52% 54%
51*4 53%
53% 54*4 28,900 Pierce-Arrow M Car___
53% 55
53% 55
53% 54%
Do
pref_______
100
___ 107 107
* 100 108
300
106*4 106*4
*106 107
20% 21
20% 20%
20*4 21% 10,900 Pierce Oil Corporation_____ 25
20% 21
20% 21%
20*4 20%
03
64%
9,200 Pittsburgh Coal of Pa---------100
62% 04%
64
64%
66%
61% 63%
62%
62
Do
pref____ ___________100
96% *92
96%
96% *92
96% *92
96% *92
96% *92
*93
______ Pittsburgh Steel pref_______100
95
*S8*i 95
*
*88% 95% *88% 95% *88% 95
*89% 95
1,200 Pond Creek Coal___________ 10
19
*17
18%
18% 18%
18
*17
17% 18% *17
*17% 19
82
837g 81% 83%
7,600 Pressed Steel Car________ 100
83% 84%
82%
82
82%
82
82% 84%
Do
pref........................ .100
Public Sorv Corp of N J ..1 0 0
no
* 82
90
*82
90
*82
no
90
900 Pullman Company_______ 100
118 118
118% 118*4
118*4 118*4 *116% 118*4 118 118
6,100 Punta Alegre Sugar................50
66
67%
67
68
657*
66% 67
65
66
68*8
*65
7,400 Railway Steel Spring.......... 100
90
91%
90
93%
93
93%
89*4 89*4
89*t 92
89
89*4
Do
pref______________ 100
100
107
300
106%
10t>78
*106
107
107
107
*
106
*106 107 *106
0,700 Ray Consolidated Copper.. 10
23% 24
24
24
23% 23%
23% 24%
23% 23%
23*4 23%
800 Remington Typewriter v t c 100
74
6978 70
69
70
69% 69%
70
70
*09
74
*70
Do 1st preferred v t o. . 100
200
100 100 *100
*99 102
100 100
*99
86
8778
% 87*i
87*4 88% 14,800 Republic Iron A Steel_____ 100
85
85%
85% 88%
84% 85%
400
Do
pref.................. . . . 1 0 0
*104% 105*4 104*4 104*4 *104% 105% 104% 104% 104*4 104*4 *104% 106
100 Republic Motor Truck.No
46
46
Royal Dutch Co (Am shares).
Ctfs for New York shares . .
88% 897s
90% 92% 87,100
89% 00*4
88% 90
89% 90*4
89*4 91%
500 St Joseph Lead______________10
14% 14%
14%
14
14% 14% *14% 14% *14% 14%
14
14
*72
74
300 Savage Arms Corp________100
*67
72
74
*70
73
73
7()l.i 70%
*70
71
4,700 Saxon Motor Car Corp__ 100
24% 25%
24% 24%
24
25%
25% 26%
25
25*8
26
2634
200 Sears, Roebuck A Co____100
203 203
*200 205 *200 206 *200 206 *200 206 *200% 205
1,100 Shattuck Arlz Copper........... 10
15% 15%
*15
16
15
15
15% 15%
15% 16%
15
5(v*H
j 5858
58
59 223,700 Sinclair OH A Rof'g___
57
58%
56% 59%
59*4
58
57% 57%
62
62%
2,100 Sloss-Sheffleld Steel A Iron 100
62% 03
04%
63
04
62%
62
62
63
62
Do preferred__________100
95
*86
95
95
*87
*
So Porto Rico Sugar pref.. 100
120 * . . . 120 *
120
120 *
100 Standard Milling_________ 100
132 *129 135
129 129 *128 132
*124 132 *124 132
Do preferred.................. 100
*85
93
*85
93
93
93
*85
93
*85
*85
93
*85
5,300 Htromberg-Carburet 1.Aro
94^8
70% x62
68% 69*4
70
71*4 72%
69*4 71%
68% 71
105% 109 159,000 Studobaker Corp (The)___100
102% 105*4 104 105% 102 104% 102% 106
102% 106
Do pref......... ....................100
*100 101
100
%
%
8,800 Stutz Motor Car of Am.No
107% 111% 109*4 112
107 109*4 107% 109% 108% 110*8 107% 108
500 Superior Steel Corp'n_____100
39% 39%
401? 4()U
5,400 Tenn Copp A C tr ctfs
13% 13%
13% 13%
13% 13*4
13*8 13%
13% 13*8
13% "l3%
12,600 Texas Company (The)____100
250% 262
247 251
250 253% 246 248
247 248*4 246 249
Tidewater Oil......................... 100
*238 240 *238 240 *237 242 *238 245 *238 245 *238 245
16,900 Tobacco Products C orp..100
93% 96
91
93%
91% 93
91
93%
92% 94%
931.1 95
400
Do pref....................... ...1 0 0
101 102 *100 104% *100 105
102 102
102 102
*101% 104
55% 65%
47
481
47*8 49% 39,600 Transcontinental O il..
57
57
900 Transue A Williams St.No
57
57%
56% 50%
45% 47
45% 40%
4434 45
44*4 45%
Underwood Typewriter— 100
*160 179 *160 179 *160 179 *100 179 *160 175 *100 175
500 Union Bag A Paper Corp. 100
90
80
80
*83% 89
*81
88* *84
100
88
85
85
2,800 United Alloy Steel_____ No
51% 52%
52
52%
52%
51
51% 52
50% 50%
50% 51%
400 United Cigar Stores______ 100
197 200 *197 200 *170 200 *190 200 *190 200
200 200
100 United Drug........................... 100
100
151 151 *145 155 *150 160
*151 157 *172 177 *152
Do 1st preferred________50
52
52
*51% 52
300
52
52
*51% 52
*51
52
52
*51
Do 2d preferred______ 100
300
155
151 151 * . . . . 152
1,800 United Fruit........................... 100
179% 184%
178 178 *176 184 *175 177% 179 179
*175 180
847« 88% 52,100 United Retail Stores U
82% 84%
83% 85%
83% 85*4
84% 80%
85% 86
6,800 U S Cast I Pipe A Fdy____100
31
32 % 30% 31
30% 3 1% 31% 32
30% 31
30% 31%
Do prof________________ 100
400
____
*04
67
00
$5
07
65
*04
67% *03
*64
67
700 U 8 Express_______________100
27% 27% *271,1 27% *2714 28
26% 27
27% 27%
26
26
77
78% 18,900 U 8 Food Products C orp.. 100
75% 77%
76% 77%
77% 781a
73*4 77%
75% 76
46,100 U 8 Industrial Alcohol____100
123 128% 125 127% 126*i 128* 127% 129
123% 126% 120 124
1047* 1047*
100
Do pref________________ 100
*103 105
105
5,600 U SReulty A Improvement 100
44
43
43
44
45
43
46%
42%
43% 46*2 *43
42
123 126% 72,800 United States Rubber____100
118% 124% 121% 124% 121% 124
119% 120% 117*4 120
650
113 113
Do 1st pref..............
100
112% 112% *112% 114
112% 112% *112 111
112 112
3,200 U 8 Smelting Ref A M _____ 50
65
65%
64% 65%
64% 65
64*4 65
65% 65*4
64% 64%
Do pref..... .............
50
*48
49% *47*i 49V *4778 49% ............
%
49% *47% 49 *47%
*47
101 101% 100 101% 101*4 103% 100% 101% 101% 1031 zl02% 1031 450,200 United States Steel C orp..100
2,000
Do pref________________ 100
115% 115% 115% 117% 115 115% 11434 1143 114*i 115
*115% 116
13,600 Utah Copper_______________10
85
851
83
84
83% 84*
81
82*4 83*.
86
841.
83
600 Utah Securities v t o______ 100
*14% 15%
15% 15%
15% 15% *15% 16
15
15
15
4,400 Vlrglnla-Carollna Chem___100
82%
80% 81%
82’% 80
82
79*4 81
82% 827a 81%, 31%
300
Do pref________________ 100
113% 114 *113% 1141
ll3% 113% 113% 114 *113 111
*113 115
_
__ *60
300 Virginia Iron C A C ........... 100
61
60
00
59
59
58% 581
300 Wells, Fargo Express_____ 100
79*
59
59
59*. *58% 59% *59
*58
58
58
700 Western Union Telegraph. 100
86% 86% *85% 861
86
87%
86% 87
*85
86
240 Westlnghouse Air Brake____50
109 *108 111*) *110 111*
% 110% 109
108*4 108*. *107% 110
52*8 53* 11,900 Westlnghouse Elec A M fg ..5 0
52% 53
52% 53
52% 52* • 52% 53%
52% 52%
11,900 White Motor........................... 60
61%
60% 61
82
59
60%
00
60
61*
61
59% 81%
32% 32* 29,100 Wlllys-Overland (The)_____ 25
31% 321
32% 32%
32% 33V
31*4 32%
32
33
94% 941
900
Do pref
.................100
93
93
93
93
92
93%
93
*93
92
92
1,500 Wilson A Co, Inc, v t o
90
86
86
*85
*85
89
87% 88
88
87
88
*86 100
*86 100
Do pre.'erred__________ 100
125 125
200 Wool worth (F W )_________ 100
*125 „ 128 *125 128 *125 129 *125 130 *125 130
* 115
*115
___
* 115
Do pref________________ 100
69
721
71% 7U
5,000 Worthington P A M v t C..100
887g 69%
56
66% 69
86
65% 65%
*921* 97
*92% 97
*03
07
Do pref A______________100
97
*75% 77
ICO
Do pref B ________
100
* %
%
77
*75%
77
*
*75

84
*76
*105Vi 107
16
72
*71
103
*101
78% 78%
*106 111
18% 18%

*76
*105%
15%
71
*101
*76
*106
18%
110
59%
*64
*56
70
51*2
*50
10
6%
55
66*4
387*
*37
108%

88
107
16%
71*4
103
79
111
18%
110
63%
70
58
72%
53
51%
10%
8%
OO
67
39%
40
110%

*76
82
*76
*105% .07 ♦105%
16
10% 17
73%
71% 74*t
.03 *101
*101
78
79%
78
106%
*106% L10
18%
18% 18*4
112
110% 113
58
62% 02%
*65
70
*66
*56
59
*56
71
75
72
51%
52% 53%
*50 . 51% *50
978
10%
10
7
7
8%
55%
55%
55
66
67
67
39*4 41% *39%
38% 39% *38
109% 111% 108

*77
*10514
16
74
*101
*76
*108%
18%
112
60
*65
*56
71%
51*4
50*4
10
7
55
*66
39%
*38
109%

*77
*104
16%
74%
*101
*76
106
18%
*113%
58
05l2
*56
73%
52%
*50
10
7%
56

&

.No par

12

Nopar

No par

88*4

66*4

86

par

r'

83
Jau21
50 July 8
39 Julyl4
21
Jan’22
201
Aprl5 250% Aug 8
107
Jan27 115 JulylO
81 July 14
40is Feb 17
91
Feb 5 120 June20
147% Aprl5 245 July23
107
Jan28 115 July29
70
Jan22
79% May27
66 Julyll
103 June 6
28 Aug 5 38% July 17
80% Apr30
01% July24
61 July 28
26*4 Jan‘22
84% July’28
60% Jan2’2
46% June 3
19% Jan 2
60
Jan 4 109%June28
104
Jan 2 110 May 2
162*4 Jan23 205% June 3
Aug 6
105
Feb 7 112
32*i July 17
21% Feb 7
62% Julyl4
40% Feb 7
83 July29
61% Aug29
43% Julyl2
29% Jan 2
107 Aug20 133*4 Junel2
Mar 14
115 AuglO zl21
92 July20
70
Jan22
103% Feb26 108% May26
14
Feb
24*4 Julyl5
45% Feb S 88% June 7
93
Janl5 104 May27
87 July 14
64
Jan11
106 Aug29 112 Julyl8
21% July 17
15% Mar 18
91% Feb 3 129 July 15
70*4 July30
19l2 Feb 7
75 July29
44% Mar 13
67 July2*
47
Janll
97 June 2
46
Jan30
u35*4 Feb 14
61*8 JulylO
65 ,
43
Janl8
8
Feb 3
5% Mar 18
46 Mar 3
65% Aiw21
42% Julyll
29% Feb 8
22
Jau21
67
Jan’2 1
117
Jan22
27% Apr30
68
39
Aug21
67 May26
43 Apr 28
30
Jan 3
% June 3
38% Jan22
101% Jan 3 110 May’29
31% Apr 17
16
Jan 2
45
Feb 3
74% July29
85% Marl
98 May28
99% M ayl4
90% Janl6
22 July29
12% Feb 5
93% July 14
z59
Feb11
100 Mar 3 100 JulylO
80 July24
91*4 Jan 7
111% Feb 14 132% Ju1yl7
72 July 31
61
Apr 4
99 Julyll
68% Fob 10
112 June 3
101 Feb
19 Mar 4
27i2 Julyl7
AualS
July 3
96% June28 101 July 17
71% Jan IS 103% Julyl
100
Jan 13 106% July28
45% Au«21
01% JulylO
70*4 Jan21 120% July22
84
Aug 8 121 July 17
17 Julyl4
13% May27
63% Jan 3
91% JulylO
29
Aug 0
6% Mur21
168% Feb 13 218 JulylO
10
Feb19
19% July25
69*4 May
Jan 2
46% Feb 10
77 July 7
85 Marl 1 97% July
107
Jan27 115% July24
124
Janl4 149
Apr 2
94% Junel2
85% Jan 2
36*4 Jan 10 104 July24
45*4 Jan22 124*4 Juno 2
92
Jan22 103 July28
42% Feb 14 125% July21
547g June 3
32
Jan21
12% Marl7
17*4 May 5
184
Jan 2 292 May 9
207
Jan 3 250 May 12
72% Jan29 115 Junc30
99 July21 120 June30
49% Aug29
42*4 Allg21
6878 July30
37% Jan11
115
Jun 8 187 May27
75
Jan 3 100 JulylO
58% July28
37% Janll
107% Jan 2 223% Aug 1
90% Jan 6 175% July29
60 Julyl8
% May 9
91
Jan28 165 July29
157
Feb 10 196 Juno 9
80% Aug21 112% Aug 13
14
Jan 15
28% Aug 7
42% Janl6
July 7
32*4 May24
10*4 Feb 6
% July31
66
Apr 8
97% Jan22 167 May27
96% Jan 2 111 May23
50% June 0
17% Jan 3
73
Jan21 138% Juno30
109
Jan20 119% JulylO
73 Julyl7
43% Jan21
45
Jan 18
60 Mar 2
88% FeblO 115% Julyl4
113% FeblO 117% Julyl7
97% JulylO
05% Feb
21% Junell
13
Jan 2
92% Julyl4
61
FeblO
110
Jan 7 115*4 July 3
54 Mar31
74 May 2 9
79 May23
63
Apr29
92% May20
84 Aug21
94% Janl5 120 July 7
69% Juno 9
40% Jan21
45
Jan 3
75 July 9
40% Juno 2
23% Jan22
08% May 9
87*4 Jan 7
65% Jan2fi 104% July 2
90% Fob 17 104% JunelO
120
Feb 7 130% M ayl9
114% Junc26 117% July25
87% JulylO
50
Feb 13
88
Jan 9
98 Apr 24
79 June20
66
Jnn 3

66

68

86*4

6

8
8

No par 3314

*129

par

100 100

par
.No par
No par
par
par

No par

49

110

{new)

86*4
75*3

77

75 77

* Bid and aaaed prices; uu suits an UiU day.




No par

75 751

} Less tuna UR) shares.

t Ei-righU.

u Et-div. and rlgb.-i.

sR v d lv .

68

74*4
88

PERSHARE
Rangefor Precious
Year 1018
Lowest Highest
S persh
are a pershare
82 July
90 Mar
12 Apr 24 Deo
161% Aug 210
100% June 110
17% Jan
45%
96
53
Feb
144% Aug 200
Jan 110
98
Dec
78%
70
05
Jan
57

Dec
Nov
Deo
Deo
Mar
Nov
Feb
May

87 Sept
Oct
75
42% Nov
23% Jan
6978 N ov
Dec
60
32% Nov
19 May
32% Nov
19 May
03% Deo
Jan
47
Oct
79
Jan 194
Deo
87
Jan 107
% Dec
33% Jan
41
Dec
61 May
64 June
81% Nov
33 May
26*4 Jan
Aug 110% Deo
90
106% Sept 114 Mur
67% Deo
55 Sept
Deo
Jan 104
% July
13 Nov
54% May
37% Jan
99% Feb
Nov
43% Jan
69*4 Deo
Mar 105% May
217* May
16% Dec
98% Dec 139 May
27 May
I I Jan
48% Deo
42
Jan
67% Nov
37% Aug
52% Dec
70 Aug
48
Oct
35% Mar
46% June
40
Oct

22

100

21

88
99*4

82

" “4% Jan
44
Dec
23%
18%
63%
80

Jan
Dec
Oct
Jan

39%
21
34
89*4
15
42
79*4
90
15
65%
93
85
100%

Jan
Apr
Jan
Jan
Sept
Jan
Jan
Apr
Nov
Nov
Apr
Oct
Jan

13 June
70% Aug
40
27
72%
124%

Dec
Oct
Oct
Oct

01 Nov
3514 Oc*

51*4 Nr
104
1

19%

68*4
85%
98
20

73
100
109%
132%

Jl
A
A
Mai
Nov

45% Jan
95
Jan
19% Dec

78% Deo
105% Deo
26% May

z72% Jan
92% Jan

96 May
102% Sept

z70

Doc

61% Dec
Aug
133*4 June
z 13 Dec
25% Apr
39
Jan
81
Feb
102
Jan
84
Jan
80 June

*4

33%
80%
37
34%
12*4
136%
178
48%
z87%

80% May
18 Nov
70% Deo
18% Feb
39
Feb
71% May
93% July
110 Nov
120
Deo
89
Jan

Apr *72%
July 100
Oct
55
45%
Mar
21
Dec
Jan 203
Jan 200%
82%
Mar
Mar 104%

Nov
Nov
Deo
May
July
Oct
Deo
Deo
Deo

"36% "Oct
100
Apr
65
Jan
30% Oct
83*4 Mar
69 June
40
Jan
77 June
110% Jan

*42 " Mn:
112
Dec
80 May
44% May
108*4 Deo
007* Deo
50% Nov
85% Doo
166% Deo

il% Apr
41 Mar
14% Apr

19 May
47*4 Feb
10% May

z90 ” 'Dec
94
Oct
8 Mar
51
Jan
z95
Jan
32% Apr
42% A pr
86% Mar
108 Mar
71% Dec
11 Sept
33*4 Jnn
98
Jan
60
Jan
03*4 Sept
77% Aug
95
Dec
38% Jan
30*4 Jan
15% Jan
75
Jan
45*4 Jan
00% Sept
111) Mar
111
Oct
34
Jan
85% Feb
69
Jnn

137"' May
99 Mar
20
Oct
80% Deo
110
Deo
60*4 Oct
Deo
116% Aug
113% Deo
93
Oct
10*4 Nov
00% Nov
113% Deo
73% July
83% Jan
95% Apr
95
Deo
47% May
49 Nov
30 Nov
89% Nov
77% Deo
99% Deo
108% Oct
115 Sept
09
Aug
91
Apr
70% July

47*4

1 For liuctuullous lu rights see p.

869.

N ew

Y ork

S to ck

E xch an ge— B on d

R ecord ,

F r id a y ,

W e e k ly

an d

Y e a r ly

873

U. S. Government.
First Liberty Loan
3Ms 1st 15-30 year.. 1932-T7
Second Liberty Loan
4a
1st L L conv.. . 1932-T7
4s
2nd L L_______ 1927-T2
Third Liberty Loan
4Ms 1st L L conv___1932-'47
4 Ms 2nd L L con v..l927-’42
4>is
3rd L I..................... 1928
Fourth Liberty Loan
4Ms 1st L L 2nd conv 1932-’47
4Ms
4th L L .............. 1933-’38
Victory Liberty Loan
conv g notes__ l922-’23
3Ms conv g notes___1922-’ 23
2s consol registered_______ dl930
2s oonsol coupon__________d!930
4s registered________________ 1926
4s coupon____________ - ____ 1926
Fan Canal 10-30-yr 2s..........*1936
Pan Canal 10-30-yr 2s reg..l938
Panama CaDai 3s g_________ 1961
Registered________________ 1961
Philippine Island 4s_____ 1914-34

1

BONDS
« . Y . STOCK EXCH A N G E
Week Ending Aug. 29

Interest
Period

Jan. 1809 liteExchangemithodof quotingbonds toas changedandprices arenow—"andinterest’ —exceptfor interest anddefaultedbonds.
Price
Week’s 3 a
ange
Friday
Rangeor I * R
Since
Aug. 29 L
ast Sale
Jan. 1.
Bid AskLow High No. Low High

Price
Week’s
Range
Friday
Rangeor
Since
Aug.20
Last Sale
Jan. 1
Bid AskLow High No. Low High
F

BONDS
N Y . STOCK EX C H A N G E
Week Ending Aug. 29

Jent Vermont 1st gu g 4s
Q
------- 61% 59 July’ 19
Ihesa A O fund A Impt 5 s ..1929 J
J
85% 88
87 Aug T9
st consol gold s ________1939 M N
93% 95
94
94
M N ------- 96% 104% Jan T7
Registered______________
94.30 Sale 94.00
94.30 405 92.50 96.00
General gold 4M s________1992 51 S
73% 73% 72%
73%
92.70 Sale 92.08
92.90 2100 92.10 95.10
51 S
Registered______________
77% 86% Mar’ 17
20-year convertible 4 M s .. 1930 F A
78
79
78
78%
94.30 Sale 94.10
94.40
93.70 96.60
30-year conv secured 5 s ..1946 A O
86
Sale 84%
86
92.88 Sale 92.78
93.02
92.78 95.36
J
D
Big Sandy 1st 4s_____ .-..1944
68
75
78 July T9
94.86 Sale! 94.76
94.70 96.60
Coal River Ry 1st gu 4 s .. 1945 J D
74% 82% 82% M ay’ 19
Craig Valley 1st g 5s......... 1940 J J
7 4 % ____ 96% Feb T6
.................! 100.50 100.50
1 95.42 100.60
Potts Creek Br 1st 4s____ 1946 J
J
6 7 % ____ 69 June’ 19
93.28 Sale, 93.00
93.28 19112 93.00 95.72
R A A Dlv 1st con g 4s___1989 J J
74% 76
77% Junc’ 19
2d consol gold 4s______ 1989 J
J 69% 71% 71 Oot T7
99.52 Sale 99.40 99.61 7135 99.46 100.08
Greenbrier Ry 1st gu g 4s. 1940 M N
7 3 % ____ 88% Sept’ 16
99.50 Sale 99.50 99.70 2607 99.50 100.48
Warm Springs V 1st g 5S..1941 51 S
8 2 % ____ 113 Feb T5
---------------- 1 99?8 Aug T9
97% 99%
Chic A Alton RR ref g 3 s . . .1949 A O
50
Sale 50
50
------- -------- ,100% Aug T9
98 1001
1st
lien
3
Ms.........
1950
J
J
33%
Sale 33%
34
105% 106%: 106
106
101% 106%
Chicago Burlington A Quincy—
____ 10611 106
100
104% 106%
Denver Dlv 4s___________ 1922 F A
99% Sale 99%
99%
9 9 % ____ 98% Mar'19
98% 98%
Illinois Dlv 3 Ms__________1949 J
71% 72
1
71%
71%
88
____ 99 July’ 18
Illinois Dlv 4s____________
J
J
80
82
80%
80%
88
91
8818 Aug T9
87%
Iowa Dlv sinking fund 5s. 1919 A O
99% 100
99%
99%
91 Mar'19
91
Sinking fund 4 s ..............1919 A O
99% 99% 99% Aug T9
100 Feb T6
Joint bonds. See Great North.
Nebraska Extension 4 s ...192 7 51 N
91% 93
92 Aug T9
Foreign Government.
51 N *90% . . .
Registered______________
91
Mar’ 18
97'.i Sale 97%,
Anglo-French 5-yr 5s Exter loan
97% 1403 9 5 % 977*
General 4s________________
s 51 S *77% 81
77
77%
SO 85
Argentine Internal 5s ot 1909 ..
81
82%
81
93
J
Chic A E 111 ref A Imp 4s g_.1955 J
27
Sale 27
27
99ia Sale 99>8
Bordeaux (City oi) 3-yr 6 s ..1919
42 98% 102%
99%
27
32
IJ
S
Mtg
A
Tr
Co
ctfs
of
d
e
p
..
27 Aug T9
Chinese (Hukuang Ity) 6s oi 1911
t 64
60i 2 657s Aug T 9 ------ 657S 72%
A O
st consol gold s_________
98 July’ 19
92
~
Cuba— External debt 5s of 1904
93i2 90i2 Aug T9
92% 100
75% 76% 75%
General consol 1st 5s_____ 1937 M N
76%!
OH)) Sato 9178
Exter dt 6s of 1914 ser A . . 1949
91%
90% 93%
75% 78
U S Mtg A Tr Co ctfs of dep
80 Aug T9
791 80i2 81
External loan 4 U s_______ 1949
'
1
Guar Tr Co ctfs of dep.........
90
78
Aug
T9
98% , Salo 98
Dominion of Canada g 5s___1921
i%
1
98*4 99
Purch money 1st coal 5 s ..1942
97% Feb T3
94-i.i Sale 94
do
do
___ 1926
3x1, 94
98%
Chic A Ind C Ry 1st 5 s ...1 9 3 6
32 Mar’ 17
do
do
...1 9 3 1
94*8 Salo 937*
p ?l 93% 981*
Chicago Great West 1st 4 s ..1959 M
57% Sale 57
%
s{84
Salo 84
Japanese Govt
loan 4M s. 1926
3!
84
92%
Chic Ind A Loulsv— Ref 68.1947
98% 100
98%
Second series 4)48_______ 1925
8312 85% 82's
%
> 82% 93
Refunding gold 5s_______ 1917
85% 86% 85% June’ 19
do do "Gorman stamp”
83%
i%
83
89
Refunding 4s Series C ____ 1947
6 6 % ____ 84% Apr T7
Sterling loan 4s--------------- 1931
J
66
% 80 :
1 9 ------ [ 76
80%
Ind A Loulsv 1st gu 4s___1956
------- 73% 63 May’ 19
% 99% Sale 99
Lyons (City of) 3-yr 6s_____ 1919
)%
9?1, 97% 102%
Chic Ind A Sou 50-yr 4s____ 1956
70% 77% 79 June’ 19
% 99% Sale 99
Marseilles (City of) 3-yr Os. 1919
)*2 61*1 98% 102%
Chic L S A East 1st 4M s____ 1969
83% July’ 19
Mexico— Exter loan 5s of 1899
J
49% 55
55
1, 55
79%
65% 68
Ch M A StP gen g 4s ser A .el989
68
68
Gold debt 43 of 1904......... 1954
D 47
51% 52
!%
•1 50
61
Registered____________ el989
Faria (City of) 6-year 6s____1921
3
96% Sale 95
1*4 14?*!
%
55
60% 64 Juiy’ l
Gen’l gold 3Ms Per B ____ el989
Tokyo City 6s loan of 1912..
81
S ------- 78
19 — 79% S3
75%
76
General
4
Ms
Series
C
____
«1989
75
75
C K o f G t Brit A Ireland—
Gen A ref Ser A 4 Ms____ a2014
66
67
661*
% 9978 Salo 9978
3-year 5 )4 % notes_______ 1919
21‘ 98*4 100M,
73
74
Gen ref conv Ser B 5 s...a 201 4
73%
74
q
98% Salo 98
5-year 5 )4 % notes_______ 1921
13, 30
9734 99 %
Convertible 4M s.................1932
73% Sale 71%
73
20-year gold bond 6H S..1937
4
95% Salo 95'«
17< 1 95% 101*4
76% 79
Permanent 4s........... ........... 1925
75
76
25-year debenture 4s_____ 1934
------- 69% 69
69
Chic A L Sup Dlv g 5s____1921
------- 97% 98% June’ 19
t a t . and City Securities.
Chic A Mo Rlv Dlv 5 s ...1 9 2 6
------ 100
92 Oct T
3 07-% Salo 97%
City— 4)4 s Corp stock. 1900
%
< 96
98
Chic A P W 1st g 58............1921
------- 99% 99 Aug T9
3 97-% 97% 97%
's Corporate stock____ 1904
96
98
68
69
C
M
A
Puget
Sd
1st
gu
48.1949
1
2
i
69 Aug T9
Ms Corporate stock____1966
}
97%
98
2 96
99%
99 100
Dubuque Dlv 1st s f 6 s . . . 1920
99% Aug T9
101% 102
4s Corporate stock July 1967
1 0 ------ 100% 103%
98% 100
Fargo A Sou assum g s . .1924
99%
%
101% 102
4s Corporate stock_____ 1965
1 9 ------ 100% 102%
79 _____ 89 May T9
MUw A Nor 1st ext 4 M s ..1934
101-% Salo 101 %
)4s Corporate stock____1963
7*
13 100 102%
77
82
Cons extended 4M s____1934
80 Aug T9
92% 93% 927g
% Corporate stock .i___1959
i,j
3 90*4 93*4
Wls A Minn Dlv g 5s......... 1921
------- 97
97% July T9
92% 93% 927g Aug T9 —
% Corporate stock_____ 1958
90% 93%
Wis Valley Dlv 1st s____ 1920
99 . . .
99% June’ 19
92% 93% 927s Aug T9 —
4% Corporate stock_____ 1057
90% 93%
Chic A N ’west Ex 4s - ..1 8 8 6 -2 6
89
93
93 Aug T9
• 92
4%Corporate stock r e g ..l9 5 6
92*4 92% Aug T9 —
90% 93%
Registered.............1886-1926
84% 9078 95 Dec T
101% 102
New 4)4s..............................1967
01%
101 %
100% 1027*
64% 71
General gold 3M s......... ...1 9 8 7 M
63%
64
101% 102
4)4 % Corporate s to c k ... 1957
01%
101 l2
%
1 100% 102%
Registered____________ pl9S7
70% Apr T9
82%
3 )4 % Corporate stock___1954
83% Juno’ 19 —
81% 83%
General
4s_______________
1987
78% 80% 78%
%
98%
N Y State— 4s......................... 1961
98% Aug T9 —
98
98%
Stamped
4s____________
1987
------- 81
81% Oct T
98%
Canal Improvement 4 s . . . 1961
99
99
96% 9!)
General 5s stamped______ 1987 M
96
Sale 95%
96
98% 99% 98% i.ug T9 —
Canal Improvement 4s___1982
98% 99%
102 109 104 May’ 19
Sinking fund s......... 1879-1929
98% 99% 96% Apr T9o —
Canal Improvement 4s___1960
96*4 96*4
Registered.............. 1879-1929
109% Apr T
107% 10S34
Canal Improvement 4)48.1964
9 ------ 106*4 108*4
Sinking fund 5s..........1879-1929
*96 " *99% 97% June’ 19
•104t* . . . .
Canal Improvement 4 M s. 1965
8 -----*92% . . .
Registered_______ 1879-1929
96 Nov’ 18
10734 108%
Highway Improv’t 4H 8-.1963
—
106% 108%
Debenture
5s____________
1921
96% 103% 98 May’ 19
Highway Irnprov t 4M S..1965
8 -----A O
Registered_____________
98
Mar’ 19
‘ Irglnla funded debt 2-3S..1991
................... 787| Deo '18
8 -----81nklng fund deb 5s............1933 rrt n *88% 93
93% Aug T9
6s deferred Brown Bros ctfs
60
62
63 Aug T99 ------ 63"
74*4
Registered_____________ 1933 rvi n
87% 100
97 Nov’ 18
81 ____ 101% Oct T
Des Plaines Val 1st gu 4 Ms ’47 M
Railroad.
104% ____ 107% June’ 19
Frem Elk A Mo V 1st 6 s . . 1933
«nn Arbor 1st g 4s________ A1995 Q J
53
56
55% Aug T99 ------ 54% 58
Man G B A N f f 1st 3 M s .1941
Jan T7
Atchison Topeka A Santa Fe—
*62%
MUw A S L 1st gu 3M 8 ...1 9 4 1
Gen g 4s________ ________1995
s 77% Salo
61 76
78
85%
Mil L S A West 1st g 6s___1921 51 S 100 %
io i M ay’ 19
Registered....... .................1995
76%
9 ------ 78
82
Ext A Imp s f gold 5 s . . . 1929
------- 97
98 Apr T9
Adjustment gold 4s......... ftl995 Nov
72
73
9 ------ 72
80*4
100 104 104 Apr T9
Ashland Dlv 1st g 6 s . . . 1925
Registered...................... A1995 Nov
85%
8 -----Mich Dlv 1st gold 6S..1924
100 102
101% Aug T9
Stomped..........................A1995 M N ~72"% 73
8 25 72"
79%
Mil Spar A N W 1st gu 48.1947
------- 77
76 Aug T9
Conv gold 4 s . . .................. 1955
D
76%
J ------ 73
76%
St L Peo A N W 1st gu 5s 1948
------- 93%
94 July’ 19
Conv 4s Issue of 1910......... 1960
91% Salo! 90
s
28 90 102%
Chicago Rock Isl A Pac—
East Okla Olv 1st g 4 s ...192 8
84% 89% 01
J ------ 90% 92%
general gold 4s___1988
71% 72% 71%
71%
Rocky Mtn Dlv 1st 4 s ...190 5
70%
‘
80
74
9 ------ 74
70
Registered______________1988
76% May’ 19
Trans Con Short L 1st 4s. 1958
75% 79
9 ------ 76% 81
Refunding gold 4s.............. 1934
68% Sale 6 6 %
6
8%
Cal-Arli 1st A ref 4M s’’A” 1962
76% S078
) ------ 85
25
20-year debenture 5s......... 1932
70% M ar’ 19
8 Fe Pres A Ph 1st g 6 s ...194 2
93 99
9 ------ 95
95
62
R l Ark A Louis 1st 4 M 8..1934
63% 62
63
Atl Coast L 1st gold 4s____81952
76
77
76
85%
89% 92
Burl C R A N 1st g 5s____1934
90
2
a 81% 88
Gen unified 4 % s ......... ...1 9 6 4
80
81%
92% 98% 97% Feb T9
C R I F A N W 1st gu 5 s ..1921
Ala Mid 1st gu gold 5 s . . . 1928
91%
J ------ 96% 98%
Cho Okla A G gen g 5s..yl919
89
97 May’ 18
Bruns A W 1st gu gold 4s. 1938
77% 86
78
-----Consol gold 5s_________ 1952
93 May’ 18
Charles A Sav 1st gold 78.1930
1 1 4 % ____ 129%
5....
Keok A Des Moines 1st 5s 1923
____ 70
70
70
L A N coll gold 4s______ 01952
70 % 71
71
68% 78%
St Paul A K C 8h L 1st 4M s’41
66
Sale 65
S i v F A W 1st gold 58____ 1934
105
105
9 ------ 105 107%
Chic St P M A O cons 6s____1930
____ 105% 106 Aug T9
1st gold 5s..............................1934
9 6 % ____ 105
—
Co
ns
6s
reduced
to
3M
S..1930
8
5
%
____
85 June’ 19
Balt A Ohio prior 3 % s .......... 1925
85% 86
85%
* 83% 89%
Debenture 5s______ _____
------- 95
91 Aug T9
Registered.......................81925
87 1
------ 37
87
101 % ____ 118
North Wisconsin 1st 6 s . . . 1930
Nov’ 16
1st 50-year gold 4s............81948
'69% "70
15 69% 82%
69%
9 2 % ____ 95 May’ 18
Superior Short L 1st 5s g.cl930
J*
Registered______ ______81948
—
92%
Chic T H A So East 1st 5 s ..1960
63 ____ 67% June’ 19
10-yr conv 4 Ms....... ........... 1933
*71% Pale 70%
19 70% 80
Chic
A
West
Ind
gen
g
6s..?1932
103%
105%
103% Juiy
Refund A gen 6s Series A .1995
71
72
72
82%
I f 72
Consol 50-year 4s_________ 1952
62
63
62
62
90% Sale 96%
Temporary 10-yr 6s......... 1929
171 96% 96%
Cln H A D 2d gold 4 Ms____ 1937
78
86% 90 May 17
____
96% 90% 112 J
Pitts June 1st gold 6s____1922
C Find A Ft W 1st gu 4s g 1923
Mar’l
l
82
P Juno A M Dlv 1st g 3MB 1925
I 82
87
82
87%
80
Day A Mich 1st cons 4 Ms 1931
87% 79 Nov’ 18
P L E A VV Va Sys ref 4 s . . 1041
63 6 8 % j
—
88% 78
61
Clev Cln Ch A 8t L gen 4 s ..1993
64% 60%
U
80% 85
Southw Dlv 1st gold 3)48.1925
6 SO
81%
88%
20-yoar deb 4 Ms________ 1931
78% 79
79
79
Cent Ohio R 1st o g 4M 8..1930
87% _
—
89*4 89*4
General 6s Series B ______ 1993
83% 84
Aug T9
OI Lor A W con 1st g 5 s ..1933
95 ____
—
95% 95%
72% 78% 80% May T9
Cairo Dlv 1st gold 4s_____ 1939
Ohio River RR 1st g 5 a ...1936
95% 96
—
95% 96
65
Cln W A M Dlv 1st g 4 s ..1991
7134 70 June’ 19
General gold 6a................ 1937
------- 90%
—
91%
65% 71-% 73 Aug T9
St L Dlv 1st coll tr g 4s___1990
Pitts Clev A Tol 1st g 6 s . . 1922
—
7 3 % ____ 74% Jan T9
Spr A Col Dlv 1st g 4s___ 1940 M
Tol A Cln dlv 1st ref 4s A . 1959
"55% 60%
—
61% 68
71 ____ 84 Nov’16
W W Val Dlv 1st g 4s____1940
Buffalo R A P gen g 5s_____
95
97
—
99
99
C I St L A C consol 6s____1920
------ 100 % 993, July’ 19
78% 86%
........................... 1957 51 N
—
%
1st gold 4s.......................*1936
78
82
83% May’ 19
All A West 1st g 4s gu____1998 A O
72% 83%
—
84% 84%
Registered__________*1936
88% May’ 15
Clear A Mah 1st gu g 5 s ..1943
89 ____
—
Cln
8
A
Cl
cons
1st
g
5
s
..
1928
90%
Z_
”
93% May’ 19
Roch A Pitts 1st gold 6 s .. 1921
100 101 100 %
100 %
1 0 0 % 101
C
C
C
A
I
gen
cons
g
6
s
..1934
102
,
104%
104 Aug T9
Consol 1st g 6s_________
100% 103 100% Aug T9
1 0 0 % 102
Ind B A W 1st pref 4s____ 1940
76% . . .
94 July’08
Canada Sou cons gu A 5 s ...106 2
87
88
86%
86 %
86% 95%
O Ind A W 1st pref 5 s ...d l9 3 S
76 . . .
Car Clinch A Ohio 1st 30-yr 6s *38
------- 81
75 Aug T9
75
82
Peoria A East 1st cons 4 s .1940
51
57
5f% 51%
Central of Ga 1st gold 5s . _ . i>1945
9 6 % ____ 97% Aug T9
97% 100%
Income 4s______________1990
26
27% 25
26%
Consol gold 5s___________
85% 86% 89
89
88% 94%
CleveShort L 1st gu 4 M a . .. 1961
85 ____ 83 Aug T9
10-yr temp seour 6s June 1929
95% 96
96
96
96
99%
Colorado A Sou 1st g 4s____ 1929
83% Sale 83
84
Chatt Dlv pur money g 4s 1951
73% 82
74% May T9
74% 75%
Refund A Ext 4 Ms............1935
78% Sale 78
79
Mao A Nor Dlv 1st g 6S..1946
8 4 % ____ 90 MayT8
Ft W A Den C 1st g 6 s ...192 1
98% 100
9S%
98%
Mid Ga A Atl Dlv 6s_____ 1947
97% JuueT7
Conn A Pas Rlvs 1st g 4 s . . .1943
Mobile Dlv 1st g 5s______ 1946
*90 ” ” 11 91% Jan T9
91% 91%
Cuba RR 1st 50-year 5s g___
93* Feb’ ie
OentRR A B of Ga coll g 6 s .1937
------- 89
89 Aug’ 19
86
90
Del Lack A Western—
Centof N J gen gold 5s......... 1987'J
100% Sale 100
100 %
100 105
Morris A Ess 1st gu 3M S..2000
____
70%
70
70
Registered......................81987'
------102 !102
102
100 % 102
N Y Lack A W 1st 6 s . . ...1 9 2 1
100 ____ 100% June’ 19
Am Dock A Imp gu 5 s ...192 1
99% 100%'100 Aug T9
99 100
Construction 5s________1923 F
9 7 % ____ 98% June’ 19
Lch A Hud Rlv gen gu 68.1920
................ 1100 Apr T8
Term A I tm « W r W . 7.
N Y A Long Br gen g 4 s .. 1941
80% 92 100% Jan T3
Warren 1st ref gp g Us 2Q0nlF
11021,* Feb ’08
•No price Friday; latest this week • Das j a«.
J Du* April. i B w M a i , * D u. June. »;DuejJuly. tD u eA O g. . Dm, O *
» D « N ot . r Due Dec *

J

D 99.96 Salo 99.72

1

99.93 3659

6

1939
1992

...

59
65
87
93%
93% 99%

1

'

72% *83%

‘4

77%
84
78
82%

*85%
91%
78%
82%

12
5

49
33%

53%
40

1
7
6
1

99%
71%
80%
99%
99

99%
76%
857*
99%
99*4

92

03*4

75

7S

4%s

Railwag

1949

—
....

1927
195

1

—£

t
t

£

6

1934

57
99

1

57
63%
98% 103%
85*4 85%

73

t

60% *63*
7S«4 81
83% 83%

1

95 100




761*

64
75
66
73
71%
75
69
98%

64
84%
74%
817*
817*
85
73%
98%

97
68%
99%
99%
88%
80
96%
99
89

99%
100
89
82
98%
99%
93

63%
89
75

71
70t»
82%

13
6
7

67

tTbesearepricesonthebasisof

68

__

£

22

—
6
—

6

9
9
9

99

6

8

9
9
9

78

6

5

..—
....
—.
—
—

—

8

2
1

22

—
—
.._
....
—

6

9

4
1

1921

6

88

—

95% 101
101% 104
96%

U7I4.

98
97
93%

98
98
96%

106% 109
10034 101
98
99
104 104
1017* 104
75% 78%
93
98

Railway

791*
J 763*.
76%
* 70%
72
96
l 97%

90

1

8

5

66

1930

1

'

99%

74

7')

’19

58
67%
102% 104%
61
65

88

6

8334

88

1937

86*4 88

60%
76
831*
7834
6734
73
741*

721*
841*
87
81*4
70
76%
74%

’9934

*99*4

83% 83%

1922

9 3 * *9371
103% 107

1945

60%
31
89

89%

80%
99*4

1952

3

0

73

100 % 100 %
9534101

\

Option sal a

[Vol. 109

New York Bond Record—Continued—Page 2

874
BONDS
H . Y . STOCK EXCH A N G E
Week ending Aug. 29
Delaware * Hudson—
1st Hen equip g 4 Ha_______1922
let A ref 4 s .......................... 1943
20-yoar conv 5s__________ 1935
Alb A Suaq conv 3 Ha------1946
Rensa A Saratoga 1st 78.-1921
Denver & Rio Grande—
1st cons g 'Is________ ____ 1936
Consol gold 4H a-------- — 1936
Improvement gold 5s------ 1928
1st A refunding 5s--------.-1955
Rio Gr Juno 1st gu g 5s— 193S
Rio Gr Sou 1st gold 4s-------1940
Guaranteed____________ 1940
Rio Gr West 1st gold 4a. -1939
M tgo A coll trust 4s A . . 1949
Dat A Mack— 1st lien g 4s_-1995
Gold la................................. 1995
Det RIvTunTer Tun 4 Ha— 1961
Dul Mlasabe A Nor gen 5a..1941
Du! A Iron Range 1st 5a-------1937
Registered_____________ 1937
Dul Sou Shore A Atl g 5a. — 1937
Elgin Joliet A East 1st g 5 a .. 1941
Erie 1st consol gold 7a----------1920
N Y A Erie 1st ext g 4a— 1947
3d ext gold 5a____________ 1919
3rd ext gold 4 Ha_________ 1923
4th ext gold 5a___________ 192C
8th ext gold 4a.....................1928
N Y L E A W 1st g fd 78—1920
Erie 1st cona g 4s prior— 1996
Registered_____________ 1996
1st conaol gen lien g 48-1996
Registered----------------- 1996
Penn coll trust gold 4a__ 1951
50-year conv 4a Ser A — 1953
do Series B _________ 1953
Gen conv 4a Series D__ .1953
Chic A Erie 1st gold 5s— 1982
Clev A Mahon Vail g 5a. .1938
Erie A Jersey let s f 6s— 1955
Genesee River lsts f 6s__ 1957
Long Dock consol g 6s------ 1935
Coal A RR 1st cur gu 6 s ..1922
Dock A Impt 1st ext 5s— 1943
N Y A Green L gu g 50— 1946
N Y Susq A W 1st ref 6 a .. 1937
2d gold 4 Ha.................... 1937
General gold 5s..........— 1940
Terminal 1st gold 5s— 1943
Mid of N J 1st ext 5s____ 1940
Wllk «fe East 1st gu g 59— 1942
A Ind 1st cona gu g 6a.-1926
ICvanav A T H 1st cons 6 s .-1921
1st genoral gold 6s----------- 1942
M t Vernon lBt gold 6 a .— 1923
Bull Co Branch 1st g 6a..1930
Florida E Coast 1st 4H a— -1959
Fort St U D Co 1st g 4H 8--1941
Ft Worth A Rio Gr 1st g 4s. 1928
Galv Hous A Hen 1st 6s____ 1933
Great Nor C B A Q coll 4a..1921
Registered----------------------51921
1st A ref 4Ha Series A ------ 1961
Registered_____________ 1901
8t Paul M A Man la......... 1933
1st conaol g 6a__________1933
Registered___________1933
Reduced to gold 4 H a -1933
Registered------------- 1933
Mont ext 1st gold 4a___1937
Registered___________ 1937
Paclfio ext guar 4s £ -------1940
E Minn Nor Dlv 1st g 4a._ 1948
Minn Union 1st g 0s--------1922
Mont C 1st gu g 6a______ 1937
^Registered......................... 1937
1st quar gold 5a________1937
Will A 8 F 1st gold 5 a .. 1938
Green Bay A W deb ctf8 ‘ ‘A’ *____
Debenture ctfs " B ” ___________
Gulf A S I 1st ref A t g 68—61962
Socking Val 1st cons g 4H s 1999
Registered________________ 1999
Col A H V 1st ext g 4s____1948
Col A Tol 1st ext 4s______ 1955
Bouston Belt A Term 1st 68.1937
dllnola Central 1st gold 4s. .1951
Registered------------------------ 1951
1st gold 3 Ha......................... 1951
Registered_____________ 1951
Extended 1st gold 3H 8— .1951
Registered_____ - _______1951
lat gold 38 sterling________1951
Registered_____________ 1951
Collateral trust gold 4a— 1952
Registered_____________ 1952
1st refunding 4a_____ - ___ 1955
Purchased lines 3 Ha--------1952
L N O A Texas gold 4 a . - - 1953
Registered---------------------1953
15-year secured 6**9______1934
Cairo Bridge gold 4a.......... 1950
Litchfield Dlv lat gold 3s. 1951
Loulsv Dlv A Term g 3 H8 1953
Registered_____________ 1953
Middle Dlv reg 5 a ............ 1921
Omaha Dlv lat gold 3a_— 1951
St Louis Dlv A Term g 38.1951
Gold 3 Ha......................... 1951
Registered___________ 1951
Bprlngf Dlv 1st g 3 Ha____1951
Western Lines 1st g 4a____1951
Registered_____________ 1951
Bellov A Car lat 6a........... 1923
Carb A 8haw lat gold 4a. . 1932
Chic 8t L A N O gold 6 a .. 1951
Registered....................... 1951
Gold 3H a......................... 1951
Registered___________ 1951
Joint lat ref 5a Sorles A .1963
Memph Dlv lat g 4a___1951
Registered......... ...........1951
St Louis Sou 1st gu g 4a.-1931
ind 111 A Iowa 1st g 4s........... 1950
Int A Great Nor lat g 6a------ 1919
lames Frank A Clear 1st 4a. 1959
XanBaa City Sou lat gold 3a. 1950
Registered..............
1950
Ref A Impt 5a..............Apr 1950
Kansas City Term lat 4 s .— I960
lake Erie A West 1st g 5 a - 1937
• 2d gold 5a.................
1941
North Ohio lat guar g 5a.-1945
Leb Val N V
gu - 4 Hs .1940
Registered........................... I940U
t tfilgh Val
4*..a003|l

(P%)cont i

* No pries Friday; Intuit bid a»d




°i
Range
Week's
Fries
Rang*or s i Since
Friday
Jan. 1
Last Sals
Aug 29
Bid AskLow High No. Low High
97 Aug’ 19 ___ 90 97
07
81%
8H2____1 81 85*4
70% 84

BONDS
Y STOCK EXCH ANGE
Week ending Ang. 29

3

1

Leh V Term Ry lat gu g 5a. .1941 A
Registered________________ 1941 A
Leh Val RR 10-yr coll 6s_.nl928
Leh Val Coal Co 1st gu g 58.1933 J
9212 Aug T9
90*8 95*4
91‘2 92
1933 J
Registered________
7473 76 June’ 19 ____ 73*4 78*2
69
1st lot reduced to 4s_____1933 J
Apr T9 —
102*4 102*4
102*8 104
Leh A N Y 1st guar g 4s____1945 M
25 05
Registered____________
1945 M
06*4
75*4
OI 07*8 65%
24 09
Long laid lat cona gold 5 s ..61931 Q
69%’
69*4
76*2
091 72
80
1st consol gold 4s......... ..61931 q
80 M ay’ 19 . . . _ 70
75
32 45
60*2
General gold 4 s . . .................1038 J
58*4
58*4 Sale
Ferry gold 4 H h...................1922 IY1
8734 Nov’ 10
•77
Gold Is......... ......................1932 J
OII Apr ’ l l
. . . . 38
Unified gold 4 s ....................1949 M
39 July’ 17
7 0378 731*
Debenture gold 5s.............. 1934 J
65
04
64'a
61%
20-year p m deb 5s------------1937
50
60
57ia Aug’ 19 —
58
Guar refunding gold 4 s . . .1949 M
82 Dec TO
78
Registered......... ................1949 (VI
75i* July’ 10
3 77
N Y » A M B 1st con g 5o. 1935 A
84*4
77
77
7678 77
N Y A R B 1st gold 50____ 1927 M
____
90*4 June’ 18 —
93i
Nor 8h B 1st con g gu 5s.ol932 Q
91
95
91
89
91*8 91
Louisiana A Ark 1st g 5s____1927 M
105% Mar’08 . . . .
Louisville A Nashv gon 6 s .. 1930 J
83 June’ 19 ____ 83
83
84*2
75
96
Gold 6s..................................1937 IH
91 Aug T9
91
96
89
4 98*i 1007a
Unified gold 4s..................... 1940 J
98*3 100
98U
98U
Registered......................... 1940 J
78i8 Oct T
Collateral trust gold 5 s . .. 1931 M
90*8 June’ 18 ____
98
7 9l*s 91%
L Cln A Lex gold 4 H a ... 1931 M
91%
915a
91*8
N O A M 1st gold 6a......... 1930 J
*99% 991* JulyTV
2d gold 6a....... .......... — 1930 J
94*4 Nov’ 15 __ _ _
Paducah A Mem Dlv 4a._ 1946 F
9812 981*
9812
97's 9978 98*2
St Louis Dlv lat gold 6 s .. 1921 rvi
70*2
U
61>2
015 04
2d gold 3s......................... 1980 IV1
84 Dec TO
33 50
Atl Knox A Cln Dlv 4 a ... 1955 (VI
57%
50
50*4
50% 52
Atl Knox A Nor lat g 6s. .1946 J
65
73 Juno' 16
!
Hender Bdge 1st a f g 6 s ..1931 M
Aug’ 19 —
77% 83
“82 ‘ 85*2 82
Kentucky Central gold 4s. 1987 J
441* Aug’ 19 — — 44% 52
43 la 45
14 43
Lex A East lat 50-yr 5a gu 1905 A
52
45*3
45% Sale 43
70| 457a 55
Sale 45
48
L A N A M A M 1st g 4H8 1945 M
48
90
L A N-8outh M Joint 4s— 1952 J
84
95*8
92*4 92*i July’ 19
J
1007* Jan T7
Registered..__________ 61952 q
91*8
90
N Fla A 8 1st gu a 5a____1937 F
95*2
951
2j 95-2 101
N A G Bdge gen gu g 4H»-194f> J
957
90i8 . . . 98 M ay’ lU
Sale 109
109
107 109
Pensac A Atl 1st gu g 6s. .1921 F
109
8 A N Ala cons gu g 5a — 1936 F
103 Jan *18
Gen cons gu 50-year 58.1963 A
____
85 Jau T
L A Jeff Bdge Co gu 4a.-.1945 M
80
Manila RR— Sou lines 4a__ 1936 M
04U 78*4
64'4 71*4 64U Aug’ 19 —
Mex Internat lat cona g 4 s ..1977 M
55 100% Dec '06
—
60 June'18
Stamped guaranteed......... 1977 M
97 Deo T
Midland Term— 1st s f g 58.1925 J
Minn St Louis 1st 7a......... -.1927 J
108 Jan T7
72
Pacific Ext 1st gold 6s____1921 A
60 July’ 19 . . . .
05
231* Jan T7
lat conaol gold 6a..............1934 M
98
95
1st A refunding gold 4a — . 1949 (VI
95% 97
95U
9514
Ref A ext 50-yr 5s Ser A . .1962
70% Aug’ 19 —
70% 70*4
70*8 —
Dea M A Ft D 1st gu l a .. 1935 J
108 Nov’ l l
Iowa Central lat gold 6 a .. 1938 J
95 June’ 12
Refunding gold 4a_____ 1951 M
80l2 S0l Aug’ 19 —
80*8 85
78
M 8tP A 9S M co n g4sln tgU .l938 J
92 Aug TO
60i2 July’ 19
lat cons 6a________________ 1938
60% 60%
1st Chic Term 8 f 4 s______ 1941 M
73 "78 " 80 Deo T
M S S M A A 1st g is Int gu '26 J
Sale 94*8
95
95«8 181 04*8 967
5 94
967
Mississippi Central 1st 5s— 1049 J
*94
91
95*4 94
89
82% 83
Aug’ 19 —
83
Missouri Kansas A Toxaa—
—
J
F
881* June’ 19 ____
79*8
03%
lat ext gold 5 s ________ 1944 M
Aug’ 19 — — 105
101 109 105
n
118 Apr T7
1st A refunding 4 s ______ 2004 M
93
Aug’ 19
Trust Co certfs of dep.
93
89*8 93
95*8
Gen sinking fund 4 H a .- 1936 J
99 1021* May’ 10
4 84
887g
8t Louis Dlv lat ref g 4a.-2001 A
84
84
85
84
5% secured notes "e x t" TO
951* Mar’ 10
Dali A Waco 1st gu g 5s 1940 M
81
81
Kan City A Pac 1st g 48— 1990 F
80 Nov’ 18 ____
74
99
99
99
Mo K A E 1st gu g 5s____ 1942 A
♦751s
99
3 103 108*8
M K A Okla lat gunr 5 a ..1942 r.i
1001*
104 108 104
M K A T of T 1st gu g 5a 1942 M
130% M ay’00
99%
Sher 8h A So lat gu g 50— 1942 J
08
94
97*4 98*4 June’ 19 —
Texas A Okla lat gu g 5 s .-1943 M
109*4 Aug TO
89t8
Missouri Pacific (rcorg Co)—
57 July’ 19
51
5212 67
lat A refunding 6s Ser A . . 1965 F
0*3 157g
9*2
9*8 Aug’ 19 —
lat A refunding 5a Ser Bo 1923 F
74
75i 731* Allg’ 19
731 82 **
F
24 72
83
72
71
73% 72
M
73*2 June’ 18
M
727S
Oot T
M
76*4 Apr T9 ____ 76*4 76%
7012
M
95
85 Doc T
F
85*4 Juno’ 19 . . . . 85%
84
J
92 Sopt’17
F
70
721s 76*4 75*8 July’ 19 . . . . 74
J
84 Nov’ 15
8t L IrM A 9 gen con g 5« 1931 A
72*3 7478 80 Juue’ 17
Gen con stamp gu g 5s. . 1931 A
J
80 July’09
J
Registered..
M
79
77
7712 Aug’ 19 . . . . 77
75
(VI
8ept’ 12
J
703.1 78
7833 AlJg’ 19 ____ 78*2 84*i
75
71
Aug’ 19 ____ 71
65i2 72
N1
77%
71*8
7Hs Sale 69
iiu
F
00
Aug’ 19 ____
71%
85
J
91*4 97*4
931 Sale 92«2
9312
3 79
79
J
79
79
79
A
61
01
Aug’ 19 - - - 56
J
06
Aug’ 19 —
67%
63
60
J
83 Aug T
A
9513____ 102 June’ 10
J
U Sept’ 18
A
02 Oot *18
57
65
J
‘ 65
70ia 65*8 Oct T
N O Tex A Mexico 1st 6s.
J
80 June’ 16
*08
A
Non-cum Income 6s A . .
77 ' 80*8 Nov’ 10
New York Central RR —
791* May’ 19 . . . .
79*8 79*2
74*8
IV!
92
Nov’ 10
. . . ____
F
1171* May’ 10 ____
94*4
A
73
73
Ref A Imp 4H8 " A " ......... 2(
73
MarTD
72i2
New7York Cent A Hud Rlv—
97 July’ 19 —
94*s 99%
89U 95
Mortgage 3 Ha.................... 1997
951* 95*8
95% Feb T9
Registered_____________ 1997
651* July’ 18
Debenture gold 4 s----------- 1934
Registered_____________ 1934
95
89
87
89
89
Lake Shore coll g 3 H s------1998
08*8 74*2 70ia Oot T8
Registered______________1998
05 Nov’ 17
77,
Mich Cent coll gold 3 H a .. 1998
771
77% 79*1
71*8 77%
Registered......................... 1998
80*4 82
l*s July'it
74% 80's
2 93
90
Battle Cr A Slur 1st gu 3s. 1989
94*2
92*4 94i
3 80*4 82
Beech Creek 1st gu g 4 s .. 1936
80
80%
8012
—
Registered------------------- -1930
11 50% 04%
54
53U Sale
2d guar gold 5s--------------1936
78 Oot ’09
Registered___________ 1936
1 7778 88
7778
75
79«2 7778
Beech Cr Ext 1st g 3H8-M951
4 73l2 81
731* Sale 73 >2
7378
90
Cart A Ad lat gu R 4a____1981
85 July’ 19 —
85
831* 89
Qouv A Oswe 1st gu g 5a_. 1942
78
80*8 Feb T7
65
857a
Moh A Mai lat gu g 4 a ...1991
65
60
74*i 05 Aug T9
92
N J June R guar 1st 4s— 1986
.0
801 §?,! SO
N Y A Harlem g 3 Ha------2000
92*3 .39 Oct *17
80%
N Y A Northern 1st g 58.1923
3
l
Sale
>*4 90
80*« |
! 80*4 Sale '0*1

102*4

64
2

88

6863
4

2

1

8

102

12
6 01

02

8

78

2

8101

8

a

8

00

q

1

2

68

8

8
8

88 88*2

'8

12

66

8

2

7312

8
8

14

88

95*3

2
8 00
01

2

66

q

01

2

68

8

0
O

11 71

8814

«*1 tik#

mDh* J*

«

kDue July,

n Duo 8ept.

95
981*
80
80
78% 80
8 6 i8

2

92 ’ 9 4 "
92
92
90i8 91

88*2

82
108

64
30'2
22*8
43«2
43%

Sale
Sulo
._ 44
44

J
O
N
A
O
N
S

D

63 _____
401s 61
67l2 77
62
57

13

S

03i2
3012

100

____
91
87
58
98*8

N
A
O

96

73
92*8
86*8
673s

Sale 957a

79% 78*2

6912 Sale 0912

97l2
75
4U 2
44

9914
80
49
4‘

70*3 ’
42
83*8
90*4
92 ‘

551s

69
38
30
481*
401*
34
27

63

53

70

71*2

66*8

68

5 0 " "SO"
833t
9078
87
67
93

68

<3

87
9478
92
031*
100

68

80% 82
89

89

92U 97«2
73 " "821*

-J

96%
72*i
78*2

00
62

0978 77 i2
92

92

101 105*|
981* 981
68

68

86*8 91

867g 87
80% 8U*
98*4 100
60 ' ”5 9 "

03
94
50

68*4
971*
62ls

9578 1001*

6912 78T
78

80

35 6912 73.
-I 68*8 71
20 78
80

6214 08
59
03

07
70

82

82

80

80

97U

98*4

Nov’ 16

91ia____

'fiO* M ay’ 19
*71% I I I I 891* Fob TO
80 May’ 17
98U Aug’ 19
"
“

72

Due Oot.

101 101

Deo TO
July'19

'1

0

93

88

40i8 50

70
G9l8 70
0912
72*8 68*8 July’ 19
Sale 78
79*2
79 Nov’ 18
Hale G2*s
04
04
59
02 % 59
03
03
OI 03
75 Mar’ 17
"4 0 "
821s 85i2 *82* Aug T9
95*4 Nov’ 18
8 8 <s____ 104 M ay’ 10
49

”05*

101% 1018*
00*3 96*2

Apr T9
July’ 19
Apr T9

9912

"84% I!
75*4____

95

807g
0514
87l|
73

62
29
20*4
42
•41
29
25

68
82

76*4

7912

IOU4

io u 2 101i2

2Apr’ T 7

Aug’ 19
85*4 85
01% 91% Aug T9
Sale S7
87
58
Sale 57
99
98*4
98*4
58 Oot T8
____ 88
7 2 % ____ 82 Apr T7
100 Feb T3
“O0~% ~84% 08 June’ 19
80*4
80*8 81% 80*4
____ 94*4 89 May T9
91*4 95
02U
92%
102 July’ 14
75
"731a "76*4 73
8078 Oot ’ 17
”6978 Sale 0978
70
02 July’ 19
90*8
101
Sale 101
101
____100
981* July’ 19
____ 09
July’ 19
SI Aug’ 19
____ 85*4
____ 84
87 Apr T9
80*2 July’ 19
73T 77
____ 99
July’ 10
100 10 Hi llOU Mur’ 17
50 Mar’ 19
35 Aug *16
9078 Feb *13
21 Aug '18
63
03
63i8 ,
Sale 94
94
. 94*8
Sule 55
56
57

A
A
A
S
N
s
N
A
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A
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54*8 57
74
79

431*
43%
41
Ailg’ 19
32
Aug’ 19
27 July’ 19

51
50

2

791
100

64
301*

551a

2

97*% 100"
93«8 91*4
103*2 105*2

2014 Aug’ 19

’091
53
40%
70

8 8 I2
108

97U 1001
83
8Sl2

0

D
A
N
S

801s

75-4 75U
70
84
73
771
74
77

9712

1

t Due

2

4

7514

1

71

90% 9978 99% June’ 19 ___ | 93% 102U
113 Mar’ 17
___ 100
IOII 101% 101 % 101*4 ” l3 IOH 10278
97% 100
09% 100 100 July T9
105 Oct ' 13

J
J
J
70
87U ~70 ’ Jufy’ 18
s
$
93*8 94*2 95 JuIyT9
J
Aug’ 19
8 0 % ____ 86
J
73
747g 79 Juno'19
1)
86% Mar T9
91% 9
s
70
8
99U Oct ’06
D
May’ 19
65U 7
s
81 Jtino’ 19
1) ____ 7
73*4 Aug’ 19
72% 7
N
74
Aug’ 19
OS’s 7
8
95 Jan T1
8
87
92
Aug’ 19
O
88
94*2 92 Apr T9
S
85
9018 June* 19
91
J
82*4 88%
s
108 Feb T9
D
07
97U Apr T9
N
83*
83
83
J 82
90»g Jan *17
J
97
June* ID
N
94i8 July’ 19
38*8 92
N
J 97% 106 101 Apr T9
------ 100 Jan *19
J
78
89121 79la Jan *19
A
8 ____ 101% 101% July’ 19
50*4 5078i 55 July* 19
S
70% 73%! 74
Aug’ 19
N
D 95*8 100 I 95 Nov* 18
s ♦100*8 - - -|l01% July* 19
Aug* 19
J 71U 76% 73
90
9373' 95
Aug’ 19
80
I 80*8 July' 19
S
J ------- 6978 073s Aug’ 19
J ___________ ! 96 Feb *05
90 _____95 July’ 19
A
J 83*2____ 1 9778 MayTG
99U 101 1015s July’ 19
A
A ------- 98 j 9012 Juno’ 19
8778 88%
Aug’ lO .
O
693s . . .
60 July’ 18i.
S
N
S ____ 60 “f f " Ma”T 0 : 1
75 Nov’ 10 .
S
0U2 June’ 17
O
..
101 July’ 19
D 101
90 101 I 97ia Apr T9
O
79
77*4 Aug’ 19
N 74
44
45*4 44
44«2
8
F ____ 41 ! 46H July’ 19
00i2 Feb T6
J
74
701s 70*8
70*8
D
Sale 43
43
4412
S
82*41 84% Aug’ 19
J 81
9 Us 9612' 96*4 July’ 19
02 Jan ’ 17
N 88 . . .
93*8 June’ 19
J ____ 93
95 Deo TO
J 811a 90

1

7712
8
8 9412
5314

53 j R
ange
Fries
Week's
Rang*or 5^,1 Since
Friday
Aug. 29 las1 Salt v | Jan. 1.
Ud AukLow High No.\\low High

s Option sale.

New York Bond Record— Continued— Page 3

A ug . 30 1919.]
BONOS
I f. Y . S T O C K E X C H A N G E
W e e k e n d in g A u g . 2 9

St*S5

5 3
fc f

P r ic e
F rid a y
A u g . 29

a *
a

0

j
B W Sc O c o n 1 st e x t 5 h _ .A 1 9 2 . A
R u t la n d 1 s t c o n g 4 H s - - 1 9 4 ) J
J
J

D

0
j

A
O
j
U t i c a & B lk R l v g u g 4a .1 9 2 ) j
J
I
J
I
5
D e b e n t u r e g o l d 4 a ______ 1 9 2 ) M
IYJ N
!Y1 N

VVeek's
R a n g e or
L a st S a lt

Low
78U
113 ’
99%
77%
GO
07
101
103
90
70
733g
74
8434 8 4 %
3 2%
93%
87

H ig h
A y r ’ 19
M a y ’ 15
J u l y ’ 19
J u n e '12
A u g '1 9
F e b *19
N o v ’ 16
N o v ’ 16
A u g '1 9
A u g '1 9
N o v ' 19
85
8 3 ’4
N o v ' 17

103
130%
123%
941.1
99%
9 2 ^ 4 _____
98%
743g 81
84
81
87
7 0 'g 7 0 %
665$ 7 3%
70
79
80%
8 0 ig 8 0 % 8 0
85
70
73
73
70
S a le 70 %
7 0 lg S a le 70 %
991*
99%
O li o i n s
98
82
83% 84 %

M a y ’ 17
J a n '0 9
M a r ’ 12
A u g ’ 17
N o v 'I S
M a r ’ 19
F e b ' L4

B id

H Y C e n t A H R R R ( C o n )—

ask

70
1 0 3 18_j
9 6 % 99
70
54
84%
85
87%
70%
69
84%
83%

R a n ge
S in ce
Jan. 1

I S
s *
N o.

L ow
78

_____
....

N

n ig h
80

99
67
60
07

99%
77%
1U>8
07

_____

95%
70

96
74

4
20

84%
82%

90
89

7014

4 s ................... ............................ 1941

2 9 -y e a r d e b e n tu r e 4 s -.1 9 2 1
I f Y C h i & S t L l a t g 4 s . .1 9 3 7
D e b e n t u r e 4 s ____________ 1931
W e s t S h o r e 1st 4a g u a r — 2301
R e g i s t e r e d ________________ 2301

N 7 C o n n e c t 1 st g u 4 H s A . . 195?
H Y N H A H a r tfo r d —
I f o n - c o n v d e b e n 4 a _______ 1947
N o n - c o n v d e b e n 3 H a _____1947
N o n - c o n v d e b e u 3 H a _____1954
N o n - c o n v d e b e n 4 a ________1955
N o n - c o n v d e b e n 4 a ________1 9 5 f
C o n v d e b e n t u r e 3 } $ a ______ 1 9 5 f

J
j
A Q
J
J
J
J
(VI
Q M
J
i
J
J
M S
M N
A O
O
A
C
A
M N
J
J
J
J
M n
J
j
F
A
M
VI
A
J
Ml
i
J

8
S
O
J
N
J

9 2 >g
102%

50Vi
501.1
52%
55
501i
80
51

N o n -c o u v d e b e n 4 a . . " .1 9 5 0 J

C e n t N o w E n g la t g u 4 a I I l 9 0 l J
M

J

i
P r o v i d e n c e H e cu r d e b 4 s . . 1957 M
J
P r o v A S p r i n g f ie l d l a t 5 a ,1 9 2 2

j

J
N
J

S
I f Y O * W r e f l a t g 4 a _____0 1 9 9 2 M
M 3
j
I)
A
N o r f o l k S o u 1 st A r e f A 5 a . .1 9 0 1 F
M N
N o r f A W e s t g e n g o l d O s_____1931 rvi A
F
N e w R i v e r l a t g o l d 0 a _____1 932 A
O
N A W R y la t c o n a g 4 S ..1 9 9 0 A
O
A O
D l v 'l l a t lie n A g e n g 4 a . 1944 j
J
1 0 - 2 5 - y e a r c o n v 4 a ______ 1 932 j
D
M s
1 0 - 2 5 - y e a r c o n v 4 H a ___ 193 8 M S
1 0 - y e a r c o n v 0a ( w 1 )___ 192 9
P o c a h C A C lo l n t 4 a ___ 1941 i
D
J
J
8 c lo V A N E la t gu g 4 a . . 1989 M N
N o r t h e r n P a c lf l o p r io r lie n ra il
w a y A la n d g r a n t g 4 8 _____1997 Q
J
R e g i s t e r e d ______ __________1997 Q
J
G e n e r a l lie n g o l d 3 a ______ a 2 0 4 7 Q
F
F
R e g i s t e r e d ____________ .a 2 0 4 7
Q
J
R e f A I m p 4 H a a e r A ______ 2 0 4 7 J
D
8 t P a u l - D u l u t h D l v g 4 a . . 1990 J
B t P A N P g e n g o l d 0 a . _ .1 9 2 3 F
A
R e g la t e r o d c e r t l f l c a t c a . . l 9 2 3 Q A
F
B t P a u l A D u lu t h l a t 6 a . .1 9 3 1 F
J
D
Q !Y|
j
N o r P a o T e r m C o l a t g 6 s . .1 9 3 3 J
j
O r e g o n -W a s h 1st A r e f 4 s . ..1 9 0 1 J
P a c lf l o C o a s t C o 1 s t g 6 s . . . 1 9 4 0 J E
J
P e n n s y lv a n ia H R 1 s t v i a ’ 1112:1 p.l N
C o n s o l g o l d 5 a _____.”. _____ 1919 M *
R e g l a t o r e d ________________ 1919 Q M
O o n a o l g o l d 4 a ........................ 1943 (VI N
C o n a o l g o l d 4 a ........................ 1948 rn K
C o n a o l 4 H a ..............................190C F
A
O e n o r a l 4 H a ......... ....................1906 J E
O s n e r a l 5 a ___________________ 190 8 J
D
A ll c g V a l g o n g u a r g 4 a . . .1 9 4 2 M t
F
A
P h lla B a lt A W l a t g 4 a . .1 9 4 3 M N
1
J
J
J
V N J R R A C a n g e n 4 a . . 1944 rn 8

R e g l a t e r o d ___ . 1 __________1921
G u a r 3 H a c o ll t r u a t a er B .1 9 4 1

G u a r 1 5 - 2 5 - y o a r g o l d 4 a . . 1931
4 0 -y e n r g u a r 4a o t fa B er E . 1952
C In L e b A N o r g u 4a g ___ 1942

B e rio s B _________

_

1942

B e r I e 8 C 3 H a ........... - T .
1948
S e r ie s D 3 H a ____________ 1950
E r ie A P it t a g u g 3 H a B .1 9 4 0
S e r ie s C .................................. 1040
O r R A I e x l a t g u g 4 H a . 1941
O h io C o n n e c t l a t g u 4 a . . . 194?
P it t s Y A A s h 1 s t c o n s 5a 1 9 2 ’
T o l W V A O RU 4 H a A
1931
S e r ie s B 4 H s . — T ........... 1933
S e r ie s C 4 s ............................1 9 1 2
P O O A S t I . g u 4 H a A . .1 9 4 0
S e r ie s B g u a r .............. . . . 1 9 4 2
S e r ie s C g u a r ......................1942
S e r ie s D 4 s g u a r _________ 1946
S e r ie s E 3 H a g u a r g o l d . 1949

J
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50
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49
49%
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52
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88

A d ju s t m e n t 5 s ____________ 0 1 9 4 9
R e f u n d in g 4 s _______________1 9 5 9
A t l B I rm 3 0 - y r l a t g 4 s ._ « 1 9 3 3
C a r o C e n t l a t c o n g 4 a ___ 1 9 4 9
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S t L o u la & S a n F r a n g e n O a .1 9 3 1

K C F t S A M c o n a g 0 8 .1 9 2 8
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K C A M R ( t B l e t g u 58 1 9 2 9
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C o n a o l g o l d 4 a _____________ 1932

05
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A l l g ' 19
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80
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97
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____
____

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87
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S o u t h e r n — 1 s t c o n a g 5 s _____199 4 J
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M e m D l v 1 s t g 4 H e - 5 s ___ 199 0 J
J
A la G t S o u 1 s t c o n s A 5s .. 1 9 4 3 J
A t l A C h a r i A L 1 s t A 4 H s 1944 J
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E T V a A G a D lv g 5 a . . . 1930 J
C o n a l a t g o l d 5 a _________ 1 9 5 0 M
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G a M id la n d l a t 3 a ................ 194 0 A
G a P a c R y l a t g 0 s _______ 192 2 J
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J
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M o r t g a g e g o l d 4 s ________1 9 4 5 J
R i c h A D a n d e b 5 s a t m p d .1 9 2 7 A
R i c h A M e e k 1 s t g 5 s _____1948 M
M
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S e r ie s E 5 s ________________ 1 9 2 6 M
M
G e n e r a l 5 s ________________ 1 9 3 0 M
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1st c o n s 5 0 -y e a r 5 8 . . 1 9 5 8 A
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S p o k a n e I n t e r n a t 1st g 5 s . . 1 955 J
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G e n r e fu n d s f g 4 a _________ 1 953 J
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98

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78

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L a D l v B L 1st g 5 s ..............1931 j
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G e n e r a l g o l d 5 s _____________ 193 6 j
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5 0 - y e a r g o l d 4 s ______ _______195 0 A
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___
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V e r a C m * A P l a t » u 4 H a . 1934 J

W e e k 's
R a n ee or
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83
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P . C . C . A S t . L ( C o n .) —

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74
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100
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1 0 4 % S id e 1 0 3 %
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97
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05

BONDS
Y STOCK EXCH AN G E
W e e k e n d in g A u g . 29

_____

711$
72%

J
s
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N Y W 'c h e a A B la t aer I 4 H a ’ 4fl j

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M a y ’ 17
100
65
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7
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7
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J u n e '1 9
80
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76
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D e c '1 5
90
9212

M a y ’ 19

71

68
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47
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_____
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94
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9 1 % 1 0 0 % A u g '1 6 _____ 1
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54
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65
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102
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90%
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74

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98
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69
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86
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94
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_____ _______
30
_____
35

M a y ' 18
N o v '0 4
A p r ’ 19

100

V Due Nov.

95% 97
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97
92
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52
52
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65
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A u g ’ 18
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25
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A p r *19

28

f Due Deo.

92
73
1

100

M a y '19

77

95U
805$
94%

88
98

80%

80%

35

35

* Option sale.

S

BONDS
Y . STOCK EXCH AN GE
W e e k e n d in g A u g . 2 9

V ir g in ia n 1 s t 6 s s e r le a A . . . 1 9 6 2
W a b a a b la t g o l d 6 a .............. .1 9 3 9
.1 9 3 9
2 d g o l d 6 s ---------- . . . . . . .
D e b e n t u r e a e r ie s B -------- .1 9 3 9
l a t lie n e q u ip a I d g 6 a . . .1 9 2 1
l a t lie n 6 0 - y r g t e r m 4 a . ..1 9 5 4
D e t Sc C b E x t l a t g 6 a . . _ .1 9 4 1
D e a M o in e a D l v l a t g 4 a . .1 9 3 9
1 941
O m D l v l a t g 3 H s ............
T o l Sc C b D l v l a t g 4 a . . . 1 9 4 1
W a a b T e r m l 1 s t g u 3 H s . . .1 9 4 6
l a t 4 0 - y r g u a r 4 a ------------ . 1 9 4 5
W e s t M a r y l a n d l a t g 4 a . . .1 9 6 2
W e s t N Y Sc P a l a t g 6 a . . . 1 9 3 7
G e n g o l d 4 a . . . . ------------ . . 1 9 4 3
I n c o m e 6 a ---------------------------- P 1 9 4 3
W e s t e r n P a o l a t s e r A 8 a ~ .1 9 4 6
W b e e l ln g A L E l a t g 6 a . . . . 1 9 2 6
W h e e l D lv la t g o ld 5 a . . . -1 9 2 8
E x t e n Sc I m p t g o l d 6 a — . 1 9 3 0
R e f u n d i n g 4 H a s e r ie s A . .1 9 8 6
R R l a t c o n a o l 4 a ................... 1 9 4 9
W i n s t o n - S a le m S B l a t 4 a .. . I 9 6 0
W la C e n t 6 0 - y r l a t g e n 4 a . . .1 9 4 9
S u p Sc D u l d l v Sc t e r m l a t 4 a '3 6

3|

T**V*
Rang! or
Last Sal*

Price
Friday
Ana 29

M
J

91

J
J
O
S
A

J
A
M

F

A

5012 59
_____ 923s

O
J

J

N ov
M S
A O
M
M
J
J

8212
91 %

S
S

J
J

M

_____

58
6018
72
72%
7312 77

N

83
95

SJ
) A
JA
JM

J
O
O
S

3 J
3 M
3 M
8 F
6 F
1 J
1 J
5 J
6 J
2 J

D
S
8

_____ 70
731,, 7 4 l2
74
7 4 i2
_____ 60
55
60
_____ 45
74
Sale
73
_____
73
80
74% 75
63
_____
58
Sale
16% Sale
_____ 90
33'
Sale
33
Sale
66% Sale
52
68
62
68
7 5 --------

j
A
J
J
J
8
A
_____
F A
A O

F
J
J
J
M
F

C e r t if i c a t e s o f d e p o s it
C e s t lf lc a t e a o f d e p o s i t .

T h ir d A v e 1 s t r e f 4 s .

U n io n T r (N Y ) c t f a d e p . . .
E q u l t T r ( N Y ) I n te r c t f a .

E le c tr ic

L ig h t

63
68
_____

J

£

)7 A C
26 M
39 J
34 A C
27 M I
>
4
1
4

37 M
42 J

4
J

30
49
43
47
37
38
36
47
22
26

V _____ 87?

F r ld a y .la t e a t




F
M

A

M
J
J
M
M
M
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S
^

57 J
50 J

0

bid a n d

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asked,

10
--6
---

5
68
68
58
A u g '19
05
A u g ’ 19 —
54 D eo *18 —
100% Jun e’ 17 —
81% D eo ’ 18
97% J u ly ’ 17 —
61
J u ly ’ 19 —
57
J u ly ’ 19
40
40 “ To
1
38
38
11%
12
12
12
55
A ug’ ll
75% A u g ’ 19 -----65% A u g ’ 19 —
90% F e b '1 7 - - - 95
J u ly '17 —
102% M a r '12 - - - 3
51
51
37
33%
34
93 J u n e '19
93%
93%
73 M a y ’ ll
69
A u g ’ 19
“ 53
74
76
52%
52%
3
50 J u n e '17
33
33%
10
30%
31
31%
31%
3
70
J u ly ’ l l —

91 % Sal e
85
Sal e

90-%
84%

g

82
100
97
69
83
100
89
75
91
91%

3 • 89
981 2
5
67% 7 1 ' g
J _____ 86
J ____ 945 g
i __________
4
___ .
4
92
93
D
91
93 2

54 J
19 M
32 M
33 M
36 J
44 F

56
63
96% 100
8 1%
96

86%
96

56%
59%
75
64
72%

64
65%
76
80
77

54
43
75
7 4%
72%

76
53
86
79
78%

72
71%
57
62
50
71%
75
77
71
_____.
54
14
90
27%
29%
64
65%
69
77

79%
79%
68
62
55
81
88
77
81%
...
65
19%
90%
43%
41%
76%
72%
74%
77

60
58
62%

083g
90
_____ 93
_____ _____ . 82
95
_____ 93
87%
84% 87
_ lo t
90
87
89
90
86
88

aDue

Jan.

9U
85

61
55
38%
38
10%
11%
52
75%
62%

61
63
49
45
16%
16%
62
75%
65%

. . . , ....

1(

50
25
89
93%
73
67%
70
43 %

59%
42%
93
97
73
73
76%
55

22
22
22
74%

30%
36%
36%
79

95
93
92%
87
105%
99
96%
96%
94
---86
90%
92%
94
105
98
84
97
89
04
74%
105

89%
84

90%
88

82

88

...
... --- <1
— ___
... .
... .

97
lO f
67% 77%
85
88
76
91
91 %

75
94
90%

90
82
94
85

92
82
93
00

90
90

90
92

i|

Price
Friday
Aug. 29

£

Bid
M ls c e lla n a o u i

C o n v d e b 6 s s e r ie s B --------- 1 9 2 6
A m S S o f W V a 1 s t 5 s .............. 1 9 2 0
A r m o u r A C o l a t r e a l ea t 4 H a ’ 3 9
B o o t h F is h e r ie s d e b a f 6 s . . .1 9 2 6
B r a d e n C o p M c o l l t r a f 6 a . 1931
B u a b T e r m i n a l l a t 4 s ________ 1 9 5 2
C o n s o l e s _____________________ 1 9 5 5
B u ild in g s 5 s g u a r t a x e x . .1 9 8 0
C h lo C A C o n n R y s a f 5a . . . 1 9 2 7
C b lo U n S ta t’ n 1st g u 4 H a A 1963
C h il e C o p p e r 1 0 y r c o n v 7 s . 1 9 2 3
R e c t a ( p a r t p a id ) o o n v 6a aer A
C o l l t r A c o n v 6a s e r A ___ 1 9 3 2
C o m p u t l n g - T a b - R e c s f 6 s . . 1 941
G r a n b y C o n s M S A P c o n 6a A 28
S t a m p e d ................ .................... 1 9 2 8
G r e a t F a lls P o w 1 s t s f 5 a . - . 1 9 4 0
I n t M e r c a n M a r in e a f 6 s . ..1 9 4 1
M o n t a n a P o w e r 1 s t 5 s A ------- 1 9 4 3
M o r r i s A C o l a t a f 4 H s ____ 1 9 3 9
M t g e B o n d s ( N Y ) 4 s a er 2 . . 1 9 6 6
1 0 -2 0 -y e a r 6 s aertea 3 --------1932
N Y D o c k 5 0 - y r l a t g 4 a _____ 1 951
N i a g a r a F a lls P o w o r 1 s t 6 a . .1 9 3 2
R e f A g e n 6 a ........................ a 1 9 3 2
N l a g L o o k A O P o w 1 s t 5 a . .1 9 5 4
N o r S t a te a P o w e r 2 6 - y r 5 s A 1 941
O n t a r io P o w e r N F l a t 6 a . . 1 9 4 3
O n t a r io T r a n s m is s i o n 5 s -------- 1 9 4 5
P a n - A m P e t A T r l a t c o n v 6 s ’ 1 9 -’ 27
P u b S erv O o rp N J gen 6 a .. 1959
T e n n e s s e e C o p l a t c o n v 6 s . .1 9 2 5
W a sh W a te r P o w e r la t 6 a .. 1939
W lla o n A C o l a t 2 5 - y r a f 6 a . 1 941
1 0 -y r o o n v a f 6 a .................... 1 9 2 8

S
S
1 s
[ N
D
O
A
O
J
O
0J
K
J
1N
O
O
J
1N
1N
I N
O
J
J
0
, V
J
' A
J
, O
4 N
L O
f A
1 N
J
L O
A N
J
t O
D

B lift
Rang* or
hail Sal*

Aik Loa

\3TO
<

0|*

Rang*
Sine*
Jan. 1

High 1No. 1Zmw High

4 59 67
59
00
59 Sale >
1, 20% 35
25
20% 25
:25
20 23% :29 July’ 19 . . . . 26 35
97%_____
8 83% 88%
83% Sale 83%
85
95% 1
90 Feb ’ 18
5 92% 97
94
94 Sale 94
5, 80% 82
81% Sale 81%
84%
1 80 85%
81%
81%
81% 85
5 79% 83
33
81% Sale 81%
40%____ 58 Mar’ 18
83% 89
80 83
83% Aug'19 .
117 Sale l 16% 117% *15 1105% 128
107j 82% 95
90 Sale 89
90
57 81% 94%
90
89 89% 89%
1 82% 89
90
87% 88 88
96 99>4 97 Aug'1 9 ..... 97 98%
96 ------ 97 Aug’19 . . . . 95 98
2 93% 96
93%
92
97% 93%
96% 177| 05% 105%
96% Sale 95%
95%
91% Sale 91
91%' 19, 91
1 83 88%
86
SO
85 87
S3 Anr '14 .
Q4. .TnnnMft __
1 08 72
G9 70
69%
09%
91 95 96 July’ 19-. . . . 93% 97
101 101%
101 101% 1.01% June'19 91%------ 92% Aug’ 19 -. . . . 92% 03%
____85%
85% Aug’ 19 .. . . . 85% 90
2 89 91%
90% Sale 90%
90%
80 88 84 .Tnnn*17 .
180 ------1 L55% May' 19----- 112% 155%
7u% 77% 78 Aug' 19----- 75 80
93%------ 91 Aug’ 19— — 91 90
90%____ 90% July'19 . . . . 90 95
15 96% 101%
98% 99
98-2
99
97% 8ale 97
97% ss; 95% 104%

M a n u fa c tu r in g &
I n d u s tr ia l
07% 100 97% Aug’ 19
07 101
A m A g r l o C h e m l a t o 6 s --------1 9 2 8 V O
8 100 112%
Sale 100
104
C o n v d e b e n 5 a ______________ 1 9 2 4 r A 100
83 89
89 Aug'19 ___ 87 8912
A m C o t O il d e b e n t u r e 6 s . . . 1 9 3 1 A N
1 9934100%
100
A m H i d e A L l a t a f g 6 s _____ 1 9 1 9 A S 100 100'a 100
84% Sale 84%
86% 69| 84% 93
A m S m A R l a t 3 0 - y r 6a s e r A ’ 4 7 k O
____ 119% 119%
A m T o b a c c o 4 0 - y e a r g 6 a . . . 1 9 4 4 V O 119
8ll 119 119%
72% 80
76 ------ 80 July'19
G o l d 4 a ..........................
1 951 P A
88 Aug’ 19 . . . J 88 90%
J
A m W r i t P a p e r a f 7 - 6 s -------- 1 9 3 9 1
90% July’ 19 . . . . 86 00%
l a t 8 f 5 s o tfa o f d e p o s it .
Aug’ 19 - __ 1 100 101%
B a ld w L o c o W o r k s 1 s t 6 a . - 1 9 4 0 VI N 100% 100% 101
4 78
88 86% 86
86
8712
C e n t F o u n d r y 1st a f 6 s _____ 1 9 3 1 F A
5 95% 9812
97
87%
96%
97%
A
O
C e n t L e a th e r 2 0 -y e a r g 6 a . . 1926
74
80
73% Dec '18
C o n s o l T o b a c c o g 4 a _________ 1 9 5 1
1 99% 101
100%
C o r n P r o d R e f 'g a f g 6 s _____1 931 IW N 100% 101% 100%
2 99% 100%
100%
1 s t 2 6 - y e a r a f 5 a .................... 1 9 3 4 M N 100%------ 100%
2 87 9212
86 89
87
87
D is til S e c C o r c o n v 1st g 5 s .l 9 2 7 A O
03% 104 92% Aug’ 19 . . . . 92% 94
E I d u P o n t P o w d e r 4 H s ___ 1 9 3 6 J D
88*2____ 88% July’ 19 . . . . 88 88%
O e n e ra l B a k in g la t 2 6 -y r 6 a .1936 J D
75 Aug’ 19 . . . . 71% 77
G e n E le c t r l o d e b g 3 H a _____1 9 4 2 F A ____ 75
____
97
96% Aug’ 19 —
96% 101
M
S
D e b e n t u r e 5 a ............................1 9 5 2
1 J
1
96 Nov’ 18
I n g e r s o ll- R a n d l a t 6 a ________1 9 3 5 J
a 76% 85%
83%
83 83% 83%
I n t A g r lo C o r p la t 2 0 -y r 6 s . . 1932 M N
98
J 98 ------ 98 Aug’19 ___i 98
I n t P a p e r c o n v a f g 5 s ........... 1 9 3 6 J
85% 90
____ 92
87
87
l a t A r e f a f c o n v 5a aer A . 1 9 4 7
112% 17 110 133%
L i g g e t t A M y e r s T o b a o 7 a . . 1 9 4 4 a" '6 ____112% 110
90 95
90 91
90
91%
0 e ...................................................... 1 951 F A
111% 29 109*4 113%
L o r ll la r d C o ( P ) 7 a .................... 1 9 4 4 A O 110 112% 110
2 90 04
90 91
90
90
6 s ...................................................... 1951 F A
95 98
96 98% 96 Aug'19 —
N a t E n a m A S ta m p g la t 6 a . 1929 J D
1 9 3 % .... 94 Aug'18
N a t S ta rch 2 0 -y e a r d e b 6 a .. 1930 T
5 93*% 99%
94 95% 91
94
N a t i o n a l T u b e l a t 6 a __________1 9 4 2 M N
96% 103
101% Aug'19 —
N Y A ir B r a k e 1 s t c o n v 6 s . . 1 9 2 8 M N 101% 103
6 100% 145
107%
D 105% UO 107
P ie r c e OH 6 - y e a r o o n v 6 a . . f l 9 2 0 J
J 104% Sale 104% 105 188 88% 112%
1 0 -y e a r o o n v d e b 6 a ........... 6 1 9 2 4 J
S in c la i r O il A R e f in i n g —
123% Aug’ 19 ___ 98% 152%
l a t a f 7a 1 9 2 0 w a r r a n t s a t t a c h F A
99% July’ 19 ___ 95 100
do
w it h o u t w a r r a n t s a t t a c h F A
91
92
91 Aug’ 19 ___ 91 95
S t a n d a r d M il lin g l a t 5 s . . . . 1 9 3 0 M N
5 100% 104
102%
J 102% 102% 102
T h e T e x a a C o c o n v d e b 6 a . .1 9 3 1 J
81% 89%
89%____
31% Aug'19 —
J
J
U n i o n B a g A P a p e r l e t 5 a . .1 9 3 0
87 Deo ‘ 18
J
S t a m p e d ...................................1 9 3 0 J
7 93% 04%
94%
J 94% 95 94%
U n i o n O il C o o f C a l l a t 5 s . .1 9 3 1 J
5 00 78%
70
J1 75 77 74%
U S R e a lt y A I c o n v d e b g 6s 1924 J
D1 104% Sale 104% 104% 27 102% 104%
U 8 R u b b e r 6 - y e a r s e c 7 a ___ 1 9 2 3 J
98
[
86
Sale
85% 89*4
85%
87
J
J
1 s t A r e f 5a a e rie s A .............. 1 9 4 7
1 87% 105%
100 %
U 8 S m e lt R e f A M c o n v 6 a . 1 9 2 6 F A. 100% Sale1: 100 %
4 95% 93%
95%
01 95% Sale 95%
V a - C a r o C h e m l a t 1 5 - y r 5 8 .1 9 2 3 J
C o n v d e b 6 a _______________ * 1 9 2 4 A C1 102 103 1102% Aug’ 19 —— 100% 104
97
J1 96% 97% 90%
W e a t E le c t r l o l a t 6a D e o . . , . 1 9 2 2 J
12 90% 99%
C o a l, Ir o n & S to o l
B e t h S t e e l 1 s t e x t a f 6 a . . ___ 1 9 2 6 J
l a t A r e f 5 s g u a r A ..................1 9 4 2 M
2 0 - y r p m A I m p a f 6 a ___ 1 9 3 6 J
B u f f A S u s q I r o n a f 6 a --------1 9 3 2 J
D e b e n t u r e 6 a ______________a l 9 2 6 M
C a b a b a C M C o 1st g u 6 a . . 1922 t
C o l o F A I C o g e n a f 6 a ------- 1 9 4 3 F
C o l I n d u a l a t A c o l l 6a g u . . l 9 3 4 F
C on a C o a l o f M d IstA re t 6 a .1950 J
E l k H o r n C o a l c o n v 6 a ........... 1 9 2 6 J
I lli n o is S t o o l d e b 4 H a ..............1 9 4 0 A
I n d i a n a S t e e l l a t 6 s ....................1 9 6 2 M
J e f f A C le a r O A I 2 d 5 a ------- 1 9 2 8 J
L a c k a w a n n a S t e e l l a t g 5 a . .1 9 2 3 A
l a t c o n a 6a a o rle e A ________1 9 5 0 M
M id v a le S te e l A O c o n v a f 6 s l9 3 6 M
P le a s a n t V a l C o a l l a t a f 6 a . . 1 9 2 8 J
P o o a h C o n C o ll ie r l a t a f 6 a . 1 9 5 7 J
R e p u b I A S 1 0 -3 0 -y r 5a a f . 1 9 4 0 A
J
S t L R o o k M t A P 58 a tm p i
T e n n C o a l I A R R g e n 6 a . . 1951 J
U 8 S teel C o r p — l c o u p . . . d l 9 6 3 M
a f 1 0 -6 0 - y c a r O a l r e g ------- d l 9 0 3 M
U t a h F u e l l a t s f 6 a ....................1 931 M

J1
Mf
J1
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£1
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A,
D»
Di
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£1
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M 13

T e le g r a p h

A pr ’ 19 —
J u ly ’ l 7 —
1 >|
97
A u g 'l 9 —
J u ly ’ l 9 —
A p r '1 7 —
M ar’ 1
M ay’ l 9 —
2
9U 8
3
9U 2
7 ----O ct *1 7
M a r’ l9
J u ly ’ l 9
95
A u g 'l 9
J u n e’ l 7
F e b '1 9
M ay’l 9

72
68
74

. . . . _____

9 5 % ------- 103 Sept’ IE —
A ug’ ll
87
85
8 O7 87
93
93
J u ly ’ ll —
___________
89% A u g '11 —
82
867g 89
87
_____ ______ 87 Jun e’ l!
106 100
1001
100% Salt 100
98%
98
98% 98%
2 9 0'g
* 90%
96%
9612 Sale 96%
____
95
A u g ’ ll —
94
94 A u g ' l l —
93
_____ 933
—
___________ 94 F eb 'IS
_____ 887( 100 F o b '15
86 - 5
86
86
Salt 86
90 M a y 'll —
90
9 2 % ____
9212 M a y ’ l l —
92%
9 1 1 8 ------85
Aug’ l ' 1 —
85
___________
99% A u g ’ l ' —
99%
96
103
,
.
.
.
.
90
98 A p r ’ l 1
90 101
80
805(
s 79%
80
813
A ug’ l 1 —
92%
_____ 917 93
—
88 % J u ly ’ l
87%
8712 90
104% A p r ’ 1 ’ —
86%
86%
861 2
8634 88
68
69%
70
68
70
98
99
M ar’ l j —
...................
96% A u g ’ 1
_____ 89

48 J
49 F
95 J
30 F

P a o P o w A L t 1st A ref 2 0 -y r

•No p r ic e

68
68
62%

A
J

17 J E
15 M In
;a A C
57 J
V2 J
0 Q 1
1 M N
53 J

12 M

6
56%
J u ly ’ 19
D e o *18 O ot ’ 17 2
83
J u ly ’ 19 . . .

10
54
55
45
A u g ’ 19 —
6]
75
75
2
74%
74%
72% J u ly ’ 19 —
92 D e o *12
____
80 M a y ’ 18
101 M a y ’ 13 . . . .
1
74
74
74% A u g '19
63% J u ly ’ 19 —
62 Jan '1 9
50 Ju n e’ 19
72%
74
75
J u ly ’ 19 —
77
J u l y '19 ""*“ 2
73
74%
81 Jan '1 4
57
5834 234
47
153i
16%
9 0 M a y '1 9
30%
33
32
33
64%
66%
2
66
00
69% A u g ’ 19
77
M a r ’ 19 - - - -

A

19 J £
?2 F 21
H IM I
22 A C

6s.

56
97U
70
36
83
90

8 1 % -------_____ 9812
67
88
J
J _____ 57
40
Sale
J
3,12 39
12
Sale
2 A O
i l l s 1514
65
63
2 M N
0 M N
7 5 % ------64 ------2 F A
_____ 91
7 M N _____ 94
7 1
.1 _____ 92%
5 U 2 53%
0 J
J
34
Sale
0 A 0
7 J
J 8 6 100
92
937g
3 A 0
96%
3 J
J 70
70 ------8 _____
75
76
6 M N
52% Salt
4 J
J
_____ 50
33% Sale
7 A C
30% Salt
31% Salt
_____ 76
14 J

10 M

N Y G E L H A P g

67
74
75%

5378
44%
79
7 2 l2
7278

A
A

A
A

88%

67
74
72%

6212
_____
75
_____
_____

J
J

F
F
j

88%

90% M a r '1 7
56%
591s 56%
63
A u g '19
64
74% 76 J u n e '19
70
6978 64
7 8 's 75% J u n e '19

O

F
F

88% F eb '1 9 - —
67 F e b '1 9 - ___
74 Jan '1 9 - . . .
72*8 July* 19 - —

_____
6012
6 7 18
6 6 i2
68

IY1 N

M e t r o p o lit a n S tr e e t R y —

N

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g A u g . 2 9

Blah V o. Low nigh
Ask £ oto
8 id
9 85
91%
87%
8712 Sale 16%
5
i7 % 98
37%
89
88
90
82% 89
80
82% 82% A u g ’ 19 - —
)0 A u g ' 1 8 9 7% 97%
S
9778 _____ 9712 July* 19 - . . .

Street Railway

N Y A J e rse y 1st 6 a . . .
ttte r b o r o -M e tr o p c o ll 44
C e r t if l e a t e a o f d e p o s i t

Rang4
Sine*
Jan. 1.

•3

M N
M N
F A

B r o o k ly n R a p id T r a n g 5 a . . 1945 A
la t r e fu n d c o n v g o ld 4 a — 2 002 J
3 - y r 7 % s e c u r e d n o t e s . -6 1 9 2 1 J
C e r t i f i c a t e s o f d e p o s i t -------------C e r t i f i c a t e s o f d e p o s i t s t r o p 'll
B k C i t y 1 s t c o n a 6 s . .1 9 1 6 - 1 9 4 1

G as and

[V ol . 109,

New York Bond Record— Concluded— Page4

876

&

T e le p h o n e

•1
m :3
M 13
J 1>
F lk
J 1J
’ Q ,J
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rj
J
iJ J
1 F ,k
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rJ J
J
1J
J
3J
) m :M
1 M 1Nf
1J J
J

96% 97
89 Sale
85% 86
____91%
90 ____

96% Aug’ 1Cr.-zs
2C
88%
89
1
86
86
93% July’ ID>— •
91 July’ 1C) ----101 Dec '14t
90% Aug,'1C1—
77%
70
7
82%
85
98 Feb 'IS)
84%
84*«
»
95%
95*ti

90% 91%
77% 8ale
82% 88
„
____
84% 85%
95% Sale
9 6 __
08% 97 90%
08 ' Is’
92 92% 92
921;1
;
i;
87 Salei 87
88
80%
83 85
88 Juno'1C» . . . -•
4l
94 Saltl 93%
94
____80
80% Mar’ l!) -----■
■
87 89%8 93 July’ l!>
100 SaltJ 99% 100VJ 11 >
1l
________ . 100% yjov2
87
55 70 70 Mar’ l!)
84% 851;2 84%
84V1
’1

95%
87
80
93%
01

97%
92
89%
93%
91

88
73%
82%
05
82%
95

92
81
90
98*4
80*g
98%

90*
86
80

0*8
99
01

87%
92%
80%
91%
99%
99%

88%
90%
80%
93
101%
100%

70 70
84% 87%

83% Sail3 80%
83V2
13 80% 80
____84
80 May'll9 — .- 77 80
87% 90 87%
878;S
'3 85% 91
9 85% 94
86% SailS 8512
861
n!3
100 104%
101 Saila 100% 101 2 9!
96% Aug’ l!9 . . . . - 90 98%
96% 98
65 ----- . 73 Nov’ E7 ___
68% Jan ‘ 113 ___
o . . . . - 92% 94
91% OH2 92% Aug'l1
. 96Vl 98 Apr 'll5 ___
"80
837g 85% Aug’ l'9 ... . - 85% 92%
98%___ - 93% Apr ’ ll9 ... . - 08% 08%
H5 84% 91%
85 867g 84%
86
93% 997g 98% 1003'4 410 98% 101%
aS9% Sale 89%
8912
:2 89% 05%
8 85 931a
85% 86J4 85%
8612
____ 8814 83% A’Jg’ l 9 . . . - 88% 94
11 85% 02
87
87
84% 87
101% Sept'l 7 . . .
.............. . 94 Nov'l 6 . . . ----------------

D u e A p r l l . * D u e M a y . y D u a J u n e . ft D u e J u l y . * D u e A u g . a D u e O o t . p D u o N o v .

r Due

D o c. s O p tlo n a a lo .

BOSTON STOCK EXCHANGE—Stock Record

A ug . 30 1919.]

SBARMPHICBS—NOTPBRCBNTUMPRICES.
hursday
Monday Tuesday Wednesday TA
ug. 28
Aug. 27
Aug. 2b .-luj.aii

Saturday
Aug. 23
128
65
65
*9034
*80
33
*31
*40
130
*.60
7
*5

126i2
65
*903
♦SO
32
43
*130
*.60
*5
*
136 *132
__ *85
75 *
108
50
50

88

110

20

132
*85
*65

100

*100

50

*7212

4

95

21

♦lUi
50

95
42
50

*
*100

*

94

94
*17

21

42
50

00

66

20
130
86
73

*50*2 5"l*2

94
* 17

*88

42
50

2

70
108
52

8

2

126ig * ____126*2
*65
9034
90
90
85
*80
85
32
*31*2 33
47
*43
47
140
140 140

____
* ...*132
*85
*

7

20
136
8G

*72l2 75
74
33*2 337
____
*89

33*2 331

42
*49l

126i2
127
65
*65
__
90*4
85
*80
33
31*2
*43
47
140 *130

20

75

3212 323
92

*88

126*2
65
*90*4
85
*80
33
33*2
43
*43
140 *130
*.60
7
*5
*
130 *132
*85
73
107
51
51*2

75

*88
*93
*17

127
65

4

21

95
42
50

*7212
*70
32*a
____

21

Salesfor
the
Week
Shares.

126*2 126*2
*65

66

85
85
*31l2 33
*43
47
139 139
.60 July'19

Last Sale
Last Sale 18 June’ 19
Last Sale.134 Juno’ 19
*85
86
85
Last Sale7085 Aug’ 19
Sale 110 A uk’ 19
51*2

75
73
3212
____

*90
94
*17
____ ____
41*2 423
*49*2 51

Friday
Aug. 29

51*2

51*2

51*2

32*4
32S4 3234
Last Sale99*2
Aug'19

32

*90

94

94

*90

Last Sale87 Aug'19
8 41^8
4212 4212
*4934 42*2
50
—
—

*13,,
1*2 *81'2 1«*
7 1*4 1*2 Us *8
1*Z
912 102 102*2
9*2
9
8 9 *8 10212
*8*2 9
10134 102*4 10112 102
102 102i2 10134 130
*126 130 *126 130 *126
►125 129 *126
30
82
*80 82 *80 82 *S0
*80
21 19 1912 *19*2 21 *19*2 21 *19 21
*19
*20 22 21 21
23
*20 23 *20
221?
11 11 1034 1183,i 103.1 11 11 11 *20
103.1
734
8*2 *8*8 8*2 8 118*?
8
U
7i2 9
1312 13*2 *13*2 18
*1312 15
*131.1 14
*6 6*2 *6 6i2 *6
*6 6*2 13*2 13*2
16
16
16
*15*2 1638 *15*2 16*8
16
16-38
*00 66 *60 66 *60 66 *60
66 *15*2
60
60
►145 149 *145 149
147 148*2 147 147
47
147
76*2
79
793i 81's
*75
75
79*2 81
79i2 81*2
32
313.J
*31
*31
31
3134 31
31
32
*u

8 1»4
8*2 9
100*2 102
*P
*

130

130

21 21
*20 2212
10**8 103,
8*8 8^8

877
Rangefor Previous
Year 1918
Lowest Highest

RangeSinceJan. 1.

STOCKS
BOSTON STOCK
E X CH A N G E

Highest

Lowest

Railroads
A Albany_______
Elevated________
prof_____________
A L o w e ll............
& Maine________
pref_____________
A Providence____
Suburban Elec..no

.100 126i2 Aug25 145 Apr 3 12212 Apr 148 Nov
.100 64 Aug 8 80*4 Apr 5 37 Jan 80 Nov
.100 90 Aug28 97 Jan28 9H 2 Dec 98 Nov
.100 85 Feb 8 95 Jan 3 80 July 104 Nov
1
.100 28 Jan3Q 38*2 July29 19 Jan 40 Sept
.100 43 Aug25 60 Jan27 27 Feb 60 Nov
.100 135 Aug 12 168 Jan 6 160 Apr 170 Aug
20
par 50o Apr28 60c July 3 .60 Dec 3 June
11
Janl4
10*4Mar
Boat A Wore Elec pref.no par 18 Junel3
30
Feb 7
25 July
30*4 Nov
Chic June Ity A U S Y . . . .100 134 Aprl7 135
Jan 4 138 July 147
Apr
2 Do pref_____ ________ 100 84 Feb13 90 JunelO 82*2 Apr 85*2 Deo
61
Apr30
. 10c
77
Jan 6 73 Nov
80
Feb
100
104
Feb 125 Nov
313 Fitchburg pref___________ .100 50 Aug 5
58
Jan 2
63
Jan
65
Jan
116*4 Jan
100 70 ' Marl5
81
Feb
461 N Y N H A Hartford____ .100 2578 Febl3
46 May
27
Feb
40*4 July29
Northern New Hampshire .100 88 MaylO
99*2 Aug 6 84 Oct 95 Nov
.100
14 Old Colony_____________ .100 92 Aug22 105
Jan 3 z 88*2June 112*2 Dec
100
25
Jan
Vermont A Massachusetts .100 87
Augl5 100
90
Oct
80
Aug
Janl8
40 Mar21
239 West End Street________
50
60 July
37
Feb
45
Do pref_____________
50
49*2Marl3 68 Junel3 47 Jan 62 Apr
72 Boston
131 Boston
Do
16
Boston
157 Boston
Do
85
Boston
Boston

Miscellaneous
1,125 Amer Pneumatic Service.
Do
pref_____________
1,106 Amor Telep A Teleg.........
Amoskcag Manufacturing

120
100

25
50

.100

55c
2*2
97
79

Jan 2
Apr
Augl4
Feb15

2

8

Augl4

108i,M ay37
145 July 12

15
25 Art Metal Construe In c..
895
1,570 Century Steel of Amer Inc .
160 Cuban Portland Cement. .

.40
4
90*4
60*2
76

July
Sepi
Aug
Jan
Jon

24*8 July25
10 17*2 Jau2l 22*2
May 5
11
Feb
10
13*2 M ayl9
10 7*2 Aug22 15*2 Marl7 10*4May
10 10 Mar 26 18*4
May 6
l U j Nov
III
535 Eastern SS Lines Inc____ 25
6 Jan22 19*2 July26 6 Nov
15
16*2
120 Do pref........................ .100 39 April 75
July26
39
Oct
147 147
35 Edison Electric Ilium____ .100 147 Aug26 172
Jan 2 134 June
3,115 Fairbanks Company_____ 25
84 July28
52*2 Jan21
27*2 June
79*2 80
2Gorton-Pow Fisheries____ 50 28 April 38 May 17 27 Aug
*31*4
42
42
41
40‘2 41*2
44
*42
43
42*2
42
41
413.4
630 Gray A Davis Inc.............
25
39*8 AuglS
3*0 100
51
2
*5
*5
5i2
5
5
310 Intcrnat Portland Cement 10
5
5
5
5
5*4
*43,i
4*4 Mar20
412 Oct
26
*25
25
25
25
26
Do
pref........................ 50
*25
26
25
25
355
25
*25
18
Jan 4
28 May 6
48
48
*48
4812 48
a
r
48
*47*2 48
545 Intcrnat Products_____ no P
49 Aug 13
19 Mar20
47*4 47*2
634 *G12 634
608 Island Oil A Trana Corp. 10
6*4
6*2 6*4 63.1 7
7*2
6 Jan 2
65s 634 *834
7*4
*834 9*8
*834 9l«
9
20 Loew'a Theatres................ 10 8&s Feb 10 119% Feb20
*834 9*8
9*8
9
Janl5
*96
97
96
*96
20
97
*96
97
96
McElwaln (W II) 1st pref .100 90
*96
96*2
Janl7
99 Mar26
70
71
70
70
70
70
271 Massachusetts Gas C o s.. .100 70 Aug 8 86 Jan 9
71
70
70
70
70
70
*63
63 12 63
63
■127
Do
pref............
........
63*2 63*2
63
63
63*2
.100
71
Janl3
63
July30
63*2
____ 142 *
142
142 142 *140
42 Merger.ihalor Linotype., .100 130
142 *
42
Feb10 149 JunelS
57*2 5912 57
67
59
57
57
57
57
225 Mexican Investment Inc. 10
57*2 57*2
33l2 34
3134
3-1*2 3534 34
33
34*2 34*2
35*4
35
35
1,690 Mullins Body Corp__ no par 32*4 Augl 8
___
89
88*2 88*2 89 88*2 89 88*2 89
371 New England Telephone. .100 88*2 Aug25
88*2 S3 165
88*2 165
96 MarlO
82*2 July
1., Pacific Mills______
130
Feb
39*8
36
3634 38
391.4 40*2 19,330
3834 39*2
37U
3758 3978 38
34 Aug21
40*2 Aug29
98
Plant (Thos G) pref_____ .100 93
*97
98
98
98
98
*97
*97
•07
1
95*4 95*4 *97
Jan 6 99 Mar29
15*2
15*2 *15
*15
15*2 *15
*15
15*2
15
15
20 Recce Button Hole........... 10 14 Jan 3 16 May 15 11 JaD
15*2
•10 41*4 40*4 407jj *15
4012 41*4
41
4,840 Root A Van Dervoort Class A
39*4 39v8 39*2 40
35 July 1 43 JulvlO
8 48 48*., 48*2 49 *48*2 49 49 51 4934 41*2
50->s 1,375 Stewart Mfg Corporation
47*2 47 '/
54*2Julyl4
32*3 Jan23
142 143*2 141*2 142l2 142*2 143
142*2 143
142*2 143*8 142 143
2,425 Swift & Co..........................
115
Jan30 150 May 5
05
*04
65
65*4 65*2
66 66 66 66
6412 64*2 65
lOUTorrlngton.......................... 25
52*2 Jan 13
68 May 2
13,
1
3
.1
*1*4
*
11.1
1*8
* 1*1
13-1
l ‘«
*1*4
1®4
100 Union Copper L A M ____ 25
*1*4
45c May 7
2*2June 2
1»4
52
51
51
51*2
503i 51*2
503.1 51
50*2 52
5178 51
9,006 United Shoo Mach Corp_ 25
44
Janl3
27
27 27
27*4
27*2 *27
27*2 __ _
27*2 2712 Z7
172
Do
pref......................
25
26*4 Jan 2
143.1
1534
I
6
I
4
15*8
15
15*2
1558
15*8
15*2
15U
15
734 Jan21 18 July 8
5
153.1 2,640; Ventura Consol OH Fields
187S 19*4
1834 183.J
183.4 19
183.1 187S
18*4 183.1
1,170| Waldorf System Inc_____
10 10 MaylO 21*2July 10
32
28
30
30
*29
29*4 *28
30
101|Waltham W atch.............. .100
22 213i 2302*2 *28 30
22 22 22 22 22 22 29*4
21*2
525, Walworth Manufacturing 20 17 Mar24
25 July24
79
75
77
75
76
*75
*75
*75
80
80
15
Feb14 83 July 14
70
*68 70 *68 70 *68 70 ♦____
*68 ____
Last Sale,70*75 A uk’ 19 115 Warren Bros...................... .100
100
35 Dec
80
80
*77
*77
80
80
80
50

4 2

*13
82
* .60

*134 2
8OI1

83*2
80>i
.95 *.60
43*2
44
14*2 15
15
*
* U
*.50
.60 *.55
430 435 z425
H
*15*2 16*2
16*2
53*2 54*4
53
3
*25„
*2*4
9*4
9*2
91-i
19
19*8
S
•Mi
*4i
*
7
7
5*2
5*2
5%
1*4
*13$
*45
48
48
*84
*3412 34
3412
5
5*8
*5
*
l 7a
*l
*534
5*4
*4
*4
33ft
*3U
33j
7
7*4
7*2
9*2
878
9*4
9
*
71
72
*71
. ,
*4
4
26
26
25i2
lll
*
*
19*2 *__
80 *__
*9?a
14*2 15
15

8*4 8*2 8

21*2 22

6*2
*lh

'8
1*2

22

12

434 1 122

86
78
534

8*8

10*2

.90
41
151.4
83.,
.65
430
23
16>2
63l2
3
91?
18'8
4»4
71.1
%

11
2

10
*1 1*2
2*2 2*2
4 1>8 41*.|

61
61
1734 I73t
*08
70
60
60
22*4
3l
*314
3
*.30
.35
03
Ml
*33
4
3*2
3*2

1*2
82

*
2
*1*4
82
82
82
.75
.60
.99
*75
44
44
*«
15
15
15
15*4
9
«3i
*
*
.60 *.50
*.50
425 430 *410 425
233i 243.1
*16*2 18
♦16*2 18
52*2 63*2
54*4
53
3
3
*
9*2
9*2
9*2
18*8 19*4
*412 43,i
•ii
7*4
7*2
*7
5*4
5*8
538
578
13}}
Ps
4838
48
*45
*45
*84
*84
*34
34
34*2 35
5*8
5*8
5*8
5*8

8*4

8*4

17

*68
*58
22
22U 2212
31?
*234 2 **3212 31
.1
*.30
.35
4
V>
2
7*2
1
33.1 33.1
*3
4
1?
8
2
17»
*278 3
*2%
*934 10 *912 103
1*8 43s 4's 4*4
*4
»i2 *4
4*2
2i2 2*2
21,
24l2 24*2
25
25
*1 1*2 H4 1*4

• B id an! aikad prloaa.




Last Sale

8*4

22*2

2*2 934
2 434

6
1*2 1*2 1*2
48
86
86
86 86
*2
341?
5l8
2
1*2 515
‘r>8 2 •Mi
3.18
6 5*8
434
412 *4
338
*3*2
7*2
738
7*4
9*8
91f
8*2
9
8*8 83., 72*2
73
4 4*2
20 25 11*2 10*2 25342
*2
10*2 1H2 * 10
1334
1734
18
80 *__
10
*2
10
10 10 *93i
16
*114 15 *1*4 1*2
212 4
*2*2
*2*2
4 ll 2 •in?
41*2
*61
64
IS',
7!)
62

Last Sale is4

Aug’ 19
82
*80
*80
82
♦.50
.85
.50
.50
44
*43
*41
43
143.1 153a *15
15*2
9*2
9
9*2
*
.65 Aug’ 19
*410 425
420 420
23
23*4
2334 243.1
*16*2 18
*17
18
53
527 53*2
53*2
Aug’ 19
9*2
9*2
9l
18
18*2
18*2 183,1
5
43
•Ms
*7
7*2
*7
7*2
5
5
5
5*2
1*2' *1*4
*1*4
45* t 45*4
463.i 463.1
*84
*84*2
34
34*2
333 34
*5*8
5*4
*5
5*4
*
*1*4
57*
534
53,
*5*4
6*4
434
Aug’ 19
3*2
4
*3
*3
*:i
3*2
*738
7*4
7*4
7*4
7*2
7*2
9*4
9*4
93i
9*4
9*2
9*8
O'a
9
*
87s
U
72
73
70*2 72
*70
71
*4
4*2
*4
4*2
4*2
*4
4*2
25*2
26
253.1 26
25*4 25-i.t
lll
*
11 Aug'19
1834
173-1
18-Ti
*78
*78
79
80
78
78
97s
15*8
15*2 15*2
16*4
15*2 16
1*4
1*4
*1*4
*
*
23
3
29.1 2*4
42
*41
42
42
41
41
42
60
60
60
60
*60
62
62
18
17
17
1734 *17
18*2 18*2
70
70
70
70
*70
71
70*2
60
60
62
*60
*60
62
61
,
23
22*4
33
3*2
3
3*8
3*4
3*2
3*4
*23,1
3*,
3
29
3
*2*4
2-*4
.30
.30
*.30
.35
*.30
.35
.35
*7
7>2
7*?
7*2
7*2
S
3*4
3's
3=8
3’ 4
%
3
3
3
3
3*8
3*?
Ms
178
Ps
17s
%
Ms
*23g
*23
23.1
27«
»l
'S
'S
9*8
9*8
9*4
4
4*8
4*8
4*4
■Us
"l
u8
*33
4
4
•31j
4*?
4*2
2
2
21,
2*4
26
25
25*2 25*2
25
25*2
26
*1
*1
1*4

62
17*2
67
58

*22
3*2
*2'2
.35
7%

22*2 22*2

Ml 3
2 2
212
10 10

*3

4*4
*4

*2
25*2
*1 "2

dE c - d W ld o n d

8
Last Sale23*
2 0*2
8 Vt
86

1*2 2
534
LastSale4

8

1*2
86
2

8*2 8*2 8

Last Sale
20
10 10 10 10
1*2
1*2
2*2 2'2 1*1

221 21*2 21*2
8
4
8
334 3=3
2
1
8
10 102
102 2
4
313
*2
2*8 2
1'2 *1 1*8
and

rlj

it s .

Do

2d p re f................

38

Mining
Adventure Consolidated.
Alnncek_________________
Algomah Mining________
Alloucz................................
Arizona Commercial..__
Bingham Mines_________
Butte Balaklava Copper.
16 Calumet A Hecla_______
6,325 Carson Hill Gold_______
25 Centennial..........................
1,143 Copper Range Co_______ .
Daly-West..........................
2,695 Davls-Daly Copper.......... .
3,206 East Butte Copper M in .. .
90 Franklin............................... .
75 Hancock Consolidated... .
818 Helvetia ------------------------ .
IOC Indiana Mining_________
135 Island Creek Coal_______
7
Do
pref........................
250 Isle Royale Copper...........
150 Kerr Lake.........................
500 Keweenaw Copper______
307 Lake Copper Co________
105
550
218
305
5

80
345
2,865
510
365
70
2,415

Mason Valley Mine.........
Mass Consol............... ......
Mayflower Old Colony __
Michigan______ _________
Mohawk— ........... ............
New Aradlan Copper____

25
25
25
25
5

22
22

25
l
25
25
(J
10;

2
1(1

25
25
25
25

1
1

25
5
25
25
5
25
25

12

200
111

10

par

6
21

8

d iv id e n d .

A E s -r lg h t s .

3*4
11*4
6
7*4

88
6

2*8 Apr23
4
Feb 7
2
Jan 13
Fet>24
Feb 7
1 Mar
143, Mar 5
May 2
87# Feb 11
Mar 1
8*4 Jan 15
9
Feh20
26c Apr22
75c Mar 15
30*i Mar 5
45 Mar 17
12** Feb
52 Mar22
40 Mar 4
13
Jan22
MarlS
40c Janl3
8c Janll
4 Mar
Mar 28
2
Feb 3
74c Apr 1
May 9
7*i Jan 18
Jan28
1U Marl3
50c Jan 9
15 Mar 6
40c Marl3

2*2
49*2

4*4
10

July25
July28
13*4 June 2
10 July2GI
83 July28|
July28
29*4 July31
July31
May22
80 May 23
13*2 May 12
20*8 July23
July30
July29|
52*2 July28]
73 July28
July25:
83 July28
75 July29|
26*2 July29
July30,
June
50o Augl4
June 5
JunelO
5U June 2
2*u July29|
S^sJune ;
July29
5 July30
4*4 July S
3 July28
31 July31i
1 % May27

8 6*2
12*2
20*2

1*4
4*4

8 21*2

1*2

1

6 1«4
1
1 1*4

200

2*2

10*2

434
8

* E x -d lv ld e n d .

*19

Dec

147g Dec
17*2 May
May
13 Mar
Mar
186 Nov
64*4 Nov
36 Aug

5*4
68

712 Oct
23 NOV

668

Dee
10 May
93 Nov
91*4 Nov
71 NOV
147 Nov

100*2 Get

160

NOV

100
Feb
137g Mar
41*2 Nov
146*4 Aug
Dec
60c Mar
48*2 May
May

66

26*2

25

Sept

42

Apr

12*2 Feb

July 16

60
Apr
July25
62*2 Mar
91 July29
lOo Apr30
1*4 July30
52 July28
May 1
18 July30
Feb28
May 12,
7
Apr 9
90c M ayl4
20c Jan30
350 Mar 14 480 July 17
12U May
Mar
20 July28
62 July28
39 Mar 5
May 14
2 Marl 1
Feb 13
July25
Feb28
21 Aug 0
1*8 May 9
*i July26
4 May 1
9'2 July28
20c Feb 20
M a y il
50c Mar
2 July26
42
AprlO
65=4 July28
78
Aprl2
'r July30
24
Jan 2
41 July29
4
Jan17
*g May 9
2-*s July31
99c Mar 4
3
Jan25
7*s July28

6*2
.100 57*2

10

80

33*2
10 1034
10

25
25
5
New Idrla Quicksilver__
5
25 Now Rivor Company____ .100
Do
p re f......................
241 Nlplsslng Mines................
5
752 North Butte............. ........
15
15 North Lake ...................... 25
OJlbway Mining________
25
585 Old Dominion Co_______
25
135
?5
Pond Creek Coal________
275 Quincy................................. 25
15 St Mary’s Mineral Land. 25
195 Seneca Copper C orp...no
795 Shannon............................ .. 101
50. South Lake_____________
25
800 South Utah M A S . .........
5
366 Superior_________________ 25
1,055 Superior A Boston Copper 10
725 Trinity_____________ ____ 25
4,720 Tuolumne Copper.............
5
llO.Utah Apex Mining______
llllu t a h Consolidated______
1,748]Utah Metal A Tu nn el...
Victoria...................... ........ 25'
1,185 Winona........... ............ ........
323 Wolverine_______________
25
15 Wyandotte.......................... 25

e Anosmmt pal 1. b E s - a t o i l c

Jan23

2*2

Mar
165a Mar
109*8 Oct
92 Nov

4*4
3*2
8 11*4
4*4

1234

6
2

2

» Half-paid.

.15 July

.20 Oct
425
Dec

1*4 Jan
86 Nov

.45 May
54
Feb
16*4 Aug
May
.48 Nov
470
Dee

10*4

1412

1*2 Apr
4*4 Dec
8*2Mar
3 June
4*4 Dec

16c Mar

4478 Dec
7912 Oct
19*2 Jan

8ept
3*4 Dec
2*4 Dec
3*4Sept

.80

.65 Mar
4 0 June
60*2 Dec
1*4 Aug

9*4

Feb
61*2 Nov
3 Sept
67* Mar
12 Nov
Feb
10*8 Jan
30o
Sep
1
Jan
70 May
84
Feb
29 July
*g Oct
May
May

6

6
1*4
8*4
6 Feb
7
Jan
4*2Nov
4*4 Oct
66*2May
2*2 July

Dec
12 Aug
63*t Dec
Jan
Dec
.25 Feb
June
32
Dec

8lA»
10*2
*2

17*4 Mar
20
Jan
80
Jan
97* Apr
17*8 May
.95 Mar
1*8 Dec

12*4 Dec

20*4 Feb

69
38
7

2*4

*2

Dec
Dec
JaD

Dec

Sept
10 Dec
4
Feb
1*4 Aug
Sept
.73 Dec
May
7 Dec
Dec
1*8 Dec
Nov
18
Dec

2*2
1*4
1
12

40 Mav

45*2 Jan

78 May
57
Jan
15*4 Dec
Jan
2
Jan
20 Jan
87* Nov
Sept
Feb
1 % Aug
4*s Nov
12
Jan
3
Apr

5*4

4*4
4*2

*<6

3

Jan

2
Jan
36
Jan
VG Mar

1

O u ts id e S t o c k E x c h a n g e s
B o sto n B o n d R eco rd .— Transactions in bonds at Bos­
ton Stock Exchange Aug 23 to Aug 29, both inclusive:______

Sales
Friday
Last Week’s Range for Range since Jan. 1.
Sale. ofPrices. Week. Low.
High.
Price. Low. High.

Bonds.

U S Lib Loan 3)48.1932-47
1st Lib Loan 4s._ 1932-47
2d Lib Loan 4 s .. 1927-42
1st Lib L’n 4 M s. 1932-47
2d Lib L’n 4MB.1927-42
3d Lib Loan 434 s— 1928
4th Lib Loan 4 34 s. .1938
Victory 4)4s____ 1922-23
Victory 334 s____1922-23
Am Tel & Tel conv 68.1925
Atl G & W I SS L 5S..1959 •82
C B & Q -G t Nor 4 s . . .1921
90
Mass Gas 4 M s________1929
Miss River Power 5 s .-1951
N E Telephone 5s------1932
Pond Creek Coal s . . . 1923
Punta Alegre Sugar s 1931
Swift & Co 1st 5s......... 1944
United Fruit 4 Ms------ 1925
U S Smltg,Refg&M conv s 101)4
Ventura Oil conv 7s-----Western Tel & Tel 5s. 1932

6

6

99.54
93.74
92.54
94.04
92.64
94.54
92.84
99.34
99.52
M
81
94
90
79
J
93
105M
93

99.90
93.84
92.64
94.38
93.00
94.94
93.18
99.72
99.52
M
82
94 34
90M
79
M
93
107
93

112,250
7,650
8,650
4,300
43,350
22,700
50,900
34,650

10,000

101 101
X

6,600
3,500

884 88

100 100
101)4 101M
150
150
88M 88M

6

98.04
91.64
92.04
93.24
92.64
94.40
92.84
99.34
99.52
10034
79
9434
89 M
7734
M
92
87
93

1,000
4,000
2,000
2,000
2,000 88

25,500
9,000

1,000 100
1,000 99
2,000 94
6,000 88

Feb
Jan
Jan
Jan
Aug
Mar
Aug
Aug
Aug
Aug
Feb
Aug
Apr
Jan
Aug
Jan
May
Aug
Mar
Feb
Jan
Aug

99.90 Aug
95.90 Mar
94.80 Juno
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
100.04Junc
99.52 Aug
103 M Mar
84
May
95)4 July
94
Mar
80
May
93 M Feb
98 M May
114M July
9834 June
100
Mar
105
May
173
July
91
Mar

P itts b u r g h Stock E xch an ge.— The complete record of
transactions at the Pittsburgh Stock Exchange from Aug. 23
to Aug. 29, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Sales Range sine
for
Last Week’ Range W
eek.
Sale. ofPrices. S
Par. Price. Low. High. hares. Low. 1 High.

Stocks—

Jan
16
575
2034 21M
American Sewer Pipe. .100
20M
Jan
79
740
114 *.4 120
Amer Wind Glass Mach 100 120
90
77 M Jan
90 M 91
Preferred_____ _______ 100
90M
July
53
1,925
70 34
65
70
Arkansas Nat Gas com. 100
June
32
350
Barnsdall Corporation. .25
3534 37
3M Aug
334
Carbo-Hydrogen pref____5
334
Jan
3
30
Consolidated Ice com— 50
Jan
99
130
Harb-Walk Refract pf.100 100
545
4)4
1M Jan
334
Indcp Brewing com--------50
Jan
65
534
Preferred..... ...........
50
105
105
94M Feb
La Belle Iron Wks com. 100
Jan
170
185
185
Lone Star Gas......... .......100
140
4834 Jan
53
53)4
Mfrs Light
Heat..........50
8,164
7
634 Aug
634
Marland Petroleum--------- 5
Jan
5
450
9
Nat Fireproofing c o m ...50
934
Jan
90
1634 17
Preferred......... .............. 50
Jan
16
367
24)4 2634
Ohio Fuel Oil....... ..........
660
42)4 Feb
Ohio Fuel Supply........... 25
50)4 51M
1,272
33
2834 Jan
33)4
Oklahoma Nat Gas-------- 25
834 Mar
1034 1034
Oklahoma Prod & Ref____ 5
Jan
85
Plttsb Brewing com......... 50
734
Jan
7
16
80
15
Preferred_____________ 50
Feb
45
65
63
Plttsb Coal com------------ 100
96
.
96
85 M Feb
Preferred------------------- 100
Jan
c
67C 388,100
9c
43c
Plttsb Jerome Copper------ 1
Jan
52C
5,600
c
48c
52c
Plttsb & M t Shasta Copp.l
Jan
215
Plttsb Oil & Gas________100
13M 14
Aug
23
15C
23
23
Plttsb Rolls Corp......... .100
642
34 Feb
4 34
4
4)4
Eiverslde East Oil com— 5
28C
434
2)4 Jan
4M
Preferred---------------------- 5
May
9
27
14C
.
27
Riverside West Oil com .25
Jan
5c
c 42,550
c
c
Ross Mining & M illln g -.-l
Feb
c
c 87,000
9c
He
San Toy Mining----------Jan
96
129
. 128
Union Natural Gas____100
Feb
30
5(
.
3234 3234
U S Glass______________100
88)4 Feb
. 10234 103
U S Steel Corp com------ 100
Jan
93
(
West’house Air B rak e...50
644
4034 Jan
5234 5334
West’house Elec & M fg. .50
Bonds—
Jan
52
510,000
75
.
75
Pittsburgh Brewing s 1949

6 6
100 102
10 10

&

200

100
10

8

6

8

20

2
210
20 8
21
8

10
12

4 110 110)4

6
122

200
8

6

May
July
July
July
June
Aug
Juno
102)4 July
7
May
16
May
123)4 July
300
May
56
May
734 July
1134 May
24
May
31
May
5434 July
38)4 May
13)4 May
10)4 July
20
June
73
July
98
May
67c
Aug
65c
Aug
18)4 June
23
Aug
434 Aug
434 Aug
30
June
c
Feb
13c May
135
May
40
May
114)4 July
124)4 June
59)4 June

8

75)4 July

Sales
Friday,
Last Week’s Range for Range since Jan. 1.
Week.
Sale. ofPrices. S
High.
Par. Price. Low. High. hares. Low.

Allied Piiftklnff _
American Radiator__
Amer Shipbuilding...
Preferred
Armour & Co preferred
Rooth Fisheries, common
new _ ________ (no par)
Preferred . . .
_
Bucynift preferred _
Chic City&C Ry Pt sh com
Preferred .................
rhlMcrn FlvfttPfl Rv enm
Preferred
Chic Pneumatic Tool.
Phlft Ti vs n.irt, ftt.f " ”
Chic Rys part ctf “ 3” -------PhJf* Pva nart. ftt.f “ 4”
Chicago T it le * TrustContinental Motor—
Preferred
Consumers Power prelMOO
Commonwealth-Ed Ison. 100
Cudahy Pack Co com.
Deere & Co pref - _
Diamond Match___I.
Hartman Corporation.
Hart.Schaff&Marx.com 100
Holland Sugar
Hupp Motor-------------Illinois Brick____
Libby (W I ) . . .............
Lindsay Light_______
Preferred
, W<vat. ITfilltlAHcnminn
Preferred
__
TVfftfthell IVIYitnr Co
.
'National Leather.........
Quaker Oats Co
Preferred. _
Reo Motor.................. --(* )
Republic Truck.____
Sears-Roebuck c >m...--106

.100
.100
100

105

.100
--10
-100
.100
.100
.100

...10
.100
..10
10

100
..100
..100
..100




88
101

18
80
89
1)4

100

2 .100

54)4 54)4
300
300
130
127
89
10534

13)4
76

1134

11
2
6

73
7

19
80)4
89
134
13)4

2
6

76

734
1
1
34
200 205 34
11 1134

10034 100 34
8834 89
108
108
______ 107)4 108
101)4
118
116
118
87
87)4
87
85
85
1634 17
1134 1134
70
7034
2634
2534 27
1234
1034 1234
834
834
30
30
53
55
47
50
2034 2134
2034
260
260
_____
9934
99
30
3034
46
47
206
205

110

101

202

50
54)4 Aug
6634
Apr 325
45 275
Feb 135
240
92
75
85)4 Apr
6,880
98)4 Aug 10534

100

1,330

120
10

79
649
75
240
310
291

212

18
78
80
34

26)4
5
60)4
5

1

62
34
40 178
7,845
834
55 100)4
93
86)4
673 107
365 100)4
78
60
55
54 34
125

101
10 68
730
12)4
100 11
220 56

2,860
3,255
, 725
39

110

410
20,685
24
260
1,370
225
215

19)4
10)4

8

24
49
33

20
200

99
28)4
45
16834

Feb
Apr
July
Jan
Mar
Aug
May
Feb
Apr
Mar
Aug
Feb
Apr
Aug
July
Aug
Feb
Apr
June
Feb
Feb
Aug
Aug
F’eb
Jan
Aug
June
Feb
Mar
Apr
Aug
Aug
July
May
May
Feti

Stcwart-Warner Sp com 100
Thompson Swift & Co...................... 100
Rights.................................
Swift International----------Union Carbide A Car­
bon A Co______ (no par)
Ward Montg,
Co pref_ _
Wilson & Co common. _(*)
Preferred
_____ 100
Bonds—
Armour A Co deb s . . 1924
Debenture s______ 1921
Debenture s______ 1922
Debenture Cs______ 1923
Debenture s ____1930
Chicago City Ry 5 s . . . 1927
Chic CAC Rys 5s------ 1927
Chicago Rys s
1927
Commonw-Edison 5s. 1943
Metr W Side El ext g 4s '38
Peop G LAC ref g 5s. 1947
Swift A Co 1st g 5 s _ ..1944
Wilson A Co 1st s . . . 1941
* No par value.

&

6
6
6

109

143

20)4
58

8134

3,634
130
6,054
4,909
5,619

84
79
106 M 106M
89
89
9934 99 M

22,250
48

101

6

6

109
106
3534 3634
143
141
2034 2134
5634 5834

103
10234
M
103
75
4834
73 M
9034
4534
69
9234

102
4834

io'i
103
10234
10234
103
76
50
76
9034
4534
69
93

10

105

2,000
2,000

$

15,000
4,000
9,000

100 100

6

8,000

26,000
4,000

12,000
2,000
3,000
6,000
1,000

Aug
34
11534 Jan
534 July
4134 Jan

3934 June
14934 May
21M Aug
65
Apr

Jan
56
July
105
Aug
82 M
Feb
95

8534
112M
104
104

July
June
July
[July

Mar
Aug
Aug
Mar
Aug
Aug
Apr
Apr
Aug
July
Aug
Aug
Mar

10234
103
10234
10234
103
84
55
81
9434
51
8734
9834
10234

July
Aug
Aug
July
Aug
Feb
Aug
Jan
Jan
Jan
IJan
Jnn
July

10034
103
10234
10034
103
7434
41
72
90
45M
69
9234
96

P h ila d elp h ia Sto ck E x ch an ge.— The complete record
of transactions at the Philadelphia Stock Exchange from
Aug. 23 to Aug. 29, both inclusive, compiled from^the
official sales lists, is given below. Prices for stocks are Jail
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

a
a

u
e

c
i
j
j
]
i
i

i
j
j
i
j

]

8

C h ica g o Stock E xch an ge.—-The complete record of
transactions at the Chicago Stock Exchange from Aug. 23
to Aug. 29, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks—

Sales Range since Jan. 1.
Friday
for
Last Week's Range W
eek.
Sale. ofPrices. S
High.
Stocks (C
oncluded) Par. Price. Low. High. hares. Low.
Apr
54 M July
45
200 84
50
49
Stftwn.rt M fcr_________ (*)
Jan 11634 July

A
A

29 M
157
94)4
77
41
4

10

1 1,1

[V ol . 109

THE CHRONICLE

878

July
July
May
May
Aug

4th Lib Loan 4K 8..193 8
Victory 4)4s____1922-23
86)4 86)4
.mer Gas & Elec 5 s ..2007
85
85
do
small________ 2007
Baldwin Locom 1st 5s. 1940
100)4 10034
Elec & Peoples tr ctfs 4s ’45
69)4 70
do
small_________1945
Lake Superior Corp 5s 1924
7134 7134
93
9334
Lehigh C&N consol 4Ms '54
Lehlglt Valley coll s . . 1928 10134 10134 101)4
Consol s....... ........... 1923
116)4 11634
Annuity s________
Gen consol 4s--------- 2003
71)4 7134
Lehigh Vail Coal 1st 5s 1933
9034 9034
Penna RR gen 5s------1968
94
94
94)4
Phila Electric 1st 5s. .1966
95
9634
do
small_________ 1966
80)4 8134
81M
Reading gen 4s------------ 1997
5934 5934
St Louis So’wcst 5S-..1952
10034
Spanlsh-Am Iron s . .1927
9134 9134
Standard G & E s . . .1926
56
56
56
United Rys gold tr ctf 4s ’49
7534 76)4
United Rys Invest 5s. 1926
75 M
98
98
Welsbach Co 5s--------- 1930
8934 89)4
Western Union Tel 58.1938

6
6

July
1,000 85 June
200 83 Apr
1,000 100 Mar
00 65
68 68 2,0
1,200 65 Mar
Jan
58
13,000
10,000 93 Aug
Jan
6,000 10134 Aug
1,000 101 July
101 101
5,000 116
Aug
2,000 7134 July
1,000 9934 Aug
100 100 14,00(1
9034

6

100

6
6

39,10(1
1.00C
9.00C
5.00C
4.00C
, CI
10.50C)
26.00C)
, ()
. ()

93)4 Apr
9334 May
8034 Aug
59)4 Aug
Aug
9134 Aug
June
56
62 34 Jan
Jan
95
89)4 Aug

1 100
1 00
1 00
1 00

July
25
83)4 June.
July
90
B altim ore Stock E xch an ge.— The complete record of the
Aug
transactions at the Baltimore Stock Exchange from A u g .123
18)4 Aug
Aug
3
17)4 Aug
82
July
1.
1034 Aug
July
3
Stocks—
June
34
June
Aug
Feb
06
69
105
87
91
13 34 July Alabama Co.....................100
July
49
320
34)4 Jan
!
44 )4
10034 A ur Arundel Sand & Gravel .100 j 44 M
4)4
FJuly
Jan
400
3)4
334
Aug Atlantic Petroleum......... 1 0 ---------90
Jan 00 IMay
65
70
75 ,
71
71
July Baltimore Tube------------100
118
June
93
5
71)4 Feb
85
85
Preferred____________ 100
May
123
4.90 July
1.00
Mar
6,095
3.90
4.00
July Celestine Oil voting trust.. i 3.90
105
185 103'.', Apr 11134 May
106
107
Aug Consol Gas E L & Pow.100
92
June
135
7834 Apr
85 34 87
85 m
July Consolidation Coal------100
97
12)4 May
3,160
6)4 Feb
9)4 10 34
July Cosden & Co____________ 51 10M
97
Jan
May
5
4
710
4
4)4
Preferred----------------5..|
4)4
July
2134
Aug
30
40)4 Feb
270
32
3134 32 M
Aug Davison Chemical..no par
17
Mar
July
43
27
180
36 34 37 M
75
July Elkhorn Coal Corpn----- 5 0 ---------525
134 May
34 June
1
Apr G-B-S Brewing v t C ...1 0 0
34
Aug
Aug
30
100)4
100'
■
100
June I Benesch 1st pref------------25
6)4 Juno
2,851
834 July
9M
7 34
10)4 Apr Indlahoma Refining......... ..
May
May
65
5734
60
60
Mcr
Miners
Trans..
.
100
40
May
4
54)4 Mar
72)4 May
60
60
Mer & Min Trans V T . . 100
65
May
16
Jan
105
5134 Aug
48
47
5534 July M t V-Woodb Mills v t r 100|...........
Aug
Feb
71
55
96
96
Preferred v t r ............100'............
Aug
25
143
77)4 Jan
8834 May
83
82
July PCDns.vlv Wat & Power. 1001 82 M
300
July
Aug
734
60
634
7
6M
Robinson
Oil,
preferred.
1
0
--------May
105
Mar
15
20)4 Jan
1,485
15M 1534
United Ry & Elec_____ 501 15 M
3234 May
24
29 34 June
Aug
63
24
25
Wash Balt A Annap------50.............
May
61
275
Feb
434 Aug
3)4
4)4
4)4
217
Julv Wayland Oil A G a s .--------5 -------

2

Sales Range since Jan.
1Friday
for
's Range W
Last WeekP
.
rices. Sheek
Sale. Loof
High.
Par.' Price. w. High. ares. Low.

212

%

2

120

100

02

&

100

1

THE CHRONICLE

A ug . 30 1919.]

Friday
Sales
Last Week' Range for Range since Jan. 1.
Sale. ofPrices. Week.
Price. Low. High. Shares.
High.

Bonds—
A t l C L (C o n n )—
C e r t if s 5 -2 0 4 s ................19 2 5
B a l t & O h i o c o n v 4 % s ____
B a l t T r a c t i o n 1 s t 5 s ..1 9 2 9
C e n t r a l R y co n s 5 s___19 3 2
C i t y & S u b u r b a n 1 s t 5 s l9 2 2
C o n s o l G a s g en 4 % s ..l 9 5 4
C o n s G E L & P 5 % n o te s .
6 % n o te s ................................................
7 % n o te s ................................................
C o n s o l C o a l , re f 5 s ____19 5 0
C o n v e r t ib l e 6 s ................19 2 3
C o s ile n & C o S e r A 6 s . 19 3 2
S e rie s B 6 s ............................19 3 2
C & P T c le p h o f V a 6 s ____
E l k h o r n C o a l C o r p 6 8 .1 9 2 5
F a i r m o n t C o a l 5 s _____ 19 3 1
G - B - S B r e w In c o m e 5 s .19 5 1
H a g e r s t o w n & E r c d 6 3 .19 4 4
I I o u s O H d l v c t f s . . 19 2 3 -2 5
J a m is o n C & C — G C 5s '3 0
M a r y l a n d D r e d g in g 6 s____
M a r y ’ d E le c R y 1 s t 5 s . 19 3 1
N o r t h B a l t T r a c 5 s __ 19 4 2
U n ite d E L & P 4 % s ..l 9 2 9
U n i t e d R y & E l e c 4 s . . 19 4 9
F u n d i n g 5 s _________ 19 3 6

89%
70%
99
99
97%
83%
98%
98
101%
85
100
100
99%
89%
98%
90
3
95
104%
90%
100
89
99
87%
69%
67
66%

89%
70%
99
99
97%
83%
98%
98
101%
85
100
100
100
89%
98%
90
3
95
104%
90%
100
89
99
87%
69%
67
66%

$2,000
20,000
1,000
3.000
1.000
7.000
7.000
4.000
8.000
1,000
3.000
3.000
12,000
1.000
3.000
3.000
3.000
1.000
2,000
6,000
2,000
3.000
5.000
1.000
13,000
1,000
600

89%
70%
99
99
97%
83 %
95%
97
100%
85
99%
84%
85%
89%
98
90
1%
95
98%
89
99%
89
99
87
%
%
%

Aug
Aug
Aug
May
Mar
Aug
Jan
Mar
June
Aug
Jan
Jan
Jan
Aug
Fob
Aug
May
Aug
Jan
Apr
Mar
May
Aug
July
Aug
Aug
Aug

89%
70%
100%
100%
100
89
99%
98 %
101%
92
100%
104
104
89%
99%
91%
3%
95
117
90%
100
89%
100%
87%
76%
76
76

Aug
Aug
Feb
Jan
Jan
Jan
Juno
Feb
July
Jan
July
July
July
Aug
Juno
May
May
Aug
May
Mar
Aug
May
Jan
Apr
Jan
Mar
Mar

879

Frida
Sales
Last Week's Range for Range since Jan. 1.
Sale.
Week.
Other Oil Stock 9. P
ur Price. Low. High. Shares Low.
High.
Ajax O ll.r.w 1 ________ 1(
10% 10% 10»/ 6,00( 10 Au 10% Aug
Allen O ll.r______________
2% 2% 2h 1,301
4 % Apr
% Ja
Allied O ll.r _______ ______ .
13-16 15-1 i 72,50(
% Julj
\%y 1
Amalgamated R oyalty.r.
IK 24,901 1 Allf 2 % Apr

Atlantic Petroleum, r____
3V
401
3%
Barnett Oil <fcG as.r_____ :
13,101
%
% 3-1
Boone O ll.r_____________
9%
9K 37,10C
Boston-Mex Petrol............
4%
3,701
4%
4 '/
Boston-Wyomlng O ll.r__
69c
67c
70c
71,90f
Brazos Oil Corp r (no par
28%
28
28'/
1,701
Burknett Van Cleave Oil..
1.40C
%
%
Can-Araer O & G .r _____
0,70C
%
%
'/
Circle O ll.r______________
4%
501
57%
56
58'/
Commonwealth Petrol, (t
2,401
Continental Refg............li i .........
7
2,901
Cosden <fc Co. com .r____ ,
9%
8,70C
Elk Basin Petroleum.r...
9
. 701
%
Ertel O ll.r..........................
9%
8.90C
%
9)4
Esmeralda Oil C orp.r___
16c
15c
c
61,001
Esmeralda Oil & G as.r___
> 34,401
% 11-16
90%
Federal Oil C orp.r.
,
%
%
17.50C
7/
5%
Glenrook OH Corp.r____ li i
5 V 23.00C
4%
"8 9 "
Guffey-Glllesple O ll.r. (t
19%
19%
'/
7,001
Harvey Crude.r................
15-U
3 ,10C
%
IV
*87%
16
Hercules Petrol Class A r li .........
4,90C
Home O il* Refg _ r ____li i 19
17% 19^
3.80C
Home Petrol of Denver. 10
31c
32c
35c
17.90C
do
small______ 1936
Houston Oil, com .r____10i i 10S
104
108
1.40C
Hudson O ll.r ........... ........
,10C
%
Ref C o .r ____
7%
4.00C
New Y o rk “ C u rb ” M a r k e t.— Below wo give a record of Indlahoma
28% 32
Iuternat Petroleum .r..£
31%
5.70C
the transactions in tho outside security market from Aug. 23 Invincible O ll.r......... ......5i
33%
33% 35% 13.60C
7% 24,80(
7%
%
to Aug. 29 , both inclusive. It covers tho week ending Friday Island Oil <fc T r a n sp .r.. (
Lance Creek Royaltles.r.]
3,40C
%
%
%
afternoon.
Little Sioux O ll.r________
1,55C
%
Livingston Oil Corp.r___
%
%
*
, C
Llvlston Ref Corp, com .(t
14% 14%
14%
33C
29.
1.
Louisiana Oil & R ef.r__ 51
40
37
40
80C
Marland Petroleum______
7
7
7
60C
Stocks—
.
Merritt Oil Corp.r......... (
23%
24%
7.40C
Metropolitan Petroleum 21
%
%
% 12,301
Acmo Coal.r....... ..............
4,70 )
%
Auc
%
3 % July
Mexlcan-Panuco Oil____1( ...........
16% 17
1,251
Aetna Explosives.r(no par
%
9%
9,90 )
K
% Jaii
12% July
Middle States Oil Corp.r.:
3
3%
3%
9,50C
Air Reduction r ___(no par
58%
56
59
2,61 ) 51
Jun
♦65
New stock____________li
32
35
35
1.40C
Allied Packers.r_____ _(t
55%
54
58
29,20 l 51
Au
67% July
170
Midwest Refining.r____ (
163
172
7,33(
fi7
Amcr Road Mach’y_r__10i i ______
34
34
1
8
Eel
Midwest-Tcxas O ll.r____;
1,400
%
%
%
Am Ship & Commerce r (t
37%
34% 38
23,50(
32
Auc
44% Aug
3
3
Morton Pet of M o .r ___.]
3%
2,50(
Amer Writ Paper com. . 101
14
13
14
% Jai
18
July National O ll.r..............
(
4
4
3
90C
Anglo-Am Com’l Corp pf(f
18
19
19
19
May
25
July
»
North American O ll.r__
%
%
31,00(
Austin,Nichols Co,Inc(t
401
33
32
38
35M
Northwestern O ll.r .. .
l
53c
57c
5,00(
Benford Auto Products.r.f
4
1,501
4
3% Aup
3%
Aug
Ohlo-Ranger.r____
9,000
%
%
Bethlehem Motor r(no par
4,401
24% Allf.
25% 27%
27%
31% July Omar Oil <k Gas, oom.
60c
58c
63c
l
11,500
Brlt-Am Chem C orp.. K ...........
3,20(
Aup
'/
11% July
Osage Nation Oil Synd.r.l
%
5,700
%
Brit-Am Tob ordlnary__£
* %
%
30(
% Aug
27% May
Pennok O ll.r.................... ic
14%
14% 15%
4,000
Ordinary bearer. ..
£
23
23
8,801
July
28
May
Phillips Petrol com.r ._(f]
58% 60%
60%
4,000
Canopus Iron Corp.
(
2,03.r
7%
7%
7%
7% Aug
7 % Aug
Preferred, r__
(
115
117
300
Cur Ltg «fc Power......... 2£
3%
1,60(
Feb
3%
3%
5% July
Plttsb-Texas O
G .r
13%
% 13% 28,100
Chalmers Mot Corp.r (t
9
, (
Mar
%
Producers & R ef.r___
(
%
% 10,400
Cities Serv Bankers shs (t
44% 46% 42,200
46%
35
Feb
46% July
Queen O ll.r
j
c
C
c
16,800
Coca-ColaCo v t c r(no par)
40
40%
43
97,800
40
Aug
45
Aug
Ranger O ll.r.................. l
9-16 %
%
5,800
32
27
ColonlalTIro A R u b .r. .(t)
33
6,300
13% June
45
July
Red Rock Oil & G as.r. 10C
c
64c
70c
2,725
CollimblaGrapb Mfg.w 1(f)
45% 47%
46
7,001
43
Aug
52
Aug
______
Rickard Texas C o .r_____
14% 14%
300
Cramp (Win) <fc Sons
Rock O l l . r . . _____ , c
46c
45c
49C
4,800
185
185
1(K
82
Ryan Petroleum. r____
4
4% 21,900
4%
7,800
Cu Mor Chemical____ 10C
%
%
% July
1% Aug
Salt Crk Producers.r___25
56%
54% 56%
7,500
13%
% 14
24,100
% Aug
Dafoe-liustlco Co Inc__(t
14% Aug Sapulpa Rcfinlng.r...........
7
7
17
Delatour Beverage.r__ 1(
17
5,801
16% Aug
25
Seaboard Oil & Gas.r . . . 5
7
7%
7,100
38
Durhamlloslcry comB.rlOf
41%
1,600
38
41%
Aug
Sequoyah Oil & Ref_____
7-16
7-10 %
7,700
9
Excello Tire * Rubber.. H
9
%
3,000
% June
14% July
Simms Petroleum r(no par)
29
30%
30%
3,700
Farrell (Win) & on,Inc(t;
56
55
57
6,701
54
June
62
Sinclair Cons O ll .r ____(t)
57%
55% 59
59,200
Preferred____________lot
92%
92
93
89
1.90C
July
94
Sinclair Gulf C o r p .r ...(t )
55% 59
57%
08,500
Fisk Rubber, 2d pref__ 10(
170
168
171
35C
Apr 171
Southwest Oll.r
24c
25c
3,000
General Asphalt com
lot
78
73
78
7,800
39
Jan
95
July Southwest Prod & Ref.r 5
4
3%
1,500
113
S3
Spencer Petrol Corp____io
16%
16%
15%
7,400
Gen'l Tractor.r___(ho
%
%
9% 45,000
% Aug
Stanton OU.r____
i
107,000
Hoyden Chemical r(no par)
%
9% 21,500
May
%
Star Tex Pet________r 10
14
14%
325
Hupp Motor Cur Corp.
4% Jan
%
%
14% July
Texana OH & R e f .r . ..
%
%
Indian Packing Corp r (t)
26% Aug
33%
27% 34% 40,900
Texas Prod & Refg.r____5
5
5
%
5,600
3,700
Intercontinental Rubb.lOC
% 23%
% Jan
35
Texas-Ranger Prod 4 R . . 1
3%
3%
4% 11,800
Intcrnat Motors, com.r 10C
28
82
82
Jan
82
Texas Steer O ll.r____
1
1,700
%
%
%
InternatProducts r (no par)
48% 49%
30% July
Tex-Ken Oil C o r p .r ..___ ______
5
5%
7,800
Knickerbocker Motorsr(lO) ■ 7
2,900
Aug
%
7%
Texon Oil * Land.r
%
%
124,300
%
Lima Locom com.r
10C
83
90
1,450
27% Feb
94
Trinity Oil Corp.r____
%
%
% 40,000
51
45
69,000
45
MadisonTlrc&Rub .corn (t)
50
Aug
51
United Tex Petrol .r ____1
11-16 % 72,400
%
10,500
Marconi Wtrel Tel of Am 5
5%
4
5%
Jan
% July
Vacuum OH «fc Gas .
1
5-16
5-16
%
50,500
Morris (Philip) & Co
in
5,000
7
%
Feb
16
July
Valverde Oil Prop.r____(t)
%
%
%
5,400
Nat I'Reproofing, pref.r 50
16% 17%
500
17%
13% Jan
24
Victoria O ll.r______
10
%
%
National Ice * Coal r 100
60%
%
600
65
47
Jan
West States O & L a n d .r.. 1
3%
3%
1,700
National Leather.r. *
in
Aug
25
White Eagle Oil
Ref r(+)
23%
24
22%
N Y Canners.r
35
35
25
35
35
Woodburn Oil Corp.r.wi(t)
% 24,600
33
30
900
28
Aug
60
ft £ M?Y0,ld Tlre r <no Par)
56
61
N Y Shipbuilding.(no par)
56
2,550
25
Jan
78
M ining Stocks—
July
4
4%
3,200
Nor Am Pulp & Paper (t)
% Jan
Alaska-Brit Col M etals.. 1
7%
%
27,000
Ohio Savold Tlre.r . .
27
26
700
25
Aug
34
Alaska Mines Corp______
%
%
%
4,600
utis Steel com .r. (no par)
34
36
34%
6,600
34
Aug
46
July
Amer Ilond Mtn Corp w 1.1
%
%
%
5,200
Overland Tire
in
16%
9,600
14% Aug
America Mines.r
l
%
%
%
1,900
Parish Bingham Corn (ti
36% 40
3,200
40
36% Aug
41%
Arizona Silver.r...........
7-16
% 7-16
6,600
Perfection Tiro & Rubb rl
%
% 25,500
%
Atlanta Mines............
l
% Feb
%
3% c 4c
4,000
Phllllps-Joncs Corp w (t)
60
60
55
Aug
65
Bclcher-Dlvlde. r____
35c
42c
41c
15,200
Preferred..
inn
94% 95%
94%
880
94% Aug
97
Belcher Extension.r___
25c
c
26c
Pressman Tire liubb in
%
7
4,750
7
Aug
27
Big Ledge Copper C o____
9-16
9-16
%
Pyrene M fg.r
in
14
15
14
Aug
Booth r . ....
i
c
c
c
3,500
Republic Rubber r (no pfirj
5%
% 10,800
%
5% Aug
July
Boston <Sc Montana D e v ..5
73c
76c
12,400
Root & Van Dervoort inn
39% 41%
7,150
37
Aug
41%
43
July
Caledonia Mining.
30c
42c
43c
15,600
Savold Tire Corn _
A
43
38
5,000
24
Canada Copper Co Ltd.
1 9-16
%
1,300
Shell Transp & T r a d .r ..£2
70
14,200
%
Aug
76% July
Candularla S ilv e r .r ___
1 5-16
5-16 44,160
%
Spicer Mfg. com ..
i()0 67
69
67
56% July
500
69
Carrie Silver.r................10c
14
14
15
24,000
Standard Mot Constr r 10
9
% May
i
Cash Boy__________
c
c
5c
8,700
14% 16
Submarine Boat v t c (t)
9,200
15
Feb
%
Consol Ariz Smelt .
5 1 3-16
1 1 3-10 14,600
Sweets Co of America r 10
% 13%
9,900
%
% July
15% July
Cresson Con Gold M & M . 1
%
3
%
33
Tobacco Products E xp (t)
30
10,500
25
32%
June
40% July
Divide Extension.r
l
2% *2 9-16 23,100
%
47
Todd Shipyards Corp_.(t) 147
800
Feb 158
Eureka Croesus Min Co r 1
%
%
5,000
1 rlangle Film Corp v t c 5
5,700
%
%
% Feb
Florence Silver, r . .........
l
%
50c
50c
1,700
Union Carbide & Carb r (til
84
80
60% Feb
July
Forty-nine Mining.r.........
7-16
1-16
%
4,550
United Eyeglass Shops r si
12,300
5% July
7%
Gadsden . r ___________
g
4%
United Profit Sharing.. c 1
%
.S
7-10 Jan
3%
%
Golden Gate Explor'n.r .5
3
3
2%
3,200
U H l.t <fc lit Corp, com.r 10
%
5,600
%
3
% Jan
June
Goldfield Consol’d______ 10
15c
17c
5,000
Preferred r
|0
3%
500
3%
3%
% Feb
3% Aug
Goldfield Develop't.r. 10c
c
15c
22,700
U .Steamship
m
%
%
6,800
%
Mar
5%
Goldfield Merger.r...........
3% c 4c
3,500
Vanadium Steel of Amr.(t)
38% 49% 55,300
37% Aug
49%
41%
Gold Zone Divide.r .
43C
44c
35c
18,000
Warren Bros r__
mo
77
1,900
42% VIay
79
75
80
Grand Pacific Copper____
c
82c
90c
40,750
Wayne Coal ______
g
G reatBend.r............
l
Weber
Hellbr com .r.(t)
15%
26
Hamilton M & S ____
i
%
%
Welch GrapeJuice Co.tc.(t)
48
48
48%
400
61
Ilasbrouck D ivide.r_____
lie
lie
3,000
Wright-Martln A lrc .r..(t) ...........
3
Feb
7
5%
May
llecla Mining........... ......25c 5 3-16
1-16 5 5-16
3,200
IIowc Sound C o ..............
1,700
Rights—
Iron Blossom.r . . ____10c
%
%
U
Industrial Alcohol____
28
23
23
Aug
28
28
5,500
Hiu Butler.r.
___ __ l
31c
32c
30c
3,000
U S Rubber.r________
%
9%
13% Aug
%
9,600
% Aug
Jumbo Extension_______
lie
c
500
Former Standard Oil
Kerr Lake........................ 5
f) a
Subsidiaries
Knox Divide.r............. 10c
c
18c
c
33,200
jr ^
Anglo-Amer O ll.r______
May
Lone Star Consol.r........... 1
c
7c
9,000
Buckeye Pipe Llno.r____50
91
July
Louisiana Cons’d________ 1
7-16
5-16 % 40,200
Illinois Pipe I.lne.r____1(M) isi
179
185
197
90 104
MacNamara Crescent, r
36c
31c
37c
34,000
Indiana Pipe IJne.r____50
107
99
MacNamura M ln ln g ..r ..l
70c
75c 175.000
50c
A pi
Magma Chief.r__________1
%
%
% 36,200
Prairie Oil & G as.r____100
Magma Copper.................5
41
15
1,900
South Penn O ll.r........... 100
TLf'*y
312
312
Apr
Mason Valley_______ . . 5
3%
3%
Standard Oil (C alif).r.. 100
288
293
Jl 1^ McKlnley-Dnrragli-Sav. .1
62c
58c
Standard OH of N J w 100
%
%
11,350
% AUK 118
July
Mother Lode new.r......... 1 .
5
4%
1,970
Standard Oil of N Y.rlOO 389
355
390
136 310
430
Nat Tin Corp.r_______ 50e
4
4
3%
4,700
Vacuum O l l . r .. . ......... 100 - ......... 420
420
395
Jan 490
May ' Nevada Ophlr M in .r..10c
23c
28c
28c
12,500

68
66
66

8

1

1

10

6
8
8

2

2

Frida
Sales
Last
's Range for Range since Jan.
Sale. Week
of
P
rices.
W
.
Par Price. Low. High. Sheek
ares ItOW.
High.
2
2
2
2*1
10
10
6

8
8K

1

2 20

8

2

1

1
12

1
20

8
20
20
2

10
& ...6
1

8

106
1
5
1

112

1

12

8

8

t
par) 6
8
1(1 11

6
118
20

110
11

100
1,000

6

11

21

12,200

6
12
66
22

&

&

t

9

68

8

2
2

&

8




12

£1

20
1

10
6

8
6

12

25

1

68
8
12
110
6
2
2
2

1
8
2
2
2

10

5
1
1

6

&

21

21

200 12

100

110

110 111

66
106
6
102

20
11
77*4

861
8

1
2
2

8
10
68

610

8
1

1
1

118
8

8
10

8

6

1
6

1

1

1

1

1

8
2

6
1

8
2

10

10

10

1
1

1

1
1

8

22
8
1

6
2
2
1
1

8

1

2,100

10,000
10,000

11,000
6,100

1

6

2
1

11,100

1

1

12

1,000
2,100
100

11

21

100

1% *2

6

1

101

110

10

2

1
..1
1 86
1
1
1

8

200
20

1

11
20

200
2,000

12

100 101
100 100

1

20
1

100

1,200
6 00

22
2

♦2

1,200 20

1,200

2

1

2

20
1

t
1

Y)
6
6

6

20

2

1
2

8
1
1

1

8&

1

1
2

6

10
1,101
101

8 8
22 22
22

20
1 1-1
2
20
20

6

1

6

Jar
Auf
Ma
A us
Jar
Aug
Junt
Aut
June
Ma
Auf
% Jar
Jar
% Juni

6
6
6
6

ioy

K

1

Weekending Aug.

IK
4M

2%
%
3
4
18o
26
1%
%
4%
37

21

V 1,000

.1

100
2,000

11-16
2
3%
18
M
10
10
30c
75
55o
5%
16%
30%
%
%
%
1%
14%
23%
5%
20
2%
10%
1%
32
124
%
1
2%
%
46c

16%
4%
78c
32%
2%
1%
5%
63
*16%
12%
11%
11

May
Aug
Aug
July
July
May
July
June
June
May
May
July

1%
3%
20%
10

Aug 1 1-16
Aug
Jar
4
Apr
Mai
% Apr
Aug
25% July
Julj
1% Aug
Mai
23% July
Fet
40% May
Aug
40c Aug
Jar 144% May
Fet
5% Apr
June
% July
Jar
35% July
Aug
39
July
Jar
9% Mar
Aug
2% May
Aug
1
Aug
June
4% July
Aug
14% Aug
Jar
45% Mar
June
7% July
Aug
35
May
Jar
Mar
May
17% July
3% Aug
May
Aug
37
Aug
Jar 196
May
Aug
1% May
Mar
5% Apr
Aug
7
Apr
Aug
9 % Aug
Feb
75c
Apr
2% May
Aug
Jan
80c Aug
Aug
2% May
Feb
17% Apr
Aug
62
Aug
Aug 119
Aug
Feb
13% June
Aug
9 % June
Aug
30c
Jan
June
2% May
July
70c Aug
Mar
24% June
Mar
2
Apr
Apr
7% May
Mar
65% July
Jan
9% May
Aug
% July
Aug
% May
Aug
34% July
May
64% July
Jan
64% May
July
85c June
Aug
7
May
July
16% Aug
Mar
*2% May
Aug
14% Aug
Jan
1%, June
Aug
% June
Apr
June
July
1% May
July
% Aug
June
1
May
Aug
1% Aug
June
%
Aug
July
5-16 Aug
June
9% Apr
Aug
Apr
Aug
10% May
Aug
26
July
Aug
10% Aug

31c
5-16
1
%
%

May
Aug
May
May
July

6

8

8

4*/t

8
78

22o
1
11%
58
115
%
7
c
%
67c

8
8

6

420
2%
38
7
%
7-16
28%
44%
22
22c
3
13%
%
14
llo
5%
2
%
3%
%
1%
50o
3-16

6

6

8

8
6
6

6

7-16 June
22c Aug
% Mar
c June
42c
Feb
27c
Jan
1 5T 6 Jan
52c
Jan
11
Aug
5c
Feb
1
Feb
2% Aug
2% Aug
1
Aug
50c
Aug
June
3
Feb
2% Feb
11c July
11c July
3% c Aug
35c
Aug
82c Aug
2% c Aug
41c
Jan
lie June
4 1-16 Jan
3% Mar
9-32 July
30c
Apr
10c Apr
4% July
15c June
5c
Feb
1-16 Apr
24c June
34c Mar
22c
Feb
25
Feb
2
Apr
45c
Jan
3% c Mar
% Mar
15c
Apr

8

1

2
June
15-16 June
1% June
1 9-16 Feb
1% May
%o Mar
84c July
44c July
15 16 Jan
36c
Apr
93c July
43c June
2% Feb
2 3-16 June
15
Aug
15%cM ar
1 9-16 Jan
5% Jan
3% July
2% May
85c
Feb
1% July
% Feb
4% May
24c
Jan

6

6

8

c
1%
1
c
4%
47c
%
5%
53c
44c
16c

6

6

6

37c
30c
%
49c
1%
%
52
4%
c
5o
4%
50c

68

Mar
Apr
July
Jan
Aug
Apr
June
May
Jan
Feb
Mar
May
July
Mar
Apr
Juiy
May
May
July
July
Aug
July
May
May

[V ol . 109

THE CHRONICLE

880

ales
Friday Week's Range Sfor
Last
Week.
Sale. ofPrices. S
Mining (C
oncluded) Par Price. Low. High. hares
9% 10M 4,900
Nlplsslng Mines_________ 5
10X
5,000

Rangesince Jan. 1.
N e w Y o r k C it y R e a l t y a n d S u r e t y C o m p a n ie s .
All prices now dollars per share.
High.
Low.
Bid Ax*
Bid Ask
May
Bid Ask Lawyers Mtge 125
Jan
15
8% Apr
132 Realty Assoo
Jan A glance R’lty 60
70
48c
17o
23c
25c
Nixon Nevada___________ 1
25c
___
(Brooklyn).
108
94
99
Mtge
B
ond..
May
80
70
Amer
Suroty.
3
%
Jan
3
1,900
Onondago Mines C o rp .r.l
3X
3X
200
245 U 8Casualty. 185
250 Nat Surety.. 240
July
Bond A M G . 240
3% July
1% Jan 23c
2)4
1,500
Ray Hercules M ln .r--------5
70
U S Title Guar 60
40 N Y Title A
Clty Investing 35
12Xo 12%c 5,000 9o% June
Rex Consolidated M in— 1
128 West A Bronx
Mortgage.. 123
Aug
85
75
Preferred..
Aug
14,300
Roper-Group M Co--------1
9-16
170
Title A M G 150
Aug
11% May
June
2,000 9-16
Bt Croix Con Mines______ 1
%
13% Feb 26 July
Seneca Copp Corp. (no par)
22 % 21% 22 % 1,400
%
% Aug
Seven Metals M ln .r--------1
% % 57,200
1%June
Vs Aug
Silver Dollar M .r .............. 1
1 % 1 11 1,200 13-32
May
Feb
1
%
20,000 13o Aug
Silver King of Arizona— 1
Q u o t a t io n s f o r S u n d r y S e c u r it ie s
%
37o Mar
15c
13c
15,600
Sliver King Dlvlde.r------ 1
13c
All bond prices are “ and Interest” except where marked ” f . "
June
Aug
9
%
14X
6,300
South Am Gold A Plat r 10
10
10X
9% 5-16 2,700
May
Jan
%
6-16
Btandard Silver-lead____ 1
Apr
10c% 12c 3,000 10c Aug 47c
Sutherland Dlvlde.r--------1
RR. Equipments— PerC
l.i
Standard OH Stocks P
tr Shatn1
* 12o Apr
Tonopah Dlvlde.r_______
5%c 5c 5%o 10,700 5o1% Aug
5.95 5.60
ar Bid Ask. Baltimore A Ohio 4 X s ......... 6.85
9% May Anglo-American Oil new. P£1
2% 2% 5,570 2% JaD
Tonopah Extension_____ 1 29-16
5.45
22
22
k
Buff
Roch
A
Pittsburgh
4
X
s
4%
% May
2% 2% 350 3 3-16 Jan
Tonopah M in in g............. 1
6.85 5.45
1375 11395
Equipment 4s____________
Atlantic
Refining...............100
Mar
Jan
5
5,800
4 5-16 4 X
United Eastern________ .1
4X
6.85 5.45
32
*25
______
Equipment
6
s
Rights........................
19o
May
Jan
60 Aug
13,400
16c 18X c
18c
U 8 Continental Mines.r 1
6.00 6.65
105 :110 Canadian Paclflo 4 X s ______
Pref. new..................
53o June
24o
24c
32c
8,300
Victory Dlvlde.r________ 1
Caro Cllnchfleld A Ohio 6s . - 650 6.00
Bome-Scrymser C o_____ 100 480 i500
1 Mar 3 May
West End Consolidated..5 1 7-16
1 % 1% 3,500
6.90
6.50
10
2
•100
:
-------Central
of
Georgia
4
X
s
Buokeye
Pipe
Line
Co___50
Apr
7c
1,000 102cc Jan
4c
4c
White Caps Extension. 10c
4c
Apr Chesobrough Mfg new— 100 290 :J10 Chesapeake A Ohio_________ 6.90 5.55
35c
Jan
9,000
16c
18c
White Caps Mining___10c
6.90 6.55
640 1560
Equipment 5s____________
Continental
Oil__________
10C
13X
c
Aug
Jan
5c
12c 6c 13X c 72,200
Wilbert Mining........... ..
*35
37
Chicago A Alton 4 X s ............ 7.00 6.00
Pipe Line Co___50
% Aug 4% June Crescent
4,900
Wilson Silver M i n e s .r ...l
%
7.00 6.00
Equipment 5s____________
Cumberland Pipe Line— 100 170 180
167 172
Chicago A Eastern 111 6X s . . 7.00 6.10
100
Eureka
Pipe
Line
Co-----Bonds—
6.50
6.00
93
96
Chlc
Ind
A
Loulsv
4%
b
_____
OH com— 100
93% Aug Galena-Signal
3%$95,000 92 % Aug
92% 92 9
Allied Pack conv deb 6s ’29
5.80 5.40
Ohio St Louis A N O 6a_____
Preferred old__________ 100 108 115
Jan 100H May
99% 99% 1,000 98
Am T A T 0 % notes r.1924
6.70
6.30
103
108
Chloago
A
N
W
4
H
»
..............
Preferred
new_____
May
Anaconda Cop Min 6s r '29
98 % 98 % 98% 11,000 97% Feb 100
6.50 5.90
Chicago R I A Pao i%e.........
Illinois Pipe Line...............100 178 132
Aug
103
1,000 100% Jan 103 Aug
103
Armour deb 6s .r _____ 1922 103
6.50 5.90
Equipment 5s-----------------Indiana Pipe Line Co------ 6< *100 102
3,000 100% Jan 103
101 %103
Debenture 6s .r ____1924 103
6.50 6.00
*31
31k
Colorado
A
Southern
6
a____
International
Petroleum.
£1
July
99% July 99% July
99% 99% 28,000 9
CanadaCDom of) 5X 8.1921
30
Erie 5a______ _______________ 6.50 6.00
National Transit Co___12.50 *29
Aug . 97 J*
7%101,000 6% Aug
6X s . r ......................... 1929 97X 97 9
6.50 6.00
182 187
Equipment 4%b_____ ____
New
York
Transit
Co___10(
Aug
98
94X
91% 96 13,000 82
C C C A St Louis 6 S ..1 9 2 9
95X
Hocking Valley 41*8------------ 6.00 5.60
92 % Feb Northern Pipe Line C o ..l0 ( 108 112
Aug
87
64,000
82
87
Interboro R T 7s_____ 1921
6.00 5.50
Equipment 6s____________
26 *361 368
Mar Ohio OH Co..............
July 101
99
99% 99 % 5,000 45
Laclede Gas Lt coll 78.1929
72
*08
Illinois Central 6s__________ 5.75 6.35
72
Feb Penn-Mex Fuel Co______ 26
Aug
34,000
49
45
46
Russian Govt O X s.r.1919
5.75 6.35 ’
690
680
Eaulnraent
4
H
s
.72
Feb Prairie Oil A Gas________100
43
Aug
50,000
45
44
5 X s r......................... 1921
6.50 5.75
Kanawha A Michigan 4 X s Pipe Line________100 280 284
100%June Prairie
7% Aug
97% 98 68,000 9
Swedish Govt 6s J’ne 15 '39 '98
5.75 5.35
360
350
Loulsvllle
A
Nashville
5a___
Solar
Relining.....................100
May
Feb
100%
99%
99 % 99 % 4,000
Swift A Co 6% notes r 1921
5.90 6.65
Michigan Central 5a_______
Pipe Line C o .. 100 165 170
95% Aug 96% July Southern
Swltzerl’d. Govt of. 5 X s ’29 '9 5 % 95% 96% 93,000
5.90 6.65
Equipment 6s........... ..........
South Penn Oil...................100 310 315
5.80 5.40
10
2
100
Minn
St
P
A
8
S
M
4
X
s
-----Southwest
Pa
Pipe
Lines.
100
* Odd lots, t No par value, i Listed as a prospect. 1 Listed on the Stock
296 300
Missouri Kansas A Texas 6a. 7.00 6.00
Exchange this week, where additional transactions will be found.
New stock, Standard OH (California). 10( 720 730
7.00 6.00
Missouri Pacific 58_________
Standard OH (Indiana). .100
r Unlisted, toWhen Issued. xEx-dlvldend. vEx-rights, z Ex-stock dividend,
6.40 6.85
565
580
Mobile
A Ohio 5s....................
Standard Oil (Kansas).-.100
t Dollars per 1,000 lire. flat.
Equipment 4%
a
________ _ 6.40 6.85
Standard Oil (Kentucky) 100 450 460
5.90 5.60
New York Central Lines 6s . .
Standard OH (Nebraska).IOC 525 560
5.00 5.60
Equipment 4Ma--------------Standard OH of New Jer.100 675 680
5.95 5.70
* 10k 10k N Y Central RR 4 k s ...........
CURRENT NOTICE.
R ights......................
6.25 6.75
8110
k N Y Ontario A West 4 X s —
Preferred wl ................10( 110<
Norfolk A Western 4 X s ------ 6 . Of 6.30
— The formation of the investment banking house of Fonton, Corrigan & Standard OH of Now Y ’k.100 .388 392
5.55 5.25
Pennsylvania RR 4%b_____
Standard OH (Ohio)......... 100 510 520
Boyle is announced. This firm will have offices in D etroit, Grand Rapids
6.55 6.25
95 105
Equipment 4s.................... and Chicago. Frederick R . Fenton, who becomes President of the now Swan A F in ch............. _.10C zl24 129
6.90 0.00
St Louis Iron M t A Sou 6a ..
Union Tank Car Co____10C
7.00 6.25
418 422
0

corporation, was formerly a partner in the Chicago firm o f C . W . M acN oar
& C o . H o was also associated with tho Chicago office o f E . H . Rollins &
Sons in the capacity of Sales M anager. M r . Fonton was ono of the organ­
izers of the Investm ent Bankers’ Association of America and has been an
officer o f the Association from its inception. H e will have charge of tho
new firm ’s Chicago offices. Claude H . Corrigan becomes Vice-President
o f tho now banking houso. H e was originally affiliated in Grand Rapids
with H ow e, Corrigan & C o ., and more recently with IIowo, Snow, Corrigan
& Bertles. In his now capacity ho will continuo in Grand Rapids In charge
o f tho now firm ’s local offices. Russell J. Boyle becomes Secretary and
Treasurer of the now corporation. M r . Boylo was originally a newspaper
m an. H e was associated with the “ Detroit Free Press,” the “ Grand
Rapids N ew s,” and later with the “ Cosmopolitan M agazin e.”

— Tho Financial Advertisers’ Association, a department of the Associated
Advertising Clubs of tho W orld, will meet Sept. 21 -2 5 , during tho
advertising m en’s convention to be held this year in N ew Orleans. F . II. A M arsland, Assistant Cashier o f tho Irving N ational B ank of this city, is
Chairman of tho Program Com m ittee, which has just been completed.
A ll phases of financial and banking advertising will be discussed by financial
advertising experts and m any bank m en. John Ring Jr., M anager of the
Publicity Departm ent o f tho Mercantile Trust C o . of St. Louis, will presido
at a round table discussion on "O u td oor A d vertising," and G uy W . Cooke,
M anager of the Departm ent of Advertising and Now Business of the First
National Bank of Chicago, will preside at a similar discussion on “ Analysis
o f Territory.” M rs. Eleanor Germ o, Advertising M anager of tho Los
Angeles Trust & Savings B ank, will address the meeting on “ AdanPand
Evo in the Garden of Advertising.’ ’

N e w Y o r k C it y 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 sharo.

Y Bid Ask
1
-..1

Banks
<
Banks— AT ,
____ tlrving (trust
America*____ 590
certificates)
275
Amer Exch
265
Liberty______
Atlantic
185
225** Lincoln______ I
Battery Park. 215
____ Manhattan *.!
Bowery*_____ 425
150 Mech A M e t.i 405
Broadway Cen 140
140 Merchants___1 240
Bronx Boro*. 125
160 Metropolitan*.
Bronx N at— 150
155 Mutual*......... !
Bryant Park* 145
33 New N eth *.. 215
Butch & Drov 28
170 New York Co
Cent Merc___ 160
520 New York___ 450
Chase.............. 500
. IPaclflo * ......... 135
Chat & Phen. 310
135 'Park................ 740
Chelsea Exch*
580 Prod E xch*.. 400
Chemical____ 565
(Jltizftna
250 Public.............. 290
240
445 Seaboard ____ 520
C i t y ................ i'437
250 Second ______ 450
Coal * Iron.. 240
State*_______ 150
Colonial * ____ 400
18*5' *i 23d W a r d * ... 115
C olum bia*... 175
240 ijUnlon Exch.. 185
Commerce___ 235
410 United States* 1165
Comm’l E x*. 395
,Wash H ’t s * .. 275
Com m on­
Westch Avo*. 170
w ea lth *--125 Yorkvllle*___ 300
Continental * . 115
417
Corn E xch*.. 410
Cosmop'tan*. 95
182 Coney Island* 140
Cuba (Bk of)- 177
First________ 200
Exist River___ 150
130 Greenpolnt... 150
Europe---------925 Hlllslde*......... 110
Fifth Avenue* 1870
70
235 Homestead*..
Fifth________ !
80
First
Mcchanlcs’* . .
t!0 09
85
215 Montauk *—
Garfield.........
Ootham
Nassau______ 205
190
National City 115
Greenwich * . . 380
800* North Side*.. 195
Hanover_____ 790
375 People’s _____ 137
Harrlman____ 360
600 1
Imp A T ra d .. 575

1

Ask
335
665
2S0
230
250
225
145
470

120

210 220
100

110
220
200

200

Brooklyn

300
500
160
130
195
175
325
155
215
165
120
80
85
95
215
130
205
147

1 Bid

Trust Co’s

NewYork

Bankers Trust
Central Union
Columbia____
Commercial..
Empire______
Equltablo T r.
Farm L A T r.
Fidelity
Fulton .
Guaranty T r.
Hudson______
Irving Trust.
Law TU A Tr
Lincoln Trust
Mercantile Tr
MetropolitanMutual (West­
chester) ____
N Y Lire Ins
A T r u s t...
N Y T r u s t...
Scandinavian
Title Gu A Tr
U S Mtg A Tr
United States
Westchester..

AS*

458
450
460
450
370
360
150
140
305
295
445
435
450
440
220
230
275
250
405
398
145
135
/See Irving
\Nat Bank
125
135
185
175
235
3' 7'd '
360

Brooklyn

Brooklyn T r.
Franklin..
Hamilton____
Kings County
Manufacturers
People’s - .
Queens Co___

105
785
620
350
400
430
885
130

800

495
230
260
650
170
285
65

510
240
270
700

400*"
410
440
910
140

300'
75

x




F hart.
2
121

I

45
67
4
44
145
91
124
375
75
195

St Louis A San Franotsco 5s.
Seaboard Air Line 5s.............
Equipment
b--------------Southern Paclflo Co 4 X 8 --Southern Railway 4 X s .........
Equipment 5fl......................
Toledo A Ohio Central 4s—

6.49
6.40
6.70
6.10
6.10
6.50

4%

6.00
6.00
6.40
6.65
5.65
6.75

Tobacco Stocks —
PerPS
ah
t>Bid. Ask
112
American Cigar common.100 115 125
__
m
m
m
95
90
102
Preferred_________ ___ 100

5
x

83

) 70
)
) 107
) no

85

50
319
93
89
33
75
216

212 110
120
100
19 260
,2212280
i 395 400

, *28
j 350
) 90
59
57

34
450
94
64
62
85

0
0
3
3
3

220
66
10

80 100
23
*22
24
*23
205 215
80 100
100 170
95 100
475 550
400 500
111 114
98 100
98 100
120 140
95 105

Amer Machine A Fdry.,100
Brltish-Amer Tobao o rd ..£ l
Ordinary, bearer______ £1
Conley Foil........................ 100
Johnson Tin Foil A M e t.100
MaoAndrewa A Forbes..100
Preferred
______ 100
Reynolds (R J) Tobacco. 100
B common stock______ 100
Preferred____ _______ 100
A dividend scrip— ...........
B dividend sorlp..... ............
Young (J S) Co..................100
Preferred_____________ 100

P

Short Term Notes— it '
9812
Am Cot Oil s 1 9 2 4 ..MAS 2 93
Amer Tel A Tel s 1924.1' AA 993u 99%
99 I 9912
Canadian Pao s 1024.MAS 2
Woodward Iron_______
09ls >0958
Del A Hudson 5a 1920..FAA
Preferred.....................
99 I 99k
Fed Sugur Rfg 5s 19 2 0 ..JAJ
Public Utilities
a *124 127
General Elec s 1920------ JAJ lOOk 100*8
42
*41
% notes (2-yr) 1919.JAI) 1 0 0 V100V
98k 99i
218
Groat North 5s 1 9 2 0 ...M A S
97
90k 98
) 95
K C Term Ry 4 X s 1921.JAJ
03
5S Nov 15 1923..M A N 15 99k'100k
73
70
LlggettAMyersTob6s’21JAD 1 0 0 's 100%
------N Y Cent 5s 1 9 1 9 ..MAS 15 99“ u 100'n
Penn Co 4 X s 1921..J A D 16 97V 977a
) ------- 30
39 ■Pub Ser Corp NJ 7s '22.MAS 95 I 96
j, 35
) 444 448
Southern Ry s 1 9 2 2 ... MAS 05k 96k
75k 76k HwiftACoOs 1 9 2 1 ... FAA 15 99 k 100'4
25
89
Utah Seo Corp s ’22 MAS 16
98
25
0 24
55*2 56
Industrial
95
and Miscellaneous
American Rrafn _______ 100 218 224
92
50
47
American Chicle com____100
82
j
85
Preferred-------------------- 100
15
American Hardware--------100 160 165
50
55
Amor Typofounders com. 100 47
50
93
79
Preferred........................ 100
J 76
) *d k 23
Borden’s Cond Milk com. 100 104 107
98
67
Preferred_____________ 100
69
Carib Syndicate Ltd____25 •1600 1750
87'2 89k Celluloid Company--------100 130 140
57 I1ColumDta Graphoph Mfg (t) •450 470
53
92
94
75 |
1 Preferred........................ 10C
0 72
89k Havaua Tobacco Co____100
lk
k
s
15
Preferred........................ 100
13
1st g s June 1 1922.-J-D /54
€ 57
23
15
Intorcontlnen Rubb com. 100
13
53
Iuternat Banking Co------ 100 160
0 50
55 * *
89k International Salt----------- 10C
71
72 k
1st gold s 1951........... A-O
Preferred.........................100 10} 104
96
32 1 International Silver pref.100 92
0 *31
Standard Gas A El (Del). 50
90
*40k
Preferred.........................50 *40
2 47 k Lehigh Valley Coal Sales. 60
5k Otis Elevator com m on... 100 n o 114
4k
90
| Preferred_____________ 100
14
3
Royal Baking Pow com .. 100 135
____
97
1 Preferred.........................100
5 'singer Manufacturing... 100 198
____
45
d3k 4U
Singer Mfg L t d ......... ........ £1
0 43
73
Texas Pao Coal A OH____100 i 1725 11775
0 70
63
WhouseChurcliKerrACo 100 57
24
Preferred..
____-100 i 80
77
O 75

2nd preferred_______

3

6
6
6

6

26

6

6

2

6
6

3
0 21
102
0
0
13 d92
0 10 12
88
0
0 12
22
0 66
0 68
0
0
0 88
0
60
0
0 88
0 101
0
0
18
0
0
0 20 21
0
0

* Banks marked with a (*) are State banks, t Sale at auction or at Stock Ex­
change this week,
Includes one-balf share Irving Trust Co.
New stock.
Ex-rights,

t

Vacuum O H ......................10C
Washington Oil..............- 1C *40
Ordnance Stocks— it
63
Aetna Explosives pref___10C
American A British M fg. 10C
43
Preferred........................ IOC
Atlas Powder common..-10C 140
QO
ou
Preferred_____________ 101
Babcock A Wilcox........... 10C
Bliss (E W) Co common. 50 *325
,- >* 00
60
Preferred........................ 50,’
) ------) 108
,
) «
Colt s Patent Fire Arms
*48
M fg..................... ............
duPont (E I) de Nemours
) 311

88
88

86

88

100

112

6

21

68

6

•88
86

_

100
202

1

1

86

• Per share.
Baals. <1 Purchaser also pays accrued dividend. « Now stock
mat tiricn. n Nominal. 1 Ex-dlvldend.
Ex-rights,
(t) Without par value.

r

v

A ug . 30 1919.]

THE CHRONICLE

In m s tm m t

■j,

T,

. „

.

, .,

,

881

imd ^ailrxraxl IttMIigmte.

R A IL R O A D G R O S S E A R N IN G S

oan be obtained118
T f!ng! °f ™rio™ STEAM roads from which regular weekly or monthly returns
oofumnsthe f i a r n i m ™ h i « °?1^ ns of figures give the gross earnings for the latest week or month, and the last two
Latest Gross Earnings.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Week or
Current Previous j Current
Previous
ROADS.
Week
or
Current Previous
Current
Previous
Month.
Year.
Year.
Year.
Year.
Month.
Year.
Year.
Year.
Year.
$
$
|
$
$
$
$
Alabama & Vlcksb. June
$
S
227.15
158,37
J
1,331,73
1
1,083,550
_
Missouri
Pacific_
July
Ann A rbor..
7,741,54 8 7,727,50 49,781,24 8 47.826.454
3d wlc Au ?
71,12 3
84.43 1 2,524,08 3 2,080,654 M onongaheta___
320,72 4 299,92
Atch Topeka & S F< July
1,896,50*9 1,648,246
14833621 1489720 5 93,250,46 6 87,319,566 Monongahela Conn July
July
Gulf Colo & S Fo. June
135,03 9 245.12 3
967.70 7 1,302,331
1.530.03. 1,418,26 7 8.856,83 2 8,873.412 Montour__ _______ July
136,76 2 156,24!
Panhandle & S Ft June
695,9013
675,750
606,68!
449,08
2,501,28 3 2.851,654 Nashv Chatt & St I July
Atlanta Birm & Atl. July
1.677,52 3 2,119,00. 10,738,91 3 11.173,656
449,93'
418,53!
2.853.19
2
2,423,307
NevadaCalOregoi
1st
wk
Aug
11,87
Atlanta & West Pt July
8,16,
171,93 5
147,736
215,621 220,38! 1,550,96 i 1,325,341 Nevada Northern.. June
Atlantic City______ July
145,46 2 201,49*
820,25! 1,212,985
570,70!
477,32- 2,496,59 1 1,978,178
& S. Sh. July
107,87,
Atlantic Coast Lino July
149,39!
949,03!
674,991
4,612,60S 4,945,13( 37,471,601 31,171,372 Newburgh
New
Orl
Great
Nor.
July
Baltimore & Ohio July
240,33,
226,93! 1,295,21! 1.234,528
1632056! 1767445! 96,080,41’ 86,666,074 New Orl & Nor Eas July
590,28< 580.69C 3,686.05’ 3,457,682
B & O C h Term II July
210,13-1
189,44( 1,006,78! 1 ,0 1 1 ,2 2 1
N O Texas Sc M ex.. June
144,97^
Bangor & Aroostook July
889,14! 1,047,946
150,20!
319,121 374,141 2,930,85. 2,607,200
B e a u m S L * W._ June
80,84!
104,89-!
Bellefonto Contral.. June
604,3U
743,078
7.851
8,49"
44,84,
41,459
St L Browns & jM June
425,95!
Belt R y o f Chicago. July
283,441 2,460,16! 1,810,590
,
355,151
385.39.'
1,943,22!
2,209,736
New
York
Central..
June
26340 82f 23874 69! 141813 60! 122729354
Bessemer & L Erie July
1,433,64! 1,719,591 7,122,06. 6,707,516
Ind Harbor Belt. Juno
532.42C 503,615 3,001,70! 2,450,629
Bingham & Garfield June
74,791 299,832
583,29, 1,597,913
Lake Erie & Wesi June
747,741 729,00! 4,429,79! 4,084,315
Birmingham South. July
„ 42.714 2 1 2 ,2 2 ­
347,45!
921,097
Michigan Centra June
6,395,81!
Boston & Malno.
5,338,785 35,083,567 29.356,569
July
6,718,287
38,564,067 37,014,599
Clev 0 C & St I,. Juno
6.040.73C
Buff Roch & Pittsb" 3d wk Aug 287.901 6,874,461
5,845,02C 32,304,99! 29,301,567
453,88f 8,549,35! 11,903,642
Cincinnati North. Juno
Buffalo & Susq___ June
245,73! 224,490 1.409.47C 1.166.097
,
178,491
177,462
1.006,751
1.079,002
Pitts & Lake Erie. July
2,465,194 3.265,198 16,023,307 17,245,209
Canadian Nat Itys 3d wk Aug I . 797,661 1,648,92-1
53.167,02! 46,955,811
Tol & Ohio Cent. June
846,69! 831,062 3,970,457 4,009.038
Can Pac Lines in Me Juno
„ 136,901; 128,632 1,572,095 1.316,703 „ Kanawha Sc Mich June
429,321 543,464 1,975,871 2,361,361
Canadian Pacific
3d wk Aug 3,374,001 2 .942.00C 99.199.00C 90,716,000
N Y Chic Sc St Louis July
Caro Clinch & o
1.804,503
1,994,332 13.635.02C 11.062.683
July
541,427 441,665 3.306.19
2,498,346 N Y N H Sc H artf.. Juno
8.964.90C
Contral o f Georgia" July
9,184,513 47,535,174 44.533.000
1,765,419
II.
930,223 12,034,782 11,316,515 N Y Ont & Western July
1,369,302 1.314,415 5,979,36? 6.090.512
Central RR o f N J July
4,352,061
4,842,296
21,549,467 23,928,463
N Y Susq & West. July
336,52C 344,724 2,171,350 2,193,415
Cont Now England- June
483,023 559,435 3.057.39E 2.763,010 Norfolk & Western. July
6,385,26!" 7,731,012 41,744,060 42,700,440
Central Vermont.. June
507,854 463,429 2.629.911 2,332,945 Norfolk Southern.. July
[ 518.522 508,531 3.499,74? 3,144,887
Charleston & W Oar Juno
212,214
180.090
1.478,481
1.320,551 Northern Alabama. July
74,365 135,486
Ches & Ohio Lines July
699,124
633,150
6,665,250 6,972,839 41,443,383 37,013,813 North Pacific______ Juno
8,045,787 7,542,787 45,570,224 42,023,234
Chicago & A lto n ... June
2,188.103 1.928.845 12,080.990 10,118,750
Minn Sc Internat. Juno
86.27G
Chic Burl & Quincy July
542,550
94,002
537,164
13325718
13068386
81,553,470 75,423,314 Northwest’n Pacific Juno
612,902 538,576 2,741,499 2,400,215
Chicago & East 111 July
2,154,409 2,599,949 13,664,945 13,850,186 Oahu Ry & Land Co June
119,024 114.266
697,233
677,295
Chicago Great West July
1,857,564 1,712,829 11,669,630 10,123,320 Pacific Coast______ Juno
325,019 239.266 2,406,077 2,713,739
Ch c Bid & Louisv Juno
1,081,445 967.565 5,604,327 4,573,207 Pennsylvania R R .. July
33753654 37869200 208379928 189992546
Chicago Junction. I July
325.130 309,456 2,013,876 1,858,827
Balt Ches & A tL . July
174,428 177,743
830,066
659.080
Chic Milw & st Paul July
12617448 12771465 81,710,902 6 8 ,6 8 8 ,2 2 2
Cumberland Vail. July
503,056 524,561 3,144,828 2,784,518
Oh c & North West July
13321597 12888465 75,871,921 64,747,984
Long Island_____ July
2,744,890 2,734,092 14,154,454 12,113,878
Chic Peoria Sc St L June
131,898
163,957
768,749
1,038,031
Mary Del & V a .. July
156,635 139,603
716,662
Chic R I & Pacific July
495.266
9.847.273 8,675,684 58,930,131 52,706,666
N Y Phila & N or. July
824,958 787.517 4.517.671 3,855.864
Chic R I & Gulf June
347,162 349,225 2,176,504 2,124,956
Tol Poor & West. July
126.454 152,396
850.997
912.019
Chic St p M & Oml Juno
2,285,647 1,872,477 12.640.379 10,652,859
W Jersey & Seash July
1,372,040 1,291,458 6,319,190 5,266,033
Chic Torre Ii & s E . June
291,829 420,404 1,847,296 1,993,359 Pennsylvania
C o__ July
10344103 10094821 57,964,459 47,838,129
Cine Ind Sc West July
266,853 265,905 1,647,857 1,716,205
Grand
Rap
&
Ind
July
758,146 733,402 4,293,912 3,862,489
Cin N O & Tex Pac July
1,168,390 1,453,327 9,472,090 8,057,446
Pitts C C & St L . July
8,356,210 8,898,932 51,999,624 46,049,901
Colo & Southern.. . 3d wk Aug 521,140 464,676 15,327.546 12,684,690
Peoria Sc Pekin Un. July
94.953 112,574
681,738
725,882
Ft W & Den C ity. June
843,422 520,837 4.989,915 3,511,951 Pere
Marquette___ July
3,061,499 2,673,971 18,699.575 14,867,616
_ Trip & Brazos Val June
8 6 ,2 1 1
70,078
587,564
544,870
Perkiomen
.
.
July
101,416
111,609
612.608
534.529
Colo & Wyoming__ June
95,864
92,641
569,387
540,992
Phila
Beth
&
N
E
..
July
59,865 123,560
473.355
846,065
Cuba Railroad_____ Juno
1,097,478 1,063,018 7,269.821 7,093,581 Phila & Reading _. July
6.602,516 8,836.862 40,252.120 44,409,406
Delaware & Hudson Juno
2,875,039 2,949,859 15,938,986 15,153,911
& Shawmut. . June
89,179 124,587
535,973
617,831
Dol Lack & Wost. . . July
6,342,043 6,447.132 40,504,367 36,295,569 Pittsb
Pitts
Shaw
S
c
North
Juno
82,007 108,327
488,117
Deny & Rio Grande June
661,291
2,569,432 2.262.846 14.098,587 13.519,245 Pittsb & West Va. July
105,380 208,590
Denver & Salt Lake June
747,571 1,065.306
304,405 241,645 1,202,984
877,257
Port
Reading___
July
197.537
255,032 1.457.128 1.301.752
Detroit Sc Mackinac June
136,489 134,823
719,953
711,254
Om & K C__ July
87,973
92.433
Detroit Tol & front. June
591,996
568.837
269,601 268,023 1.716,587 1,209,080 Quincy
Rich Fred & Potom July
D et& T ol Shore L .. June
711,509 573.301 4.701.293 3,418,186
, 210.075 145,287 1.120.911
946,618
Wash
Southern..
July
Dul & Iron Range.. June
406,879 314,676 2.793.408 1,896,282
1.287,086 1,100,769 3,339,757 2,806,854 Rutland . .
July
420,696 396,405 2.622.128 2,496,163
Duj Missabe & Nor. Juno
3,209,797 2,513,221 8.300.020 5.591,885 St Jos Sc Grand Isl’d June
334,543 198,938 1.396,789 1,291,731
Dul Sou Shore & Atl 2d wk Aug
87,749 100,606 2,784,301 2,631.111 St. Louis-San Fran July
6,751.175 6.510.177 42,231.843 36,671,345
Duluth Winn & Pac June
129,356 141,349
964.484
848,927
Ft W Sc Rio Gran. June
126,904
81.952
668,086
520,074
Fast St Louis Conn Tuly
119,099
99,876
676,556
St L-S F of Texas June
590,488
143,727
91,149
Elgin Joliet & East. July
657,350
721,479
1.699,458 2,097,872 11,953,462 10,159,607 St Louis Southwest Juno
1,055,318 834.301 6,128,745 6.185.564
El Paso & So West. July
„ 896,157 1,270,026 7,135,586 8,581,989
St L S W of Texas Juno
564,170
460,297
2.925.294
3,158,773
Erio Railroad______ July
7,868,833 7,950,514 49,700,457 44,038.597 St Louis Transfer.. July
100,908 106,313
572,306
Chicago Sc Erie.. July
594,945
855,384 1,011,585 5,807,845 5,549,899 San Ant & AranPass June
325,048 261,388 1.940.858 1,908.809
Florida East Coast July
703,534 588,004 6,094,263 5,618,542 Seaboard Air L ino.. July
3.606,672
3,470.524 24,056,037 20.908,487
Fonda Johns & Glov Juno
108,330
93,608
579,818
518,989
South
B
uffalo..
.
.
July
82,140
139,684
636.666
Ft Smith & Western Juno
900,111
109,381
86,838
703,831
598,126 Southern P acific.. Juno
13955118 12065005 76,001,927 66,900,146
Galveston Wharf.
June
77,240
73,947
403,623
519,366
Arizona Eastern. Juno
314,390 255,093 1.875.671 2.179.564
Georgia Railroad ~ June
397,202 504,828 2,954,220 2,742,676
June
Gaiv
Harris
&
S
A
1,820,464 1,511,156 10,112,155 9,940,671
Georgia Sc Florida.. Juno
67,243
62,072
468,555
461,987
Hous & Tex Cent- Juno
739,712 645,290 4,103,179 4,135,966
Grd Trk L In New E Juno
362,617 137,173 2,130,206
998,857
IIous E & W Tex. Tuno
180,846 139.518 1.100,791
976,203
Grand Trunk Syst
3d wk Aug 1.532.996 1,341,827 39.989,719 33,169.351
(une
Louisiana West’n
358,382 320,023 1.969.408 2,014,678
Grd Trunk WestI July
1.878,237 1,874,295 12,111,080 9,850,066
Morg
La
S
c
Texas
Tune
661,249
593,582
3,644,659
3,796,253
North System June
8.931.273 7.737,898 47,272,184 39,057,426
Texas & New Orl. June
667.453 582,063 3,740,160 3,527,303
Gulf Mobile Sc Nor. July
251,377 200,068 1.495.379 1,318,563 Southern Railway.. July
U320 441 13362,232 70,372.551 66,496,843
Gulf & ship Island. July
237,417 274,014 1,368,093 1,489,820
Ala
Great
South.
July
906,083
847,476 5,853,540 4,751,922
Hocking Valloy___ Tune
1,188,960 1,106,436 4,528,293 5,178,056
Mobile Sc Ohio__ fune
1,159,741 1,158,527 7,136,696 6,685,585
Illinois Central
fuly
9,026,105 10664110 59,379,932 58,175,231
Georgia Sou & Fla fune
308,457 282,485 2.130,119 1,684,797
Internat & Grt Nor June
1,251,252 967,634 6,757,763 6,234,561
South Ry in Miss fune
126,090
88,933
818,040
623,299
Kan City M ex& Or July
137.297 115,739
683,271
686,493 Spokane Internatl. fune
94,823
75,146
465.129
468,308
K O Mex Sc O of Tex July
98,732
585,278
94,625
675,461 Spok Portl Sc Seattle June
609,834
714,720
3,378,203
3,805,946
Kansas City South. fune
1.060,754 1,177,621 6,957,182 7,216,263 Staten Island R T . . . July
218,134 216,964 1,291,413
980,091
Toxark Sc Ft Sm. fune
130,316
670,884
88,798
579,369 Tenn Ala Sc Georgia !d wk Aug
2,539
3,732
71,252
76.035
Kansas City T erm .. une
108,243 107,593
625,598
575,882 Tennessee Central.. June
189,163 254,554 1.241.859 1.236,347
Lehigh & Itud River Juno
212,543 200,282 1.184,405 1.029.226 Ter RR Assn ofStL. July
332,803 316,852 2,101,324 2,062,251
Lehigh & New Eng. July
312,729 471,175 1,904,237 2,223,777
St L MerBridgeT uly
334,075 1,557,088 1,942,048
Lehigh Valloy______ uly
5,731,596 3,730,464 15,056,879 33.925.985 Toxas Sc Pacific___ Id wk Aug 257,752
701,080 545,895 20.660,071 15,050.845
Los Ang Sc Salt Lake une
1.446,690 1.182,760 8,386,095 6,559,555 Toledo St L Sc West .ruly
663.367
783,920 4.116.245 4 346.837
Louisiana Sc Arkan. une
146,539 127,065 1,015,988
850,013 Ulster Sc Delaware.. .ruly
122,226 136,245
583,944
550,504
Louisiana Ry Sc Nav une
279.087 197,606 1,682,460 1,381,518 Union Pacific______ ruly
>.064,459!(.732,058 58.516,715 18.760,658
Louisville & Nashv. fuly
1,894,919 1,508,722 59,354,090 52,503,516
Oregon Short Lino June
! .052,168 1,782,515 7,055,942 5,155,306
Loulsv TIcnd & St L'Jhtly
234,334 230,811 1,667,980 1.490,004
Ore-Wash RR Sc N Jrune
2 ,285,108 5,332,736 2,765,152 1,628,747
Maine Central____ !J fitly
1,522,556 .684,843 9,679,022 8,753.001 Union RR (P en n ).. .1ruly
696,018 781,800 4,453,654 3,631,400
Midland Terminal. . Hay
71.706
319,086
U tah_____________ J une
86.865 105,067
515.8-13
602,278
Midland Valley___ !Jfuly
314.297 292", 90 7 2,188,843 1,891*394 Vicks Shreve Sc Pac. . une
269,061 155,163 1.532,702 1,171,509
Minoral Range
r d wk Aug
12,034
23,561
505,537
Virginian
R
R
...........J
704,764
uly
1 ,031.118 .175.052 6,1-10.977 6,242.708
Minneap Sc St Louis J une
,160.653 912,847 6,021,753 5,365,418 Wabash R R .............J une
4 .009,782 3 ,919,635 22,730,851 9.860,029 »
Minn St P Sc S S M June
(.535.373 .469,272 8.979,823 3,537,688 Western Maryland. July
l .205.223 .415.524 7,968.386 8,046,491
Mississippi Central. . uly
103,604 148,207
578,515
718,944 Western Pacific____J uno
1 .135.845
926.032 5,358,385 4,982.277
Missouri Kan Sc Tex .1uly
,967,075 2 ,939,906 8,577,000 7.132.226 Western R y o f A la.J J uly
194.670 183.718 1.496,746 1,319,204
M o It A T R y o fT e x June
.031,913 1.416,338 11.371,309 8,749,769 Wheel & Lake Erie .1uly
l .403,599 1 ,559,023 7,089,876 7,091,76 m
M o Sc North Arkan J uly
134,808 12 6 ,2 1 7 1 838,156
809,041
Wich
Falls
&
N
W
.
J
j
uno
188,196
64,856
926.513
471.97
M o Okla Sc Gulf___ J uly
130,7511 170,069
741,193 1,030,203 1 Yazoo Sc Miss Valley July
1 .968.809 1 .914.784 13.004,067 11.669.00
ROADS.

AGGREGATE OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

Current
Year.

$
\
week Juno (14 roads).
6.850.498
week Juno (14 roads).
7,354,587 1
week June (14 road s).. "
7,051,650
week Juno (14 roads)..
9,255,407
week July (12 roads).6,660,394
week July (13 roads)___
8,288,192
week July (14 road s)..
7,858,562
week July ( l l roads)___ 11.297,624
week Aug (14 roads)__
8,306,915
week Aug ( l l roads)___
7.633.498
week Aug (11 roads)___
7,683,102
vve no longer include Mexican roads la




Previous
Year.

Increase or
Decrease.

%

S
%
6,635,242
+215.256 3.21
6,983,931
+370,656 5.31
+43,806 0.62
7,007,814
9,310,234
— 54,827 0.59
6,254,110
+406,284 6.46
+841,122 11.29
7,447,070
6,844,374 + 1,014,188 14.81
9.571,4171 + 1,726,207 18.03
7,316,424
+990,491 13.54
6,692,4971
+941.001 14.06
7,057,111'
+ 625,991 8.87
any of our totals.

*Monlhly Summaries.

Current
Year.

1

Previous
Year.

Increase or !
Decrease.
%

Mileage.
Curr.Yr. Prev.Yr.
S
$
S
August------- 230.743 230.016 198.269.350 382.509.501 + 135759.795 37.4C
September . .232 186 232.378 487.140.781 357.772.850 + 129367,931 36 16
O ctober___ 230.1S4 230,576 484.824.750 377,867,933 4-106956.817 28.30
N ovem ber..232.274 232,259 138.602,283 356,438,875 +82.163.408 23.06
December ..232.774 232,399 438,365,327 335.607,571 4-102757756 130.62
January----- 232,655 233,199 395,552,020 234.131,201 + 111420.819 39.22
February— 232.957 233.266 351,018,747 289.392,150 + 61,656,597,21.31
M a rch _____226.086 225,631 375.772.750 365,096,335 + 10.676,4151 2.90
A p r il......... 232,703 233,251 388,697,891 370,710,999 + 17.986.895 4.85
M ay............. 233.931 234,339 413,190,468 378.058.163 +35.132,3051 9.29
J u n e ........... 232.169 232,682 424.035.872 393,265.898 +30,769.974' 7.83

8 8

[V ol . 109.

THE CHRONICLE

2

Net Earnings Monthly to Latest Dates.—-The table
Latest Gross Earnings by Weeks.—In the table which
shows the gross and not earnings with charges and
follows we sum up separately the earnings for the third week following
of STEAM railroad and industrial companies re­
of August. The table covers 11 roads and shows 8.87% surplus
ported this week:
-----Gross Earnings---- ------Net Earnings-----increase in the aggregate over the same week last year.
Current
Previous
Current
Previous

Year.
Year.
9
$
72,127
109,324
Ann A rbor.b__________July 416,555
333,204
126,072
307,519
$
$
$
Jan 1 to July 31______ 2,347,685 1,845,724
$
71
1
2
0
13,313
84,433
6,689,989
Ann Arbor____________
Atch Top & Santa Fo.b.Julyl4,833,620 14,897,205 4,271,640
165,986
453.886
.
287,900
Buffalo Rochester & Pitt
Jan 1 to July 31-1___ 93,250.466 87,319,566 20,312,337 28,103,422
. 1,797,669 1,648,924 148",745
Canadian National R ys.
220,388
53,649
80,709
Atlanta
& West Point. b . July
215,620
432,000
2.942,000
.
3,374,000
Canadian Pacific--------396,945
415,227
Jan 1 to July 31.......... 1,550,968 1,325,341
521 14 0
56,464
464,676
Colorado & Southern—
418,538 defl5,958
20,181
11,561 Atl Birm & Atlantic-b__July
449,934
97,804
86,243
Jan 1 to July 31--------- 2,853,192 2,423,307 def728,119 defl40,816
Grand Trunk of Canada______
204,742
241,028
1,532,996 1,341,827 191,169
Grand Trunk Western--------Atlantic C ity .b ------------July 570,078
477,324
399,705
617,512
Detroit Grand Hav & M ilw.
Jan 1 to July 31--------- 2,496,594 1,978,178
Canada Atlantic----------------407,629 1,398,744
11,527 Atlantic Coast L ine.b.-Ju ly 4,612,692 4,945,136 6,200,723
23,561
.
12,034
7,433,968
Jan 1 to July 31______37,471,600 31,171,372
5.025,275
. 7,683.102 7,057,111 828,378 202,387 Baltimore & O h io.b-----Julyl6,320,565 17,674,458 2,538,120 4,238,645
Jan 1 to July 31______96,080,417 86,666,074 1,362,813
625,991
Net increase (8.87% ).
def27,863
14.634
189,446
210,134
B & O Chic T erm .b___ July
Jan 1 to July 31______ 1,006,789 1,011,221 def492,986 dof430,355
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Bangor
34,187
374,149 dof41,853
& Aroostook.b__ July
319,126
307,263
211,603
Jan 1 to July 31--------- 2,930,855 2,607,200
Jan.
1
to
Latest
Date.
69,881
Latest Gross Earnings.
91,182
385.393
Belt Ry of Chicago.b. .July
355,156
149,711
Name of Road
116,931
Jan 1 to July 31............. 1,943,229 2,209,736
Current
Previous
Current Previous
or Company.
968,611
498,709
1,719,599
Bessemer
&
Lake
E
rie.b
July
1,433,648
Year.
Year.
Year.
Year.
Month.
Jan 1 to July 31______ 7,122.065 6,707,516 1,638,088 1,844,146
96,657
def5,395
212,227
Birmingham South.b_. July
42,714
155,494
87,940
921,097
Jan
1 to July 3 1 ............
347,453
937,774
998,747
129,830 144,277
Adirondack El Pow Co July
961,019 1,611,356
220,358 262,596 1,593,277 1,615,508 Boston & M aine.b____ July 6,518',287 6,874,463
.
Alabama Power C o .. July
1200,647 1029,140 7,648.840 6,410,643
Jan 1 to July 31______38.564.067 37,014,599 2,187,701 2,266,103
AAmer Pow & Lt C o. June
93.029
98.601 Buffalo Roch & IMtts.b. July 1,253.043 1,860.893
356,168
21,891 20.097
Atlantic Shore R y — July
80,298
,. 0
756,377
694,018
192.792 166.937
426,064
Aurora Elkin & Chic. AprU
Jan 1 to July 31______ 7,737,140 9,894,275 def671,328
441.121
498,693
84,769 73.723
Bangor R y & Electric June
2,170,012
Canadian
Pacific.a____
Julyl4,720.362
12.374,167
2.996.703
126.244
172,549
29,498 23,273
Baton Rouge Elec Co June
Jan 1 to July 31______ 91,442,629 84,386.47217,183,180 lb ,878,995
201,721 204.147 1,214,240 1,131,251
Blackstone V G & E l. June
541,427
441,665
220,088
98,838
19369000 /9087000 /53963.000 /49693.000 Caro Clinch & O h io.b--July
^Brazilian Trac, L & P June
582,799
753,151
53.186
Jan 1 to July 31______ 3,306,194 2,498.346
8.692
38.931
12.366
Brock & Plym St R y . May
497,125
12,460,574
14,254.505
375,085
3213.402
2761,039
jBklyn Rap Tran Sys May
Central of G eorg ia.b...Ju ly 1,930,223 1.765,419
277,413
233,929
46,529 40.098
Cape Breton Elec C o. June
Jan 1 to July 31______ 12,034,782 11,316,515 1,324,808 2,666,760
199,257
161.056 Central RR of N J.b .__Ju ly 4,352,061 4,842.290 1,084,511 1,9-19,601
34.623 28,767
Cent Miss V El Prop. June
890,330
864,827
149,073
156,597
Chattanooga Ry & Lt June
Jan 1 to July 31______ 24,549.467 23,928,463 2,825,663 4.284,936
1583,722 1789,253 12,346,540 13,265,503
Cities Service C o----- July
2,407,242
306,652
256,193 Chesapeake & O h io.b..Ju ly 6,665,250 6,972,839 1,577,784 7,425,433
50.170
63,131
Cleve Painesv & East June
Jan
1 to July 31______ 41,443,383 37,013,813 8,372,457
567.160
629,865
84,296 103.451
Colorado Power C o .. June
795,656
173,352
797,349 789,710 6,905,505 6,884,824 C h icago* East Illinois b July2,154,409 2,599,949
(/Columbia Gas & Elec July
592.028
610.516
104.852 95.152
Jan 1 to July 31______ 13,664,945 13,850,186 dof234,8o8 1,305,120
Columbus (Ga) El Co June
2039.149 1793.536 14,352,932 12,132,534 C h ic * North W e s t.b ...J u ly l3 ,321,597 12,888,465 3 ,5 4 9 .5 8 4 4,394,857
Com'w’th P, Ry & Lt July
597.297
461.626
96,005 75.967
Connecticut Pow C o. June
Jan 1 to July 31______ 75,871,921 64,747,984 10,646,346 7,614,634
626,804 519,543 4.523,196 3,573,082 Chic B u r l* Q u in cy.b..Ju lyl3 ,068,386 13,325,718 3.151,373 4,746,661
Consum Pow (M ich). July
221.793 278,214 1,244,238 1,466,691
jCumb Co (Me) P & L June
Jan 1 to July 3 1 -......... 81,553,470 75,423,314 15,738,61815,326,685
202,835 175.829 1,614.626 1,297,157
Dayton Power & L t .. July
386,930 307,276
1224,606 1029,513 9,061,666 7,722,345 Chicago Great W est.b._July 1,857,564 1.712.829
oDetroit Edison_____ July
Jan 1 to July 31......... .11,669,630 10,123,320
1,081,340 828,224
1752,372 1614,786 10.921,470 9.012,790
(/Detroit United Lines June
1,103,233
142,904
989,567
169,469
pbicnvn function b
July
325.130
309,456
defl,856
31,915
Duluth-Superior Trac July
322.638 318,857 2,070,149 1,915,940
East St Louis & S u b .. Juue
jt n 1 to July 3i'. . . . . 2,013.876 1,858:827def482,285 defl07,186
650,804
538.122 Chic Milw & St P au l.b ..J u lyl2 ,617,448 12,771,465 def221,506 2,811.083
110.620 102.081
Eastern Texas E le c.. June
380.858
529,381
63,489
81,003
Edison El of Brock’n. June
Jan 1 to July 31______ 81,710,902 68,688,222 3,640,019 4,178,900
100.056
132,109
16.941
20,295
/Elec Light & Pow Co June
2,262,233
630.244 Chic Rock I s l& P a c .b ..J u ly 9,847,273 8,675,684 2,065,334 7,583,253
750,871
123,870 96,236
oEl Paso Electric C o. June
Jan 1 to July 3 1 ...---58,930,131 52,706.666 6,994,993
337,422
341,243
63,319
63,243
Fall River Gas Works June
8,259
265,905 def24.953
303,040 272.395 1,614,758 1,457,250 Cin Ind & Western_b— July 266,853
Federal Light & Trac. May
34,488
607,366
Jan 1 to July 31______ 1,647,857 1,716,205 dof244,433
637.009
94,480 99,449
Ft Worth Pow & L t_. June
22,218
41,504
255,778 230,753 1,469.883 1,237,197 Cin Leb & N orth .b ___ July
Galv-Hous Elec C o .. June
105,861
119,683
2,107 def51,493
400.428 341.937 2.478.496 2,096.327
g Great West Pow Sys June
572,359
Jan 1 to July 31______
607,315
623,769
775,573
128,634 117,572
Harrisburg Railways Juno
428,134
def50,565
1,453,327
Cin
N
Orl
&
Tex
P
ac.b.July
1,168,390
745,078 666.817 4,321.893 3,920.085
Havana El Ry, L & P June
Jan 1 to July 31______ 9,472.090 8,057,446 1,287,495 1,577,687
159.914
177.246
29.389 25,436
Haverhill Gas Lt C o. June
370,692
348.658 Del Lack & W est.b___ July 6,342,043 ..6,447,132 1,711,014 2,581,940
68.045 64,540
Honolulu R T & Land June
Jan 1 to July 3 1 -........... 40,504.367 36,295,569 9,205.051 9,429,908
204,824
209,468
31,552 31,310
Houghton Co El L Co June
771,037
657,209
164,605 E rio.b ________________ July 7,868,833 7,950.514
148,911
22.706 25.680
Houghton Co Trac Co June
2.533,146
2,073,755
5Jan" l” to"July 31 IT
.49,700,457 44,038.597 defl79,697df3,324.955
511.509 421,724
Hudson & Manhat. May
1339,813 1189,276 9.595.911 8,283,416
101,266
230,832
b Illinois Traction— July
Chicago
&
E
rio.b___
July
855,384
1,011,685
4019,001 3524.432 .19,341,036 17,539.101
759,515 defl4,274
IInterboro Rap Tran. May
Jan 1 to July 31____ - 5.807,845 5,549,899
428,985
509.015
81,207 60,984
Jacksonville Trac C o. June
17,972
deft ,006
119-099
Knn’§ea def66,930
179.295 150.552 1,328.184 1,043.934 East St Louis C o n n .b ...J u ly
Kansas Gas & Elec Co June
def 112,207
Jan 1 to July 31______
676,55b
590,488
150.760
125.653
26.548 23.151
Keokuk Electric C o. . June
640,894
980,261
87,605 Elgin Joliet* E a s t .b ... July 1.699,458 2,097,872
112,989
16,157
18,700
Key West Electric Co June
958,842
Jan 1 to July 31______ 11,953,462 10,159,607 3,183,421 2,457,141
226.427 186.673 1,190,197
la k e Shore Elec R y .. June
102,201
568,173
80.330
86,820
19.131
23,008
Long Island Electric. May
El Paso & Southwest.b.July
896,157 1,270,026
364,925 326,156 1,668,028 1,465,289
Louisville Railway — May
Jan 1 to July 31______ 7,135,586 8,581,989 2,287,079 3,531,923
484.661
388,773
64,239
72,367
Lowell Electric Corp. Juue
138,028
81,906
588,004
703,534
64,153
57,575 Florida East C oast.b— July
12,417
13.706
Manhat Bdge 3c Line May
933,558 2,049,320
.Jan 1 to July 31______ 6,094,263 5,618.542
1161,611 982,621 8.232.912 6,620,044
a Milw El Ry & Lt Co July
360,689
453,069
192,146 182,590 1,111,850 1,092,995 Grand Trunk Western.bJuly 1,878,237 1,874,295 2,162,406
Mississippi Rlv P C o. June
262,84-1
Jan 1 to July 31______ 12,111,080 9,850,066
256,521 238,570 1.577.844 1,311,731
Nashville Ry & Light June
37,202
109,681
274,014
297,766 258,467 1.816,937 1,534,234 Gulf & Ship Isla n d .b ...J u ly
237,417
New England Power. June
3,569
379,407
1,489,820
1.321.845
944,849
259,448 196.481
Jan 1 to July 31______ 1,368,093
NewpN & H Ry, G&E June
30,973
31,213
449,797 486,687 3,031,959 3,058,854 Gulf Mobile & N orth.b.July 251,377
200,068
New York Dock C o .. Jyly|
166.154
216,743
234,911
51.333 40,928
N Y & Long Island.. May
Jan 1 to July 31--------- 1,495,379 1,318,563 def24,657
54,141
59.783
13,618
14,031
N Y & North Shore.. May
1,238,840
3,443,514
358.846 Illinois Central.b_____ July 9,026.105 10.604,110
419,551
83,921
99,561
N Y & Queens C o— May
Jan 1 to July 31______59,379.932 58.175,231 5,618,165 9,045,983
1124,805 1017,842 5,177,210 4,679,714
New York Railways. May
def9,754 def6.783
115,739
108.999 K C Mex & Orient_b— July
137,297
125,977
19,615
20,470
Northampton T ra c.. Juno
686,493 dof343,565 dof201,820
Jan 1 to July 31______
683,271
746,220 593,513 4,312,935 3,468,309
Northern Ohio E lec.. Juno
1,560.931
94,625
dof44,028
def74,823
1,558.569
282,415 259.163
North Texas Electric. June
K C Mex & Or of T e x .b . July
98,732
36,896
675,461 def412,422 defl 16,210
46,585
11.854
15.423
Ocean Electric (L I ). . May
Jan 1 to July 31...........
585,278
880.827
997,601
180.997 154.740,
Pacific Power & Light June
243.419
44,055
225,754
278,628
44,152 42,733
Pensacola Electric Co June
633,394
353,595
KOQ 1r. 11.126,351 9.814,092 L” w 55„4 iNr J 3 ? - 3 f : : J' " y i . i S l : ! ?
2909,271 21588.15
Phila Rapid Transtt. April
970,193 1,876,985
341,373
64,447 57,704' 407,695
Phila & Western------- July
2,891,994
2.568.945
820.037
176,246 145,423 1.047.531
Portland Gas & Coke June
725,633 632.552 4,269,955 3,657,639 Louisville & Nashville.b. July 8,894,919 9,508,722 1.622.946 3,065,437
Port(Ore)Ry,L& PCo June
471,764 449,166 3,006,037 2,807.909
Jan 1 to July 31______ 59.354,090 52,503.516 6,877,667 11,091,873
Republic Ity & Lt C o. June
167,111 Louis Hend & St Louis.b.July 234,334
206,186
47,268 39,705
84,083
54,673
Richmond Lt & R R -. May
230,811
346,325 409,047 1,973,291 2.548,396
378,613
323,810
St L Rocky M t & Pac June
Jan 1 to July 31______ 1,667,980 1,490,004
325,078
365,713
62,209 55,718
Santiago El Lt & T r. June
370,718
_
4,839
1,684,843
Maino
Central.b________
July
1,522,556
555,228
673.227
118,664 96,677
Savannah Electric Co June
63,383
Jan 1 to July 31______ 9,679,022 8,753,001 dof380,694
312.004
77,890
327,578
80,957
Second Avenue (Rec) May
49,917
87,717
292,907
83,010 Midland V alley.b---------- July 314,297
94,998
18,639
22,160
Southern Boulovard. May
430,172
573,689
1,891,394
Jan 1 to July 31______ 2,188,843
954.590 777.871 4,874,110 4.098,544
Southern Cal Edison. June
3,335
67,088
104,205 Mississippi Central.b— July
122,926
148,207
30.788 25,600
Staton Isld Midland. May
103,604
517.280
613,813
205,317
718,944 def65,446
97.926 83,135
Tampa Electric C o .. June
Jan 1 to July 31--------578,515
153,567 193,822 1,122,280 1,014,686 Missouri & Nor A rk .b . .July
Tennessee Power----- June
23,235
_
def38,057
126,217
134,808
494.128 525,836 3,150,588 2,846,719
k Tenn Ry, Lt & P Co June
63,827
809,041 def-103,865
Jan 1 to July 31______
838.156
240,676 233,387 1,621,716 1,480,572
Texas Power & Lt Co June
788,570
2,939,906
624,058
,
1003,512 870.856 5.343.071 4.844,892 Mo Kan & Texas.b ___ July 2,967,075
Third Avenue System. June
2,204,457 2,195,737
Jan
1
to
July
31_____
.18,577,000
17,132.226
189.439
40.461
235,887
50,661
May
D D E B & B R R -.
.... . 170,069
def67,631 def 12,006
658,863 M o Okla & G u lf.b ______July
718,728
130,751
160,881 149,763
42dS tM *S tN A Ry May
264,879 237,919 1,133,435 1,047,046
Jan 1 to July 31______
741,193 1,030,203 def-177,403 dof202,581
Union R yC o(N YO ) May
323,046
382.228
98,355 72.069
Yonkers Railroad.. May
Missouri Pacific.b -------- July 7,741,548 7,727,501 1,204,967 1,922,738
280,371
299,080
17,826,454 4,304,073 8,744,049
69,385 60,725
N Y City Inter R y . May
Jan 1 to
July 31_49,781,248
250,417
244,199
53,403 54,282
Belt Line Railway. May
42,253
156,248
def913
355,954 330,733 1,651,857 1,593,223 M o n t o u r .b ------------------ July 136,762
Third Avenue......... May
1,326
675,750 dcfl40,637
Jan 1 to July 31--------695,90b
924,855 808.432 5,342.681 4,847,574
Twin City Rap Tran. June
223,722
793,074
Nashv
Chatt
&
St
L
.b
..J
u
Iy
1,677,520
2,119,002
4.580.009
706,809
5,148.653
756,136
Virginia Ry & Power. July
376,105
2,265,797
Jan 1 to July 31---------10,738,918 11,173,656
203,155 242.955 1,175.052 1.199,668
Wash Balt & Annap. . Juno
36,145
217,326 Newburgh * So S h . b . . . July
245,346
58.423 50.632
Westchester Electric..iM ay
107,873
149,393 def25,352
73,538
222,672
117,806
194,505
37,464 32,575
Youngstown & Ohio..IJt
IJune
Jan 1 to July 31949,038
674,991
84,906
62,759
New Orl GrtN orth .b..J u ly
240.333
226,939
355,202
78,504
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources
Jan 1 to July 31_ 1,295,219
1.234,528
f Earnings given In milrels g Includes constituent or subsidiary companies
160,232
134,888
h Subsidiary companies only, / Lewiston Augusta & Waterville Street R>
847,117
323,627
earnings, expenses. &c.. not included in 1919. k Includes Tennessee Ry..
Light & Power C o., the Nashville Ry. & Light C o., the Tennessee Power
845,873 1,446,069
, 2 . « S.1«4 3.266.108
Co. and the Chattanooga Ry. * Light Co. I includes both elevated and
Jan J to July 3 1 ..........lb,023,307 17,245,209 2.140.593 5.084,571
subway linos. / O f Ablngton and Rockland (Mass.).
Roads.

Third week of August.

1919.

1918.

Year.

Year.

Increase. Decrease.

b




h " jS

i

a jR t? 3 S S

A ug . 30 1919.]

THE CHRONICLE

----- Net EarningsCurrent
Previous
Year,
Year.
s
S
N Y Chic & St Louis-b__July 1,804,503 1,994,332
002,007
397,109
Jan 1 to July 31______13,035,020 11,002,083 3,238,833 1,834,507
Now York Ont & W est.bJuly 1,309,302 1,314,415
511,281
512,522
----------Jan 1 to July 31______ 5,979,368 0,090,512
792,721
009,337
N Y Susq & W o st.b ____July 330,520
344,724
31,707
29,891
Jan 1 to July 31...........2,171,350
2,193,415
125,009
84,044
•Norfolk Southern.b____July
518,522
508,531 <lef.39,802
18,070
Jan 1 to July 31........... 3,499,748 3,144,887 def40,564
357,114
Norfolk & W estern.b ___ July 6,385,208 7,731,012_ 1,209,903 2,058,838
Jan 1 to July 31---------41,744,065 42;t00|440 7,333,898 8,890,304
Northern A labam a.b___ July
74,305
135,480 clef 15,814
42,312
Jan 1 to July 31--------633,150
099,124
clef4,003
184,578
Pennsylvania R R .b ----- July 33,753,054 37,809,200 4,021,535 11,036,416
Jan 1 to July 31--------208,379,928 189992,540 14,830,828 14,123,634
Balt Chcs & A t l.b ...J u ly
174,428
177,743 clcfl 19,520
35,795
Jan 1 to July 31--------830,000
659,080 defl44,690 defl7,185
Cumberland Valley.b.July 503,050
524,501
147 709
220,127
Jan 1 to July 31--------- 3,144,828 2,784,518
393,559
895.857
Long Isla n d .b ..............July 2,744,890
2,734,092
8909421,274,862
Jan 1 to July 31--------- 14,154,454 12,113,878 2,7 6l’,073 3,341,244
Maryland Del & V a .b July
150,035
139,603 def52,718
26,576
Jan 1 to July 31--------716,662
495,260 def79,823 dcf47,643
M onongahela.b........... July 320,724
299,927
143,322
145,613
Jan 1 to July 31........... 1,896,509 1,648,240
496,154
530,222
N Y Phila & Norf_b__JuIy 824,958
787,517
258,486
169,198
Jan 1 to July 31______4,517,071
3.855,864
617,192
654,303
Tol Peoria & W ost.b.July 126,454
152,390 def 12,203
19.000
Jan 1 to July 31...........
912,019
850,997 def82,713 dcf26,927
West Jer& Sea Sh.b._July 1,372,040 1,291,458
368,034
448,684
Jan 1 to July 31......... 0,319,190 5,266,033_
108,915
245,448
Pennsylvania Co b__July 10.344,103 l o ’o9L821 2,506,426 3,288,738
Jan l to July 31........... 57,904,459 47,838,129 0,031,962 3,194.932
Grand Rap & Ind b._July
758,140
733,402
151,200
207,363
Jan 1 to July 30--------- 4,293,912 3,802.489
255,853
392.937
P ittsC inC h& S t L b.July 8,350,210 8,898.932 1,335,332 2,079.532
Jan 1 to July 31........... 51,999,624 46,049,901 3,721,215 4,253,042
Peoria & Pekin U nion.b. July
94,952
112,574 clef,37,374
3,093
Jan 1 to July 31--------681,732
~~~ def288,600 def62,863
725,882
PeroM arquetto.b______ July 3 061 499 2,073,971 1,131,737
802,835
Jan 1 to July 31---------18J>99!575 14;867;016 4,054,084 2,455,831
---------July
101,410
111,009
Pcrkiomon _b
00,240
70,503
Jan 1 to July 31--------612,008
534,529
291,247
219.937
Phil Beth & Now E n g .b . July
59,805
123,560
def394
27.000
Jan 1 to July 31----------473,355
846,065
27,228
154,309
Phila & Reading.b...........July 6,002,510 8,830,862 1,725,457 3,698,105
'
Jan 1 to July 31...........40,252,120 44,409,400
3.897,053 8,384,305
Plttsb & West V a .b ____July
105.380
208,590 def51,277
_
26,534
Jan 1 to July 31...........
747,571 1,005,300 def413.402
79,147
Port Reading.b----------------------------July197,537
255,032
01,582
104,561
Jan 1 to July 3 1 .......... 1,457,128 1,301,752
529,229
307,492
Quincy Omaha & K C .bJuly
87,973
92,433 def 21,704
def 1,282
591,990
Jan 1 to July 31______
568,837 def09,189 def69,107
Rich Fred & P otom ac.b. July 711.509
573,301
344,356
253,476
Jan 1 to July 31........... 4,701,293 3.418,180 1.992,648 1.357,222
Washington South.b.July
400,879
314,670
214,842
118.084
Jan 1 to July 31______ 2.793.408 1.890.282 1.343,285
811,065
R utland.b_____________ July 420,096
390,405
72,699
66,894
Jan 1 to July 31______ 2,622,128 2.490,163
111.550
111.098
St Louis San Francisco. bJuly 6,751,175 0,510,177
_
1,886,343 2,331,872
Jan 1 to July 31---------42,231,843 36.67L345 8,002,382 0,977,739
St Louis Transfer.b____ July
100,908
106 313
46,035
34,296
Jan 1 to July 31...........
572,300
594,945
105,645
71,358
Seaboard Air L in e.b-----July 3,000,672 3 470 524
729,977
860,711
Jan 1 to July 31..........24,050,037 20,908,487 2,670,494 3,092,367
South B uffalo.b.............. July
82,140
139 684
8,780
32,705
Jan 1 to July 31........... ._
036,667
900,’ i l l
115,572
250,608
Southern Railw ay.b----- Ju lyll ,320,441 12.302.232 2,515.675 4.053,657
Jan 1 to July 31--------- 70,372,554 60,490,843 7,209.618 18.624.995
Ala Groat S o u th .b ...J u ly
906,083
847 476
173.775
207 607
Jan 1 to July 31........... 5.853.540 4,751,922
875.948 1.256.290
Staten Island Rap T r .b . July 218 134
210 964
53,624
23,175
Jan 1 to July 31........... 1.291,413
980.091
170.500
77.116
Term RIi Assn of St L b July 332.803
310,852
109,745
80,530
Jan 1 to July 31........... 2,101,324 2,062,251
150,710
312.453
St L M Bdgo & Ter b Jul y
257.762
334,075
18,078
00,356
Jan 1 to July 31........... 1,557,088 1.942,048
--------defl 12,882
51,514
Toledo St Louis & W .b .J u ly
603,367
783,920
82,778
249,139
Jan 1 to July 31______ 4,116,245
4,340,837
537,503
876,920
Ulster & Delaware.b___ July 122,226
136,245
<lef5,058
34,152
Jan 1 to July 31______
583,944
550,504 def 187,159 def 12,613
Union P acific.b________ July 9,064,459 8,732,058 3,130,671 4,319,706
Jan 1 to July 31.......... 58,510,715 18,700,058 18.402,102 17,'565i648
Union RIi o f P enna.b..July
096,018
781,800
67,567
319,677
Jan 1 to July 31........... 4,453,654 3,631,410
241,752 dcf25.012
V irgin ian.b.....................July 1,031,118 1,175,052
306,439
412,661
Jan l to July 31______ 0,140,977 0,242,708 1,096,583 1,563,765
Western M aryland.b._July 1,205,223 1,415,524
124,272
207,809
Jan 1 to July 3 1 ............. 7,968,380 8,040,491
1,367
148,419
Western Ity o f A la .b ...J u ly
194,670
183,718
45,251
38,852
Jan 1 to July 31........... 1,490,740 1,319,204
346,605
347,405
Wheeling & Lako Erio.bJuly 1,403,699 1,559,023
413,660
001,545
Jan 1 to July 31........... 7,089,870 7,091,703 1,008,125 1,219,162
Yazoo & Miss Valley.b.July 1,908,809 1,914,784
549,397
732,210
Jan 1 to July 31______ 13,004,007 11,009,005 _2.587,283 2,549,988
u
earnings here given are after deducting taxes,
b Net earnings hero given are before deducting taxes.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
8
$
$
Bollefonto
Juno ’ 19
7 859
273
94
179
Central RR Co.
’ 18
8.497
2.842
210
2.632
6 mos ’ 19
44,845
2,006
766
1.240
41,459
T8
4,813
1.260
3.553
Gross
Other
Net after
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
S
$
S
5
%
Cuba HR C o Roads.

Juno T 9
T3
19
T8

12 m o s

--------- G r o s s E a r n i n g s --------C u rren t
P rev io u s
Y ea r.
Y ear.

1 , 0 9 7 ,4 7 8
3 9 9 ,4 8 8
1 ,0 6 3 ,0 1 8
3 7 5 ,5 1 1
1 2 ,2 3 6 ,2 4 0 3 ,3 1 0 ,2 3 1
1 1 ,6 4 5 ,0 9 8 3 ,8 6 0 ,2 4 3

6 ,3 1 3
4 4 ,3 2 8
1 5 6 ,7 2 9
7 6 ,8 3 5

4 0 5 ,8 0 1
4 1 9 ,8 3 9
3 ,4 6 6 ,9 6 0
3 ,9 3 7 ,0 7 8

1 0 1 ,6 1 5

148,435
1 ,2 6 9 ,0 4 0
1 ,3 1 1 ,4 8 8

3 0 4 ,1 8 0
2 7 1 ,4 0 4
2 ,1 9 7 ,3 2 0
2 ,6 2 5 ,5 9 0

EXPRESS COMPANIES.
Month o f Mug----------- Jan. I to May 31­
.
,
„
T,
1919.
1918.---------- 1919.
1918.
American Railway Exp. Co.
$
«
«
Total from transportation.-.22,667,594
...........105,827,917
-11,341,530
631.352
-11.072,888
Operating expenses________ -13,370,217
Not operating revenuo.di__
Uncollectiblo rev. from trans.
1 653
Express taxes...................... .
1 64J506
Operating in c o m o ...........def. 1,56 3,64 8




........... 52,829,447
--------- 2.980.952
........... 55,810.399
--------- 60,652,101
-13,500
- - ___666,340
-def11,521808

...........

883

Electric R ailw ay a n d O th e r P u b lic U tility N et Earn­
in g s.— The following table gives tlio returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
---- Gross Earnings—
Current
Previous
Year.
$
Ala Power Co, I n c .a
July
220,358
Aug 1 to July 31........... 3,147.499
Colorado Power Co.a_.JunG
84,296
July 1 to June 30_______ 1,210,506
Equitable Coke C o .a __ July
95,474
Jan 1 to July 31______
556,151
Illinois Traction C o.a__July 1,339,813
Jan 1 to July 31_____ 9,595,912
Metropol’n EdisonSyst.July
114,645
993,354
Nov 1 to July 31_____
Northern States Pow Co July 714,122
Aug 1 to July 31______ 9,314,402
So Canada Power Co LtdJuly
47,175
Oct 1 to July 3 1 ..........
487,847
Companies.

-----Net Earnings
Current
Prem

a Net earnings here given are after deducting taxes.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
$
Central Mississippi June T9
34,523
2,441
6,740
Val Elec Prop
T8
28,767
7,904
2,422
12 mos T9
377,279
87,553
29,239
T8
325,079
86,225
26,671
Cleve Painesv &
June T9
63,131
23,452
15,331
Eastern RR System '18
50,170
15,171
11,795
6 mos T9
306,652
95,847
90,011
T8
256,193
80,322
68,939
Dayton Power & July T9
66,518
202,835
50,930
Light Co
'18
175,829
55,539
43.689
7 mos T9 1,614,620
593,294
305,807
T8 1,297,157
382,254
274,553
Duluth-Superior
July T9
169,409
14,782
29,198
Traction Co
T8
142,904
15,202
30,052
7 mos T9 1,103,233
102,464
163,092
T8
989,567
103.903
195,810
Easter/i Steamship July T9
646,218
147,412
24,475
Lines, Inc
T8
26.288
452,000
110,156
7 mos T9 2,300,581
176,195
185,441
T8 2,051,276
185,569
210,065
Lake Shore Elec
June T9
226,427
35,826
71,643
Railway System
T8
36,024
186,673
60,405
6 mos T9 1,190,197
291,264
215,193
T8
958,842
247,277
217,029
Nevada-California July T9
209,520
152,357
56,589
Electric Corp
T8
211,603
86,214
53,333
7 mos T9 1,500,976
399,320
829,578
T8 1,285.688
652,917
366,383
North Carolina
July T9
69,044
13,168
22,.972
Public Service Co
T8
57,273
22,622
13,183
12 mos T9
157,971
383,889
278,512
'18
357,275
274.933
156,247
Wash Balt & Ann June T9
25,307
203,155
68,829
Elec RR Co
T8
17,294
242,955
111,001
6 mos T9 1,175,052
156,515
417,120
T8 1,199,668
135,411
560,542

Balance,
Surplus.
4,299
5,482
*58,314
59.554
8,121
3,376
5,836
11,383
*19,383
*15,862
*307,443
*126,117
*16,170
*16,548
*73,438
*103,734
122,937
83,868
9,246
24,496
35,817
24,331
76,071
30,248
*90,202
*33,695
*433,395
*288,325
9,80-1
9,459
120,541
118,686
*44,684
*96,212
*268,302
*434,222

* 835,662 of these earnings are from Keokuk Electric Co. and are subject
to 6% dividend for current year on $250,000 Preferred Stock of Keokuk
Electric Co.
* After allowing for other incomo received.

Commonwealth
July T9
Pow Ry & Lt Co
'18
7 mos T9
'18
Consumers Power July T9
Co
'18
12 mos T9
'18
Detroit United
June T9
Lines
'18
6 mos '19
T8
Harrisburg
Juno T9
Railway Co
'18
6 mos T9
'18
New York Dock Co July T9
'18
7 mos T9
'18

Gross
Earnings.
S
2,039,149
1,793.536
14,352,932
12,132,537
625,804
519,543
7,558,217
6,148,565
1,752,372
1,614,786
10,921,470
9,012,790
128,634
117.572
775.573
623,769
449,797­
486,687
3,031,959
3,058,854

Net
Fixed Chgs. Balance,
Surplus.
Earnings. <ic Taxes.
$
$
98,086
781,832
683,746
626,128
68,4^5
694,563
6,003,021 4,743,306 1,259,655
408,480
4,656,925 4,248,445
60,011
171,292
231,303
94,697
154,619
249.316
3,593,606 2,186,138 1,407,467
3.085.237 1,656.992 1,426,244
*137,122
237,468
342,617
*155,144
371.316
243,531
2,287,448 1,381,120 *1,126,764
2,183,760 1,311,685 *1.081.073
17,591
53,172
35,581
def3,666
34,872
31,200
97,846
312,509
214,723
6,334
209,582
203,248
93,327
88,980
182.307
200,541
99,046
101,495
518,926
1,145,807
626,881
666,324
1,313,531
047,207

* After allowing for other income received.

Roads.

New York Street Railways,
-Net Earnings
------ Gross Earnings-----Current
Current
Pret i
Year.

Hudson & M anhattan..M ay
511,509
Jan 1 to May 31........... 2,533,146
Interboro R T (SubDiv) May 2,423,791
Jan 1 to M ay 31______11,716,173
InterboroRT (ElevDlv) May 1,595,210
Jan 1 to M ay 31______ 7,625,060
Total Interboro R T ._M ay 4,019,001
Jan 1 to May 31...........19,341,033 17;539T03
Brooklyn Rapid T rans..M ay 3,213,402 2,761,039
Jan 1 to May 31______14,254,505 12,460,574
N Y Railways (R ec)____May 1,124,805 1,017,842
Jan 1 to M ay 31........... 5,177,210 4,679,714
Second Ave (R ec)_______May
80,957
77,890
Jan 1 to May 31..........
327,578
312,004
Third Avenue R y............ M ay 355,954
330,733
Jan 1 to May 31.......... 1.651,857 1,593,223
D D E Bway & Battery.M ay
50,661
40,461
Jan 1 to M ay 31..........
235,887
189,439
42d St Man & St N A v ..M a y
160,881
149,763
Jan 1 to May 31_____
718,728
658,863
Belt Line______________ May
53,403
54,282
Jan 1 to May 31..........
244,199
250,417
N Y City Interboro_____M ay
69,385
60,725
Jan 1 to M ay 31-------299,080
280,371
Southern Boulevard_____May
22,160
18,639
Jan 1 to May 31........
94,998
83,010
Union Ry (N Y C )........... M ay 264,879
237,919
Jan 1 to May 31........... 1,133,435 1,047,046
Westchester Electric____M ay
58,423
50,632
Jan 1 to May 3 1 ........
245,346
217,326
Yonkers Railroad_______ May
98,355
72,069
Jan 1 to M ay 31.........
382,228
323,046

[Vol . 109

THE CHRONICLE

884

Income Statement.— The stated income account does not fairly reflect
normal net incomo under Federal control. Because of absolute cleavage
o f all expenses and revenues as of Dec. 31 1917, there is a largo net debit
($340,732) to corporate account for charges accrued prior to Jan. 1 1918,
but then unpaid. These items aro the ordinary “ lap-overs” which under
former practice would have been charged to current operating expenses
and revenues, and therefore to Federal account, but under the contract
and tho ruling of tho I.-S. C. Commission must now bo charged to the
corporate income of the year. In future such items should bo comparatively
negligible, and unless unforeseen items appear, the corporate net income of
1919 should, for this and other reasons, be larger.
Tho income account for tho year as stated does not include debits or
credits to or from tho Government for interest on current assets and liabili­
ties taken over or assumed on Jan. 1 1918; on expenditures for additions and
betterments during the year; on sundry cash transactions for corporate
account; or on compensation. This interest cannot be computed until
accounts with the Government havo been fully stated and audited.
Taxes.— Accrued taxes were $101,672, being the amount of Federal war
incomo taxes accrued for the year. All other taxes subsequent to Dec. 31
1917 are assumed and paid by the Government.
Operations.— The operating results under Federal control aro no indication
of what wo may expect in the future under corporate control. Tho Adminis­
tration
has made many changes in long-established through traffic routes.
Note.— All the above net earnings here given are after the deduction of
M uch tonnage formerly passing over your lines has been diverted to others,
taxes.
and some which formerly passed over other lines has been diverted to yours.
T o what extent these diversions will permanently affect your traffic is
problematical. Moreover, thero were radical and far-reaching changes
during tho year in rates, wages, and cost of materials, and tho future course
F IN A N C IA L R E P O R T S
of these vital factors is uncertain.
.
Tho Administration earned from the operation of your property a net
profit o f $807,805 in excess of the average net railway operating Income ror
tho “ test period” on which your compensation is based.
, „,
A n n u a l, & c ., R e p o r t s . — T h e follow ing is an index to all
The increases of $4,668,351 (29.13%) in operating rovenues and §4,972,­
annual and other reports of steam railroads, street railways 328 (45.01%) in operating expenses under Federal control aro chiefly clue,
respectively, to tho increase in rates inaugurated by the Administration ana
and miscellaneous com panies published since July 2 6 .
effective during tho last half of the year, and the increased cost of materials
T h is index, which is given m o n th ly , does not include and labor effective during substantially tho entire year.
Bonds.— Since Dec. 31 1917 equipment obligations aggregating $100,000
reports in to d a y ’s “ C h ron icle.”
and Greenvillo and Newnan Mam Lino bonds anti Upper Cahaba Branch
F u ll face figures indicate reports published a t length.
bonds aggregating $60,000, matured and wero paid.
,
General & Refunding Mtge. bonds of $1,777,000 wero authorized Mar. 13
I n d u s t r ia ls (C on clu d ed ) —
P age.
S tea m R oa d s —
P a ge.
1918. Of the total amount of $9,738,000 of Gen. & lief. Mtge. bonds
previously issued or authorized, $122,000 wore outstanding on Dec. 31:
Chesapeake & Ohio R y----------------------769 Hercules Powder Co------------------------- 481
$1,372,000 had been pledged as collateral security for loan of $900,000 from
Colorado & Southern R y...................... 672 Ilershey Chocolate Co---------------481, 682
tho War Finance Corporation, $8,244,000 wero either authenticated or in
El Paso & Southwestern-------------------- 368 Holland St. Louis Sugar Co................-773
the hands of trustees for authentication on demand, and available tor
Fonda Johnstown & Gloversvllle R R-775 Holly Sugar Corporation------------------ 772
corporate purposes.
, .,
Green Bay A Western R R -----------------369 Hoyt Shoe Co. (N. H .) .......................... 582
[On May 31 1919 the company sold $8,000,000 Ten-year 6 % secured gold
—
481
Indian
Packing
Corporation.........
Hocking Valley R y ------------------ -------- 368
bonds, dated Juno 1 1919, secured by pledgo of the initial $11,000,000 6%
Kanawha & Michigan R y.................... 674 International Nickel Co-------------------- 582
Refunding A Gen. Mtge. Series A bonds of 1919, this now mortgage taking
the place of the Gen. & Ref. Mtgo. of 1919 which lias been or will bo can­
Lake Erie & Western R R ...................... 472 Kelly Springfield Tire Co...................... 683
celed. V. 108, p. 2240, 2329, 2527.1
King Trailer Co_____ ______ _________ 779
Loans and Bills Payable.— Fending negotiations of tho agreement and
Minneapolis A St. Louis R R ------672, 769 Louisville Food Products Co------------- 779
settlement
of accounts with the Director-General of Railroads, it became
Northern Pacific R y.............................. 368 (Walter M .) Lowney Co. (Mass.)------582
necessary to borrow on demand note from tho War Financo Corporation
Philadelphia A Western Ry. Co......... 678 Ludlum Steel Co______________ _____ 779
$900,000 to pay maturing rentals, Interest on funded debt and other cor­
Pittsburgh Cincinnati Chic. & St. L-770 Manufacturers’ Light A Heat Co------ 583
porate charges.
Toledo & Ohio Central R y.................... 471 Marland Refining C o .. --------------------473
Merck A C o -........................ .......... ........ 482
E le c tr ic R o a d s —
Dividends.— During the year Preferred dividensd Nos. 12 and 13 ($900,­
American Light «fc Traction Co........... 478 Midvale Steel A Ordnance Co..............583
000) at 6% per annum, and Common dividends Nos. 7 and 8 ($250,009;
Augusta Aiken R y. A Elec. Corp------ 472 Minneapolis Steel A Machinery C o ..482
at tho rato of 5% per annum, wero declared and charged in tho accounts
Aurora Elgin & Chicago R R ------------- 369 Montana Power Co....... ....................... -376
o f tho year.
Ft. Wayne A Nor. Ind. Traction Co.676 National Cloak A Suit Co.................... 683
Road and Equipment.— Tho U. S. RR. Administration has reported ex­
Iowa Ry. A Light C o . . ........................ 776 National Conduit A Cable..................-771
penditures during the year for road .and equipment, including additions and
Northern Ohio Trac. & Lt. C o ..371, 477 National Tea C o . . - ..............- .............. 780
betterments
to leased railway property, of $1,808,323, chargeable to the
Sacramento Northern R R ..............— 677 Nevada California Electric Corp------583
company; a credit of $114,380 for equipment retired and not replaced, and a
credit of $85,725 for roadway property retired and not replaced; also charges
New
Bedford
Gas
A
Edison
Lt.
Co.583
Virginia Ry. A Power Co------------------ 372
to accrued depreciation o f equipment retired and not replaced in the amount
West Virginia Traction & Elec. C o..677 New England Co. Power System------583
of $71,460 43. All of these aro subject to audit and acceptance by the
Industrial—
company. The leading expenditures were as follows; Bridges, trestles and
Alaska Gold Mines Co----------------------678 Niagara Falls Power Co......... .............. 583
culverts, $137,416; ties, rails and other track material, $265,615; signals
Allis-Chalmcrs M fg. Co........................ 372 Niagara Lockport A Ontario Pow. Co.771
and intcrlockers, $106,951; equipment (gross), $790,865.
Amalgamated Sugar Co— ---------------678 Nordykc A Marmon Co------------- -— 684
Maintenance, &c.— Thero wero 99.9965 miles of track relald, 61.2 of this
American Hide A Leather Co----------- 478 North American Pulp & Paper
being new 90-lb. steel 61.1991 miles, and 38M mllos being rolay rail.
American Steel Foundries Co..............777 Northern Illinois Cereal Co..................376
Equipment.— No locomotives wero added during tho year; two were sold
Amer. YVlndow Glass Machine Co— 372 Northwestern Electric Co---------------- 583
and one dismantled. Tho ten Mallet articulated compound superheater
Art Metal Construction C o .................475 Northwestern Leather Co-----------------583
locomotives and three passonger locomotives ordered Dec. 1 1917 for delivery
in 1918 had not been delivered to Jan. I 1919. Sixteen passenger-tram
Astoria Mahogany Co----------- ------------ 679 Ohio Fuel Supply Co----------- -------- - . .684
cars, all-steel, were added; net increase, 13 passenger-train cars. Net de­
Atlantic Gulf A West Indies SS. Lines 473 Ontario Steel Products C o ....................584
crease in number of freight and work-train cars. 265.

------ Gross Earnings-------------- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
S
*5
N Y & Queens C ou n ty..M ay
99,561
83,921 def6,016 def6.815
Jan 1 to M ay 31...........
419,551
358,846 def44,678 defll2,606
Long Island Electric___ M ay
23,008
19,131 , 2,657
986
Jan 1 to M ay
31_
86,820
80,330 defl7,594 defl2,323
N Y & Long Island_____M ay
51,333
40,928
8,244
2,988
216,743
166,154
10,781 def7,275
Jan 1 to M ay
31_
Ocean Electric_________ M ay
15,423
11,854
5,764
4,228
Jan 1 to M ay
31_
46,585
36,896
3,583
3,102
N Y & North Shore___ M ay
14,031
13,618
351
2,204
Jan 1 to M ay
31.
59,783
54,141 def7,119 defl,490
ManhattanBdge3cLino M ay
13,706
12,417
1.407
2,026
Jan 1 to M ay
31_
64,153
57,575
4,098
8,173
Richmond Lt & R R C o-M ay
47,268
39,705
def4,970
5,981
Jan 1 to M ay
31.
206,186
167,111 def21,199
7,579
Staten Island M idland.-M ay
30,788
25.600 def9,364
clef 1,640
122,926
104,205 def45,708 def27,380
Jan 1 to M ay
31_
Roads.

Owens’ Bottle Co------------- ------------ - --483
Owens’ Bottle Machine Co..................773
Paraffine Companies......................... -.6 8 4
Parish A Bingham Corporation......... .376
Penny C o., New Y o r k .......................483
Phllllps-Jones Corporation.................... 780
Phillips Petroleum Co............................ 684
Butte A Superior Mining Co— ......... 679 Pierce Arrow Motor Car Co..................483
Cadet Hosiery C o-----------------------------778 Pierce, Butler A Pierce M fg. Corp. .685
California Petroleum Co...................... -679 Pittsburgh OH A Gas Co----------- 675, 780

Atlantic Refining Co------------------------- 579
Austin, Nichols A Co------------------------579
Barnet Leather C o--------------------------- 679
Barnsdall Corporation----------------------673
Benesch <& Sons, Inc.................... - — 777
Boone County Coal Corp---------------- -580

Central Leather C o.................................374
Certaln-Teed Products Corp................778
Chicago Pneumatic Tool Co................581
Chino Copper C o . . ------------------ -------- 680

Punta Alegro Sugar Co..........................376
Quaker Oats Co---------------------------— 376
Ray Consol. Copper Co........................ 685
Sapulpa Refining Co.......................... ..4 7 6
ShelfTransport A Trading Co_____ .373

Columbia Gas A Electric Co------------- 374
Continental Candy C o . . . ......... 673, 687
Computlng-Tabulatlng-Recordlng Co.374
Congoleum C o .-------------------- ------------ 374
Continental Gas A Electric Co........... 581

Sinclair Oil A Refining Co--------- 475, 685
Southern California Edison Co........... 786
Standard Oil Co. of New Jersey--------372
Standard Parts Co.......................... -..4 7 8
Stromberg Carburetor Co--------- 686, 771

Cosden A Co..................- ....................... -680
Davis Daly Copper C o . . . ....................680
Dayton Power A Light Co-----------------479
District of Columbia Paper Mfg. Co.680
Eastern Steel Co........... .............. .......... 681
Edmund Jones Corporation..... ............ 772
Famous Players-Lasky Corp------473, 771
Fisk Rubber Co......... ............................. 778
Franklin Mfg. C o...................................480
General Chemical Co----------------------- 375
General Cigar Co____________________ 475
General Motors Corporation___375, 475

Swift A C o............................................. -782
Tacony Steel Co---------------- -------- ...4 8 4
Union Natural Gas Co.......................... 575
United Cigar Stores Co......... .............. 379
United Drug Co.......................................782
United Gas A Electric Corp................184
United Retail Stores Corporation------585
United States Rubber Co------------------ 673
United States Steel Co........... .............. 473
Ventura Consolidated Oil Fields------- 782
Virglnla-Carollna Chemical Co........... 474
Wabasso Cotton Co......... ............ 688, 772

Great Western Power Co______ 673, 682 Wolverine Copper Mining Co............. 586
Guanajuato Power A Elec. Co--------- 375 Yarmouth Light A Power Co................379

GENERAL TRAFFIC STATISTICS FOR CALENDAR YEARS.
■
1918.
1917.
1916.
1915.
Averago miles operated1,918
1,919
1.922
1.924
Rev. fght carried (tons).
6,893,225 6,273,089
5,600,3535,011.052
Rev. fgt. carr. 1 m ile ..-1143774,703 1050607,516 907,370,746 786,420,113
Avge. rev. per ton per m.
1.13 cts.
0.96 cts.
0.99 cts.
1-02 cts.
Rev. per fgt. train mile.
$4.38
$3.56
$3.39
$3-10
Avge. rev. tr. load(tons).
388.75
370.85
343.61
Passengers carried------- 6,299,616 5,476,758
4,511,520
'1.188.644
Passengers carried 1 milo246,409,389 205,250,088 164,830,331 145,495,911
Av. rev. per pass, per m .
2.39 cts.
2.07 cts.
2.01 cts.
2.03 cts.
Earns, per pass. tr. mile.
$1.64
$1-09
Op. rov. per milo of road
$10,787
$8,352
$7,142
$6,369
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
Operating Revenues—
1918.
1917.
1916.
F r e i g h t - ....................
$12,877,851 $10,097,953 $8,958,377
3,316,870
Passenger__________________________ 5,876,488 4,253,700
Mail, express, A c__________________
1,209,996
1,133,101
1,010,425728,552
539,783
439,471
Incidental_________________________
Total operating rovenues--------------- $20,692,888 $16,024,537 $13,725,144
Maintenance of way, &c_____________ $2,981,908 $2,143,141 $1,910,204
2,321,882
2,672.947
Maintenance of equipment-------------- 4,131,793
457,366
480,492
T raffic...................................................
377,070
4,118,886
5,265,402
Transportation------------------------------ 7,893,216
16,857
18,477
24,074
Miscellaneous operations----------------455,850
465,390
General, &c_______________________
638,437
Total operating expenses__________ $16,046,496 $11,045,849 $9,281,046
Net earnings___________
$4,646,392 $4,978,688 $4,444,098
720,412
Taxes, A c__________________________
896,378
887,152
Operating incomo............................ $3,750,014

C e n t r a l o f G e o r g ia R a ilw a y .
(24 th A n n u a l Report— Y ear ended D ec. 31 1 9 1 8 .)
C hairm an Charles A . P ea b od y, N . Y . , writes in substance:
Federal Control.— As stated In the last annual report, the U. S. Railroad
Administration assumed control as o f midnight Dec. 31 1917 of your entire
transportation system. At the same tlmo it took possession of cash,
SI,291,084: agents and conductors balances, $272,704; materials and sup­
plies, $2,056,600 (including inventory adjustment of $10,529); total,
§3 g20 388
'Compensation.— A contract between the Director-General o f Railroads
and your company, effective Jan. 1 1918, was executed as of Feb. 25 1919.
Tho rental fixed Ls tho not balance o f tho amounts certified by tho Inter­
State Commerce Commission as the "average annual railway operating
incomo” o f the companies for the three years ended Juno 30 1917, as follows:
Central o f Georgia Ky. Co., $3,450,903; Sylvania Central Ry. Co., $3,284;
Wadloy Southern Ry. Co. (deficit), $10,028; net compensation, $3,444,159.
There has been no settlement o f accounts under the contract, but tho
U. S. Railroad Administration has paid and received sundry amounts for
corporate account, including $950,000 paid your company on account of
compensation.




$4,091,536

$3,723,68

CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
1918.
$3,450,903
.
309,051
Items applicable to prior period.
$3,081,852
101,072

$4,589,908
109,203

$4,081,370

Federal tax accruals.
Rents, Ac ., received--------------Incomo from funded securities.
Dividend income_____________
Miscellaneous_________________

$2,980,180
93,271
84,258
498,238
44,472

$4,480,705
90,992
78,207
454,540
48,002

$4,081,370
101,193
74,200
871,238
61,270

$3,700,418 $5,159,105
Gross income____________________ $3,700,418
Deductions—
$369,249
$309,317
151,818
138,925
Other rents, A c-----------------------------1,997,411
Interest on funded debt------------------- 1,986,889
900,000
900,000
Preferred dividends (6 % ).................- ,
250,000
.
250.000 ---------------Common dividends (5 % )--------- -------------------------

$5,189,270
$368,868
140,801
2,029,949
900.000
250.000

Total deductions........ ..................... $3,645,131 $3,668,477 S3.689,618
Balanco, surplus___________________
$55,287 $1,490,628 $1,499,651
Note.— The figures for 1917 and 1916 havo been adjusted for comparative
purposes.— Ed.

A ug . 30 1919.]

THE CHRONICLE

CONDENSED GENERAL BALANCE SHEET DEC. 31.
1918.

$

A s s e ts —

&

1917.

.?

1918.
L ia b ilitie s —

$

Road
equlpm't.65 ,960,827 64,610,688 Common stock___ 5,000,000
Impr’ts on leased
Preferred stock...15,000,000
railway property
628,511
441,893 Equip, obllg’ns___
700,000
Deposits In lieu of
M tg. b d s .o u ts t...31,323,000
mortgage prop. _
132 ................ Coll, trust b d s ... 4,840,000
Mlse. pliys. prop..
442,894 Income bds. o u t . 288, 350
416,296
Inv. In affil. cos.:
Debt to affil co s.. 3,275,000
Stocks..................4 .799,102 4,799,092 Loans & bills pay.
900,000
Bonds_________
650,000
650,000 Traf.,&c.,bul. pay.
9,545
Notes & certlfs.
Acc’ts & wages pay
702,780
551,760
of lndebt’ness.
546,282 Mlsc. acc’ts pay’le
60,114
Advances______
919,319
881,323 Interest matured..
241,167
975,072
Other Investments.
776,904 Unmatured dlvs.............. ........
Cash______ _______1 ,182,776 1,291,084 Int. & rents accr’d.
400,040
Special deposits... .
261,739 Deferred liabilities
176,163
Loans & bills rec..
21,578
10,539 U. S. Govt, acc’t . . 7,200,969
Traf.,&c.,bal.rec._
50,899
140,878 Taxllablllty......... ..
99,871
Agents & conduc.. .
295,925 Insurance reserve.
349,008
Miscellaneous____
334,331
996,306 Renewal, &c., res.
298,652
Materials & supp. .
2,046,071 Accrued deprec’n . 4,484,708
Int.&dlvs.recelv.
’ 43 ,628
40,617 Unadjusted credits
127,389
U. S. Govt, acc’ t . . 5, 240,540
Gov’t adv.on comp
950,000
Deferred assets...
27,645
18,451 Add’ ns thro.inc.__x3,716,307
213,454
Unadjusted debits.
481,649 Debt retired........... x229,213
U.S.Govt.comp’n . 3 ,444,159
Profit
loss— bal. 5,087,755

&

1917.
S
5,000,000
15,000,000
800,000
31,383,000
4.840.000
288,350
3.100.000
* 353,338
1,255,264

274,749

211,607
575,000
408,395
24,516

168,760
350,532
299,352
4,548,026
911,085
3,690.447
229,213
5,020,700

T otal...............85,460,031 78,732,336
Total............... 85,460,031 78,732,336
x Since June 30 1907.— V. 108, p. 2527.

A m e r ic a n H id e & L e a t h e r C o m p a n y .
A n n u a l R e p o r t - Y e a r ended June 30 1919.)

(20th

President Theodore S . H a ig h t says in substance:
Results.— 'Tho operations resulted in a profit o f $3,760,676. which, after
charging replacements, renewals, and repairs roserve for bad and doubtful
debts, bond interest, and the usual sinking fund appropriations, is reduced
to a not profit o f $2,695,002. Tho volume o f busness was about 3% under
that o f the previous year.
.
(P 1,10 hands o f tho public at Juno 30 1919 amounted
to $2,507,000. having been reduced during tho year by $649,000. During
the year tkoro were purchased $649,000. o f which $450,000 woro sold to the
trusteo and $199’000 are hold in anticipation o f sinking fund requirements.
Ortho $450,000 sold to tho trusteo, $150,000 consists o f tho regular appro­
priation under the mortgage and $300,000 are bonds purchased out of accre­
tions to tho sinking fund. Sinco tho closo o f tho accounts arrangements
have been made for paying off tho bonds at their maturity on Sept. 1 1919.
Depreciation .-—The charge to income account in respect o f appropriation
for sinking fund for the past year, togother with intorest on the bonds In
this runa, has been $467,196, and as usual this, in conjunction with tho out­
lay for roplacomonts and ropairs, is considered as taking tho placo of any
specific provision for depreciation.
— Tho reserve for war excess profits and Income taxes has been
brought up to tho estimated requirements under the Revenue Act of 1918.
t
— Tho amount outstanding against cost o f properties on
June 30 1919 was $27,009,062, an increase o f $170,592 as compared with
Juno 30 1918. Of this amount $76,500 represents investments in stocks of
companies which utilize our by-products and tho balance is mado up of
nnscellaneoas additions, loss sales, to tho plants o f tho company.
Tho total current assets at June 30 1919 amounted to $19,130,306, and
tho current liabilities to $4,270,951, leaving not current assots of $14,859,355
an increase during tho yoar o f $701,781. Tho not curront assots at Juno 30
1919 oxcoodod tho total par valuo of tho bonds outstanding by tho amount
o f $12,352,355, leaving in addition thereto tho entire plant and goodwill
standing against tho capital stocks o f tho company.
Dividends.— Dividends wero paid on tho proferrod stock o f 2>*% in cash
and 2% in Liberty bonds on Oct. 1 1918, and quarterly dividends of 1 V. %
each on Jan. 2. April 1 and July 1 1919.

Taxes.
balance Sheet.

INCOME ACCOUNT OF COMPANY A N D ITS SUBSIDIARIES.

June 30 Years—
1918-19.
1917-18.
1916-17.
1915-16.
Gross output.................. $28,593,698 $29,104,428 $24,076,824 $23,559,749

Expenses—
Hides & skins used mfg.
supplies& expensos...$21.828,487 $23,218,643 $19,490,799 $19,487,455
D i s c o u n t s .................... 12234,539
1,300.462
932.509 1,083,511
Gonoral & soiling oxponso
683.302
623,176
491,727
444.187
Taxes (incl. reserves for
excess profits tax)------x l ,164,228
X452.728
481,400
46.644
Total.
................. $24,910,556 $25,595,009 $21,396,435 $21,061,697
Trading profits.................$3,683,142 $3,509,419 $2,680,389 $2,498,052
D i r .Br 3 v » d “ r i K f :
stock hold in t ru s t...

4M M
...........

Total.............................$3,730,436"
Deduct—
Roplaco’ts, renew. & rep.
$374,347
Bad debts and reservo..
28,172
Interest on loans, loss in­
terest earned.............
Cr.30,242
Int. on 1st mtgo. bonds.
511,500
Cost o f 150 bonds for s.f.
151,656
Preforrod divs., cash.(754)1.007,500
do in Liberty bonds. (2)260.000

2M 7
22.585

I6 '717
33,877

2« 65
...........

$3,534,811

$2,730,983

$2,521,407

$304,968
45,000

$234,786
4,512

$204,011
6,849

29,057.
113,814
511.500
511.500
151,330
154.500
(5)650,000 (7 >4)975,000

511,500
155,781

Total deductions_____$2,302,933
$1,776,612 $1,909,356
$878,141
Balance, surp. for y e a r.. $1,427.503 $1,768,199
$821,627 $1,643,266
x Inciudos in 1918-19 and 1917-18 taxes (including estimated excess profits
tax) other than those charged to manufacturing costs.
BALANCE SHEET OF COM PANY A N D SUBSIDIARY COS. JUNE 30.
1919.
A s s e ts —

$

1918.
$

Liabilities—

1919.

$

1918.

$

Cost of propert’s.a27,009,002 26,838,471 Preferred shares.. 13,000,000 13,000,000
Sinking fund.......... bl07,527
98,407 Common shares. .11,500,000 11,500,000
Supplies................. e l l , 840,993 11,889,481 1st M . 6% bonds.d2,507,000 3,156,000
Bills and accounts
Interest accrued..
170,500
170,500
receivable.............c3,878,452 3,854,207 Bills payable......... 1,200,000 2,200,000
Sundries, claims,
Foreign exchange.
621,747
............
&o.........................
7,569
15,417 Trade accounts . .
461,427
605,715
Insurance unoxp’d
Accrued taxes, &o.
76,083
176,244
and prepaid In­
Taxes.f.................... 1,521.598
471,000
terest ..................
161,042
143,432 Dividend payable.
219,595
______
Cash.......................... 1,926,400 1,077,946 Sink, fund 1st M . . 5,428,016 4,969,066
Lib. Loan bonds.. 1,315,850
800,550 Surplus.................... 9,540,929 8,469,386

Total.................46,246,896 44,717,911 Total................. 46,246,896 44,717,911
a Cost of properties Includes 4,517 shares pref. and 2,259 shares common
stock o f American Hide & Leather Co. held in trust, b Includes only cash
and accrued interest, tho par valuo o f bonds in sinking fund ($5,341,000
in 1919, against $4,891,000 in 1918) not being treated as an asset— see footnoto d. c.After deducting reserves o f $254,327 for doubtful debts and
discounts, d After deducting $475,000 bonds in treasury, $5.341,000 bonds
in sinking fund (see foot-noto b), $478,000 hold by trustoo as invested pro­
ceeds o f released property sold, and $199,000 in treasury in anticipation
of immediate sinking fund and other requirements, e After deducting in
1919 $700,000 reserve for possible depreciation in values of raw stock and
tanning materials on hand, f Includes estimated excess profits tax.
Note.— Price, Waterhouso & Co. say: “ The inventories of hides, skins and
raw materials on hand at the tanneries are valued at cost prices, and the
hides and skins at tho various hido purchasing departments aro taken at
conservative values which aro less than market. The stock of finished
loather and work In progress havo been valued at the same prices as last
^roar, those being below cost and below conservative market valuos.—




885

A m e r ic a n A g r i c u lt u r a l C h e m ic a l C o .
(Report fo r the Fiscal Y ear ending June 3 0 1 9 1 9 .)
President Peter B . B rad ley , A u g , 2 7 1 9 1 9 , N e w Y o r k ,
w rote in substance:
New Stock Sold— Debentures Converted.— In order to provide additional
working capital our capital stock has been increased, since the last annual
report, by the sale of 94,844 shares of common stock, at par, to the former
oSl,nel?r0f,9 2 mnl0A o ? dJPr®fcrr0d stocks and to the public (V. 107, p. 1838.
2099, V. 108. p. 173): during the past fiscal year debenture bonds of the
cou>Pany have also been converted into Common stock to the extent of
37,399 ahares, making the total par value of Common shares outstanding
0Dr ^ n
1£ 19, $31’C?5i?°9> against $18,430,900 on June 30 1918
(Th° New York Stock Exchange in March 1919 authorized that $250,000
6% Cumulative Pref. stock be added to the list on official notice of issuance
in exchange for $250,000 par value of capital stock of the American rh o ^
phato Mining Co., and $50,000 o f the Pref. stock upon official not.ee of
Lssuanco and payment in full. V. 108, p. 1062— EdJ
°
Period of Readjustment— With the ending o f the war, your company
suffered, in common with nearly all industries, many adverse conditions.
Prices of raw materials fluctuated widely as did many agricultural products
— notably in the case of cotton— the result being a general dislocation of
business, to which tho fertilizer industry was no exception.
At tho time of the armistice your company had largo stocks of raw ma­
terials and manufactured goods oil hand, as well as large contracts o f
materials for future delivery, as is customary at that time o f year pre­
paratory to its spring business.
’ ^
While prices and demand were well sustained in some sections, the reverse
conditions prevailed in others, due to the general uncertainties of trade and
to the anxiety on the part of many manufacturers to unload high-cost ma­
terials, purchased under abnormal conditions of war. Moreover manv
farmers, were loath to buy fertilizers as freely as usual, anticipating a'decline
m prices of both fertihzers and farm products, all of which conspired to
curtail the company s business m some sections of its extensive territory
Owing to these unavoidable factors your company carried over to the
current fiscal year large inventories of manufactured goods and materials,
from which has been deducted a sufficient amount to adjust the same to
approximate market values.
The cost per ton for labor, freight and taxes, moreover, increased 47%
over the cost of these three items for the fiscal year of 1918
'
Many labor saving devices have been installed during the year.
.. Pot.al h ^ u p p /iM .-W ith the reopening of trade with Germany and with
the rich Alsatian potash deposits in the hands of the French we hope to
obtain our potash supplies in tho near future at reasonable prices P
[The quarterly dividend was increased from a 6% to an 8% annual
basis beginning with tho dividend payable Oct. 15 1918.]
'
INCOME ACCOUNT YEARS ENDING JUNE 30
Profits front—
1918-19.
1917-18.
1916-17.
1915-16.
Income (incl. profits of
’
subsidiary cos.)*...........$8,035,854 $11,079,957 $8,459,896 $7,947,506
Other sources.....................
170,274
297.151
249,320
227,322
Total incomo-------------- $8,206,128 $11,377,108 $8,709,216 $8,174,828
Loss freights, losses and
contingencies................ $968,463
$976,594 $1,092,036
$858,801
Intorest on mtge. bon ds..
404.001
431,466
459.680
468.331
do debenture bon ds..
380,784
444.938
425.000
415.061
Factory, min. rep. & dep. 2,294,210
1.413.090
1.186,144
987.107
Total............................. $4,047,458 $3,266,088 $3,162,860
2,729,301
Profits................................ $4,158,670 $8,111,020 $5,546,356
5 .445.527
.4 -------______
Bonus to employees_____
210.264
Pref. dividends (6% )____ 1.659.896
1.658*487
1.655,067
1.653.492
Common dividends.x(7K)l,813,125(5^)1059777 (5)875.468 (4)737.236
Dismantlmg.buildings and
equipment property................... ....
66,041
______
___

f

SurPIus .......................... $685,649 $5,326,715 $2,805,557 $3,054,799
x Includes July 1918 dividend 14*% and Oct. 1918 dividend. 2% on
old Common stock and the January and April 1919 dividends of 2% each
on stock as increased.
/0
year^l918dandCt19f7 "'OPeratlng charges” and Federal taxes for calendar
B A L A N C E S H E E T J U N E 30 (I N C L U D I N G S U B . C O S .).
Assets—
1919.
1918
1917
Land, buildings and machinery......... $16,918,681 $16,368,928 $15,146,327
Equipment and floating property------ 4.369,279
3.856.639
3 147 160
--------Other investments__________________ 6.411 521
6.008.519
5.677,721
Mining properties.......................
19.487.801 19.375.237 18,298.660
United States bonds and notes______ 2.225.000
1.100.000
328.850
Brands, patents, good-will, &c______
i
1
1
Sinking fund (amount unexpended). .
1,035
1.998
Accounts receivable________________ 26.168.066 20.703.334 17.244*957
Notes receivable___________________ 10,217,338
9.786,915
8.211.015
Merchandise and supplies____________19,514,430 19,523.208
9.246.434
Unexpired insurance, taxes, &c______
379,346
318.204
288.271
Guar, accts. roceiv., new constr., exp.
chargeable to future operations, &c. 2,351.686
1.307.229
1.907,208
Advance payment, mdse., surplus__
163,206
1.170.071
Cash in bank and in transit________ 2.526,184
2,784.987
2.662.049

Tiiatrtlities— .................................... $110.733.576$102.305.271 $82,158,652
Stock, common.....................................$31,655,200 $18,430,900 $18,430,900
Stock, preferred____________________ 28.384.200 27,648,200 27.627.200
Accounts payable, accrued taxes. &c_ 3,842,398
4,085.101
3,064,068
Notes payable......................
14.917.500 17.020.000
3.563.180
First mtge. convertible gold bonds___ 7.443.000
8.252.000
8,608.000
5,360,100
Debenture b o n d s ..........................
95100.000
8.500.000
Roserve for property^depreciation__ 1,241,127
598.051
486.741
do
renewals__________________
276.740
249.676
306,363
do
doubtful accts. & con ting’s .
532.833
526,512
504.084
Profit and loss, surplus______________ 17.080,478 16.394.830 11.068.116
Total liabilities............... ............. .$110.733,576$102.305,271 $82,158,652
Note.—Marwick, Mitchell. Peat & C o., the chartered accountants
Aug. 18. report in part: “ No reserve has been sot up to provido for the pro­
portion of Federal incomo and excess profits taxes applicable to the six
months ended June 30 1919. but tho Federal taxes assessed for the calendar
year 1918 have been deducted from tho earnings o f the fiscal year ended
Juno SO lOiO. There has been charged against the operations o f the year
$2,294.209. which appears to be sufficient to cover maintenance and depre­
ciation of the properties during the year. The account. ’Other Invest­
ments.’ includes tho investment in the Charlotte Harbor & Northern Rv
Co., which is owned wholly by the company.” — V. 108, p. 2435, 1062.

P a c if ic M a il S t e a m s h ip C o m p a n y .
{Report fo r Six M on ths Ended June 3 0 1 9 1 9 .)
P resid en t G eorge J . B a ld w in says in substan ce:
Results.—N et income for the period was $1,240,759. Dividends paid
on tho capital stock were $450,000, leaving a balanco of $790,759, before i
however, allowing for amortization and estimated Federal taxes which may
consume the larger part of this balance. Dividends for tho period consisted
of a semi-annual dividend of 50c. per share and an extra dividend of SI
per share on June 16 1919 to holders o f record June 2 1919.
Steamers.— The redelivery to the company o f our steamers which were
under requisition charter to the U. S. Government was completed on Mar 31
During the past six months we havo continued to operate our steamers
Colombia, Venezuela and Ecuador in the Japan-China-Philippines service
This tonnage has been supplemented by seven U. S. Shipping Board vessels
assigned to us for operation. The net result has been a definite upbuilding
o f our American traffic on the Pacific in proportion to the increased ton­
nage available for Pacific Mail operation.
Our Manila-East India line to Manila, Singapore, Calcutta and Colombo
has been maintained with the SS. Oolusa, operated under an agency agree­
ment, the SS. Santa Cruz under charter and one vessel assigned to us by the
U .S . Shipping Board for use in this line. Business in this service continues
to develop, and a feeder service from Manila calling at Saigon, Singapore
and Macassar has been established with four Shipping Board steamers.

[Vol. 109

THE CHRONICLE

8 8 6

The Panama line has been maintained with four of our steamers and one
chartered steamer. This line has been taxed to capacity both as to passen­
gers and freight. Our 27-year-old steamer Peru was dispatched to Havre.
Franco with a full cargo of coffee and was sold there on favorable terms
with a ’view to replacement. The necessity o f extending our Panama lino
has been apparent for some time, and in order to accomplish this the four
steel freight steamers Point Hobos, Point Adams, Point Bonita and I oint
Judith of about 3,700 tons deadweight capacity each, have been purchased
from the U. S. Shipping Board. [Seo announcement on a following page.l

RESULTS FOR 6 AND 12 MONTHS ENDED JUNE 30.
Panama &Trans- — 6 Mos. end. June 30------- 12 Mos. end. June 30PaHHcLines—
1919.
1918.
1918-19.
1917-18.

Gross rev. steamship o p . $2,772,624 x$l,989.736

$4,803,620

$6,441,165

OPoverh04 d ,in& c.d!^ -e-C
-'-’

3,385,808

3,983,902

1.776.813

1,117,896

$668,384 $1,417,812 $2,457,253
$995,711
240,077
507,283
130,074
245,048
Miscellaneous revenue. . ______________________________________________
Total net revenue___ y $ l,240,760 $1,001,914 $1,925,095 $2,697,329
Pref divs (7% P. a.)_ ________
59,500
-----------119,000
Common dividends.. . (30% )450,000 (30)345,000 (60)900,000(90)1035,000
B alan ce.................... .. y$790,760

y$597,414

$1,025,095

$1,543,329

v Includes operating commissions reported in last year's semi-annual
statement as miscellaneous revenue, y In considering total net revenue in
the Income statement for the six months, both in 1918 and 1919, and surplus
In tho balance sheet, as of Juno 30, allowance must be made for amortization
and estimated income and excess profits taxes, which have not yet been
set up in tho account.
CONDENSEDBALANCE SHEETJUNE30.
1919.
1919.
1918.
—
S
—■
S
8
Steamers,Ac.,cquipx2,859,593 3,898,202 Preferred stock—
Securs. unpledged- y200,059
200,059 Common stock___ 1.500.000
g ash_____________ 3,454,744 2,856,043 Prom.on cap.stock. 1.380.000
Ilians & accts. rcc. 6,050,000 2,300,000 Audited vouchers
291,374
A wages unpaid .
Ins. Claims against
587,433
underwriters___
224,158
260,730 Misc. accts. pay’lo
31,542
Materials & supp.
143,201
115,079 Matur. divs. unpd.
Open voyage revs. 7,364,212
Reserve for doubt­
Other
def'd
items.
795,952
ful accounts____ Cr.200,000 Cr.200,000
743,518
Advance rents, Ac.
177,557
223,078 Ites've for replac’ts
Open voyage e x p ..
759,267
102,154 Ues’ ve for add’ns
858,353
and betterments
Other def’d items.
185,592
34,862
Rcs’ ve for repairs.................. ..
Mlsc. accts. recelv.
Bal.
of
res.
for
1918
A other working
war taxes______
400,000
assets - ___- ____ 2,642,754 1,834,656
Surplus___________ 2,538,539

Liabilities

Assets

Total....................16,490,924 11,624,863

1.700.000
1.150.000
150.000
332,690
390,982
33,161
2,174,208
1.661,330
662,795
858,353

100.000

2,411,343

Total....................16,490,925 11,624,863

x After deducting $3,620,869 reserve for accrued depreciation, y After
deducting $100,000 reserve for depreciation of securities.
See news item on a subsequent page regarding service between San Fi ailcisco and Baltimore via Panama Canal.— V. 108, p. 2129.
M a t h ie s o n A lk a li W o r k s ( I n c .)

(Report f o r the Fiscal Year ending June 3 0 1 91 9 .)
Presidont E dw ard E . A rn old , P rovidence, R .

I ., A u g.

15 w rote in substance:
The vear included material difficulties attributable to the closing months
of the war especially during the early months of 1919. lrade conditions
wero very badly disorganized. One effect was that in tho exercise of a
wise discretion tho Directors found it essential to interrupt the payment
of dividends on the common stock, and no dividends were paid on April
1 and July 1 of this year, at wiiich times in ordinary course thoy would

Stated capital and equity, April 1 1918----------------$9,016,003
Add— Net adjustment account of sale of Seattle
plant, revision of 1917 taxes, &c.,; pro­
vision for sinking fund reservo, $283,645; net
available profit for year, after making sinking
fund provision and paying dividends of $677,673 1,176,221
Capital stock, total equity, agst. 89.630 outstand­
ing shares__________________________________ b$10, 192,224
Outstanding pref. stock of Todd D. D. & Construc­
tion Corp. Tacoma__________________________
,625,000
Funded Debt Robins I). D. & Repair Co. 1st 5s,1961
786,000
Todd Shipyards Corp. 6% Conv. Notes, 1921..
Seattlo Construe. & D. D. Co. 1st 443s, 1920-----First and General 6s, 1922----------------------------910.000
Tietjen & Lang Dry Dock Co. 1st 5s, 1936--------567.000
Tebo Yacht Basin C o., real estate mortgages-----Notes payable---------------------------------------------------ok V o?;
Accounts payable and advances on contracts----- 3,395,251
Reserves for Federal taxes, A c--------------------------- 9,803,490

$4,713,247

4,302,7o6
$9,016,003
500.000
2.700.000
1.994.000
1.500.000
1,000.000
946.000
580.000
600.000
0,665,301
6,950.845

T o ta l...........................
$28,278,965 $32,452,149
b Authorized and issued, 116,000 sharos; deposited with tho Brooklyn
Trust Co. for exchange of 5-year gold notes, 14.890 shares; in treasury.
11,480 shares; outstanding, 89,630 shares.— V. 108, p. 2534.
S t e w a r t -W a r n e r S p e e d o m e te r C o r p o r a tio n .

(F inancial Statement fo r Six M onths Ending June 3 0 1919)
The quarterly dividend on tho Common stock, which since May 1913 had
been l lA % quarterly, was 2% in Feb. 1919 and again in May and August.
Results for 6 months to June 30 1919 and Cal. Yr. 1918.
6 Mos. to
Calendar Yr.
June 30 '19
1918
Income after mfg., selling, admin, exp., incl.
losses on doubtful acc’ts., deprec. etc----------$1,373,884
$2,002,646
Federal taxes________________________________
(x) 137,000
407,981
Dividends __________________________________ (4%)400,000 (6%)600,000
Balance surplus______________________________
$836,884
$994,665
x In 1919 does not include excess profits tax.
BALANCE SHEET.

Assets

—
Land, bldgs., etc.
Patents, trade
mark, etc_____
Inventories_____
Notes & acc’ts rec
Investments___
Cash ..................Trcas. stk. (pref.)
Deferred charges.

Jure30 T9 Dec. 31 '18
S
2,847,285

9,140,208
3,448,370
2,021,049
*339,149
263,579
1,000,000
140,109

June

Dec.

30 ’ 19
31 T8
$
S
$
b ...........
2,833,113 Preferred stock.. 61,000,000
Common stock.. 10,000,000 10,000,000
407,674
273,307
9,134,807 Accts & vouc. pay
2,736,538 Accrued com.
137,510
87,219
wages etc_____
1,585,511
39,863)
425,000 Excise tax............
425,000
507,007 Income & excess
377,829J
profits tax____
64,721 Surplus.................. 7,287,764 6,450,880

Total...................... 19,200,350 17,286,697

Liabilities—

T o ta l................ 19,200,350 17,286,697

a Includes $335,000 invested in U. S. Government securities in 1919
and $425,000 in 1918.
.
. ,
..
b Tho $1,000,000 preferred stock retired in August 1916, and subsequently
omitted from the balance sheet has been restored to tho balance sheet of
Juno 30 1919, appearing both with tho liabilities and as a Treasury holding
among assets.— V. 109. p. 484.
U n it e d P a p e r b o a r d C o m p a n y , I n c .

(Sixth A nn ua l Report— Year ending M a y 31 1 91 9 .)

President Sidney M itch ell says in substance:
In the last six months of tho fiscal year, in our business like many other
industries, there was a considerable reduction in the demand for paper­
board. Mills were unable to operate at full capacity and prices of our
products weie very much reduced. Recently there has been an increased
demand for paperboard and some increase in prices.
Your mills at Fairfield, Me.; Yorktown, Ind., and Urbana, O., which
^ It5is gratifying to be able to state that the present indications aro that were
down the previous year, have not been in operation, due to tho
with tlio settling of business relations we may assumo a more nearly normal belief shut
that at the low prices prevailing thoy could not be operated except at
situation, and we trust that a year hence tho Company will bo able to make a substantial
loss.
„
. „
,
.
a report which will be satisfactory to all its stockholders.
The company purchased $126,000 Somerset A Kennebec 5% bonds,
due 1919. Tho remaining $199,000 bonds outstanding, duo in 1921, are
DISTRIBUTION OF PROFITS FOR YEARS ENDING JUNE 30
secured by a mortgage covering the Thomson (N. Y.) mill.
, , .
1919
1918
1917
Dividends amounting to 6% wero paid on tho Preferred stock during
P ro fit.................
$943,962
$1,225,480$1,639,584
the past year and a dividend of 1% on tho Common stock.
Disposedof—
,
The company has expended during tho year $419,807 tor mill impts.
95,638
Preferred stock for sinking fund----------------Treasury Liberty bonds of $400,000 are held in the treasury.
60,000
173,750
Liberty Loan bonds-------------------------------—
INCOME ACCOUNT FOR YEARS ENDING MAY 31.
340,000
Bonds retired-----------------------------------------—
12,915
1915-16.
1916-17.
1917-18.
1918-19.
Back taxes------------------------------------001
221,872
215
383
$338,714
$715,472 $1,937,339
$686,170
Pref. divs. (7 % ).................................... . . . 2 2 1 ^ 2
Gross earnings_________
348,287
Repairs A replacements.
75,0191
96,974
106,107
Taxes
A
insurance______
64,826 Administration expenses
46,863
68,783/
84,781
Changes in cash, inventories, Ac. (net)— 552,008
44,182
93,423
BALANCE SHEET JUNE 30
$291,851
$533,717
$486,640
Net earnings.........—
1918.
1919.
3,513
10,042
1918.
1919.
36,015
18,722
Other income__________
I
S
$
1
$
$
5,835,700
5,885,700
Common
stock..
$295,364
$569,732 $1,455,291
$505,362
Real property A
Total net earnings—
3,169,600
3,169,600
Preferred
stock..
$35,639
$27,180
$21,818
general plant.. 8,227.237 7,641,232
$17,251
Interest charges---------823,603
1,087,029
100,000
600,000
400,000
300,000
Franc.* good will 2,000,000 2,000,000 Accounts payable
Depreciation__________
x 26,465
253,737 Customer's pm'ts
103,672
159,565
95,177
94,616
Cash ___________
Preferred divs. (6% ) —
92,000
142,000
379,441 1,145,234 Sinking fund-----(
>3)45,904
91,811
Securities owned.
Common
divs.
(1
%
)----404,034 Profit loss.......... 1,292,021 1,987,679
126,950
Accounts rec-----570,803
1,134,791
965,509 Reserves .............
$724,439
$159,725
1,721,729
$6,833
$1,684
Inven. & store—
♦Balance, surplus____
Prepaid accounts
Pref. stock purch

29,985
92,700

26,939
92,700 Totals.................... 12,737,606 12,529,385

Customer’s payments held against return of cylinders and drums.
V . 108, p. 1169.

T o d d S h ip y a r d s C o r p o r a tio n .
(Report fo r Fiscal Year ending M arch 31 1 919.)
Pres. W m . H « T o d d , N . Y . A u g . 2 1 , w rote in substance:
Since March 31 1919 all of the outstanding $786,000 6% convertible notes
of Todd Shipyards Corporation have either been converted into stock of
the corporation in accordance with the terms of the note indenture or have
been called for payment and cancellation. Tho total number of shares
of stock now outstanding is 95,090.
CONSOLIDATED INCOME STATEMENT YEARS ENDING MARCH 31.
(Including Subsidiary Companies.)
iy iy .
lv io .
Net earnings from operations.......................- .........$12,292,767 $11,998,550
481,491
Deduct— Interest charges.................- .......................
dJLJJ/
722,553
Resorvo for depreciation... .................................
5,865.461
Reserve for Federal taxes, &c...............- ............. 8 ooI ’ iqi
Loss on sale of fixed assets......................... - .........
»04,i.5L
985,809
Provision for sinking fund reserve...........................
626,290
Dividends ($7 per share)...........- ............................. ....... b / C b /.i
Balance to common stock equity--------------------$456,909 $3,316,946
CONSOL. BAL. SHEET MARCH 31 1918. FOR CORP. A N D ITS SUBS.
Assets__
1919.
1918.
Real estato, buildings and machinery, $13,569,043:
patents, patterns and drawings, JS107,107; less
reserve 'for depreciation, $4.732',791...................S f,943.359 $13,268,768
Cash
Accounts
7,462,863
Accounts ’receivable", ’ less’ reserves...........- - ........... 9 M 5 .834
Work in progress, less received on account........... 4.767,460 6,004,168
Material and supplies..........................................................

1.147,014

2 .4 6 8 ,lot)

uTfLLibCTty bonds and certifs. of indebt, at p ar._ 1,843,942
1,617,565
Marketable securities, $57,493; cash deposits agst.
contracts, $50,000------------------------------------- -—
"''i 7p'' o5 k
!v
i AIM
119,035
Deferred charges----------------------------------------------lio .x o o
...................................................................................$28,278,965 $32,452,149




CE
SH
EET.ay25T8.
UNITED PAPERBOARD CO, INC., BALANM
ay31
T9. M
May31 T9. J/ay25T8. Liabilities—
S
8
Assets—
$
S
Preferred stock___ 2,100,000 2,100,000

Plants, equipment,
trcas. sec., A c.xl3,631,080 13,287,223 Common stock. ..12,000,000 12,000,000
141,083
131,368
Cash..... .............
452,808
325,431 Accounts payable.
Bills & accts. rec..
451,608
002,683 Contracts for Improv’ts & replac.
305,373
212,967
Mdse. & supplies.
840,180
837,152
154,307
180,828
Deferred charges..
379,070
324,350 Res.for accr.lnt.,*c
Suspended assets.
4,670
3,367 Surplus__________ 1,067,669 1,055,043
T o ta l_________ 15,768,432 15,680,206

T o ta l...................15,768,432 15,680,206

x Includes, May 31 1919, real estato, plants, machinery, personal prop­
erty, stocks and bonds, $13,389,613, and sundry other securities $440 468;
total .$13,830,081; less sundry bonds and mortgages (not liabilities of this
company), $199,000; balance as above, $13,631,080.— V. 108, p. 106o.

GENRAL 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.

A u g u s t a S o u t h e r n R R .— Receivers' Sale .—
The receivers, Franklin Q. Brown and John F. Lewis, pursuant to an
order of the Richmond County (Ga.) Supreme Court, dated July 29 1919.
will sell at public auction at Augusta, Ga., on Oct. 7 1919, the entire prop­
erty Ac., consisting of 83 miles, subject to $400,000 First Consol. Mtge.
5s dated Dec. 1 1894.— V. 108, p. 682.
B e rk sh ir e S tr e e t R y .— Receivership .—
Judge Lawton, in the Massachusetts Superior Court, on Aug. 29, ap­
pointed C. Q. Richnian (General Manager), receiver.
A conference between the trolley men who wont on strike Aug. 9 and the
receiver, it is stated, will consider tho receiver’s plan for opening certain
parts of the trolley system which can be operated at a profit.— V. 109,
’’ B lo o m in g t o n (111.) & N o rm a l R y . & L i g h t C o .— Fares —
The Illinois P. U. Commission lias authorized tho company to charge
a 7-cent fare in Bloomington and Normal, effective until Aug. 1 1920.—
V. 106, p. 2648.

A ug . 30 1919.]

THE CHRONICLE

Boston Elevated Rys.— Zone System.—
I r e s id e n t J . H e n r y N e a l , o n A u k . 2 6 , b e f o r e t h e s p e c ia l c o m m i s s i o n
c r e a te d b y t h e L e g is la tu r e t o in v e s t ig a te t h e s t r e e t r a ilw a y s itu a tio n t h r o u g h ­
o u t t h e S t a t e , s t a t e d t h a t , in h is o p i n i o n , t h e f a r o o n t h e r o a d s h o u l d n o t
1 0 c ®” t s > b u t t h a t a t w o - z o n e s y s t e m s h o u l d b e e s t a b l i s h e d ,
in b o t h m i
f a r o ° f 6 c e n t s n 0 1 ,0 z o n e - o r a t o t a l f a r o o f 8 c e n t s f o r a r id e

Mr. Neal also stated that he believed tho average fare of 7 cents that
would be procured by the application of a two-zone system would with
t
prl®s,°il t s u k w a y r o n t a ls a n il b e t t e r m e n t t a x e s , a n d
w it h t h e s a l e o f t h e C a m b r i d g e s u b w a y , w o r k o u t m o r e s a t i s f a c t o r i l y t h a n
th e p resen t p la n .
.
^

commission that the recent strike had cost the Elevated
$o0,000 a day, a total o f $200,000, in addition to yearly increases in wages
—VU
)l°774’ 'j7 ())0° ’ ° n tho basis of which tho strike had been settled.

Brooklyn Heights R R .—Permanent Receiver.—

See Brooklyn Rapid Transit Co. below.— V. 109, p. 269.

Brooklyn Queens County & Suburban RR.— P er-

manent Receivership.—

Seo Brooklyn Rapid Transit Co. below.— V. 109. p. 269

Brooklyn Rapid Transit Co.— Receivership Jor Surface
Lines Made Permanent.— Wage Increase Determined.— ‘

887

instalment of interest represented by coupon No, 15, due March 1 1915.
The interest will bo paid upon receipt of funds therefor from the U. S.
Railroad Administration at the First National Bank, New York or the
First Trust & Savings Bank, Chicago, on and after Sept. 1 .— ’vriOiL p 370

C h in e s e

R a ilw a y s .—

Report on Government Railways.—

rile Republic of C h in a, M in istry of C om m unications, has
issued an elaborate report of 74 pages, w ith m a n y tables and
diagram s, covering the statistics of G o vernm ent railways
for the calendar year 1917.
The total number of miles of railway in China is shown to be 6,740
representing 10,847 kilometers, the latter figure embracing (a) Government
t°,Pierr « om 5 ‘/19° kilo.me.to1rs>and operated by construction forces,
f A.or
1 ! of
(W provincial and private railways subject to control
kilometers.— ^ ^OS0 ^ ^ ^ ^ 00’ 678: W concessionod railways, 3,830

C o lo r a d o S p r in g s & C r ip p le C r e e k D is t. R y

Colorado’ Spring” ' Coto - V . PlOS p^2528°f ^
. n4 j
c
?,V,rt a's° ordered the consolidation of tho foreclosure
subsid^aricS creditors suits against tho Brooklyn Rapid Transit and its
° A 2f‘T° °.vcr
(“xisting rato schedules to apply to al
departments and to bo retroactive to Aug. 10 has been granted to the
t0 ar,?j[rate their grievances two weeks ago.
^ J,? expected tho employees will ratify and accept the award.
OMSI rfnro\ in °r cmSJw •o' ‘
as £ollows: Eor motornien and conductors
?nriSeW a?«inJmV>rrt rlu™ !!!6 an hour, present rate 11 to 49 cents; subway
it !nr- In)\w*!vKl-1w,7i ’ i-) \°,{)2 ccn.(s an hour, present rato, 39 to 41 cents an
r T e being 43 to 45 cents
cotuluctors. .54 to .57 cents an hour, present
w ^ A ^ n n S n 6' ® 611' ,****• f? r tho receiver, stated that tho increase
would add $5,000,000 annually to the company’s payroll.— V. 109, p. 764,

—

D e fa u lt.

u iThe company having defaulted on the interest due Jan. 1 1919 on the
?ilrsL^«!?Id^a^’e ^ '.5- bonds dated Jan. 1 1900 and the default having con­
tinued fbr six months after demand by the trustee, also default having been
Iand0i and*
J?*6™8* T
a“ d the sinking fund installment due
Jan. 1 and July 1 1919, the Central Union Trust Co., N. Y ., trustee, having
by $1,183,000 out of a total of $1,225,000 of the bonds, has
declared the principal of all the bonds issued and outstanding to be im­
mediately due and payable in accordance with tho terms of the indenture.
George M . Taylor has been appointed receiver; H. G. Lunt, General
company’ with offices at

C o lu m b u s (O .) R y ., P o w . & L t. C o . —

P a re

In c .

D e fe a te d .

The voters at the primaries on Aug. 13 defeated the ordinance giving the
25 ccn"sy- V *l09eaSe 7 7 4fa2 7 0from 8 tickets for 25 cents to 6 tickets for

C o n e y I s la n d & B r o o k ly n R R . —

P e rm a n en t

C o n n e c tic u t C o .—

In c r e a s e

See Brooklyn Rapid Transit Co. above.— V. 109, p. 270.
A cc e p ts

W a g e

R e c e iv e r s h ip

.—

The employees of the company have accepted the offer of a 12% wage
increase. The advance amounts to 5 cents an hour.— V. 109, p. 581.

C u m b e r la n d E le c t r ic R y . —

C o n s o lid a tio n .—

See Potomac Gas & El. Co. under “ Industrials” below.— V. 107, p. 695.

Buffalo & Lake Erie Traction Co .— Sale, &c.—
__V 0 lo s ^ p 1^JypC^por*' * Ontario Power Co. under “ Industrials” below.

Canadian Northern Railway.— Collat. Trust.—
A?,IIlp? n?rn?n A uK- 9 filed for record its Collateral Trust Agreement,
:19JC apd .pcntral Union Trust Co. o f New York, trustee,
flnifnnl? icertain 6 % Collateral Trust Gold notes, presumably the $10,476’^3 7 ()S'SUO p aced by Wiliam A. Read & Co. Compare V. 109, p. 774

Chicago North Shore & Milwaukee RR.— Offering of

Awte.s-. liaise}', Stuart & Co. and National City Co. aro
offering at 99.29 and int., to yield 6.75%, $600,000 Secured
6% gold notes, ser. “A,” dated Aug. 15 1919, due Aug. 15 ’20.

Int. payable F. & A. in N. Y . or Chicago. Donom. $1,000 (c*). Re­
deemable as a whole or iu part upon 30 days’ published notice. Interest
payaDio without deduction for Federal income taxes now or hereafter
deductible at the source to tho extent of 2% .
This Issue.— A direct obligation o f the company and secured by deposit
with trustee o f $8.57,200 par value 1st M . 5% gold bonds (V.103 p 1031)
The indenture provides that additional notes may be issued from time
to time in series o f such aggregate amounts and bearing such rates of interest
and maturing in 1,2 or 3 years, or 1,2 and 3 years, as the board of directors
°r the executive committee of tho company may determine, provided that
i e /'v r % /Slla V° secured by the 1st M . 5% bonds in an amount equal to
iV ,,',i i /° ’ o r' 111 ‘’I1 °* 6% bonds all or any part thereof, the 1st M . 6%
a“ , aT , Uont ,ef|V,aJ,?? 12.5% of the notes so issued. Under this
provision notes o f Series A have been authorized in amount of $600,000.

Flic bankers named above are also offering at prices rangmg from 99.50 and int. to 94.61 and int., to yield 6.50% to
0.75% according to maturities, $500,000 6% Equipment
gold notes, dated Aug. 1 1919, duo $50,000 Aug. 1 1920 and
$25,000 each Feb. 1 and Aug. 1 thereafter to Aug. 1 1929.
r .\i , P* yabl£ a ’ ;, * A ; ln Chicago or N. Y. Dcnom. o f *1,000 and $500.
Callablo as a whole or in part at any time upon 30 days’ notice at 101 and
•Hid a t V n n r * m o*e t k a 5 5 years to run from date o f redemption
ahio withmif h4M
’ fo/ n?,te? having 5 years or less to run. Interest paynt
tion for FSderal income taxes now or hereafter deductible
1 Sn-urUu— A ? i t 1
1
2 %- Northern Trust C o., Chicago, trustee.
nn‘
A direct obligation o f tho company and secured by a first Hen
t r iii7 .r
-rUrba,\,!notor passenger cars, 15 steel interurban control
,,!a' r Passenger cars, 12 parcel dispatch motor cars and 10 one-man safety
fnr n«* ! ‘ , otal c‘2st ° f the equipment is at the rato of $ 1 0 0 of equipment
lor not in excess o f each $70 of notes issued.
Data from Letter o f Pres. B ritton 1. Budd, Dated C hicago, Aug. 21.
i«i
, ,
Authorized. Outstanding.
bonds, duo July 1936...........................$10,000,000 *$4,060,000
i1';/ U^ ri-,i’ , ,Il0tc''’ ’ Scries A, 1 9 2 0 ....................... See above
600,000
7 ‘7 serin 5£m " ° ] cs’ 3ue 9uly \ 1920----------------885,000
*360,000
/, is serial gold notes, duo Juno 15 1921
385 000
*260
000
l a u h m m S ^ T r ’ (U,10 1920-1929---------- 1
650,000
L uipm cn t1 rust 6% notes, due 1920-1927----------170,000
Goib_M. 5% bonds, due Aug. 1936---------------------- g\,500,000

5003)00
*127,500
460,000

? w 7 ? 7 ’i2 9 9 Ist M - 6 % bonds pledged as security for
.
H N° l ° Issues. * Balance o f authorized issues has been
M k «|Crnn nSmia«tlni{ln ,neX’ 11 9 f the authorized amount of Gen. Mtgo.
•qGO,000) $1 >180.000 were issued, of which amount $240,000 have
«iun non U- a"d canceled, $160,000 are still outstanding, and the remaining
$180,000 arc in tho company s treasury and may bo reissued only with the
consent and the approval of the Illinois 1*. U. Commission and the Wisconsin
R R . Commission.
The capital stock is in the nominal sum o f $100,000, which has been made
the basis o f an authorized issue oi $170,000 participation certificates with
no face value expressed.
Earnings and Expenses Twelve Months Ended June 30
1918.
^®tal operating revenue. ........ ................................$3,252‘!846 $2,149,762
?V. ’ ^fter maintenance and taxes________________
8 9 5 015
614,269
Miscellaneous incom e________________________________
11 [860
6,678
Available for interest charges, depreciation, Ac
906 87.3
620,948
A nnual interest on $4,060,000 1st M . 5s, $1,220,000
b * 7% notes and $627,500 Equip, notes requires 316,450
.
.,1
»
•> 1919 the company began frequent through service from the
elctated loop in Chicago to its terminal in Milwaukee. All-steel limited
u.uns, with dining cars, now carry passengers to and from the heart of the
v»ii ’ ,ote*, theatre and business districts o f the cities o f Chicago and
Milwaukee without change or transfer.
v 1,nrCom*!>2 o,! description of property, franchises, &c., seo V. 103, p. 1031;
V 108’ p 212b ^ 1 9 7 ’ *K 694. Annual report for calendar years 1918 in
.

c*

C h ic a g o

S t. P a u l M in n . & O m a h a

Ry. — Dividends.—

c 1,!'° dividends o f
% on the Preferred stock and 2)4 % on tho Common
A,«ff. 20 to holders o f record Aug. 1, has been paid with tho
*Augr ° 2 0 — V 109^ ptH269 ^ CnCra*’
‘st0C^ being Quoted ex-dividend on

C h ic a g o T e r r e H a u t e & S o u t h e a s t e r n

Ry. — Interest;—

The directors have declared interest on tho Income Mortgage 50-yoar
gold bonds at tho rate o f $ 1 2 60 on each $ 1 ,0 0 0 bond on account of tiio




D e la w a r e
o n

R e c e ip t

o f

& H u d son
F u n d s fr o m

C o .—
U .

S .

U s u a l

D iv id e n d

G o ve rn m e n t

C o n tin g e n t

.—

The directors, repeating their action of previous quarters, have declared
“ dividend of $2.25 on the stock, “ payable Sept. 20 1919 to holders of record
at the close of business on Aug. 28 1919, provided that before said date
there shall be received from the U. S. Government a sum sufficient in the
opinion of the I resident of tho company with other available funds, to
pay the sanje and payable at a later date when, as and if said sum shall
be received.” — V. 109, p. 774.

D e la w a r e R a i l r o a d . —

B o n d s

C a n c e le d

.—

a . ° ? 4 ug; 2 1 thiT,9. were struck: from tho regular list of the Philadelphia
Stoclc Exchange $36,000 4}£% bonds, duo July 1 1932, canceled by the
sinking fund, leaving the amount listed at this date $412,000.— V.94, p f 278.

E a s t S t. L o u is

&

S u b u r b a n R y .—

S trik e

.—

The motormen and conductors, having violated their agreement to abide
by a settlement of tho federal War Labor Board, which granted them an
increase in wages of 12%, returned to work on Aug. 25 after a ten-days
strike. The men voted to return to work pending arbitration of their de­
mands by the Illinois P. S. Commission.— V. 109, p. 676.

E a s te r n M a s s a c h u s e t t s S t. R y . —

B o n d

In t .,

W a g e s,

& c.

Operating expenses of tho Eastern Massachusetts Street Ry. (Bay State
System) have increased so rapidly in relation to gross receipts that the road
will be unable to pay any interest this year on the Refunding Mortgage
bonds. There are nearly $2 0 ,0 0 0 ,0 0 0 of these bonds outstanding, bearing
ntcrest at 413%. 5% and 6 % . Interest requirements on these bonds are
in the vicinity of $900,000 a year.
The failure to meet the interest due will not, however, operate as a legal
default, as provided in the recent reorganization o f the road. In other words
Ibe company can, if required earnings are not available, defer until Dec. 31
1J25, the first two years’ interest on the Refunding Mortgage bonds, being
]vewsBure-iu)VeVer’
° f th° amount of Interest so deferred. (Boston
On Aug. 26 officers of the unions of the employees of the 15 divisions of
the system announced that the men had voted (a) to reject the award of
the National War Labor Board, granting the men a wage increase of 12%
(?) t° submit the question of wages to a new arbitration board (c) to call
ste'ke if no agreement can be reached upon a reasonable time.
T, ThcPub:lie Trustees of the company have awarded a contract to the J. G.
Brill Co. for 100 one man cars.— V. 109, p. 676, 172.

E rie & S u b u r b a n R y .—

S a le ,

& c

.—

See Niagara Lockport & Ontario Power Co. under “ Industrials” below.

G e o r g ia

R a ilw a y

& P ow er C o .—

B o n d

.—

A p p lic a tio n

This company has applied to tho Railroad Commission of Georgia for
mnroval of (a) an additional issue of $489,000 First & Refunding 5% 40-year
JFor\rw fun^ b p m l s of 1914, to reimburse the treasury to the extent
of 80 7c and 85% o f the cost of additions and extensions to its plant and
JFan K1 19} 9 t o Juno 30 1919, both inclusive. (6 ) An issue of
$105,000 Refunding & Improvt. Mtge. bonds of 1909, to be used in paying
i.>% of the cost of additions and extensions to its plants and properties,
from Jan. 1 1919 to Juno 30 1919, inclusive.— V. 108, p. 2022.

G r a f t o n L ig h t

Sr,

T r a c t io n C o .—

C o n s o lid a tio n

.—

See Potomac Gas & El. Co. under “ Industrials” below.— V. 105, p. 1620.

G r a n d R a p id s R y .—

F a re s

.—

The company after a month’s trial of a 5-cent fare on Aug.
to a fare of 6 cents.— V. 108, p’ 2433.

G ra n d T ru n k R y. o f C a n a d a .—

C h a irm a n

1

reverted

K n ig h te d

.—

Alfred W. Smithers, Chairman of the Board, has been knighted bv King
George. Sir Alfred has been Chairman of tho road since 1909. He is a
member of the British House o f Commons.
N e g o tia tio n s

.—

A press report says that Sir Alfred Smithers, Chairman of the Board,
and Howard G. Kelley. President, with other officials, aro again conferring
with membors of tho Dominion Government with reference to the proposed
acquisition of the system as part of the Canadian National Railway system •
H is understood.” the press report says, "that tho Government has made
a final offer to assume all liabilities and pay an annual rental of about
$3,600,000 in perpetuity. — V. 109. p. 370.

I n te r b o r o u g h -M e tr o p o lita n C o .—
In c r e a s e d

D e fic its —

B o n d h o ld e rs

U rg e d

R ep ort
to

o f

E x p e rts

D e p o s it

as

to

.—

See Interborough Rapid Transit Co. below.— V. 108, p. 1390.

I n t e r b o r o u g h R a p id T r a n s it C o ., N . Y

—

E x p e rts

R e­

— T h e protective com m ittee of holders of InterboroughAletropolitan C o . Collateral T ru st 4 3 ^ % gold bonds, G rayson
M .- P . M u r p h y , C hairm an, in circular of A u g . 28 report
(compare advertisem ent on another p age):
In circular o f Aug. 13 (V. 109, p. 676) the committee pointed out that the
estimate of Stone & Webster as to tho probable deficits of the Interborough
Rapid rransit Co. for the years 1920 to 1924. inclusive, was “ based upon
the scale of wages now prevailing in New York City and the present prices
for materials and supplies.”
Since that circular was issued, as the result of conditions respecting which
the bondholders have been informed through the public press, the company
has granted a 25% increase in wages to a large proportion of its employees
and has agreed to submit to arbitration various Questions of difference
p o rt.

between tho company and its employees affecting wages, hours and con­
ditions of work, &c.
„ ,
,
„
..
,
Stone & Webster advise us that tho 25% mcroaso in wages, if continued,
supposing other conditions to continue as at presont, will result in increasing
their estimates of probablo deficits in accordance with tho table given
below and that these estimates aro in substantial accord with the figures
of tho officers of the company.
Estimate of Deficits for Fiscal Years 1920 to 1924 from Operation of Elevated
and Subway Lines.
[based upon the 25% increaso in wagos recently granted by the company.]
“
1920.
1921.
1922.
1923.
1924.
Estimated deficit
«u> shown bv re*
port of Aug.11 .$3,978,000 $3,628,000 $1,905,000 $543,000 sr.$864,000
Est. add’l expense
25% wageincr. 4,800,000

[Vol . 109.

THE CHRONICLE

888

5,050,000

5,250,000

5,450,000

caused a suspension of tho work. Later tho linos of tho company wore
taken over by the Mexican Government and subsequently turned back to
thoir owners.— V. 108, p. 1936.

M id d le s e x & B o s t o n S t r e e t R y .— Increased Fare.—

Tho company on Aug. 21 filed a tariff with tho Mass. P. S. Commission
increasing tho rate of faro 10 cents on all lines, proposing a charge of 2 cents
for transfers and discontinuing all reduced rate tickots.— V. 109, p. 270.

M id la n d V a lle y R R . — Interest Payment.—

This Company has declared 3% interest, payable Sept. 1 out of tho year’s
earnings, on the Adjustment Mortgage Series A ” bonds.— V. 107, p. 1385.

M is s o u r i S o u t h e r n R R .— Co-operative Contract.—

Director-General of Railroads Ilines on Aug. 27 signed a short-lino co­
operative contract with tho company.

N a s s a u E le c t r ic R y . — Receivership Permanent.—

5,650,000

T newwagesealm$8,778,000 $8,678,000 $7,155,000 $5,993,000 $4,786,000
Stone & Webster estimato therefore that the company will require before
July 1 1924, under the new wage scalo now in force, in addition t o 'about
$7,400,000 needed for capital purposes, $35,390,000 for deficits, making a
total cash requirement for that period in addition to earnings ot $42,790,000.
They further point out that while present wages, cost of materials and
supplies and other operating expenditures continue and tho five-cont faro
is in force the company will not be able to earn its fixed charges for many
years after 1924.
.
. . .
,
, , .
.
Stone & Webster also advise us that the increased wage scalo just granted
to the employees o f the Now York Railways Co. will make it impossible
for the surface linos to earn their operating expenses and taxes, without a
substantial increase in gross earnings.
,
,
, .
...
.
Tho committee deems it important that they bo placed in a position to
represent as largo a proportion o f the bonds as possible, and they therefore
offer to bondholders an opportunity to deposit their bonds with tho Guaranty
Trust Co. of New York, tho depositary, without penalty up to Sept. 15 1919. _
Sco adv. pages.— V. 109, p. 776, 676.

See Brooklyn Rapid Transit Co. abovo.— V. 109, p. 270. 173.

N a t io n a l P r o p e r t ie s C o ., W il m in g t o n , D e l.— Dividends
Paid— Complete Official Record.—
(1) On Pref. stock: Nos. 1 to 10, Jan. 15 1913 to Jan. 15 1918, incl., 3%
semi-ann.; Nos. 11 and 12, July 15 1918 and Jan. 15 1919, not paid; No. 13,
(2) On^the Common stock paid July l 1916, 2% ; Dec. 30 1916, 3% : July 2
1917, 2% ; Aug. 31 1917, 1% ; Dec. 15 1917, 1% .— V. 104, p. 1899, 1702.

1

N e w O r le a n s T e x a s & M e x ic o R y .— Interest.—

Interest at the rate of 2M % . it is announced, will bo paid on Oct. 1 1919
on tho 5% Non-Cumulativo Income Bonds, Series “ A, ’ duo 1935, for tho
6 months ended Juno 30 on presentation of Coupon No. 6 at tho Guaranty
Trust Co.— V. 108, p. 1165.

N; Y . & N o r t h S h o r e T r a c . C o .— To Cease Operating.—
Fare Increase— Threatened Strike.—

Tho Now York 1\ S. Commission has boen informed that tho company,
which operates as a trolley road from Jamaica to Far Itockaway, is ready
to ask tho courts, through a receivership, to discontinue operation, wind
up its affairs and soli its rails and other property to tho highest bidder. 4 ho
company is owned jointly by tho Interborough Rapid Transit Co. and by
the Long Island RR.. which have advancod numerous sums in recent years
to provide its running exponses. Tho company has not paid intorest on
its bonds for many years and nover has paid dividends on its stock. Iho
paront company refused longer to advanco moneys for maintenance and
operation, and officials of the road declare thoy must shut down.— V. 109.
p. 676.

Tho company, according to a statement filed with tho N. Y . P. S. Com­
mission, plans to cease operation on Sept. 1. This road began operating
about 1907. from Flushing to Whitestono, and to tho city lino at Little
Nock. It also operates a portion of its lino in Nassau County.
Tho operating exponses havo steadily increased, with no increaso in in­
come, until the company has found it impossible longer to continue sorvico.
Its presont faro is fivo conts. It applied to tho city two years ago for an
increaso to seven conts. but no action was takon. A numbor of passongors
voluntarily contributed an additional two conts to tho regular faro for a
timo, in order to help keop tho road in operation, but this sourco of incomo
has largely failed. Tho company has nover paid a dlvldond and has paid
interest on its bonds for only 444 years out of tho twelvo it has boon operat­
ing. P. S. Commissioner Nixon on Aug. 28 signed an order, effective for
three years, permitting the company to increaso fares under a now zoning
system. The zone system provides for four zones, will call for 6 cents In any
single zono and for a continuous trip will be 11 cents.
Tho employees had given notico of thoir intention to striko yesterday
(Aug. 29) unless granted an increaso in wages. Tho moil now recoivo 33
and 34 cents an hour and have demanded 48 and 49 cents.— V. 108, p. 480.

By terms of an ordinance at Girard, O., accepted by tho company,
street car fare between Youngstown and Girard was increased Aug. 28 from
5 to 8 cents, with 14 tickets for $1. Faros to Youngstown will be 1 cent
higher than charged on tho Youngstown city lines and will vary according

The company has granted all tho employees in tho operating department
an increaso In wages of 25%. offoctivo Aug. 25. This will bring tho wages
of the motormen and conductors from 50 and 41 conts an hour to 62 and 52
cents an hour, respectively.— V. 107, p. 906.

t°T h otcomparnyChas applied to tho Pennsylvania P. U. Commission for au­
thority to abandon operation o f its olectric lino between Niles and Mineral
ltidge, about 2 Yu miles.— V. 109, p. 676.

N e w Y o r k R a ilw a y s .— Company with Increased
Scale Unable to Earn Operating Expenses and Taxes.—

International Traction Co., B uffalo .—

Sale L ater .—•

Tho sale by the Guaranty Trust.Co., as trustee, of the collateral securing
the Collateral Trust 4% bonds of the company (V. 108, p. 1721), scheduled
for Aug. 20, was postponed until Sept. 3.— V. 109, p. 577.

Long Island Electric Ry.— To Discontinue.—

Mahoning & Shenango Ry. & Light Co.— Fare .—

Manhattan (N. Y.) & Queens Traction Co.— Wages.—

N e w Y o r k & Q u e e n s C o u n t y R y . — Wage Increase.—

Wage

See Interborough Rapid Transit Co. abovo.— V. 109, p. 776.

B.
W . Duncan, M gr., on Aug. 28 stated that tho company intends ad­ N e w Y o r k W e s t c h e s t e r & B o s t o n R y .— Strike Settled.—
The striko of tho motormen and conductors camo to an end on Aug. 27,
vancing tho wage of its employees 25%. Tho men now recoivo 41 to 49 cts.
per hour under the increaso they will recoivo from 52 to 62 cts. an hour. after a compromise agreement which provides that nino hours or loss consti­
Mr. Duncan is quoted as saying that when tho monoy of tho company is tute a day’s work. Tho minimum wago for a nino-hour day will bo (a) $ 6
for motormen, $5 for motor switchmon and $4 for holpors. ( 6 ) Passonger
all gone he will close tho lino.— V. 107, p. 1101.
conductors, $6 ; freight conductors, $5 40; flagmon and brakomon in freight
Mexican Railway, Ltd.— Plan Ratified Earnings Mex­ service, $4 08.— V. 109, p. 776.

—
—
of the 6% Perpetual Debenture stock,
tho 4M% 2d Debentures and tho deferred interest certifi­
cates, on June 26 duly ratified the extension of tho mora­
torium for lY i years on tho same terms as before, subject to
confirmation by tho courts.
Vincent W. Yorke, Chairman of tho Board, said in brief:
Cash Requirements— Condition of Property.— Net revenue o f £164,000 is

ican Status.—Holders

mentioned in tho circular, but that was diminished by £57,000 which was
charged to tho debit o f revenue account at Dec. 31 last. Moreover, a largo
amount of tho net revenue has really not been received in cash, but is owing
by tho Government and the other railways in Mexico in respect o f various
accounts which we have against thorn for services rendered. Wbat Is
owing by the Government and by the other railway companies is as much
as £460.000, as shown In the accounts to Dec. 31 last.
Every effort has beon made to economize in expenses both here ana in
Mexico. The directors havo touched no fees since 1914.
,
Tho net result Is that we had available in liquid resources at Dec. 31 last
£57,000. Since tho line was taken ovor by the Government they have
taken a vast amount of stores ovor, which they have either consumed or
dissipated among the other railway companies. Tho locomotives havo
suffered very sadly. In fact we havo few effective locomotives left. Of the
cars the samo thing might bo said. Tho rails in many places, owing to want
of upkeep of the lino, have suffered very sadly. When tho property is re­
turned to us wo shall have to havo some monoy available in ordor to rop acc*
all tho things, and I very much doubt whether that sum o f £57,000 will Do
anywhere nearly sufficient to meet what wo shall require.
Condition of Affairs in Mexico.— Mexico has reachod a condition of partial
security in which it may continue for an indefinite period o f tlmo. I resi­
dent Carranza controls a good deal of the southern part of the country
around Mexico City and for a good many hundred miles to the north or it
but General Villa is still very active around Chihuahua, and he makes
periodical incursions, stopping all business for the time being and exacting
tribute from tho poor pooplo who aro trying to trade in that district.
General Felix Diaz is in control in tho neighborhood o f Oaxaca and has
a considerable following thero. Gonoral Zapata has lately beon killed, t
believe by treachery; but I do not know that Morelos, the country soutn
o f Mexico City in which he operated, lias been in any way pacified or Is todaV really under tho control of tho Government of President Gairanza.
A good deal o f business is being carried on in tho country, mainly intern­
ally and, what is really tho most satisfactory point of all, tho currency is
on a’ gold and silver basis and to-day the money o f Moxico stands at a con­
siderable premium, something like 5 to 10% abovo sterling values.
Tho receipts o f tho Exchequer, I boliovo, havo beon very considerable
for the last few years. For one reason, all tho recolpts of tho railways, our
own included, havo been going into tho Exchequer. Tho exponses or tho
country havo beon very heavy, mainly in connection with tho army. 1 herofore there is not very much surplus left after these expenses have been paid.
As to tho clearing up o f tho situation, it is very difficult for mo to say
anything positive. I am a member of tho International Committee, whicn
consists of ten Americans, five Frenchmen and five Englishmen, all of them
business men, who aro watching tho situation very closely. Wo are ready
at any moment to urge our respective Governments to tako action when wo
think the moment opportune; but I do not think that it can bo said that that
moment has arrived to-day. When peace is signed the International Com­
mittee should bo ablo to raise our voices much more loudly than wo can
to-day. The international question as regards Mexico is besot with many
difficulties; but the fact that thero is no less than 700 to 800 millions sterling
in English, French and American capital invested in that country upon
which to-day no interest whatever, practically speaking, is being paid
makes tho question one of tho first importance. Compare V . 109, p. 6/4.

Mexican Tramways Co., Ltd . —

To R esu m e C onstruction

A press dispatch says: “ A contract has boen ontorod into by tho Depart­
ment of Communications and Public Works o f tho Mexican Government
with tho company for tho resumption of the construction o f tho intcrurban
electric lino which will oporato betwoon tho city of Moxico and I uebla,
about 130 miles. Tho construction of this lino was begun about 12 years
ago, but boforo much progress had boen mado tho rovolutionary activities




N o r f o lk & W e s t e r n R y .— Listing of Bonds.—

The Committee on tho N. Y . Stock Exchange rocommonds that the
$17,945,000 Convertible 10-yoar 6 % bonds duo Sopt. 1 1929, bo admitted
to tho list on official notice of issuanco In paymont in full, in exchange for
outstanding subscription receipts.
These bonds, offerod to shareholders of record Doc. 18 1918 (V. 107, p.
2098), wore sold to reimburse tho treasury for tho sum of $17,422,200
actually expended therefrom botweon July 11915 and Doc. 31 1918, for the
acquisition of property and facilities, tho paymont and discharge of matured
obligations and tho construction, completion, extension and improvement
of its facilities as follows: Branches, second and third tracks, $214,495:
yards and sidings, $1,802,478; electrification, $646,297; water and fuol
stations, dock and wharf proporty, $576,048; bridges, trestles and culverts.
$153,447; stations, office buildings and fixtures, $341,319; shops, turntables,
tools, appliances, &c., $532,617; improved ballast, $344,837; miscellaneous,
$604,520; equipment, $8,106,142; equipment trust obligations paid at
maturity, $4,100,000.— V. 108, p. 2023.

N o r t h e r n O h io E le c t r ic C o r p o r a t i o n .— Earnings.—
— 7 Mos. end. July 31— -12 Mos. end. July 31­
1919.
1918.
1919.
1918.
Gross earnings___________$5,116,186 $4,100,334 $8,309,662 $6,884,837
Operating expenses______ 3,377,160
2,642,169
5,549,034
4,425,546
Gross income__________$1,739,026
Fixed charges--------------- x l, 154,030
Preferred dividend______
210,000

$1,458,166 $2,760,629 $2,459,290
’Sfn'm n
210,000
360,000
360,000

Balance, surplus____ _ $374,995
$249,661
$471,466
$440,585
x Fixed chargos lncludo dividends on outstanding preferred stocks of con­
stituent companies in addition to taxes and Interest.— V. 107, p. oOl.

P a s c a g o u la S t r e e t R y . & P o w e r C o .— Sale Postponed. —

Tho sale of this company’s properties under foreclosure proceedings by
an order of the Federal Court has been postponed until the first Monday in
September or such other date as is deemed to tho best Intereest of all con­
cerned.— V. 109, p. 371.

P e n n s y lv a n ia R R .— Bonds Canceled.—

On Aug. 21 thero wero struck off tho regular list of tho Philadelphia
Stock Exchango $29,000 Consolidated Mortgago 4% gold bonds, duo 1943.
redeomed and cancoled by tho sinking fund, leaving tho amount listod at
this date $2,392,000.— V. 109, p. 677.

P h ila d e lp h ia R a p id T r a n s it C o .— Work on “ L” Line.—
It is expected that the construction of tho Frank ford elevated lino which
extends from within a short distance north of Arch St., I hlladelphia, to
Dyer St., Frankford, will bo built and in operation boforo tho closo of 1920
— V. 109, p. 776. 578.

P i t t s b u r g h (P a .) R y s .— Strike Settled.—

Tho striko of motormen and conductors of tho company, which has tied
up trolley transportation since Aug. 15, ended on Aug. 28, when tno car­
men, by a vote of 2,882 to 400, decided to return to work. Iho men
accepted tho National War Labor Board’s award of 5 cents an hour in­
creased wages “ under protest.” Tlio carmen demanded a 12-cont raise.
— V. 109, p. 776, 677.

P u b lic S e r v ic e R y ., N . J .— Men Receive Back Wages.—
Back pay to tho amount of $105,000 will be received by tho trainmen
during tho week beginning Sopt. 5 as tho result of a ruling received by tho
company from tho National War Labor Board sotting May 1 as tho date
when tho present wago scalo shall bo considered as effectivo. V.10J, I). 477.

P u e b lo U n io n D e p o t & R R .— To Extend Bonds.—
Tho company informs us that of tho First Mtgo. 5s duo Sopt. 1 1910
(amount outstanding about $345,000). $320,000 will bo extended until
Sept 1 1921 at 6 Mi % , but callable Sopt. 1 1920 at par and int. at offico of
Metropolitan Trust Co., N. Y . Tho bankers handling tho extension aro
First National Bank at Denver and Pueblo. Colo.

A ug . 30 1919.]

THE CHEOISJTP.T.E

St. Louis-San Francisco Ry .— Interest

Payment .—

ih e semi-annual interest of 3% on the Adjustment 6 % bonds and the
a n n u a l^ e re s^ o f 0 %6 °n the income bonds have been declared payable

Southern Pacific Co.—Oil Land Decision.—
Southern Pacific RR. Favorable Decision in Oil Land
case—Government to Appeal. —At Los Angeles on Aug. 28
on the ground that the evidence of fraud was inconclusive'
federal District Judge Bledsoe dismissed six consolidated
suits filed by the Government against the Southern Pacuic Railroad Company and 221 other companies and
individuals. The Government sought by this longponding suit to set aside patents to valuable oil
lands m the San Joaquin Valley, which it alleged the com­
pany obtained fraudulently by representing them as chiefly
valuable for agricultural purposes.
1 i esident Kruttschnitt says that “Tho decision is of course
a sourco of great satisfaction to the company and to its
stockholders, not only on account of tho large values in­
volved, but because of the removal of tho stigma of fraud
which the Government s attorneys attempted to fasten on
the memories of men defenceless in their graves.”
less reports state that the Govt, will appeal tho case.
See Southern Pacific UK. below.— V. 109, p. 206.

Digest o f O fficial Statem ent Regarding Suit
ft?
settled by'tho decision

of

Valley; fn Californ^

th°

° l1 torrUory

on tho west side of tho San Joaquin

and ' n e a r l y l S p a g £ ° *£ f't^ im o n y nw5 ^ St?kOTtneSS“ WCr° oxamincd t h e ^ l a t t d n s o f t & L ^ d OffiCC0rf
i? tho terms of the grant, and of
required tha? the raflrnnl l ? 5 ico o f .tho Department of tho Interior, it was
of patent to its griniod k7 nd°ni{)aniyi 11 ’"ah.111!? application for tho issuance
in such behalf
T 1!1 cause its Land Agent, duly authorized
“ to be carefullV e x S ^ f«.dAv,t u,at ho had caused the lands applied for
their mineral or ag 'ricn u T T > 10 ag.cnts and employees of tho company as to
I p d belief m o K
i,
character and that to tho bast of his knowledge
ThormiikUAaffiH 6 ,lands 111 the list are mineral lands.”
Agent and the
wcr<? s!Knud and sworn to by tho company’s Land
lands now are ■imi°'?t n r n ° the Government was that nevertheless tho
to be by tho riHmnrf8! times were mineral lands, that they were so known
prior to making tT.?<Y??ni|’? ny a.nd by its Land Agent in particular long
%
the affidavit required by tho Act. . . .
•‘4 r?nn«7 7 ], .Ih s oplnl° n Judgo Bledsoe said:
comnanv k n o w , tbo.clal m of tho Government is that tho dependent
entitled to AT ™ " ,,8 the lands were mineral and that therefore it was not
operation t hL° f?k??iV?r t ie<iss deliberately conceived and put into successful
benefit anil In f' audlli ?nt plan of acquiring such lands to its own uso and
"ThofJlc
complete disregard of tho Government’s rights,
tho o o n T T T d2^?lopcd by the Government on tho hearing and through
o f the r w t f i s °.f i ts counsel, is to tho effect that tho “ Big Four Owners”
tha n-VeA1,, a,.»d Southern Pacific companies, tho original, Initial owners of
k in s’ ^ L i^ n n fied enterprise. ‘Stanford, Crocker, Huntington and llopn ! f ' t0K.ethcr with several lesser lights, occupying positions of responsibihty and prominence, were all parties to a deliberate, long-enduring and
* embracing scheme to acquire from tho Government wrongful lyKvast
,y V,K,on the west side of tho San Joaquin Valley, involving some of the
richest oil lands that tho world has over known. . .
8
0 tno
we?A (30^

% g?d

0^

^ ? tiae°

C allfd rX T ™ produced

S S S ff

asss

case and I feel^sme tha the
<
S of P°®dMlity that such could be tho
class’ of widOTM which